The thought process of some of the greatest economic visionaries has often been one that attempts to use Economics to solve human problems. These problems are arguably ones that are linked to the subject by virtue of its ability to interact with multiple subjects like Politics and Psychology that give way to political economy and behavioral economics respectively.
The nature of the subject, wherein mathematics becomes so intrinsic, makes it a social science that allows us to engage with ideas at the level of an individual and then at a larger scale by virtue of it being something that can eventually be quantified.
Beyond the Cliché is increasingly difficult to write from a general perspective considering the dynamic nature of the subject, so we’ll discuss it in a way that we can break out of the Delhi University stereotypes of the subject.
Students today largely get divided into two sets – Masters in Economics and Placements. These placements are generally consulting, finance and business analyst profiles. So let’s delve into a few possible alternatives that stem from the subject
This subject/profession requires individuals to study the impact of our species on the environment in economic terms. They combine the use of economic knowledge like data analysis and mathematical models with environmental science and management.
This can in turn be linked to the idea of political economics as well at some level as it involves the study of public policy on economics and vice versa. It requires individuals to pursue a Masters in Public Policy after pursuing their degree in Economics.
Economics majors abroad often pursue courses that provide them with the necessary skills to apply economic theory in the field of medicine. This involves working on healthcare policy, administration or pharmaceuticals. There exist multiple avenues for this in the government sector, academia as well as in the industry.
Real Estate and Urban Planning
Working in real estate and urban planning isn’t simply the domain of architects. There exist multiple points of entry for economics due to the large number of financial necessities that come into construction and sale of property.
Apart from the fact that the Harvard Business Review called it the sexiest job of the 21st century, McKinsey Global Institute sighted a growing demand for individuals that can work with large amounts of data. This is a field where it is possible to work with technology giants like Google, finance companies like Vodafone and banks like Capital One.
These are just some of the possible options that are available to students of Economics. With individuals like Daniel Kahneman and Thomas Piketty constantly pushing the borders, one cannot help but be inspired by the endless potential of the subject.