When economists think about Michigan, the auto industry most often comes to mind. Because of the state’s heavy economic dependence on a thriving auto industry, Michigan was hit harder than most regions when the U.S. economy went sour and consumer spending on things like new cars and trucks declined dramatically. To the student pursuing a traditional Master’s of Economics or other graduate-level degree in the more business-oriented concentrations of managerial or financial economics, Detroit’s future looks promising.
Alan Mulally’s courageous effort to save the Ford Motor Company, described in the book “American Icon: Alan Mulally and the Fight to Save Ford Motor Company,” stands as a symbol of Detroit’s resilience during tough times. Chrysler and General Motors are recovering as well and the unemployment rate in the state has declined 6% since 2009.
All this is the result of passionate efforts made by economists as they help key industries, including auto, to react to customer demand, leverage commodities and resources to improve efficiency in manufacturing and, most importantly, create jobs. Graduate-prepared economists in Michigan might have the opportunity to directly affect the health of our nation’s economy.
Five Universities in Michigan offer master’s degrees in economics, with some private schools offering MBA degrees with a focus in business economics. Each school offers students the chance to understand the most important issues affecting Michigan’s economy.