Economics

Career in Economics: Purpose, Jobs and Importance for students

Kadambari Rana
Kadambari Rana
Posted on 06 Feb 2023
13:19 PM

File image

ADVERTISEMENT
Summary
Students in India often set their specialisation goals based on social pressure, family pressure, peer pressure and monetary returns attached to the specific specialisations
In India, historically, Economics has been referred to as Arthashastra. The term Arthashastra originates from the Sanskrit words Artha and Shastra

The purpose of education is to expound and defend the great potential of the learner. Education should enlighten the minds of the seekers, enhance the neural connections inside of the brain and must be able to build a connection with nature and the world at large.

Mere transmission of knowledge is neither sensorial nor scientific and therefore this style of education is incapable of sustainable solutions to human problems; emotional, physical, national, international, economic, geographical or political.

Learning should be a spontaneous and natural process and the purpose of learning should be to examine phenomena; economic, mathematical, artistic or psychological, in an experiential way.

ADVERTISEMENT

Subjects are Interconnected

Real life is vastly different from classroom settings in schools and colleges. Often, classroom atmospheres are narrowed down to specific domains and fail to consider the interconnectedness of various life factors in general.

Real life is truly interdisciplinary. For instance, it would be impossible for a family to make an economic household budget without taking into account the geographical and weather conditions, without taking into account tastes and preferences of family members, without taking into account age and health status of family members, without taking into account mental health issues of family members, without taking into account social obligations or without taking into account cultural nuances.

Importance of Specialisation

Specialisation is as important as general knowledge of various domains of life. Specialisation becomes a gradual goal for most human beings. Given the limited number of hours in a day, the limited number of days in a year and limited years of a single human life it often becomes impossible and impractical to specialize in all walks of life. Specialization is a high level of expertise an individual attains after the study and practice of a specific domain over a prolonged period.

It is a position which is achieved after exhaustive investigation of the sub-components, influencing factors, scientific phenomenons, probabilities, and correlations. Along the way the specialist in making experiences failures and successes, all eventually adding up to the knowledge base.

Students in India often set their specialisation goals based on social pressure, family pressure, peer pressure and monetary returns attached to the specific specialisations. However, the correct way to select an area of specialization is through examining aptitude and passion. Aptitude is a component of competence which is deeply connected to inner potential or natural flair. Most people are inclined towards certain kinds of activities, whether mental or physical, than another set of or type mental or physical activities which is commonly called passion.

Source: Kadambari Rana

Essence of Economics and Career Options for Economics Students

In India, historically, Economics has been referred to as Arthashastra. The term Arthashastra originates from the Sanskrit words Artha and Shastra. Artha, meaning objectives; the objective of acquisition of material wealth, pursuit of career and also home life and Shastra meaning treatise or book.

In the modern world, the English term Economics is derived from the ancient Greek word Oikonomia and has been defined by the Greek Philosopher Aristotle, as a science of household management.

The Arthashastra was written around the 4th century BCE and at that time the economics of most nations was largely dependent on agriculture. Gradually, over a period of centuries, human beings began to explore various other avenues to keep themselves gainfully engaged and found several other means to sustain economic human life.

Economist Adam Smith, in his book The Wealth of Nations published in 1776, identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, this was distinct from the previously held physiocratic idea that only agriculture was productive.

The mind of an economics student, when trained in the principles such as those enshrined in The Arthashastra, becomes increasingly observant to the facts and truths of any phenomenon. Therefore, the study of economics, which is based on logic, reason, problem solving, circumstantial awareness and evidence equips any student to not only comprehend human behaviour, decisions and reactions but also be able to recognize resources as scarce in relation to human needs.

In school economics is introduced in grade 9th as an independent subject. At the undergraduate level students are not necessarily required to have studied Economics at the school level but they should have a good grasp over Mathematics, since the study of Economics is considered both an art and a science and mathematical tools are extensively used in Economics.

A post graduate in Economics can go into many fields; banking, finance, insurance, stock markets, sales, marketing, policy making, research, government, NGO’s, journalism and in teaching. Those who have a keen interest in higher studies and research can also pursue an M.Phil. and Ph.D. after their Master’s.

About the author: Kadambari Rana is an educator who practices, promotes and advocates the principles of child centric holistic education.

Last updated on 06 Feb 2023
13:19 PM
ADVERTISEMENT
Read Next