Economics is a social science that is at once broad in its subject matter and unified in its approach to understanding the social world. An economic analysis begins from the premise that individuals have goals and that they pursue those goals as best they can. Economics studies the behavior of social systems – such as markets, corporations, legislatures, and families – as the outcome of interactions through institutions between goal-directed individuals. Ultimately, economists make policy recommendations that they believe will make people better off. Traditionally, economics has focused on understanding prices, competitive markets, and the interactions between markets. Important topics such as monopolies and antitrust, income inequality, economic growth, and the business cycle continue to be central areas of inquiry in economics. Recently, though, the subject matter of economics has broadened so that economists today address a remarkable variety of social science questions. Will school vouchers improve the quality of education? Do politicians manipulate the business cycle? What sort of legal regime best promotes economic development? Why do cities have ghettos? What can be done about grade inflation? Why do people procrastinate in saving for retirement – or in doing their homework? In understanding what economics is, it is crucial to keep in mind that economics today is a
There are many reasons to study economics. For students interested in international trade, business cycles, or the stock market, economics is the natural choice. Many students choose economics because it provides an excellent background for business, banking, law, and even medicine. But more broadly, anyone seeking a quantitative, rigorous approach to any social science questions will find economics exciting and relevant.
Graduates will gain:
A variety of professional skills On business history, labor relations, corporate reports,
Managerial economics and industrial organization. Applied mathematics and statistics Public policy and regulation. Population Studies: demography, Economics, economics of education
Economics and the environment, applied mathematics city and regional planning
Economists today address a remarkable variety of social science questions. And they are on high demand on public and private sector, corporate companies international organizations. They can be entrepreneurs and business creators. What economists can do is limitless.