Studies & Degrees in Applied Economics
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Applied economics deals with the application of basic assumptions of economics to real-world situations. Therefore, applied economics involves economists taking generally accepted theories and applying them to something that is happening in the real world. Through the use of statistical and mathematical tools applied economists analyze and quantify economic relations, contributing to any level of government policy formulation and policy making. Applied economics can be used to determine the status of the economy of a company, a household or a country. Furthermore, applied economics can teach valuable lessons on how to avoid the recurrence of a negative situation, or at least minimize the impact. Because applied economics is all about the application of theory to real-life situations, the process can help develop an understanding of why a condition took place. This includes reviewing what steps were taken to improve or correct similar situations and how those strategies can be employed to keep the economy flowing in a direction that will prevent a repeat of the undesired situation. With all this in mind, a specialist in applied economics would prepare forecasts, analyze trends and advise on economic issues; identify opportunities to improve efficiency and competitiveness; provide management personnel with economic information and advice, and other similar tasks.
- Ability to think logically and analytically
- Good at discussing views clearly
- Excellent communication skills
- Good at presenting information in a concise and clear manner
- Good at mathematics and statistical analysis.
Applied Economics can be studied at all levels – undergraduate, graduate, and postgraduate. Such degrees usually involve the study of public policy, business economics, macroeconomics and financial economics, environmental economics, health economics, defense economics, and quantitative methods. In this way students would be prepared to apply the study of economics in a wide range of real life situations. The most prestigious programs tend to be the most selective and also may help students find high level jobs after graduation. With respect to future employability, the practical subjects your degree incorporates are of the highest importance, too. The opportunity to undertake an internship and truly apply the economic models studied is of upmost importance. This would also develop essential qualities like problem-solving, decision making, critical thinking, and crisis management early in your career.
The career prospects for students with a degree in Applied Economics are very good – with their knowledge they would be able to work with government officials and bank managers to provide economic theory and assistance. Therefore, they can work with banks, financial institutions and government policy makers. They would be able to work with businesses and industries, providing financial and economic trends and projections.