ECONOMICS

Economics is the scientific study of decision making. Individuals and institutions have limited resources, forcing them to make tradeoffs, and economists analyze these tradeoffs to recommend optimal decisions and make predictions about behavior.

Cadets majoring in economics will be exposed to foundational courses in microeconomics, macroeconomics, and econometrics. Microeconomics is the study of resource allocation at the producer and consumer levels. It includes an investigation of government policies that can help or hinder the efficiency of market outcomes. Macroeconomics aggregates market results to study economies at the national level. Macroeconomics can also focus on international and regional issues that influence economies. Econometrics is used at all levels of economics to evaluate theories and policy outcomes using statistical techniques.

Program electives allow cadets to focus on business, finance, international economics, public policy or quantitative economics. Cadets acquire analytic and empirical tools necessary to solve a wide range of problems such as resource allocation, production efficiency, incentive design and policy evaluation. The economics major develops critical thinking and problem-solving skills and is widely recognized as a solid background for leadership careers in business, government and law.