Science in Economics - A Way Forward

People often get shocked when I tell them I'm pursuing a bachelor of science in economics. They often ask me, “Doesn’t economics come in arts?!” and to be honest, it is actually much more than that. Economics is a science. A science of money and economy. The rigorous statistics tools and methods used in future predictions are no less than physics and mathematics. I would like to believe that economics requires the same amount of understanding that any other science subject, with its complex methodologies and techniques. 

The course of BSc Economics (Hons.) at MIT-WPU, School of Economics, provides students with the latest industry knowledge which is required and relevant in the industry right now. It consists of relevant knowledge regarding economic analysis, fundamentals, and principles of economics. The students will learn how to apply this knowledge of practical science in various fields such as society, family, government, and private sector business and science. It also develops students with practical knowledge of the skill set which is updated with the modern tools and techniques in the industry which makes employability chances very high.

So then, you might ask, how is BA Economics different from B.Sc. Economics? The key difference between these two courses is that BSc Economics offers a more practical approach to learning economics whereas BA Economics is more theoretical in nature. Maths and Statistics are the subjects which should be thorough by all economists. This is because economic models are known for their predictions and these can only be achieved by rigorous mathematical trials, statistics, and analysis. Thus, this degree helps you in that aspect.

In this growing era of computers, data science, and high-speed calculations, this course is a great way to boost your career. The banking sector also looks for economists to recruit in their organizations. It has great scope in the near future, with great employment opportunities and higher education can also be pursued along the lines of MSc in Economics, Masters in Public Policy, MBA, or MS in Finance. Research Publications can also be added and the list doesn’t end here and can go on as you explore further!

- Ms. Neha Pisal, Student at MITWPU - School of Economics, Pune