Economics is an area of study concerned with the production, distribution, and consumptions of goods and services within a country. The process of goods and services exchanged within a country or region for payment is referred to as an economy and economics is the study of how this process works. A degree in economics is available at every level of education, with the highest degree being a Doctorate in Economics. Those who earn a Doctorate in Economics will find themselves working in the highest levels of government and corporate finance, among other career fields.
The study of economics at any level is devoted to understanding how economies operate and how the agents within them interact. Though economics may appear to be a very specialized study that might only apply to finances, in reality it can be applied to many other things outside of economics. In addition to its applications in business, finance and government, economics can also be applied to areas such as crime, education, the family, health, law, politics, religion, social institutions, war, and science. The study of economics is considered a social science, due in large part to its expansive applications.
Students considering a Doctorate in Economics will be provided with an in depth education in economics that builds upon the basic education in economics provided at the undergraduate or Master’s level. While Doctorate programs in economics can vary from school to school, the majority of them provide students with a curriculum that focuses on the complex interaction of production, consumption, and allocation of goods in conditions of scarcity, as well as the organizational framework within which all these factors operate. Students will learn how the following areas of economics can be applied to specific industries and public policy:
- Economic theory
- Micro- and macroeconomics
- Comparative economic systems
- Money and banking systems
- International economics
- Quantitative analytical methods
The goal of most economics doctorate programs is to provide students with an expanded knowledge base while also equipping them with broad research and process economics skills, which will enable them to make a key leadership contribution to their chosen fields. Most programs require students to take up to sixteen courses during their Doctorate program of which roughly half are devoted to classroom studies while the remaining courses are dedicated to applying their knowledge in the field. Most programs require students to complete a dissertation in order to complete their studies and earn their Doctorate.