Economics is the study of how people choose to use scarce resources to meet competing desires. Resources include money, property and time. It concerns itself with economic growth, welfare, inter-country economic relations, and globalisation, including inter-country trade. The focus might have remained the same over time but the technology of economic enquiry has changed due to what is called econometrics. Unlike other social sciences, it can use mathematical and statistical tools and find precise answers with, of course, some degree of error.
What do they do?
Economists predicts trends in an ever-changing economy. They help various agencies and organisations manage their money effectively and help them with investment decisions . Their advice comes in handy when a country’s economy goes through a rough patch.
Economists play a useful role in society as they analyse issues related to growth and development, welfare and policy formulation. They evaluate government policies and assess their long and short-term significance for the country, thereby contributing to its growth.
. An enquiring mind with a focus on economic problems, including theoretical issues
. Since the technology of economics is changing, a good background of mathematical, statistical tools and
econometrics are essential
. An analytical approach to solve problems is a prerequisite
. Good quantitative and reasoning skills to analyse data from reports and other sources
. Good comprehension skills to deduce conclusions
How do I get there?
After completing Class 12 in any stream, one can opt for a bachelor’s degree with honours in economics from a recognised university. Then couple it up with a master’s degree in economics. An MPhil and a PhD degree are recommended. It would be more fruitful if you have maths in Class 12. A mathematics and statistics background helps a lot if you want to become an economist par excellence.
Typical day in the life of a Economist
Pros & Cons about this career
. It is a very respected job and pays very well . There are ample job opportunities. One can get into academics or industry. Industry offers one jobs in consultancy and management
. They have to be as logical as mathematicians but the danger is that by getting more theoretical they are in the danger of losing touch with ground realities