I have some friends in support of the Adam Smith Institute and the American University of Sharjah. This is a great read if you are interested in furthering your education. Thanks for reading.
Economics, the study of scarcity and choice
Let's cut to the chase, in addition to your current vocation, an economics bachelor degree can be a ticket to a life-long and rewarding career. And it doesn't matter where you live in the world either, whether in the US, the UK or the UAE. If you're looking for a good university then the UAE has many first-class educational institutions which match the very best the West has to offer. Just a thought.
Nowadays, economics is a complex subject, one which has moved well on from the days of Scottish philosopher and economist Adam Smith (1723-1790), the author of the seminal book An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Many believe this is one of the most influential books ever written on the subject.
Certainly, the London-based think tank Adam Smith Institute certainly believes so, not unsurprisingly, saying, “The Wealth of Nations deeply influenced the politicians of the time and provided the intellectual foundation of the great nineteenth-century era of free trade and economic expansion. Even today the common sense of free trade is accepted worldwide, whatever the practical difficulties of achieving it.”
The website International Student says the field of economics used to be intimately connected with politics and morality but now has grown into the study of scarcity and choice. It is now as mature and complex as any other social science.
And the website adds, “Many people think it is just a study of how people spend money. In reality, that is only a tiny fraction of what is actually a very large field of study. Economics is a social science about how people use and exchange limited resources like food, labour, minerals, and, yes, money. As an even shorter definition, one could say it is the study of scarcity and choice.”
However, obtaining a degree in economics is only the beginning. Further training is an on-going requirement and much will depend on where the graduate is employed. New economists develop their knowledge on the job while working in consultation with more experienced, senior economists, says Prospects, the UK's official graduate careers website.
Attending short courses and seminars, either in-house or delivered by external training providers, is a feature of most economists' careers. Topics such as presentation skills and report writing are common to most organisations. Economists may also receive formal training on new IT packages and statistical programs.
Prospects adds, “Possession of higher-level qualifications is increasingly expected and many employers encourage economists to enrol for postgraduate degrees, such as an MA, MSc, MBA, MPhil or PhD. In some cases, employers will help fund such courses and provide study leave. Depending on the organisation, economists are often encouraged to become members of professional associations.”
The UAE's American University of Sharjah (AUS) says economics is widely viewed today as the top social science in the world. A strong foundation in economics offers students crucial knowledge and insight into the impact of developments in the business, environmental, social and world economies.
AUS says, “We strive for a critical learning environment that not only promotes academic excellence and research but also one that encourages strong links to the community and contributes to the development of the region. The analytical skills acquired through our program have helped our students go on to establish successful careers in business, government, and the law, as well as specific areas in education, journalism, foreign service, consulting and politics.”
Read more from the Adam Smith Institute here; the International Student website can be found here.
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