Economics is a fascinating subject because it is always topical. We use theories to help analyse the causes and consequences of economic events, such as the global financial crisis that affect all our lives in various ways. A good example is pay and living standards, which have declined for most people living in Britain.
Why study Economics?
Economics is for the intellectually curious - for people who want to understand how decisions are made, the outcomes of those decisions and how to make the world a better place. Have you ever wondered why top footballers earn many multiples of the salary of a nurse or why poverty persists in some countries and others are so rich. Have you ever wondered why climate change is such a challenge to solve and why so many roads are congested. Would it surprise you to know there are many parallels between congestion on the roads and wait lists for NHS services. Have you wondered why governments can borrow money in a way that a household cannot. Studying Economics will give you insights into these questions and many, many more.
Economics will also give you a valued and valuable skill set as you strive to throw light on the issues that matter. These include problem solving, communication, numeracy, commercial awareness, analysis and decision making to name but a few.
Never has there been a more exciting time to study Economics as we look back to the Global Financial Crisis, the seismic impact of the COVID-19 pandemic and now the challenge of global inflationary pressures and the threat of recession. These are macro issues (affecting whole economies, groups of economies and indeed the whole world) but they impact all of us in our everyday lives and they shape the world we will live in tomorrow. It has been said that the Economics we study today in school and university shapes the policies of tomorrow.