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Traditionally, economics is defined to be the study of the allocation of scarce resources – how individuals, firms, governments, and societies determine how to use labor, technology, and natural resources available to produce and distribute value.

In recent years, economics has expanded its scope and toolkit. Modern economics uses rigorous mathematical theories, detailed and creative analysis of data, and insights and tools from psychology, political science, sociology, and other disciplines to study a wide range of issues. Our faculty have done research on topics including race and home ownership, political corruption, the effect of religion and culture on economic growth, monetary policy and intergenerational debt burdens, credit risk and the Euro, detecting collusion in auctions, the effect of automation on jobs, global warming, the effect of the COVID-19 pandemic on job and income losses, the effect of mortgage foreclosures on the macroeconomy, and the effect of vast uncertainty on decision making and investment.

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