What is economics? Economics is a social science that studies how people choose to use resources and how the economy works. Economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures. Therefore the aim of economics is to gain better understanding about incentives and how it can be used to improve welfare.
The Department of Economics is part of the Faculty of Economics and Business, Universitas Gadjah Mada (UGM), along with the Department of Accounting and Department of Management. The Faculty of Economics and Business earns one of the world prestigious accreditation The Association to Advance Collegiate Schools of Business (AACSB) after almost 7 years of institutional development process. The Faculty of Economics and Business becomes the first AACSB earner in Indonesia.
The origin of the Department of Economics can be traced since 1952 when it was still a division under the Faculty of Law, Economics, Social and Politics. In 1983 the Department of Economics and Development Studies was established and then changed to the Department of Economics in 2005.
The Department of Economics obtained an “A” accreditation from the Board of National Accreditation (BAN-PT).