Economics is concerned with the study of how individuals make decisions and how these decisions affect, and in turn are affected by, the distribution of limited resources in society. It is a quintessential liberal arts subject with a breadth of questions and methodologies that intersect fields like anthropology, computer science, history, psychology, political science, sociology and mathematics. Although economics is often considered as a science that is limited to the study of demand and supply, inflation and unemployment, trade and exchange rates, economic growth, and financial markets, these are but a small sample of topics that concern modern-day economists. In fact, today’s economists research topics as varied as environment (‘how to control global warming?’), marriage markets (‘who marries whom, and why?’), design of institutions (‘which policies reduce political corruption?’), neighbourhood effects (‘whether individual decisions are affected by a desire to conform to social norms’), and urbanisation (‘what explains the formation of cities and specific spatial distribution of individuals within cities?’).
Economics is a science that welcomes inquisitive students and encourages critical thinking through a study of such topics. Courses in the Economics major enhance students’ analytical abilities, mathematical skills and intuitive thinking that are essential for success in any career. In these courses, students will ask a broad range of questions relating to economic outcomes, social processes and political developments, and learn a variety of methodologies - theoretical analysis, experimental approaches, and empirical analysis - that they will then use to analyse and answer these questions. A sustained engagement with such questions prepares Economics majors to become perceptive observers, critical commentators, and engaged members of the world.