What is Economics?

A century ago the great English economist Alfred Marshall wrote, "Economics is a study of mankind in the ordinary business of life." His point was that most of what people do has some connection to using productive resources to satisfy peoples­ wants and needs. The most basic and enduring strength of economics as a field of study is that it provides a logical, ordered way of looking at various problems and issues.

Economists go into many different professions. Wright State economics graduates are forecasters, bankers, lawyers, professors, entrepreneurs, stock brokers, marketing executives, directors of economic research in both the private and public sectors, and even judges and politicians. Although not Wright State grads, three recent U.S. Presidents have bachelor­s degrees in economics: Gerald Ford, Ronald Reagan, and George Herbert Walker Bush.

Many economics graduates pursue careers in business organizations in such areas as marketing analysis, financial analysis, forecasting, purchasing, pricing, production/cost analysis, or risk analysis. Economics majors who pursue work in the public sector are able to assist in such practical matters as designing incentives for economic development, analyzing and improving programs to promote education and training of workers in skills needed in the economy, measuring and forecasting economic activity, and designing and implementing a wide variety of economic policies. Economics helps to improve labor and environmental standards; rules for measuring, recording, and reporting business performance; patent and copyright laws and other legal aspects of business; and the overall performance of the economy. In short, the economist helps business firms, individuals, non-profit organizations, and local, state, and federal government agencies understand how to better develop and use our valuable economic resources.

Careers in Economics

Since economics is diverse, it provides a solid background for many jobs and professions. For careers in business, public administration, and government, the economics major is well trained to compete with majors in other business and liberal arts programs. Many economics majors continue their study of economics at the graduate level. Because economics is a systematic, logical way of thinking, it is also excellent preparation for professional schools in law as well as public administration and business.

Career Opportunities