Friday, February 28, 2014

Why Study Economics? Part 37: Big Business Needs You!

Yet another article on why an economics major is awesome!  This time from the Wall Street Journal [HT: Marc Hellman].  Why? Well corporations are waking up to the value of the economist's skill in analyzing data and, in a world of big data, are beginning to respond by hiring economists in droves. 

From the article:
With more data available than ever before and markets increasingly unpredictable, U.S. companies—from manufacturers to banks and pharmaceutical companies—are expanding their corporate economist staffs. The number of private-sector economists surged 57% to 8,680 in 2012 from 5,510 in 2009, according to the Bureau of Labor Statistics. In 2012, Wells Fargo & Co. had one economist in its corporate economics department. Now, it has six. 

"A lot of companies have programmers who are able to process big data," said Tom Beers, executive director of the National Association for Business Economics in Washington, a professional organization with about 2,400 members. "But to find a causality between two things and draw a conclusion really takes somebody with an economics background."
So, what are you waiting for?  Oregon State has an awesome major with four options (including managerial for those interested in business economics) as well as an on-line major that you can do entirely in your underwear! Awesome!  (I just took my boys to the Lego Movie so excuse all the 'awesome's...)

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