More than a monetary discipline, economics is a powerful tool for understanding society and the drive to maximize well-being. Microeconomics examines this drive at the level of individuals, households, and firms; macroeconomics examines the larger system that affects how individuals and companies make choices by looking at the performance, structure, and policies of a national or world economy.
The University of Chicago has led the way in developing many of the ideas that explain how agents and economies operate and where they will go in the future. At Chicago Booth, you will learn many of the economic concepts pioneered at Chicago, such as the general equilibrium models of foreign trade; consumption as a function of permanent income; the economics of human capital, information, incentives, invention, and innovation; and the monetary approach to international finance. Through the study of these and other ideas, you will gain an understanding of the deeper principles and fundamentals that govern business.