Free sample essay on the Economics as a Subject of Study. Economics as a subject of study has as much importance as computer science. Economics is related to commerce and the study of economics has a close link with the subject of commerce.
Economics as a subject of study has as much importance as computer science. Economics is related to commerce and the study of economics has a close link with the subject of commerce. In today’s world economics has a key role as it involves the functioning of various international and national lending and borrowing financial institutions like the World Bank and the International Monetary Fund.
The subject of economics has various divisions like macro and micro economics, which have some relationship with macro politics and micro politics, public finance, agricultural economics and general principles of economics. Each branch of economics is vast and is connected with various essential matters relating to the economy of a nation. Public finance deals with the financial management of the Reserve Bank of India and the various banks, scheduled and non-scheduled. The management of the policies of the Reserve Bank of India on credit control and keeping the inflationary pressure under control is a strategic task of the financial experts. The Governor of the Reserve Bank of India sees to it that the rupee value favorably compares with the currencies of other nations.
Image Source : economicsnetwork.ac.uk
ADVERTISEMENTS:
The rupee value indicates the economic strength of a nation. The finance ministry announces various policies to stabilize the economy of the nation and allocates funds for various schemes. A nation’s financial management is the key to the development in other sectors. Agricultural economics is also one of the key branches of economics as it deals with the growth in agricultural production. Our nation’s economy is village- based as India is a land of villages, and so the economy of the villages should receive the utmost consideration of the economists and financial managers.
Economics is a social science. The study of economics and specializing in the various branches of economics will help the students in getting jobs in- the management cadre. The study of economics helps us in the household management, in the management of the complex affairs of an industry and the social and financial affairs of a nation. Wherever money matters economics has a significant place. The knowledge of economics is essential to everyone as economics has wide applications in many fields.
The Economics course as a major subject at the postgraduate level has changed radically now. Its contents have changed and it has become relevant to the job market. Today economics has become multi-disciplinary. Besides the core economic subjects such as managerial economics, marketing, economic policies, and quantitative economics subjects like computer applications are offered. Further, specialization in the international trade, financial economics, environmental economics, insurance, global economics etc. are taught.
ADVERTISEMENTS:
Specialization in the various branches of economics helps the graduates and the postgraduates seek senior level posts in the multinational companies with fat pay. Specialisation in any subject, whether it is medicine, engineering, commerce or economics is quite helpful to seek managerial posts.