The term ‘Discouraged-Business major” as described by Salemi forms the hypothesis that illustrates the phenomenon of the disadvantage business major takes with retrospect to other majors (Salemi, 1996). Additionally, the term describes the preferability of Economics major as a result of students screened out of Business major. As such, this paper seeks to explain the disadvantage on business major with retrospect to Economics major.
Much of the changes in economics major are as a result of increases as well as a subsequent decline in the popularity of business studies. As such, students consider an economics degree to be a substitute for the business degree. Siegfried describes the reasons for opting economics as improved prospects for employment, interest of the students to the subject, decision making practicality as well as professional school preparation (Siegfried 1984). Siegfried research has prompted the economics department to influence the factors as a way of instigating changes in enrolment towards the positive direction. Nonetheless, the enrolments in economics major can vary as a result of discouraged business major hypothesis.
Consequently, Salemi developed the concept as a hypothesis that explained the fluctuations in the number of majors, in economics. As such, it is as a result of the aforementioned business schools that frequently made the economics major a second choice for students. This attributes to the fact that students that screened out of the business majors opted for the second choice, Economics studies. Tentatively, the students opted for economics, because, economics seen as a close substitute for business majors (Brasfield et al., 1996; Salemi and Eubanks, 1996, p.353; Siegfried and Wilkinson, 1982). Siegfried study suggested that the students idealized economics and business to be a substitute for the major. As such, they concluded that the fraction of the undergraduate students that centered on economics was considerably lower in the institutions that offered in business studies (Siegfried and Wilkinson, 1982).
Arguably, the hypothesis links with the timing of selection of the main courses, as students do not choose to major in economics at the same stage of the education profession. Nonetheless, the study reveals that only twelve percent of report the decision in majoring, in economics major before arriving at college, nineteen percent decide in their freshman year. On the other hand, forty six percent decide their majors in sophomore year twenty percent in their senior year as three percent decide in the senior year (Siegfried and Raymond, 1984). As such, the timing in choosing economics has paramount consequences that regard to the enrolment as students may test other majors for better comparison. On the other hand, other students may face rejection by their major choices and, therefore, be content with the second best outcome.
Brasfield studies the linkage that exists between business studies and economics. As such, he asserts that economics department situated at the schools that are offering business degrees may have substantial benefits with retrospect to the majors. This attributes to the fact that there exist business spillovers in schools. 1989/90 chosen as a base year where there was a nation al reduction in the economics majors happened. As such, it was evident that schools that did not offer an undergraduate business degree had a higher likelihood to lose economics majors. This attributes to the fact that an economics degree is a close substitute for a business degree.
Tentatively, the department in schools that did not offer the business degree were risking to have decreased experience. On the other hand, they accounted for an impropriate share of the overall business decline. As such, the offering of the degree appeared to be the essential determinant t of majors in economics. This was in opposition the idea of administration location of economics departments (Brasfield et al., 1996, p.366). With retrospect to the research, flexibility in economics electives seemed to have a good impact on the attractiveness of economics as a major. Arguably, Wilkinson studies the effect of certain design factors on the student’s choice of major. As such, the only one significant curriculum factor affects the student’s number who major in economics. Consequently, if there exist an undergraduate degree offered in the same school, the number of economics major declines drastically (Siegfried and Raymond, 1984, p.21).
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Additionally, DMS have lower grades in comparison to non DBMS in every core economics course. As such, the augmenting admission restriction either in the business schools or in the economics school reduces the economics major number by augmenting the quality of measured students as an augment in GPA. Nonetheless, joining the business schools would result in a decrease, in the economics major number by 83%.
Nonetheless, as a result of the DBM hypothesis an augment in business studies popularity may result to an increase in the popularity of economics major. This is as a result of screening out of the students. They tend to choose economics major as the subsequent outcome as they recognize. Salemi discovered that an average between 1983 and 994 discouraged business major accounted for the annual cost of economics. By itself, it indicates that DBMS accounted disproportionately for the experience in the economics degree at UNC. DBMS as well as OEMs have divergent characteristics: DBMS have lesser SAT scores, lower grades in principles of economics as well as intermediate microeconomics. Salemi conforms that the general results indicate that the students consider economics as a substitute for business studies (Salemi and Eubanks (1996). A transformation in popularity of business studies is, therefore, likely to have a higher impact on economics with comparison to other programs. As the enrolments attributes to changes in students choice for business studies, economics department should deem this factor for future reference.
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The double majoring rate is higher among the students that have achieved graduate degrees that have a double undergraduate. This does not augment the earning that controls the levels of the post bachelor degree. The most likely reason is that the highest degree has the primarily affect on earnings. Certainly, as a result of all studies that examine returns to specific major controls the field of the highest degree or study returns that are available for people without degrees. Arguably, it is unknown whether college major has an independent effect on earnings when the highest degree includes the earning regressions. Craft and Baker (2003)
On the other hand, having an additional degree has no important effect on the earning of an individual. Nonetheless, the returns to graduate degrees are substantial with MBAS as well as professional degrees thus having a great impact on earnings. Contrastingly, majoring in engineering produces the highest impact on the earnings of about 33%. As such, for individuals with single major, with a return of about 33 %. Consequently, the individual with a bachelors degree only have only one major in business experience the highest return for a single major. Arguably the individuals with a graduate degree and one undergraduate major have the second highest return that amount to 16 %, more in comparison to a single arts/social major.
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Having a single major in education results, in a penalty relative to having a single major in arts of 12%, for the individual without a degree, but the penalty reduces to 4 % for those that achieve a graduate degree. Certainly, having two majors within the sane group hardly ever leads to a higher earnings as compared to having a single major in that group. As such, the individuals with graduate degrees there exist no significant differences to such double majoring combinations comparative to single majors. For individuals that have a bachelor’s degree as the highest degree doubling within business result in additional returns: having more than one majors in business, on the other hand, provides returns that are 10 percent points her than the returns of a single major in business.
Business major can make a positive impact on the world. As such, business studies functions to create fiscal integrity and stability, prosperity as well as beneficial products and services. Arguably, management in business offers an understanding in big business, small business as well as entrepreneurship
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Nonetheless, business major influences jobs, opportunity as well as incomes for personal enterprise. As such, it has a significant effect on the living standards as well as quality of life of humans. Consequently, business studies build a robust foundation for the individual that wish to move on to further their studies in specialized areas that include international business, management, marketing and communication technology. It offer practical skills for the individual that wish to move directly into the workplace. Participating in the world of business pertains studying individual, communities as well as organizations that address the need and problems of the 21st century business world.
Additionally, business studies draw on facts from other fields of study for the purposes of getting to better solutions. For instance, it forms close links between marketing and communications, mathematics and accounting as well as entrepreneurial studies. Additionally, knowledge and skills are essential across all discipline. The student will be able to apply the knowledge gained in other majors and transfer the knowledge and skills necessary for business studies in the work place.
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Conclusively, the concept “Discourage-Business-major” hypothesis links with the timing of selection of the main courses as students do not choose to major in economics at the same stage of the education profession. Siegfried research has prompted the economics department to influence the factors as a way of instigating changes in enrolment towards the positive direction. Nonetheless, the enrolments in economics major can vary as a result of discouraged business major hypothesis. On the other hand, business major forms the comer stone for business knowhow as well as gaining essential entrepreneurial skills in the changing world market.