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Advantages of Studying Economics

PUBLISHED : Wednesday, 27 September, 2017, 4:12pm
UPDATED : Wednesday, 27 September, 2017, 4:12pm

Benefits of an Economics Degree

If you make a point of keeping up to date with current events around the globe and love anything to do with startups, businesses, or economics, it is probably a good idea to look into an economics degree to enhance your future with an economics career. There are numerous career options for economics majors students.

At its heart, economics is a human-oriented subject, though it may look to be all about money on the surface. Economics can, in fact, be defined as the study of how people allocate and utilise resources on an individual and collective basis. This human-centric element renders the Economics major courses available very wide-ranging, indeed. There are many different ways to approach this diverse subject and a host of advantages of studying economics. In fact, there are both Bachelor of Arts and Bachelor of Science degrees available for undergraduates pursuing Economics major courses.

What is Economics?

Economics is a social science that explores an entire range of issues that influence financial decisions. Economics looks at how individuals and organisations use, produce, consume, and distribute the world’s goods and services. Knowing about money is not enough: areas like sociology, law, psychology, politics, geography, and history should be examined as well. Any knowledge in these expansive fields would further enhance and increase the benefits of studying economics, since these subjects are all inter-disciplinary and understanding one subject would potentially deepen the understanding in another.

Microeconomics and macroeconomics are the two main types of economics. As the names imply, microeconomics focuses on the economical behaviour of individuals (e.g. companies, families, consumers), while macroeconomics looks at economies on the global or national scale, with a focus on such issues as inflation, unemployment, and fiscal policy. Both types of economics subjects have wide-ranging applications in the real world, thereby further broadening the career options for Economics majors graduates.

Indeed, the skills acquired by students of Economics major courses extend far beyond the knowledge gained; students also develop transferable soft skills, including analytical problem-solving skills, and the ability to communicate quantitative data as well as qualitative research findings. The advantages of studying Economics differ from the advantages of studying other humanities subjects, since Economics allows students to learn how to analyse very specific figures which enable them to predict future economically-oriented events. This can render Economics graduates a marketable, employable asset that differentiates them from other graduates.

What to expect from an Economics Degree

An Economics degree offers students an amalgamation of lectures, smaller-group seminars, written assignments, project reports, and perhaps examinations. A Bachelor of Science in economics will focus more on mathematics and statistics. The latter two subjects have broad-reaching application within a practical context, and most prestigious corporations and financial institutions require employees to have a solid grasp of mathematical principles. Thus, in such cases, the benefits of an Economics degree are particularly noticeable.

A Bachelor of Arts in Economics will still entail a mathematical element; however, it takes a more qualitative approach and incorporates related theoretical fields such as psychology or sociology. Degrees in areas like Behavioural Economics do not necessarily limit the career paths for Economics majors students though, because companies are increasingly recognise the need for creativity and innovation, in order for their consultants and analysts to come up with solutions within a dynamic, financial context.

Whether you decide to pursue a BA or BSc, a degree in Economics will ask that you understand both Economic theory and how to engage in empirical investigation. A knowledge of statistics will help you investigate issues in public policy, business, or financial industries. If you do not have a ready aptitude for maths and information technology, or an ability to tackle problems, then the thrill and the benefits of studying economics may be far more diminished for you. In such a situation, economics may not be the right choice for you, and there are many other academic programmes discussed here which may be more suited to you. However, if you do have those qualities, and enjoy keeping up to date with current affairs as well, then this subject may be the key to a plethora of career options for you Economics majors graduates out there.

A degree in Economics will certainly not preclude you from continuing onto an academic career; it is a very respectable degree that many professors and researchers are passionate about. It can also frequently be offered as part of an Honours programme and combined with many other subjects, including modern languages, politics, sociology, computer science, law, and engineering, among others.