Why study economics?

16 Dec Why study economics?

Economics is one of the most popular subjects for art students. It helps them understand the real-world economy, such as businesses, markets, and government strategies. The study of the subject also helps them to better respond to the threats and opportunities that arise during changes in the nation.

Many experts of economics are positioned in places of authority to analyse and solve various problems related to law, risk, management, actuary, finance, foreign affairs, public administrations, politics, policy analysis, health administrations, entrepreneurship, market analysis, and journalism. Economics also enables students to explore multiple career options in the future.

Some exclusive reasons for studying economics are given below:

1. Prepares you for new changes – The wideness and flexibility of the subject’s degree prepares students for many unexpected changes in the world. It also teaches them how to capitalize on these fortuitous opportunities. 
2. Provides you with the necessary knowledge and skills for employment – Economics is all about how an individual can make the best choices for their career as well as for society. This subject develops critical thinking abilities and skills to solve different types of problems through rational decision-making. Economics students often possess good analytical skills that enable them to accurately examine data. According to the study of NACE (National Association of Colleges and Employees), employers of today’s world often look out for the skills of economics, such as the abilities to make decisions in critical situations, to solve problems, to obtain and process information, to analyse data, and to communicate clearly. 
3. Ensures that you have a bright future – The study of economics enables students to have a greater understanding of decision making, market functionality, how rules of the market affect the outcomes, and most importantly, how the country’s economics influence the social system. Economics has helped countless people to achieve success in their work-life as well as in their personal life. Many economists enjoy a relatively high starting salary which is the indicator of long-term success and lifetime earnings. 
4. Allows you to contribute to the greater good – Economics provides the framework of analysis of public policy, which helps students better understand fundamental policy issues that give structure to the market and their social outcomes. A good economist is capable of understanding the problems related to tradeoffs, benefits and costs of businesses, market failure, public finance, and the immense difficulties caused by generational impacts, welfare impacts, and inequality. Students equipped with the skills of economics are also good with language skills and can engage more efficiently in public policy debates to enable social progress.