Overview of Economics

Economics is the study of how people allocate their resources in productive ways. It encompasses a wide variety of topics, such as the production and consumption of goods and services, the distribution of income and wealth, the operation of markets, the formulation and implementation of economic policy, and international trade. Economics also looks at how people make choices within different economic systems and how those choices are affected by incentives, taxation, and regulations.

What Are the Career Opportunities Associated with Economics?

Economics graduates have the knowledge and skills necessary to pursue a wide range of career options. Many graduates go into positions such as financial analysts, budget analysts, and financial advisors. Others find employment in government, nonprofit organizations, consulting firms, and research institutes. Additionally, economists can become business executives, economic policy makers, and economic researchers.

Are There Internship or Co-op Opportunities Related to Economics?

There are many internship and co-op opportunities available for those interested in exploring a career in economics. These opportunities can be found through universities, private companies, or government institutions. Internships and co-op placements provide invaluable experience, allowing students to gain a better understanding of the field and to make connections with potential employers in the future.

Are There Specialized Tracks or Concentrations Within Economics?

Yes, economics is a large field with many specialized areas of study. These areas can include public policy, macroeconomics, microeconomics, international economics, and economic history. It is important for students to understand the diverse specializations within economics in order to choose the most appropriate course of study.

How Economics Prepares Students for Graduate School or Further Education?

An economics degree provides a strong foundation for graduate school or further academic study. Students gain in-depth knowledge of particular areas of economics, as well as wider understanding of economic theory and applications. Through engaging in rigorous analytical work, they also develop important problem-solving and quantitative skills, which make them attractive to employers as well as potential graduate schools.

Impact of Artificial Intelligence on Economics?

Artificial intelligence (AI) is revolutionizing the way that economics is studied and implemented. AI-driven technologies have enabled businesses and governments to make more informed decisions based on big data analytics. AI has also enabled scholars and researchers to develop policies that are better informed by analyzing large data sets more efficiently.

The Career Outlook for Economics?

A career in economics offers a range of potential career paths with excellent job prospects. The US Bureau of Labor Statistics projects that employment of economists is expected to grow 5 percent from 2018 to 2028. Furthermore, with a strong understanding of economics, graduates can pursue a range of opportunities in areas such as business, finance, consulting, international organizations, and government.

Here are the top reported starting salaries for graduates in Economics:

Claremont McKenna College, Salary: $95,566

Duke University, Salary: $94,699

Harvard University, Salary: $89,515

Rice University, Salary: $87,989

Yale University, Salary: $87,166

Dartmouth College, Salary: $85,069

Williams College, Salary: $83,280

University of Chicago, Salary: $82,564

Princeton University, Salary: $81,961

Amherst College, Salary: $78,775

For privacy reasons, not all schools report the first year salaries for students who earned their bachelor’s degree in Economics.