Economics degree will pay dividends later in life

Majoring in economics was not my first choice — it was close to being my last. I had always disliked economics even though I had never taken a course in it before. But when I started running out of options for a major last year, I decided that I would try ECO 102: Description and Analysis of Price Systems.

The class was huge, the precepts boring, the material not terribly engaging — but professor Harvey Rosen was a great teacher. At the risk of sounding corny, I think he opened my eyes to a whole new world where the interactions of utility-maximizing (selfish) consumers and profit-maximizing (money-grubbing) firms could achieve the same goals with society's best interests in mind. And somewhere in the world, there were economists who had the theoretical knowledge — but less often the power — to make everyone as happy as possible without making anyone else worse off (the idea of Pareto efficiency). And being one of these economists really appealed to me.

I do not really like economics. But I plan to apply the lessons from my classes in my future work. In fact, I do not know many economics majors who are doing it because they love the subject. Many people see it as the path to becoming a successful investment banker or a management consultant. Few actually go on to graduate school for the sake of economics itself. But economics is a practical and respectable major — and a good one, especially at Princeton since we boast many brilliant minds and excellent researchers.

Unlike students in smaller departments, I do not know most of the undergraduates in my department. Being in the economics department is sort of being like one of 200 grandchildren of some hugely successful figure. You get the benefits of the name, but you are nondescript otherwise.

Don't get me wrong. I like the department, and many of the professors and staff are helpful. Discussing problem sets with my friends is a useful, though pathetic, way to hang out. But I think I would like to have a cozy little lounge with a coffee-maker to go to when I am in Fisher Hall — Fisher, like economics, is very practical.

And I do not have anything against graduate students per se. Some of them clarify material from lectures very well, but I think it would be nice if we had enough faculty members so that everyone could have a respected professor as his or her junior paper advisor. I think it would be great if I knew every other junior in my department by name, and I could talk to him or her about something other than question 3(a) in problem set 5.

Nevertheless, in retrospect, a cost-benefit analysis assures me that as an economics major, I am maximizing my utility subject to my budget constraint.

Of course, with all these allusions, I am just kidding. But I am looking forward to applying what I am learning now in classes with professors who would not recognize me as their student if I kidnapped them in broad daylight.