Throughout history, various economic systems have shaped societies and gradually evolved into the modern economies recognised by the international community today. An Honours degree in Economics offers an in-depth study of the different components of economies, how economic systems are conceived and function, and their broader social implications. Understanding the formation and evolution of economic systems is essential before delving into the complexities of modern economics. What is Economy, & Its Relation With Society An economy is a system that manages the production, trade, and consumption of resources within a family, community, industry, or state. Economies vary based on factors such as history, law, culture, geography, and available resources. As a collective system serving the interests of its participants, its decisions, policies, and functions profoundly affect the lives of its people. The relationship between the economy and society is studied in the field of socioeconomics (or social economics). This branch explores the social behaviours of different socioeconomic groups and classes, examining how their economic interactions and decisions influence society. By analysing the factors that shape economic behaviour, socioeconomics helps us understand the diverse impacts of economic activity on various social groups. History Of Economy & The Rise Of Modern Economics Economics is widely recognized as a science that studies and analyzes the processes of production and consumption. Over time, it has evolved significantly through the development of various economic theories. Adam Smith, the Scottish philosopher and economist often hailed as the father of economics, laid the foundation with several key …

Are you someone who is always curious about what drives the economy? Do you question why prices rise, how policies affect our lives, or what shapes global markets? If so, a BA Honours in Economics is your calling. After high school, you must be looking for a degree that not only promises knowledge but also offers a tangible career path. You need clarity on where it can lead you, what kind of opportunities you can expect, and whether it will be worth the investment of your time and effort.  The journey to becoming an economist goes beyond attending lectures and passing college exams. It’s about developing a mindset, learning to analyse real-world problems, and discovering how you can make a difference. Economics is the backbone of decision-making, whether it’s in government, businesses, or international organisations. The one of the best BA Economics Universities in India do not just teach you theories, they transform you into a professional who can understand and influence the world of economics. The Growing Demand for Economists Globally Economists play a vital role in shaping policies, driving business strategies, and offering insights into economic trends. With India targeting a $5 trillion economy by 2025, the demand for skilled economists is at an all-time high (NSDC Report). On a global scale, the U.S. Bureau of Labor Statistics predicts a 6% growth in economist roles between 2022 and 2032 (BLS), showcasing a consistent need for economic expertise. Rising Demand in India: Approximately 1.5 lakh economists will be needed …

What is Economic Growth and Economic Development The economics of growth and development are two fundamental concepts in economics. Economic growth refers to the increase in a nation’s output of goods and services, typically measured through Gross Domestic Product (GDP). Economic development emphasises improvements in living standards, healthcare, and education. This article analyses these differences, explores their implications using real-world examples and discusses the role of government policies in promoting both growth and development for sustainable economic progress.  Measuring Progress: GDP vs Human Development Index The economics of growth and development are two of the most important concepts in economic studies, especially for scholars wishing to grasp their policy implications and sustainable advancement. Although both are related, they have different scopes, measurements, and contributions. Economic growth is the expansion of a country's production of goods and services, mostly through Gross Domestic Product (GDP), while economic development refers to overall advancements in living conditions, health, education, and well-being. For example, India’s GDP growth rate was recorded at 7.2% in FY24, highlighting robust economic growth. However, disparities in income distribution, healthcare access, and education quality indicate gaps in economic development. Understanding the difference between economic development and economic growth is essential for students aspiring to shape economic policies or conduct research in development economics.  Economic Growth: What The Numbers Tell? Economic growth refers to an increase in the production of goods and services within an economy over a specific period. It is a quantitative measure that primarily focuses on GDP and per …