Economics related fields

Business Economics

What is Business Economics ?

Economic intelligence has acquired a great deal of importance in recent years, thanks to rapid globalization. Business Economics has equipped itself with the necessary analytical tools and information to address the economic issues that arise. This discipline combines in it solid theory and rigorous application to real-world situations. It is a quantitative programme of study in applied economics with a strong business focus.

As a graduate of Business Economics, one is well-equipped for a wide range of management roles. This programme is particularly appropriate for jobs requiring economic knowledge and skills: for example, in macroeconomic forecasting market-analysis, pricing-strategy and portfolio-analysis.

What do I have to do ?

Business economics deals with the analysis of the behaviour of firms in markets and industries with determination of costs and prices. Business Economists are asked to give their forecasts on the economy and financial markets. Forecasted variables include GDP growth rates, inflation rates, interest rates, and exchange rates among others. After compilation of all forecasts, arithmetic averages and various...

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Development Economics

What is Development Economics ?

Do you want to understand contemporary global development inequalities and what can be done about them ? Have you worked for a development agency in a developing country and would now like to take a degree ?
Do you want to study economics in conjunction with the study of development ? If so, then Development Economics could be the right field for you.
The study of development in low-income countries is attracting more attention around the world than ever before. Policy-makers increasingly find themselves dealing with complex issues of growth, inequality, poverty, and social welfare.

Development economics is a branch of Economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the population, for example, through health, education and workplace conditions. Development economics involves the creation of theories and methods that aid in the determination of types of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring...

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What is Econometrics ?

“Econometrics, literally means ‘economic measurement’. It is the branch of economics that applies statistical methods to the empirical study of economic theories and relationships. It is a combination of mathematical economics, statistics, economic statistics and economic theory.”

Econometrics tests and quantifies economic theories and the solutions to economic problems. It combines economic theory with statisticsto analyze economic issues. Theoretical econometrics considers questions about the statistical properties of estimators and tests, while applied econometrics is concerned with the application of econometric methods to assess economic theories.

What do I have to do ?

The art of econometricians consists in finding the set of assumptions that are both sufficiently specific and realistic to allow them to take the best possible advantage of the data available to them – E. Malinvaud.

Econometricians investigate all areas of economics and apply mathematical techniques such as calculus, game theory, and regression analysis to their research. With these techniques, they...

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Financial Engineering

What is Financial Engineering ?

Today’s global financial transactions and rapid advances in technology have led to a critical demand for professionals who can quantify, assess, price and forecast increasingly complex financial outcomes. This has led to the development of an important new field – financial engineering.

It is a masters degree programme which combines financial theory, mathematics and computer technology. Financial Engineers apply advanced mathematical methods and computer technology to financial markets and financial management. This field is experiencing an increased demand for professionals, especially those who are trained in mathematics, computer technologies and finance.

What do I have to do ?

Financial Engineering is a multidisciplinary field that involves familiarity with financial theory, the methods of engineering, the tools of mathematics and the practice of programming. Financial Engineers are trained in the application of engineering methodologies and quantitative methods to Finance. The course is designed for those professionals who wish to obtain positions in the securities, banking, financial management and consulting industries, or as quantitative analysts in corporate...

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What is Statistics ?

“Statistics is not merely a numbers only job. It is a visual science. You have to be able to picture the data and how it fits in with other known data shapes.” Statistics refers to the application of mathematical principles to the collection, collation, interpretation and presentation of numeric data. Statisticians collect data and analyze it, looking for patterns that explain behaviour or describe the world as it is. A good statistician is involved in survey  development and data collection from the beginning, ensuring the validity and usefulness of the data.

What do I have to do ?

Statisticians use various methods like questionnaires, surveys and diagnostic tests to collect, verify and interpret data. Statistical techniques are useful in the prediction of population growth, making economic projections, providing quality control test for manufactured products and enabling managers and government officials to make decisions.

In the government sector, the data provided by the statistician influences government policy making. In the marketing sector, research studies help to gauge...

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Environmental Economics

What is Environmental Economics ?

“Our nation is confronted by two major energy challenges –our dependence on foreign oil and global climate change – both of which stem from our current dependence on fossil fuels for energy”. Barack Obama and Joe Biden believe they have a moral, environmental, economic, and security imperative to address dependence on foreign oil and tackle climate change in a serious, sustainable manner. Their environment policies include Investing in a clean energy economy, converting manufacturing centers into clean technology leaders, increasing fuel economy standards and a commitment to efficiency to reduce energy use and lower costs.

Environmental Economics is a relatively new field of Economics that looks at environmental issues in relation to economic development and sustainability. Environmental Economics looks a lot at environmental policies in countries, and how they impact the local and global economies, either positively or negatively. It is generally viewed as a form of progressive Economics, trying to account for various forms of market failures to better model markets in the future and lead to more widespread gains among people.

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