What is Economics?
Alfred Marshall, one of the intellectual giants of economics, defined economics as “... a study of mankind in the ordinary business of life”. As such, microeconomics provides a framework for analyzing decisions made by individuals and firms, especially decisions concerning the allocation of scarce resources and the implications of those decisions for both the decision-maker and the wider society. Macroeconomics, which uses the foundations provided by microeconomics, focuses on the determinants of economic aggregates like the price level and national output and studies the effects of monetary and fiscal policy on these aggregates.
Opportunities in Economics
Areas: Economic Advising and Consulting, Industry & Market Analysis, Forecasting, Research, All General Business Fields
Employers: Educational Institutions, Energy Companies, Financial Institutions, Government Agencies, Insurance Companies, Trade/Labor Organizations
The Bachelor of Science in Economics is a 120-hour program with several learning objectives for students:
- Identify the role of supply and demand in a market economy.
- Identify the necessary conditions for market economies to function well.
- Discuss market system advantages and pricing.
- Understanding of the economic role of government policy and the Federal Reserve
- Define and analyze economic problems using algebraic and statistical methods.
- Identify the benefits and costs of a global economy.
Empirical Economic Analysis Concentration
An empirical economic analysis concentration is available to BS and BA majors in economics and International Trade & Finance majors. The concentration provides majors with skills in analyzing business and economic data to solve real world problems. See curriculum page for details.
LSU Ogden Honors College provides the opportunity for exceptional students to earn the upper-division honors distinction along with the bachelor's in economics.