<p>Hey Everybody,</p>
<p>When I go to college next year, I plan to double major in Comp. Sci and Business yet, when I was looking through my college list, I noticed that some colleges like Dartmouth had computer science but no business. The same went for Tufts, Brown, and Caltech. Yet, they do have economics as a major. My question is whether economics and business majors are similiar? My dad told me that at the core of business, there is economics. I really don't know what to do...</p>
<p>business learns about accounting, finance, management, marketing, etc., it's not offered in every school because it's a professional degree</p>
<p>economics learns how to relocate scarce resources, it's social science and thus it is included in virtually every school.</p>
<p>business itself has no major theories but they learn simple, little and watered down economics theories. By watered down I mean less in depth and less mathematical.</p>
<p>no theories? accounting would have to be the core of business, it is the basic unit in which you account for business practices. Without accounting, you could not ascertain the economic conditions that affect the rest of society. However to fully understand the business community, a good understanding of macro economics principles and basis econometrics/statistical analysis/time series is always great. And business can be highly theoretical, do not ever put accounting and lack of theories together in the same sentence as most of it relies on the basis of general theories and ethics</p>
<p>Ever wonder why PHD studies are available for accountancy all the way to it management?</p>
<p>Business, or accounting for that matter, has theories? That's news.</p>
<p>When is the last time you hear someone say vocational training has theories?</p>
<p>Do you even understanding the word "theory"? Plugging in numbers with simple equations, analyzing a company using ratios, making sound decisions based on data, understanding tax laws, are theories?</p>
<p>What's next? Education, Law, or even Architecture have theories?</p>
<p>You're probably the first, and the last, that will ever make such hilarious statement. Nobody is putting down your major, but don't suddenly turn insecure and make stupid claims outta your ass.</p>
<p>PhD is another matter, we're talking about undergraduate, although I highly doubt there are any "theories" in these so called accounting doctorates, who most likely draw these theories from finance, which draw them from economics.</p>
<p>If you feel I'm wrong, please prove me wrong by stating some of the business "theories" that you have discovered in your education. Don't state ones from Economics, Psychology, Sociology, etc. I want to hear BUSINESS THEORIES.</p>
<p>Finance, which is a subset of business, is one of the many fields of business with numerous theories. Basic portfolio theory, CAPM and the theories of market efficiency are all more "business" theories than economics theories, even though they are (also) based on the allocation of scarce resources.</p>
<p>And of course, there are all the other fields of business, each of which have their own theories which, as a high school student, I'm not entirely familiar with.</p>
<p>LousantAce, ultimately if you seek business careers your best bet is whatever school is ranked the best/has the best recruiting.</p>
<p>If your school doesnt offer a business major then yeah, do economics. Economics teaches you a lot of useless stuff without real world practicality but if that's the only thing they offer then take it.</p>
<p>i really didn't understand the whole discussion about business theories, Accounting PhD, and finance...but dcfca i think u made it clear for me. Thanks!</p>
<p>I guess you, abcboy, have not realized business is interelated with social science and mathematics. Black-Scholes option pricing theory has even helped in the progress of the analytical thermodynamic theory used in economics. And where did the option pricing theory come from, from the studies of brownian movement and stochiatic calculus, so in simpler terms it came from science. And lets look at the theoretical value of finance, which includes behavorial, engineering and analytics. I guess behavioral theories have no use and are never taught in the business environment, yet that would be stupid when in the absence few would know what is going on with the many financial anomalies that happen. Then you have arbitrage pricing theories, prospect theory, etc.</p>
<p>They are INTERELATED you dumbass. Is that large enough for you to read. I would love to go on, but you should get the idea. Wonder why the progression of one effects all the others as a whole, but of course i must be talking out your my ass</p>
<p>considering the fact that your last posts in other threads have stated berkley is unheard of in asia and that mcgill is crap furthers exemplifies my belief that you are retarded.</p>
<p>Thanks for stating these nice theories in mathematics, statistics, and economics. So where is the business theories you're talking about?? Have you created any yet?</p>
<p>Interrelated? Or drawing from? There's a difference. I suspect you should (or will) know the simple difference since you're capable of doing research on other people's posts. Now all crap aside, GIVE ME SOME BUSINESS THEORIES.</p>
<p>PS Yes, I'm from asia and the school is unforunately not as reputed as say yale, princeton, harvard. This is pretty obvious considered the majority of the students are California students. I am even consider transferring to Berkeley, so what is your point really? 2nd, McGill is not crap, I just state it's not the best in Canada from the arguement of that topic. Don't be retarded.</p>
<p>please go back to my post and read the last sentence. And then go to my second post and look closely at the words INTERELATED. Or how bought we just go back and label modern economics as the evolution of calculus from the days of newton and the progression of accounting, becuase that is what it is. They are interelated, understand that. A business theory is a theory of applied principles taken from the studies of other disciplines. And as a business theory, it is an applied theory, of how about just a theory. Lets go further and define that a theory is a self consistent model that can be tested and proven. And if you think that doesnt exist in the business world which is literally the incorporation of of mathematics and behavioir, then you should switch universities an get out of toronto as soon as possible</p>
<p>It's also funny you brough up the idea of an PhD in business.</p>
<p>If you're smart enough and use your great research skill, you would find ABSOLUTELY NONE of the doctorates in business requires undergraduate business degree, and most of the finance concentration requires deep understanding in economics or mathematics, not business.</p>
<p>Why? Simple, because there is no central theories on business. Do you see a math Phd requires no math undergraduate courses, or stats, or even economics for god sake??</p>
<p>I'm not putting down business or business PhD, I'm actually planning to do one myself because I'm not a math genius and I'm almost certain I'll not be able to handle graduate courseworks in economics.</p>
<p>The truth is the most elite firms in banking and consulting take the majority of their recruits from the top schools (Ivies +), and a great majority of these hires are econ majors.</p>
<p>Yes, many firms like banks always hire economists. I mean, if you think about it it makes plenty of sense. The federal reserve is headed by economists and basically every bank is the Fed's bietch. So they need economists to determine whats going to happen when inflation runs rampant or what the future looks like etc. etc.
Every business has 3 core pillars.
1) Accounting
2) Finance
3) Marketing
Those are the big 3 that are absolutely crucial. Yes economics is similar to business but there's a reason why, say in my school U of I, that economics is in the liberal arts and science college. It's a science. It does not deal w/ hard facts but just theories. Business deals w/ plain facts. But like I said, economics and business are very well linked.</p>
<p>So what? Eugene Fama majored in French at Tufts and got into UChicago's PhD in Economics and MBA program</p>
<p>"You're an idiot. Myron Scholes is an ECONOMIST he won the Nobel Prize in ECONOMICS he has a Ph.D. from Chicago in ECONOMICS his partner, Fischer Black, is a MATHEMATICIAN he has a Ph.D. in APPLIED MATHEMATICS from Harvard."</p>
<p>Right, but the Black-Scholes pricing model is not used in economics or applied mathematics, it's used in finance. It's based on basic behaviour of consumers with regard to stock options (note: finance), not on purely theoretical mathematical models or economic "supply and demand" models.</p>
<p>Your calling me an idiot, but you are claiming that just becuase an economists devised the theory or equation, then it serves its purpose as only a theory in economics? What does the pricing of options and deratives have to do with economics. Why would you consider the covariance of expected returns on assets an economics topic, or how would APT relate to economics, in which it has been tried in the past. Various counties have used arbitrage pricing to price utilities, the federal government has attempted to use it to various priced services. It doesnt work, however it works great for money managers that over see passive funds. Yet it was an economists that created this application, or theory if you may, and it has been further studied through analysis with econometrics. Finance is a freaking subset of economics that has grown significantly over the past 60 years, and through the last 20, it has started incorporating more ideas from other social science areas. Sociology affects econ just like econ effects the further progression of sociology, and vice versa with the same effect when comparing modern economics and modern finance</p>
<p>Hey idiots the Black Scholes is used in Financial Mathematics a branch of applied math. It is NOT used in regular finance.</p>
<p>Similar to ideas like non constant force of interest. It is used Financial Mathematics, not Business Finance.</p>
<p>We studied that in our intro corporate finance course, the first finance class you take as a Wharton student. And then you'll play with it a lot more in upper level classes. Sounds like "regular" finance to me...</p>
<p>Why does black scholes have to be used in financial mathematics? Why can't you say it's used in mathematical finance? :)</p>