Money makes the world go 'round.
However, without the proper knowledge, it’s difficult to figure out exactly how.
Every day, people go to work in farms, factories, schools, hospitals, offices and shops. They use their time, talent and energy to produce, sell, buy and consume a variety of goods, assets and services. How are all these activities organized and connected? How do people, and more broadly societies, decide what to produce and who gets to consume what? Why do some people earn more than others? Why are some countries so much richer than others, and how can poor countries “catch up”? How has the economy changed over time, and how is it changing today? What role does government play in organizing economic activity?
Economics is the study of these and many other related questions.
Economics undergraduates learn to decode the systems behind what can often appear impossible to understand. They study economic models and theories to analyze how the seemingly simple acts of buying and selling can be complicated by factors such as taxes, interest rates, inflation and labor disagreements.
The goal of our curriculum is to help students develop an understanding of how individuals, organizations and societies make the choices that determine how an economy’s scarce resources are allocated among alternative uses, and the consequences of those decisions. We offer courses that teach the theoretical tools of economics, and applied elective courses that demonstrate how economists use these tools to study a wide variety of real-world economic issues. Specifically, students will:
- Learn how economists use the tools of economic theory to gain insight into how individuals, organizations and governments pursue their goals, and how these decisions interact to bring about economic outcomes.
- Learn how economists use data and empirical methods to measure economic outcomes and test competing theories.
- Gain an understanding of the role of public policy in addressing economic problems and an ability to evaluate economic policy proposals and debates.
- Learn to effectively apply the theoretical tools and empirical methods used by economists to analyze real-world phenomena.
- Have opportunities and encouragement to pursue independent economic research driven by their own interests, and to assist faculty with their research.