Dr Swaranjeet Arora, Professor and Head of the Department, School of Management & Liberal Studies, The NorthCap University, Gurugram

Dr Swaranjeet Arora is faculty in the finance and accounting area with more than twenty years of work experience. Currently, she is Professor and Head of the department at the School of Management, The NorthCap University, Gurgaon. Prior to this she has served in Prestige Institute of Management, Indore; SVIM Indore and IIM Indore. She has done her doctorate in management and postgraduation in finance from Devi Ahilya Vishwavidyalaya, Indore. She is also a qualified Certified Management Accountant (CMA) from the Institute of Management Accountants, USA and UGC-NET (Management). Her doctoral work was in the area of risk management systems in banks. Her doctoral dissertation has been published by the Journal of Finance India. She is a recognized PhD guide in the faculty of management at DAVV, Indore; ITM Raipur; Pacific University, Udaipur and The NorthCap University, Gurgaon.

 

Economics is an important part of our daily lives. It has an impact on everything from how much we pay for goods and services to how much we pay our employees. It is a social science that studies the creation, utilisation, and transfer of wealth. It focuses on issues that affect financial situations and investigates the distribution of wealth among organisations and individuals. It covers a wide range of topics, including politics, law, sociology, and geography. A degree in economics covers current issues in the real world. While the course focuses on mathematics and its applications to economics, it also includes a theoretical component to help students gain an understanding of economic models in various societies. You will learn how organisations and individuals make international decisions, as well as how to forecast potential economic changes. Studying economics at university provides you with a new perspective on the world and how it works in terms of business and economics. Economics as a subject has grown in popularity in recent years due to its broad applicability. Economics as a subject encompasses everything from rural studies, statistics, and GDP to banking, finance, and development. The subject is dense with data, theories, and analytics.

Economics assists us in identifying policy measures that promote prosperity while avoiding inefficiency, making it a critical driver in the pursuit of long-term growth. Understanding humans and their motivations are critical for developing initiatives that can have societal-wide social and economic impacts at the local, regional, and national levels. This is not an idealised notion—for example, China, South Korea, and Singapore, to name a few, have transformed themselves for the better by incorporating economic principles into their policies. Studying economics not only provides students with an understanding of human behaviour, but it also cultivates in them the problem-solving, analytical, communication, and persuasion skills that are required in the business world. In business, economists can provide critical insights into how to increase the appeal of a product or service to customers by deconstructing their incentives and desires. Economic insights into customer behaviour, business strategy, and volatile markets can assist businesses in making informed decisions that promote greater business growth and success.

Companies are always looking for better ways to make their value proposition more clear and compelling, which is why skilled economists and economic analysts are in high demand across industries today. Following up on economics studies with an MBA opens up lucrative opportunities in marketing, finance, and consulting, making it a critical first step onto a career path with exciting growth opportunities. This is one of the reasons that economics graduates and postgraduates with an economics background command some of the highest wages in the global job market. In our daily lives, we are asked to make decisions at home and in the marketplace, such as how much to spend and save, how to divide our savings among various types of financial assets, whether to take a regular cab or an Uber, and how much to invest. These decisions are so much a part of our daily lives that they are also the subject of many of the promises politicians make to us. Every citizen in a country must understand economics in order to live and participate meaningfully in society.

Today, Economics has opened up myriad diverse career options and indeed it is the second most lucrative degree after technology and medicines. A bachelor’s degree in economics makes you ready for a career in not just commercial business, banking sector and financial markets, but also areas such as municipal planning, international trade, policy analysis, education and non-government organisations. Also, governments at all levels, such as the United Nations, World Bank, UNCTAD, ILO all are significant employers of economics officers for profiles like financial analysts, risk analysts and economic consultants in studies of programs in training and health. The subject has given out legends, for instance, Gita Gopinath has joined IMF as the first woman chief economist as its 11th Chief Economist, Dr Manmohan Singh and Raghuram Rajan, Abhijit Banerjee who is co-founder of Abdul Latif Jameel Poverty Action Lab (J-PAL) and it’s time our name makes the list even longer. Economics underpins many of the phenomena unfolding around us every day. From driving Jio to offering free internet along with phone services and the use of box office earnings to determine the next Bollywood star, economics also determines the price and the variety of mango you will choose to buy once the monsoon arrives. India needs more of its citizens educated about the basic principles of economics so that they can understand the forces that materially move and determine the markets and prices around them.

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