A wise economics teacher once said, “Supply and demand. That is all.”
Okay, maybe that isn’t a direct quote, but as far as most students are concerned, it’s about all they took away from their high school economics class.
However, there exists a certain breed of student who sees the supply and demand curve as more than an “L” and an “X”. Just as John Nash in A Beautiful Mind looked at a set of numbers and saw patterns and relationships, these students look at rising gas prices and see graphs, intersecting lines, a surplus here and a shortage there; and develop explanations beyond, “Well, you know, the economy just stinks.”
Economics is the issue of our times, affecting everything from how much gas we can put in our cars to how much we pay for a soda – and even which college or university we will attend (FYI, Northwood’s Financial Aid department helps to make your private education affordable!). Whether as close as home or as far as the other side of the world, the opportunities for Economics majors are worldwide and wide-ranging.
So if you caught the John Nash reference and immediately began a Nash equilibrium calculation, you’ll fit right in. If not, don’t worry; you’ll be an expert in no time.
Education in Action
Special attention is given to the Austrian tradition in economics which produced distinguished defenders of the free market such as Ludwig von Mises and Friedrich Hayek.
You will complete a research project in the spring of your senior year, which you will be encouraged to submit to a business or economics journal for publication.
The Economics program hosts an annual conference called the Freedom Seminar, a three-day symposium on current events, public policies and economic opportunities that will shape the future of the global, free-enterprise system. It provides an active learning environment where students will be hearing from and interacting with internationally recognized leaders in the industry, academia and government.
This program is accredited by the Accreditation Council for Business Schools and Programs (ACBSP).