economics vs accounting This is a topic that many people are looking for. newyorkcityvoices.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, newyorkcityvoices.org would like to introduce to you 6 Biggest Lies About Majoring in Economics. Following along are instructions in the video below:
“I m craig and welcome to market power. Where we are creating a community of of people interested in and excited about economics and if that s you you probably considered majoring in economics. But i think there are a lot of people who are hesitant about majoring in economics. Because there are a lot of misunderstandings or possibly lies that you ve heard about majoring in economics and so that s why in this video.
I want to address what i think are the six biggest lies about majoring in economics and why they should not stop you from going on and studying the best major that s out there the first lies and it really just shocks. Me how much i hear this is that there are no jobs. If you major in economics. Now.
I can relate to this one let me tell you when i first was introduced economics. I was in high school and i just loved the topic. I was very excited about it when i applied to different schools. I said i wanted to major in economics and then i got to my freshman year of college.
And i just really felt like what was i gonna do if i majored in economics. I i just had like a crisis and so instead of majoring in economics. I started looking at engineering. Because engineering people who major in engineering.
They become engineers and i eventually settled on computer science. Because when you major in computer science. You go on and you work with computers like i could see the direct path to jobs. But if you say i m gonna major in economics and then are you gonna become an economist like there aren t that many jobs that are formally titled economists.
So it can be hard for people to say like that s what i m going to do so i totally understand when people say there are no jobs in economics. Why you might think that but let me go ahead and show you the data because we can actually look at the data behind this so i grab the data from the national center of education. Statistics. And they have data across lots of different majors for the unemployment rate and the salary and this is great because we want to know not just whether you re gonna have a job.
But also whether it s going to be a good job so on this graph right here..
What you re gonna see is along the x axis. You have the unemployment rate. So the bad part to be is way over here on site and along the y axis you re gonna see this salary. So the higher up you are on this graph the more money you re making now if shaded these two rectangles and that is just kind of the average range that means if the majors in these they re statistically the same thing so down in the corner over here this is the worst place to be because you re gonna have really high unemployment rates and really low salaries.
Whereas. It s better to be further up on the graph and a little bit more towards the left. So what do we see for all the different majors each dot on this graph is a major and yes you see that there s somebody down here in that bad corner. But fortunately.
It s not economics. Though i won t say who that is we want to go back. And see where is economics. It s right up here.
It is in this fantastic range. Where it has an average unemployment rate. It s just the same as any other major you might take but at an above average salary and that s fantastic. What this is saying is not only are you gonna get a job at the same rate as just about any other major you are going to have a much higher salary than most majors and so not only will you have a job if you major in economics.
You will have a good salary and that is why that is a big lied there are no jobs in economics. There are and they re good jobs. The second major lie about studying economics is that you cannot do anything unless you get a phd. I see where people are coming from here.
Because you can t like the title economists. Often goes to people who hold phds and you ll see like big news. About oh. Uber is hiring a ton of economists.
Amazon is just hiring..
Economist. Like crazy and those are typically. Phd. Economists.
And so. The question is can you succeed in your career. If you major in economics. And you don t go on and get a graduate degree of some sort and the answer to this again is yes.
And we have data on this so i really like this survey. That was published by the wall street journal. A couple years back it s a pay scale survey and they only surveyed bachelor s degree holders this means they graduated with their bachelor s degree and then get any graduate study. No no phd no mba.
No jd. It s just a bachelor s in economics. And you could look at what they did ten years later and this is where economics just really shines so ten years after graduation if you look at the median salary that is 50 of people made more than this you ll see that economics makes it the top five of majors like you have a really good chance of succeeding one of the highest chances of success by majoring in economics. But let s imagine that you are just a go getter the top of your field.
Kind of person that wants to just get out there and succeed well that means you re probably gonna be in like the top 10. That means you re gonna be in this 90th percentile or higher. And if we look at those economics has the highest performers across all majors ten years down the line like you can succeed if you just have a bachelor s degree you don t have to go on and get a phd you don t have to get an mba. Plenty of people have lots of success with just a bachelor s degree in economics.
The third major lie is that economics is ideological and we can look again at data to answer this question. So we can t quite look at ideology. Well let s go ahead and look at political party. How many economists how many economics.
Members are associated with the democratic party and how many are associate associated with the republican party and that s gonna give us a little bit of an idea of how unbalanced. The economics. Major is and there have been a couple of studies that have looked at this they ve looked at it top universities and at liberal arts colleges and they actually looked up the faculty when they re able to go to vote your voter registration data and see how many were registered as democrats. And how many were registered as republicans and then they did this across a bunch of different majors and what you find in both top universities and liberal arts colleges is that economics is actually one of the most balanced majors across all disciplines like the faculty in economics still like all all faculty skew towards demographic democrats you have more democrats than republicans on in all of the schools that they looked at it doesn t mean necessarily every school in the country.
But in the schools and these samples you always saw more democrats than republicans. But the that you did at least find some republicans in these schools. Whereas. If you look at like some of these other majors.
There s this heavy bias towards democrats. And this just to me shows that economics is a much more balanced field that it s actually. The least ideological out of all the fields and then it attracts people from both sides of the political spectrum. And i really appreciate this about economics and i feel there s been a much more welcoming community in terms of politics than i see in other disciplines.
The fourth major lie is that this degree is only for people interested in studying finance or business or something like that but we have economists who study tons of different things i was interested in development economics and the nobel prize in economics. Was just announced a couple months ago. And it went to some people do mine earring work in development economics. If you want to see my reaction to that announcement go ahead and check out this because i freaked out.
But it doesn t have to be just going to poor countries. If you re interested in health. If you re interested in education. If you re interested in so many different things they re usually economists working on this in fact if you want what i think is a really interesting display of the range of economists you should go check out the podcast probable cause asian now probable cause asian is about law crime and economics.
How do these things come together interact how do we deter people from committing crime. What happens when we set up these certain incentives. It s a fantastic podcast and it really exhibits the totally different ways that economists come and look at problems and they re in problems that aren t just finance or business. The fifth major lie is that it s not a science and this this is just a silly debate.
So science is about coming up with hypotheses and testing them historically economics..
Has been very theoretically driven and looking at models. And that was when we were generating hypotheses. Today with the vast abundance of data and computing power were much more into testing. These hypotheses and so we have lots of people who are very empirically motivated and who are giving students the skills to go out into the job market with that kind of science background.
The sixth and final major lie about economics. Is that you have to be good at math to major in economics. This lie is the closest to the truth. I ll say like economics often requires a lot of math.
But the reason why i think it s a big lie is because you don t have to be like good at math in this fixed mindset way to major in economics. You need to have a growth mindset and say i can get better at math by taking economics. I think my favorite example of this comes from barbara oakley who was a slavic languages major i believe and she was all about linguistics and she absolutely hated math basically i flunked my way through elementary middle and high school math and science so it s a little strange looking back now because today i m a professor of engineering and i m passionate about my job she realized that she can learn how to do math. And she realized that it wasn t whether you were good at math or not it was whether you could learn how to study math.
And learn the principles. But the point is you can become better at math. If you major in economics and might even motivate you to become better at math you might finally realize that there s a reason to be good at math and yes you might have to improve your math skills while you re majoring in economics. But in this world where we have so many careers that are oriented towards people who can do math.
And who can at least understand statistics and data like don t you want to major in something that s going to prepare you for a career in that world. If you re interested in seeing more about the power of markets and economics to shape our world be sure to check out these videos and please subscribe to join this community. We ll see you in the next video on market. ” .
Thank you for watching all the articles on the topic 6 Biggest Lies About Majoring in Economics. All shares of newyorkcityvoices.org are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.