Economics

Economics is a study of the choices that individuals and societies make about how to allocate their scarce human, natural, and capital resources among competing uses. It is a social science, applying scientific methods of analysis to problems of human interaction. Economics courses at Reed blend presentation of classical and modern economic theories with discussion of empirical tests and policy implications of the theoretical models. The objectives of the department are to equip prospective professional economists with basic analytical techniques and to provide nonspecialists with the understanding necessary to explain economic phenomena and to evaluate economic policy alternatives.