D E P A R T M E N T
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D E P A R T M E N T |
The following feature story appeared in the campus publication MOSAIC in April, 1996. Although some courses, students, and faculty members referenced in the story may have changed, it still provides a full and accurate picture of the Economics Department. For current course information and a faculty listing we encourage you to visit the department's homepage.
Economics Department
Thinking rigorously about basic economic principles and their relation to public policy
While it may seem natural to view economics as a very vocational field of study - an undergraduate pipeline to business administration and finance - the real meat of the discipline involves understanding tradeoffs, says Professor Ward Curran, who chairs Trinity's Department of Economics.
Curran gives the example of the Social Security system. Clearly, it doesn't take a math whiz to see from a financial standpoint that, without reform, the current system cannot survive over the long term. But a good economist can evaluate the complex factors involved and articulate the consequences of a number of alteives. It is based on such information, says Curran, that some of the most important public policy decisions are made.
Trinity's Economics Department, according to Curran, seeks to give students "a firm understanding of how basic economic principles apply to public policy issues." By training students to use the economist's analytical tools plus critical thinking and writing skills, said Curran, the department is in the business of cultivating "informed citizens." After all, economics ultimately affects human beings. As Karim Sadik-Khan '96, President's Fellow in economics, pointed out, "All problems aren't neat. That's why economics is so interesting."
And that's also why the typically business-oriented discipline is deeply rooted in the liberal arts. A liberal arts approach to education in economics "means posing terribly important questions about the organization of society," said Andrew Gold, an associate professor who specializes in urban economics and the economics of race. "To us, that means courses on the world economy, law and economics, and poverty in America that address how society functions at a very fundamental level.
"This is a department with a nice balance and an unusually rich array of offerings," said Gold, who joined the faculty in 1971. "The faculty here have an open-minded approach and are unencumbered by ideological blinders."
Research informs teaching
Although economics courses are well subscribed and the department boasts some 60 to 80 majors in each graduating class, a correspondingly large economics faculty ensures that classes are small, that students work closely with professors, and that students are able to focus on areas of individual interest within the discipline. In a field where, according to Curran, there is an ever-widening gap between specialized academic research and undergraduate teaching, Trinity's economics faculty has the distinction of both carrying out cutting-edge research and being thoroughly committed to providing students a solid understanding of the fundamentals of economics.
In fact, innovative teaching on the part of the faculty, according to many students, makes every course engaging. Sadik-Khan tosses out the example of the econometrics and statistical analysis course he took with Professor Diane Zannoni. "It might sounds like a dry topic," Sadik-Khan said, "but the focus was on the project at the end of the semester." Students were encouraged to apply financial and economic modeling to something that interested them. Sadik-Khan chose to examine the recent liberalization of the Mexican economy.
Kelly Collis '96 describes how the department provides both in- and out of-class learning experiences. For one course a vice president from Chemical Bank came to her class and then joined students for a special lunch at the College president's house, allowing for a great deal of both formal and informal communication.
A wealth of internships
Off-campus, the department encourages students to take advantage of the exceptional internship opportunities available in the city of Hartford. Through work experiences in insurance, banking, government, and non profit organizations, students are exposed to real-world applications of economics theory.
Students are also well aware of the resources offered by individual faculty members. Sadik-Khan says, "It's such a well-rounded department. There's someone who specializes in whatever area you are interested in."
Some of the areas of specialization include Curran's focus on corporate finance and Zannoni's expertise in econometrics. Among the associate professors, William Butos specializes in monetary economics, while Francis Egan's focus is environmental economics. Adam Grossberg's expertise includes labor economics. John Mullahy's field is health economics, and Miguel Ramirez focuses on international, especially Latin American, economics. Among the assistant professors, Carol Clark teaches and researches international trade. Mark Setterfield's areas include Post-Keynesian economics, and James Wen specializes in Asian and world economies.
The entire economics faculty works together on occasion to give students the full benefit of their diverse expertise. This winter seniors who were working on honors theses were required to make presentations before the entire faculty, for a critique of their works in progress. The questions raised gave Karim Sadik-Khan "fresh ideas to think about" regarding his thesis on the liberalization of the economy in post-Soviet Russia. He says, "It really made my project that much stronger."
Choosing economics
Both Collis and Sadik-Khan had thoughts about other majors until their first economics courses. For Collis it was Economics 101 with Professor Ramirez that changed her mind. She's now an economics major with an interdisciplinary minor in political science and economics - and what she feels is excellent preparation for work on a political campaign this coming fall.
Trinity's economics graduates often do very well in the private sector - especially in the financial services industry. For example, based on data compiled in 1994 by Standard & Poor's, Trinity ranked third among a select group of undergraduate colleges in percentage of its alumni who hold corporate executive positions. However, it's important to note that a large proportion of Trinity's 2,000 graduates with economics degrees have chosen careers in government, law and other professions, the nonprofit sector, and teaching.
Reflecting on his major, Karim Sadik-Khan says that it's important to understand "the fundamentals." From there, good economics training "teaches you to build the best argument." Jason Teebagy '96 agrees. Teebagy is interested in a career in corporate finance, and he says that in job interviews he feels well prepared. "They ask you questions like 'If the Federal Reserve lowers interest rates, how will it affect such-and such?'" he says. "And I feel confident and comfortable answering."
- Leslie Virostek