More than a monetary discipline, economics is a powerful tool for understanding society and the drive to maximize well-being. Microeconomics examines this drive at the level of individuals, households, and firms; macroeconomics examines the larger system that affects how individuals and companies make choices by looking at the performance, structure, and policies of a national or world economy.
The University of Chicago has led the way in developing many of the ideas that explain how agents and economies operate and where they will go in the future. At Chicago Booth, you will learn many of the economic concepts pioneered at Chicago, such as the general equilibrium models of foreign trade; consumption as a function of permanent income; the economics of human capital, information, incentives, invention, and innovation; and the monetary approach to international finance. Through the study of these and other ideas, you will gain an understanding of the deeper principles and fundamentals that govern business.
You’ll have the option of taking courses that address your individual career choices. Samples include:
- Macroeconomics -This course analyzes the economic performance of the US and other national economies. How the government and its policies shape the rules of the game for business activity and influence the economic performance of businesses and nations are stressed. Specific topics include measuring national economic performance, the determinants of productivity and output growth, consumption and investment, labor markets and unemployment, inflation and monetary policy, taxes and government spending, and economic fluctuations.
- Microeconomics -This course will provide students with an understanding of the basics of microeconomic theory and their application to business decisions. Topics include: the theory of consumer choice and demand; production and the behavior of firms; market power and market structure; the efficiency of competitive markets; factor markets; externalizes; the economics of information, and behavior under uncertainty.
- Money and Banking -This course examines the role of money and credit in the economy, with an eye toward understanding government regulation of financial markets and Central Bank operations. The economics of the financial system with a special emphasis on the theories and history of payment and credit instruments and the management of risk by financial intermediaries is considered.
- International Financial Policy -This course will help students develop an understanding of issues in international macroeconomics that are important for managers operating in the global marketplace. It will cover theories of the determination of exchange rates and interest rates, the management of foreign exchange risk, international capital flows, debt and currency crises, international monetary and exchange rate regimes, the roles of the international financial institutions in developing countries, and other characteristics of international financial markets.
- Advanced Microeconomic Analysis – Topics to be covered include supply and demand, consumer behavior, capital markets, cost and production, competitive markets, and choices under uncertainty. The emphasis of the course will be on understanding the basic principles of microeconomic theory and learning how to use these principles to analyze real world problems.
- Sports Analytics – This course uses data and analytical methods from statistics, economics, finance, and psychology to evaluate various elements of the business of sports. The course is designed to help students learn how to apply economic models and statistical methods to real-world problems drawn from the world of sports. The emphasis will be two-fold.