Published On: Tue, Jun 5th, 2012

Emerging Fields in Economics

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Economics is the social science that analyzes the production, distribution and consumption of goods and services. The term economics comes from the greek word oikonomia (management of a household and administration). The focus of this subject is how economic agents behave or interact and how economies work. A primary textbook distinction between microeconomics and macroeconomics is that the former examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers markets and their interactions and the latter analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy. Economics as a subject is being studied by students all over the world. Economics (Honours) is one of the most looked after courses in University of Delhi. Not only this, it has a number of emerging academic options at the Master’s level.

According to a faculty member in Lady Shri Ram College (LSR), students who study economics have all scope for higher education at both the Master’s and PhD level. Also, there is a lot to do in research areas for students after completing their graduation. After graduation, students can pursue finance at the Master’s level, go in for Indian Statistical Institute (ISI) or for business economics or for management courses.

An addition to it, a lot of students also go abroad for higher studies in this area.  also offers a number of courses in this field. The academics and industry at the postgraduate level include econometrics, insurance, risk management and actuarial sciences. All these fields involve applying core principles of economics and quantitative analysis. With respect to job opportunities, there is a reach in this field. After completing the Master’s and PhD, students can join banks, corporate firms and research institutes, to mention a few.