Economics has given the script of modern communication
Economics has designed the pattern of modern education
Economics has driven the technological innovations
Economics has created the modern world order!
Economics is the science of meaningful life. It is the cause of habitation, civilization and living activities. Where there is need, there is economics. Resources allocation and needs satisfaction are the two ends of economics. In real sense, economics is a living science. It is not a science of books and theories. It happens with every productive activity which has money value. It has practical applications in solving the problems of households, industry and society. Hence, economics is the science of practice like management, engineering and medical sciences.
Economics has universal applications. It has worldwide recognition and nationwide significance in policy making, trade and finance. The process of development starts with economics and growth happens because of economics. In a broader perspective, the modern world is the creation of economics. The technological advancement and scientific endeavors are driven by economics. Moreover, the present world order is shaped by economics. Thus is the role, significance and scope of economics in the contemporary human life.
The discipline of economics encompasses the theories, principles and laws applied in economic analysis. The branches, subjects or areas of economics include Microeconomics, Macroeconomics, Development Economics, Economics of Growth, Public Economics, International Economics, Behavioural Economics, Social Economics, Entrepreneurship Economics, Agricultural Economics, Industrial Economics, Economics of Social Sector, Gender Economics, Mathematical Economics, Econometrics, Statistical Applications in Economics, Managerial Economics, Business Economics, Methodology of Economics, Economics of Public Policy and Governance, Health Economics, Economics of Education, Political Economy and so on.
Economics is now recognized as a professional science in Higher education. The IITs, IISERs and renowned B-Schools in India have started UG & PG programs in Economics. The curricula and courses of economics are also improved and modified with the need of time. Education of economics is gaining worldwide acceptance on the background of growing economic aspirations and social problems. Therefore, MGM University has started B.A.(Hons) Economics program at UG level, M.A. Economics (Specialization in Entrepreneurship Research) as well as Ph.D. programs at PG level.
Scope and Opportunities
The students of economics are eligible to appear for all the competitive examinations at par with the graduates from other disciplines. The graduates and post graduates in economics have scope to appear for IIT GATE, NET-JRF, SET, IES, RBI Grade-II Officers examinations leading to stipend & fellowships for further education or ready jobs. The conventional career for students of economics is in Teaching and Research. The students of economics have an opportunity to become professors & researchers in Universities, Colleges and other Institutions.
The employment or jobs are available as Economic Analyst, Investment Analyst, Data Analyst, Market Strategist, Cost – Profit Analyst, Financial Analyst, Policy Analyst, Long-term Financial Planners in profit making organisations like Central Bank, Development Banks, Commercial/ Cooperative Banks, Insurance Corporations/ Companies, Financial Institutions, Private Enterprises, Capital Market, Shares and Stock Markets, Marketing Agencies, Private Companies, Corporations, Media Houses, Government Departments, State and Central Administrative Services, Economic Services, Communication, Marketing, E-commerce, Hotels, Hospitalities, Tourism & Transport.
The opportunities are also available in the fields of Agriculture Services, Industries, Consultants, Financial Planners, Insurance Advisors, Investment Planners, Analytics and Consultancy Services, Policy Research and Analysis, Business Analytics, Economists, Consultancy Services to Higher Level Managements of Business Firms, Experts in Fund Management, Investment Analysts, and Actuarial Science. The students may get jobs as Business Analytics, Cost Analysts, Profit Maximisation Experts, Economic Forecasting, Marketing Strategists, Game Planners, Business Planners, and Resources Mobilisers in Private Corporations, Firms, Business Enterprises and Industries.