Economics
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About Economics at St. Norbert College
Economics is a dynamic discipline that studies how individuals relate to one another and society in the face of scarce resources in order to improve well-being. Economics is a way of thinking—it uses logical thought and quantitative analysis to approach these issues in a rigorous way. In studying economics at St. Norbert, you will learn a new way of looking at the world in which you live.
We are a discipline that emphasizes partnership. As colleagues, we keep open lines of communication so that you, our students, are served in a consistent way as you proceed through the requirements of the major. We also emphasize the cooperative faculty-student relationship built on mutual respect. Just as you put forth effort to learn, we are always willing to go the extra mile to ensure your success. We feel our approach has been fruitful, as can be seen in the successes of our alumni.
As economics majors, you can expect course offerings that are both challenging and broad. Though we are a small school, we offer a wide variety of courses that include economics of sport, women and gender, health and economic development, among others, and we are flexible enough to add courses of interest in future semesters. You will be able to find a class that interests you as you pursue an economics major.
Another unique feature of our discipline is our econometrics requirement. While many larger schools do not offer such a requirement, we take pride in allowing students the chance to integrate all of their previous coursework in a meaningful way. Students graduating from St. Norbert with an economics degree are well-poised for success in graduate school or public/private employment with the analytical tools they gain.
Why study economics?
Economics is the social science concerned with human thought and actions that are directed toward solving the problems of using resources to provide for individual and community well-being or prosperity. It studies those aspects of human behavior that arise from the existence of scarcity, from making rational choices and from attempts to maximize benefits that have been called “utility” by economists. Formal economics deals with the evaluation of ends and goals, with the allocation of limited resources or means to achieve those goals and with the making of decisions. Substantive economics concentrates on the ideologies, customs, institutions and organizations which enable human beings to earn a living, with the ways a society produces and distributes goods and services and with the commercial, financial and governmental practices that enable societies to exist.
Economics is an essential component of a liberal or general education because the economy is one of the most important aspects of human social and cultural life, because the economy affects all of us and because all educated persons should understand how it works. Economics is often called the science of rational behavior; and it emphasizes formal, systematic and analytical thinking. The study of economics furthers our intellectual and personal growth because a mature understanding of how economic systems work and how rational decisions are made enables us to be more effective participants in economic, political and social life. There is also a moral dimension to the study of economics. Ethical judgments and moral standards are implicit in the evaluation of ends or goals, the making of choices and decisions, the allocation of resources needed to sustain life and achieve goals, the division of labor and rewards in society and the definition of “utility” (or “good”) itself. Economic practices and concepts cannot and should not be separated from religious and cultural values. The recognition of this reality promotes our personal and moral development.
Economics as a discipline has become quite popular in recent years. This may be due to the breadth of issues and fields that economists study. Some of these important issues include globalization, health care, income inequality and social security. On top of issues that economists deal with, there is also some overlap in academic fields that relate to economics. Economics uses insights from political science and psychology, and provides a novel perspective on fields like history, religion and law. There are many possibilities with an economics major.
The skills you will learn as an economics major include:
- Critical thinking and quantitative analysis
- Gathering and analyzing data
- Writing clear and concise technical reports
- Communicating results of analysis to economists and non-economists
- Becoming a better citizen by recognizing incentives and opportunity costs in the world around you
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