The Department of Economics is housed within the School of Business.
Office: E336 Thompson Hall
Peter Reinelt, Chairperson
Economics provides an understanding of how economic systems function and offers insight into the nature of real-world economic events, issues and problems while teaching the student a way of thinking that is clear, logical, analytical and rigorous. The study of economics encompasses a wide range of human behavior and experiences. Therefore, it has come to be widely recognized as a solid preparation for many professional careers in business, finance, non-profit organizations, and government. Courses in economics that emphasize the relevance of economic principles to areas in business, finance, quantitative and computer applications, public administration or industrial relations, provide the student with an excellent background for a variety of jobs and professions. The study of economics also provides an excellent preparation for graduate study in such professional areas as law, industrial relations, business and public administration.
Economics majors have the opportunity to participate in Omicron Delta Epsilon, the International Honor Society in Economics. Annually, the Maytum scholarships and Hart-Gorman Economic Awards go to the outstanding majors and double majors in Economics.
Economics as Preparation for Master of Business Administration Degree (M.B.A.)
Most graduate schools of business prefer their students to have a broad, liberal arts background. Since economics is more closely related to business administration than many other liberal arts areas, it is an ideal preparation for study toward the Master of Business Administration degree. According to a study conducted by the American Assembly of Collegiate Schools of Business (AACSB), graduate business school professors stress economics as the most important undergraduate preparation.
Economics Major as Pre-Law Study
There are no precisely prescribed pre-law programs or undergraduate courses. However, according to the Chronicle of Higher Education, many law schools believe that economics is one of the best preparations for the study of law. A recent study found that among the 14 majors that had more than 2,000 students taking the Law School Admission Test (LSAT), Economics majors received the highest average test scores in recent years.