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.