Educational course in economics
I am presently a student of grade 12 and look forward for an educational course in economics. My aim is to become an economist and work for the government. But I am confused about which course shall I chose and which Indian university to join. And above all is economics a good path to continue on ? if not what can be my alternatives?
Studying economics would involve exploring the full spectrum of issues that impact financial situations and business decisions. From production to consumption, economics looks at how to efficiently allocate the world’s resources among individuals and organizations. This involves studying politics, sociology, law, psychology, geography and history at local and global levels. Economists are people who provide advice on socio economic problems based on economic theories and knowledge. The career path will want you to keep learning and updating yourself with economic, political and social scenario of the country and also the impact of global changes on its economy.
The two major streams available for study are microeconomics and macroeconomics. The former includes the study of behavior of individuals, companies, households, buyers and sellers. Macroeconomics on the other hand analyzes entire economies on a national or global scale, looking at issues such as unemployment, inflation, economic growth, monetary and fiscal policy.
Being such a diverse filed you can graduate either with a BA or BSc. The latter focuses more on econometrics and the use of mathematical techniques in statistical and economic theory. The BA path will also involve some maths but it will normally be in conjunction with qualitative modules in related fields such as sociology and psychology. As such you should have an aptitude for maths and numbers and passion for world affairs.
It is also very common to study economics as a part of joint degree paired with law, history management or politics. A favorite of mine is Politics, Philosophy and Economics better known as PPE best taught at Oxford or University of Pennsylvania.
An undergraduate degrees provides you with in depth knowledge of economics, macroeconomics, microeconomics, econometrics, local and world economy, factors that affect economies and global organizations and play a pivotal role in socio economic changes in the world. Whilst an undergraduate qualification will help you get a job I would bolster it with a second degree either a Masters in the same field or an MBA. Along with the credibility of lecturers you should look at internship and research opportunities offered and the alumni book to decide on the University you would like to join.
In addition to the Ivy league and Oxbridge, you may want to include St. Stephens, Presidency University in India, Trinity College in Ireland, Warwick, UCL and LSE in UK and University of Chicago, Stanford and Duke in USA to your wish list.
An economics graduate has an extremely diverse field to choose a career ranging for banking to manufacturing to services to consultancy. Careers in Banking can be very lucrative as the industry is always on the lookout for Economics graduates with specialization in financial planning, data and risk analysis. In consultancy economics graduates tend to work in research deploying their indepth knowledge of economic models, theories, analytical and mathematical skills. In the government and public sector economists play a vital role in their advisory capacity in areas ranging from public transport to utilities, to extrapolating the future to managing the country’s finance.
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