Almost all choices, whether of individuals, groups, organizations or societies, involve evaluating trade-offs. Trade-offs exist for managers of corporations facing bankruptcy risks, nonprofit organizations facing public apathy, governmental agencies facing voter interests and bureaucratic constraints, and households facing family crises. Economics is the study of trade-offs, especially as they arise from human desires, limitations, opportunities and incentives. Training in economics is useful whether you want to change the world, become rich or obtain a better understanding of human behavior.
Students of economics at Lawrence first acquire a basic knowledge of economic theories, principles and techniques of analysis. They then apply them to a wide range of problems, from poverty and discrimination to macroeconomic stabilization policy and environmental degradation. Students learn early on that modern economics is an application of mathematical modeling to the study of human behavior.
The interdisciplinary mathematics-economics major is a mathematics-rich major designed as a strong foundation for graduate work in economics. The professional economist needs a strong foundation in mathematics. It has also been well-received in technical business careers, such as investment banking, management consulting and finance.
