Why Study Economics?
Economics has a lot to offer for several reasons:
Economics is about choice and is at the heart of all decision-making. Individuals, businesses and governments are all faced with making choices in situations where resources are scarce. As a result, Economics is applicable in a wide range of fields, including business, finance, administration, law, local and national government and, indeed, most aspects of everyday life. In studying Economics you will examine topics of obvious importance to human well-being. Increasingly, policy debate in all areas is being cast in economic terms and understanding most current issues requires an understanding of Economics.
Economics is valuable not only for the topics it studies, but also for its methods of analysis. The processes economists use in constructing models, analyzing arguments and testing empirical predictions against available evidence develop several important skills. Economics graduates develop their general literacy, communication and numerous skills, as well as skills of abstraction (balancing simplification against relevance), logical deduction (including precise use of language, for example in relation to cause and effect, necessity and sufficiency) and critical thinking. Skills of discrimination, flexibility and organizational ability are also enhanced.
Learning Economics gives insights into the general environment of resource allocation decisions, opportunity costs and project evaluation that are crucially important in many areas. Often these insights are not at all obvious, and can be counter-intuitive, to those who don't apply economic reasoning.
Because of the wide range of skills required and developed, training in Economics (especially to degree or Honours level) opens up many diverse career opportunities for a graduate.
Because the skills acquired in studying Economics are transferable, Economics graduates get a wide variety of jobs, not just as economists. In the current environment, transferable skills and flexibility, together with strong personal characteristics, tend to be more important than specific training in a narrow vocational area. Employers are particularly keen on graduates with good analytical and problem-solving skills, which are emphasized in training in Economics.