As a social science, Economics is at its core a study of human behavior. Economics attempts to provide a framework for understanding the actions and relationships of all the various groups of people that may interact in an economy. These groups can be broken up and thought about in many ways depending on the particular economic philosophy, but will often include households, businesses, government institutions, workers/employers and borrowers/lenders.
Economics provides a unique “big picture” perspective which differentiates it from other business-related classes. Economic models allow us to understand why certain market outcomes occur under different conditions, for thinking about the desirability of these outcomes, and for analyzing the suitability of various policy options when hoping to affect an economy in different ways. Enormous issues that countries may grapple with – recessions, unemployment, poverty – are some of the typical issues addressed in Economics courses. We work to understand why these things exist, how markets may contribute to or improve upon these problems, and describe policy options governments may employ.
Due to the large scope of the discipline, an economics degree is useful in many different areas including government, academia, political and environmental consulting, law, finance and business. A short list of famous people that have received an Economics degree include government/political figures such as Ronald Reagan, Sandra Day O’Connor, George H.W. Bush, and Kofi Annan; successful business leaders such as Warren Buffet, Elon Musk, Ted Turner and Steve Ballmer; and sports/entertainment figures such as Bill Belichick, John Elway and Tiger Woods.
Last Updated May 4, 2022