Aced your boards? Congratulations!
Made up your mind on choosing the most sought after career option, the trending one-Economics? Perfect!
You think you are sorted enough and are done with your 5-year career plans? Choosing Economics only because it gets you fancy paying jobs, you would have a so-called-safe-and-secure future? Here are some of the reasons you should start rethinking on your plans and decide YOURSELF whether it’s the best for you or you have some other calling!
All Opportunity Costs, or as they say THE NEXT BEST ALTERNATIVES, should be mapped way before you decide on Economics. Your passion, your hobbies, your interests, your aptitude: all might suggest you to go for some other career option but you opt for Economics just because some random Gupta Uncle suggests it or Sharma ji ka beta is doing well in his life with it? Naah, doesn’t look cool! As cliché` as it might sound, you don’t want to regret a few years down the lane that you would have been better off opting for something that really interests you, do you?
THE PROBLEM OF ADVERSE SELECTION
Adverse Selection (in Economics) is a process in which undesired results occur when buyers and sellers have access to different/imperfect information, also known as asymmetric information. Now, we are referring to this problem because you might have the idea of the subject but you may not know it in detail. “Economics is not everyone’s cup of tea, it’s difficult”, is something you must’ve heard a lot of times from your seniors. Only when you know you can do justice to the subject by devoting time for it daily, reading newspapers, be in the know-about of the happenings in the financial world, should you go for it. We are sure you don’t wish to land yourself in a position when you look at your life like this- DEAD!
THE FREE RIDER PROBLEM
This occurs when people can enjoy a good service without paying anything (or making a small contribution less than their benefit) How we all wish it were true in our Economics case *sigh* but the reality is you just don’t! You will reap what you would invest in the subject. There are tremendous career opportunities it can offer you provided you fall in love with it, we mean-YOU HAVE TO. All those theories, the hardcore economic terms, their implementations, your hold over micro and macro concepts, mathematics, statistics, research! YES, ALL IN ONE PLACE. BUT, it won’t allow you to escape freely! It isn’t a game of roses but thorns or THRONES maybe!