Economics is one of the most popular majors in college and universities. Additionally, it is becoming an ever more desired degree, with many business schools only accepting students who have studied economics for at least one year. What was the core business that made standard oil a horizontally integrated monopoly? How did the formation of OPEC affect the demand curve for oil? Why is Economics a well-liked degree?I am sure there are a lot of questions running through your head right now. Didn’t we learn all that stuff in high school? Most people think economics is something associated with money making. In fact, it is much more than that. It is one of the most diverse subjects that deals with real world issues; from Economics of development, to economics of organizations, to macroeconomics.
Ten Solid Evidences Why Economists Is Bad For Your Career Development :
1. Lack of Diversity in Economics Degree Jobs
The career implications of a degree in economics are not diverse. Most degrees in economics are in the field of financial firms; both at local and international levels. Additionally, the average salary for an economist is $60, 000 per year . Another example of the lack of diversity for economics graduates is that top employers for economists include the Federal Reserve System, the Federal Trade Commission, The Bureau of Labor Statistics and the World Bank. This can be attributed to the huge number of financial companies that require economists every year as they seek to take advantage of new development and opportunities that emerge all over the world.
2. Job Descriptions of Economists
The job descriptions have a narrow range of interests. As an example, an economist at The Federal Reserve System will be responsible for studying past data in order to make predictions about future developments. Typical job description of this position is ” Conducting economic research [and] reviewing performance and making recommendations for monetary policy adjustments.” It can be concluded that there are very few jobs in which economists are involved with the use of the actual statistics tools.
3. Lack of Historical Intelligence on Economists and Their Tests
Economics’ test score high school graduates demonstrate very little historical intelligence, with only one or two questions being worth more than half a point; (e.g. What was the cause of the Great Depression?). Besides, no historical questions are asked on the Economics GRE. No matter how many high school students take economics, they’re still going to need to learn about history in college.
4. Economists Are Not Always Compassionate
It is shocking how many economists are not compassionate toward their fellow human beings. One example of this is the use of random drug testing in the military. Another example is how economics does not take into account people who are suffering from poverty, homeless and war victims. In fact, a historical economist John Maynard Keynes did write: “I find that economics treats women as no better than cattle. What has really happened…is that you have got lousy females writing economics.”
5. Economics Can Be Enjoyable For You
Most of us think that Economics is a boring subject because the first thing you have to learn is supply and demand curves. However, once you understand it, the whole thing becomes more enjoyable. For example, knowing how economics works in real life can be fun because it includes history and other economic activities around the world.
6. Economics and Foriegn Language
The ability to think in a foreign language can be beneficial to your career and overall education. Think of economics as a language that you learn just like Chinese, Spanish, French or any other language. That’s what I call learning a foreign language through Economics. Once you can apply the economic concepts in a different language, it’s the same thing as speaking it, right? So don’t worry because the more economics degrees you have under your belt, the more languages you will speak.
7. Economics and Globalization
Economics is a topic that has always been on the list of what people need to take when they want to go abroad. This is because it is one of the most interdisciplinary subjects that deal with international development, economics and so many other aspects. Globalization has brought about a great development in this subject.
8. The Average Economist Doesn’t Know the Real World
Since economics majors are required to have a hard science mathematics background and must have the ability to think like an economist, they miss out on some of the subjects that they need. This can be explained by their lack of experience in other fields. For example, in order to become a true economist you will need to take classes like international relations, political science and even your native language.
9. Economists Are Useless
This statement is just plain ridiculous! The whole point of going to college is to learn how to become more useful in the workforce and have better living conditions. Economists are very important people in our society because they help companies and organizations gain a new perspective on how they should proceed with their business activities.
10. Economists Aren’t Reliable
If you picked up your phone to call someone and the person you called wasn’t available, would you be surprised? So why is it surprising if anyone were to say that an economist was unavailable. Economists are very reliable because they stand by their facts and help the world understand certain economic topics.
