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Friday, December 2, 2011

Why Study Economics?

1) It's interesting and relevant

Economics is often viewed as a dry discipline which has little to say about the real world, however nothing could be further from the truth. A good understanding of economics will allow you an insight into a wide range of social issues and problems, ranging from the most important and pressing facing the planet today, to every-day phenomena, central to the way society is organised, but that most people take for granted.

For example, have you ever thought about any of the following questions:

· Why are the populations of Western countries so wealthy and the populations of Third World countries so poor?

· Is an influx of migrant workers good for society?

· What exactly are 'market forces'? and why do most governments allow them to determine the allocation of resources in society?

· What causes unemployment?

· Why do prices sometimes rise very quickly, but sometimes rise very slowly?

· Why are some goods very expensive (e.g. caviar) and others so cheap (e.g. baked beans)?

· Why do economies often go through periods of strong growth followed by periods of slow growth or recession? Why are most Western economies about to go through a period of slow growth or recession?

· Why have most countries in Europe joined the European Union? Why have most of these countries given up their national currencies by adopting the Euro?

· What factors determine the prices of shares? Why do share prices on the world stock markets sometimes appear to fall uncontrollably?

· What role do financial markets play in an economy?

· Does international trade help the development of poorer countries?

· Why (usually) do governments (rather than 'market forces') provide certain goods and services such as street-lighting, armed forces, law enforcement, education, health services and roads?

· Does the government tax us too much or too little? What are the most appropriate ways for governments to raise revenue?

· Why are some countries (e.g. China, India) growing very quickly, while others are growing more slowly?

· Why is it that some regions within a country tend to be wealthy (e.g. the South of England) while other regions may be much less wealthy?

· Why are most goods produced by firms, often employing large numbers of people, rather than by self-employed individuals?

· Why are some industries dominated by one large firm (e.g. Microsoft Windows, computer operating system), whereas in other industries, many firms compete for business (e.g. car insurance)?

· Do long prison sentences reduce crime?

If you have, you will find the study of economics very interesting.

Economists answer the questions above by developing and applying theoretical economic principles to these issues in a rigorous and impartial manner. As a student of economics you will learn to develop theoretical models and apply them, in order to gain an understanding of the issues mentioned above as well as most other real world social phenomena.

2) Important Skills

As a student of economics you will also gain a highly marketable set of skills. With a degree in economics you will be able to:

· think analytically, critically and strategically,

· reduce complicated problems to their important components, and formulate solutions to these problems,

· apply up-to-date theoretical ideas as a framework for understanding the world around you,

· develop your numeracy, develop your ability to work on your own or as part of a team,

· communicate effectively, both verbally (presentational skills) and in writing.

3) Filthy Lucre!

Independent research suggests economists earn more than almost all other graduates. One study found that after 11 years, male economics graduates earned more than all other graduates except dentists (Belfield and Sloan 1996). Another study (Conlon et. al., 2002) showed that the graduate premium, that is the extra salary enjoyed by a University graduate compared to a peer who left school with two A levels or more, for male economics graduates is 26.8% and for female economics graduates is 39.3% . This premium is higher for economics graduates than a) other Arts graduates, b) other Social Sciences graduates, c) Maths graduates and d) Engineering graduates.

Why Study Economics at SSE?

· Rigorous Curriculum

· Innovative Teaching & Assessment

· Extra co-curricular activities

· Other facilities: ICT enabled lecture halls, library, Wi-Fi enabled campus, a well equipped Gymnasium, Canteen, Health Care Center, Auditorium, Hostel Accommodation (limited seats), Computer Lab, etc.

· The parents have access to the progress reports of their wards through a ‘student outreach central’ portal provided on the college website.

· Unique International Collaborations: SIU has collaboration with Georg-Simon-Ohm-Fachhochschule Nuremberg, Steinbeis University, Ontario Maharashtra & Goa, Erasmus Mundus, Sheffield Hallam University, University of Bremen Hochschule, Germany, Leeds Metropolitan, UK, Leibniz University, Hannover & Berlin School of Economics & Law. SSE students through SIU get the benefit of international exposure.

· In House Publication : The college editorial board which is an active body aims at publishing its first in-house magazine by 2011. All the faculty members & students have thought it to be imperative to come together to take this initiative.

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