Economics is a vast discipline with many fields to choose from. Here's a list of some popular fields.
Here's a short description of the top 10 fields -
1)Microeconomics
Microeconomics is a microscopic study of the economy. It studies individual firms and households, individual income, the price of particular products, etc. by using the slicing method. Business analyst, pricing strategist, consultant in competition policy, and economic researcher are some of the job roles in microeconomics.
2)Macroeconomics
Macroeconomics is the study of the economy as a whole. Its scope ranges from the study of aggregate demand and supply, and general price level to national income and fiscal policy It deals with problems like poverty and unemployment. Job roles include economist at central banks, policy advisor, investment analyst, and government economist.
3)Behavioural economics
This field focuses on the analysis of psychological factors influencing economic decisions. the traditional economic theories sometimes can't explain human behavior, that's when behavioral economics steps in! After a master's degree in behavioral economics, you can take up these roles-behavioral insights consultant, marketing analyst, and policy designer for nudges.
4)Economic History
Economic history is the study of how economic systems, institutions, and structures have evolved over time. It combines tools from both history and economics to understand the causes and effects of past economic events and trends, such as the Industrial Revolution, trade expansion, financial crises, and the development of global markets. Job roles include - Economic historian, Policy advisor, Historian analyst Economic consultant, etc.
5)Development Economist
Development economics studies the economic aspects of developing countries, aiming to understand and improve factors like poverty, inequality, education, health, and infrastructure. It focuses on policies and strategies to foster sustainable economic growth and improve living standards. Development economist, policy analyst, impact evaluation specialist, international trade specialist, sustainable development advisor, academic or researcher, data analyst/statistician, and social entrepreneur are the job roles in this field.
6)Environmental economics
Climate change is the biggest concern right now. Environmental economics targets exactly this field and explores the economic impacts of environmental policies and natural resource management. The job roles are unique yet impact-driven, they include Sustainability consultant, environmental policy analyst, climate economist, and researcher at think tanks.
7)International economics
International economics studies the flow of goods, services, capital, and labor across countries. It examines how nations interact economically through trade, investment, and policy agreements. Key areas include trade theories, exchange rate systems, balance of payments, globalization, and international economic policies. Job roles -International trade economist, global policy analyst, export-import analyst, international business consultant, foreign exchange specialist, trade compliance officer, economic diplomat, research economist, market access consultant, and international finance advisor.
8)Labour economics
Examines employment, wages, labor market policies, and workforce productivity Job roles include HR economist, labor policy advisor, workforce planning analyst, and academic researcher.
9)Econometrics
Econometrics applies statistical and mathematical methods to test economic theories, analyze data, and make forecasts. It bridges theory and empirical analysis, allowing economists to evaluate policies, predict trends, and understand relationships between variables. You can work as an Econometrician, data scientist, quantitative analyst, financial modeler, economic consultant, market research analyst, policy evaluator, academic researcher, operations researcher, and forecasting specialist.
10)Public economics
Public economics studies government policies, taxation, public spending, and their impact on the economy. It explores the role of government in promoting welfare, efficiency, and equity, focusing on topics like public goods, social insurance, and income redistribution. Public finance economist, tax policy analyst, budget analyst, welfare economist, fiscal policy advisor, government economist, economic researcher, academic professor, social policy advisor, and public expenditure analyst are the job roles in this field.
Among the fields mentioned above, microeconomics is the most common field of study as it forms the basis of decision-making. Financial economics is the highest-paying field because careers in investment banking, quantitative analysis, and financial consulting offer the highest salaries due to the critical role of finance in the global economy. A bachelor's degree in any of the above fields can help you start your career in that field but this can vary depending on the level of the position, with advanced roles often requiring higher degrees or specialized training. Additionally, relevant work experience, certifications (such as CFA for finance-related roles), and proficiency in programming or statistical software are often essential in these fields.
I hope this blog helped gain insights into fields in economics before deep diving into them or even choosing them as your career !!
