- Faculty of Economics

ECONOMICS

Economics is the study of the human production, distribution, and consumption of goods and services. It is the study of markets past and present, and it is a social science with many sub disciplines and many different approaches. Economics is closely related to other fields such as Political Science, History, and Business.

Many trace the beginning of the study of Economics to the time of Adam Smith, whose Wealth of Nations defined capitalism and outlined a theory of markets involving specialization, supply, and demand. While there are a great many other economic theories that can be studied, Smith’s model is still considered the baseline approach.
Students of Economics may focus on labor economics, studying the organization and value of work and different models of working; they may study development economics and focus on developing nations and the various methods in use to try and make these economies more prosperous; they may study macroeconomics, which involves studying the world economy as a whole, everything from unemployment to inflation and policy; or they may focus on microeconomics, which focuses on individuals within an economy and the behaviors at work under various systems.

Economists may work in government as policy advisors or policymakers, in business, or at the university level pursuing further research. They may also become journalists, consultants, or financial managers. Most jobs in Economics require either a Bachelor’s or a Master’s, but independent research and university-level teaching require a Ph.D. Those with a doctorate may also be able to command a higher salary in business or government. An economist may earn anywhere from $50,000 as a statistician or financial advisor, to over $100,000 as a college professor, to potentially much more than this in business or consulting. Top university programs in Economics include Harvard, MIT, Stanford, and the London School of Economics (according to the Guardian, 2011).