What is Economics?
Economics is the social science that studies the basic problems of resource allocation facing our society. The discipline is divided into macroeconomics and microeconomics. Macroeconomics is the field that studies the causes of inflation, unemployment, and economic growth in an international economy. Microeconomics is concerned with production costs, revenues, and output decisions made by individual firms and industries in all areas of the economy. Both branches of economics use economic models to understand the functioning of our economy in its parts and as a whole. Areas of specialization within economics include labor, urban topics, economic history, public finance, economic theory, mathematical economics, econometrics, and comparative economic systems. Economics is the only social science in which a Nobel Prize is annually awarded.
What Careers are Available in Economics?
A recent survey conducted by the Census Bureau reveals that among practicing economists, one-fourth have a bachelor''s degree, one-fourth have a master''s degree, and the remainder hold the doctorate or another advanced professional degree.
Jobs held by economists are spread throughout many occupations. Economists are employed by businesses to study market problems, make predictions concerning market trends, and analyze how the overall economic system will affect a particular industry. Economists who work for government analyze public policy problems, such as proposed energy problems, to gauge their impacts on the economy. Academic economists teach and do both theoretical and applied research. Approximately one-fourth of all economists work for private business, one-third work for educational institutions, and the remainder are employed by government.
An undergraduate degree in economics provides excellent preparation for graduate programs in law, business, and social science including economics. Professional economists are often required to have graduate degrees in economics.
The Economics Program at the University of Louisville
The University of Louisville offers the Bachelor of Arts in Economics degree through the College of Arts and Sciences. The University also offers a Bachelor of Science degree in Economics through the College of Business and Public Administration. (Consult the university catalog for a detailed explanation of the programs as there are some differences in program content.)
