Economics is the social science that studies the behavior of individuals, groups, and organizations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) has to be made by one or more resource-controlling players to attain the best possible outcome under bounded rational conditions. In other words, resource-controlling agents must maximize value subject to the constraints imposed by the information the agents have, their cognitive limitations, and the finite amount of time they have to make and execute a decision. Economic science centers on the activities of the economic agents that comprise society. (read more at wiki)
Academic Factors Comparison Between Best Colleges in Economics Major
1 public and 9 private schools are ranked in the top 10 Economics colleges. The average acceptance ratio of the schools is 8.30% where Harvard University has the tightest acceptance ratio of 5% and University of California-Berkeley has the highest ratio of 17%. Total 211,191 students are enrolled into best Economics schools where University of California-Berkeley has the largest population with 40,154 students and Princeton University has the smallest with 8,181 students. The average graduation rate is 94.80% and the average students to faculty ratio is 7.40:1 at those colleges.
Next table shows the academic information and key facts of the best Economics colleges including acceptance ratio, graduation rates, student population, and students to faculty ratio.| Rank | Name | Acceptance Rates | Graduation Rates | Population | Student-Faculty Ratio |
|---|---|---|---|---|---|
| 1 | Harvard University Cambridge, MA | 5% | 97% | 29,908 | 7:1 (14.29 %) |
| 1 | Massachusetts Institute of Technology Cambridge, MA | 8% | 93% | 11,376 | 3:1 (33.33 %) |
| 1 | Princeton University Princeton, NJ | 7% | 97% | 8,181 | 5:1 (20.00 %) |
| 1 | University of Chicago Chicago, IL | 8% | 94% | 15,775 | 6:1 (16.67 %) |
| 5 | Stanford University Stanford, CA | 5% | 94% | 17,184 | 10:1 (10.00 %) |
| 5 | University of California-Berkeley Berkeley, CA | 17% | 92% | 40,154 | 18:1 (5.56 %) |
| 7 | Northwestern University Evanston, IL | 11% | 94% | 21,823 | 7:1 (14.29 %) |
| 7 | Yale University New Haven, CT | 6% | 98% | 12,458 | 6:1 (16.67 %) |
| 9 | University of Pennsylvania Philadelphia, PA | 9% | 95% | 24,960 | 6:1 (16.67 %) |
| 10 | Columbia University in the City of New York New York, NY | 7% | 94% | 29,372 | 6:1 (16.67 %) |
| Average | 8.30% | 94.80% | 211,191 (Total) | 7.40:1 (13.51 %) |
Best Economics Colleges 2018 Tuition & Fees Comparison and 2019 Estimated Costs
Next table lists 2017-2018 tuition & fees and compares the costs between Best Economics Colleges. The 2017-2018 costs are officially published by IPEDS, U.S. Department of Education. The estimated costs for year 2018-2019 are calculated and estimated based on each school's tuition rates last year.
For the undergraduate programs, the average tuition & fees of best Economics schools is $50,864 where Columbia University in the City of New York has the most expensive costs with $57,208 and University of California-Berkeley has the lowest amount of tuition with with $42,184. The average graduate tuition & fees of best Economics schools is $45,977 where University of Chicago has the highest tuition with $57,000 and University of California-Berkeley has the lowest amount of tuition with with $29,272.
| Rank | School Name | 2018 Tuition & Fees | 2019 Estimated Tuition & Fees | ||
|---|---|---|---|---|---|
| In-State | Out-of-State | In-State | Out-of-State | ||
| 1 | Harvard University | $48,949 | $50,898 | ||
| 1 | Massachusetts Institute of Technology | $49,892 | $51,374 | ||
| 1 | Princeton University | $47,140 | $49,054 | ||
| 1 | University of Chicago | $56,034 | $59,816 | ||
| 5 | Stanford University | $49,617 | $51,352 | ||
| 5 | University of California-Berkeley | $14,170 | $42,184 | $14,863 | $44,276 |
| 7 | Northwestern University | $52,678 | $54,566 | ||
| 7 | Yale University | $51,400 | $53,394 | ||
| 9 | University of Pennsylvania | $53,534 | $55,687 | ||
| 10 | Columbia University in the City of New York | $57,208 | $59,444 | ||
| Average | $14,170 | $50,864 | $14,863 | $52,987 | |
| Rank | School Name | 2018 Tuition & Fees | 2019 Estimated Tuition & Fees | ||
|---|---|---|---|---|---|
| In-State | Out-of-State | In-State | Out-of-State | ||
| 1 | Harvard University | $45,958 | $47,587 | ||
| 1 | Massachusetts Institute of Technology | $52,892 | $54,588 | ||
| 1 | Princeton University | $48,940 | $50,722 | ||
| 1 | University of Chicago | $57,000 | $59,245 | ||
| 5 | Stanford University | $47,940 | $47,940 | ||
| 5 | University of California-Berkeley | $14,170 | $29,272 | $14,863 | $29,948 |
| 7 | Northwestern University | $52,679 | $54,558 | ||
| 7 | Yale University | $41,000 | $42,236 | ||
| 9 | University of Pennsylvania | $37,134 | $38,729 | ||
| 10 | Columbia University in the City of New York | $46,956 | $48,401 | ||
| Average | $14,170 | $45,977 | $14,863 | $47,396 | |
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