Economics is a broad term including many different types. When we talk about Economics we always talk about Theories and Laws which usually have unrealistic assumptions. This flaw makes Economics a bookish study and hence, people automatically avoid pursuing Economics as further education and instead aspire for more practical courses such as professional courses of CA, CS, etc. Let’s talk about Applied Economics as an Economics major.
Applied Economics
What Is Applied economics?
Applied economics is the study of economics in relation to real world situations, as opposed to the theory of economics. It is the application of economic principles and theories to real situations, and attempting to predict what the outcomes might be.
In Simple words, applied economics is the study of observing how theories work when it is put into practice. Applied economics is either practiced at macroeconomic (the whole, aggregate economy) or microeconomic (analyzing individual consumers and companies) levels.
Applying economics to the status of the economy of a country, household or company helps eliminate all attempts to dress up a situation so that it will seem better or worse than it really is.
Applied economics gives a true and complete picture of an economic situation or theory emerge, so that decision-makers can choose what to do in order to move in the right direction from a current position.
What use is it?
You can flourish in endless number of industries by having a Diploma/Degree in Applied Economics. Job industries such as Teaching, Insurance, Banking, Public services, Technology, etc all prefer Applied Economics majors as they play a great role in the top management decision making procedure. Usually a Masters degree in applied economics can be tailored to the field you want to specialise such as Financial Economics, International Economics, Spatial Economics, Macro Economics, Micro Economics, Health Economics, Statistical Economics, etc leading to the industry you want to join.
How to pursue and enroll?
1. India
Multiple colleges all over India offer courses in Applied Economics. You can do either BA(Applied Economics), MA(Applied economics), M.Phil(Applied economics/ Analytical Economics) or a Post Graduate Diploma (Applied economics). Some of the prestigious colleges offering these courses include IGIDR (Indira Gandhi Institute of Development Research), ISI (Indian Statistical Institute) and ISEC (Indian Statistical Education Centre)
2. Abroad
Many universities and colleges worldwide offer this course including all Ivy league Universities of USA and reputed universities of Cambridge and Oxford. apart from the above mentioned courses you can also do a MSc in Applied economics as well as obtain a management degree in Applied economics in some countries.
How much does it pay?
Just like an MBA course we cannot give accurate figures as it all depends on “Where you study from?” and “Which industry have you entered?”
Combination of an MA(Applied Economics) and any MBA is highly recommended.
Conclusion:
We can say that Applied Economics is a degree which has a high value in the market and is a favourable choice for those who haven’t yet decided which industry they want to enter.
By Meherzad Irani