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Embarking on a career in the economics industry is lucrative, rewarding, and exposes individuals to a range of different opportunities. The large number of possibilities is mainly due to the incredibly long list of different specialities within economics. However, working in this industry also has its challenges such as long hours, demanding targets, and gruelling workloads. Regardless of these immense pressures, demand for jobs in the economics field always remains high as the positives far outweigh the negatives. Let’s have a look at and discuss a few of these benefits in more detail.
There are multiple specialities within economics which appeal to a number of people. To begin with, economics is broken down into three overall components: microeconomics, macroeconomics, and econometrics. Microeconomics discusses the interactions between individuals, households and firms as well as the way in which they make decisions. It also focusses on how the subsequent allocation of resources is influenced by these different decisions and preferences. This is important to understand as it shapes the day to day behaviour of society. Macroeconomics explores the behaviour and performance of the economy as a whole. It looks at the aggregate changes in macroeconomic objectives such as unemployment, inflation, economic growth, budget deficit, current account deficit (also known as trade deficit). This is essential as it allows economists to evaluate how the economy is doing and also provides an indication of changes that can be made in order to meet the requirements of the nation. Econometrics uses mathematical and statistical modelling in order to describe economic trends which helps provide quantitative evidence which can used to justify economic opinions. Within these three overarching pillars, we can look at even more minute levels of specialisation. Follow this link for Statistics Homework Help.
Some more detailed specialisations within microeconomics include public economics, game theory, labour economics, health economics, organisational economics and behavioural economics. Public economics is concerned with the study of government policy and understanding its inefficiencies in order to improve social welfare. Game theory discusses ways in which the interacting choices of two or more economic agents result in different combinations of outcomes as a result of their varying preferences. Labour economics is the study of factors that affect the efficiency levels of the labour force, the way in which they are distributed, and also the determination of their wages. Click here for labour economics homework help. Health economics is used to encourage a healthy lifestyle and also explores the obstacles faced when trying to achieve this goal. Organisational economics looks at the transactions that take place within a firm rather than in the market as a whole. Finally, behavioural economics is the study of the relationship between economic decision making and psychology. It assumes that economic agents don’t behave rationally and examines the possible economic outcomes should this be the case. Studying all these different specialisations in more detail helps economists gain an understanding of how firms and individuals maximise their satisfaction levels and consequently better the society as a whole.
Similar to microeconomics, there are also lower levels of specialisations when it comes to macroeconomics. (Follow this link for macroeconomics homework help). Some of these include development economics, political economics, environmental economics, monetary economics, financial economics, and international trade. Development economics looks at improving the fiscal, economic and social conditions in developing countries. It considers factors such as health, education and the working environment. Political economics is the study of the relationships between the governments of different countries as well as the influences the national policies have on its own citizens. Environmental economics evaluates the financial impact of environmental policies such as a reduction in pollution. Monetary economics provides a framework for analysing money as well as examining its functions in the economy. These functions include money being a store of value, a medium of exchange and a unit of account. Financial economics looks at the use and distribution of resources in the financial markets that explores concepts such as stocks, portfolios, and assets. International trade is the exchange of goods and services between countries. It allows certain goods and services to become available to consumers that aren’t necessarily available domestically or are exceedingly expensive if produced within the country. Once again, understanding and being exposed to these various macroeconomic concepts helps economists develop and advise suitable policies that will boost the aggregate economy and as a result allow the economy to get one step closer to meeting all its macroeconomic objectives.
A career in economics allows individuals to consolidate and also further improve their numerical, analytical and problem-solving skills. These skills are essential when it comes to succeeding in any job in a variety of industries including banking, accountancy, marketing, consultancy, and management, just to name a few. Being able to demonstrate these skills permits individuals to excel their careers in economics as they get increasingly familiarised with data analysis, mathematical computations, and the application of economic and econometric concepts. When considering recent times, Big Data is becoming more and more prominent and the demand for economists is bound to rise. Big Data requires people to identify patterns, evaluate large datasets, and use various econometric modelling techniques in order to come up with conclusions. These conclusions are then presented to firms to help them analyse the behaviour of their consumers, and also the government so as to advise them on policy making on issues such as crime patterns and spread of disease. Completing these types of analyses can be extremely rewarding as it influences the wellbeing and development of a nation. Thus, it motivates many individuals to pursue a career in economics.
Another big positive of starting a career in economics is that it improves people’s decision-making capacities. Thinking rationally, strategically, and efficiently when it comes to making decisions is extremely important not only in economics, but in various other industries such as politics, law, and healthcare. Ultimately, when working as an economist, one must always be prepared to respond quickly and in a calculated manner when the market forces change for example. This is another skill that is nurtured, developed and highly regarded amongst economists. In addition to this, a career in economics and being exposed to economic concepts on a daily basis teaches individuals about how the organisations and the markets operate and thus allows them to clarify their own economic decisions such as their spending patterns. Being able to identify these different pros and cons allows people to alter their economic decisions in order to ensure they maximise their utility and satisfaction.
One other benefit of working in the economics industry is that the employees are able to improve and practise their communication and presentation skills. It’s not all about sitting in front a large dataset, identifying trends and completing mathematical calculations. In fact, being able to deliver these findings in an innovative, clear and concise manner is also equally as important. It is vital that economists are able to examine a number of pieces of information, look at a variety of causes and effects linking the different economic variables but ultimately present it all in a cohesive and simplistic way to ensure that clients of all understanding levels are able to comprehend these conclusions and plans of action they are being advised to follow. It is also likely that those who have a career in economics will have to present their findings to both national and international media outlets. This is another avenue which helps economists develop their public speaking and presentation skills. Furthermore, there is room for economists to illustrate their creativity when it comes to presentations. It allows them to develop new approaches to complete the analysis, innovative ways to describe the data trends, and come up with original ideas on how to present the numerical data.
All these perks put together motivate individuals to pursue a career in economics. They are provided with the opportunity to develop, improve, and master a wide range of skills that can not only be used in the economics sector but also in a number of other sectors. This flexibility, along with the ability to think independently, an inquisitive and open-minded outlook on complex problems, and being self-driven and persevering encourages a large number of people to embark on their journey of becoming an economist.
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