Why Economics?

Economics is an interesting field of study because it addresses the question of how individuals, government, and other sectors of society work. It focuses on how decisions are made regarding resource allocation and how this decision making influences supply and demand and price for a variety of factors. Through an economics major, students will gain information and insight that will allow them to explore and answer such questions as the following: Does a higher minimum wage lead to higher unemployment? What would cause the stock market to fall 500 points in one day? Does Japan engage in unfair trading practices with the United States? How do monopolies form?

Economics is excellent for career preparation because it is the foundation for the understanding of how businesses and industries function. Economics teaches you how to analyze information and strategically relate it to the knowledge of how businesses compete and survive in the vast global economy. Therefore, students who pursue this field of study will discover not only how markets work, but will also learn how their own decision-making activities as well as those of others affect the economy we live in.

In addition, students who pursue a degree in economics will also learn valuable analytical skills which they can apply to successful careers in both the public and private sector.

Examples of good job fits for an Economics background:

1. Research analysts for private corporations such as banks, financial service institutions, and insurance companies

2. Consultants for management, data processing, and health care firms

3. Analysts for government agencies such as the State Department, the Department of Labor, the Department of Commerce, and other federal, state, and local agencies

The salaries of these positions are highly competitive with those that are obtained with other business degrees at the bachelor’s level. Therefore, an economics major will not only prepare students for challenging and rewarding positions within the public and private sector, but will also be an interesting and informative field of study.

"As a freshman at The University of Alabama, my intended major was mathematics – a field that I have always loved.  After taking some introductory courses in economics, however, I became intrigued by the way that math is so often used to construct models and describe different phenomena of the micro- and macro-economy.   I was glad to find out that UA offers a double major in math and economics, and I have thoroughly enjoyed the classes it requires.  As I hope to pursue a PhD in economics, I am confident that my background from UA's Economics Department will have given me the utmost preparation needed to succeed in graduate work and research."

Bonnie Brewer
Senior, Economics and Mathematics major, Florence, AL

"As a pre-law student I have discovered that more than just teach me how to understand economic concepts and business activities, economics has fundamentally changed the way I see the world.  Economics seeks to rationally explain complex phenomena ranging from the effects of public policy to the common-place decisions individuals make in daily life.  Students who graduate from the UA economic program will no doubt have a greater and more rational understanding of the world around them, and as a double-major in economics and philosophy I have tangibly observed how thinking like an economist really does fundamentally enhance your critical thinking abilities.  I was also happy, though not surprised, to recently discover that graduating with a degree in economics drastically increases my chances of being accepted into the law school of my choice."

David Lindsay
Sophomore, Economics and Philosophy major, Ashburn, VA

"I chose a concentration in the academic field of economics for effectively three reasons. First, I found the broad field of economics to be a perfect amalgamation of my interests and strengths, including an excitement for history, politics, philosophy, and math. Second, since the economics program at UA is within the business school, I was able to thoroughly learn the social science of economics, professional skills and business knowledge, and additionally adjoin study in political science. And third, economics promises to be as an excellent foundation for my future professional work. The benefits are seemingly endless, spanning from greatly increased ability and marketability at top law schools after my graduate work in economics, to the anticipation of ultimately helping improve the understanding of our social world and affecting policy to make people better off."

Andrew Yerbey
M.A. Candidate in Economics, Killen, AL