School of Economics Information
Economics is a Difficult Subject
The study of economics is a difficult subject. The discipline is typically recommended for students that are in the top 25% of their high school graduating class. While anyone can study economics, it takes someone really good at mathematics to be good at it. Economists take huge data sets and plug them into statistical models to predict economic behavior on both the macro and the micro level.
Economics is Powerful
Economics is powerful. Most peoples lives are heavily handed to them based on economic principles. An economist will make policies that have far reaching effects. Firms will find that good decision making ability has the same far reaching effects as public policy can. Economics is considered the science of business because it takes all the business data and puts it into mathematical models.
Economics is a great background to have. It is one of those things that is hard to get paid to do and yet the understanding of economics is vitally important to make it in business and the world. One of the best ideas is to have a double major. You might major in engineering and put economics with it. That way you can apply your knowledge to real world problems. In today's world, there are so many brilliant technical people that do not know what to do with it. On the other side, there are a lot of people that know what needs done and no skills to go about doing it. The reason is that it is really rare for someone to do a double major in two difficult disciplines. Most people want the easiest and fastest road to a buck and this wouldn't be that.
Economics Background Needed for Job Placement
If you want to make a go of economics, you will need a very strong background in statistics and a phd. With that, you may get a decent job. Most people will need a degree from a top ten ivy league university to make it into real jobs that pay well. The pay isn't all that outstanding. Consider that Alan Greenspan was paid around 150k per year. There are a lot of regular sales people and pharmacists and engineers that make more than that. What is more common, is that people with degrees in economics find ways to create wealth through their own investments. Why? They understand the economy and how things work and that makes the decision making much easier.
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