Economics is the study of how scarce resources are allocated. Microeconomics concerns how individual decision makers behave and how markets function, and macroeconomics deals with the workings of the economy as a whole. Economic thinking is useful in understanding many aspects of human behavior and interaction, not just those associated with formal markets. Economics is a social science and, like any science, employs logical, critical thinking to foster a greater understanding of how things work. It is a powerful framework for understanding the world around us.
Here are just a few of the questions into which economics offers insight:
- To what extent are decision makers rational?
- Why are some markets more or less competitive than others?
- How aggressively should intellectual property be protected?
- Why is health care so expensive?
- How can firms most effectively maximize profit? How does this affect consumers?
- Why does a 24-hour store have locks on the doors?
- What are the goals of Fed policy?
- What are the consequences of trade restrictions?
- Why are some countries poorer than others?
- What are the effects of government borrowing? How much debt is too much?
- Why has China manipulated the value of its currency?
These and many other issues can be explored in economics classes at St. Edward’s.
The economics department prepares its graduates to pursue diverse and rewarding careers in business, government, and academia. Our faculty are selected for their dedication to teaching, desire to work closely with undergraduates, research interests, and professional experience. Our curriculum integrates historical, contemporary, and global approaches designed to produce graduates who are well informed about economic issues and capable of solving problems.