Economics

Joseph M. Phillips, PhD, Dean
Mary Carpenter, MEd, Director of Graduate Programs

The study of economics is about our fundamental well being and how we are able to live our lives. A nation with an energetic and healthy economy is one that can provide its members choices about how they live their lives, as well as provide stability and freedom. The system that ensures we can trade a piece of paper for goods and services does not happen by chance, but is the fruit of thoughtful study of what makes an economy and its businesses and markets work.

Economics looks at improving the well-being of society in an economy of scarce resources, raising issues of both efficiency and equity. Efficiency concerns maximizing total output to the point where gains to some can only come at the expense of others, while equity promotes fairness in the distribution of the output.