Economics

Understand historical trends, interpret today’s headlines, and predict future directions.

student working on econ

Lake Forest College prepares students for careers in a diverse economics industry including investment management, trading, corporate finance, commercial and investment banking, and insurance and risk management.

Economics

Why study economics?

Broadly defined as the study of how people and institutions allocate scarce resources, economics dives into how people respond to incentives, how the scarcity of resources affects people’s choices, and how government and industry influence consumption of resources.

Lake Forest College’s economics major is a strong traditional program with a reputation for rigor, breadth, and depth, allowing students to develop the analytical skills that virtually all employers desire.

A degree in economics can open up a variety of opportunities. Here's a sample of job titles our newest graduates have held in the last five years:

Accountant
Actuarial Analyst
Associate Consultant
Client Coordinator
Financial Analyst
Inside Sales Associate
Investment Banking Analyst

Learn more about our careers in economics

Economics at Lake Forest College

Students select electives from a wide variety of topics, including labor economics, environmental and natural resource economics, law and economics, the economics of sports, race and capitalism, and public policy.

Opportunities for further research with faculty who are experts in their fields are available to students. Most students also partake in internships in Chicago-area businesses. Students who complete the major are well prepared to work in the private or public sector and attend graduate school for their MBA or PhD. These and other topics supplement the core program in macroeconomics, microeconomics, and statistics.

Macroeconomics

Our students learn to analyze the determinants of aggregate production, prices, interest rates, and employment in macroeconomic models that combine the business, household, government, and financial sectors. Our advanced studies expose students to Keynesian, neoKeynesian, neoclassical, monetarist, and rational expectationist perspectives on macroeconomic theory and stabilization policy.

Microeconomics

Our program prioritizes the application of economic analysis to business decisions so students are equipped with the analytic skills and practical knowledge hiring managers are seeking today. Our economics students master economic tools with applications to demand analysis, pricing policies, competitive strategy, cost analysis, and decision making.

Statistics

Our students learn to apply key statistical pillars: probability theory, statistical inference, and regression analysis. The program integrates descriptive statistics, probability rules, discrete probability distribution functions including the bivariate and binomial distributions, continuous density functions including the Normal and t distributions, sampling, hypothesis testing, test statistics, p-values, correlation versus causation, and an introduction to multivariate linear regression analysis.

“

The economics major really helped to prepare me for my job that uses risk management, especially through lessons on cost/benefit analysis. The small class sizes and personal relationships I was able to form with professors have proven to be very useful in my career.

Rachel Syverud '23, Pricing Actuary at Allstate

Experience Chicago, a global economic center

Lake Forest College's ideal location near Chicago, a major economic hub in the US and the world, provides students with unparalleled access to this economy through experiential coursework and some of the finest internships anywhere.

Chicago is home to powerhouse industries like manufacturing, printing and publishing, and a variety of banks and economic institutions. The city is home to more than 400 major corporate facilities, including 31 in the S&P 500 and 36 in the Fortune 500. Chicago has the second-largest corporate headquarters cluster in the nation.

Lake Forest College economics majors graduate prepared to compete successfully in today’s job market, and with access to the wealth of networking connections in Chicago, our graduates move into the world beyond our gates with confidence.

Supporting the study of economics

Economics major Steve Osborn ’75 donated $1 million to establish the Professor Rosemary Hale Fund for Teaching and Research. To memorialize her influence on his career, Steve’s donation will establish the Professor Rosemary Hale Scholar and serve as a challenge grant for an additional $1 million from donors who were also inspired by Professor Hale’s legacy.

Assistant Professor of Economics Kent Grote has been named the first Professor Rosemary Hale Scholar. Hale taught economics at the College—the first woman to do so—from 1946 through 1984.

Learn more about Rosemary Hale

“

Lake Forest provided the most affordable education, and it ended up providing the closest access to professors, resources, and aid. The personal relationships and friendships I was able to form with faculty at the College prepared me for interacting with graduate level faculty and helped secure a position as a graduate assistant at the University of New Mexico.

Allie Caskey '21, Master of Community and Regional Planning

Learn analytical and quantitative skills

The economics major allows students to develop the analytical and quantitative skills that virtually all employers value. Courses tap into the rich resources of Chicago providing students with firsthand insight into the influence of economic forces in society. Our professors are experts in their field with broad experience and national and international recognition, yet teaching is their top priority. Students have access to some of the finest internships available to undergrads anywhere.

Opportunities for Engagement

Lake Forest College Investment Club

Students listen to talks by finance professionals and learn the basics of investing through the "Wall Street Bootcamp" program.

Financial Management Association

The FMA is a global organization that provides knowledge and resources to help people make informed financial decisions.

Omicron Delta Epsilon

Omicron Delta Epsilon recognizes outstanding academic achievements in economics.

American Marketing Association

The AMA provides invaluable professional development and networking opportunities.

News

April 10, 2024

Senior's thesis investigates how AI can help secure interviews

March 07, 2024

Tilahun Emiru and alum publish paper on effectiveness of COVID mandates

students sitting in breezeway window openings

December 19, 2023

Wall Street Journal ranks Lake Forest College ‘Best in Midwest’

December 15, 2023

Two economics papers co-authored by Rob Lemke published

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Contact Us

Robert Lemke
Professor of Economics and Business
Chair of Economics, Business, and Finance
Brown Hall 418
847-735-5143
lemke@lakeforest.edu

Kathy Hawkins
Department Assistant
Brown Hall 255
847-735-5122
khawkins@lakeforest.edu

Prachi Rangan
Department Assistant
Brown Hall 255
847-735-5121
prangan@lakeforest.edu