Economics is the branch of study of consumption, production and transfer of wealth. It is also the way how people choose to use scarce resources in order to meet the competing desires. The resources are food, money, assets, and time. Economic growth, the welfare of the country, relations with other nations, globalisations, and inter-country trade, are some of the major economic concerns. Unlike many other social sciences, Economics uses statistics for determining the facts regarding the income and expenditure of the nation.
Skills and traits of an Economist
- Economics is a dynamic science. Therefore an economics candidate must be good in Mathematics, Statistics, and in using econometric tools.
- The candidate must have good quantitative, analytical, and reasoning skills for the data analyses from reports and other sources.
- The candidate must possess an enquiring mind bent towards solving the economic problems, and theoretical issues as well.
- Good comprehension skills to deduce conclusions from the contexts.
Eligibility to pursue a degree in Economics
If a candidate wants to pursue Economics, one can opt it as a core subject along with Mathematics during intermediate. In graduation, Economics can be pursued in honours for which many colleges give extra credit for admission to the master's degree. Higher studies such as M.Phil or PhD are recommended after the master's for lectureship and research in the field.
Top Institutes of Economics in India
- Delhi School of Economics
- Centre for Economic Studies and Planning, Jawaharlal Nehru University
- Indira Gandhi Institute of Development Research
- Indian Statistical Institute (ISI), Kolkata and Delhi
- Faculty of Management Studies, Delhi
- The Centre for Economic and Social Studies (CESS), Hyderabad
Advantages of studying Economics
Economists are assets to the society as they formulate, assess, and evaluate the government policies. They give the development index and the actions required for the national development.
There is a fear of inaccuracy as the theoretical approach may vary from the ground reality while preparing the growth and development indexes of the regions. Therefore the approach of an Economist needs to be more logical and mathematical to be accurate.
India has the greatest economists of all times. Former Prime Minister, Dr Manmohan Singh, reformed the nation during the economic crisis as the Finance Minister in the Narsimha Rao government. Jagdish Natwarlal Bhagwati, famous economic theoretician and a professor at Columbia University is known to all. His theories are taught at graduation and at master's level in many colleges and universities. Raghuram Rajan, the former RBI governor, is yet another big name when it comes to discussing Economics. You can be even more successful than these prominent personalities provided your interest is utmost regarding the subject.
Hope this article helps you in giving information regarding Economics, its related careers, and its scope.