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.
Prescott scholarship awardees honored
Department of Economics graduate student awardees of the James R. Prescott creative scholarship in economics, Jiaqi Ge, Younjun Kim and Xiying Liu, were recently honored at a special reception. Jeri Prescott, presented the honor to students on behalf of her husband, former Emeritus Professor James R. Prescott.
Ask an Economist
Would you like to make more informed choices about your day-to-day economic decisions--or just add a more reasoned voice at the dinner table when it comes to talk of the economy?
Welcome to Ask an Economist, a public service of the Department of Economics at ISU, designed to answer your most basic questions about the world around you, as viewed from an economic perspective.
Ginder inducted into the Nebraska Cooperative Council Hall of Fame
Roger Ginder, emeritus professor in the Department of Economics at Iowa State University, was inducted into the Nebraska Cooperative Council Hall of Fame on November 22, 2013. The induction is designed to recognize individuals whose leadership has been instrumental in the growth of Nebraska cooperatives, and who have fostered a better understanding of the principles of cooperatives.
Annual survey shows continued increase in Iowa land values
Average Iowa farmland value is estimated to be $8,716 per acre, an increase of 5.1 percent from 2012, according to results of the Iowa Land Value Survey conducted in November by Mike Duffy. Values increased in 2013 for the fourth year in a row and achieved historic peaks.