The Economics Society is a group that desires to better understand the economy and how it works. It helps students to know what careers are out there, helps them know what future salary and work expectations will look like, and provides an opportunity to dive into more interesting topics that they would not normally get in class.
Examples of these topics are understanding the repercussions of the toilet paper shortages of 2020 or why a dozen eggs reached almost $4 a carton in January 2023.
Cassie Carrin, the president of the ECON Society, stated that she wants to get people interested in joining the major.
“There are a lot of people who don’t know what they want to do and I was one of those people,” Carrin said. “I didn’t know what I wanted to do until I found economics. This is answering philosophy questions, psychology questions, political questions and you can use it in any business you go into.”
She explained that even individuals who take a basic econ class still do not fully grasp what the economy is or how it works. The group’s ultimate goal as a society is to expand people’s awareness of the subject and have fun while doing so. When people broach the subject with Carrin, she encourages them to join, “not only because it’s fun but also because we believe in incentives.”
Joshua Tibbitts, the ECON Society faculty advisor, further explained how economics is all about choices — it is in everything we do. He continued to more specifically explain the aspect of how people behave irrationally when it comes to spending money.
In one example, Tibbetts explained the difference between purchasing a calculator and a TV at a local store versus at Walmart: Where most individuals are willing to drive to Walmart to get a better deal on a calculator than they would on a TV even though the price difference between each location is still $10. Which he said is common and predictably irrational since $10 is still $10.
“I want students to be able to see the possibilities and the powerful impact that economics can have not only in their professions, not only in society and policy but just in their everyday decision,” Tibbitts said. “I want to share my enthusiasm and love for economics and I hope students can feel that and become enthused about the subject as well.”
ECON Society is planning on holding its next activity, the ECON Bee on Thursday. Prizes will be given to the top three contenders of the competition.
Those who have further questions about the ECON Society can visit the BYU-I ECON Society’s webpage.