Economics is the science of how human societies satisfy their material needs and wants with limited material resources. It is the science of scarcity, of individual incentives, of costs and benefits, of unintended consequences, of social coordination by the free-market’s invisible hand and the government’s deliberate policy making. It is a positive science: it aims at the comprehension of sound insights and truthful data about economic behavior. It is also a normative science: it aims at the principled use of these insights and data for the making of economic decisions as individuals, businesses, and governments. Students who major in Economics at Ave Maria University learn to appreciate and understand the breadth, power, and limitations of Economics as an academic discipline.
"Economics has as its purpose firstly to acquire knowledge for its own sake, and secondly to throw light on practical issues. But though we are bound, before entering on any study, to consider carefully what are its uses, we should not plan out our work with direct reference to them."
"The theory of economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions”
"Rates of growth of real per capita GDP are diverse, even over sustained periods. ... Is there some action a government of India can take that would lead the Indian economy to grow like Indonesia's? If so, what exactly?
The consequences for human welfare involved in questions like this are simply staggering: Once one starts to think about them, it is hard to think about anything else."
A Catholic University should "train truly Christian leaders in the different spheres of human activity, and in society, especially in politics, economics, science, art and philosophical reflection."