This discussion is now closed.

Check out other Related discussions

Is an Economics Degree Actually Useful???

I've read many comments from people that say how an economics degree contains too much algebra, graphs etc, that prevents students from actually exploring basic fundamental principles of subjects such as behavioural economics (the study of spending patterns, cost-benefit analysis etc). I wouldn't know as I havn't studied it further yet, but those of you who have, how useful is it to you when applying it to modern day situations.

Reply 1

whitestar

An economics degree is very useful. It will give you a greater understanding of individuals' behaviour and the actions of society. It will also highlight how societal changes could improve welfare.

It will give you excellent prblem solving skills.

The maths is essential. It provides the framework through which to approach problems. And will give you a much greater understanding of problems with the solutions becoming much more logical than if I were to build an argument based on retoric.

And we don't merely chase profit as my friends seem to think. Have a look at the work of Gary Becker - economics can be used to explain anything and everything.

Reply 2

Adrian1707

OP

1

What brought me to starting this thread in the first place was Robert H Frank, (Author of 'The Economic Naturalist') who described in the introduction of his book that "most students on these courses don't learn much" and that even "the most basic principles of economics don't seem to be getting across" such as cost-benefit analysis and opportunity costs. I wanted to hear from an economics undergraduate student whether your course has provided you with these fundamental principles and taught them to you in a way that can be utilized in everyday life. Michael Lewis, author of 'Liars Poker' also mentioned economics students working in banks usually don't apply anything that they learnt in uni to their employer. Whats everyone elses opinion on this?

Reply 3

Freud

14

Judging by the job my sister got with an economics degree, yes.

Reply 4

Elfin Doll

11

Why not ask is any degree actually useful?

Reply 5

whitestar

Depends what job you decide to do. I anticipate to use mine as a quantitative analyst. And I used it to make investment decsions all the time.

And Robert H Frank seems to be making the assumption that my course was badly taught since the principles will not get across. I have done those concepts to death.

I'm sure his book will be very informative - but simple, I did Economics A level where everything was based on argument etc. I obviously understood the reasoning but I think the rigour to see the intuitive logic is only acheived through maths. Once you've read Gravelle and Rees you're getting somewhere.

Reply 6

whitestar

Elfin Doll

Why not ask is any degree actually useful?

obvious if Robert H Frank has explained things correctly!!!!!!!!!!

Reply 7

Overmars

17

No.

Reply 8

nofo

It's a pile of poo. You'll waste your life for 3 years and come out with 0 job prospects.

Reply 9

PorcineAviation

14

Indeed, I'm facing overwhelming regret that I chose such a ****ing useless degree.

Reply 10

dancingshoes10

10

I read on the internet that people who get an Economics degree from LSE are the highest earning post grads? Do you think is true?

Reply 11

helloeverybody

dancingshoes10

I read on the internet that people who get an Economics degree from LSE are the highest earning post grads? Do you think is true?

Well i know for a fact that LSE graduates earn the highest starting salary of all universities in the UK including oxbridge

Reply 12

Adrian1707

OP

1

Oh for gods sake. Ok let me rephrase. By USEFUL I don't mean useful in terms of job prospects (I know fully that economics grads are highly sought after). What I mean by that is how useful an economics degree is in terms of utilization in the workplace. Because, from what I have read and been told, an economics degree is just a signal of intelligence based on graphs and mathematical formulas; it doesnt focus on the pure fundamental principles that we know in economics today.

Reply 13

whitestar

employers are not going to be paying a premium if economics graduates are of no use

Reply 14

Mustard-man

18

Adrian1707

Oh for gods sake. Ok let me rephrase. By USEFUL I don't mean useful in terms of job prospects (I know fully that economics grads are highly sought after). What I mean by that is how useful an economics degree is in terms of utilization in the workplace. Because, from what I have read and been told, an economics degree is just a signal of intelligence based on graphs and mathematical formulas; it doesnt focus on the pure fundamental principles that we know in economics today.

If that is the case, that would apply with a Maths degree, and a lot of other degrees...

Just curious, why ask the question? Yes, to see how true it is, but will that be an influencing factor in what course you'll do? :smile:

Reply 15

Vjyrik

10

Mustard-man

If that is the case, that would apply with a Maths degree, and a lot of other degrees...

And that is true.
Many mathematicians (most likely the statisticians) get into fields of finance, just like many economists (!)

Reply 16

RyanT

15

Adrian1707

Oh for gods sake. Ok let me rephrase. By USEFUL I don't mean useful in terms of job prospects (I know fully that economics grads are highly sought after). What I mean by that is how useful an economics degree is in terms of utilization in the workplace. Because, from what I have read and been told, an economics degree is just a signal of intelligence based on graphs and mathematical formulas; it doesnt focus on the pure fundamental principles that we know in economics today.

What you smoking love?

It is a signal of intelligence. But it does teach you "fundamental principles"......what do you think we sit around doing? the graphs and formulas have to be based on something lol. :biggrin:

It just doesn't teach them in a rigorous way relative to a MSc economics because there isn't enough time to teach all the maths needed.

OP: Economics degrees aren't "useful" in the sense an engineering one is. The kind of jobs you get with economics degree require smart people, not economists. Hence why you find a lot of non-economists from prestigious universities doing the same job as economics graduates.

Mustard-man

If that is the case, that would apply with a Maths degree, and a lot of other degrees...

Just curious, why ask the question? Yes, to see how true it is, but will that be an influencing factor in what course you'll do? :smile:

I thought economics was just the easy maths degree? :biggrin:

Reply 17

tourist

9

Economics is not as vocational as say Nursing or Accounting.

Reply 18

Crazster

16

I did some psych modules and we module behavior a little bit but in general its just economic theory. If you enjoy economics apply, those who apply and don't like it are in for a hellish 3 years.

Reply 19

nofo

How good your degree is will depend on what uni you go to. Obviously if you go to a top one like Hull then you will learn lots and the degree will be very useful.

Is an Economics Degree Actually Useful???

Related discussions

Articles for you