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Contact Us

 

For more information, please contact the Department Academic Counselor, Captain Thomas Bazemore, via email at thomas.bazemore@westpoint.edu

Economics is the study of how to make optimal decisions in a scarce environment. We focus on principles that we call "The Economic Leader," applying economic theory to the practice of leadership:

The Economic Leader Principles:

  1. There is a trade-off in every decision a leader makes. What we give up constitutes the opportunity cost of a decision.
  2. Rational leaders think and decide on the margin.
  3. Life is a coordination problem, and people respond to incentives.
  4. Leaders realize the benefits from trade by facilitating specialization and comparative advantage. 
  5. Leaders take appropriate risks, balancing gathering additional information and being decisive.
  6. Leaders have a normative responsibility to balance efficiency with equity.