Economics department moves to Tepper School
?Years of complaining and dissatisfaction from students? have induced a change at Carnegie Mellon, according to Student Services Coordinator of the Undergraduate Economics Program Carol Goldburg: Tepper School of Business will now house economics.
?I think it is good that basic economic principles and economic research [are] going to be applied toward the business environment,? said senior economics major Howard Jyhoon Han, ?because frankly we don?t know what it?s going to be like in a year; we don?t know what it?s going to be like in two years. The market environment and what we think we know always changes.?
Han knows that succeeding in business can be trying. He has recently returned to Carnegie Mellon to pursue his undergraduate degree after taking a few years off. As a full-time student, Han also runs a full-time hedge fund business in New York.
?As a businessman, I view economics as crucially important to the micro environment,? he said.
Carnegie Mellon faculty members agree. ?There are many synergies between economics and business,? said Goldburg.
Historically, the economics program was housed in the College of Humanities and Social Sciences (H&SS). However, most of the economics faculty consisted of professors that worked in Tepper.
?It?s good for the economics students ? it?s what they wanted,? said Milton Cofield, executive director of the Undergraduate Business Administration.
?The thought was ?Let?s give these students a home base,???? said Goldburg. ?The real change in the student experience is that they now have somewhere to go: physically, emotionally, intellectually.?
Now, students wanting admission into the economics department apply to H&SS as they have in the past. They remain H&SS students upon admission, until they are able to declare an economics major halfway through their second semesters. Once students have declared an economics major, they technically become students of both H&SS and Tepper. Faculty members in H&SS remain in charge of the students? general education requirements, while those in Tepper are put in charge of the economics program.
As part of the move, upperclassmen who had already declared an economics major were automatically made students of H&SS and Tepper. However, if an economics student transfers to any other H&SS major, he or she loses status as a Tepper student.
Similarly, to transfer to the business administration department, an economics student must apply and be accepted into Tepper.
When economics students graduate, they are considered graduates of both schools. Although University diplomas no longer distinguish an individual?s college, transcripts do, according to Goldburg, which means economic students? transcripts will read both H&SS and Tepper.
According to Goldburg, economics and business administration programs remain clearly distinct. ?They have different skill sets. They?re not the same students.?
Goldburg mentioned economic curriculum development, a potential lecture series, and a campus-wide debate on outsourcing as possible programs in the future.
?Now that economics is in Tepper, Tepper is going to focus their energies in providing a very strong undergraduate degree. This is a win-win situation for the student,? Goldburg said.
Between 12 and 15 percent of H&SS students are primary economics majors, including approximately 85 upperclassmen. Six past Nobel laureates have been affiliated with the economics department.