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Economics
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Economics is a science that studies how people try to make use of the limited resources in the world to satisfy their wants. People's resources include their money, their free time, and their ability to work and make money. People have many wants for goods, such as the want for food, for houses to live in, and a new car to drive. However, there is only a limited amount of resources and goods available, which is called scarcity. For example, a person only has a limited amount of money and a limited amount of free time. This means that they have to make choices about how to spend these scarce resources on the different goods that they want.
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Because of its rigorous preparation in economic theory and quantitative methods, a bachelor of arts degree in Economics from UH Hilo is in demand both in industry and government. Students may use the degree to apply for the University's Teacher Education Program. The program ... provides an excellent background for law and other professional schools, as well as graduate study in economics.
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Economics has a unified method of analysis. The decision-making process is broken down into discrete steps and the impact of each step is analyzed. The focus is on the effect of incremental changes in relevant variables. This analytical method yields estimates of the marginal effects of alternative decisions.
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Economics as a contemporary discipline relies on rigorous styles of argument. Objectives include formulating theories that are simpler, more fruitful, and more reliable in their explanatory power than other theories.[53] Often analysis begins with a simple model to isolate relations of a variable to be explained. Complications may be impounded in a ceteris paribus ("other things equal") assumption. For example, the quantity theory of money hypothesizes a positive relationship between the price level and the money supply, ceteris paribus. The theory can be tested using economic data, such as a price index for GDP and a measure of the money supply, say currency plus bank deposits. Econometric methods can allow for the influence of competing explanations and attempt to adjust for noise from other variables in the absence of a controlled experiment.
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Economics studies human welfare in terms of the production, distribution, and consumption of goods and services. While there is a considerable body of ancient and medieval thought on economic questions, the discipline of political economy only took shape in the early modern period. Some prominent schools of the seventeenth and eighteenth centuries were Cameralism (Germany), Mercantilism (Britain), and Physiocracy (France). Classical political economy, launched by Adam Smith's Wealth of Nations (1776), dominated the discipline for more than one hundred years. American economics drew on all of these sources, but it did not forge its own identity until the end of the nineteenth century, and it did not attain its current global hegemony until after World War II. This was as much due to the sheer number of active economists as to the brilliance of Paul Samuelson, Milton Friedman, and Kenneth Arrow, among others.
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The fourth annual Burke-Rosen Scholoarship in Economics was awarded to Benjamin Sereika of North Ridgeville, Ohio. The Burke-Rosen Scholarship was created by two Professors Emeriti of the department - John Burke, Ph.D., and Harvey Rosen, Ph.D. - who both retired from Cleveland State University in 1993. The Burke-Rosen Scholarship is awarded annually to a student with senior year status who is an economics major. Students must have a minimum grade point average of 3.30 in economics coursework and a minimum overall grade point average of 3.25. The past recipients of the Scholarship were:
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