Economics is the study of how scarce resources human, capital, and natural are allocated to produce goods and services that satisfy our wants and needs, and how that process influences our well-being on an individual, regional, national, and world level. Since wants and needs outnumber resources, it is necessary to think about things not just in dollar terms but in real terms; that is, how much of one thing we have to give up in order to have more of another.
Different systems have been devised to decide how a country answers the basic questions of what to produce, how to produce it, and how to distribute it among the populace. Some nations rely mostly on tradition, others on planning. For the United States, the market dominates.
Some colleges take a doctrinaire approach to economics, with everyone in the department subscribing to the same set of theories. At Lewis & Clark, we present and evaluate a variety of theories concerning how our economy operates.
Our introductory course offers a first look at how the market system works: the forces of supply and demand and the role our government plays in promoting balanced and sustainable growth. This is a course for anyone, regardless of major, who wants an overview of how we earn our income and spend it, as well as how those decisions affect the country抯 broader social, political, and economic environment. It is designed for those whose interests run from art to zoology.
A second tier of courses offers a more detailed examination of particular subject areas and attracts majors and nonmajors alike. For example, international affairs majors often take Economic Development, and environmental studies majors take Environmental Economics. Gender studies majors take the Political Economy of Race, Class, and Gender. These are all taught in a way that is easily understood by those who have taken the introductory course.
For those with a deep interest in economics, more advanced courses follow. In intermediate and advanced theory classes, students critically analyze micro- and macroeconomic models, issues, and policy implications. In Statistics, Econometrics, and Mathematical Economics, students learn quantitative methods for testing competing economic theories. Finally, through courses such as Labor Economics, Economic History, and International Economics, students have a chance to apply what they have learned in a variety of real-world contexts.
At all levels, course sizes are small, ranging from fewer than five students (at the upper level) to 40 students (at the introductory level).
The capstone of our program is the yearlong Senior Seminar. Students select a topic dealing with an important economic problem. With the help of a faculty adviser, students develop a methodology for testing competing hypotheses concerning the problem, collect pertinent data, do the necessary tests, and reach a conclusion. The work is then presented in written and oral form to the entire seminar. Feedback from our graduates tells us that writing a senior thesis was perhaps their most valuable college experience. Several senior theses have won local and national awards. Some are being published or presented at conferences. Contacts made in the process of this investigation, and the expertise developed on a particular subject, often help in finding a job or getting into graduate school.
Economics majors also participate in Lewis & Clark抯 many overseas and off-campus study programs. The faculty not only encourage participation, but are also active in leading such programs. Members of the department have led programs to Hungary, Germany, South Korea, Scotland, and Washington, D.C. They bring to the classroom much firsthand knowledge about other economic systems.
After graduation, economics majors normally follow one of two routes: working for corporations, nonprofit institutions, or government agencies, or going on to graduate school. Of those who go to graduate school, some work toward advanced degrees in economics. Others find an economics background excellent training for advanced programs in business and public administration, international affairs, or law.
