Department of Economics
The study of economics is an excellent preparation for those who plan careers in business and finance, law, government, and nonprofit organizations. As an applied social science, economics provides the basis for analyzing many of the successes and failures of our society. Understanding economics is a basis for informed citizenship.
An economy is made up of businesses producing goods and services for sale; individuals working, receiving income, and spending that income on goods and services; and governments taxing businesses and individuals and providing services not available from the private sector. The manner in which this complex system is organized and coordinated through a series of interrelated markets is the subject of economics.
Microeconomics focuses on the functioning of individual markets, examining the interaction of decision makers such as consumers, wage earners, corporations, and government agencies. Special issues addressed from this perspective include environmental and energy problems, unions, agriculture, health, and other social policies.
Macroeconomics focuses on the functioning of the economy as a whole, examining issues such as unemployment, inflation, economic growth, and international trade. Macroeconomics is of special interest now given the magnitude of our nation’s trade deficit, fluctuations in exchange rates, and the changing unemployment situation.
The Undergraduate Economics Association (UEA)
The Undergraduate Economics Association (UEA) sponsors seminars, career planning speakers, and social events during the year and is open to majors, minors, and other interested students.
Omicron Delta Epsilon
Omicron Delta Epsilon, the international Honor Society in Economics, is described under Honor Societies.
Two awards are offered by the Department of Economics for excellence in teaching. One is the Gerald L. Gitner Award for Excellence in Undergraduate Teaching. The other is the Neu Family Award for Excellence in Teaching in Economics. These awards encourage and maintain the outstanding level of instruction that economics undergraduates receive at Boston University.