Why Economics?

For most young people the idea of an economics degree is rather like an unusually sharp tasting cheese, or a ten minute improvisational jazz solo: It either works in the person’s mind, immediately, or it never will. And that’s a shame because many people who might not immediately understand or see the appeal of economics as a course of study, are missing out on a diverse and growing array of career opportunities in the process.

In its simplest terms, economics is a study of how individuals and social systems behave, but hung on a technical scientific frame, not unlike chemistry or physics. And herein lies the problem, because for many young persons this idea can be unexpected enough so as to make an unfavorable first impression. The question, "What will happen to the price and quantity transacted of ice cream cones, if there is a strike at the only ice cream cone factory in the country” wouldn’t immediately strike many of us as a query with a single, objective, technical right answer that’s just not how we’ve been trained to see such things in primary and secondary school so in the absence of a higher proficiency with this new material, we fall back on our old habits and give a qualitative answer that often gets marked as incorrect. After which the dye of an unpleasant first experience is cast, and we’re shopping for a different subject for our major course of study.

Truth is, once you get the hang of it economics is a genuinely fascinating branch of academics, not least because it pops up in the unlikeliest of places once you know what to look for. As a super-quick example of this, you may or may not know that many states in the United States have a “seat belt law,” by which a law enforcement officer can issue a motorist a citation for operating his vehicle without wearing a seatbelt, and it just might make its own kind of sense that, in every state that ever passed a seatbelt law, the accident rate for the following year went up (instead of down as a layperson might expect). What had happened, as economists blithely predicted, is that the law had the unintended effect of lowering the “cost” of driving foolishly, since foolish drivers are less likely to get hurt if they’ve already been mandated to wear a seatbelt. That’s economics in one of its purer available aesthetics, right there.

And then of course there’s the myriad career paths available to economists, from the most solitary and tehcnocratic postings in financial analysis and risk management, to the most boisterously social ones in fields like commercial real estate development and business lending and economic development. Whether you’re an introvert, an extrovert, or even just plain weird, economics is one of the few fields that promises at least a few attractive career paths to suit your temperament. (Spoiler alert: The weird ones become economics professors.)

With the explosion of information-gathering and tracking technologies, virtually every large institution public, private and non-profit has need for trained analysts like it has never had such need before, and the analysts in question are almost always at least serviceably familiar with the basic tenants of the economic paradigm. Most statisticians are actually applied economists, especially the empirical ones, and these days almost everyone is some form or another of empirical statistician. In short, there are few fields of study which can offer both a lifetime’s worth of self-renewing fascination with the ways the world works, and the sort of professional upward mobility to which we all look forward when we choose our field of study in the first place. The rare win-win ! ......by Dave O' Gorman, Former Associate Professor, Santa Fe College, Florida www.jetlaggedinvestor.com


Here is the list of top universities in India for pursuing a masters in economics:

1) Delhi School of Economics -Delhi (DSE)
2) Indian Statistical Institute – Kolkata and Delhi (ISI)
3) Indira Gandhi Institute of Development Research – Mumbai (IGIDR)
4) Gokhale Institute of Politics and Economics – Pune (GIPE)
5) Jawaharlal Nehru University – Delhi (JNU)
6) Madras School of Economics –Madras Institutes like ISI (Delhi and Kolkata)

Gokhale Institute of Politics and Economics (Pune), IGIDR (Mumbai) and Madras School of Economics (Madras) have very exclusive courses that are only offered by specific colleges in India. For example; ISI offers MS in Quantative Economics (MSQE) or GIPE offers programmes like M.Sc. in Financial Economics, Agricultural Economics and also a general M.Sc. in Economics with large options in elective courses, while Madras School of Economics offers courses like Actuarial Economics. DSE (Delhi) and IGIDR (Mumbai) provide regular M.A. / M.Sc. programmes in Economics but their faculty and placement records are defining and really stand out. IGIDR (Mumbai) is governed by its parent body i.e. Reserve Bank of India (RBI) and students are actively placed in RBI through this premier institute.

However, those institutes listed in the top 6 in the nation are very difficult to crack as they have limited seats and their entrance require very thorough command of basics in economics, mathematics and statistics.

Other good places to study economics include:

• Meghnad Desai Academy of Economics
• Hyderabad School of Economics
• Centre of Developmental Studies, Kerala
• Tata Institute of Social Sciences (Developmental Economics)
• IIT Kanpur, IIT Kharagpur, IIT Bombay, IIT Hyderabad, IIT Delhi
• Jamia Millia Islamia – Delhi
• Narsee Monjee Institute of Management Studies – Mumbai (NMIMS)
• Shri Ram College of Commerce – Delhi (SRCC)
• TERI University, Delhi
• Shiv Nadar University
• Ashoka University

IITs offering Economics

IIT Kanpur was the first IIT to have started BS (Bachelor of Science) degree in Economics in 2011. Seeing increasing demand for Economics courses among students coupled with the positive feedback from recruiters, other IITs are also willing to start Economics program in their campus. The first batch of four-year course Bachelor’s of Science in Economics at IIT Bombay started in 2017. IIT Kharagpur also offers an integrated 5 year MSc program in Economics. IIT Madras has a 5 year Integrated programme in Developmental Economics. Admission process to all such courses is same as the admission process for all other undergrad engineering courses in IITs, i.e. aspiring candidates need to qualify the JEE Advanced exam.

Non Traditional programmes: One could also take programmes in development, liberal arts, public policy, energy economics or mathematics and statistics at institutes like Azim Premji University, TISS, ISI or UPES, TERI

Useful Links:

1. http://www.res.org.uk/view/index.html
The Royal Economic Society provides financial and other sources of support to a wide range of economists, including: young economists.
2. https://www.economicsnetwork.ac.uk/
Provides publications, events, and other resources to support university teachers of economics throughout the UK and worldwide. The Economics Network aims to enhance the quality of learning and teaching throughout the higher education economics community. "By providing additional support to lecturers and students alike, [the Economics Network] plays an invaluable role in furthering the university study of economics.” - Sir Charles Bean, RES President and Former Deputy Governor of the Bank of England.
3. http://www.studyingeconomics.ac.uk/
This site offers advice, help and information for Economics undergraduates. If you are looking for help with career choices, doing a dissertation or preparing for an exam you've come to the right place!
4. http://euren-network.eu/
EUREN (European Economic Network) is a network consisting at the time being of nine European economic research institutes.
5. https://www.investopedia.com/university/economics
Free Resources for anyone learning Economics.
6. https://www.fte.org
“Established in 1975, the Foundation for Teaching Economics’ mission is to introduce young individuals to an economic way of thinking about national and international issues, and to promote excellence in economic education by helping teachers of economics become more effective educators.”
7. http://economics.about.com/
Students and teachers will find this site very useful.
8. https://www.tutor2u.net/economics
This site is for school students and beginners will find it very useful to understand the subject.
9. http://www.economicsdegree.net/enlightened-economists/
This site gives information on 100 best sites.
10. http://www.economicsuk.com/blog/
This is a superb economics web-based resource from David Smith, the economics editor of the Sunday Times. You will find great discussions in the forums as well as topical economics stories.
11. https://www.ft.com/
This site has a fantastic range of current economic news and data. You should focus on the Markets and Markets Data sections in particular.
12. https://www.bloomberg.com
It is a superb source for news and comment on the world of economics and financial markets.
13. https://inomics.com/insight/10-most-useful-apps-for-economics-students-671830
Ten most useful Apps for Economics Students.
14. https://www.topuniversities.com/
Discover the Best universities for higher education.