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Recession sparks interest in economics; graduate enrollment nearly doubles
Category: Headlines
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Volume Nov 1, 2009
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Nov 3, 2009 Ron Cole, 330-941-3285 |
Ebenge UsipWhile enrollment of undergraduate economics majors at YSU has remained steady over the past five years, the number of graduate students has nearly doubled in just the last year alone, from 16 in 2008 to 29 this year. And the enrollment includes students from far (i.e., Cameroon, China, Ethiopia, Ghana, India, Nigeria) and near (Bethany College, Hiram College, Kent State University, Miami University, Ohio State University, Virginia Polytechnics Institute, YSU).
"Students want to have a better understanding of their immediate economic circumstances, in light of the current economic environment, so that they can make proper financial adjustments for their future security," said Ebenge Usip, professor and director of YSU's economics graduate program.
"In addition, they are looking to comprehend the economic consequences of government policies and programs, as well as respond to the recent surge in demand for economists in the marketplace."
The increased interest in economics is part of a national trend. Between 2007 and 2008, private colleges and universities experienced an 8 percent increase in the number of economics majors, while public universities saw a 4 percent increase, according to The Journal of Economic Education. While figures are not yet available for 2009, experts project the numbers will continue to grow.
"There is no doubt that the current economic circumstances in the United States, as well as around the globe, have caused a lot of students to seek out studies in economics," Usip said. "We believe that there is great value at this particular time in earning a degree in this discipline."
According to the U.S. Department of Labor, the number of professional economists is projected to increase from 15,000 to more than 16,000 in the next seven years. Wages are going up as well, with a median starting salary of $50,200, ranking economics sixteenth out of 88 fields in a recent study by the "Payscale Data" website.
At YSU, economics majors can earn either a bachelor of arts in economics through the College of Liberal Arts and Social Sciences or a bachelor of science in business administration in business economics through the Williamson College of Business Administration.
Economics majors study the production, distribution and consumption of goods and services throughout society. Business economics majors bridge economic theory into practice by applying economic research and analysis to business decisions.
On the graduate level, YSU offers master's degrees in economics and financial economics. The master's in economics is designed to provide students with a solid background in applied economics, while the master's in financial economics is designed to provide students with a solid background in applied economics and financial markets.
"The fact that all of our graduates in the past three years are today gainfully employed or pursuing a Ph.D. degree attests to the quality of our MA degree program," Usip said.
The question now is, will the interest in economics remain, even after the "Great Recession"?
"Our hope is that, with quality and heavy promotion of our programs, the number of graduate and undergraduate majors will remain high, even when the economy starts to recover," he said.
For more information, visit the Department of Economics' website at http://www.as.ysu.edu/~econ/.
By Melissa Sullivan
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