Originally posted by: veggz
In terms of practical applications in the workplace, a business degree probably has the edge over an econ degree. However if you are looking for job opportunities the two are probably essentially identical, depending on the school that you go to. A degree in economics from an elite school is probably one of the most versatile and marketable degrees that one can earn, and job opportunities are literally limitless. An econ degree is more theoretical than a, say, finance or busniess administration degree; personally I would recommend getting a econ degree, or a finance degree if it is available and what you are looking for is career specialization. I've always seen the business major as a sort of filler major, and there is a reason why most top schools do not offer it.
I have a bit of experience in both areas. I have a bachelors in economics and a bachelors in business (accounting concentration) and a masters in tax accounting.
A degree in economics should prepare you for further graduate study, and should prepare you for an entry-level position with most brokerage and other financial services firms. However, these positions are highly competitive as there is a glut of economics majors on the market (at least in my experience).
A degree in accounting should prepare you for an entry-level position with a public accounting firm. It will prepare you to learn more once you start work and that's about it. An accounting program worth its salt will delve into the theoretical underpinnings of modern accounting and why the current system (whether it be for tax, financial accounting, auditing, etc.) operates the way it does. That will enable you to keep on top of future developments in a very fast-changing field.
From what I've seen with my friends, an accounting degree, with experience, is less versatile than an economics degree, with experience. Those with auditing experience usually get hired off to clients within 2 to 4 years because of their then extensive knowledge of the company's financial reporting process. Those with more general financial services experience can go back for an MBA, get hired on to a client, etc.
If you're bright and you have experience in either field, the sky can be the limit, but you have to know when to make career changes and when not to. In the end, what you do with your degree depends on you.