Economics is Vital in Today’s World

Economics - Economics is Vital in Today's World
Written by Mubarak H.

“Economic matters can be characterized in a couple of various ways. It’s the investigation of shortage, the investigation of how individuals utilize assets and react to motivations, or the investigation of basic leadership. It regularly includes points like riches and back, yet it’s not about cash. Financial aspects is an expansive order that causes us comprehend verifiable patterns, decipher the present features, and make expectations about the coming years.” According to the American Economics Association (AEA).

Financial aspects may appear to be harsh in theory. Nonetheless, it has ground-breaking certifiable ramifications. In particular, as indicated by the AEA, financial matters can enable us to answer numerous unavoidable issues, for example, why a few nations are rich while others are poor; why men gain more than ladies; how information can enable us to understand the world; what causes subsidences; and why we disregard data that could be utilized toward better basic leadership.

Financial matters Help gives a few instances of times when financial aspects become an integral factor, incorporating managing deficiencies of crude materials; working out how riches is dispersed and redistributed inside society; deciding the degree to which the legislature ought to intercede in the economy; and utilizing standards and measures, for example, opportunity cost, social effectiveness, conjectures, and assessment.

Friedrich August von Hayek once proposed, “The inquisitive errand of financial matters is to exhibit to men how little they truly think about what they envision they can plan.” In this sense, financial matters lies at the crossing point of the common sciences and the humanities: applying a quantitative, information driven way to deal with human conduct. “In that capacity [it] is a standout amongst the most vital and pertinent aptitudes for the present reality, helping us pick carefully with regards to our own social and expert lives,” attests Financial Express.

Becoming an Economist

The list of skills required of economists is a long one, comprising analytical skills, communication skills, critical thinking skills, maths skills, writing skills, and more. But economists are much more than the skills they possess. They are also game-changers.

“At the heart of economics is the modeling of individual decision-makers in a way that allows one to analyze how different parties benefit from a given way of organizing things, and how the society as a whole comes out,” asserts Helsinki Graduate School of Economics (HGSE), an initiative of the University of Helsinki and two other Finnish universities, Aalto University and the Hanken School of Economics. This alliance gives students the benefit of a wide range of courses to choose from and a large number of top researchers.

With research groups in diverse fields including public economics, microeconomics, macroeconomics, labor economics, data science, industrial organization and econometrics, and boasting a breadth and depth of coursework, HGSE gives students the resources they need to take on some of the biggest economic challenges we face as a society.

If you are interested in pursuing studies in this field, meanwhile, you will find no better place to do so than the the University of Helsinki, which strives to produce “outstanding research with maximum academic and social impact, to educate the next generation of world-class economists, and to offer excellent training across disciplinary borders.”

Still think of economists as more in their ivory towers than on the front lines? Look no further than the 2018 Nobel Prize in Economic Sciences, which recognized two economists for their work in tackling two of the most pressing issues of our times: technological innovation and climate change. The organization said, “The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change. This year’s Laureates do not deliver conclusive answers, but their findings have brought us considerably closer to answering the question of how we can achieve sustained and sustainable global economic growth.”

In fact, testament to the strength of the teaching and research at the University of Helsinki, the 2016 Nobel Prize in Economic Sciences was awarded to a graduate of its B.S. Mathematics program, Bengt Holmström.

Want to be on the forefront of such world-changing work? Then apply to the University of Helsinki’s master’s programme in economics!

Economics Is Everywhere

Indeed, economics promotes understanding of and insight into problems specific to our times, including everything from education and the environment to health care and national security.

“One of the principal jobs for economists is to understand what is happening in the economy and investigate reasons for poverty, unemployment and low economic growth. For example, in a political debate such as – Should, the UK leave the EU? There are many emotional arguments made about immigration. Economic studies can try and evaluate the costs and benefits of free movement of labor. Economic studies can try to examine the economic effects of immigration. This can help people make a decision about political issues,” says Economics Help.

And then there’s the degree to which fintech, blockchain technology and cryptocurrency are influencing the global economy, with the World Economic Forum recently suggesting blockchain may be the key to solving some of the world’s most urgent environmental problems.

About the author

Mubarak H.