Welcome 

Economics: A Way of Thinking

Perhaps the most important benefit of studying economics is learning how to “think like an economist.”  Economists study how scarce resources are allocated so that the well-being of individuals is maximized.  Whether the resource that is being allocated is income, time, or a precious commodity, there is always some tradeoff involved.  Individuals, businesses, and governments face these tradeoffs in countless ways everyday.  The most important thing students learn from studying economics is how to identify, measure, and understand the essential elements of this tradeoff.

More than Just Money...

Many people have the impression that studying economics is the same as studying business.  While economics can be applied to business opportunities, it can be applied to many other interesting questions and issues.  Here are just a few examples of the kinds of questions explored by UCM economics faculty:

• Why do women earn less than men?
• Does maternity leave help a firm by making their company more attractive to workers?
• Did safe government jobs hurt private employers during the Depression?
• How did New Deal programs affect health, crime, employment, and migration during the Depression?
• Why do some racial groups do better in training and education programs than others?
• How do women's careers change after having kids, and why?
• How long should someone take a training or education program before looking for a job?
• Do universities really promote local economic development?
• Are college rankings accurate? 
• Do college ratings increase a schools popularity?
• Why do non-drinkers earn less than drinkers?

 

Why Economics at UC Merced?

There are many good schools offering degrees in Economics, but there are some real advantages to enrolling at UC Merced.  Here are just a few reasons that we feel we offer a superior educational experience:

• At UCM, you will work with and be taught by regular professors for most of your classes instead of teaching assistants or part-time lecturers, even when you are a freshman.
• We offer small classes relative to other state schools, with upper-division seminars usually having no more than 20 students.
• Our faculty regularly hire talented undergraduates to assist in their research to a much greater degree than other state universities.
• Our faculty are actively involved in research that is important and very relevant to today's world, and we love sharing that research with students.
• We have a low teacher-student ratio in economics (about 1:10) and we take pride in getting to know our students.  This makes for a better learning environment, and allows us to write much more detailed recommendation letters and advise students on their careers in a more personalized way.

 

Opportunities as a UCM Economics Student

UC Merced economics majors have had great success not just at Merced but in other study programs.  Just in the last two years, UCM economics students have:

• Attended Harvard's Public Policy and Leadership Conference.
• Worked at a local WIC office.
• Been admitted to graduate school in economics.
• Been accepted to attend the Woodrow Wilson School Public and International Affairs Junior Summer Institute (at Princeton).
• Participated as a representative from UCM at an ATHGO forum on global warming.
• Worked as an intern in the IT industry.
• Worked as Research Assistants with UCM faculty on cutting-edge research projects.

 

Careers in Economics

Because students with a degree in economics develop strong analytical and quantitative skills and the ability to effectively solve complex problems, studying economics is excellent preparation for many careers in business, law, management consulting, education, or public service.  Businesses of all types and sizes, financial institutions, consulting firms, government agencies, non-governmental organizations, as well as graduate business and law schools actively seek graduates with bachelor’s degrees in economics.  In addition, many of our students will go on to do graduate study in economics, law, public policy, or business.

Famous Economics Majors

Some people are surprised to learn how many interesting people were economics students.  Among the more infamous, Mick Jagger.

 

Graduates with a degree in economics will be able to:

• Clearly formulate important questions related to public policies or economic performance.
• Use economic models to understand and predict the outcomes of changes in the economic, policy, or legal environment.
• Understand how institutions, governments, and individuals interact in a market setting and how this determines economic outcomes.
• Be able to analyze data using sophisticated econometric models to test theories and predict outcomes.
• Effectively communicate questions, tradeoffs, and empirical findings in both academic and non-academic settings, orally and in formal written work.

Starting Salaries

The salaries that economics graduates earn, not only at the beginning of their careers, but also throughout their lifetimes, illustrate the value of an economics degree.

The starting salaries of recent college graduates differ by major course of study. The National Association of Colleges and Employers surveys graduates quarterly. Here are some averages from a February, 2007 press release.

College Major	Average Starting Salary 2006-07
Economics	$51,631
Civil Engineering	$47,145
Accounting	$46,508
Management	$43,523
Marketing	$41,323

 

The American Economic Association

The American Economics Association has an interesting page about Economics for Undergraduates, including detailed information about the types of careers undergraduates typically enter (including data like salaries and average LSAT scores by major),  links to popular books in Economics, and information about graduate school.