“In my opinion, that degree doesn’t prove very much,” wrote Donald Trump in his book The Art of the Deal, “but a lot of people I do business with take it very seriously, and it’s considered very prestigious.”
All things considered, Trump was glad he went to Penn’s Wharton School, where he studied economics after starting his college education at Fordham University.
So what did he learn? During the one presidential debate held with Kamala Harris, she pointed out that the Wharton School said his plan would explode the deficit. A recent analysis from the Penn Wharton Budget Model estimated that keeping Trump’s campaign promises would increase the national debt by $5.8 trillion over 10 years, while the top 1% of households would see their post-tax income rise by $47,000 in 2026.
He countered by saying, “I went to the Wharton School and many top professors there think my plan is brilliant. It’s a great plan.”
The Economics Advantage: Politicians, CEOs, and Rock stars Who Studied Economics
Economics has long been the intellectual foundation for understanding how markets function, resources are allocated, and decisions are made. It’s no surprise, then, that many of the world’s most influential politicians, CEOs, and business leaders began their journeys with a degree in economics. This versatile field provides a unique mix of analytical, quantitative, and strategic thinking that equips leaders to navigate the complexities of global markets, political systems, and organizational management.
Check out the world’s top 30 institutions for Economics in the BlueSky Ranking of Economics Rankings 2024.
The Political Powerhouses
In politics, an economics degree often serves as a stepping stone to shaping fiscal and monetary policy. Former U.K. Prime Minister David Cameron studied Philosophy, Politics, and Economics (PPE) at the University of Oxford, a degree that has produced countless political leaders.
Similarly, former U.S. President Ronald Reagan studied economics and sociology at Eureka College, Illinois. Reagan’s economic policies, often termed “Reaganomics,” were rooted in his understanding of supply-side economics and fiscal policy.
The US secretary of the treasury and former chair of the Federal Reserve, Janet Yellen switched to major in economics during her undergraduate years at Brown University, and then completed her Masters and PhD in economics at Yale University.
And global institutions are led by economists. Kristalina Georgieva, Managing Director of the International Monetary Fund, holds a Ph.D. in Economics and has been instrumental in guiding global economic recovery strategies post-COVID-19.
CEOs with an Economics Edge
In the corporate world, an economics degree is equally valuable, equipping leaders to assess market dynamics, strategize pricing, and evaluate risks. Elon Musk, while primarily known for his engineering and innovation, studied economics alongside physics at the University of Pennsylvania. Like Donald Trump, he transferred to UPenn after studying at Queen’s University in Canada.
Sam Walton, the founder of Wal-Mart studied economics at the University of Missouri, while Meg Whitman, the former boss of eBay and then Hewlett Packard, who the Harvard Business Review named among the best-performing CEOs of the decade, graduated in economics with honors from Princeton University after completing an 83-page-long senior thesis titled “The Marketing of American Consumer Products in Western Europe.”
Economics graduates are also well-represented in the financial sector. Lloyd Blankfein, former CEO of Goldman Sachs, studied economics at Harvard before climbing the ranks of one of the world’s most influential investment banks. Similarly, Michael Bloomberg, billionaire entrepreneur and former Mayor of New York City, earned a degree in economics from Johns Hopkins University. His success in building Bloomberg LP and his philanthropic ventures reflect the practical application of his economic insights.
Economics on Stage or the Big Screen
When Mick Jagger and the Rolling Stones wrote You Can’t Always Get What You Want, he may have been drawing on his studies at the London School of Economics and the ideas expressed by LSE professor, Lionel Robbins in his essay on the Nature and Significance of Economic Science where he highlighted the fundamental problem of scarcity in economics. Alternatively, the song could just be about sex, drugs and rock ‘n roll.
And while achieving solid grades in economics at Stanford, Tiger Woods won a record-tying number of university golf tournaments. “I really enjoyed being stimulated by the students and professors,” Woods recalls. “Some were geniuses and others were Olympic athletes. It’s amazing how well-rounded they are. That’s what’s so cool about it. You must soak up that experience. It was one of the best times in my life.”
Why Economics Breeds Leaders
Economics provides a unique framework for understanding incentives, trade-offs, and decision-making-all critical skills for leadership. It trains students to think critically about complex systems, anticipate market trends, and make data-driven decisions. Furthermore, the global nature of economics enables leaders to tackle challenges across industries and regions, whether they’re managing a multinational corporation, crafting national policy, or addressing global issues like climate change.
Studying economics offers not just a degree, but a toolkit for understanding and shaping the world.
So which are the best universities in the world for economics? BlueSky Thinking compiles the performance of schools across the major global subject rankings published by THE, QS and US News. You can see the results for the BlueSky Ranking of Economics Rankings 2024 here.