Many of the world's most pressing problems--unemployment, inflation, poverty, inequality, discrimination, underdevelopment, environmental destruction--are economic in nature. Economists study these important problems by combining theoretical models and data analysis. The great human interest of the subject, together with the rigor of its analysis, ensures that the study of economics is a continuously thought-provoking and relevant endeavor.
Macroeconomics concentrates on the world economy as a whole and on the forces behind economic growth, the challenges occurring in the growth process (especially unemployment and inflation), and governmental policies aimed at addressing these challenges. Microeconomics focuses on the efficient allocation of scarce resources among alternative uses and addresses such core questions as how individuals and societies decide what goods and services to produce, how to produce them, and how to distribute the output.
An economics student will be equipped with the necessary analytical tools to understand contemporary economic issues and will be well-equipped to apply these tools effectively in a multitude of areas in her future career or scholarly work.