The program in economics begins with a core of theory and then proceeds to study the application of economic theory to issues of public and social policy.
Two trends in the modern economy are given special emphasis in the economics major.
- First, the last two centuries there has been a trend in the global economy toward the use of individual choice through markets as the process for dealing with this basic human problem of resource use.
- Second, there is an increasing economic integration among the world’s economies as global trade in international markets becomes extensive.
The 21st century will see a continuation of the spread of markets as the organizing mechanism of economic activity throughout the world. The economics curriculum focuses on how markets serve this function and analyzes what policies are needed for them to serve it effectively. With this focus, the economics major is structured to assist students in gaining a systematic introduction to the theoretical and empirical techniques of economics.