Eye on economy

Economics is the study of how people choose to use scarce resources to meet competing desires. Resources include money, property and time.

The lowdown
Economics is the study of how people choose to use scarce resources to meet competing desires. Resources include money, property and time. It concerns itself with economic growth, welfare, inter-country economic relations, and globalisation, including inter-country trade. The focus might have remained the same over time but the technology of economic enquiry has changed due to what is called econometrics. Unlike other social sciences, it can use mathematical and statistical tools and find precise answers with, of course, some degree of error

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Clock Work
9am: Call up traders and sales people in the treasury
10am: Prepare report on market views and send to clients
11am: Write research reports on topical issues, give opinions and forecasts
12pm: Analyse data and trends
2pm: Lunch
3pm: Client calls/meet policymakers/ give a sound byte to the press
5pm: Apprise senior management of the market and economic developments

The payoff
In academics, an assistant professor can make around Rs6 lakh per annum. An associate professor can rake in upwards of around Rs10 lakh per annum. A professor can earn as much as around Rs15 lakh per annum. While as per industry standards, an entry level economist can start with approximately Rs7 lakh per annum. As one reaches the middle management, they can expect to earn around Rs12 lakh per annum. At the senior level, sky is the limit

After completing their masters, economics students can explore various opportunities in the corporate sector and the academia

Dr Parikshit Ghosh, associate professor,Delhi School of Economics

Skills/TRAITS
. An enquiring mind with a focus on economic problems, including theoretical issues
. Since the technology of economics is changing, a good background of mathematical, statistical tools and
econometrics are essential
. An analytical approach to solve problems is a prerequisite
. Good quantitative and reasoning skills to analyse data from reports and other sources
. Good comprehension skills to deduce conclusions

Getting There
After completing Class 12 in any stream, one can opt for a bachelor’s degree with honours in economics from a recognised university. Then couple it up with a master’s degree in economics. An MPhil and a PhD degree are recommended. It would be more fruitful if you have maths in Class 12. A strong background in maths and statistics would help

Institutes
. Delhi School of Economics
www.econdse.org
. Centre for Economic Studies and Planning, Jawaharlal Nehru University
www.cespjnu.in
. Indian Stastical Institute (ISI), Kolkata and Delhi
www.isical.ac.in and www.isid.ac.in
. Indira Gandhi Institute of Development Research
www.igidr.ac.in
. The Centre for Economic and Social Studies (CESS), Hyderabad
www.cess.ac.in/cesshome/cess main.asp
. Faculty of Management Studies, Delhi
www.fms.edu
. The London School of Economics and Political Science (LSE), UK
www2.lse.ac.uk/home.aspx

Pros and cons
. Economists are useful to society because they analyse issues related to growth and development, welfare and policy
formulation - both long- and short-term
. They evaluate government policies and assess their long and short term significance for the country, thereby
contributing to growth
. They have to be as logical as mathematicians but the danger is that by getting more theoretical they may lose touch
with ground reality