Department of Economics
The Department of Economics takes a mathematical approach to analyzing social issues and pressing problems. It emphasizes quantitative analysis, computing, and communication skills, as well as critical thinking and problem-solving. Whether you pursue the undergraduate major, minor, or immersion, you’ll gain an understanding of the forces that shape financial and social policies in the modern world, as well as learn how to predict outcomes and develop solutions to economic challenges. The department offers small class sizes, a wide variety of unique courses, and the opportunity to work one-on-one with faculty members on publishable research projects.
Department at RIT for double majors
Student-to-faculty ratio means a personalized experience
Of students in the undergraduate program engage in a hands-on capstone or research project
November 15, 2021
Annual Day of Thanks honors generosity and impact of RIT donors
Alumni Brandy ’08 and Luiz ’07 Freitas, founding members of RIT’s Sentinel Society, are proud that they are able to give back to the university community that means so much to them. Each year, the generosity and impact of donors are honored during RIT’s Day of Thanks. Today, all RIT donors will be sent a “thank you” video message, and faculty and staff donors are encouraged to visit the Student Alumni Union until 1:30 p.m. to pick up a special chocolate bar.
October 26, 2021
Connections: Why is there a labor shortage?
WXXI’s “Connections” program features Amit Batabyal, the Arthur J. Gosnell Professor of Economics.
October 25, 2021
Heading to the gas pump? Local experts weigh in on why you’ll be spending more
WROC-TV talks to Amit Batabyal, the Arthur J. Gosnell Professor of Economics, about the effects of supply and demand on gasoline prices.
Graduates from the economics degree program gain admission to a wide variety of graduate/professional programs. The programs include:
- Boston University, Economics, Ph.D.
- Central Michigan University, Economics, MS
- Duke University, Economics and Computation, MS
- George Mason University, Economics, Ph.D.
- Johns Hopkins University, Applied Economics, MS
- Lehigh University, Economics, MS
- London School of Economics, International Political Economy, MS
- Northeastern University, Economics, Ph.D.
- Purdue, Economics, MS, Ph.D.
- Rice University, Economics, Ph.D.
- Syracuse University, Economics, Ph.D.
- The Ohio State University, Economics, Ph.D.
- University of Arizona, Economics, Ph.D.
- University of California at Davis, Agricultural and Resource Economics, Ph.D.
- University of California at Santa Barbara, Economics, Ph.D.
- University of Massachusetts at Amherst, Resource Economics, MS and Ph.D.
- University of Delaware, Economics, MA
- University of Illinois, Agricultural and Consumer Economics, MS
- University of Maine, Environmental and Resource Economics, MS
- University of Wisconsin, Economics, MS
- Boston College, School of Law
- Boston University, MBA
- Carnegie Mellon University, MBA
- City University of London, Finance, MS
- Columbia University, Master of International Affairs
- Cornell University, Computer Science, Ph.D.
- Duke University, Finance, MS
- Duke University, Quantitative Management, MS
- Lehigh University, Education, MS and Ph.D.
- George Washington University, Law
- Northwestern University, Analytics, MS
- Pace University, Finance, MS
- Pennsylvania State University, Rural Sociology, Ph.D.
- RIT, Business Administration, MBA
- RIT, Computer Security and Information Assurance, MS
- RIT, Microelectronic Engineering, MS
- University of Buffalo, School of Law
- University of California at Davis, MBA
- University of California at San Diego, Finance, MS
- University of Chicago, Analytics, MS
- University of Illinois, Statistics, MS
- University of Iowa, School of Law
- University of Maryland, Public Management-Environmental Policy, MS
- University of Rochester, Finance, MS
- University of Notre Dame, School of Law
- University of Oregon, Architecture, M.Arch.
- University of Virginia, School of Law
- Vanderbilt University, Accounting, MS
- Yale University, Chemistry, Ph.D.
- Ally Financial
- Altitude Capital Partners
- American Conservatory Theater
- Avondale Partners LLC
- Blue Cross Blue Shield
- Bonadio Group
- Brigade Capital Management
- Bright Vision Consulting Group
- CAN Corp.
- China Merchants Bank
- Ernst & Young
- Fidelity Investments
- First Niagara Bank
- Grant Thornton LLP
- Hanley Wood
- Harris Corp.
- JP Morgan Chase
- Key Bank
- M & T Bank
- Manning & Napier
- Merrill Lynch
- Morgan Stanley
- California Institute of Technology, Post-Doctoral Scholar in Economics at Social Science Experimental Laboratory (SSEL)
- Center for Governmental Research, Rochester, NY
- Claremont Graduate University, Department of Economic Science
- Cornell University, Dyson School of Applied Economics and Management
- Iowa State University, Department of Economics
- Kent State University, Department of Economics
- Massachusetts Department of Public Utilities, Gas Division
- NeighborWorks Rochester
- Teach for America
- UN Women
- US Army
- US Department of Commerce, Bureau of Economic Analysis
- US Department of Energy, Office of Petroleum Reserves
- US Department of Homeland Security
- US Department of State, Bureau of Consular Affairs
- US Federal Reserve Board, Washington, DC
- US Federal Reserve Bank of Chicago
- US Navy
- University of Essex, Department of Economics
- University of Massahusetts at Lowell, Department of Economics
- University of Pennsylvania, Post-Doctoral Fellow, Wharton Risk Center
- West Virginia University, Department of Economics
Students take required core courses that develop the ability to apply economic analysis to real-world problems. Three track options include managerial economics, economic theory, and policy or environmental economics. You can use free electives to pursue advanced study in individualized areas of interest with the opportunity to develop a double major. A 4+1 MBA option through Saunders College of Business is also available.
An economics degree that combines math and statistics to research, collect, and analyze information, monitor economic trends, and develop forecasts to guide industries in making critical decisions.Learn more about the Economics BS program
Minors and Immersions
The economics immersion provides a systematic analysis of economic issues through the study of the allocation of scarce resources into production and the distribution of production among the members of society.Learn more about the Economics Immersion program
An economics minor provides a systematic analysis of economic issues through the study of the allocation of scarce resources into production and the distribution of production among the members of society.Learn more about the Economics Minor program
A double major in economics adds a secondary area of expertise to your résumé, complementing the skills you develop in your primary major and demonstrating to employers that you are able to critically analyze problems and develop economically-sound solutions.
The economics program pairs nicely with many majors at RIT, often enabling students to complete a double major in economics within their primary program's 4-or-5 year timeframe. In fact, through utilizing the general education curriculum appropriately, a double major in economics adds few-to-no additional courses to the plan of study, depending on primary major.
While almost any program at RIT can pair with a double major in economics, below are worksheets for common combinations, as well as general information applicable to all majors.
Students in the double major have 10 economics core courses, in addition to the courses in one of the specialization tracks: Theory and Policy; Managerial Economics; or Environmental Economics. While students can select any one of the tracks, certain majors tend to gravitate towards certain tracks. For example, most engineering disciplines find the Theory and Policy track the easiest to obtain because of their extensive math requirements, whereas natural scientists will find the Environment track more helpful. Business majors would find the business track the shortest route to a double major. Computer Science majors have the additional benefit of being able to choose any of the tracks to complete without any additional time.
The economics program accepts many courses offered by other majors as satisfying the economics double major requirements. For example, if you have to take MATH 219 Multivariate Calculus for your major, it counts as satisfying one of our math requirements as well.
As the Department of Economics is in the College of Liberal Arts, any course you take with the ECON prefix will typically count towards a General Education requirement. The typical major at RIT has five required GE Electives. These options can be filled with Economics courses to satisfy the double major. RIT also requires perspective classes; economics courses can satisfy the Global and Social Perspectives. A student must also complete an immersion (typically 3 courses). Finally, a student has, generally speaking, 5 free electives. All of these electives can be satisfied by taking economics courses.
In summary, university-required general education courses that can be used to satisfy the economics double major:
- 5 General Education Electives
- 5 Free Electives
- 3 Immersion Classes
- Global and Social Perspective Classes
The capstone requirement in economics is waived for majors which have their own capstone requirement (Senior Design, for example).
The Economics double major satisfies the immersion requirement.
Vernarelli, M. J., Boutakov, Y., Kehoe, M. (2019). "Predicting Altruistic Behavior after Cheap Talk: Evidence from an Experiment." New York Economic Review, forthcoming.
Sprague, C., Wagner, J. (2018). "Economic Motivations for Software Bug Bounties." Economics Bulletin 38: 550-557.
Schreck, M., Wagner, J. (2017). "Incentivizing Secondary Raw Material Markets for Sustainable Waste Management." Waste Management 67: 354-359.
Rickard, A., Wagner, J., Schull, J. (2017). "Observations on the Technology and Economics of Digital Emissions." Technology in Society 48: 28-32.
Porter, A., Batabyal, A. A. (2016). "Physical Capital Mobility, the Educational and Quality Aspects of Creative Capital, and Output Production." Regional Science Policy and Practice 8: 167-175.
Stone, J., Wagner, J. (2016). "Fairness and Efficiency in US Revolutionary War Takings and Post-War Debt Redemption." Constitutional Political Economy 27: 399-417.
Skillman, J. S., Vernarelli, M. J. (2016). "Framing Effects on Bidding Behavior in Experimental First-Price Sealed-Bid Money Auctions." Judgment and Decision Making 11: 391-400.
Donovan, P. J., Batabyal, A. A. (2015). "On Economic Growth and Investment Income Taxation in a Creative Region." International Review of Economics and Finance 38: 67-72.
Batabyal, A. A., Alao, O. (2015). "On the Sale of Package Tours to Infinitely Many Possible Types of Tourists." International Journal of Tourism Research 17: 1-3.
Kinler, K., Wagner, J. (2014). "Greenness Versus Safety in Vehicle Footprint Selection." Letters in Spatial and Resource Sciences 7: 35-45.
Usman, U., Batabyal, A. A.. (2014). "Goods Production, Learning by Doing, and Growth in a Region with Creative and Physical Capital." International Review of Economics and Finance 33: 92-99.
Alao, O., Batabyal, A.A. (2013). "Selling Package Tours to Tourists: A Contract Theory Perspective." Annals of Tourism Research 42: 439-442.
Petre, A., Wagner, J. (2013). "Green Consumption under Misperceived Prices: An Application to Active Transportation."Southern Economic Journal 80(1): 187-204.
Pugliese, T., Wagner, J. (2011). "Competing Impure Public Goods and the Sustainability of the Theater Arts."Economics Bulletin 31(2): 1295-1303.
Longo, C., Wagner, J. (2011). "Bridging Legal and Economic Perspectives on Interstate Municipal Solid Waste Disposal in the US." Waste Management 31(1): 147-153.
Bhole, B., Ogden, S. (2010). “Group Lending and Individual Lending with Strategic Default.” Journal of Development Economics 91(2): 348-363.
Lominac, C., Batabyal, A. A. (2009). "An Approach to the Management of Orchards That Are Vulnerable to Attack by Invasive Species." Letters in Spatial and Resource Sciences 2: 123-131.
Gleeson Hanna, B., Hatch, D., Lominac, C. (2009). “Exposure to Toxic Pollution in New York State, 1998.” Economics Bulletin 29(2): 1103-1117.
Chaudhary, M. H., Batabyal, A. A. (2009). “A Stochastic Analysis of Alternate Ways of Scheduling Transport for Tourists.” Letters in Spatial and Resource Sciences 2: 67-75.
Freitas, L., Wagner, J. (2009). “The Uncertain Moral Context of Price Changes.” Ecological Economics 68(4): 1100-1105.
Gleeson Hanna, B., Garcia, A. J., (2008). “Air Pollution and Unleaded Gasoline in Mexico City.” Economics Bulletin 18(3): 1-13.
Batabyal, A. A., DeAngelo, G. J. (2008). “To Match or Not to Match: Aspects of Marital Matchmaking under Uncertainty.” Operations Research Letters 36: 94-98.
Batabyal, A. A., DeAngelo, G. J. (2008). “Average Patent Pendency and Examination Errors.” International Journal of Foresight and Innovation Policy 4: 112-128.
DeAngelo, G. J., Batabyal, A. A., Kumar, S. (2007). “An Analysis of Economic Cost Minimization and Biological Invasion Damage Control Using the AWQ Criterion.” Annals of Regional Science 41: 639-655.
DeAngelo, G. J., Batabyal, A. A., Kumar, S. (2007). “On Economic Cost Minimization versus Biological Invasion Damage Control.” In A. G. J. M. Oude Lansink (Ed.), New Approaches to the Economics of Plant Health, Springer.
Freitas, L. P., Batabyal, A. A. (2007). “A Stochastic Model of Waste Management with On and Off Site Storage.” Ecological Economics 61(1): 1-5.
Freitas, L. P., Wagner, J. (2007). “Capturing Moral Economic Context.” Economics Bulletin 4(14): 1-10.
Reid, D. M., Jimenez, A., Rahmer, P. (2006). “NAFTA, Mexico and the China Factor.” Voices of Mexico 76 (July-September):1-24.
DeAngelo, G., Wagner, J. (2005). “Characterizing Regulation and Negligence Rule Uncertainty in Solid Waste Management.” Economics Bulletin 11(1): 1-11.
Rohlin, S., Batabyal, A. A. (2005). “A Theoretical Perspective on Managed Rangelands and Irreversible States.” International Review of Economics and Finance14(4): 487-494.
DeAngelo, G., Batabyal, A. A. (2004). “A Dynamic and Stochastic Analysis of Fertilizer Use in Swidden Agriculture.” Economics Bulletin 17(3): 1-10.
Here you will find additional resources for the Department of Economics, such as special opportunities for students, student organizations, and useful links.