Undergraduates in SES can minor in environmental economics and sustainability, and students in the master’s degree program can select a concentration in sustainable business. SES also supports the sustainability management minor in the Quinlan School of Business. This year, SES is expanding its academic offerings related to business and economics by adding a new bachelor’s degree program in environmental economics and sustainability. The course of study connects environmental and social problems to business theories and economic analysis. Students in the major start with foundational classes about sustainability and economics and then concentrate on business-oriented courses or economics, policy, and law. Richard (Max) Melstrom, PhD, associate professor of ecological economics, (pictured above) spearheaded the development of the new degree program. 

“In the last five to ten years, SES has been moving to make social science, economics, and business more integral in the sustainability curriculum,” he said. “A main outcome of the major is connecting environmental and sustainability-related thinking across topics and fields related to business, policy, and economics.” 

Melstrom noted that environmental actions have economic consequences, from policy implementation to restoration efforts and sustainable business strategy. He said that the field of economics has much to contribute to our understanding of environmental problems.

“The economics discipline has been a leader in the study of distributional and development problems, including poverty, unemployment, pollution, public health, and economic mobility,” said Melstrom. 

Students in the new major will learn how to evaluate social and environmental problems through a mix of theory and qualitative analysis. They will learn to analyze who benefits or is harmed by economic and environmental policies and identify how benefits and harms are distributed in a population. Students will take courses with faculty members in SES and the Quinlan School of Business. The curriculum will explore topics such as tradeoffs, property rights, equity, ecosystem services, and the costs associated with environmental degradation. This interdisciplinary major will prepare students for careers in government, consulting, and environmental nonprofits. Graduates will also have the background to pursue graduate degrees in law, applied economics, environmental management, public policy, or sustainable business. 

SES has hired new faculty members with the expertise to support the growing curriculum related to environmental economics and sustainable business. Melstrom came to SES in 2017. Environmental economist Lopa Chakraborti, PhD, joined the faculty in 2021, and sustainable business specialist Sarah Ku, PhD, came on board in 2022. Both Chakraborti and Ku hold joint appointments in SES and the Quinlan School of Business.  

Chakraborti earned her PhD from the Department of Agricultural and Resource Economics at the University of Maryland, College Park. She holds a master’s degree in quantitative economics from the Indian Statistical Institute. Before joining Loyola, Chakraborti was an associate professor in the Department of Economics at the Center for Research and Teaching in Economics in Mexico. She has also been a World Bank consultant on sustainable development topics such as green accounting.

At Loyola, Chakraborti teaches an ecological economics course exploring the interconnections between human and natural environments, emphasizing sustainable economic development. Students learn about the roles of private sector incentives and regulations in addressing global, regional, and local ecological and sustainability issues—critical topics for students in the new environmental economics and sustainability major.

Chakraborti’s research focuses on environmental justice and social equity, and she investigates questions about the environment and development. She notes that researchers around the globe are increasingly interested in strategies for controlling environmental pollution while addressing socio-economic inequities, including inequities in exposure to pollution. She says the new degree program will offer students a sound economics and business foundation and opportunities to explore topics ranging from natural sciences to business analytics to social justice. 

Sarah Ku came to Loyola from Georgia State University, where she earned a PhD in business administration / marketing / international business. In her first year at SES, she redeveloped three existing courses: Sustainable Business Management, Introduction to Circular Economy, and Design for Circular and Sustainable Business. These courses are open to undergraduate and graduate students in SES, Quinlan, and other Loyola programs. 

Ku aims to bridge the gap between the sustainability and business fields. She says sustainability professionals need to understand how businesses can contribute to solving environmental problems and that, likewise, it is vital that business leaders realize how their work connects with ecological issues. 

“A lot of the language, practices, and courses that are business specific tend to not consider sustainability, either in the environmental or social dimension. It’s focused mainly on economic profit,” Ku said. 

With the redesigned courses, students learn how businesses can function sustainably, an area of growing interest among consumers. 

“We’ve seen a big shift in what people expect of businesses as consumers and employees and broadly as a community,” Ku explained. 

Students in Ku’s courses learn how business leaders, employees, and consumers can help build a more sustainable economy—a critical piece of the puzzle of solving global environmental problems. 

With the expansion of interdisciplinary programs in SES, the school aims to train future leaders who will bring the worlds of economics, business, and sustainability together, helping to create a more equitable and sustainable economy that meets people’s needs and preserves a healthy, green planet for future generations.