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© 2005 John Petroff |
©
2005 John Petroff
Why study economics?
Studies in the field of economics are often undertaken by students with very different career goals, because the study of economics gives the tools for analyzing important and complex decisions, and such decisions are present in almost all fields. For instance, professionals in business disciplines and fields of law customarily first complete a program of studies in economics. Thus, economics is considered as a basic discipline. Naturally, there is a profession of economist, but there isn't a license that can be obtained for it, as it is the case in accounting, finance or law. Economists can be found in government, large businesses (banks in particular), trade unions, international agencies and consulting firms.
Core courses in economics
Because economics is a basic discipline, an exposure to economics is useful for all college
students; and for business professions, it is absolutely mandatory. In most schools, the introductory courses
are
- Principles of economics I: Macroeconomics, at PEOI see
EC101EN
- Principles of economics II: Microeconomics, at PEOI see
EC102EN
Because of the diverse spectrum of fields where important decisions must be analyzed, there are numerous professional specializations. Some of the most popular today are
- business economics and forecasting
- labor economics
- environmental economics
- international business
- economic development
- financial economics
In each of these fields, the analysis of decisions requires a review of theories, an evaluation of applicable empirical findings and a recommendation of the action to take. Thus, economics is said to be positive, empirical and political. Most economics courses will incorporate some of these three aspects. A distinction is often made between microeconomics which applies to one person or business, and macroeconomics which affects an entire nation; but government policies touch the lives of individuals, and decisions of families and businesses is the source of most issues governments face.
Fields of advanced study in economics
The courses in economics listed below are all advanced courses and presuppose that introductory economics courses have been completed with high grades (at least B+). It is useful to have a good understanding of business activity by having studied general business subjects such as accounting, finance, marketing and management. A good grounding in mathematics is also a must, especially in aspects of statistics and probabilities. Most of the courses listed below will specify what are the prerequisites for taking the course.
The core courses for all concentrations in economics are:
Four of the following courses are recommended to build an area of concentration
Where to find resources about economics
There are also numerous regional and international associations
focused on economics.
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