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Economics BA/Econometrics and Quantitative Economics (STEM) MS

(HEGIS: 22.04 ECONOMICS, CIP: 45.0601 Economics, General)

Department of Economics

415 Fronczak Hall
North Campus
Buffalo, NY 14260-1520

Alex Anas, Ph.D.
Chair

Joanne Song McLaughlin, Ph.D.
Director of Undergraduate Studies

Winston Chang, Ph.D.
Director of the Master's Program

Associated Programs

Associated Subjects

Why study Economics BA/Econometrics and Quantitative Economics (STEM) MS at UB?

Economics is the study of scarcity and allocation of resources, production of goods and services, social welfare, and a great variety of social problems. The central quest of economics is to determine the most effective use of resources to meet private and social goals. Employment, income inequality, environment issues, public policies, investment and savings, health, fertility, money and the banking system, taxation, spending, international trade, industrial organization, and urbanization, are at the heart of the science of economics.

The employment opportunities for economists are myriad. Have a look at the information on employment, wages and such that is provided by the American Economic Association.

UB’s Department of Economics offers a comprehensive curriculum that emphasizes both essential economic theory and statistical analyses of economic data, allowing the symbiosis of the two that is called "applied economics". Applied economists have careers, for example, in education and health economics, econometrics and statistical analysis, international trade and finance, urban and regional economics, information and Internet economics, industrial organization, market regulation, and environmental economics. Economists analyze and advise on the interactions of consumers and producers, how markets create and allocate gains from trade, investment, savings, production, and employment. They examine aggregate monetary and interest rate policies, regulation of banks and the like, economic growth, government taxation and spending policies, labor markets, income generation and distribution, and much more.

Learning Outcomes

Upon successful completion of all requirements of the BA/MS (STEM) in Economics, the student will:

  • have a good working knowledge, at the master’s level, of the principles and terminology of microeconomics, macroeconomics, and econometrics.
  • be able to read, evaluate, and interpret general economic information.
  • be able to understand and analyze data and conduct applied econometrics.
  • have a sound knowledge of the subject areas covered by the elective courses.
  • be able to communicate effectively both in written and oral forms.

The Learning Environment

The Department of Economics maintains a study and learning environment that allows students to understand core ideas in economics and their applications. There is a balanced emphasis on instruction in theory, economic data, and applied economics. Instructional methods include lectures, presentations, debates, discussions, research term papers, and exams, with each chosen as appropriate to achieving course objectives. These objectives include critical thinking, analysis of significant economic issues, evaluations of current economic policies, and data-driven measurements of the gains and losses that must be balanced when determining economically desirable policies. Every course provides opportunities for interactive learning experiences with faculty. Our upper-level courses are small enough to facilitate faculty mentoring. The larger introductory classes provide recitations to enhance beginning students’ understandings.

About Our Facilities

The Department of Economics is housed in Fronczak Hall on UB’s North Campus. Economics classes are held in centrally scheduled instructional space throughout the campus. The Department selects classrooms that are equipped with state-of-the-art instructional equipment appropriate to the instructional needs of particular courses.

About Our Faculty

Our faculty are committed to excellence in both undergraduate and graduate level teaching. Professor Winston Chang is a recipient of the State University of New York Chancellor’s Award for Excellence in Teaching. Distinctions for the research and scholarship of the faculty include major research awards from the National Science Foundation, the United States Environmental Protection Agency, and the University of California. In 2016, Professor Alex Anas received the Walter Isard Award for distinguished scholarly achievements. Professor Isaac Ehrlich heads the Center of Excellence on Human Capital, Technology Transfer, and Economic Growth and Development, and is Editor-in-Chief of the Journal of Human Capital. Professor James Holmes is a three-time winner and Professor Peter Morgan is a two-time winner of the Milton Plesur Award for Teaching Excellence. Undergraduate students interested in becoming engaged in the research activities of the faculty are encouraged to pursue independent studies with them and to consider continuing into either the MA in Applied Economics or the MS (STEM) programs that are offered by the Department.

Faculty List Directory

Please visit the Economics Department's website for additional information about our faculty.

Career Outlook

Career Choices

There are so many choices that it is difficult to list them all. The American Economic Association provides a lot of useful information on careers for economists. A few of the many possibilities are listed below.

  • Accountant
  • Actuary
  • Auditor
  • Bank officer
  • City manager
  • Consultant
  • Controller
  • Educator
  • Environmental economist
  • Foreign exchange trader
  • Forensic economist
  • Insurance agent
  • Investment advisor
  • Personnel manager
  • Policy economist
  • Political scientist
  • Securities analyst
  • Statistician
  • Stockbroker
  • Systems analyst
  • Teacher
  • Trust officer
  • Underwriter
  • Urban planner

Career Hints

The most popular careers in economics are in financial services, including brokerage firms, investment banks, retail banks, and insurance companies. However, economics is applicable to so many fields that our graduates work in such varied areas as consulting, retail management, consumer goods industries, advertising, publishing, the health sector, not-for-profit research organizations, U.S. government agencies, and all sorts of other organizations.

Salary Information

The Bureau of Labor Statistics’ Occupational Outlook Handbook reports that for 2018 the median annual pay for economists was $104,340. The rate-of-growth in employment of economists is faster than average, which is currently about 8% annually.

The Handbook provides comparative income data for other related professions as well.

Academic Advising

Students are encouraged to contact their academic advisor or department to discuss how their coursework will apply to their degree. Advising is provided by the College of Arts and Sciences Student Advising Services and by the Department of Economics.

Academic Advising Contact Information

Undergraduate Advisor
Yue Yin
435 Fronczak Hall, North Campus
Phone: 716-645-8682
Email Ms. Yue Yin

Director of Undergraduate Studies
Joanne Song McLaughlin, Ph.D.
441 Fronczak Hall, North Campus
Phone: 716-645-8685
Email Dr. Joanne Song McLaughlin

Assistant Director to the Graduate Program in Economics
Jameson Stalanthas Yu
429 Fronczak Hall, North Campus
Phone: 716-645-8679
Email Mr. Jameson Stalanthas Yu

Scholarships and Financial Support

The Department of Economics is grateful to all of our contributors and is fortunate to be able to offer to our economics majors the following very special scholarship and award opportunities:

  • The Kogut Brothers of New York Mills Economic Development Award (formerly the Joseph W. Kogut Economic Development Award), est. 2007 – Frederick J. Kogut and Nina F. Kogut-Akkum, donors
  • The Matthew Scarpati Endowed Scholarship, est. 2010 – James and Lynn Scarpati, donors
  • The William A. Strauss Economics Scholarship, est. 2012 – William A. Strauss, donor
  • The Smith M. Flickinger Scholarship, est. 1942 – Smith M. Flickinger, donor

Students in this program may qualify for scholarships and financial support from a number of sources, including:

Associated Programs

Associated Subjects

 
Published: May 26, 2020 15:54:23