If The Wealth of Nations is your all time favourite book and you love nothing more than analysing the whys and the hows of the Celtic Tiger s death rattle, then doing a course in economics could be a great way to invest in your interest. As a social science, economics focuses on how people, businesses, and governments produce and exchange goods and services. The common aspiration of all economists is to produce policies that make these exchanges more efficient and beneficial to society at large.
In candid terms, economists work out why some people are rich and some people are poor. They analyse the effects of a rise or decrease in taxes, determining what policies help which stakeholders (the government, the public, business, etc. ). Economists may also be able to explain why houses are so expensive, or the effects of the diminishing values of particular currencies on other currencies.
Economists tend to study the current environment, concentrating especially on areas such as unemployment, inflation, interest rates, and exchange rates. This process involves data collection and analysis, and attempts to forecast future possible trends – for example, the effect the yearly Budget could have on childcare.
Economics can be split into macro (worldwide issues) and micro (individual markets and case studies). It is important to remember that economics is a science and so relevant research and data analysis is expected to support all theories. Economics may interest those who have an affinity with business and would like to direct it to the world of arts and humanities.
A large part of any economics course lies in recognising the problems of the economic climate and attempting to provide avenues to overcome them in the most efficient and beneficial way possible. The most common issues facing economists would be questions such as what goods need to be produced and in what quantities (consumption or investment, private goods or public goods, meat or potatoes, etc. ) how to produce them (coal or nuclear power, how much and what kind of machinery, who farms or teaches, etc. ) and for whom to produce them, reflecting the distribution of income from output.
Acquiring knowledge in economics will assist you in many areas of life; it will help you understand why the world is a certain way and how some members of society face financial hardship while others can flourish. So if you ve a passion for analysing the burning issues of today s economic environment, then check for a part-time economic courses near you.
