Why Should You Study Economics?

Economics is a subject that has always been relevant, but perhaps never more so than now. The impact of our day-to-day choices on our future selves and on our wider social and global communities has never been more apparent or more important. Each day we are all bombarded with decisions; what to buy, how to vote in official parliamentary elections, the ‘simple’ sanctioning, through our spending, of different companies.

Learning to understand the immediate and long standing impact of these choices and decisions falls under the broad base of “the study of economics”. When you think of that, the opportunity to look at the “real world” impact of aspects of politics, sociology, psychology, and history is a fascinating one.

The study of economics trains the individual in statistics, business management and public policy. It can also be applied to the private and public sectors in assessing their data and by using highly honed problem-solving and analytical skills.

Studying this subject can often be considered to pave the way for a career in accountancy or business but it is also of very real benefit to charities, social think tanks, and advisory panels. The breadth of the subject matter is just as important for the ‘non-profit’ or charitable organisation as for a financial, political or government department.

The future of this subject is a diverse one. With the advent of ‘Big Data’ – the amount of information that informs companies and governments on ‘risk’ and various new markets – it has become a massive, developing area that is growing at an incredible pace.

According to the Complete University Guide, the opportunities opening for graduates within six months of their course completion are high. Economics graduates command almost £10k per annum more than those in a non-professional field and their ability to apply critical thinking, solid analytical skills, and to leverage economic tools is of interest to everyone in today’s finance driven, finance informed marketplaces.

As with any course the reasons for studying Economics are personal and varied. Finding a direction of study that sparks interest and enthusiasm will ensure there is a greater chance of seeing it through to completion and moving on to the next, potentially more specific, focus. Choosing what to study is an important personal decision which affects the rest of our lives. Opening one door means closing others, if only temporarily. Therefore it needs to be done in an open, considered way.

Studying Economics will open up the world in very specific ways, from specific perspectives and with specific agendas. This is no hardship and should not be used as a criticism of the subject. In fact it is exactly what each separate academic subject does. The study of Economics is an essential piece of the jigsaw that makes up our society. It informs the continued development of small scale and global understanding, from those particular viewpoints.

To consider studying Economics is to consider studying the micro and macro of the world. It can be held in conjunction with other intersecting points of view – psychology, politics, history- or be studied alone, but either way it is of benefit to the individual, who learns more about their decision-making, as well as that of their country and ultimately the world.

Broaden your worldview and apply for a course in ‘A’ Level Economics with Oxford Open Learning.