STEM Misconceptions and the Case of Economics

When discussing the fields of study, people often lump quantitative disciplines together as part of STEM (Science, Technology, Engineering, and Mathematics). However, one notable exception is economics, which is frequently excluded from the STEM category. This discrepancy is often attributed to Economics not being as 'black and white' as some of its quantitative counterparts, leaving many students and educators puzzled about categorization and career prospects.

Quantitative Economics and the Foundation of STEM

Quantitative economics and social psychology are indeed part of the STEM classification due to their reliance on mathematical and statistical methods. These disciplines leverage advanced analytical tools and methodologies to forecast trends, optimize decisions, and understand complex human behaviors. The close relationship between these fields and mathematical precision has established a strong case for their inclusion in STEM education and research.

Economics and Its Qualitative Nature

However, why does economics not fit neatly into the STEM framework? One primary reason is the inherent uncertainty and variability of economic systems. Unlike physics, where the same initial conditions often lead to the same outcomes, economic systems are highly complex and subject to numerous variables. This makes economics more of a social science than a purely quantitative science.

Harry Truman famously asked for "one-armed economists" because the ones he listened to always presented a spectrum of possibilities rather than a single, clear answer. This 'one hand, but on the other hand' approach has led to the perception that economists are indecisive or overly cautious in their predictions. However, this subjective nature is a fundamental aspect of the field, emphasizing the need for nuanced understanding and critical thinking.

The Indeterminate Nature of Economics

Another factor contributing to the exclusion of economics from STEM is its indeterminacy. Economics deals with human behavior in complex, multidimensional contexts, where individual actions, public policies, and global events interact in unpredictable ways. In contrast, STEM disciplines are often more deterministic, allowing for clearer, more precise predictions. This inherent uncertainty means that economics cannot always be reduced to a simple set of equations or models, making it less 'scientific' in the traditional sense.

My father once humorously suggested that if economists were laid end to end, they still wouldn't reach a consensus. This underscores the challenge of achieving universal agreement in an econometrically oriented field, where different models and perspectives can lead to conflicting conclusions. This lack of a single, definitive answer is why economics often remains on the fringes of STEM.

The Oversimplification of Stem Fields

The broader issue with categorizing fields within STEM is the oversimplification and misinformation often present in educational discourse. Many high school seniors are told that STEM fields are guaranteed to lead to lucrative careers, but reality is far more complex. While some STEM fields do indeed offer substantial financial rewards, others may offer more modest salaries. The job market varies widely by specific field and institution.

Combating misinformation requires critical thinking and a thorough understanding of the job market. Students and parents need to research specific career outcomes for each major at different institutions. Factors such as location, the reputation of the institution, and the student's individual interests and skills should all be considered. Despite these complexities, the emphasis on STEM is justified by its foundational role in technological and scientific progress.

Conclusion

The inclusion or exclusion of economics in the STEM category reflects the nuances of academic and professional fields. While economics shares many attributes with the quantitative disciplines in STEM, its complexity and variability separate it from the more deterministic sciences. Understanding these differences is crucial for students navigating the complex landscape of higher education and career prospects.

Keywords

STEM, Economics, Quantitative Analysis, Social Psychology, Education