Economics is a modern discipline, the study of which has expanded considerably with time. Having its root in social science, it has covered a wide range of subjects including law, sociology, science, geography, chemistry, and maths.
With the help of these study disciplines, it has contributed much to the understanding of global phenomenons.
Programs and degrees in economics offer a comprehensive understanding of the principles and dynamics that shape our global economy. By studying economics, students gain insights into how individuals, businesses, and governments make resource allocation, production, consumption, and policy-making decisions. These courses in economics equip graduates with valuable analytical skills and a deep understanding of economic theories and concepts, empowering them to pursue careers in fields such as finance, consulting, research, public policy, and more.
Moreover, programs and degrees in economics provide students with a broad range of quantitative and qualitative tools to analyse and interpret complex economic data and trends. Students develop critical thinking abilities and problem-solving skills through coursework in microeconomics, macroeconomics, econometrics, and specialised areas like international trade, labour economics, or financial markets. They learn to assess the impact of economic factors on various sectors, assess risks, and make informed predictions. Economics programs also foster an understanding of the social implications of economic policies, enabling graduates to contribute to informed discussions and decision-making processes that can shape the economic landscape at local, national, and global levels.
Popular Economics Degrees after 12th in India
In India, students can pursue several popular economics degrees after completing their 12th grade. Here are a few of the commonly sought-after economics programs:
Bachelor of Arts (B.A.) in Economics
This undergraduate program offers a comprehensive foundation in economics, covering microeconomics, macroeconomics, econometrics, economic theory, and statistical analysis. It provides a well-rounded understanding of economic principles and prepares students for various careers or further studies in the field.
Bachelor of Science (B.Sc.) in Economics
This degree program combines the study of economics with a strong emphasis on quantitative methods, mathematics, and statistical analysis. It equips students with analytical skills to examine economic data, conduct research, and apply economic theories in real-world scenarios.
Bachelor of Commerce (B.Com.) in Economics
This program integrates economic studies with business and commerce subjects, providing students with a comprehensive understanding of how economics influences business operations, financial markets, and organisational decision-making processes.
Integrated B.A. or B.Sc. + M.A. in Economics
Some universities in India offer integrated programs where students can pursue a combined Bachelor's and Master's degree in economics. These programs allow students to save time and gain advanced knowledge in economics, positioning them for higher-level positions or research-oriented careers.
Honors Programs
Many colleges and universities in India also offer specialised Honors programs in Economics, such as B.A. (Hons.) Economics or B.Sc. (Hons.) Economics. These programs provide in-depth coursework and research opportunities, allowing students to specialise in specific areas of economics and enhance their academic profile.
Best College in India to Study Economics
When it comes to studying economics in India, several esteemed colleges offer excellent programs. Here are some of the best colleges in India for studying economics, along with additional details about the courses and approximate fee ranges:
Delhi School of Economics, University of Delhi
Delhi School of Economics, affiliated with the University of Delhi, is renowned for its prestigious economics program. It offers a two-year M.A. in Economics, comprehensively understanding economic theories, quantitative techniques, and policy analysis. The program has a strong faculty and provides opportunities for research and practical application of economic concepts. The approximate course fee for the M.A. in Economics program at Delhi School of Economics is INR 10,000 - 30,000 annually for Indian students.
St. Stephen's College, Delhi
St. Stephen's College, affiliated with the University of Delhi, is well-known for its rigorous academic standards. The B.A. Economics (Honors) program focuses on developing a strong foundation in microeconomics, macroeconomics, econometrics, and economic analysis. Students gain critical thinking skills and are exposed to various economic issues and policies.
Course Fee: The approximate course fee for the B.A. The economics (Honors) program at St. Stephen's College ranges from INR 30,000 - 40,000 annually for Indian students.
Presidency University, Kolkata
Presidency University, located in Kolkata, offers a highly regarded B.Sc. Economics (Honors) program. The curriculum covers microeconomics, macroeconomics, statistical methods, mathematical economics, and econometrics. The program focuses on developing analytical skills and a deep understanding of economic principles. The approximate course fee for the B.Sc. The economics (Honors) program at Presidency University is INR 5,000 - 15,000 per year for Indian students.
Indian Statistical Institute, Kolkata
Indian Statistical Institute, located in Kolkata, offers a unique program combining statistics and economics. The B.Stat. with Economics program provides a strong foundation in statistical analysis, mathematical economics, econometrics, and data interpretation. It prepares students for careers in both statistical analysis and economic research. The approximate course fee for the B.Stat with Economics program at Indian Statistical Institute ranges from INR 25,000 - 30,000 per year for Indian students.
Loyola College, Chennai
Loyola College in Chennai offers a highly regarded B.A. Economics (Honors) program. The curriculum focuses on microeconomics, macroeconomics, development economics, quantitative methods, and economic theory. The program emphasises critical thinking, research skills, and applying economic principles in real-world scenarios. The approximate course fee for the B.A. The economics (Honors) program at Loyola College ranges from INR 20,000 - 30,000 annually for Indian students.
Madras School of Economics, Chennai
It is affiliated with the University of Madras, and offers a two-year M.A. in Economics program. It focuses on advanced economic theories, econometrics, applied economics, and policy analysis. The program combines classroom instruction with research projects and internships to provide practical exposure. The approximate course fee for the M.A. in Economics program at Madras School of Economics ranges from INR 50,000 - 1,00,000 per year for Indian students.
Shri Ram College of Commerce (SRCC), Delhi
This college is affiliated with the University of Delhi, and is renowned for its commerce programs. The B.Com with Economics (Honors) program offers a blend of commerce and economics, providing students with a solid foundation in both areas. The curriculum covers microeconomics, macroeconomics, financial economics, and quantitative techniques. The approximate course fee for the B.Com with Economics (Honors) program at SRCC can range from INR 40,000 - 50,000 per year for Indian students.
Scope of Economics in India
The scope of economics in India is vast and encompasses various sectors, offering numerous opportunities for individuals with an economics background. Here are some key areas where economics plays a significant role in India:
Government and Public Policy
Economics is crucial in shaping government policies related to fiscal management, taxation, monetary policy, trade, and public expenditure. Government institutions employ economists, think tanks and research organisations to provide insights and analyses that inform policy decisions.
Banking and Finance
The banking and financial sector relies heavily on economic principles and analysis. Economists are employed by banks, financial institutions, and regulatory bodies to assess market trends, develop risk management strategies, forecast economic conditions, and guide investment decisions.
Business and Consulting
Corporations and consulting firms often employ economists to analyse market conditions, conduct economic research, assess demand and supply factors, and provide insights for strategic decision-making. Economists help businesses understand the economic environment, optimise resource allocation, and anticipate market trends.
Research and Academia
Research institutions, universities, and think tanks offer opportunities for economists to engage in theoretical and empirical research. They contribute to advancing economic knowledge, publishing scholarly articles, and teaching economics at various educational levels.
Development and International Organizations
International organisations such as the World Bank, International Monetary Fund (IMF), United Nations (UN), and various development agencies employ economists to work on economic development projects, poverty alleviation programs, and policy formulation in trade, agriculture, infrastructure, and social welfare.
Economic Journalism and Media
Economists can pursue careers in economic journalism, providing analysis and insights on economic trends, policies, and their impact on society. They contribute to newspapers, magazines, television channels, and online platforms, helping to disseminate economic knowledge to the wider public.
Entrepreneurship and Start-ups
Economists can become entrepreneurs and start their ventures with their understanding of market dynamics and economic principles. They can apply economic analysis to identify business opportunities, develop innovative solutions, and optimise business strategies.
Branch of Economics
As of now, you must have a basic idea about the importance of economics. Now, it is time to know various job opportunities that an economics student can opt for after the completion of the economics program. Here are some of the different department of economics with a specific focus:
Development economics: It studies the various opportunities for the growth and development of business and trade in the world.
Environmental economics: This is related to the major issues faced by the environment such as pollution, conservation of forest and natural resources, etc.
Behavioural economics: It is that branch of economics that studies the behaviour of a human being who is designing economics policies.
Managerial economics: This branch studies the basics of management in terms of trade, finance, planning of budget and other important things.
Resource economics: It deals with the production and distribution of resource. The main focus is to deal with the scarcity of a resource in a specific country or place. Moreover, the production is also based on the requirements.
There are many other branches as well, which can be studied in different streams. However, you must be very specific about choosing in which field you want to gain expertise in.
Economics Online Courses
Numerous online courses are available for studying economics, ranging from introductory courses to advanced topics. Before enrolling in any online course, it's important to consider factors like course content, instructor reputation, and user reviews to ensure the course aligns with your learning goals. Here are some reputable platforms that offer online economics courses:
- Coursera: Coursera is a popular online learning platform that partners with universities and institutions to offer various economics courses. Some recommended courses include "Principles of Economics" by University of Illinois at Urbana-Champaign, "Game Theory" by Stanford University, and "Financial Markets" by Yale University.
- edX: edX is another well-known platform that offers high-quality online courses from top universities. Notable economics courses on edX include "Principles of Microeconomics" by MIT, "Principles of Macroeconomics" by IMF and University of California, Berkeley, and "The Economics of Money and Banking" by Columbia University.
- Khan Academy: Khan Academy provides free, self-paced video lessons and exercises covering various economic concepts. The platform offers comprehensive courses such as "Macroeconomics" and "Microeconomics," as well as specialised topics like "Behavioral Economics" and "International Trade."
- Udemy: Udemy offers various economics courses taught by industry professionals and experts. Courses range from introductory-level to advanced topics, including "Economics for Beginners" and "Econometrics: Regression Analysis with EViews."
- MIT OpenCourseWare: Massachusetts Institute of Technology (MIT) provides free access to its course materials through MIT OpenCourseWare. Users can find complete lecture notes, assignments, and exams for economics courses such as "Principles of Microeconomics" and "Macroeconomics."
- EconplusDal: EconplusDal is a YouTube channel offering free lessons covering various economics topics. The channel covers both microeconomics and macroeconomics, providing clear explanations and examples.
- Superprof: Superprof is an online platform that connects students with qualified economics tutors who offer personalised one-on-one online courses. With a wide range of tutors specialising in various areas of economics, Superprof provides the flexibility to schedule lessons at your convenience, allowing you to enhance your understanding of economic concepts and achieve your academic goals.
The availability of online economics courses has greatly expanded access to quality education and learning opportunities. Superprof offers courses catering to learners at various levels, from beginners to advanced students. The above courses provide the flexibility to study economics at one's own pace and convenience, allowing individuals to acquire valuable knowledge, enhance their analytical skills, and explore diverse aspects of the field.
Whether a student, professional, or simply curious about economics, these online courses serve as valuable resources to deepen your understanding of economic principles, broaden your perspectives, and open doors to exciting career prospects in various industries. Embracing economics courses can empower learners to make informed decisions, contribute to society, and navigate the complexities of the ever-evolving global economy.
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