What is Economics?
Economics is the study of what individuals, institutions, and economic systems do, or should do, as they deal with the problem of satisfying virtually unlimited wants with scarce resources. Economics deals with choices and optimization, typically embedded in a market system where the notion of equilibrium is essential and where prices play a crucial role. Economics provides a logical and ordered way of looking at a wide variety of issues, and the principles of economics are finding growing applicability in a number of fields. An understanding of economic concepts can provide substantial personal and social benefits.
Honors for the department at AAEA annual meeting
The AAEA annual meeting, held in Minneapolis, Minnesota, directed honors and recognitions to numerous members connected with the Department of Economics. Click to view the complete list of honorees.
ISU News video: Economists on RAGBRAI
Follow along as a team of Iowa State ag economists and an agronomist rides RAGBRAI. Along the way they get to study crops, local economies, and of course, sample the food.
Roy finds evidence of growing voter polarization in US
To better understand the growing political divide in America, Sunanda Roy, Department of Economics lecturer, and other Iowa State researchers, developed a technique to determine if election results truly represent the “will of the people.” Their study of ballot data from the Cambridge, Massachusetts City Council elections provides new evidence of the growing polarization of U.S. voters.