The = Harvard Crimson :: Opinion

The following op-ed will appear in a = print=20 edition of The Crimson the week of June 2.

Why does = everyone at Harvard concentrate in economics?

Well, not = exactly=20 everyone, but a sizable fraction of the student body. Economics is = the=20 largest undergraduate concentration, accounting for more than 15 = percent=20 of the senior class. Government is second, with almost 13 percent, = and=20 psychology is third, with over six percent.

Why is = economics so=20 popular? I can think of five possible reasons.

One is that = economics is a passing fad, spurred by market-oriented policies in = Washington and visions of well-paying jobs on Wall Street. The = facts do=20 not support this view. Economics has been one of the largest=20 concentrations, if not the largest, for many decades, both at = Harvard and=20 at peer institutions. Notable Harvard economics graduates include = Robert=20 E. Rubin =E2=80=9960, Ben S. Bernanke =E2=80=9975, and Steve A. = Ballmer =E2=80=9977=E2=80=94each of whom=20 graduated before hedge funds were invented.

A second = theory is=20 that economics is the path of least resistance. A student might = major in=20 economics because a friend or teammate does=E2=80=94a = =E2=80=9Cherding=E2=80=9D effect=E2=80=94or because=20 economics has fewer requirements than many concentrations (10 = courses, and=20 12 for honors). But in recent years, the department has made the=20 concentration tougher, requiring calculus and econometrics on top = of=20 statistics, and the number of concentrators has gone up, not down. = The=20 grading curves in core economics courses are also among the = toughest on=20 campus. Herding, moreover, fails to explain the fact that = economics is a=20 leading major at virtually all liberal arts institutions. = Something more=20 fundamental must be at work.

A third possibility is that = Harvard=20 economics faculty and teaching fellows are particularly brilliant=20 classroom teachers who outshine even their Harvard colleagues in = other=20 departments. Nice thought, but it doesn=E2=80=99t explain the = popularity of=20 economics over time or at other universities.

A fourth = explanation=20 is that economics is a practical and marketable degree. Many = economics=20 graduates land starting salaries in six figures. Economics is good = training for business school, law school, or a career in public = policy.=20 With the growth of health economics as a field, even some pre-meds = sensibly consider our department. The list of successful people = with=20 economics backgrounds spans many walks of life: Ronald Reagan, = Gerald=20 Ford, Diane von Furstenberg, Warren Buffet, Donald Trump, Kofi = Annan,=20 Sandra Day O=E2=80=99Connor, Arnold Schwarzenegger, Meg = Whitman=E2=80=94even Gene Kelly,=20 Mick Jagger, and Tiger Woods!

A fifth possibility is that = students=20 find economics interesting and useful for answering fundamental = and=20 important questions. What are the constraints on human behavior = and=20 happiness, and how can people attain their goals in the face of = these=20 constraints? When do private actions lead to widely beneficial = outcomes,=20 and when might government improve on these outcomes? Last year, 10 = of our=20 concentrators found these questions so compelling that they = planned to=20 pursue graduate study in economics.

My conversations with = hundreds=20 of undergraduates at Harvard indicate that these final two reasons = are the=20 key factors behind economics=E2=80=99 popularity. Students often = say that in=20 contrast to most settings, choosing a concentration does not = involve a=20 tradeoff: economics is both practical and interesting. Economics = majors=20 can have their cake and eat it too.

Whatever the = explanation,=20 should this high demand for economics raise concerns?

One = issue is=20 that some of the department=E2=80=99s classes are too large. The = ratio of majors=20 to faculty exceeds 14 in economics but falls below five in many=20 departments. Student demand is only one factor determining how = faculty=20 slots are allocated, however. As the late FAS Dean Jeremy R. = Knowles put=20 it, one can imagine a university without philosophy majors, but = not=20 without a philosophy department. Class sizes will inevitably be = greater in=20 the larger concentrations.

Another potential concern is = that the=20 prevalence of economics reflects pre-professionalism instead of = the=20 liberal arts ideal of intellectual inquiry. Never mind that = Harvard=20 started out largely as a pre-professional school (the profession = then was=20 being a Protestant minister). Some students may choose economics = because=20 they believe it is good preparation for a business career, but the = department=E2=80=99s courses emphasize economics as an = intellectual pursuit. This=20 is an annoyance for some students, but in our view the right = approach for=20 a liberal arts university.

The economics department is = delighted=20 that our field commands such strong student interest. We believe = an=20 =E2=80=9Ceconomic understanding=E2=80=9D of the world is essential = to civic engagement,=20 productivity in the work place, and good personal financial = management.=20 Indeed, this mission=E2=80=94preparing students to be engaged = citizens and=20 leaders=E2=80=94is mirrored in the preamble of Harvard=E2=80=99s = newly adopted General=20 Education curriculum.

We economists would never insist = that all=20 undergraduates study economics, but we welcome all those who = choose to.=20 The economics department is proud to offer a product that attracts = so many=20 customers.

Jeffrey A. Miron is Senior Lecturer and = Director of=20 Undergraduate Studies in the Department of Economics.

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