<p>Okay I’m no economist, but from a humanist perspective, economy will ALWAYS ALWAYS be around, as long as there are more than one human being on this planet. Multiple people have many desires, necessarily conflicting, thus the material portion of the conflicts necessarily needs to be worked out through economics. </p>
<p>This is true even if we have communism or some other non-capitalist system.</p>
<p>Hey thanks for this awesome thread even though I haven’t read it all, I will soon.</p>
<p>Can you go into detail about what kind of math economics majors use? How advanced is the math when going into graduate school?</p>
<p>Amazing ty Ive read all your responses but i still have some questions unanswered.
1.What exactly do economics teach you?
2.Salary again…My question was more like.Lets take accountant for example.15 years in his carreer he can become a CFO or controller and earn more than 250k+ per year.Some accountant have their own CPA firms and they make big 6 figure salaries too.Well what about an ECONOMIST.Except for a CEO what can he become to make numbers close to million per year?
3.What field do economics will require you to work in?Government?Business?Private firms?
4.What exactly economist does in his company/workplace?Just makes some kind of statistics?or what…</p>
<p>leeznon take a look at this: [Mark</a> Borgschulte - PhD Preparation Classes](<a href=“http://markborgschulte.googlepages.com/berkeleyclassesirecommend]Mark”>Mark Borgschulte, University of Illinois - berkeleyclassesirecommend)</p>
<p>These are the classes recommended by a UC Berkeley econ phd student to be prepared for graduate work in economics.</p>
<p>I think the bottom line here, for all non-Econ majors, is that you should consider taking AT LEAST macroeconomics, if not both macro and micro, to fulfill your GEs. Seriously, economics MUCH MUCH more useful of a GE than, say, psychology. Seriously, the information is crucial to being an educated individual. Everyday you turn on the news, many problems will involve economics in some form. If you take microeconomics, you will find that micro is very much so applicable to everyday personal uses. If you’ve ever taken it, you know what I mean.</p>
<p>Future13,</p>
<ol>
<li>What does economics teach you?</li>
</ol>
<p>If you go to class, sit through lecture, do your homework, and take tests, then economics teaches you nothing. But if you truly take the principles of economics to heart…</p>
<p>Short answer: Econ teaches you how to make rational decisions.</p>
<p>Theoretical answer: People face choices everyday such as what should I do after work, where should I eat dinner, how many beers should I drink? In Econ, you are learning the best way to make these choices personally and then applying the same logic to a business (microecon) or the market as a whole (macroecon). You are learning when it is beneficial to you to do something and when it is not. It is the study of choices. An econ trained mind works at the margin; basically thinking through each decision one at a time.</p>
<p>*Example; Opportunity Cost: When you buy a new pair of shoes, what is the gain/loss? You gain the shoes and you lose the $30 it cost you to buy the shoes. If the shoes are worth more to you than the $30, you will buy it. This is a rational decision. An Economist takes this decision deeper. Buying those shoes not only cost you the $30 you paid for them, it also cost you the inability to buy other things with the $30. You could have also spent that on food, clothes, etc… This is an opportunity cost. The cost of a missed opportunity to an economist is a real cost. So now he factors this cost into his decision and he decides the shoes are not worth $30 plus the opportunity cost. This is a basic example of one of many components a Economist uses, and essentially Economics teaches you how to make wiser decisions</p>
<p>Practical answer: Economics not only teaches you principles such as what I said above, but you will apply these principles to a business which is invaluable when your goal is to make a profit.</p>
<p>*Example; Price Discrimination: This is one of my favorite topics in Econ and is from my class, ECON 171: Industrial Organization; Theory and Tactics.</p>
<p>This gets extremely complex and precise, so I’ll give you a basic example. Say you are thirsty and you want a drink. You are willing to pay $5 for a drink. You face diminishing marginal returns (another principle), which is basically the 2nd drink you have won’t give you as much benefit as the first one did, because you won’t be as thirsty anymore. So let’s say you were willing to pay $5 for the first drink, but only $3 for the 2nd drink. So you go to the store and they are selling drinks for $5. You will buy 1 and leave because you value the 2nd one less than the price it costs. Now, if I am an economist and I am running the store, I’m going to use price discrimination. I’m going to sell drinks in bundles of 2 drinks for $9. You will buy this bundle because you think are you getting a deal for it because 1 drink by itself costs $5, so you think you are saving yourself $1. This is a tactic used by many companies. In truth, you are not getting a deal. You were willing to pay $5 for the 1st drink and $3 for the 2nd drink, or a total of $8 for the both of them. I have just convinced you to spend $9 on something you only value at $8. I have basically tricked you into making an irrational decision.</p>
<p>This is a basic example of applied Economics. How do you think Disneyland sets its prices for admissions, rides, food, drink, etc…? They are obviously not setting random prices. There are trained professionals who spend massive amounts of time researching and creating these price menus with extremely complex mathematics to get Disneyland its max amount of profit. I guarantee you at least one of these professionals is an Econ major. Applied economics, is basically “How does a business get the most money it can out of its consumers while spending the least amount of money it can.” And not only that, a good economist makes you think you are getting a good deal too ;] Think about that the next time you are at the mall.</p>
<ol>
<li>This is an EXTREMELY HYPOTHETICAL question. I’m not sure what you’re asking here, but I’ll attempt to answer it anyways (Economists like to answer questions they don’t know the answer to, but make it seem like they’re right anyways).</li>
</ol>
<p>An accountant starting his own CPA firm and then makes six figures is called an Entrepreneur. By that logic, an economist could start his own drug cartel and make six million a year. I think you are confusing the Economics major with an economist, which is a profession like a salesman, an actor, etc… </p>
<p>What can an Economist do to make a million a year? He could win the lottery.</p>
<ol>
<li>What fields do Econ majors go into?</li>
</ol>
<p>Econ majors are heavily recruited by the government. If they go on to become Economists (which usually requires at least a Masters in Econ), then:</p>
<p>“According to the Bureau of Labor Statistics, local, state, and federal government agencies employ about 40% of all practicing economists.”
*[Economics</a> Major | What Can You Do With a College Degree in Economics?](<a href=“http://www.worldwidelearn.com/online-education-guide/social-science/economics-major.htm]Economics”>Economics Major | Guide to Economics Degree, Jobs, and Careers)</p>
<p>What fields do Econ majors go into with a Bachelors? Refer to this:</p>
<p>*[“Working</a> Your Degree:” Economics - Aug. 18, 2000](<a href=“http://money.cnn.com/2000/08/18/career/q_degreeeconomics/]"Working”>"Working Your Degree:" Economics - Aug. 18, 2000)</p>
<ul>
<li>21% management</li>
<li>11% insurance, real estate, securities</li>
<li>11% accounting</li>
<li>10% sales</li>
<li>6.5% other management related</li>
<li>4.5% marketing</li>
</ul>
<p>And as you can see from the large white chunk of the pie graph, ~25% have disappeared from the face of the earth.</p>
<ol>
<li>** What does an Economist do?**</li>
</ol>
<p>Remember that an Econ major is not an economist, but an economist is an Econ major. That said, an Economist is basically a weatherman for the government or businesses. For a business, he uses extremely complex mathematical models to predict things such as expected profit. For the government he uses extremely complex mathematical models to predict things like the impact a new policy will have on the market.</p>
<p>Refer to this joke:</p>
<p>*When Albert Einstein died, he met three New Zealanders in the queue outside the Pearly Gates. To pass the time, he asked what were their IQs. The first replied 190. “Wonderful,” exclaimed Einstein. “We can discuss the contribution made by Ernest Rutherford to atomic physics and my theory of general relativity”. The second answered 150. “Good,” said Einstein. “I look forward to discussing the role of New Zealand’s nuclear-free legislation in the quest for world peace”. The third New Zealander mumbled 50. Einstein paused, and then asked, “So what is your forecast for the budget deficit next year?”<a href=“Adapted%20from%20Economist%20June%2013th%201992,%20p.%2071”>/i</a>.</p>
<p>*****Pay special attention to my example of price discrimination and industrial tactics in question 1. You won’t learn this until you get to upper div, which is when Econ gets fun. Lower div Econ is more common sense based, and upper div Econ gets more practical.</p>
<p>leeznon,</p>
<p>Yes, refer to what JetForcegeminix posted. Econ grad school is EXTREMELY DIFFICULT AND MATHEMATICAL. In fact, a person with a Economics BA does not even have enough math classes fulfilled to apply for Econ grad school. You would have to take more advanced math classes.</p>
<p>Note though that Econ is not like Psychology or History where most people intend to go to grad school (or better phrased, have to). Only a tiny percentage of Econ majors go on for a Masters or PhD. Most go straight into the workforce, law school, or MBA school. You should only consider getting an advanced degree in Econ if you are a baller like Warren Buffet.</p>
<p>Note: Warren Buffet is the second richest person in the world with an estimated net worth of approximately 37 billion dollars. He has both a B.S. and a Masters degree in Economics. He is probably the world’s most successful investor and I could only imagine he used his Economics to its full potential.</p>
<p>Note #2: The richest person in the world is not Bill Gates. It is Santa Claus, with an estimated net worth of approximately infinity.</p>
<p>^Your answer to “what does economics teach you?” seems like it can be applied to any social science major. History, philosophy, and political science all teach students to think critically, not just about their subject but about everyday situations as well.</p>
<p>Econ and Law School? Not disputing. I just found that interesting.</p>
<p>How is NYU Economics compared to other top colleges? In your opinion is it a top 10 undergraduate program?</p>
<p>Hi Amazing,</p>
<p>I think you really know many things about Econ. Do you mind if I reach you by email. My email address is: <a href="mailto:business.student.88@gmail.com">business.student.88@gmail.com</a></p>
<p>I hope you can advise me/share your experience. </p>
<p>Thanks.</p>
<p>Amazing ty for all the answers.You really helped me out.About salary question.Dont stress yourself out.I was just trying to find the highest salary that economist can earn.Ty anyways I really apreciate your help</p>
<p>dreakol,</p>
<p>*Your answer to what does economics teach you? seems like it can be applied to any social science major. History, philosophy, and political science all teach students to think critically, not just about their subject but about everyday situations as well.</p>
<p>Econ and Law School? Not disputing. I just found that interesting.*</p>
<p>Yes, you are right. However, critical thinking skills alone are high in supply. Economics is a social science with a mathematical approach. Not bashing on any major, but can any sociology, history, philosophy, or political science major: take words, derive formulas from the words, use calculus to solve these formulas, draw a graph using the solution, analyze the graph, and then put the analysis back into words?</p>
<p>Meanwhile, the economics, finance and math majors are pursing jobs with salaries that often double once they’ve gotten some decent experience under their belts.
The kinds of majors where you learn to integrate mathematics and science with the everyday world have a tremendous benefit in terms of earnings potential," says PayScale.com’s Lee. These include economics, engineering, finance and mathematics.
<p>The integration of critical thinking and mathematics is what separates Economics from the rest of the social sciences. Learning how to integrate both together is difficult, but fosters even greater critical thinking skills. Consider these facts:</p>
<ol>
<li>Economics emphasizes analytical and problem-solving skills, and trains a person to think through problems in a systematic manner. These are the very skills needed to succeed in a law career. Ed Tom, the former director of admissions for the U.C. - Berkley law school explains: “Of all majors, economics ranks in the top four or five consistently year after year for both applications and admissions… Logical reasoning and analytical skills are critical to legal studies” (Craft and Baker, 2003).</li>
</ol>
<p>You say that all of the social sciences teach critical thinking skills. But why is Economics so exceptional in law? And I would say success in law is very good indicator of critical thinking.</p>
<ol>
<li>According to the latest data available, economics majors ranked first among majors with at least 2,200 students taking the LSAT. Economics majors earn an average score of 156.6, which is in the 72nd percentile.</li>
</ol>
<p>Average 2002-2003 LSAT Scores
1. Economics, 156.6
3. History, 155
4. English, 154.3
6. Political Science, 152.1
7. Psychology, 152.1
9. Communications, 150.5
10. Sociology, 150.2
11. Business Administration, 149.6
*
Notes: At least 2,200 students took the exam. LSAT = Law School Admissions Test.
Source: Michael Nieswiadomy (2006), “LSAT Scores of Economics Majors: The 2003-2004 Class Update,” Journal of Economic Education *</p>
<ol>
<li>*I am an attorney practicing corporate law in Massachusetts. I found that my course studies in economics served as a natural transition into the study of law. Throughout my four years at UMASS, my economics professors consistently challenged me to understand and articulate arguments for and against differing economic policies (i.e., Gintis versus Vickers, supply-siders versus Keynesian). The study of law is very similar to economics. My law school professors prepared examinations in a manner that drew upon my understanding of the subject matter through my ability to identify legal issues and to articulate various legal arguments that can be made in favor of and in defense against such legal issues (or claims). I felt that as an economics major, I already had been trained to understand and articulate differing viewpoints. I found it natural to transfer such training to a law school exam. I also have found it natural to transfer such training to a legal career.</li>
<li><p>John Samia UMass '92
*[What</a> Can I Do With an Econ Major?](<a href=“http://www.econ.berkeley.edu/~olney/alums.html]What”>http://www.econ.berkeley.edu/~olney/alums.html)
*</p></li>
<li><p>A study by Craft and Baker (2003) published in the Journal of Economic Education found that lawyers with degrees in economics earned $10,000 more per year than the average lawyer with another degree.</p></li>
</ol>
<p>Now it is reasonable to assume that all of these facts are closely related. Econ majors are not only the highest scorers on the LSATs (which people would think of poli sci, history, and english majors), but they are paid more on average as lawyers also. The integration of mathematics into critical thinking, persuasive argument, and logical reasoning is what sets Econ apart from the social sciences. </p>
<p>Note: Lets not also forget that law school is often not a want, but a necessity for Poli Sci, History, English, etc… majors. As my poli sci friend says, “You can’t do **** with a Poli Sci BA, I’m going to Law.” For Econ majors, law is only one of many many options with even just a B.A.</p>
<p>[SUMMARY OF FACTS]</p>
<ol>
<li>Econ BA avg starting salary is more than any social science major</li>
<li>Econ BA avg mid-career salary is more than any social science major</li>
<li>Econ BA is voted higher than any social science major by employers</li>
<li>Econ BA is voted higher than any social science major by CEOs</li>
<li>Econ BAs have a greater likelihood of becoming CEO than any major</li>
<li>Econ Professors get paid more than the average for all professors</li>
<li>Econ majors score highest on the LSATs</li>
<li>Lawyers with Econ majors earn more than any other lawyers</li>
<li>Econ is the top major at Harvard, Princeton, Columbia, Stanford, UPenn, UChicago</li>
<li>Steve Ballmer, CEO, Microsoft (Harvard)</li>
<li>Donald Trump, Real Estate/TV Mogul (University of Pennsylvania- Wharton)</li>
<li>Warren Buffet, Financier (Columbia School of Business, Master’s in Economics)</li>
</ol>
<p>I let facts speak for themselves.</p>
<p>How is NYU Economics compared to other top colleges? In your opinion is it a top 10 undergraduate program?</p>
<p>There are no undergraduate rankings, so we just have to go off of grad rankings.</p>
<ol>
<li>New York University
*[Rankings</a> - Economics - Graduate Schools - Education - US News and World Report](<a href=“http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-economics-schools/rankings]Rankings”>http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-economics-schools/rankings)</li>
</ol>
<p>NYU is excellent. It is located in the financial center of the US. It is not top 10, but if 12 is close enough for you…</p>
<p>And UC88, you could just PM me.</p>
<p>dang, i have to hand it to you amazing, amazing. you make me want to spend another year at my CC taking econ classes.</p>
<p>amazing how much calculus does you really use in econ</p>
<p>Amazing, if I’m aiming to go into Management Consulting specifically strategic/operational consulting. What would be the Pros & Cons of going to UCLA(Biz-Econ) and USC(Marshall)??</p>
<p>In terms of recruitment, practically, networking, and how one program would better me for consulting. </p>
<p>Thanks</p>
<p>alright, economists…</p>
<p>how will the fall of U.S capitalism affect the worlds economy? we know it will happen, just a matter of time…</p>
<p>Haha you sound like you’re hoping it’d fall. :D</p>
<p>its that obvious?lol it seems like its happening sooner than i anticipated though…</p>
<p>My only beef with capitalism is the blatant hedonistic anti-intellectualism that comes with it.</p>