Economics is the study of how individuals and societies allocate limited resources to try to satisfy unlimited wants, or simply, a study of choices. From government to private households, every social relationship has economic aspects, an understanding of economic principles and systems is an integral part of a liberal education.
Economics majors have a wide choice of careers. Many supplement their major with cognate courses to prepare for careers in business, journalism, health care administration or public service. Others find it excellent preparation for law school. Ph.D. graduates in economics are in demand at universities, corporations, financial institutions and government agencies. Master of arts graduates may teach at junior colleges but more typically go into business or public service.
Why study economics at Wayne State University?
The Department of Economics at Wayne State University provides a rigorous program in theoretical and empirical economics. Our faculty members provide a thorough grounding in economic theory and quantitative methods, as well as traditional applications such as macroeconomics and international trade, or new applications such as economic analysis of law and health economics. Students learn to analyze economic phenomena, evaluate policy debates and assess the social and political implications of economic activities throughout the world.