Major in Economics

Economics is the study of decision making under scarcity and it permeates almost every facet of political, commercial, industrial, and even familial behavior in society. Do financial markets reflect rational behavior? Will Google, Apple, and Tesla displace VW, GM, and Toyota? How has the birth control pill affected women's education and labor market decisions? Does corruption grease or sand the wheels of economic development? These are just a few examples of the wide range of questions that we discuss in class at Washington and Lee.

Focus on Teaching and Learning

Small classes allow the Economics faculty to adopt a conversational style in the classroom, conversations that often spill over into a professor's office. A core set of intermediate courses, in theory, statistics and econometrics introduce our majors to the tools of modern economic research methods.

Faculty with interests in specific fields of economic research teach our upper-level classes in fields such as international trade, labor, and environmental economics. Sections are small to facilitate engaging discussions that integrate theory with empirical analysis to gain a deeper understanding of market behavior and explore policy implications. Project-based writing assignments develop critical thinking skills and teach students the economic research process which is about bringing real-world data together with theory to produce analysis helpful to businesses and policy-makers.

Economics is Interdisciplinary

As a social science that uses formal modeling and statistical techniques to answer questions about human behavior, economics is, by necessity, an interdisciplinary endeavor. Economists regularly draw on history, sociology, mathematics, psychology, law, and environmental sciences among other disciplines.

Both our majors and our faculty are active in and contribute to Washington and Lee's many interdisciplinary programs including the Shepherd Poverty, Environmental Studies, and Gender Studies. Our travel-based courses which expand to multiple continents are typically co-taught with faculty from other departments including Anthropology (SOAN), Religion, and Politics. This approach is ideal for teaching students to integrate insights from other disciplines into economic analysis and articulate it in writing.

Opportunities

The Economics Department organizes a trip biennially to Washington, D.C., for students to explore career opportunities. Many students participate in co-curricular activities in the Williams School such as General Development Inc., Student Consulting, and the Williams Investment Society. Students also are welcome to attend the research seminar series that the Economics Department co-hosts with VMI. W&L's prestigious Summer Research Scholar program (January deadline!) provides opportunities for students to work in the summer on faculty research projects. In addition, the department supports other types of opportunities for majors. Interested students are encouraged to talk to their professors.

Graduates work in government, policy research, investment and commercial banks, nonprofits, businesses, and start-up companies. Recent employers include Accenture, Barclays Bank, Berkeley Research Group, Economists Inc., the Federal Reserve System, Heritage Foundation, the Peace Corp, Uber, and Wells Fargo. Click on this link to access the W&L Office of Career and Professional Development. Graduates also go to law school, graduate school for a master's or doctorate, and to MBA programs after several years of work.

Economics majors also enjoy success in competing for national scholarships and fellowships that fund other learning opportunities. There are scholarships for undergraduate students in each class year, and well as scholarships (fellowships) for many types of graduate study. Recent awards include the Fulbright Award, the Davis Projects for Peace prize, Venture for America, and the Goldwater Scholarship. For more information, please visit the Washington and Lee University fellowship website or talk to the department head.

Established in 1905, the Williams School of Commerce, Economics, and Politics is distinct among its peers--offering a business education within a larger liberal arts curriculum. In fact, Washington and Lee is the only top tier liberal arts college in the United States to claim a nationally accredited commerce school. The Williams School has been fully accredited by the Association to Advance Collegiate Schools of Business (AACSB) since 1927. Student outcomes for Washington and Lee University are available from The Office of Institutional Effectiveness.

The school is led by Crawford Family Dean Rob Straughan and has 50 full-time faculty members who teach in the departments of accounting & finance, business administration, economics, and politics, as well as a number of interdisciplinary programs such as environmental studies, poverty, and human capability studies and women's and gender studies. The Williams School is the proud home to the Connolly Center for Entrepreneurship.

The Williams School touches most students at Washington and Lee University, regardless of major. About 40 percent of Washington and Lee students will choose to major in one of the Williams School's four disciplines, but even those who major in a discipline within the College will find themselves taking general education or elective classes in the Williams School.