Academic Skills Required for Study of Economics - Essay Example

Running Head: ACADEMIC SKILLS Academic Skills Required for Study of Economics Economics is a discipline that examines reasoned decision making with limited resources. It is a social science concerned with the behavior of individuals and institutions engaged in the production, exchange and consumption of goods and services. Economics study provides solutions to resolve the conflicts between unlimited desires for higher living standards and limited resources to satisfy these desires. Because virtually all social, political, and economic problems can be traced to these conflicts, the study of economics is important for intelligent citizenship. A student of economics is expected to follow and use both inductive and deductive reasoning and to systematically interpret theory and data related to these issues. It is especially important for students interested in careers in business, government, law, and a variety of other professions. This paper deals with the study of economics. The paper is divided into two sections. In first section an attempt is made to find out the essential academic skills required for the study of economics. To address the essential skills, various strengths and weakness are determined and discussed. An analysis of weakness in studying economics is made to either turn then into strength or to minimize their drawbacks. The second and final section discusses the importance of economics study in terms of returns or gain (Aims of the Economics Degree Programmes, n. d., pp. 1-3). Section I: Essential Academic Skills for Studying Economics Economics is an extremely practical subject, an economics degree provides solid preparation for a variety of career in business, government, and the law, as well as for specific areas in education, journalism, foreign service, consulting and politics. The specialization in economics is incomparable. To excel in this field it is essential for an economics student that he has strong aptitude and tendency towards following academic skill. . Aptitude towards Gaining Knowledge and Understanding It is the first essential thing that an economics student has a strong ability to acquire and demonstrate an understanding of those core principles as they relate to economic problems and issues. He has talent and inclination to demonstrate command of existing knowledge, to write reports summarizing existing research, describing economic situations, and explaining policy positions and debates. One has keen insight to identify and discuss economic concepts found in news stories and features. It is also essential that he has ability to use economic theory and quantitative methods to study real world economic problems. Intellectual Skills There is general agreement among economists on the skills or competencies that an individual having tendency towards studying economics must have an analytical, clear, concise, and rigorous economic way of thinking. It is important that individuals involved in studying and training economics are good at problem solving because in real world scenario they have learn to identify problems, to specify alternative solutions, to determine what data are relevant, and to objectively weigh costs and benefits in making decisions. They have an attribute to effectively identify the basic knowledge of the characteristics of economic systems, how markets establish prices, how scarcity and choice affects the allocation of resources, the global nature of economic interdependence and how work and earnings impact productivity. They have aptitude to use the power of abstraction to focus upon the essential features of an economic problem and to provide a framework for the evaluation of the effects of policy or other exogenous events and be able to analyze an economic problem or issue using an appropriate theoretical framework. Practical Skills Along with other earlier mentioned aptitudes and tendencies, it is also important that an economics student has ability to display the knowledge of sources and content of economic information and data. He can demonstrate a knowledge of how to conduct and evaluate empirical work, how to carry out empirical work using appropriate techniques and to carry out self-directed study and research. Transferable skills For studying economics it is better to have a predilection of an understanding of appropriate concepts in economics that may be of wider use in a decision-making context (e.g. opportunity cost), to communicate economic ideas, concepts and information using means of communication appropriate to the audience and the problem at issue. One has an inclination to learn and to appreciate the importance of, and be able to construct, rigorous argument to help evaluate ideas. For an economics student the above mentioned skills can either be consider as one's strengths or weaknesses, depending on the fact that how much he acquires or inclines towards these skills. If an economics student has strong aptitude towards above mentioned skills, then these skills will be considered as his strengths and vice versa. There can be a number of strategies to turn academic weakness into strengths. Following are few strategies (Strategies for Success, n. d., pp. 1-5) to deal these weaknesses and to turn them into strengths. By understanding and analyzing the weaknesses. Discussing about your weakness with your instructor and academic advise and availing their advice and guidance. By seeking a tutor or personalized help with a specialist. Adopting a combine study methodology. Monitoring and managing time more effectively. Improving your study environment and concentration. Section II: Study of Economics and its Returns Economics, once considered one of the more difficult subjects for undergraduates to grasp, is the top major at Harvard, Princeton, Columbia, Stanford and the Universities of Pennsylvania and Chicago; second at Brown, Yale and the University of California at Berkley; and third at Cornell and Dartmouth (Mabry, 1998). Economics is a very powerful discipline that focuses on some important aspects of our life, in particular, constrained maximization equilibrium in resource allocation (Ng, 2003, p. 1). Economics majors pursue several career tracks after completion of their degree. Economics is an extremely practical field, and a major in economics is excellent preparation for careers in business, government, and the law, as well as for specific areas in education, journalism, foreign service, consulting and politics. An economics degree provides solid preparation for a variety of business careers. In this regard economics is useful both for the method of thought it teaches, and for specific knowledge it imparts Economists learn about the workings of the economy and about economic policy. They also study the way in which individuals, firms and governments make economic decisions. But economics is about much more than that! As you study economics, you will acquire skills and discover concepts that can be applied in many areas of life. Degree in economics offer extensive employment opportunities both in government and private sectors. At the government level, the departments of the Treasury, Agriculture, Commerce and Labor the largest employers. The types of jobs in government agencies range across the fields of agriculture, business, finance, international trade, transportation, urban economics, and utilities. According to the U.S. Department of Labor, employment for economists is expected to increase as fast as the average through 2005. Opportunities should be best in manufacturing, financial services, advertising agencies, research organizations, and consulting firms. The continued need for economic analysis by lawyers, accountants, engineers, health services administrators, urban planners and others will increase the number of jobs for economists. Because of the importance of economic decisions to many organizations, well-trained graduate economists are in high demand for a wide range of occupations. The skills that you will gain during an economics degree program also adds to your employability. Many economics majors do go into business. A survey (Why Study Economics, 2007) at Marquette University, for example, showed 41% of economics majors working in business six months after graduation, and another 18% going into business after taking graduate work in various fields. These economics majors worked in a wide range of areas including purchasing and sales, financial analysis, banking, management, and systems analysis. This diversity demonstrates the general applicability of the analytical skills acquired by economics majors. References Aims of the Economics Degree Programmes. (n. d.). Retrieved May 8, 2007, from http://www.sussex.ac.uk/economics/documents/learning_outcomes.doc Mabry, T. Economics, Once a Perplexing Subject, Is Enjoying a Bull Run at Universities. THE WALL STREET JOURNAL. Retrieved May 8, 2007, Retrieved May 9, 2007, from http://www.cbehome.uidaho.edu/default.aspxpid=28400 Strategies for Success. (n. d.). Retrieved May 10, 2007, from http://www.winthrop.edu/retention/strategies.htm Why Study Economics. (2007). Retrieved May 8, 2007, from http://www.cbehome.uidaho.edu/default.aspxpid=28400 Yew-Kwang Ng, Y. (2003). Orthodox Economics and Economists. Strengths and Weaknesses. The Singapore Economic Review, 48(1). Retrieved May 8, 2007, from http://www.worldscinet.com/172/48/4801/S021759080300061X.html Read More