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The word “economics” traces its origins to the ancient Greek word for “household management,” but in the 19th century took on the dubious sobriquet “the dismal science,” courtesy of historian Thomas Carlyle. Yet the outlook for economics is far from dismal at Boston College, where it continues to be the most popular undergraduate major.
According to the Office of Student Services, this past fall 1,086 undergraduates were enrolled as economics majors (the figure represents students in the College of Arts and Sciences and the Carroll School of Management), marking its third consecutive year at the top. The number – the largest ever for a major in University history – is more than double that of the 2004-05 academic year (539), when economics was the seventh-most enrolled major.
The other most popular majors or concentrations at BC are finance (938) – which again represented the highest concentration recorded in the Carroll School – biology (865), communication (791), political science (747), psychology (527), English (515), marketing (388), nursing (382) and applied psychology/human development (367).
“Quantitative skills are more important than ever for understanding the world, which has suddenly become awash in data – it may be the latest buzzword, but ‘Big Data’ is not a fad, it’s a sea change,” says Professor Donald Cox, chairman of the Economics Department, remarking on the field’s popularity.
“Economists have a long tradition in data work, and the marketplace needs more people who can do this work. To be an educated person requires facility with data, because it’s the wellspring of so much knowledge. Basic concepts, like the difference between correlation and causality, are increasingly vital for understanding the environment, health, politics – just about everything.”
The BC students who major in economics, Cox says, “are impossible to typecast – they go in dozens of different and often surprising directions.” But he feels one trend has become apparent: “They are motivated to learn like never before.”
Julia Gorman, a senior economics and political science major from Denver, already knew she wanted to study economics in college because “I had identified my primary interest to be the study of how people act and interact. Economics provides a framework from which to evaluate these actions and interactions, as well as a marketable skill set.”
Her choice of major did not factor in her attending BC, but that decision has been reinforced by “the quality of professors here,” she says, citing the Public Finance class taught by Professor Richard Tresch as an example.
“Perhaps I enjoyed this class so much because studying government economic policy dovetailed with my interest in political science,” explains Gorman, who has accepted a job with Charles River Associates and is considering graduate studies in a yet-to-be-determined subject. “But it was not until this class that I seriously considered what a society’s economic objectives should be, how to model a society’s welfare, and how to craft policy which maximizes this welfare function.”
Sean Dvorak’s path to economics at BC was less direct. The Bayport, NY, native had envisioned studying physics and entering the pre-med program, but wasn’t wild about his lab experiences. Finding unexpected satisfaction with his Principles of Macroeconomics core course, he went on to take the Principles of Microeconomics and Statistics classes, and declared himself an economics and computer science major.
Dvorak says he has had no shortage of learning opportunities, especially through his relationship with faculty members Peter Ireland, his thesis advisor Christopher Maxwell and Robert Murphy; Dvorak is a member of the BC team -– for which Murphy is advisor – that took part in the Federal Reserve Challenge, a competition where students from New England area schools debate policy recommendations for monetary policy.
“Economics Department faculty are very helpful in making opportunities outside of class available,” says Dvorak, who after graduation plans to do consulting work for Ernst & Young. “Moreover, the electives for the major cover a wide array of topics, which allows one to tailor his or her studies to what really interests him or her.”
Adds Clara Dawley, a senior from Portland, Ore.: “My economics classes have taught me how to think critically, analytically, and outside of the box.”
Whether undergraduates come to BC with an inclination to study economics or develop it after arriving, Cox says his department aims to make the experience distinctive.
“Our department is steeped in the values of liberal arts education, but also has a tradition of ambitious research. A good researcher has to stay current. Our students will be in the prime of their careers in the year 2040, and to stay ahead of the curve their learning needs to transcend textbooks and go deep into actual research.”
In another milestone, this fall the Mathematics Department saw its number of majors break the 300 mark (305 total) for the first time. It’s another positive development for the department, which has seen the number of enrollees rise more than 50 percent in the past decade.
McIntyre Professor and Mathematics Chair Solomon Friedberg sees a number of factors that have contributed to the upward trajectory, including a new bachelor of science degree and corresponding courses; new honors courses that are available to advanced entering students, and doctoral-level courses that are open to undergraduates.
“At the summer orientations, I see a lot of students who haven’t decided and want to talk about what the math major entails,” says Associate Professor William Keane, the department’s assistant chair for undergraduates. “They’re always receptive to the argument that math improves your analytical faculties, and teaches you to solve problems in unfamiliar situations.
“Many of them hadn’t realized that employers aren’t always looking for some specific body of knowledge, but instead want people who’ve proven that they can think and adapt.”