Florida State University’s Department of Economics is the largest in the College of Social Sciences and Public Policy at Florida State University. Economics has a long and impressive history at Florida State University. The first economics-related course, Political Economy, was taught in 1899 when FSU was known as the Seminary West of the Suwannee River. In 1926, the Department of Commerce and Economics was established at the Florida State College for Women, and in 1947, the department became two separate units.
When the Department of Economics became its own unit, it had four faculty members: Associate Professor Sally Gertrude Young, M.A., Assistant Professor Gertrude Penington Meek, M.A., Assistant Professor Kurt A. Sepmeier, Ph.D., and Instructor Annie Lou Cochran, M.S.
During the 2023-2024 academic year, Joe Calhoun, Ph.D, was chair of the department, having begun his service in May 2020. His time as chair was marked by significant changes to the department. Nine new faculty members were hired, two were granted tenure and associate professor titles, and two were promoted to full professors. Dr. Calhoun also oversaw improvements to the organization and the physical environment in the department. The current chair of the department is John Hamman, Ph.D., who began the role on May 10, 2024.
The department currently has 32 full-time faculty and an active research program. At the undergraduate level, it offers an economics major and minor, as well as several specialized studies programs. At the graduate level, it offers both an applied M.S. program and a Ph.D. program. Although FSU is a large public university, the faculty in the Department of Economics take great care to teach and mentor students at every level.
As of the 2023-2024 academic year, 763 FSU students are enrolled in programs at the undergraduate and graduate levels, with 8,493 graduates worldwide.
Undergraduate Programs
The Department of Economics offers an economics major and minor and several specialized studies programs, including advanced economic analysis and applied economics.
The undergraduate economics major strives to make students aware of the critical issues in economics and provide them with the tools they need to analyze them. The curriculum includes topics such as the theory of markets and price systems, organization of industries, labor supply and its uses, the commercial banking and credit system, government finance, the national income and its production and distribution, economic growth and development, and international trade and finance.
The Director of Undergraduate Studies is Michael R. Hammock, Ph.D.
Master’s Program
The Economics Department offers a Master’s in Applied Economics, which prepares students for a variety of careers in government and the private sector, such as analysts, junior data scientists, or research associates.
The master’s program has two goals. First, students learn analytical tools that will be useful in the real world. In addition, the program instills professionalism in students so they can present economic solutions to an audience of non-economists.
With an impressive job placement rate of over 90 percent in recent years, students in the applied economics program work closely with faculty, alumni, and civic leaders to learn how economic theory is applied to data and consulting projects in the labor force. This exposure provides students with in-demand software and data analysis skills. The master’s program prides itself on facilitating networking opportunities for students by maintaining close connections with alumni and engaging with leaders in state and local government.
The 2023-2024 Master’s in Applied Economics cohort included 25 students. The director is Katie Sherron, Ph.D., and the assistant director is Simona Andrei, Ph.D.
Doctoral Program
Economics’ Ph.D. program is arguably the most comprehensive in the state of Florida; it began in 1963, and the first Ph.D. was awarded in 1967. Since then, over 250 doctoral students have graduated from FSU.
The Department of Economics’ doctoral program prepares students for various careers in academia, government, and the private sector. Ph.D. students work closely with faculty to engage in cutting-edge research. Economics faculty are especially strong in experimental economics and applied econometrics, including economic history, urban, and public economics. The department also maintains a strong focus on microeconomics and applied microeconomics. It offers concentrations in various fields, including applied econometrics, experimental economics, financial and monetary economics, industrial organization, international economics, labor economics, law and economics, population economics, public economics, and urban economics.
This academic year, 32 doctoral students were enrolled in the program. The current director of graduate studies is Bernard Sliger Scholar Carl Kitchens, Ph.D.
Research and Affiliated Centers and Institutes
The department’s faculty participate in various centers and institutes at FSU to enhance interdisciplinary research and engage in community outreach.
The Gus A. Stavros Center for the Advancement of Free Enterprise and Economic Education was established in 1988 to further free enterprise and economic education in schools and the broader community by developing and disseminating materials that help make economics more interesting and understandable.
The center’s primary focus is Unconquered by Debt, its financial wellness program at FSU. This program hosts workshops that promote financial literacy and responsibility in its students. The program focuses on key life choices, including career options, earning, spending, saving, investing, managing credit, evaluating risk, insuring assets, and planning for retirement. The Stavros Center is currently under the directorship of Teaching Professor of Economics Joe Calhoun, Ph.D.
Rod and Hope Brim Eminent Scholar Chair in Economics Tony Kwasnica, Ph.D., is the Cluster Director of the XS/FS: Experimental Social Science Lab at FSU. XS/FS is made up of a diverse group of scholars from the Departments of Economics, Political Science, and Accounting, who use experimental methods to study social sciences and business. There are six core faculty in economics and additional affiliated faculty who make significant contributions to the cluster. Students who are associated with XS/FS have had success with finding post-doctoral appointments and faculty jobs.
The Center for Demography and Population Health (CDPH), established in 1967, supports evidence-based public policy through interdisciplinary research on demographic processes and population health, trains master’s students seeking careers as applied demographers, and mentors doctoral students in social demography, population economics, social epidemiology, and environment and health. The center brings together researchers from the Departments of Sociology, Economics, Geography, Urban and Regional Planning, History, and Statistics, and the College of Medicine.
Two of our most distinguished economics faculty members, Keith Ihlanfeldt, Ph.D. and Randall G. Holcombe, Ph.D., are affiliated with FSU’s DeVoe L. Moore Center for the Study of Critical Issues in Economic Policy and Government (DMC). The DMC is an interdisciplinary center in the College of Social Sciences and Public Policy, which examines how the government impacts the market economy. The Center provides undergraduate and graduate students opportunities for research. This research has been presented at conferences and published in the news and as policy reports. Dr. Ihlanfeldt leads the academic research program for the DMC.
The department’s faculty teach in interdisciplinary programs at FSU to enhance cross-discipline research and engage in community outreach, including African American Studies, Public Health, Demography, and Financial Mathematics programs.
Distinguished Faculty
The Department of Economics has been home to many distinguished faculty members over the years.
Dr. Ihlanfeldt is the DeVoe Moore Eminent Scholar and Professor of Economics. Dr. Ihlanfeldt researches urban and regional economics.
Dr. Randall G. Holcombe is the DeVoe L. Moore Professor of Economics. Dr. Holcombe researches public sector economics.
Mark Isaac, Ph.D., is the John and Hallie Quinn Eminent Scholar Chair for the Renewal of American Heritage and American Free Enterprise. Dr. Isaac studies experimental economics.
Shawn Kantor, Ph.D., is the L. Charles Hilton Jr. Distinguished Professor of Economic Prosperity and Individual Opportunity. Dr. Kantor researches economics of innovation, urban and reginal economics, U.S. economic history, political economy, and public economics. He also serves as the director of the L. Charles Hilton Jr. Center for the Study of Economic Prosperity and Individual Opportunity.
Professor of Economics and Cluster Director of XS/FS Tony Kwasnica, Ph.D., is the newest Rod and Hope Brim Eminent Scholar Chair in Economics. Dr. Kwasnica’s research focuses on auctions, market design, and decision-making under uncertainty.
Distinguished Economics Professor Emeritus James D. Gwartney, Ph.D., who retired from FSU in Spring 2023 after devoting 54 years to research, service, and mentorship at FSU, served as Gus A. Stavros Eminent Scholar Chair.
Other economics professors who have become professor emeriti include Bruce Benson, Ph.D.; James Cobbe, Ph.D.; Gary Fournier, Ph.D.; Milton Marquis, Ph.D.; Thomas McCaleb, Ph.D.; Carl Schmertmann, Ph.D.; Paul Beaumont, Ph.D.; James H. Gapinski, Ph.D.; and Dean of the College of Social Sciences and Public Policy from 2003-2016, David W. Rasmussen, Ph.D.
For more information about the department’s current programs and activities, visit coss.fsu.edu/economics. For more information about our college’s history as we celebrate our 50th Anniversary, visit coss.fsu.edu/50th.