From individuals and organisations to national governments, the knowledge of economics helps measure the production, distribution, and consumption of wealth and goods. The Politics, Philosophy, and Economics (PPE) Major is a comprehensive programme that enriches the study of economics with a broader context, enabling students to understand current financial conditions and analyse the evidence behind how we arrived at today’s economic landscape. What is the Meaning of Economics Technically speaking, economics is part of the behavioural and social sciences that keeps track of the production and consumption of goods and services, along with the allocation of these goods and services among its people. Usually, Economics is divided into two branches: macroeconomics and microeconomics. Microeconomics operates on a personal level, concerning individuals and businesses. Whereas, Macroeconomics takes a broader look at nations and governments and deals with issues like inflation, economic growth, national income, unemployment, etc. However, the study of economics is more concerned with the choices and decisions made by individuals or organisations that affect the economy. Therefore, the Politics, Philosophy and Economics Major programme offers an advanced take on the relation between the three disciplines and how they impact the economic decisions of governments, companies, and individuals under a shared economic system. How Economics, Politics & Philosophy are Related? Economics, Politics, and Philosophy are separate disciplines, yet the connection they share is unmistakable, especially in the present scenario. The Politics, Philosophy and Economics Major course is a study that helps understand how any society works, especially in a global …

In the modern state, the economy plays a vital role in projecting the worth of a government or a private entity. The effectiveness of an economic system and its proper functionality of markets are often the most highlighted subjects that help understand the economics of a state from a multidimensional perspective. The economics courses taught at universities pay substantial attention to developing the fundamental blocks of the subject and other related areas of consideration. Economics: Definition & Types Defining economics in simple terms can be challenging. Broadly, it is the scientific study of how supply and demand operates—examining the processes of production, distribution, and consumption, whether under government institutions or private organisations. To meet the needs of a population, both governmental and non-governmental entities manage the collection, production, and distribution of limited global resources, giving rise to various economic systems. These systems differ based on who controls and manages the resources. To understand how these economic systems function, it is essential to first explore the two main branches of economics: macroeconomics and microeconomics. Macroeconomics focuses on the overall growth and development of an economy. It takes a broad view of the entire economic system, studying its behavior and performance. Key areas include economic cycles, foreign trade, unemployment, government fiscal and monetary policies, and interest rates. Economists use macroeconomic models to design effective economic strategies and public policies. Microeconomics examines the behavior of individuals and business entities in making decisions about resource allocation. It analyzes how households, consumers, and firms respond …

Table of Contents   The modern society and the structures of nation-states are invariably dependent upon ideologies and disciplines like philosophy, politics and economics, etc. Governments and institutions all rely on these metrics, and there is an intricate play that takes place behind the scenes. The PPE Course is an extension of this discipline that was first made into an academic programme with a degree in the 1920s University of Oxford. Philosophy, Politics, and Economics are three very important disciplines in their own right, and each has a well-balanced programme structure that tackles various facets of the current society. The combined study of Philosophy, Politics, and Economics aims to evoke intellectual sentiments and discussions among future leaders and scholars to change society for a better tomorrow. Define Philosophy, Politics and Economics To start with Philosophy, it is an ancient discipline that constantly asks questions about the reality of the world and the dimensions of human experience. From Eastern to Western Philosophies and the evolution of various thought schools paved the way for great visionaries like Confucius, Buddha, Plato, Immanuel Kant, Karl Marx, Georg Wilhelm Freidrich Hegel, Friedrich Nietzche, Jean-Paul Santre and many more. Politics, on the other hand, is another ideological discipline that inspired the creation of various political systems, theories, policies, relations and the study of this is widely known as Political Science. Economics is a social science that predominantly tackles the production unit, manages distribution and keeps track of the consumption of goods. The study of economics emphasises …

Public policy is an integral part of governance that is predominantly deployed to address issues and concerns of the public. It works as a bridge between the government and the public and helps in expressing the demands of people to the state. Public policy courses provide a fundamental understanding of the social fabric and how governments,  states, or non-governmental entities plan for the governance and well-being of the public.  Public policy plays a crucial role in recognising the interconnections between various sectors and disciplines, offering insights into a wide range of social, political, and economic issues through both theoretical frameworks and practical applications. Governments, along with other stakeholders, actively engage in shaping public policy by formulating plans, regulations, and laws aimed at serving the public interest. Public Policy: History, Features, & Types Public policy emerged as a system of law that helped ancient rulers to govern civilisations and their subjects. As the nation-states and countries came into being, the governance of the public and the outline of public policy also evolved while staying true to the purpose of doing good for the public. In India, the past of public policy is well-recorded and often glorified with names like Chanakya and pristine world-class universities like Nalanda & Vaishali.  From Ashoka to Akbar, every ruler had their individual policy framework that was intended for the convenience of the public. The evolution of public policy and its subsequent framework has come a long way since India's independence, and contemporary policy frameworks have been …

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 …