What is the Future of Economics | Introduction to Economics
Economics is a subject that synthetically interprets logic. Its goal is to develop theories that are easier to explain, more productive, and more efficient than other theories. Sometimes the analysis is initiated in a general way to explain the relationship between the variables. In this post, we have discussed what is the Future of Economics, and its importance.
Don’t be embarrassed by the post title. This post not only discusses what is the future of economics. The table of content of this post is given below. Let’s have a look –
- What is the economy?
- Why study economics?
- What is taught in economics?
- What is the future of economics?
- What is a career in economics?
- Where will the economy be?
- How many years is the course?
- What skills do I need to study economics?
- What is the type of study?
- What extracurricular activities can be involved in?
- What Countries are there Opportunities to go to after Completing Economics Studies?
- What are the different subfields of economics?
- Economics is not for them.
So, let’s start with the first point-
What is economics?
Economics is very close to life. It mainly helps in decision-making. The basic concept of economics is how to satisfy our infinite need for something with limited resources.
These assets can be money, any material or goods, or time. It teaches how to meet our growing needs most efficiently with these limited resources. That’s why there are so many amazing theories, so many mathematical formulas, and so many definitions. But above all, you can use your creativity in this field.
Maybe you have a fancy idea about how to use this resource effectively. If you know about economics, you can easily figure out how effective this idea is. And if the idea is to change the world, then who knows, the Nobel Prize in economics can be yours!
The most interesting thing is that economics is a stream of social science, till higher secondary it is included in the humanities department. But this seems to be the only subject where a wonderful combination of science, business education, and humanities is found.
On the one hand, you will know mathematics, on the one hand, you will learn business strategy and on the other hand, you will read about the politics, society, and history of the country and the world. There is no other subject as versatile as economics.
Why study economics?
When we express interest in studying a subject, we say, we want to study engineering to become an engineer, study banking to become a banker, or study journalism to become a journalist. So what economics will be an economist? Here’s the fun.
You can go to any level by studying economics. Does the topic seem too embarrassing? You can apply the knowledge gained by studying economics in any field. You may be a university teacher, a researcher, a director of a multinational company, a high-ranking official of an international organization, a social worker, or a governor of a national bank!
Economics is a very broad subject. If you pay attention, you will see that the economy controls everything from the stock market to the small market next to the house or from the national budget to the calculation of household income and expenses.
We all make countless economic decisions every day, the only difference is that we don’t know that they are economic texts.
What is taught in economics?
Economics is used in almost every aspect of our life. This helps a student to make rational decisions. Any decision can be made better by applying knowledge of economics.
Learning is not limited to numbers, graphs, or calculations. Economics teaches how to improve people’s lives by applying economic knowledge.
Economics is the foundation, And things like marketing, management, and financial resources are its branches. Understanding these things becomes easy if you understand economics properly.
Economics students get an idea about how the economy of a country works and should work, and what kind of changes can be made in the economic sector of their country compared to other countries. Also get an idea of how to manage individual institutions efficiently, and how to get more profit with less cost.
Apart from this, it is also known how to improve their domestic budget, consumption, and income with limited personal resources.
What is the Future of economics?
Just as there is demand for fundamentals in the world, so is the demand for the economy. Currently, the world is moving towards artificial intelligence.
A time will come when very few cases will require human intelligence. Once the robot captures something, it can use it later to make a decision. At that time, many things will not be needed, but as a basic matter, the needs of the economy will remain.
Suppose, if there is at least one university in the most underdeveloped country of the world, there must be an economics department there. So you don’t have to think about job opportunities if you study economics.
It is better to study economics at the undergraduate level and then go for specialization during post-graduation and Ph.D. Because now almost everything is becoming specialized. So if you don’t know about those features you will face problems later.
What is a career in economics?
If one wants to study economics and become a teacher, then it is better to do a Ph.D. Apart from this, research can be done along with teaching. It can be a solo study or a research paper published on behalf of an institution.
Almost all countries have various national and international research institutes, such as PRI, CPD (Centre for Policy Dialogue), Policy Research Institute, etc.
In addition, various multinational organizations that work on economic development, such as ADB (Asian Development Bank), International Food Policy Research Institute, etc.
Since Economics is a research-oriented subject, after passing the most chances are in a research organization. Every year young talented economists get an opportunity to start their career in reputed institutions as economists, Accountants, Financial risk analysts, Data analysts, Financial planners, Economic researchers, Financial Consultants, and Investment analysts. etc.
Besides, there are job opportunities in various international organizations such as World Bank, ADB, IDB, IMF, etc. And there are other important posts including finance advisor in multinational companies.
A student studying economics also has job opportunities in these institutions. Economics students can find work in any type of financial institution anywhere in the world.
What skills do I need to study economics?
It is not necessary to have a good grasp of all subjects for preparation before studying economics. To study economics, knowledge of science, mathematics, and English is most useful.
Since good Economics books are almost all written in English, the subject can be grasped easily if you have a command of English. And since there are many uses of statistics and numbers in economics, the foundation of numbers needs to be solid. Not that it has to be very good. But if you are afraid of numbers, it is better not to choose economics.
How many years is the course?
The Bachelor’s degree in Economics usually takes four years, with a program requiring at least 120 credits. And Master’s degree in Economics usually takes one or two years and involves classroom lectures, tests, and a master’s thesis.
What is the type of study?
Economics is a theoretical subject. However, Honors and Master’s courses are given in mathematics, statistics, and data science, which are later applied by economists in various practical fields.
What extracurricular activities can be involved in?
While studying this subject there are some extracurricular activities that can help in building a career after completing the Study. Although studying economics is complex, there are ample opportunities for extracurricular activities. Membership and posts in various clubs like Business Club, Debating Club, Career Club, MUN Club, etc. are useful later.
If in addition to studies, there is a responsibility where social engagement is high, networking is possible, there are management activities, and organization skills are required, then it carries importance in a CV in the future. Besides, the experience of participating in national and international level Business Summit, Economics Summit, MUN, etc. is also helpful.
What Countries are there Opportunities to go to after Completing Economics Studies?
For international students, both the Honors Masters and Economics have more scholarship opportunities. Every year a lot of students go to study from Asia, especially in Canada or North America.
If you study economics with interest, many great opportunities can knock on your door. You just have to have the passion, the desire to do well.
In addition to regular studies, one must participate in extracurricular activities. Must have the mindset to gain all kinds of experience.
There will be pressure to study, but it should not be overwhelming. Eyes and ears should be kept open. Preparation should be done from the beginning keeping the goal fixed. The economy is a name of great potential, for those who are willing to invest their labor, talent, skills, and achievements in it.
What are the different Subfields of Economics?
At the most basic level, the field of economics is divided into microeconomics and macroeconomics. Where Microeconomics means the study of individual markets, and macroeconomics means the study of the economy as a whole.
But at a more granular level, economics has many subfields, depending on how finely you want to divide the science. The Journal of Economic Literature provides a useful classification system of Economics. Here are some of the subfields that JEL identifies:
- Mathematical and quantitative methods.
- The economy
- Game theory and settlement theory.
- Experimental Economics.
- Microeconomics.
- Macroeconomics and Financial Economics.
- Business cycle.
- Money and interest rates.
- International Economics and International Trade.
- Finance and Financial Economics.
- Public Economy, Taxation, and Government Expenditure.
- Health, education, and welfare.
- Labor and Population Economics.
- Law and Economics.
- industrial establishments.
- Business Administration and Business Economics; marketing; accounting
- Economic history.
- Economic development, technological change, and growth.
- Economic system.
- Agricultural and Natural Resource Economics.
- Urban, rural, and regional economies.
In addition, there are several areas within economics that were not significantly present as the JEL classification developed, such as behavioral economics, organizational economics, market design, social choice theory, and more.
Economics is not for them-
Those who are afraid of mathematics from childhood and who cannot give enough effort to studying, should not choose the subject at all.
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Bottom Line:
What is the Future of Economics and to understand its importance, simply can describe that- For Planning and evaluating, prospects in changing management practice Economics analyst is a useful tool. This study scarcity and its implications for the use of resources, growth of production and welfare over time, production of goods and services, and a variety of other complex issues of vital concern to society. The main attractive part of economics is in the world everywhere has job opportunities of it.
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