Opportunities in Economics Abound

for African-American Students

By William M. Rodgers III, Ph.D.

Many of you probably think that in order to be an economist you must believe that markets rule, that the government and organized labor play little role in solving societal problems. They only disrupt the fluid operation of markets. For many of us, this view contradicts our personal experiences. Collective action and the public sector have and will continue to be a major part of the African-American experience. What does this have to do with studying economics? Everything, because when you enter your first economics course and see the instructor generate results that show organized labor and the public sector's ineffectiveness, you get turned off. A second turnoff for many of you is the poor treatment of race in economics curriculums. A third turnoff is the belief that to study economics, you must be a math jock. These pedagogy deficiencies and perceptions drive you away.

Some of these are myths. Many economists demonstrate that institutions help to foster social justice. Departments have gotten better about their treatment of race. Yes, in today's world obtaining a doctorate in economics requires math proficiency, but the perception that you have to be a math jock is wrong.

This essay demonstrates that becoming an economist, although challenging, leads to personally and financially rewarding careers.

What do economists do?

Simply put, economists use analytical and statistical tools to study how society allocates its limited resources. Professor Samuel L. Myers, president of the Association for Public Policy Analysis and Management, says "the very central issue of what constitutes the appropriate public response to complex societal problems often boils down to economics." The Federal tax cut debate is a perfect example. Economists provided estimates of each proposal's impact.

What are the career opportunities for you in economics?

Before discussing job prospects, let's discuss the benefits of studying economics. A solid course of study gives you analytical reasoning, quantitative and computing skills, the ability to write well and to present material effectively. Economics also has broad applicability from history to finance. Its applicability widens if combined with government, computer science, sociology, or the interdisciplinary fields of public policy and Black studies. Professor and National Economic Association President-Elect Patrick Mason further amplifies this point. "Modern economists are concerned with issues related to religion, family formation and change, social construction of identity, educational quality, and most other issues that are important to individuals, communities, and the nation," said Mason.

There are four major career paths in economics: academia, private, public, and non-profit sectors. If you choose an academic career, you will teach tomorrow's leaders and solve today's thorniest social problems. Teaching at a college or university provides resources, institutional support, and a platform from which to launch your work.

Dr. Bernard Anderson, University of Pennsylvania's Whitney Young professor and former assistant secretary of Labor, believes that academic careers are one small piece of the puzzle to achieving social justice. He asserts, "Career opportunities in academia are important, but African-American economists also should seek opportunities in the private sector and public service reaching out to social betterment organizations like civil rights groups. They should also share their knowledge and experience as economists to help illuminate economic issues for other professionals and for the community at large."