The Hindu : Tamil Nadu News : Economics more relevant

Online edition of India's National Newspaper
Monday, Jun 05, 2006

Tamil Nadu

Tamil Nadu

Economics more relevant

It empowers one with reasoning abilities

S. Narasimhan

The science of economics encompasses diverse aspects — from simple household management to huge, intricate and complex exercise concerning the progress of institutions and thus even of the nations.

The Education Plus spoke to Prof. S. Narasimhan, Vice Principal and Head of Economics Department, D.G. Vaishnav College, on this fundamental discipline in social science. Here is a gist of what he had to say, including the academic part of learning economics at the graduate level.

Wherever money and goodwill are objects of pursuit, more than commerce and trade, economics has a significant place.

And so, economic literacy is almost essential for everyone, notwithstanding the level of education, order of profession and status of living. Knowledge of at least the basics of economics will greatly help people in taking the right course towards a right decision.

The course work of economics as major at the undergraduate and postgraduate levels of learning has changed radically. It is more interesting, quantitative in nature and content and is very relevant to the contemporary job market.

Today, economics is getting multi-disciplinary. Besides core economic papers such as economic analysis, managerial economics, marketing, economic policies, quantitative economics, to name a few, subjects from commerce, management science and computer applications are offered as allied.

Further specialisation papers such as international trade and business, financial economics, environmental economics, insurance, global economics, economics of trans-national and multinational corporations provide the learners focused insight into the related spheres.

Besides these refinements in the course content and integration of the study of economics with career, economics education at college level though started showing an upward trend, is still to make headway.

Economics education empowers one with fine reasoning abilities. Learners of economics naturally develop the skill to evolve the best analytical approach for any problem.

Higher economics learning improves one's communication and presentation skills — skills that can transform economists into valuable human capital to business organisations, banks, government and academic institutions.

Further, economists have a definite place in market research, advertising, finance, insurance, real estates, accounting and government policy making, to name a few.

The job market for economists is not only promising but fast expanding as well.

The occupational outlook, handbook of the US Department of labor (2002-03) envisaged a good demand for economists in the immediate future. It has also been forecast that the earning potential of economists would go up appreciably, when compared with other social scientists.

With the fast spread of globalisation, industry, trade, services and business becoming highly competitive, economics engineered human resources will be most sought after.

Printer friendly page
Send this article to Friends by E-Mail