Issue 17, Fall 1999

William A. McEachern, Editor

Why Study Economics?

Some departments take an up-close-and-personal view of economics, emphasizing how economics affects us personally and can help us make better choices. Simon Fraser's Web site, for example, says "Economics affects our daily lives in most everything we do-how much education we choose to get, our jobs, how much time to spend in leisure, whether to invest or spend all our earnings, whether to drive to university or take the bus." Indiana University's site informs students that "Economics teaches that intelligent choice requires a knowledge of alternatives and the ability to assess the costs and benefits associated in choosing among them. You will apply these economic principles to yourself as you consider what academic path to follow, what career path to follow, and as you make similar choices throughout your lifetime."

Other departments, in contrast, emphasize the social context of the discipline. According to Yale's Web site, "the focus is on social institutions and social outcomes rather than on individual economic performance. Thus economics at Yale is regarded and taught as part of a liberal education, not as a preparation for any particular vocation." Western Connecticut State tells students the same thing, nearly verbatim.

But even departments that downplay a vocational role for economics agree that it still provides a valuable background. As Yale notes, "Nonetheless, economics provides an especially relevant background for several professions." The University of Hawaii says "Economics training provides an undergraduate student with a flexible, general education that opens your future to a wide variety of career options." And Hunter College claims "While economics is not a professional major, it can provide you with a point of view and a set of skills which will be useful in almost any path you take after the completion of your undergraduate major."

Some departments are more aggressive about the value of economics. The University of New Hampshire, for example, argues that "Undergraduate training in economics is an excellent background for a variety of careers; these include banking and financial services, journalism, international business, public service, the diplomatic corps, entrepreneurial ventures, and government administration."

At least one department qualifies statements on its Web page. Georgia Tech prints on the bottom of its home page a long caveat that begins as follows: "Notwithstanding any language to the contrary, nothing contained herein constitutes nor is intended to constitute an offer, inducement, promise, or contract of any kind." This may be worth considering in this litigious age.

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