Graduate Careers AustraliaEconomics
Economics Career ViewEconomics is the study of choices. It is a subject which is dynamic and constantly evolving and whose consequences affect our lives every single day. Economics provides a rigorous analysis of a wide range ofreal world problems such as poverty, inflation, unemployment, pollution, crime, taxes, finance, inequality, international competition, consumer behaviour, world trade, economic growth and many others. Economics provides for a wide range of interests. It combines power of abstract reasoning with accurate observation – which of course is shared by other fields of knowledge, but economics is the way in to understanding how we allocate resources and why we allocate them as we do. Good economists have good judgment about some aspect of that broad field. So What is Economics, Exactly? Through the application of abstract reasoning, logic and mathematical techniques, economics provides conceptual models for analysing complex problems. Economists ‘ask’ their models what the outcome might be if certain conditions were in place. By changing these conditions in the model, different outcomes can be predicted. Much, sometimes heated, discussion goes on between economists over what questions should be asked in the first place and how the outcomes should be interpreted. Economic analysis can be applied at different levels. It can be used to study how the market systems work, including the economic behaviour of consumers, households and companies, which comes down to such factors as individual prices, wage rates, profit margins, interest rates and rental charges. This type of analysisis typically referred to as microeconomics. Economics can also be applied in the study of the economy as a whole from a national and international viewpoint.Topics of analysis include the study of employment, inflation, industrial production, government policy, international trade, international finance, and the economic impact of international events such as changes in oil prices, world sharemarkets, wars, business confidence, etc. This is typically referred to as macroeconomics. Then there’s econometrics, a branch of economics that uses mathematical methods and models. It is based on a combination of collected data, techniques of statistical estimation and a mathematical treatment of economic theories. Its emphasis is on establishing principles, which are general and enduring, rather than on immediate, oneoff solutions. Calculus, probability, statistics, linear programming and game theory, as well as other areas of mathematics, are used to analyse, interpret and predict various economic factors and systems. Download a complete copy of Career View on Economics below. Career View on Economics is part of the Career View series produced by Career Development and Employment at Victoria University of Wellington in New Zealand. While the booklet was originally developed for a New Zealand audience, we believe that graduates in Australia will also find the information within it relevant and useful. Check out the excellent resources available on the Victoria University of Wellington's Careers homepage at www.vuw.ac.nz/st_services/careers . |
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