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Overview of Economic Fields

Overview of Economic Fields. Primary Fields. Environmental Economics Industrial Organization International Economics. Environmental Economics Overview. The study of how decisions by households and firms impact the environment and the estimation of that impact on social welfare.

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Overview of Economic Fields

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  1. Overview of Economic Fields

  2. Primary Fields • Environmental Economics • Industrial Organization • International Economics

  3. Environmental Economics Overview • The study of how decisions by households and firms impact the environment and the estimation of that impact on social welfare. • Used in environmental lawsuits and design of government regulation. • Revolves around market failure through externalities

  4. Environmental Economics Job Opportunities • Non-profit • Activist • Lobbyist • Legal Support • Government • Regulatory design • Legal Support • Industry • Lobbyist • Legal Support

  5. Industrial Organization Overview • The study of how firms interact in a market and the estimation of that interaction on market power and social welfare. • Primarily used in by government and firms in anti-trust lawsuits and by firms for pricing strategy. • Revolves around the attempts of firms and households to develop market power to yield a sustained deviation in the price from marginal cost through strategic manuevering.

  6. Industrial Organization Job Opportunities • Non-profit • Activist • Lobbyist • Government • Regulatory design • Legal Support • Industry • Lobbyist • Legal Support • Market Strategy • Product and Pricing Strategy

  7. International Economics • Non-profit • Activist • Lobbyist • Government • Regulatory design • Tax structure design • Industry • Lobbyist • Market strategy

  8. Field Categories • Academic • Industry

  9. Academic Secondary Fields • Advanced Industrial Organization • Developing Economies • Environmental Economics • Globalization • Industrial Organization • International Economics

  10. Advanced Industrial Organization • Limited to Economics majors with a focus on Industrial Organization • Network Economics • Relates the “shape” of the interactions of households and firms with the impact on market power • Game Theory • Study of the impact of institutions and strategies by households and firms on market power

  11. Developing Economies • The study of the impact of various social and government institutions at the local, national, and international level on the rate of growth of markets within nations with lower gross domestic product per capita (income) and the estimation of those institutions on a nation’s rate of growth of their gross domestic product. • Primarily used by government to establish policy and firms to develop market entry strategy.

  12. Globalization • The study of the impact of international institutions on the flow of products, services, and financial assets between countries and the estimation of those institutions on that flow of products services and financial assets. • Primarily used by government to establish policy and large firms to establish trade strategy.

  13. Field Secondary Focuses • Banking • Energy • Health • Labor

  14. Industrial Organization and Field Studies • Economics majors with a primary focus on Field studies should substitute either a class on network economics or game theory for the industrial organization component of the field secondary focus

  15. Questions

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