Job Description

What: Economics is considered as an ‘ever green subject’, since ‘money’ holds a vital role in our life. In simple terms, economics is a study of the economy and a study of how its problems can be corrected for the well-being of everyone. There is a need of economists and experts in this field in today’s growing and changing dynamics of world economy. Economics analyses how economies work and affect market, business, government, people, and other element of society. Economic theories are based on extensive studies and analysis. Economics is the study of how goods and services are produced and distributed thereby including the study of production processes as well as distribution processes. An understanding of economic issues is vital to our everyday life. Economics affects our daily lives in everything we do: how much education we choose to get our jobs; how much time to spend in leisure; whether to invest or spend all our earnings; whether to drive to university or take the bus. There are various fields of economics. In the age of liberalization and globalization Economists supposed to get good return whether in public or private sectors. In most of the government services Economists are getting Rs 35,000 to 50,000 as assistants while experienced and seniors have average Rs 1,00,000 of monthly salaries. In colleges and universities economics teachers are getting Rs 20,000 to 1,25,000 depending upon seniority. In case of private sector remuneration are even higher. Economic consultants are also earning good returns depending upon number of their clients. How: Economics offers good number of career options in both public and private sector. Major opportunities exist in banking and finance sector. Economists also play important roles in international organisations like the World Bank and other Development Banks & aid agencies. Study of economics also includes statistical and mathematical methods for economics, econometrics, public finance, monetary economics, international economics, development economics and economic policy-making. These are extremely desirable from perspective of building a career, in the public sector, private sector or non-government organisations. Where: Economics can be taken up as a subject at the 10+2 level. It may be studied as a subject at the undergraduate level in various courses such as BA/ Eco B Com, BBE (Bachelor of Business Economics), BBA/ BBS and the Bachelor of Financial and Investment Analysis (BFIA). BFIA is offered by the College of Business Studies, Delhi University. All these courses are of three years’ duration. Various universities offer B A (H) in Economics, to those who had Maths as a subject at 10+2 level Econometrics is one of the significant specialised branches of economics which combines economic theory expressed in mathematical form with statistical methods. Econometrics as a subject is included in the master’s degree syllabi of many universities. At present, the subject is available only in a few universities such as the University of Madras, Pondicherry University, Rani Durgavati Vishwavidyalaya, Jabalpur, Sri Venkateshwara University Tirupati and the Indian Statistical Institute, Kolkata. Institutions: