Why study Economics?Why study Economics?

What do Economics What do Economics majors learn?majors learn?

What kinds of jobs What kinds of jobs do they get?do they get?

How much money How much money do they make?do they make?

Economics majors study Economics majors study important real-world problemsimportant real-world problems

Are we in a recession? Will there be Are we in a recession? Will there be enough jobs for college graduates? enough jobs for college graduates?

How does the Federal Reserve lower How does the Federal Reserve lower interest rates? Will interest rate cuts interest rates? Will interest rate cuts save the economy? save the economy?

What happened to the government What happened to the government budget surplus?budget surplus?

Economics majors study Economics majors study important real-world problemsimportant real-world problems

Who should provide airport security: Who should provide airport security: the Federal government or the the Federal government or the private sector? private sector?

Is Microsoft an illegal monopoly? Is Microsoft an illegal monopoly?

Can open-source software survive?Can open-source software survive?

Economics majors learn skills that Economics majors learn skills that are valuable in many careersare valuable in many careers

Critical thinkingCritical thinking

Problem solvingProblem solving

Analytical skillsAnalytical skills

How to use data effectively How to use data effectively to prove a pointto prove a point

A degree in Economics gives you A degree in Economics gives you many career optionsmany career options

Careers in the private sectorCareers in the private sector– banks and insurance banks and insurance

companiescompanies

– brokerage firmsbrokerage firms

– journalismjournalism

– labor unionslabor unions

– legal consultinglegal consulting

A degree in Economics gives you A degree in Economics gives you many career optionsmany career options

Careers in governmentCareers in government– Federal ReserveFederal Reserve

– Justice DepartmentJustice Department

– Bureau of the CensusBureau of the Census

– Department of LaborDepartment of Labor

– State & local agenciesState & local agencies

A degree in Economics gives you A degree in Economics gives you many career optionsmany career options

International agenciesInternational agencies– World BankWorld Bank

– International Monetary FundInternational Monetary Fund

– United NationsUnited Nations

A degree in Economics prepares A degree in Economics prepares you for graduate studiesyou for graduate studies

Law school:Law school: ““Of all the majors, Of all the majors, economics ranks in the economics ranks in the

top four or fivetop four or five consistently year after year consistently year after year for both applications and offers made,” said for both applications and offers made,” said Edward Tom, director of admissions at the Edward Tom, director of admissions at the law school at U.C.-Berkeley. law school at U.C.-Berkeley.

Study: Study: Economics majors get the highest Economics majors get the highest LSAT scoresLSAT scores out of all the majors that most out of all the majors that most commonly apply for law school. commonly apply for law school.

A degree in Economics prepares A degree in Economics prepares you for graduate studiesyou for graduate studies

MBA:MBA: Yale Business School’s admissions director Yale Business School’s admissions director

Richard Silverman said “Richard Silverman said “The best people are The best people are more frequently taking economics as their majormore frequently taking economics as their major than they were a decade or so ago.”than they were a decade or so ago.”

A A Business WeekBusiness Week survey of 5000 M.B.A.s survey of 5000 M.B.A.s identified identified economics as the top undergraduate economics as the top undergraduate majormajor

Recent UNLV Econ grads Recent UNLV Econ grads now work at:now work at:

Morgan Stanley Dean WitterMorgan Stanley Dean Witter Hewlett PackardHewlett Packard Board of Governors of the Board of Governors of the

Federal ReserveFederal Reserve Silver State BankSilver State Bank McCarran AirportMcCarran Airport Sybase, Inc.Sybase, Inc. Nevada Power Co.Nevada Power Co. Clark County Finance Dept.Clark County Finance Dept. U.S. District Judge Owen PannerU.S. District Judge Owen Panner

Income of persons with Income of persons with a four-year degree, 1997a four-year degree, 1997

EconomicsEconomics $40,000$40,000

Average, all fieldsAverage, all fields $35,000$35,000

Source: Source: Current Population SurveyCurrent Population Survey, 1997, Bureau of the Census, 1997, Bureau of the Census

Economics majors enjoy higher Economics majors enjoy higher incomes than many other majorsincomes than many other majors

Average income by field of degree Average income by field of degree (people with 4-year degrees only)(people with 4-year degrees only)

0 10,000 20,000 30,000 40,000 50,000

All persons

Education

Liberal arts/humanities

Social science

Psychology

Biology

English/journalism

Nursing/pharm./tech.health

Police science/law enforc.

Business/management

Math/statistics

Economics

Engineering

Famous people with a degree in Famous people with a degree in Economics:Economics:

Former Presidents Ronald Reagan Former Presidents Ronald Reagan and George Bushand George Bush

Senator Phil GrammSenator Phil Gramm

Congressman Dick ArmeyCongressman Dick Armey

Supreme Court Justice Sandra Supreme Court Justice Sandra Day-O’ConnerDay-O’Conner

Steve Balmer, Microsoft CEO Steve Balmer, Microsoft CEO and Pres.and Pres.

Famous people with a degree in Famous people with a degree in Economics:Economics:

Ted Turner (CNN)Ted Turner (CNN)

Tiger WoodsTiger Woods

Scott Adams (Dilbert creator)Scott Adams (Dilbert creator)

Mick JaggerMick Jagger

Arnold SchwarzeneggerArnold Schwarzenegger

Thank you for your time, Thank you for your time, and good luck on finals!and good luck on finals!