Chiswick on the Economy and Rise in Student Economics Majors

May 2, 2012

The seminal research on labor markets and immigration by Barry Chiswick, chair of the Department of Economics, seems particularly relevant today as the nation struggles to rebound from a global recession that has gripped every sector of the economy. And, with the department reporting a 10 percent increase in students majoring in economics this year, it’s a relevance not lost to the younger generation. We sat down with Chiswick, a winner of the prestigious IZA Prize in Labor Economics and former senior staff economist on the President’s Council of Economic Advisors, to discuss the economy, global migration, and the rise in student majors.

Your research has helped inform the nation’s public policy debate. How would you characterize the current economic outlook?

The fundamentals in the U.S. economy are sound and the future is bright as long as we maintain an environment in which there are incentives for innovation, research and development, and investment in human and physical capital. The continued development of technology and flexibility in product, labor, and capital markets will be essential for continued economic prosperity. Maintaining low and stable rates of inflation is another key factor to prosperity and economic growth.

It is also important that we improve the quality of our educational system, from kindergarten through graduate school. This includes providing opportunities for job-related training for young people, who may not be academically oriented, and for older workers going through a mid-career change in occupation.

Your research focus includes analysis of the economic impact of immigration on the work force. What have you learned from your work?

My research on international migration has taught us much about how immigrants adjust to their destination in terms of earnings, occupation, language proficiency, health status, marriage and family formation, and other aspects of life in the U.S. and in major destination countries. We have also learned much about how immigration affects the host country. Just as immigrants change as they adjust to the destination, so too does the destination country change as it absorbs immigrants.

What have I learned?  This would—and does—fill volumes. There is great diversity among immigrants in their adjustment and impact. When asked for a short answer to the question, “What is the impact of immigrants?” I respond with a very short answer: "That depends on the characteristics of both the immigrants and the destination."

In your opinion, what are the factors behind this year’s uptick in students majoring in economics at Columbian College. How has the department responded to meet the demand?

Economics courses offer an interesting, insightful, and exciting way of thinking that helps people understand the world in which we live. When there are problems in the economy, as we have had in the past few years, interest in the economy and the study of economics, increases. 

There have been a number of changes in the economics curriculum—in the courses offered and the way they are taught—that have improved the learning experience and attracted more majors. For example, we added honors sections in intermediate microeconomics and intermediate macroeconomics, and each of those now includes a calculus requirement. We also added math assessments to the Principles of Microeconomics and Principles of Macroeconomics courses, as well as tutorials to improve the math skills of the students in those courses who need extra help. In addition, we enriched the curriculum with new elective courses, such as Health Economics, that are helping to pique student interest.

What types of jobs are undergraduate and graduate economics students landing upon graduation?

There is a very strong job market for graduates with degrees in economics. Some of our students take jobs in the federal government, at non-profit research institutes, or with  international organizations, such as the World Bank and the International Monetary Fund.  Others work in the private sector, including positions at consulting firms, banks, and other corporations. Some of our PhD graduates are hired by colleges and universities for teaching and research positions.

Anything else you’d like to add? 

Since arriving at GW in January 2011, I have become very impressed by the students at both the undergraduate or graduate level. Our students are bright, highly motivated, and a joy to work with. They are engaged by dedicated teachers and scholars who are fully committed to enhancing the quality and professional ranking of the Economics Department and the university.