If you subscribe to any news source, love to research new startups, or have hopes of starting your own business, an economics degree might be a great educational pathway to take. Although economics can commonly be associated with traders, stock exchanges, and complicated securities, the study itself is applicable to a large range of careers and holds valuable insights for any professional pathway.
At its core, economics looks at how humans allocate scarce resources between individuals and larger groups. The study is at once mathematic and philosophical; it highlights human patterns of behavior and is rooted in a system of trust. This multifaceted subject will have students taking a large range of courses and looking at money through a variety of analytic lenses. Professors of economics such as Fabio Pammolli will examine the creation, allocation, and production of goods and services.
What is the Study of Economics?
Economics is a social science. Similar to other social sciences, economics is concerned with a specific aspect of society and the relationships involved. In the case of economics, students are concerned with how money moves through a society and the range of issues that affect financial decisions and systems. The foundation of economic is based on the idea of scarce resources and how individuals and groups produce, consume, and distribute goods and services.
Economics is inherently interdisciplinary. If you look at any career or field, economics and money systems are present. A strong economics program will incorporate a variety of subjects and ask students to examine complex financial systems through the analytic lenses of many disciplines. Professors such as, Fabio Pammolli will challenge students to evaluate money systems from a variety of angles and perspectives.
Microeconomics vs. Macroeconomics
Economics is divided into two main categories: microeconomics and macroeconomics. In the study of economics students will take coursework in both of these subsections. As previously mentioned, economics looks at the way individuals and groups allocate, consume, and produce resources; therefore, these subsections break down the way groups and individuals use money respectively. Microeconomics analyzes the behavior of how individuals consume and produce resources while macroeconomics analyzes money through a wider lense and considers factors such as inflation and fiscal policy. Both types of economics have valuable insights and can be applied to various career paths.
An Economics Degree: Different Options.
Students looking to pursue economics can typically choose to get a bachelors of arts (B.A.) or a bachelors of science (B.S.). Both pathways examine economic theory and emphasize an empirical approach to understanding financial systems; however, there are some differences in coursework. A B.S. tends to take a more quantitative approach and is heavy on mathematics and statistics while a B.A. is more qualitative and incorporates theoretical approaches from various disciplines. Both categories provide unique understandings and perspectives of economic theory.
Economics is a great option for people looking to understand the complex financial systems and policies that fuel a globalized system of trade and commerce. An economics degree is a great option for pursing a variety of career paths.