Should CEs Study Economics and Risk?

Civil engineers claim to work for the good of the public. To promote the welfare of the public effectively, the civil engineer must favor economic efficiency and the requisite, optimal allocation of resources. A greater appreciation for the subjects of economic action on the part of civil engineers would be in the long-term public interest. Praxeology is the science of purposeful human action. Praxeology and Engineering Problems considered subjects of common concern for economic action and engineering education. An extensive investigation of the works by Ludwig von Mises (1966, 1976, 1979, 1980, 1981, 1990) suggested that real economics, as synthesized by Mises, should be introduced to engineers (Chadderton 1994). An annotated bibliography of Mises' work is given by Greaves and McGee (1993). A primary result of this study is an undergraduate course called 'Economy and Risk' which is in its 9th year of presentation. The Accreditation Board for Engineering and Technology (ABET) criteria for accreditation of civil engineering programs call for an understanding of various aspects of professional practice, including economic issues. The subjects of economic action, praxeology, can be incorporated within a broad social context in an undergraduate curriculum to have a positive effect for ABET accreditation. As an example, our data indicate consistently improved performance by students on the engineering economy portion of the FEE.