• Economics studies how society organizes production and distributes what is produced to its members. Microeconomics is the study of how individual production and consumption decisions are made and how markets coordinate them.
  • Macroeconomics is the study of how overall output and employment and the price level are determined. Both of these branches of economics aim not only to understand the economy but also to prescribe policies to improve its performance.
  • Through teaching and research, Smith students use economic theory, statistical and experimental methods, and historical and institutional analysis to investigate the behavior of the economy.