The Value of Economic Thinking
Katelyn Byczek, a recent graduate of the University of Minnesota (BA ‘22, economics), has a unique perspective on the world of economics. With a degree that bridges the technical precision of mathematics with the expansive reach of social sciences, Byczek traversed a path that blends curiosity, challenge, and a drive for problem-solving.
What drew you to economics?
Economics has always interested me because it blends the analytical rigor of mathematics and technical science with the insights of the humanities and social structures. It’s the perfect intersection of quantitative problem-solving and understanding human behavior. These skills allow me to apply logical, data-driven thinking while also considering broader social contexts
I came to the University of Minnesota undecided on a major. I didn't really have an idea of what I wanted to do or be when I "grew up." But I studied different general education classes freshman year, and I took one econ class. After that one econ class I was sold. In high school I took my first economics class, and it was the hardest class that I had ever taken. From there on I really just wanted that challenge, and I found that econ stimulated parts of my brains that other subject matters didn't.
What makes economics important as a discipline?
I think econ is misunderstood. I think it gets pulled into the finance department quite a lot, which is a common misconception. Economics is unique because it weaves in and out of all industries, all workforces, and beyond work as a concept. It goes into areas of social humanity, and it prepares you to be a strategic thinker.
Economics is crucial. I'm a firm believer that economics classes should be mandatory for everybody. Econ classes really prepare you to learn how to think. Not just how to solve a problem, but how to think about solving a problem, which is fundamental for any college class and the workforce.
What is unique about studying economics at the University of Minnesota?
The University of Minnesota economics program is special for so many reasons. The first thing is the people. I love our advisors, and the faculty are extremely intelligent; they have a wealth of knowledge to share. Secondly, I think the University of Minnesota econ department is extremely quantitative when comparing it to other universities and colleges. A lot of the teaching is focused on quantitative frameworks, not just theory-based econ, which is important as well.
The program's focus on math, statistics and reasoning is something I really value.
Why does research in this field matter?
Research is extremely important for every field. It [defines] universities as well as employers and employees. I find that there are so many opportunities in research in econ. There is an infinite abundance of questions to be answered about economics and about everything that surrounds it. It's super important that those opportunities are made available for economists and people that want to be economists.
How does earning an economics degree in a liberal arts college help students prepare for life after graduation?
[The College of Liberal Arts] truly does give you a leg up. I found that they [CLA] never siloed me to a particular discipline. It allowed me to explore tons of different interests, industries, and skills. While I was taking econ classes, I was simultaneously taking Russian literature classes and so on. I felt that CLA really prepared me for a wide range of experiences.
Especially in a technical role, like consulting, where many rely heavily on their technical skills, being able to pivot between math- or statistics-based problems and real-world challenges involving human behavior and societal impacts is a significant advantage.
I would say the biggest thing that I took away from not only my econ degree, but also my CLA experience was learning how to tackle big issues and talk about them, learn more about them, and explore them.
I think that an econ degree teaches you how to tackle difficult problems on paper and in the real world. An optimization problem seems super simple and easy to solve because it relies on very prescribed mathematical thinking, but then you incorporate all the theories that motivate that, and you get a more complicated problem. Econ really teaches you to digest that issue, diagnose it, and eventually solve it. Even if it's not exactly what you were expecting.
It's important that your college is worth the time and money. You should be learning something, you shouldn't just be getting by. CLA provides so many opportunities [for that]