Economics is the study of aggregate phenomena as equilibrium outcomes of individual choices. Generating predictions out of a coherent analysis, not just predicting, is the objective of economics as a discipline. By a coherent analysis, economists mean the outcome of a model. It must also be added that economic models are typically stochastic models – that is, they predict stochastic processes over time, which means that we cannot say for sure what the outcome in most cases is. However, there are some deterministic and counterintuitive results in economics, under some assumptions: gains from trade, comparative advantage, and risk adjusted returns in financial markets are unpredictable; altruistic (or cooperative) behavior is consistent with individual rationality in a well-defined series of conditions; value and equilibrium prices coincide; the study of the effects of economic policy is logically and empirically flawed when not embedded in equilibrium analysis;

Studying Economics at TeIAS provides a unique opportunity for students to collaborate with top notch researchers and learn the basics of research in economics. Our Special Economics program offers unique opportunities for students to master theory and application of general areas of economics and finance, enhance their skills in written and oral communication of ideas, and gain hands-on experience in elective courses. This program aims to equip students with the knowledge and skills needed for PhD studies at top US and European universities. Students will also share ideas with major economic industry leaders, further preparing them for success upon graduation in jobs such as economic consultant, financial analyst, and data analyst.