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What do Economists do?

According to the American Economic Association:

• Most economics majors pursue employment in the

private sector. Graduates in economics succeed in many

occupations, most with a bachelors and some with an

MBA or other graduate degree.

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FACT: Nationwide, economics majors average some of the highest starting salaries.

These are the offers to inexperienced bachelors degree recipients by curriculum, Summer 2007.

Baccalaureate Curriculum Salary

Chemical Engineering $59,361

Electrical/electronics Engineering $55,292

Computer Science $53,396

Civil Engineering $48,509

Economics $48,483

Finance $47,239

Accounting $46,718

Business Administration/Management $43,701

Chemistry $41,506

Marketing $40,161

Source: Nathan E. Bell, Nicole M. Di Fabio, and Lisa M. Frehill, “Salaries of Scientists, Engineers and Technicians: A Summary of Salary Surveys.” The Commission on Professionals in Science and Technology (CPST: Washington, DC 2007) selected curricula from page 8.

What do Economists do?

According to the American Economic Association:

• Some economics majors find employment as research

associates with economic consulting firms, advising firms

on business strategies, preparing for court cases, and

developing analyses to influence public policy.

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FACT: Among those who earn

bachelors in business,

economics majors have the

highest median earnings in

the long run.

(Half go into management or

finance positions.)

Source: What’s It Worth? The Economic Value of

College Majors, Georgetown University, 2009 Survey.

What do Economists do?

According to the American Economic Association:

• Law school is also a common destination for recent

graduates in economics. The careful reasoning in

economics is a good fit for law and many careers in the

law influence significant economic decisions for firms.

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Rank Major field Average LSAT score No. of students

1 Economics 157.4 3,047

1 Philosophy 157.4 2,184

3 Engineering 156.2 2,197

4 History 155.9 4,166

5 English 154.7 5,120

6 Finance 153.4 2,267

7 Political Science 153.0 14,964

8 Psychology 152.5 4,355

9 Sociology 150.7 1,902

10 Communications 150.5 2,230

11 Business Administration 149.1 1,971

12 Criminal Justice 145.5 3,306

FACT:Economics

majors tend to

get the highest

scores on the

LSAT (Law School

Admission Test).

Nieswiadomy (2009), Table 1. Average 2007‐2008 LSAT Scores

What do Economists do?

According to the American Economic Association:

• Some graduates choose jobs with non-profit entities.

• Governments at every level hire economists to work with

statistics and analysis, many with bachelor degrees and

some with masters or doctoral degrees.

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FACT: Among those who earn

bachelors in social sciences,

economics majors have the

highest median earnings in

the long run.

Source: What’s It Worth? The Economic Value of

College Majors, Georgetown University, 2009 Survey.

Economists are also engaged in Public Policy

• What is the best tax structure for economic growth?

• How should the financial sector be regulated?

• What should the central bank do to fight a recession

without causing inflation?

• What should we do about the so-called fiscal cliff?

• How should we best manage our natural resources?

• Should we protect our industries from foreign competition?

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Economists are engaged in Public Policy

• Our faculty are regularly interviewed by newspapers,

TV and radio regarding events of the day – local,

statewide, national, and even international.

• Some of our faculty have testified in Washington D.C.

on important issues in our areas of expertise.

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November 1, 2011

Economics professor to

discuss jobs and deficit at

U.S. CapitolElliott Parker invited to Senate Democratic Steering and Outreach Committee meeting

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Degree Requirements

Bachelor of Science in Business Administration

with a major in Economics – 120 credits

• Core curriculum and other nonbusiness courses (36-43 credits)

• Pre-business core (24 credits)

• Upper-division business core (24 credits)

• Upper-division major courses (24 credits)

• Electives (8-15 credits)

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Degree Requirements

Bachelor of Arts in Economics – 120 credits

• Core curriculum and other nonbusiness courses (36-43 credits)

• Foreign language (up to 14 credits)

• Pre-business core (15 credits)

• Upper-division business core (3 credits)

• Upper-division major courses (27 credits)

• Electives (18-39 credits)

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Minor in Economics• ECON 102, 103, 302, 303.

• Six more credits at 300 level or above.

Minor in Economic Policy• ECON 102, 103.

• Twelve more credits at 300 level or above.

• Must be approved by minor advisor for program focus.

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Economics Faculty

Mark Pingle, Professor

(Ph.D. 1988, University of Southern California).

Macroeconomics, behavioral economics.

Jeanne Wendel, Professor (Ph.D. 1977, Southern Methodist University).

Health economics.

Economics FacultyFederico Guerrero, Associate Professor

(Ph.D. 2002, University of Maryland). Macroeconomics, both national and international; developing

economies; money and banking.

Jingjing Yang, Assistant Professor

(Ph.D. 2010, Michigan State University). Econometrics, microeconomic theory.

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Economics FacultySankar Mukhopadhyay, Associate Professor (Ph.D. 2005, University of Pennsylvania).

Labor markets, marriage, discrimination, immigration, personnel

management, et cetera.

Mehmet Tosun, Associate Professor (Ph.D. 2001, Syracuse University). Graduate Program Director.

Economics of the public sector, taxation, etc.

Economics FacultyTed Oleson, Lecturer

(M.S. 1990, UNR). Advisor for the Undergraduate B.A.

and minor programs.

Debra Stiver, Lecturer

(M.B.A. 1989, UNR). Advisor for the B.S. program.

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Economics Faculty

Mark Nichols, Professor (Ph.D. 1994, Florida State University).

Industrial organization, gaming and sports, econometrics.

Shunfeng Song, Professor (Ph.D. 1992, University of California–Irvine).

Urban and regional/spatial economics.

Economics FacultyTom Cargill, Professor

(Ph.D. 1968, University of California-Davis). Money and banking.

Bill Eadington, Professor (Ph.D. 1973, Claremont Graduate School).

Satre Chair, Director of the Institute for

Gaming & Gambling Studies.

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John Dobra, Associate Professor (Ph.D. 1980, Virginia Polytechnic Institute and State University).

Director of the Natural Resource Industry Institute.

Law and economics, mining, public choice theory.

Kambiz Raffiee, Professor (Ph.D. 1983, University of Oregon).

Associate Dean of the College, Director of the MBA Program.

Economics Faculty

Resource Economists

Tom Harris, Professor

(Ph.D. 1981, Oklahoma State University). Director of the University Center for Economic Development.

Kim Rollins, Associate Professor

(Ph.D. 1990, University of Wisconsin).

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Economics Department

Theresa Moser.

Administrative

Assistant.

AB 318

775-784-6850

Elliott Parker, Professor and Chairman.

(Ph.D. 1992, University of Washington).

Comparative Economics, International Trade,

International Monetary Relations, Chinese Economy.

A few recent research papers…The effects of the 1978 Pregnancy Discrimination Act on

female labor supply

Effects of school reform on education and labor market

performance: evidence from Chile's universal voucher

system

Allocation of gaming licenses and establishment of a bid

process: the case of Kansas

Industrial structure and economic fluctuation — evidence

from China

After the Great Recession: the future of casino gaming in

America and Europe

The effect of federal government size on long-term

economic growth in the United States

Ambiguity, pessimism, and rational religious choice

Private money as a competing medium of exchange

Was the financial crisis the result of ineffective policy and

too much regulation?

Property value assessment growth limits, tax base erosion,

and regional in-migration

Population aging, elderly migration and education

spending

Farmers' behaviors and performance in cooperatives

Do nutrition and health affect migrant workers’ income?

The impact of local decentralization on economic growth

Export relationships among China, Japan, and South Korea

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Part-Time Faculty:• Doyle Andrews

• Karl Brokmann

• Stephen Brown

• Mike Clarke

• Gil Coleman

• Leanndra Copeland

• Robert Dick

• Robert Ellsworth

• Karl Geisler

• Lila Glaser

• Tanja Hayes

• Thomas Odegaard

• Shawn Stoddard

• Mathew Vandenberg

Two Economists…… were walking down the street when they saw two women yelling

across the street at each other from their apartment windows.

“I think they will never come to agreement," said the first economist.

"And why is that?," inquired the second economist.

“Obviously, they are arguing from different premises."

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Famous Economics MajorsGeorge H. W. Bush, US President (Yale)

Gerald Ford, US President (U. Michigan)

Ronald Reagan, US President (Eureka College)

Stephen Harper, Prime Minister of Canada (U. Calgary)

Kofi Annan, UN Secretary General (Macalester College)

Manmohan Singh, Prime Minister of India (Oxford, PhD)

Ernesto Zedillo, President of Mexico (Yale, PhD)

Carlos Salinas de Gortari, President of Mexico (Harvard, PhD)

Duck-Woo Nam, Prime Minister of South Korea (OSU, PhD)

Ruud Lubbers, Prime Minister of The Netherlands

Yuliya Tymoshenko, Prime Minister of Ukraine

Viktor Yuschenko, President of Ukraine

Ellen Johnson-Sirleaf, President of Liberia (U. Colorado)

Romano Prodi, Prime Minister of Italy (LSE)

Melinda Gates, Bill & Melinda Gates Foundation (Duke)

Warren Buffet (Columbia School of Business, MA)

Ted Turner, CEO CNN, Atlanta Braves/Hawks (Brown)

Steve Ballmer, CEO, Microsoft (Harvard)

Scott McNealy, CEO, Sun Microsystems (Harvard)

Sam Walton, Founder of Wal-Mart (U. Missouri)

William Harrison, Jr., CEO, JP Morgan Chase (UNC-Chapel Hill)

Meg Whitman, CEO, Ebay Technologies (Princeton)

Richard Trumka, President of UMW (Penn State)

John Sweeny, President, AFL-CIO (Iona College)

Donald Trump, Real Estate/TV Mogul (U. Penn)

Millard Fuller, Founder of Habitat for Humanity (Auburn)

Famous Economics MajorsYoung M.C., Singer (USC)

Gene Kelly, Actor/Dancer (University of Pittsburgh)

Danny Glover, Actor (University of San Francisco)

Robert Prosky, Actor (Temple)

Arnold Schwarzenegger (U. Wisconsin)

Peter Gallagher, Actor (Tufts)

Paul Newman, Actor (Kenyon College)

Famke Janssen, Actress (University of Amsterdam)

Cate Blanchett, Actress (Melbourne University)

George Wendt, Actor (Rockhurst College)

Lionel Richie, Singer/Songwriter (Tuskegee University)

Ray Manzarek, Musician; The Doors (DePaul University)

Mick Jagger, Rolling Stones (LSE)

John Elway, NFL quarterback (Stanford)

Bernie Kosar, NFL quarterback (University of Miami)

Mike Mussina, MLB Pitcher (Stanford)

Tiger Woods, Golfer (Stanford)

Peter Vidmar, Olympic Gold Medalist Gymnast (UCLA)

Jennifer Azzi, WNBA guard Utah Starzz (Stanford)

Lenny Wilkens, NBA Coach/Hall of Famer (Providence College)

Austin Carr, Former NBA player (Notre Dame)

Bill Belichick, Head Coach--Patriots (Wesleyan)

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Scott Adams, Dilbert Cartoonist, majored in economics

August 10, 2011August 10, 2011August 10, 2011August 10, 2011

Freakonomics author is keynote speaker at University Foundation BanquetSteven D. Levitt considered one of the most influential economists and thinkers of our time

RENO, Nev. – Steven D. Levitt, author of Freakonomics: A Rogue Economist Explores the Hidden Side of Everything, which spent two years on The New York Times best-seller list, is the UNR Foundation’s keynote speaker.

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Famous Economics MajorsGeorge Schultz, US Secretary of State (Princeton; MIT PhD)

Ben Bernanke, Federal Reserve Chairman (MIT Ph.D.)

Sandra Day-O'Connor, US Supreme Court Justice (Stanford)

Barbara Boxer, US Senator (Brooklyn College)

Paul Ryan, Congressman/VP Candidate (Miami U. of Ohio)

Anatoly Chubais, Deputy Prime Minister of Russia (St. Petersburg, PhD)

Abdullah Gill, Deputy Prime Minister of Turkey (Istanbul University, PhD)

Leszek Balcerowicz, President, Bank of Poland (Warsaw School Econ, PhD)

Jim Bunning, US Congressman/Hall of Fame Baseballer (Xavier)

John Snow, US Secretary of Treasury (University of Virginia, PhD)

General Anthony Zinni, U.S. Marine Corps General (Ret.) (Villanova)

Phil Gramm, US Senator (University of Georgia, PhD)

Dick Armey, US Congressman (University of Oklahoma, PhD)

Roy Romer, Governor of Colorado (Colorado State; Ag Econ)

Top Five Majors for U.S. Senators

1. Political Science

2. Economics

3. History

4. Business Administration

5. Journalism

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How many economists does it take to

change a light bulb?Multiple Choice Answers:

None. If the light bulb needed changing the market would have already done it.

Two. One to assume the existence of a ladder and one to change the bulb.

It depends on the wage rate.

None. The darkness will cause the light bulb to change by itself.

None. If it really needed changing, market forces would have caused it to happen.

None. If the government would just leave it alone, it would screw itself in.

None. All the conditions for illumination are already in place.

None, because, look! It's getting brighter! It's definitely getting brighter !!!

None; they're all waiting for the invisible hand to change it.

Economics

In Fall 2012, there were

133 UNR students earning

either a BA or BS in

Economics.

The Department of Economics

currently has around 50

graduate students, about half

in the Ph.D. program, the rest

in either the MA or MS

programs.

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October 12, 2012October 12, 2012October 12, 2012October 12, 2012

Canada’s leading public policy think-tank names John Dobra senior fellowFraser Institute chooses University of Nevada, Reno expert in natural resource economics

July 6, July 6, July 6, July 6, 2012201220122012

University of Nevada, Reno Professor Bill Eadington receives national awardRecognized for his lifetime of service on behalf of those affected by problem gambling

Bill Eadington, economics professor and director of the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno College of Business, will receive the Goldman Lifet ime Award for Advocacy from The National Council on Problem Gambling for h is lifetime of work addressing problem gambling.

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July 6, July 6, July 6, July 6, 2012201220122012

What is the value of a green card?

Economics researcher calculates increase in income

Sankar Mukhopadhyay, associate professor at the University of Nevada, Reno College of Business, whose research on the value of a green card was recently published in the journal, Demography.

April 20, 2012

Marc Johnson named University of Nevada, Reno President

Professor of Economics (Ph.D. in Agricultural Economics, Michigan State University, 1975)

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Definitions of Economic SystemsFEUDALISM: You have two cows. The lord of the manor lets you keep some of the milk.

COMMUNISM (IDEAL): You have two cows. Your neighbors help you, and you all share the milk.

SOCIALISM (IDEAL): You have two cows. The government puts them in a barn with everyone else's

cows. You have to take care of all the cows. The government gives you as much milk as you need.

SOCIALISM (ACTUAL): You have two cows. The government puts them in a barn with everyone else's

cows. They are cared for by ex-chicken farmers. You have to take care of the chickens the government

took from the chicken farmers. The government pays you, but won't let you buy milk or eggs with

your money unless you have ration coupons.

FASCISM: You have two cows. The government takes both, makes you take care of them, sells you the

milk, and shoots you if you don't cooperate.

IDEAL CAPITALISM: You have two cows. You sell one and buy a bull.

Definitions of Economic SystemsPURE DEMOCRACY: You have two cows. Your neighbors decide who gets the milk.

REPRESENTATIVE DEMOCRACY: You have two cows. Your neighbors pick someone to tell you who

gets the milk.

BUREAUCRACY: You have two cows. At first the government regulates what you can feed them and

when you can milk them. Then it pays you not to milk them, takes both cows, shoots one, milks the

other and pours the milk down the drain. Then you must fill out claim forms for the missing cows.

ANARCHY: You have two cows. Either you sell the milk at a fair price or your neighbors try to take

the cows and kill you.

MONOPOLY CAPITALISM: You have two cows, but a bull would cost two cows, and the only

conglomerate buying milk pays too little to afford feed.

SURREALISM: You have two giraffes. The government requires you to take harmonica lessons.