For more information, please contact the Department Academic Counselor, Captain Thomas Bazemore, via email at email@example.com
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:
- There is a trade-off in every decision a leader makes. What we give up constitutes the opportunity cost of a decision.
- Rational leaders think and decide on the margin.
- Life is a coordination problem, and people respond to incentives.
- Leaders realize the benefits from trade by facilitating specialization and comparative advantage.
- Leaders take appropriate risks, balancing gathering additional information and being decisive.
- Leaders have a normative responsibility to balance efficiency with equity.