Economics

Economics is the study of how the forces of supply and demand allocate scarce resources. Economists are social scientists who have expert knowledge about systems that produce, distribute, and use goods and services. They are concerned with how individuals, businesses, and governments at all levels obtain, invest, and spend money. Since economics is a very broad field, economists often specialize in more focused areas of interest, such as industrial productivity, taxes, farm policies, or international trade. Sometimes, economists investigate the advantages and disadvantages of manufacturing a new product or opening new branches of a store, bank, or factory. Because economic activity is measured numerically, economists must be skilled in using statistics and mathematical analysis as well as economic theory. There is always an increasing demand for economists who can manage the intricacies of a competitive business society.

Courses and Eligibility:

A candidate requires a master’s or doctoral degree to become an economist. One should major in economics as an undergraduate and take courses in related areas, such as history, political science, and law. Students may also need some training in mathematics, especially in the related fields of statistics and computer science. Minimum qualification for the bachelor’s programme is a 10+2 pass certificate in any stream. Candidates who have completed their graduation can pursue a master’s programme, who in turn can opt for further studies by applying for MPhil and PhD programmes.

Career Prospects:

A graduate in economics can be inducted into several entry-level jobs in banking, finance, insurance, stock markets, sales, and marketing as well as in corporations such as consulting firms or government departments. They can also begin their career with investment firms or with publishers of business journals or newspapers. The Indian Economics Services and the Reserve Bank of India are excellent options for economists in the public sector. PhD degree-holders are employed by colleges and universities where they teach, do research, and often write books and articles. Economists also do consulting for businesses, individuals, or government agencies. State and central governments employ economists to work in areas such as transportation, international trade and development, agriculture, and labor.

Remuneration:

Fresh graduates earn around Rs.10,000 to Rs.15,000 as assistants, while senior economists can earn a monthly salary of more than Rs. 25,000. The salary package for a lecturer/professor in a college or university is Rs. 10,000–15,000 and it increases up to Rs. 25,000 with experience.