Why Economics? A major, a minor, a double major, or general education course?

Why Economics?  This is an important question to ask yourself as you contemplate signing up for an Economics class or declaring Economics as a major - or a minor.  A college education is an enormous investment and your course selection and choice of a major are two of the important choices you will be making that will influence the return you get on your investment. You will learn early on that there is no "magic formula" ensuring you a lifetime of rewarding work and success, but you can be assured that in economics you will be taking a program of studies providing you with insight into how the world works, training in rigorous qualitative and quantitative analysis, and a valuable perspective on today's pressing public policy issues. Maybe this is why on July 5, 2005 the Wall Street Journal ran Jessica Vascellaro's, "The Hot Major For Undergrads Is Economics," where the "explosion" of economics majors in recent years was attributed to the students' increasing concern with a return on their investment.  "In a global economy filled with uncertainty, many students see economics as the best vehicle for a job promising good pay and security."

The major may be important, but so are the work habits and skills you develop.  College is a time to develop work habits and a portfolio of skills which would include communications, computer, quantitative, and critical thinking / problem solving skills, and you will have the opportunity to work on these skills in the courses offered in the Economics Department. According to the National Association of Colleges and Employers' annual survey, verbal and written communication make it to the list of top skills, as do computer and analytical skills, which is precisely the perspective offered by a recent grad who wrote:

"The most important skills are good computer skills, research skills, and problem solving skills. I know it sounds clichéd, but it is crucial that you have good problem solving skills, almost more so than anything else.  My leaders know that when they give us something to do, we are able to figure it out without having to bother them at every step.  We’re not expected to know everything, but to know what to do when you don’t know something.  The computer skills don’t have to be in-depth – unless you want to be a programmer, you don’t need to necessarily know how to program a computer.  You just need to be very comfortable using programs and be able to adapt to new programs.  (I would recommend a good Excel base though – it’s invaluable)."

To see where economics can fit in, you should stop by career services and drop by the Department advisor  to discuss the possibilities - or you can read what some other alumni have to say about the question: Why Economics?

• "Looking back at my years at URI, I am as well prepared, if not better, than anyone I have come into contact with.  I didn’t have a finance background, and it wasn’t really necessary."

• "[t]he academic demands and accessible faculty of the University of Rhode Island’s Economics Department ... allowed students ... to build both an intellectual and practical foundation for the future." 

• "I learned something new from each of the Economics professors I had and collectively, they helped me develop the tools necessary to succeed outside of the University." 

• "Economics taught me to think through problems. I used my skills from day one."

• "there is no question but that my degree has been invaluable in helping me build a successful career.  I use my economics knowledge every single day of the week."

• "[the] ecn department was critical to my current success. I think that both the coursework and the relationships I built within the department helped me develop a new way of thinking."

The Major: The Department of Economics offers two undergraduate degrees, a Bachelor of Arts (B.A.) and a Bachelor of Science (B.S.).  These two degrees are very different and you should be sure to talk with the the Chair of the Department or the Department advisor  about the programs to determine which is best suited for your background and career interests. 

The Department's goal in both programs is to prepare students for fulfilling careers and lifetime learning. Undergraduate training in economics does not generally lead to work after graduation as an economist, but it does provide a liberal arts education that prepares students for a wide array of interesting career options including graduate work in business, law, environmental studies, health care administration, and public policy, or employment in banking and financial services, education, management trainee programs, government administration, and public service. The economics curriculum is less vocationally oriented than the undergraduate business curriculum, but it provides an educational experience that allows economics majors to apply for many of the positions open to graduating business majors. Majoring in economics is valuable because graduate schools and employers will tend to view this as evidence of your abilities to think logically and critically and your mastery of basic quantitative skills. It also provides a good background for many jobs in business, management, and government, and surveys of college graduates indicate that the starting salaries of economics majors are among the highest for all business and social science degrees.

In addition to just majoring in Economics, in recent years there have been many students who have decided to declare a double major.  The most common double majors have been Business and Economics, Mathematics and Economics, and Political Science and Economics, but there have been many other double majors.  If you are interested in exploring the possibilities, you should talk to the Department Chair or the Department advisor. 

Minors: A minor can be a useful way of signaling to prospective employers or graduate schools areas of strength related to your major. For example, if you are an economics major with a minor in mathematics or computer science this will send signals about your quantitative skills to potential employers and graduate schools, while minors in political science, finance, or marine affairs will send signals about your areas of interests. If you are a non economics major, a minor in economics will send a signal that you understand the economic perspective and that you possess some of the basic analytical and quantitative skills that you will develop in your economics courses.  Jake Goldman has found that economics has been a good complement to his work in film and management  information systems.  "As a student also minoring in film, I am attracted to the issues of social justice explored in economics. The history component of economics often allows me to better understand and critique movies from different points in modern history. For example, understanding the questions of the late 60's / early 70's is crucial to more fully "understanding" classics "The Graduate" and "Taxi Driver." Likewise, understanding financial policies of the 80's is key in analyzing "Wall Street." 

General Education Courses: The University has a general education program that requires students to take a specified number of courses in Fine Arts and Literature, Mathematics, Letters, Natural Science, and Social Sciences.  Students should consider the choice of general education courses to be a key piece of their educational plan, an opportunity to 'craft' a personalized plan that will position them for entry into the 'real' world. The Department offers five courses that satisfy the University's general education requirements - Introduction to Economics (ECN100), Introduction to Microeconomics (ECN201), Introduction to Microeconomics (ECN202), Radical Critiques of Contemporary Political Economy (ECN381), and Research Methods (ECN306).  In these courses you will be exposed to the "economic way of thinking."  For those considering one of these courses, you should talk with the instructor about their particular section or check out the syllabus on the web.  There is a considerable range across sections in the mathematical content, approach, and teaching style so you should make an informed choice that works best for you. If you have any questions you should see the Chair of the Department or the Department advisor . 

Instructors: Professors are not all alike, and not all students flourish under the same teaching style. It is a student's responsibility for seek out the 'best' instructor that the university has to offer, to enroll in their courses, and to develop a relationship with at least some of these professors on a one-on-one basis. The Economics Department at URI is fortunate to have a diverse faculty that includes two faculty members who have been recognized by the University as its best instructor.  Professors Richard McIntyre, Art Mead, and Glenworth Ramsay have both been recipients of the University's annual Teaching Excellence Award.  If you have any questions concerning individual faculty members you should see the Chair of the Department or the Department advisor .