Economics
- Degree Type Bachelor of Arts
- Department Economics
- Academic Division The Williams School
- Offerings Major
Economics students learn to think critically using the analytical tools of economic study, allowing them to apply economic theory to economic and social issues. With the practical tools of the discipline, students also develop an ability to evaluate the validity of theoretical predictions made by scholars in their field.
Economics
Economics is the study of decision making under scarcity, and it permeates almost every facet of political, commercial, industrial and even familial behavior in society. Do financial markets reflect rational behavior? Will Google, Apple and Tesla displace VW, GM and Toyota? How has the birth control pill affected women’s education and labor market decisions? Does corruption grease or sand the wheels of economic development? These are just a few examples of the full range of questions that we discuss in class at Washington and Lee.
Opportunities
Student Activities: Co-curricular activities sponsored by the Williams School include the General Development Initiative, Mock Convention, Real Estate Society, Student Consulting, Venture Club and the Williams Investment Society.
Visiting Scholars: The W&L/VMI Economics Seminar series features local scholars as well as researchers from other universities who present original research from all fields of economics. The H. Parker Willis Lecture presents a prominent Federal Reserve official, and speakers have included Ben Bernanke, Frederic Mishkin and Eric Rosengren. The Executive-in-Residence is someone who has excelled in business and is invited to spend several days on campus meeting with students, visiting classes and providing one-on-one career mentoring.
Field Experiences: The Career and Professional Development Office has organized trips to locations such as Washington, D.C., that offer economics students the chance to explore careers in the field. The Economics Department offers Spring Term study abroad courses to locations such as Brazil, Denmark, Ghana and Nepal.
Research: W&L’s prestigious Summer Research Scholar program provides opportunities for students to work in the summer on faculty research projects.
Outcomes
Employment: Graduates work in consulting, government, policy research, investment and commercial banks, nonprofits, businesses and start-up companies. Recent employers include Accenture, Barclays Bank, Berkeley Research Group, Economists Inc., EY, Facebook, Fulbright, The Federal Reserve System, Heritage Foundation, Marriott, Uber, JP Morgan, and Cushman & Wakefield.
Graduate School: Graduates also go to law school, graduate school for a master’s or doctorate in economics or a related field, and to MBA programs after several years of work. Recent schools include the University of Virginia, Vanderbilt, University of Chicago and University of Maryland.
Graduate Fellowships: Economics majors also enjoy success in competing for national scholarships and fellowships that fund other learning opportunities. Recent awards include the Fulbright Award, the Davis Projects for Peace prize, Venture for America and the Goldwater Scholarship.
Peter Grajzl to Host Nobel Prize Symposium Talk
The John F. Hendon Professor of Economics will discuss the Sveriges Riksbank Prize in Economic Sciences presented to Daron Acemoglu, Simon Johnson and James A. Robinson.
Warren Stephens ’79 Selected for U.K. Ambassadorship
Stephens, CEO of financial services firm Stephens Inc., is an emeritus member of the Washington and Lee University Board of Trustees.
Twelve W&L Students Awarded Gilman Scholarships to Study Abroad
The Gilman Scholarship Program offers awards of up to $5,000 to U.S. undergraduate students who are Pell Grant recipients.
Valuable connections with professors have opened Hulsey’s world to new subjects and opportunities to make an impact.
W&L Students Attend Diverse Economics Conference at the Federal Reserve Bank of Richmond
The Williams School and Department of Economics provided the opportunity for students to network and explore careers in the field of economics.
Adhip Adhikari ’27 spent much of his summer creating a library at a secondary school near his family’s home in Katmandu, Nepal.
W&L Outcomes: William Dantini ’24
Dantini was selected to join the seventh cohort of the Virginia Management Fellows program, which aims to cultivate the next generation of leaders in state government.
W&L Alumna Maria Kisker ’21 Selected for Fulbright to Taiwan
Kisker will pursue a master’s degree in political economy at National Tsing Hua University.
Siya ’27 married her passions for service with her economics and mathematics majors to intern this summer at Grameen Bank in Bangladesh through the Shepherd Program.
With the support of a Johnson Opportunity Grant, Sofia Iuteri ’27 is expanding the reach of the nonprofit she founded at 16.
W&L Outcomes: Jackson Hotchkiss ’24
Hotchkiss is spending the next year competing in professional cycling events.
Five W&L Students Awarded Gilman Scholarships to Study Abroad
The Gilman Scholarship Program offers awards of up to $5,000 to U.S. undergraduate students who are Pell Grant recipients.
Meet the Faculty
At W&L, students enjoy small classes and close relationships with professors who educate and nurture.
Linda M. Hooks
Professor of Economics and Head of the Department
- P: 540-458-8621
- E: hooksl@wlu.edu
Hooks teaches courses in money and banking, macroeconomics and monetary policy. Her research focuses on the role of banks in economic growth and the impact of regulation on bank risk.
Camilo Alvarez
Ted DeLaney Postdoctoral Fellow in Economics
- P: 540-458-5895
- E: calvarez@wlu.edu
Alvarez’s research is centered around international macroeconomic and monetary economics with a specific focus on sovereign debt. Prior to joining W&L, he worked at the Federal Reserve Bank of Minneapolis, and the Minnesota Population Center.
Michael Anderson
Robert E. Sadler, Jr. Professor of Economics
Anderson teaches courses on international trade, finance and econometrics. He researches topics in international trade such as how firm-level decisions affect state-level poverty in India.
Niels-Hugo (Hugo) Blunch
Darrold and Kay Cannan Term Professor of Economics
- P: 540-458-8619
- E: blunchn@wlu.edu
Blunch teaches econometrics and health economics, and also takes students to Ghana for study abroad. His research pertains to health, education and labor market issues. Previously, Blunch worked with the World Bank and the United Nations.
Jamie Casey
Professor of Economics
- P: 540-458-8102
- E: caseyj@wlu.edu
Casey is a 1991 W&L graduate who teaches courses that focus on the relation between the economy and the environment. His research centers on environmental funding and the economics of agriculture.
Martin Davies
Associate Professor of Economics
- P: 540-458-8157
- E: daviesm@wlu.edu
Davies teaches courses on macroeconomic theory, international trade and international finance. Davies grew up in Papua New Guinea and researches international economic policy.
Art Goldsmith
Jackson T. Stephens Professor of Economics
Goldsmith’s courses are often interdisciplinary and draw from insights in other disciplines to foster a deeper understanding of topics in economics.
Peter Grajzl
Professor of Economics
- P: 540-458-8049
- E: grajzlp@wlu.edu
Grajzl teaches courses in introductory economics, microeconomics, economics of institutions and mathematical methods. His research centers on comparative institutional economics, law and economics, and political economy.
Joseph Guse
Professor of Economics
- P: 540-458-8915
- E: gusej@wlu.edu
Joseph Guse teaches Microeconomic Theory, Game Theory, and Statistics and Environmental Economics. He co-teaches Spring Term courses on the Lakota and Tohono O’odham tribes. His research focuses on credit in American Indian communities.
James Kahn
Emeritus Faculty, John F. Hendon Professor of Economics and Professor of Environmental Studies
- P: 540-458-8036
- E: kahnj@wlu.edu
Kahn is a 1975 alumnus who teaches courses on the economics of the environment and development. He also teaches a Spring Term study abroad course in the Amazonas and researches environmental policy and resource economics.
Katharine L. Shester
Associate Professor of Economics
- P: 540-458-8607
- E: shesterk@wlu.edu
Shester teaches courses on urban economics, women in the economy and U.S. economic history. Her research interests include American economic history, urban and labor economics, demography and education.
Shikha Silwal
Associate Professor of Economics
- P: 540-458-8256
- E: silwals@wlu.edu
Silwal teaches courses such as The Economics of War and Peace, and Culture and Economic Development. She also co-teaches a study abroad course in Nepal. Silwal researches conflict and peace studies with a focus on South Asia.
Chantal Smith
Assistant Professor of Economics
- P: 540-458-8617
- E: csmith@wlu.edu
Chantal D. Smith is a labor economist focusing on education with additional interests in stratification economics, urban economics and economic history. She is also interested in the impact that changing climates have on economies largely dependent on natural resources.