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Umair Rashid

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Oct 18, 2020 | Umair Rashid

Financial Field: Curious Case of Economists

Greater responsibility lies with parents to let their children choose career of their choice

 

  • China has lifted over 200 million people out of extreme poverty since 1980s
  • Majority of Kashmiri students limit their career options only around MBBS or engineering
  • For how long we will look down upon courses of Social Sciences or Arts?
  • Has Kashmir produced

 

Career is a very important thing in one’s life. Whatever career path you choose to follow, it will impact your life greatly. Your career will define your status in a society in addition to your lifestyle. In other words, your career will determine your social circle and relationships. Therefore, it is extremely important to choose the correct career path according to one's interest and to give equal respect to all the streams whether Arts, Social Science, MBBS, Engineering or any other.

Majority of the students in Kashmir limit their career options only around some disciplines like MBBS or engineering. They feel like, in a place like Kashmir, they can find a good job and can settle well while choosing these career options! While some crack prestigious competitive exams like JEE or NEET, others (with elite backgrounds) move to overseas to pursue these degrees.

Undoubtedly, we need brilliant doctors and engineers but that doesn’t mean these are the only choices and everybody has to run behind them even if not finding interest in these fields! We need to come out of our cocoons and broaden our visions. For how long we will look down upon courses of Social Sciences or Arts?

Do we know the significance of economics for a nation? Has Kashmir produced any good economists till date? I think it is high time now where we need to encourage our students to choose this career freely (if they want to) and excel in this field.

Greater responsibility lies with parents to let their children choose career of their choice. It is true a lot of people think from other perspectives; choosing that career which can easily provide in future jobs, settled life etc.

But the real aim of education is not limited to this; we need to also produce good economists for the development of our nation. Economics helps us identify the policy measures that encourage prosperity and avoid inefficiency, making it a crucial driver in the search for sustainable growth.

The curious task of economics is to demonstrate to men how little they really know about what they imagine can design - Friedrich August von Hayek.

Understanding humans, and their motivations, is critical to designing initiatives that can have social and economic impacts upon society at a local, regional and national level. This isn’t an idealised notion – whole nations have transformed themselves for the better through the incorporation of economic principles in their policies, like China, South Korea and Singapore, to name a few.

According to reports, “China lifted over 200 million people out of extreme poverty since the 1980s due to a revision of economic policies, materially improving the lives of nearly 2.6 percent of the world's population.”  This makes it clear that in a supportive policy environment, the impact that economics can have is virtually limitless. Further, studying economics provides one with not just an understanding of human behaviour, but also cultivates in students the problem-solving, analytical, communication and persuasion skills that are critical for success in today’s job market.

In business, economists can provide key incentives into how to make a product or service appeal more to customers by de-constructing their incentives and desires. The deep insights into customer behaviour, business strategy and volatile markets that economics provide can help companies make intelligent decisions to promote greater business growth and success.

Further, from jobs point of view over which we are always worried from start, companies are always eager to find better ways to make their value proportion clearer and more compelling; this is why skilled economists and economic analysts are in heavy demand across industries today.

Following up the study of economics with an MBA opens lucrative opportunities in marketing, finance and consulting, making it a vital first step onto a career path with exciting growth opportunities and prospects. This is one of the reasons that graduates in economics and postgraduates with a background in economics command some of the highest wages in the global job market.

Moreover, if we observe economics is everywhere in our lives. In our daily lives, we are called to make choices at our homes and in the marketplace, how much to spend and save, how to allocate our savings between different kinds of financial assets, how much to pay for health insurance, whether to switch jobs, to move to a different city, where to go for vacation, and so on.

These decisions are so much a part of our daily life and it is economics which teaches us how to make choices, how to interact in society, how to evaluate the work being done by our representatives and much more.

Moreover, being familiar with the fact that; how much our economy in Kashmir has suffered from past decades whether by turmoil or any other; we need to produce good policy makers vis-a-vis economists. This is possible if students are encouraged to go in this field and make in our institutions (university/college/schools) its teaching effective. We need to give this discipline equal importance as we give to MBBS and engineering.

Author is a student of Economics, Aligarh Muslim University

Oct 18, 2020 | Umair Rashid

Financial Field: Curious Case of Economists

Greater responsibility lies with parents to let their children choose career of their choice

 

  • China has lifted over 200 million people out of extreme poverty since 1980s
  • Majority of Kashmiri students limit their career options only around MBBS or engineering
  • For how long we will look down upon courses of Social Sciences or Arts?
  • Has Kashmir produced

 

Career is a very important thing in one’s life. Whatever career path you choose to follow, it will impact your life greatly. Your career will define your status in a society in addition to your lifestyle. In other words, your career will determine your social circle and relationships. Therefore, it is extremely important to choose the correct career path according to one's interest and to give equal respect to all the streams whether Arts, Social Science, MBBS, Engineering or any other.

Majority of the students in Kashmir limit their career options only around some disciplines like MBBS or engineering. They feel like, in a place like Kashmir, they can find a good job and can settle well while choosing these career options! While some crack prestigious competitive exams like JEE or NEET, others (with elite backgrounds) move to overseas to pursue these degrees.

Undoubtedly, we need brilliant doctors and engineers but that doesn’t mean these are the only choices and everybody has to run behind them even if not finding interest in these fields! We need to come out of our cocoons and broaden our visions. For how long we will look down upon courses of Social Sciences or Arts?

Do we know the significance of economics for a nation? Has Kashmir produced any good economists till date? I think it is high time now where we need to encourage our students to choose this career freely (if they want to) and excel in this field.

Greater responsibility lies with parents to let their children choose career of their choice. It is true a lot of people think from other perspectives; choosing that career which can easily provide in future jobs, settled life etc.

But the real aim of education is not limited to this; we need to also produce good economists for the development of our nation. Economics helps us identify the policy measures that encourage prosperity and avoid inefficiency, making it a crucial driver in the search for sustainable growth.

The curious task of economics is to demonstrate to men how little they really know about what they imagine can design - Friedrich August von Hayek.

Understanding humans, and their motivations, is critical to designing initiatives that can have social and economic impacts upon society at a local, regional and national level. This isn’t an idealised notion – whole nations have transformed themselves for the better through the incorporation of economic principles in their policies, like China, South Korea and Singapore, to name a few.

According to reports, “China lifted over 200 million people out of extreme poverty since the 1980s due to a revision of economic policies, materially improving the lives of nearly 2.6 percent of the world's population.”  This makes it clear that in a supportive policy environment, the impact that economics can have is virtually limitless. Further, studying economics provides one with not just an understanding of human behaviour, but also cultivates in students the problem-solving, analytical, communication and persuasion skills that are critical for success in today’s job market.

In business, economists can provide key incentives into how to make a product or service appeal more to customers by de-constructing their incentives and desires. The deep insights into customer behaviour, business strategy and volatile markets that economics provide can help companies make intelligent decisions to promote greater business growth and success.

Further, from jobs point of view over which we are always worried from start, companies are always eager to find better ways to make their value proportion clearer and more compelling; this is why skilled economists and economic analysts are in heavy demand across industries today.

Following up the study of economics with an MBA opens lucrative opportunities in marketing, finance and consulting, making it a vital first step onto a career path with exciting growth opportunities and prospects. This is one of the reasons that graduates in economics and postgraduates with a background in economics command some of the highest wages in the global job market.

Moreover, if we observe economics is everywhere in our lives. In our daily lives, we are called to make choices at our homes and in the marketplace, how much to spend and save, how to allocate our savings between different kinds of financial assets, how much to pay for health insurance, whether to switch jobs, to move to a different city, where to go for vacation, and so on.

These decisions are so much a part of our daily life and it is economics which teaches us how to make choices, how to interact in society, how to evaluate the work being done by our representatives and much more.

Moreover, being familiar with the fact that; how much our economy in Kashmir has suffered from past decades whether by turmoil or any other; we need to produce good policy makers vis-a-vis economists. This is possible if students are encouraged to go in this field and make in our institutions (university/college/schools) its teaching effective. We need to give this discipline equal importance as we give to MBBS and engineering.

Author is a student of Economics, Aligarh Muslim University

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