What is Economics?
A good working definition of economics is the study of individuals and societies
allocating scarce resources to satisfy unlimited wants. Economists do not attempt
to establish society's goals, but rather examine the consequences of trying to achieve
them. The goal of economists is similar to those of the social scientists explaining
how humans interact with each other in a dynamic world. However, the major distinction
between economics and the other social sciences is the economics approach usually
emphasizes deductive reasoning.
This foundation of theoretical models and empirical knowledge is used to gain a greater
understanding of a wide variety of topics. In fact, this economic way of thinking
also gives students the analytical training and tools to grapple with many issues
generally considered to lie outside the confines of economics, such as those usually
studied in law, sociology, political science, history and philosophy. Economics is
a problem-based social science that deals with some of the most serious issues confronting
society (e.g., deficits, poverty, inflation, unemployment, economic growth, energy,
pollution, military spending, etc.) as well as individual problems (e.g., wages, cost
of living, taxes, voting, etc.).
The discipline of economics draws upon the traditional liberal arts, such as history
and philosophy; natural sciences, such as mathematics and physics; and social sciences,
such as political science, sociology, and psychology. The interdisciplinary nature
of economics lies at the heart of an institution that stresses the liberal arts. In
the last few years, economics programs have seen enrollments grow steadily. The economics
major is now almost two percent of the national total. The popular attraction may
be due to the flexibility the major offers in career options or it might be the perception
that majoring in economics will improve a graduate's job prospects.
Double-Majoring
Our major curriculum requirements allow for a great deal of flexibility for those
interested in the major, including those who wish to double major. In the past, many
students have double majored in economics/political science, economics/Business administration,
economics/history, economics/journalism, and economics/mathematics. In addition, most
upper division courses have a low student/faculty ratio.
Flexibility
The economics major provides several options pertaining to career goals. This allows
the flexibility to change career plans without adverse consequences. There are sufficient
opportunities within the major so that changing majors "mid stream" would not cost
time or units. Again, it is the power of the economic way of thinking applied over
a wide spectrum of topics that allows this amount of flexibility in career choices.
Our Student Organizations
The following organizations are open to students: California College Republicans,
Young Democrats, Delta Phi Epsilon (national professional foreign service fraternity),
Pre-Law Society, Psi Chi (honorary psychology society), Economics Club, and Psychology
Club.
Career Opportunities
Since the major stresses methodology and problem-solving techniques rather than rote
memorization, job recruiters are especially attracted to economics graduates. The
broad analytical training received by undergraduate economics majors is desired by
many large corporations.
Individuals with training in economics have become problem solvers. They have learned
how to identify particular problems and provide alternative solutions. Economics majors
have also learned specific skills that will enhance their performance in managerial
decision making; for example: demand theory and estimation, production, and cost theory,
analysis of market structure, antitrust policy, government regulation of business,
capital budgeting, inflation, unemployment, determination of interest rates, and international
economics.
Many economics majors go into business. A Marquette University survey concluded that
41 percent of economics majors were working in business six months after graduation,
while another 18 percent went into business after going to graduate school. A person
with a bachelor's degree in economics (depending on minor fields) would be "marketable"
in a wide range of areas, including: public administration, management training and
internships, sales, real estate and property appraisals, financial analysis, insurance,
and product management. The diversity of occupational areas demonstrates the broad
applicability of the analytical skills developed in the economics major.
A wide variety of career opportunities exists for individuals with training in the
social sciences. Some of these are available to persons who have a bachelor's degree,
but many others require graduate study. The Social Science Division attempts to educate
students for careers at the bachelor's degree level and prepare students for graduate
education. Careers in the social sciences are usually found in the following areas:
- Service professions (psychology, social work, etc.)
- Education (teaching, administration, etc.)
- Law (legal counseling, corrections and enforcement, etc.)
- Government (service, diplomacy, public administration, etc.)
- Business (industrial psychology, public relations, etc.)
- Basic research (university, research foundations, governmental research, etc.)
PEP Talks Research Seminar
Rooted in a gathering of faculty and students, PEP Talks Research Seminar calls for
an interdisciplinary exploration between the fields of philosophy, economics, and
political science (PEP) . This type of program is centered around the view that, in
order to understand social phenomena, it is prudent to employ several analytical frameworks
and various disciplinary methods.
For additional information, visit PEP Talks Research Seminar.
Preparation for Law School
Those economics majors who choose to go on to graduate school (roughly 50 percent)
are equally divided between MBA programs and law schools. This is not surprising since
the analytical training in economics courses offers excellent preparation for law
as well as for business. Law school deans have consistently regarded economics as
one of the best undergraduate majors for those considering law school. Recently, economics
has gained even greater popularity in legal circles because of path-breaking work
being done in the field of "law and economics."
Preparation for Careers in Government and Public Administration
The analytical skills of an economics major are useful in both the public and private
sectors. Training in public finance, labor economics, public choice, industrial organization,
and urban and regional economics are all useful areas of study to those pursuing careers
in the government sector. The economics major also provides excellent preparation
for those pursuing a master's degree in public administration.
Preparation for MBA Degree
An undergraduate economics degree is excellent preparation for those considering pursuing
an MBA. Rather than duplicating graduate business courses as an undergraduate, many
business schools seek students who have a broader analytical background, such as that
provided in economics major program. It is also true that many of the MBA courses
will also assume at least some familiarity with economic concepts. For example, the
area of finance is, for the most part, applied microeconomics.
Preparation for Graduate Work
Only three percent of economics majors enter graduate programs in economics. Nonetheless,
the top graduate economics degree programs in the country are highly competitive and
very quantitative. We encourage students considering an advanced degree in economics
to supplement their coursework with MATH 150, 151, 250, 260, and 340. Economists with
master's degrees and doctorates are hired in three areas: research, teaching, and
consulting in either the private or public sector.