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What is Economics?

The famous British economist Alfred Marshall wrote: “Economics is a study of mankind in the ordinary business of life.” A major in economics prepares one for many careers because it offers a clear, concise, and rigorous way of thinking about the ordinary business of life. For this reason, job recruiters and graduate admissions committees are favorably inclines toward economics majors.

One enduring strength of economics is its logical, ordered way of looking at problems and issues. Economics is at the same time the most applies, most quantitative, and most scientific of the social sciences and the most theoretical of business subjects. It draws on history, philosophy, and mathematics to confront topics ranging from how households or businesses can make solid decisions to a societal issues such as unemployment, inflation, crime and environmental decay.

What is Financial Economics?

Financial economics, or finance, is a branch of applied economics that focuses on financial markets. Of particular interest are the effects of time, uncertainty and risk. Students of financial economics study topics ranging from the financing of corporations and government, to the pricing of financial assets such as bonds, stocks, derivative securities and real estate assess.

Thirty years ago, students were taught economics and finance as if they were separate disciplines. Since then, the research agendas of theorists and practitioners in financial economics have converged to a substantial degree, forming a coherent branch of applied economics.