Economics and its relevance in a fast changing world


A famous British economist Alfred Marshall wrote: “Economics is the study of mankind in the ordinary business life”. You will find that an economics major prepares you for many careers, because it offers a clear, concise and rigorous way of thinking about the ordinary business life. Job recruiters and graduate admissions committees are favorably inclined towards majors.

In choosing a major, you should consider several important and related questions. First, what profession(s) do you have in mind? Second, does the major offer flexibility, so if your choice of occupation becomes unattractive, you have other opportunities within the field without switching majors? Third, if your chosen profession can be approached through several avenues, are these any advantages in choosing one major over another? Fourth, will the major be useful for everyday life as well as train you for life’s work? Finally, is the subject enjoyable? Remember, you major is with you forever. Why not pick one that makes work pleasant and interesting? With these questions in mind, why choose economics?

One enduring strength of economics is its logical, ordered way of looking at problems and issues. Economics is at the same time the most applied, most quantitative and most scientific of the social sciences and the most theoretical of business subjects. It draws on history, philosophy and mathematics to confront topics ranging from households or business can make sound decisions to societal issues such as unemployment, inflation, crime and environmental decay.

Your high school education is only the beginning of a long road that will have countless twists and turns. There will be ample time to change jobs and careers. It is for this reason that economics is a discipline to pursue. You need to prepare yourself to take advantage of whatever opportunities becomes available. Economics provides a good foundation for confronting changes because it teaches a disciplined way to analyze and to make choices.

Pay attention to economics students. They enjoy what they are learning because it is challenging and relevant. It is fun to understand subjects that baffle other students and the general public- maybe even parents. It is also fun to read a subject with some prestige. You can have pride in your economics study.

You are already aware, from your study in introductory economics or principles of economics, of some reasons why many students find economics a challenging area for undergraduate study. The following paragraphs present some of the good reasons for studying economics.


The study of economics cover inflation, unemployment, monopoly, economic growth, pollution, free markets versus central planning, poverty, productivity other issues in the headlines such depreciation of the your local currency . Economics is a problem-based social science, and the problems with which it is concerned are among the issues that fill newspapers and pervade politics. Economics is relevant not only to the big problems of society, but also to personal matters, such as one’s job, wages, unemployment, the cost of living, taxes and voting.


The accomplishments of economists have established economics as perhaps the most successful social science. No other social science has had equivalent impact in applying reason and science to the shaping of social destiny. No other social science has a Nobel Prize . The Council of Economic Advisers is unique; no such permanent agency exists for any other social science. Indeed a few scientist of any kind has enjoyed as much prestige as the economists Paul Samuelson, Milton Friedman, Olivier Blanchard only to mention a few. R.I.P John Nash-the brain behind game theory


Some students become impatient with the seemingly endless array of conjecture and descriptive material that characterizes many of the social sciences. Economics is a social science with models for organizing facts and for thinking about policy alternatives. Because economics deals with prices and numbers and because so many of its quantities are objectively measurable, economic theory is more fully developed than most kinds of social theory. Many students find this rigor and completeness one of the attractive aspects of studying economics. Some students view math as a fascinating game or language but are impatient at not being able to use it for human problems. Although mathematics is increasingly used by all the social sciences, economics has long been at the forefront in this respect. A student with a background in algebra, geometry, calculus and statistics find many places to use these skills in economics.


As noted earlier, economics, unlike some majors, leads to a great diversity of career opportunities. These include careers in business, law, journalism, teaching, educational administration, politics, finance and baking, government services, public and private overseas services and labor leadership

Employers, especially business firms, who are looking for liberal art graduates often favor economics majors because these students been through a rigorous sort of training. The demands of majoring in economics tend to drive away the less ambitious, and attract many of the better minds. Thus, a degree in economics may prove to available credential. A good grade-point average in economics course speaks for itself. The pay-offs go beyond getting a job; the salaries of economists, both academics and non-academics, tend to be higher than that of social scientists.


A knowledge of economics and an understanding of current economic issues, institutions and problems are essential not only for certain occupations, but for leadership roles as well. Economics can serve as an avocation as well as a career foundation. As someone knowledgeable about economics, you may play a leading role in a local or national economic discourse and many of such capacities.

You will be an informed commentator on current issues in any setting . Few disciplines are equal to economics in preparing one to an interested, interesting and understanding observer of passing events and a leader in making decisions.

In conclusion, my lecturer at the University of Cape Coast, Department of Economics said ‘Economics touches the heart’ and I couldn’t have agreed more with him. Indeed economics is life. Wouldn’t you rather study economics?

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