One issue I often see when students ask “what can I do with economics?” is that they usually search only for "economist" when doing job and internship research. In other words, they view the major's name as the occupation name. The BLS Occupational Outlook Handbook projects about 900 economist openings per year across the U.S., which can give a very narrow picture. So I have switched to naming and emphasizing the typical occupations the majors go into, in addition to earnings and employment rates. And then point them to that data.
The American Community Survey data on economics majors ages 22–27 (not in school) show the most common jobs are management analyst, financial or investment analyst, computer systems analyst, manager, and related roles. The BLS outlook for those occupations is much more promising.
I tell my students that learning economics will help them understand the environment they live and work in. Understanding the economic environment is analogous to understanding the weather and then making a decision to dress appropriately based on that. A better understanding of their economic environment will allow them to make better decisions, both personally and professionally. (This discussion was part of my first day of class yesterday!)
Personally, I chose to study econ because it seemed very "real" to me. As a math major, I couldn't see the "real world" value of things I learned in classes like abstract algebra, number theory, etc. Econ allowed me to apply my math knowledge to real world issues, and that made me happy!
one thing i would always point out to my hs seniors is econ majors were among the top performers on graduate school standardized tests. every year i have a handful of kids say that want to major in econ and it makes me happy.
I used to think that Economics is about abstract aggregates and differential equations and boy how wrong I was! As you said economics is about decision making under the conditions of scarcity. And can we imagine a future without the need to make decisions under scarcity? No we can't. Hence why economics is always going to be so relevant. It's also why is see connection between philosophy and economics as philosophy traditionally was also considered as "art of lving" i.e. about making choices in life - although philosophy addresses the issue of goals and values while economics addresses the issues of means for the attainment of goals.
Anisha that’s a great column. Really enjoyed the position you took, from title to ending. I loved this line “To many people unfamiliar with the field, economics is synonymous with finance. That association is not wrong, but it is incomplete. “ but also this one “I used to think that research was a pretentious guise through which someone tried to assert their opinion about the world. After taking econometrics and better understanding how economics research works, I find something very beautiful in the idea of running experiments and evaluating counterfactual worlds to come to an evidence-based assertion on how a program or policy impacts the world.”
Economics should be the study of human action and choice under scarcity, examining how individuals coordinate their plans through voluntary exchange.
Modern economics, unfortunately, focuses less on individual action and more on using equations, graphs, and statistical models to study how government policies, regulations, and interventions alter the natural coordination of human plans in the economy.
Why study economics? Because econ is life.
That’s for real
Studying Econ has opened so many doors for me already and I haven’t even graduated yet. Recommending this newsletter to everyone.
One issue I often see when students ask “what can I do with economics?” is that they usually search only for "economist" when doing job and internship research. In other words, they view the major's name as the occupation name. The BLS Occupational Outlook Handbook projects about 900 economist openings per year across the U.S., which can give a very narrow picture. So I have switched to naming and emphasizing the typical occupations the majors go into, in addition to earnings and employment rates. And then point them to that data.
The American Community Survey data on economics majors ages 22–27 (not in school) show the most common jobs are management analyst, financial or investment analyst, computer systems analyst, manager, and related roles. The BLS outlook for those occupations is much more promising.
I wonder if I go back to school (again) if I would study econ!
I mean entrepreneurship is Econ
I tell my students that learning economics will help them understand the environment they live and work in. Understanding the economic environment is analogous to understanding the weather and then making a decision to dress appropriately based on that. A better understanding of their economic environment will allow them to make better decisions, both personally and professionally. (This discussion was part of my first day of class yesterday!)
Personally, I chose to study econ because it seemed very "real" to me. As a math major, I couldn't see the "real world" value of things I learned in classes like abstract algebra, number theory, etc. Econ allowed me to apply my math knowledge to real world issues, and that made me happy!
I like that approach. I’ll borrow it for my classes. Thanks Dr. Reed.
one thing i would always point out to my hs seniors is econ majors were among the top performers on graduate school standardized tests. every year i have a handful of kids say that want to major in econ and it makes me happy.
I used to think that Economics is about abstract aggregates and differential equations and boy how wrong I was! As you said economics is about decision making under the conditions of scarcity. And can we imagine a future without the need to make decisions under scarcity? No we can't. Hence why economics is always going to be so relevant. It's also why is see connection between philosophy and economics as philosophy traditionally was also considered as "art of lving" i.e. about making choices in life - although philosophy addresses the issue of goals and values while economics addresses the issues of means for the attainment of goals.
Thank you so much for sharing. Love your enthusiasm for Econ.
I wrote this article "Some Credit for Econ Bros” about the value of studying economics beyond its conflation with finance jobs.
https://www.thedartmouth.com/article/2024/11/singhal-some-credit-for-econ-bros
Anisha that’s a great column. Really enjoyed the position you took, from title to ending. I loved this line “To many people unfamiliar with the field, economics is synonymous with finance. That association is not wrong, but it is incomplete. “ but also this one “I used to think that research was a pretentious guise through which someone tried to assert their opinion about the world. After taking econometrics and better understanding how economics research works, I find something very beautiful in the idea of running experiments and evaluating counterfactual worlds to come to an evidence-based assertion on how a program or policy impacts the world.”
Thank you, I’m a big fan of your work! I think it’s extremely important to make economics more fun and accessible through journalistic-style writing.
Thank you! Trying to build the journalistic approach very different than the academic one.
Economics should be the study of human action and choice under scarcity, examining how individuals coordinate their plans through voluntary exchange.
Modern economics, unfortunately, focuses less on individual action and more on using equations, graphs, and statistical models to study how government policies, regulations, and interventions alter the natural coordination of human plans in the economy.
Very convincing.
Great overview of the study of economics.
In every interview I have had my interviewer said 2 things I wish I understood economics better and I need someone on my team that does.