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Economics

The study of economics at Monmouth College explores the relationship between economic systems, individual liberty, government institutions, political rules, and social values such as democracy, equality, and freedom. This study prepares students for active, effective roles of citizenship, service, and leadership.

As an analytical tool of critical thought, economics fosters the discovery of connections among disciplines and of larger patterns of meaning. It is intended to serve as a powerful foundation for a lifetime of personal and professional growth in a wide variety of fields including business, finance, law and government.

The purpose of the Economics Major at Monmouth College is to provide students with a theoretical framework which can be used to analyze real world issues. The program focuses on analyzing resource and product allocation issues based on the behavioral assumption of rationality. Rationality is defined as selecting alternatives that produce the greatest net benefit over the cost, given the goals of the decision maker. The primary goal of the program is to have students develop a critical thinking process based on marginal analysis. The program specifically focuses on the use of economic analysis in business and public policy decision-making.
 
Particular emphasis is placed on analyzing how social institutions shape behavior, how those same institutions were shaped by the behavior of individuals in the past, and how they continue to evolve in response to the choices of individuals. The program specifically focuses on the use of economic analysis in business and public policy decision-making.

Department Facilities and Equipment

The Political Economy and Commerce Department is housed in the Haywood Business Wing of the new $42 million dollar Center for Science & Business. Former President Bruce Haywood’s philosophy and leadership were the inspiration that led to the creation of the Department’s unique and successful approach to undergraduate business education. The comfortable classrooms and numerous individual and team-study spaces are popular with students.

Off-Campus Programs

The Political Economy and Commerce Department encourages and facilitates the participation of its students in a range of off-campus programs. Students in Economics and Business Administration have often participated in the Associated Colleges of the Midwest (ACM) Washington Semester program which permits them to gain experience with groups such as the Federal Trade Commission, think tanks such as The Heritage Foundation, trade organizations, and congressional committees.
The Oak Ridge Science Semester offers an opportunity for economics students to tackle a major economic research project and gain insight about and credentials for top graduate schools.

Other Off-Campus Programs

Students are also encouraged to participate in the International Exchange program with Akita University in Japan. The ACM Urban Studies program in Chicago offers the opportunity for students in the department to gain experience in economic development, urban economics and public policy issue analysis in business and economics. Additional off campus opportunities exist on nearly every continent.

A significant number of majors participate in internships both locally during the semester and off-campus during the summer. While some students choose not to pursue credit for their internship experiences, many other elect to do the academic work necessary to also earn college credit for their internship.

Graduate School Opportunities

The graduates of the department have entered careers in a number of fields and industries. The department's majors can be found in most sectors of the economy, working in research, management and staff positions.

A high percentage of Economics Majors enter graduate school in economics, international public policy or business. Graduates frequently secure teaching or research assistantships in their programs.

Career Opportunities

  • Data Collection
  • Research Analysis
  • Consulting
  • Financial Analysis
  • Commercial Banker
  • Trust Services
  • Risk Management
  • Financial Services Sales

Recent Economics Graduates

Ross Logan ’09
Account Executive
Commodity & Ingredient Hedging, LLC

Kelly Krueger ’09
Accountant
Lauterbach & Amen, LLP

Lauren Lafond ’08
Pricing Analyst
OfficeMax

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