Career option in Economics
Ranjan K Baruah *
We have published articles related to different
subjects of social sciences or related to humanities.
Like many other subjects,
one important subject of social science is economics.
Economics is the social science that describes the
factors that determine the
production, distribution and
consumption of goods and
services.
Economics is the study of how individuals and societies choose to employ scarce resources. It deals with, what
goods and services will be
produced, how they will be
produced, and how they will
be distributed among the
members of society.
Economics has the distinction of being the only
social science discipline for
which a Noble Prize - Noble
Memorial Prize in Economic
Sciences - has been instituted. Economics focuses on the behavior and interactions of
economic agents and how economies work. Consistent with this focus, primary textbooks often distinguish
between microeconomics and
macroeconomics.
Microeconomics examines
the behavior of basic elements in the economy, including individual agents
and markets, their interactions, and the outcomes of interactions. Macroeconomics analyzes
the entire economy and issues affecting it, including unemployment of resources,
inflation, economic growth,
and the public policies that
address these issues.
The study of economics helps formulate an understanding of the effects of
financial actions and reactions, by individuals and
institutions. A person who studies this subject is called
Economists. Economists
study and analyze the relationship between supply and
demand of goods and services and how they are
produced, distributed and consumed.
They provide information
to management that affects
decisions on marketing and
pricing of products, economic
forecasts, and the effect of
government policies on business. Economists also help in
solving problems like unfair
wages, rapid population
growth, people migration to city centers, high crime incidence, and loss of human
resources due to overseas migration.
Economics is taught in
schools and colleges and in
universities. Initially it is related to social studies. A
student may take this subject from senior secondary level.
In colleges it be studied and
later masters can be continued
in universities or higher educational institutions.
Some
of the courses related to the
subjects are Bachelor of Arts
in Economics : Bachelor of
Science in Economics, Bachelor of Arts in Business
Economics, Bachelor of Arts
in Applied Economics, Bachelor of Arts (Hons.) in
Economics, Master of Arts in
Financial Economics, Master
of Arts in Economics, Master
of Arts in Econometrics,
Master of Arts in Business
Economics, Master of Arts in
Applied Economics, Master
of Science in Economics,
MBA in Business Economics, Master of Philosophy in
Economics, Ph. D in Economics.
IES: The Indian Economic
Service (IES) is an organized
Group ‘A’ Central Service.
The IES was constituted in
1961 with the objective of
institutionalising a core professional capacity within the
Government to undertake
economic analysis and render
advice for designing and formulating development
policies, strengthening delivery systems, and monitoring
and evaluating the public programmes. With the initiation
of large-scale economic reforms in 1991 and the
proliferation of the regulatory
role of the government, such
analysis and advice within the
domain of the service has
increased manifold.
Aspirants
may opt for IES and exam is
being conducted by UPSC.
There are different job
opportunities for those who
studies economics. The scope
of job opportunities for
economists has expanded in
different sectors like education, business, NGOs and
government organizations due
to economic liberalization and
globalization. Organizations
dealing with data collection
and interpretations, management consultancy firms and
planning commissions recruit
economists at lucrative pay
scales.
Some of the job opportunities include teachers in
schools and colleges or universities, economists,
economic advisor, econometrician, finance
economist, economic analysts, etc.
Many work in
media houses as journalist or
related to research. Some
work in print media and others work in electronic media
as most of the media houses
have special programme related to business and markets.
Apart from various jobs interested may start different
venture related to finance as they are aware of financial
aspects.
* Ranjan K Baruah wrote this article for The Sangai Express
The writer is a career mentor and can be contacted at bkranjan(aT)gmail(dOT)com
This article was posted on March 01, 2016.
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