Economics

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Why Economics?

What is Economics?

*What Economics Is

Economics is a social science that is at once very broad in its subject matter and unified in its approach to understanding the social world. An economic analysis begins from the premise that individuals have goals and that they pursue those goals as best they can. Economics studies the behavior of social systems - such as markets, corporations, legislatures, and families - as the outcome of interactions through institutions between goal-directed individuals. Ultimately, economists make policy recommendations that they believe will make people better off.

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*What Economics is NOT

Economics is not business. Business classes teach professional skills that are useful for starting and operating companies. Business strategy and financial management classes often rely on insights from economics in providing better advice to businesses; much the way clinical psychologists apply the relevant research from academic psychology to help them treat their patients. Economics and business are related, but business is professional training ultimately aimed at making profits, while economics is a science that, in addition to understanding how firms profit maximize, also pursues an improved understanding of our social world.

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* The following is an excerpt from the undergraduate guide to the economics program at Harvard University.  It is a very well written overview of the discipline and is an appropriate overview for the economics program at Millersville University.

The Challenge

If you want to learn more about the economic aspects of international trade, health care, national security, and crime, ...if you want to learn more about product markets, stock markets, money markets, and labor markets, ...if you are serious about accepting the challenge to help solve the world's problems of poverty, malnutrition, illiteracy, and climate change, ...then we encourage you to consider the major that moves the WORLD!

Going to Grad School?

Economics majors score higher on the business school entrance exam (GMAT):

Major

GMAT score*

Economics

566.2   

Finance

534

Accounting

507.4

International
Business

503.8

Management

491.25

Marketing

482

*Average of GMAT scores from 2001-2006.  Source: The Profile of Graduate Management Admission Test,  Graduate Management Admission Council, 2007

Going to Law School?

Economics majors score higher on the law school entrance exam (LSAT):

 MajorLSAT score*

 1

Economics

156.6

 2Engineering155.4
 3History155
 4English154.3
 5Finance152.6
 6Political Science152.1
 7Psychology152.1
 8Criminal Justice144.7

Total (all categories)152.2

*Average LSAT Scores by Major, 2002-03.   Source:  Michael Nieswiadomy, "LSAT Scores of Economics Majors: The 2003-04 Class Update," Journal of Economic Education 37 #2, Spring 2006. Pp. 244-7.

Contact Info

Postal Address:

Economics Department - McComsey Hall
Millersville University
P.O. Box 1002
Millersville, PA 17551

Telephone: 717-872-3679
Fax: 717-871-2326
Email: beth.colvin@millersville.edu