Economics

Modern economics was defined by the title of Adam Smith’s famous book, An Inquiry Into the Nature and Causes of the Wealth of Nations. Since its publication in 1776, economists have been studying the institutions that produce and distribute goods and services within our society—households, businesses, nonprofit organizations, markets, and governments. Our goal is to better understand the fundamental determinants of individual and social well-being, or the “wealth of nations,” broadly defined.

At Lewis & Clark, economics majors participate in this inquiry, with the option of concentrating their study in one of four areas:

• International
• Management
• Public Policy
• Theory

The concentration option takes advantage of the expertise offered by the department faculty. It also offers students the opportunity both to deepen their understanding of economic issues, and upon graduation, to have this achievement recognized by employers and graduate schools. Students interested in business careers are encouraged to consider a management concentration and also to pursue internships while at Lewis & Clark.

Some colleges take a doctrinaire approach to economics, with everyone in the department subscribing to the same set of theories. At Lewis & Clark, however, we present and evaluate a variety of theories about how our economy operates.

Our introductory course offers a first look at how the market works: the forces of supply and demand, basic price theory, an overview of macroeconomics, and the role government plays in promoting balanced and sustainable growth. A second tier of courses examines subject areas in more detail and attracts majors and nonmajors alike. These classes include Economic Development, Money and Banking, Environmental Economics, and the Political Economy of Race, Clas, and Gender. Economics majors then pursue more advanced courses. In intermediate and advanced theory classes, students critically analyze micro- and macroeconomic models, issues, and government policies. Students gain quantitative tools in courses such as Econometrics and Mathematical Economics.

Finally, upper-division classes in the department include Corporate Finance, International Economics, Labor Economics, Urban Economics, and Economic History. At this level, students apply what they have learned to in-depth analyses of real-world problems. Students may also include in the major one elective course from outside the department. For example, students concentrating in international economics can choose a course from the international affairs department; students concentrating in management can apply a communication elective to the major.

We also encourage for-credit, supervised internships with businesses and nonprofit organizations. Many exciting internship opportunities revolve around Portland's status as a major urban center and a hub for Pacific Rim trade. These internships are supervised by a member of the economics department, ensuring both high quality and meaningful academic content.

At all levels, course sizes are small, ranging from fewer than five students at the upper level to a maximum of 40 students in the introductory course.

The capstone of our program is the yearlong Senior Seminar. Students select a topic dealing with an important economic problem. With the help of a faculty adviser, students develop a methodology for testing competing hypotheses concerning the problem, collect pertinent data, do the necessary tests, and reach a conclusion. The work is then presented in written and oral form to the entire seminar. Feedback from our graduates tells us that writing a senior thesis was perhaps their most valuable college experience. Several senior theses have won local and national awards. Some are being published or presented at conferences. Contacts made in the process of this investigation, and the expertise developed on a particular subject, often help in finding a job or getting into graduate school.

Economics majors also participate in Lewis & Clark’s many overseas and off-campus study programs. The faculty not only encourage participation, but are also active in leading such programs. Members of the department have led programs to Hungary, Germany, South Korea, Scotland, and Washington, D.C. They bring to the classroom much firsthand knowledge about other economic systems.

After graduation, economics majors normally follow one of two routes: working for corporations, nonprofit institutions, or government agencies, or going on to graduate school. Of those who go to graduate school, some work toward advanced degrees in economics. Others find an economics background excellent training for advanced programs in business and public administration, international affairs, or law.

Representative senior thesis projects

• “Participation in Microcredit Programs and the Changes in the Fertility Rates and Contraceptive Use of Rural Women: A Case Study of South India.”
• “The Proliferation of Low-Wage Work in the Current Expansion: Myth or Merit?”
• “Intra-Industry Variation of Vertical Integration and Asset Specificity in the Wine-Making Industry.”
• “Explaining the Difference in the Distribution of Hourly Wages of Single Females With Children and Single Males With Children.”
• “Economic Integration, Trade, and Growth in the U.S., 1840-1990.”
• “Labor Market Segregation: A Study of Labor Market Reactions to Black American Migration Within the U.S.”
• “The Rose Garden and Its Impact on Local Development.”

Examples of positions obtained by economics graduates

• Economic analyst, ECO Northwest.
• Investment banker, Goldman Sachs Investment Banking Company.
• Assistant director, Russian and East European Institute, Indiana University.
• Associate professor of law, New York University.
• Labor economist, American Federation of State, County, and Municipal Employees.
• Financial analyst, Bonneville Power Administration.
• Minister of Education, Republic of Zambia.
• Operations researcher, U.S. Air.
• Economic researcher, Board of Governors, Federal Reserve System.
• Product manager, Apple Computer.
• Strategic financial analyst, Intel Corporation.
• Asian operations coordinator, Epistat.
• Research analyst, New Mexico Department of
• Economist, U.S. Army Corps of Engineers.