With many interdisciplinary combinations available across every field of study, we now have innumerable chances to explore the best specialisations as per our multiple interests in different areas. Bringing a unique blend between social science and economics, the study of social economics is concerned with the analysis of the relationship between economics and social behaviour. It explores the factors behind the restructuring of social systems and its impact on the people and the economy. Scroll through this blog to know about what social economics is, the courses and universities you must explore as well as the career scope it entails.
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The mainstream economic theories do not primarily focus on the social impacts of consumption of wealth such as effect on ecology or environment, etc. Thus, social economics is one of the imperative branches of social science to explore the interrelationship between society and the economy. It takes into account various factors like ethics, norms, popular sentiments and plenty of other social philosophies that persuade the behaviour of consumers and ultimately mould the overall buying trends.
Pursuing a degree in Social Economics, you will get to know about you will be served various topics that affect the economy and society and their possible causes and consequences such as Labour and Employment, Social Security, Policy Fields, Gender and Diversity, Institutions and Policy Processes. The programs in Social Economics have a central emphasis on theoretical concepts but will also include empirical research regarding social, economical and technological changes. You will also get to learn the assessment of socio-political measures and interventions via various theoretical concepts. Along with this, the courses also impart students with the research skills of analysing the conditions and prerequisites with respect to social and socio-political activities.
What Does a Social Economist Do?
Post having a degree in Social Economics and getting qualified as a social economist, your role and responsibilities would include the following:
- Conduct economic research and distribute research findings through technical reports or scientific publications in journals.
- Examine economic and statistical data in your field of speciality, such as finance, labour, or agriculture.
- Compile, analyse, and publish data to explain economic events and anticipate market trends using mathematical models and statistical techniques.
- Create suggestions, policies, or strategies to solve economic problems or understand markets.
- Create economic guidelines and standards, as well as points of view for anticipating trends and forming economic policy.
- Explain to the public the economic consequences of policies.
- Provide economic relationship guidance and consultancy to enterprises, public and private organisations, and other employers.
- Investigate the socioeconomic consequences of new public policies such as proposed legislation, taxes, services, and regulations.
- Supervise research initiatives and student research projects.
- Forecast renewable resource production and consumption, as well as nonrenewable resource availability, use, and depletion.
- Assist in litigation by writing reports for expert testimony or testifying as an expert witness.
- Provide testimony in regulatory or legislative hearings on the estimated impacts of changes in law or public policy, and provide recommendations based on cost-benefit assessments.
Amongst the lesser-known branches of Social Science, there are many bachelor’s and master’s degree courses offered in Social Economics. The popular Social Economics courses are enlisted below:
|BA (Hons) Social Policy and Eco.||Bachelors of Arts/Social Science – Business, Eco. and Law||Eco. and Social Policy BSc (Hons)|
|Higher Diploma in Economic Science||BSc (Hons) Eco. and Social Policy with Foundation Year||Bachelor’s in Social Policy and Eco.|
|BA in Economics Politics and Social Thought||Bachelors in Sociology and Eco.||–|
|MSc in Behavioural Eco.||Masters in Eco. and Social Anthropology||Behavioural Eco. in Action MSc/PGDip/PGCert|
|Master’s Degree in Social and Solidary Economics||MSc International Eco. and Social Justice|
Although key requirements for pursuing a degree in Social Economics may vary as per the university one opts for, there are some general eligibility criteria that are commonly set by universities across the globe. Listed below are the common eligibility conditions you need to fulfil in order to apply for a degree in Social Economics:
- Candidates must have passed class 12th from a recognized board of examination.
- A language proficiency examination like PTE, IELTS, TOEFL etc is to be taken by candidates if they plan to study in an anglophone country.
- Scores of subject tests like the ACT or SAT are also required to apply for a bachelor’s degree and GRE for masters degree.
- For pursuing masters abroad, you must have a bachelor’s degree in economics or a relevant field of study with the minimum marks required by the university.
- Students will be asked for a Statement of Purpose (SOP) and Letters of Recommendation (LORs).
After you are familiar with the major programs available, the next step is to shortlist the right university for the course of your choice. As there is an array of universities that offer programs in this specialisation, thus, choosing the right one can be confusing. Here we have devised a list of some of the top universities in the world that you can explore for Social Economics courses:
|Universities||Location||QS World University Rankings 2022|
|University of Essex||UK||439|
|University of Strathclyde||UK||302|
|Queensland University of Technology||Australia||213|
|University College Dublin||Ireland||=173|
|University of Nottingham||UK||103|
|University of East Anglia||UK||307|
|City, University of London||UK||=330|
|The University of Sydney||Australia||38|
|Glasgow Caledonian University||UK||1001-1200|
|University of St Andrews||UK||91|
Top Colleges in India
Enlisted below are some of the most renowned and top-ranking colleges in India to study Economics and Economics related subjects:
- Shri Ram College of Commerce, Delhi
- St. Stephens College, Delhi
- Lady Shri Ram College, Delhi
- Miranda House, Delhi
- St. Xavier’s College, Kolkata
- Loyola College, Chennai
- Christ University, Bangalore
- Presidency University, Kolkata
- Madras Christian College, Chennai
- Hindu College, Delhi
- Delhi School of Economics
- Indian Statistical Institute, Delhi
- Indira Gandhi Institute of Development Research, Mumbai
- Madras School of Economics
- Centre of Development Studies, Kerala
- Gokhale Institute of Politics and Economics, Pune
- Hyderabad School of Economics
- Jamia Millia Islamia, Delhi
- School of Social Sciences, Jawaharlal Nehru University, Delhi
- Fergusson College, Pune
While pursuing a career in Social Economics, it’s important to be known of some prerequisite skills that the industry demands from the aspirants and newcomers. Enlisted below are some skills that are a must in this field of study:
- Good reading skills
- Good hold on Mathematics
- Creative thinking
- Critical thinking
- Active listening
- Communication skills
- Writing skills
- Excellent research-oriented skills
- Judgement and decision-making skills
- Curiosity to learn new things/findings
- Complex problem solving
- Time management
- Serving the people mindset
- Social perceptiveness
- Attention to detail
- Adaptability and flexibility
- Leadership skills
Career Scope and Salary
An economics degree will increase your employability in a variety of fields, regardless of industry. The global labour market is in great demand for highly numerate graduates, and the widely transferrable analytical and problem-solving abilities gained by economics students means that jobs in economics are exceedingly broad and diversified.
Having said that, graduates of social economics can easily find leading jobs in various industries. Public, as well as private organisations, are always in search of candidates that are proficient in this domain so that they can handle management level as well as business-orientated roles. Let’s have a look at prominent career options in Social Economics:
- Graduates usually opt for organisational jobs in Human Resource Management for various elite companies
- Management level jobs in the social sector are also sought-after careers in this field.
- Students can also explore promising opportunities in research, consulting, social work as well as Public Relations.
The salary of an economist typically depends upon the type of industry they are working for. In the beginning or as freshers, the aspirants can expect to earn a salary of Rs. 3-5 lakhs per annum. After gaining sufficient work experience and educational qualifications, the salary can go up to Rs. 25 lakhs per annum. Students will be set to earn more if opting for abroad studies with work experience.
Thus, we hope that this blog familiarized you with the emerging specialisation of Social Economics and what it has on offer for students planning to pursue a career in this field! Unsure about finding the right program in Economics? Our Leverage Edu experts are here to guide you throughout the process of exploring the best course and university combinations and finding the right one as per your interests! Sign up for a free session with us today!