When do new companies start up? Why is unemployment so high? What determines interest rates or inflation or stock prices?
Economics answers questions like these. But economics is far broader than you might have guessed. Sure, we study inequality and exchange rates, but we also have classes on when and why people decide to get married and have children and on underground economies. And, have you ever wondered whether athletes are overpaid? We have a class on the Economics of Sports too!
Bottom line: Economics is the study of how individuals, businesses, and governments make decisions and how the market mediates those decisions across a wide range of domains.
Economists develop theories to explain how the components of the economy like individual people, companies, and the government operate and interact with one another. We then gather data to estimate the relationships among the various aspects of the economy. Based on these analyses, economists predict how people and companies will respond to changes in policies and external forces. These predictions, in turn, help guide private and public decision-makers to form appropriate policies.
One of the best things about Economics is that the demand for economics majors is strong in the private sector and government. Economics is also great preparation for graduate school, whether you’re leaning toward business, law, public policy, or going on to become an economist yourself! And, if you’re still deciding, the flexibility Economics offers can help you keep your options open.
So explore our website and learn how Economics can be the ideal stepping stone for you!