A strong grounding in both theoretical and applied aspects of economics allows students to use their knowledge to understand economic behavior and provides a basis for evaluating economic policy. The Department of Economics at the University of Michigan celebrated its centennial in April of 1980. Through its long and distinguished history it has counted among its faculty and alumni many eminent scholars and public servants. Students who would like to read more about the history of the Department can read Economics and the World Around It , edited by Saul Hymans and published by University of Michigan Press. Economists are employed by banks and other financial institutions, industrial corporations, consulting firms, international organizations, and government agencies at all governmental levels, as well as by colleges and universities.
Graduate study is necessary to prepare for a career as a professional economist.
The Ph. D. is usually required for academic careers in four year institutions and for higher level positions in economic agencies of the federal government. Economics has served as the foundation for a variety of career opportunities. Michigan graduates have gone on to successful careers in business, government, law, and education. In pursuing an economics concentration, students develop analytical skill s, a strong quantitative background, and clarity and precision of thought and expression. Students also gain knowledge of economic institutions and an understanding of how a complex economic system works.