Economics to me is like that one vast arena of topics which has its paws in almost every field. Finance, statistics, mathematics, psychology, environment, geography, law, sociology, you name it. You can marry it to any subject and Economics will easily play the role of the good wife. And by that, I mean it will give the subject more perspective, make it practical and approachable, and make it more valuable (Yes, for the umpteenth time, housekeeping has to be shared).
Anyway, having a good partner can change the game and all successful people know that.
So here we are looking at 5 reasons why you should partner up with the Economics and make your career a happily ever after story.
- Economics has wide practical applications
There are many (I repeat, many) options available for those looking to pursue a career in Economics. Economics is a discipline which permeates all other disciplines through way of its all-applicable analytical tools and models. There are numerous branches of Economics, Macro and Micro being the largest and the most commonly heard.
Economics also has unusual branches in subjects such as Geography, Law and Sociology, each of which are extremely interesting areas to study.
A degree in Economics covers current real-world issues. The course has a focus on Mathematics and its application to economics, but it also includes a theoretical aspect to build an understanding of economic models within different societies. You will learn how individuals and organizations make decisions and you will be able to forecast potential changes in the real world.
- Economics equips you with tools to analyze everything
Economics isn’t just a fancy set of models; it is actually using them to produce a viable business strategy. Economics equips with the tools you need to analyze almost anything you come across.
You want to do a SWOT analysis of a company? Check. You want to learn how a consumer makes decisions? Check. You want to know why poverty exists? Check. You want to know the nitty-gritty of the financial markets? Check. You want to know if there’s chocolate left in your fridge? Go check.
Studying an Economics degree can be very rewarding and can be a great option if you want to have a wide range of opportunities after graduating.
- Economics does not require hard-core mathematics but it’s V useful
Many people think of Economics as just curves, models and relationships requiring a lot of unnecessary math and jargon.
To be honest, to some extent we do use some math but not too much. Economics is much more nuanced and interesting than most people perceive it to be. Much of economic theory is based on how people behave rationally, how they may not behave rationally and when and why our assumptions might fail. Learning about cognitive biases that influence our economic decisions allows you to predict human behavior in the real world, whether people act rationally or irrationally.
Not only do you learn how complex concepts like human decision-making pan out, you also gain extremely valuable skills along the way: critical thinking, communication, numeracy, research skills, commercial and cultural awareness, data analysis, problem-solving and more!
- You’ll understand your own spending habits way better (Path to financial soundness!)
Economics can teach you a lot about the world, how big decisions are made and how large markets behave, but more importantly, it helps you understand your own spending behavior better. You will gain invaluable insight into your own spending habits and values. You will also come across complex terms given to simple phenomenon like “maximum willingness to pay”, which may sound extravagant at first, but you’ll come to know that it’s just the maximum amount you would be willing to pay for any given product. And then you’ll learn how your maximum willingness to pay can affect larger and more complex decisions like the provision of public goods.
And very soon, like all economists, you’ll find yourself calculating payoffs when buying groceries at the supermarket. No, just kidding.
- Studying Economics can increase your chances of becoming CEO!
Yes, you read that right. Studying Economics can actually increase your chances of climbing the leadership ladder in your career.
A study done in 2010 showed that, when adjusted for the size of the pool of graduates, Economics graduates had the highest likelihood of being an S&P 500 CEO!
Economics is a very useful subject which equips you with the right analytical tools and skills required to run a business successfully which is why most people with this degree have a very good pay.
An Economics degree will increase your employability in many areas, regardless of the industry you work in.
If that isn’t an excellent reason to study the subject, I don’t know what is.
AND…
I would be happy to talk to you in case you want to know more! Just drop me an email at reetuparna.vishwanath@student.hanken.fi