A question or a challenge? There is a variety of reasons a student would choose to major in any discipline. These choices are inspired by different reasons, from family background to the environment or peer group association or it could even be for a choice of career or passion, whichever it is, it is important for you to understand some basic insight about economics.
From a personal perspective, the study of economics has provided me with a systematic framework for analyzing, researching, writing, and teaching about a wide array financial and regional economic issues. Economics has provided me with a methodology for understanding and making sense of our complex environment. So here are 6 absolutely foolproof reasons for studying economics.
1. Economic Forecaster:
As an economist, you can make a living from predicting future economic events. The key to being a good economic forecaster is to use a mixture of dice and lottery numbers. (some economists make the mistake of using just lottery numbers, but this can lead to really bad forecasting) If this method fails just use the statistics from the previous year; they are always more accurate than the actual predictions of economists. An economist practically evaluates risks, which may be conditions or circumstances that may lead to a result of fluctuating from their initial estimates, hence demonstrates the thorough and deep thinking process used to final forecast estimates. Forecast results are sometimes generated annually but at other times updated frequently. Though there are so many tools put in place to help economists achieve results but need the statistical knowledge and models to follow in order to arrive at the result for particular variables. For your information economists have successfully predicted 10 out of the last 2 recessions.
2. You will understand the Market dynamics:
learning, as they say, is all-round progress, which touches every part of one’s life. Choosing to study economics will help you to understand the dynamics of the market. Market dynamics are simply those factors that impact the market. An economist perspective would mean demand and supply, opportunity cost, scarcity, equilibrium just to mention a few. The course will expand your vocabulary and knowledge to understand how the market works even if you would not be working primarily as an economist, but always at the back of your mind to help understand your organization market and can also help to influence the strategic decision in improving your organization’s performance.
3. Economists know reasons for unemployment:
Economist would define unemployment as a part of the labour force actively seeking employment. Dividing the unemployed over the employed gives an economist a statistically calculated percentage. An indicator used in understanding the operations of the total country’s labour force. Unemployment consequentially has an adverse effect on a country’s economy, especially when the rates are so high. This can then draw the attention of the media and other nations of the world too. There are numerous reasons for unemployment of a particular person in a country but if a country experiences recession or economic fall, most of the available private sector may be forced to lay off staff to reduce cost, and this, in turn, is causative for sometimes the mental minds both for the unemployed and employed. Reasons are numbers to an economist, which they could also predict or decipher in an economy.
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4. Able to make a good decision on personal spending:
There is a funny idea that economists are stingy people, but it is not so, they are only after making a very good economic decision. Learning to major in this course would enlighten your scope of reasoning to another level and eventually with enough passion to carry on would turn into a habit that is economically sound and financially healthy, since economics will teach you about market behaviours and organization trends. For example, learning about willingness to pay theory could help you develop your own spending habits, which will prove your sound economic mind and able to influence analytical thinking in immediate family members if possible.
5. Economists earn a high paying Job:
This is another reason be it as it may, why some students study economics as a major. It gives you the power to examine the labour markets, prospective private companies, industry tendencies or forces which direct the economy as it is. Definitely a major in economics could land you different jobs, one of such is a market research analyst, where they are required to apply skills like graphical representation, statistical skills and a critical mind for thinking, another is an economic consultant is needed across various sectors like government, finance, education, healthcare and business, they are required also to analyze and research economic strategies in order to help enhance performance. Any student that enjoys analytical thinking could major in economics which in turn will help to understand deeper how to coordinate and interpret data using mathematical formulas and statistics to make calculations. There are models also in place to learn, which helps to predict the effect of policy decisions, industry tendencies, climate change, investment, just to mention a few. The ability for problem-solving and great communication skills should be a strong suit for such an interested student, they are required to evaluate problems and recommend solutions.
Related post: Highest Paying Jobs with an Economics Degree
6. You can always give advice.
When the economy enters a recession, you will be able to tell everybody why the economy is in a recession. Also, you will be able to suggest several conflicting reasons as to how we can get out of a recession. This will simultaneously, both confuse and impress everybody; but it doesn’t matter because nobody ever listen to economists.
Related post: Skill And knowledge Required For An Economics Major:
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