Why study economics?

When we finished high school and decided to continue our studies at the university, we found a very wide and varied university offer. Unfortunately, our young age prevents us, on many occasions, from choosing the correct university degree. And it is that, for that very reason, from Economipedia we try to offer an article to help the reader interested in studying economics with their choice. So let’s answer the following question: is economics worth studying?

 

This is the dilemma of many young people. At an early age they are asked to make a decision that can mark their lives. They must choose a career. Doubts spring up in his mind. Will I be successful studying Computer Science? If I study Industrial Engineering, I may have a better career path. What if I choose to study economics? Will that social science full of numbers, graphs and strange words be useful to me?

The answer is resounding: YES! The economy not only provides ample job opportunities, but also allows us a much more complete understanding of the world around us.

A social science with a noble cause

Behind the coldness of the figures, statistical data and graphs, there is a noble purpose that can attract many students. And it is that, the Economy is a social science at the service of humanity. Its purpose is clear: to meet the unlimited needs of the population, while scarce resources are managed in the most efficient way possible.

Thus, economics is a science that tries to select those ways by which the population could achieve a situation of greater well-being. Well, as we said at the beginning, we are talking about unlimited needs that a population has, and that must be satisfied with very scarce resources. This real challenge, roughly speaking, is the one faced by many economists on the planet. But in addition, we are talking about a very broad science, where challenges continue to occur as we analyze the different disciplines that this science integrates.

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Behind many economics students there is a fervent desire to know how international relations and international trade work, especially in a world with such a globalized economy. The study of the rules of international trade, tariffs, economic integration projects such as the European Union or what is the role of organizations such as the International Monetary Fund and the World Bank are some issues that arouse the interest of many students.

Analyzing the graphs that represent supply and demand curves, the effect of tariff barriers or the impact of import quotas, economics students have a first perspective of what the international economy means, the imbalances in the labor market, monetary policy, the role of money, etc. In this way, they will be able to understand why a government is committed to opening up to free trade or why a country decides not to carry out a price control.

Response to big economic problems

Behind this study of economic theory, statistical data and supply and demand curves there is an effort to understand how these relationships that we mentioned directly affect their daily life. Even the most enthusiastic students are looking for a way to respond to these problems; in this sense, proposing their own solutions to the great economic problems that humanity is going through.

Obviously, the ways of responding to the main economic challenges are very different. As mentioned, Economics is a very broad discipline, so it offers a wide variety of possible solutions. Thus, throughout the career, students will find answers in the theses of famous economists such as Adam Smith, Pareto, Marshall, Keynes, Friedman, Krugman or Stiglitz among many others.

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Now, for any good student of economics, the theory of the manuals will not be enough, so they will combine the teachings of the great economists with their own ideas to understand economic reality and try to find answers.

Along these lines, the work of teachers is essential, as they should promote critical thinking in students, especially in a discipline such as Economics. I take this opportunity to recall the words of the economist and university professor Jesús Zamanillo (whom Economipedia has already interviewed): «I am going to ask you more questions than answers. I am going to generate in you more doubt than certainty ».

Real world knowledge

On the other hand, Economics is closely related to many other disciplines. Thus, it is closely linked to areas of knowledge such as International Relations, very present in the economy, History, Law or Politics. Therefore, those who decide to study economics are usually people with an insatiable curiosity for the world around them. In this sense, it is common to find many economists who also have degrees in History or Law. And if they do not have such degrees, they tend to show great interest in historical events or closely follow the evolution of legislation.

As part of the profile of the Economics student, it should be noted that they are usually people who are passionate about Politics. They are aware that, for any government that intends to carry out a serious policy, it is necessary to have a good economic program. Furthermore, the economic measures carried out by governments or supranational organizations determine their way of acting in politics and define international relations.

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To learn about the political and historical consequences of major economic events, the study plans include subjects such as Foreign Trade, Economic History, International Economics, Law, Macroeconomics, Microeconomics, Accounting or Statistics. And this is an example, since the career integrates more than 40 subjects, where more than 20 disciplines stand out.

In short, the reasons for studying economics are countless. If concern hammers in your mind and you want to respond to the economic problems of your day to day, you want to know how the economy works and understand the ins and outs of a globalized economy, then you are clear about what you want to study.

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