Economics

The economics program develops a logical, consistent and rigorous method of thinking about the world and its problems. the economic way of thinking can applied to a wide variety of topics including inflation, unemployment, international trade, proverty, income inequality, currency depreciation, monopoly power, bank failures, budget deficits and health-care costs.

The Department of Economics offers two majors and a minor in economics. All three programs are designed to provide excellent career-entry skills and those skills providing preparation for possible career shifts. Whether a major or minor in economics is pursued, students are strongly encouraged to complement their studies with work in other fields. In recent years, for example, graduates have done complementary coursework in such fields as mathematics, foreign languages, business, environmental studies, computer sciences, international studies and English.

The choice of major and of a complementary field depends upon the path the student wishes to pursue. For example, students pursuing a liberal major, wishing to double major, or who are interested in continuing studies in professions other than economics would likely find the Bachelor of Arts (B.A.) best suited to their needs. Students wishing to engage the discipline at a much broader and deeper level would find the Bachelor of Science (B.S.) a better alternative.

Students graduating with a major in economics will be able to integrate the tools and concepts of the discipline in the analysis of an economic issue. The background provided by this major should prepare the student for a sound preparation for career advancement.

The economics minor is designed to complement the different choices that students have made in terms of a major field of study. The range of major areas of study that economics minor pursue is wide. Whether in combination with a business degree, international studies, political science, sociology, English, actuarial science, natural sciences or humanities, an economics minor is a valuable and sought-after course of study. The minor in Economics equips students with analytical and problem-solving skills that prove to be an excellent supplement to just about every major field of study.

Students choosing a minor in Economics are required to complete the two principles courses (Microeconomics and Macroeconomics), one theory course and three electives of their choice. We encourage students minoring Economics to consult with the chairperson of the Economics department in determining which electives best suit each student's area of interest.

Study Abroad Opportunities

The department of Economics currently has one study abroad opportunity: 

Australia: The Economy & Its Social Context

Bob Garhart Award for Undergraduate Research

This award is presented to?an undergraduate student pursuing a summer research project.? Priority is given to students doing research in economics.? Secondary priority is given to students conducting research in any of the social sciences.

Bob was a member of the economics faculty?from 1982 until his untimely death in 1999.? He did his undergraduate work in mathematics and economics at Duquesne University, receiving his BA in 1977. He received his Ph.D. in Economics from the University of Pittsburgh in 1981, where he specialized in regional input-output modeling.? Most of his published research investigated the error structure of impact multipliers in input-output models. He also helped develop regional input-output models of Queensland, Australia and Ireland, using both survey and non-survey techniques.

At St. Thomas Robert Garhart is remembered as a gifted and passionate teacher,?known affectionately to his students as ?Dr. Bob.? He taught Urban and Regional Economics, Forecasting, Econometrics, Microeconomic Theory, Managerial Economics, Australian Business Climate and Principles of Economics. Bob loved to travel the world, with or without students or co-authors in tow. He always held his students to high standards of academic achievement, and they respected him for this. Bob took time to get to know his students as individuals, imparting on them his love of learning and the liberal arts; in many cases he formed lifelong friendships with students.

The faculty at St. Thomas holds Robert Garhart in high regard ?for his commitment to students and teaching excellence; his skill and work habits as a research economist; and his committee work on behalf of students, the Economics Department and the faculty of the University. We remember him as a colleague possessing abundant qualities of human decency, who carried out his duties with punctiliousness, good humor, a capacious mind and a generous heart.

The award winners are:

• 2004 Adam Berland - Geography/Environmental Studies
• 2003 Kevin R. Knutson - Economics
• 2002 Casey Warren - Mathematics
• 2001 Ann E. Beuch - Economics

Careers in Economics

What do economics majors do after graduation?

Alfred Marshall defined economics as "a study of mankind in the ordinary business of life."

John Maynard Keynes said that "the theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique which helps its possessor to draw correct conclusions."

These quotes help to explain why economics majors are found in a wide variety of careers after graduation. Economics is an approach to decision making that is valuable throughout "the ordinary business of life." Individuals, employers and graduate schools find the techniques used in economics "to draw correct conclusions" very useful. For these reasons economics majors are found pursuing all sorts of careers after graduation, and very often they are not in positions titled "economist."

The information below was collected at one liberal arts college (Mary Washington College) over many years. The data show that there is no single type of employer that tends to hire economics majors upon graduation. The large percent (9.8) found in the "other" category also highlights the inability to limit what you can do with an education in economics!

Type of Employer	% of Graduates
Traditional Business	23.3
Government	18.4
Financial Business	17.7
Graduate School	13.1
Consulting Business	4.4
Private/public school	3.9
Law Firm	3.5
Other	9.8

The 3 General Types of Economists

There are three general categories of economists: business economists, government economists and academic economists. Each type of economist applies the economic approach to decision making in a different setting.

Business Economists

Business economists work in manufacturing, mining, transportation, communications, banking, insurance, retailing, investment, and other types of organizations. They also work in trade associations and consulting organizations.

For more information on business economists, see the web site for the National Association of Business Economists (NABE) at http://www.nabe.com/careers.htm.

Government Economists

Many economists are hired by Federal, State and Local governments. They serve in a wide variety of positions involving analysis and policy making.

For more information about positions for economists in government, go to the federal government job web page, look under "current job openings" and type in "economist." You can also go to the Federal Reserve Board of Governors web site and look for economist positions. From the Board of Governors web site you can also go to each of the 12 Federal Reserve Bank home pages and check their job listings.

http://www.usajobs.opm.gov/

http://www.federalreserve.gov/

Academic Economists

Some economics majors graduate and go on to post-graduate studies in economics. Many of these become academic economists, like your instructor. If you are interested in seeing the types of jobs available in academics, check out the "Job Openings for Economists" web site. This site also contains jobs outside academics, for those with graduate education in economics.

http://www.aeaweb.org/joe/

Women and Minorities in Economics

Women and minorities make up a small, but growing percentage of economists. Several organizations were created to support women and minorities in the economics profession. Visit the web sites of the Committee on the Status of Women in the Economics Profession (CSWEP) and the National Economics Association (NEA - formerly the Caucus of Black Economists)

http://www.neaecon.org/ (NEA)

http://www.cswep.org/ (CSWEP)

While there may be fewer women economics majors and fewer female economists, there is evidence that women do well in economics when it comes to salaries. A Washington Post article titled "Majoring in Money," (Sunday, March 24, 1996) listed the Annual Earnings by College Undergraduate Major for Women aged 35-44 for the top five majors - and economics was #1! The article described an economics degree for women as "golden."

Salaries

Graduates with a degree in economics earn, on average, high salaries. A survey by the National Association of Business Economists found the median annual base salary for economists was $70,000. Data show that economics majors have higher earning potential than other business or social science majors. To view more information on salaries earned by economics majors, check out the web site below.

http://www.oswego.edu/~economic/salary.htm

Economics as Preparation for Graduate Studies

A degree in economics prepares you not only for graduate study in economics, but also for graduate study in a variety of related fields. Economics majors do very well getting into and out of law school. Economics is excellent preparation for a Masters in Business Administration. Economics majors also go on to different types of graduate programs in public policy or international affairs. Economics is also excellent preparation for many interdisciplinary majors such as urban studies or environmental policy.

To see a listing of economics departments, institutes, and research centers around the world, go to the EDIRC web site.

http://ideas.uqam.ca/EDIRC/index.html (EDIRC)

Why Major in Economics?

The number of students majoring in economics has been rising. This article from the Wall Street Journal explains, in part, the reasons behind the trend.

Contact Us

For any questions or to get more information about pursuing a degree in Economics,
please contact the Department Chair:

Agapitos Papagatigos
Mail #4230
2115 Summit Avenue
St. Paul, MN 55105

Office Location: OEC 427

Phone: 651-962-5686

Email: a9papagatigo@stthomas.edu

Fun Facts About Economics

Did you know they were economics majors?

Each of the following individuals studied economics as their undergraduate major!

Mick Jagger (singer)
Sandra Day O'Cconnor (Supreme Court Justice)
Roy Romer (Governor of Colorado)
Richard Trumka (President of the United Mine Workers)
George Bush (Former President of the U.S.)
Mose Allison (Jazz Artist)
John Elway (NFL Quarterback)
Les Aspin (Former Secretary of Defense)
William Isaac (Former Chairman of the FDIC)