Economics is the engine that powers the world’s financial systems. In other words, economics runs and reigns the world. Some of the world’s richest persons are Economics majors. So, there are enough reasons to believe that choosing Economics is somewhat a safer option and your life is secured as there are tons of job opportunities once you graduate.
Hold on, it might sound all easy peasy lemon squeezy but believe me, if you don’t already know what to expect then, my dear friend, it is going to be a bumpy four-year ride with lots of crying sessions before exams.
Here are five vital things you should know before making the big decision:
1. Economics at university is way tougher than college
Just because you have read the first 20 pages of Freakonomics and liked it or got an A in Economics in college doesn’t mean you will breeze through an Economics degree. One of my professors once said, “Forget everything you learned in college; you’ll need to start from zero.” It sounds frightening but honestly, it helps to get the very essence of economics from a fresh perspective.
Expect more complex theories, thicker textbooks, a lot of time spent deciphering weird graphs and equations that look like enigma code at first glance. If you found solace in Jacob Clifford’s videos during your HSC or O-levels, brace yourself: they won’t cover the full depth of what university will demand.
2. Economics: Arts or science?
Despite being classified as a STEM subject in many universities, including some in Bangladesh that even offer BSc degrees in economics, it just straddles the line between art and science.
Economics has its flaws, and it has never been perfect, rather far from it. You’ll soon find that theories are often built on assumptions that don’t hold up in real-world scenarios. It uses math but also tells you math alone cannot get you the desired result as Economics deals with humans and humans are irrational and unpredictable most of the times. Weird, isn’t it?
However, the debate over whether economics is an art, or a science can be endless, so be prepared to get confused about what it is that you chose to study.
3. More math, less fun
As the days progressed, Economics so generously borrowed stuff from mathematics. In your sophomore year, you are required to take calculus courses along with statistics and basics of computer.
While students with a science background may find these easier to tackle, arts and commerce students often struggle to keep up.
In your third year, you might expect a Real Analysis course which is fun if you like math but if you don’t, then it’s a nuisance. Expect Econometrics courses which is specially designed to damage your brain. Other than the math courses themselves, the microeconomics and macroeconomics get way too mathematical in your final years. So, if math is not your cup of tea, then you are going to struggle a lot.
4. Assumptions galore
Economics textbooks can be confusing. You’ll come across statements that seem disconnected from reality, only to find them followed by, “Let’s assume…”—and that’s the end of the discussion. No further explanations.
This approach, while simplifying complex concepts for calculation, can leave you searching for deeper answers but you will soon give up. Imagine the frustration if someone said, “Let’s assume ‘the chicken is a perfect sphere’ to make the math easier.” Yes, it can be that absurd.
- Doesn’t guarantee a Nobel prize (and probably a job)
This one is disappointing. What do you mean studying economics doesn’t guarantee a Nobel prize?
Please do not fall for the senior’s advice who convinced you that economics was your ticket to name and fame simply because there’s a Nobel category for it. And the idea that it will effortlessly land you a government job or make you a BCS cadre? Far from the truth. Nothing guarantees a job in Bangladesh.
But if you are stubborn and want to see the end of it or just a passionate econ nerd, then welcome aboard. Economics has its long legacy of being boring for the hardworking people just like you.
But if it is otherwise, don’t say I didn’t warn you!