economics at the university of calgary · careers with an honours degree • our graduates are...

WhatisEconomics?

o Implicationsofscarcity• Lifehashistoricallybeen—andformanystillis—nasty,

brutish,andshort;forothers,unprecedentedaffluence.• Scarcitymeanschoiceshavetobemadebyindividuals

andsociety.• Individualshavetomakechoices:

Everychoicehasanopportunitycost.• Societyhastoalsomakechoices:

Whatgetsproduced? Howdoesitgetproduced? Whogetswhatisproduced?

o Economicsisthestudyofhowindividualsandsocietyrespondtoscarcity• Howtomakeanoptimalchoice,e.g.maximizeprofits?

Foundationforaccounting,corporatestrategy,finance,andmarketing.

• Howwelldodifferentinstitutionsmanagescarcity?

o MarketsandGovernments• Prosandconsofusingmarketstoorganizeeconomic

activity: Originaldecentralizedcommunicationmechanism. Pricessignalvalueandtransmitinformation.

• Roleofgovernment: Enablinginstitutions(propertyrights,contracts,

money)andrestrictionsontrade. Allocationofthelegalmonopolyoncoercionand

limitsongovernment(ruleoflaw).

EconomistsareProblemSolvers

o Policy• Whatcanbedoneabouthomelessness?• Whatisthedifferencebetweencapandtradeand

taxingcarbonemissionsanddoesitmatter?• ShouldIbeallowedtosellakidney?• Whyismedicarelikethecentrallyplannedeconomyof

theSovietUnionandistheoutcomegoingtobethesame?

• Whataretheconsequencesofa50%+marginaltaxrateonthe1%?

• Dogovernmentscreatejobs?• WhyandhowdidCanadabenefitfromNAFTA?• Howshouldenvironmentalconcernsbeincorporated

intoreviewsofnewpipelinesortheirexpansion?• ShouldAlbertahaveasalestax?• Whataretheeffectsofa$15anhourminimumwage

anddoesithelpthepoor?• Whatfactorsexplaintheaveragesalarydifferences

betweenmenandwomenwiththesameeducation?

o Business• Howshouldaride-sharingservicepricesadjustwith

demand?• ShouldGooglechargelicensingfeesforAndroid?• WhyarethereAppleandStihlstores,butnotSamsung

stores?• ShouldtheNHLhaveterritorialrestrictionsonteam

location?• WhywouldAT&TacquireTime-Warner?

EmploymentOpportunitiesEconomicMajorsToolbox

o DevelopexpertiseatUCalgary• ConcentrationinAppliedEnergyEconomics• SummerInternshipinRegulatoryEconomics• HonoursandgraduateschoolinEconomics

o Foundationforfurthertraining• Law• CharteredFinancialAnalystand/orMBA• PublicPolicy

o SurveyofUCalgarygraduatesinEconomics• Firstyearaftergraduation:$56,000• • Fiveyearsaftergraduation:$77,000• 92%ofstudentsemployedwithinayearofgraduation.

o StatsCanada(2016)• Averagesalaries:$78,000(W)and$105,000(M).

HighestSocialSciencesandHumanitiesSalaries.

o Economictheory• Predictshowchoiceswillbemadebasedonselfinterest.

o Statisticsandeconometrics• Testpredicteddirectionalresponse.• Measuremagnitudeofresponses.

o Applytheoryandeconometricstocreatenewknowledge• Researchisproblemsolving.• Assessimplicationofdevelopmentsandproposedchanges.• Communicateresults.

o Knowledgebase• Whenandwhymarketsworkwell.• Whenandwhygovernmentinterventionisrequired.• Understandingofeconomichistoryandeffectsofdifferent

institutions.

o FieldsofEconomics• Publicfinance• Regulation,competitionpolicy,andstrategy• Internationaltradeanddevelopment• Environmentaleconomics• Resourceandenergyeconomics• Behaviouralandexperimentaleconomics• Managerialeconomics• Monetaryandfiscalpolicy

Economics at the University of Calgary

Women Men

Adayinthelife

Economistsworkinmanydifferentindustriesandenvironments—mostoften,they:

• Useeconomictheorytodetermineeffects.• Collect,analyzeandinterpretdata.• Testandadviseongovernmentpoliciesandcorporate

strategy.• Evaluatepastandpresentissuesandforecastfuturetrends.• Communicatetheirdiscoveriestomanydifferent

stakeholdersanddecisionmakers,includingseniormanagement,government,thepublic,andthepress.

CareerswithanHonoursDegree

• OurgraduatesarevaluedandrecruitedbythebestgraduateprogramsinCanada.

UBC,Toronto,Queen’s,Western Fundingcanbeextensive($35,000/year) MAsalaries$93,000(W)and$127,000(M)

• LondonSchoolofEconomics

KPMG-UKinLondon(CompetitionPolicy) OxerainBerlin(CompetitionPolicy) LondonEconomicsinLondon(SpaceInfrastructure)

• BarcelonaGraduateSchoolofEconomics

CompassLexiconinBrussels(CompetitionPolicy)

EconomicMajorsToolbox

ThecompaniestheyworkforAgriumInc.AltusGroup

ATCOElectricityAxiomForeignExchange

BrionEnergyCanadianWesternBank

CenovusEnergyInc.CityofCalgary

DeloitteEnbridgePipelinesInc.

GeneralElectricGlobalAffairsCanada

GolderAssociatesGovernmentofAlberta,

HSBCBankMorneauShepell

PalantirEconomicSolutionsPrecisionDrilling

RoyalBankofCanadaShellCanada

SunLifeTDCanadaTrust

TransAltaTransCanadaCorporation

WestJetAirlines

What will I do with a BA in Economics?

WhatcanIdowithaneconomicsdegreefromUCalgary?

InSeptember2017,wereachedouttoouralumnitoaskwhattheywereuptoafewmonthsaftergraduation—here’ssomeofwhattheytoldus:

andthetitlesontheirbusinesscardsAccountinganalystActuarialanalystBankingspecialistBusinessdevelopmentanalystCommodityprogramanalystConsultantDataanalystDatamanagerEconomicanalystEnergymarketanalystFinancialadvisorForeignexchangeanalystInvestmentbankinganalystInvestorrelationsassociatePersonalinsuranceadvisorPortfolioadministratorProjectcontrolsanalystPropertytaxanalystRealestateanalystRegulatoryanalystResearchanalystRevenueandpricinganalystRiskmanagementanalystSupplychain/procurementcoordinatorUnderwriter

MoreInformation:• EconomicsattheUniversityofCalgary:http://econ.ucalgary.ca/undergraduate/explicit-syllabus

• UniversityofCalgaryCalendar:http://www.ucalgary.ca/pubs/calendar/current/index.htm

• UndergraduateStudentAdvisorinEconomics:econ@ucalgary.ca