Money and wealth are some of the greatest concerns in a country. It is something that is valued a lot because it makes a lot of things work: businesses, transactions, the economy, and a lot more. That is why in school, the subject economics will always be included in the curriculum. In this article, we are going to explain further why we, students or not, should study economics and have even the basics about it.
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First off, Oxford University Press is going to tell us why we should study economics. Let us read below.
Why study economics?
If you have ever wondered why the cost of a ticket to your favourite band’s last concert was so expensive, why you are paid so little in your part-time job, why your petrol is taxed so heavily, or why it is more expensive to get into a nightclub at weekends than during the week, or if you have ever wondered what influences the rate at which you change your currency into another when you go on holiday, why some people seem to be so much richer than others, or why some firms make more profits than others, then studying economics will be of interest to you! In fact, whether you know it or not, you are already an important part of the economic system. You are a consumer of products: every day, you are out there buying and consuming goods and services, and influencing the demand for them. You may also have a job, and so help to generate goods and services. If you are working, you are also paying taxes that are used to finance the provision of other products. However, simply being part of an economy is one thing; studying it is another. Read more here.
They said that by studying economics, you can develop an analytical approach that could help you understand a wide range of issues relating to the price of different products, to the causes and consequences of unemployment and many others. These are interesting issues that we can learn about. Economics Help will give ten more reasons for studying economics.
Top 10 Reasons for studying Economics
Should I study Economics? Here are 10 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.
- Note: Economists have successfully predicted 10 out of the last 2 recessions.
- 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.Read more here.
Economics will really help us understand a lot of things and issues around us like why we are experiencing conditions such as recession and it could also explain why people are unemployed. For more reasons on why we should study economics, let us read the article below by the University of Bristol.
Why study economics?
There are many reasons to study economics- from the huge range of skills you will gain, to the exciting types of employment you will be geared for.
For example, our careers cloud identifies the most popular careers you can pursue with an economics degree.
You can also look at our page on the types of skills an economics degree will give you.
It is worth noting that salaries for economics graduates are among the highest of any discipline. Different research tends to find different starting salary values but it emerges that economics graduates are comparatively very well paid. The Institute for Fiscal Studies found that economics is the second most lucrative degree subject after using anonymised tax data and student loan records for 260,000 students up to ten years after graduation. Read more here.
Studying economics could benefit you in a way that you could land a high paying job. According to what was stated above, salaries for economics graduates are among the highest of any discipline. In addition, studying economics could also make it easier for you to look for a job. There are a lot of benefits you could have if you have knowledge and a good understanding of economics. You could benefit yourself, and the country as well.