IN LAST week's column, I addressed criticisms and complaints about the McIntire School of Commerce, which are often leveled by students and faculty who advocate a liberal arts education. This week I'll focus on the economics department and investigate criticisms of it voiced by Commerce students and faculty. Overall, students and faculty should recognize the complementary natures and common goals of these programs and put their petty differences to rest.
Many people associated with the Commerce School have, like Thomas Carlyle, a dismal view of economics. As part of the College, the University's economics program is often portrayed by the more practical-minded as an artsy-fartsy, out-of-touch department. There is a widespread attitude within the ranks of the University's undergraduate business students that the College of Arts and Sciences should be renamed the College of Arts and Crafts.
Such criticism is unfair and unwise. Liberal arts have an integral part in the study of business and every other academic subject. The University has core area requirements for a reason. Commerce students themselves follow a quasi-liberal arts curriculum, and they should realize the value of analytical tools and intellectual well-roundedness conveyed by such a basic grounding. A liberal arts education is constantly employed in business, especially through interpersonal relationships. Being able to identify and intelligently discuss famous works of art, music and literature in a social environment is just as important as being able to create a balance sheet or give a business presentation when interacting with clients.
Criticism of the economics department by Commerce students is particularly ridiculous because the Commerce School requires introductory micro- and macroeconomics courses as part of its prerequisites.The administrators and faculty of the Commerce School must value at least basic economics; otherwise, they wouldn't require aspirants to their school to complete six credits in the economics department. Likewise, many economics majors take commerce classes like financial and managerial accounting. Such cross-enrollment between the two programs demonstrates their complementarity.
The 658 students of the Commerce School also fault the economics department for being too large. While completing their economics prerequisites in lectures of nearly 500 people, many commerce students get an incorrect impression of the department's size. While its enrollment has mirrored national trends and greatly increased over the past decade, the economics department is hardly the biggest program on Grounds. According to its Web site, there are currently about 800 economics majors. Considering that the economics department draws second, third and fourth-year majors, its size is proportionally comparable to the Commerce School, which is solely comprised of third and fourth-years.
One of the Commerce School's major selling points is its track record of training students who become well-paid alumni. Many economics majors are also affluent, however. It likely comes as a surprise to Commerce students that the largest single donor for the Jones Paul Jones Arena was a 1976 graduate of the economics program. Paul Tudor Jones II, who is estimated to have a personal fortune of nearly $2.5 billion by Forbes magazine, donated $35 million toward the $129.8 million price tag for JPJ.While this is one case of a well-paid economics graduate, it is not an anomaly, and should be noted by business students who harp on their average starting salaries and signing bonuses.
Overall, the Commerce School and economics department share more commonalities than differences. This was acknowledged by Carl P. Zeithaml, dean of the Commerce School, and Edward L. Ayers, dean of the College, in 2002. President Casteen described a "joint venture" between the two that focused on expanding course offerings to include collaborative measures between both programs.
While they teach curriculums with business applications and have students with similar career aspirations, the economics and commerce programs aren't competitors. Each serves a niche market and their dual presence allows students to choose the program most suited to their interests, learning styles and academic goals. Few colleges have both an undergraduate business program and economics department. The University should recognize the integral part both schools play in enabling this advantage. Commerce and economics aren't mutually exclusive programs, and their students and faculty should be amiable with one another rather than subtly antagonistic.
James Rogers is a Cavalier Daily Associate editor. He can be reached at jrogers@cavalierdaily.com.
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