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Why Study Economics?

1) It's interesting and relevant

Economics is often viewed as a dry discipline which has little to say about the real world, however nothing could be further from the truth. A good understanding of economics will allow you an insight into a wide range of social issues and problems, ranging from the most important and pressing facing the planet today, to every-day phenomena, central to the way society is organised, but that most people take for granted.

For example, have you ever thought about any of the following questions:

• What is the best way to reduce emissions of greenhouse gasses?
• Why are the populations of Western countries so wealthy and the populations of Third World countries so poor?
• Is an influx of migrant workers good for society?
• What exactly are 'market forces'? and why do most governments allow them to determine the allocation of resources in society?
• What causes unemployment?
• Why do prices sometimes rise very quickly, but sometimes rise very slowly?
• Why are some goods very expensive (e.g. caviar) and others so cheap (e.g. baked beans)?
• Why do economies often go through periods of strong growth followed by periods of slow growth or recession? Why are most Western economies about to go through a period of slow growth or recession?
• Why does the Bank of England control monetary policy and not the Government?
• Why have most countries in Europe joined the European Union? Why have most of these countries given up their national currencies by adopting the Euro?
• What factors determine the prices of shares? Why do share prices on the world stock markets sometimes appear to fall uncontrollably?
• What role do financial markets play in an economy?
• Does international trade help the development of poorer countries?
• Why (usually) do governments (rather than 'market forces') provide certain goods and services such as street-lighting, armed forces, law enforcement, education, health services and roads?
• Does the government tax us too much or too little? What are the most appropriate ways for governments to raise revenue?
• Why are some countries (e.g. China, India) growing very quickly, while others are growing more slowly?
• Why is it that some regions within a country tend to be wealthy (e.g. the South of England) while other regions may be much less wealthy?
• Why are most goods produced by firms, often employing large numbers of people, rather than by self-employed individuals?
• Why are some industries dominated by one large firm (e.g. Microsoft Windows, computer operating system), whereas in other industries, many firms compete for business (e.g. car insurance)?
• Do long prison sentences reduce crime?

If you have, you will find the study of economics very interesting.

Economists answer the questions above by developing and applying theoretical economic principles to these issues in a rigorous and impartial manner. As a student of economics you will learn to develop theoretical models and apply them, in order to gain an understanding of the issues mentioned above as well as most other real world social phenomena.

2) Important Skills

As a student of economics you will also gain a highly marketable set of skills. With a degree in economics you will be able to:

• think analytically, critically and strategically,
• reduce complicated problems to their important components, and formulate solutions to these problems,
• apply up-to-date theoretical ideas as a framework for understanding the world around you,
• develop your numeracy, develop your ability to work on your own or as part of a team,
• communicate effectively, both verbally (presentational skills) and in writing.

3) Filthy Lucre!

Independent research suggests economists earn more than almost all other graduates. One study found that after 11 years, male economics graduates earned more than all other graduates except dentists (Belfield and Sloan 1996). Another study (Conlon et. al., 2002) showed that the graduate premium, that is the extra salary enjoyed by a University graduate compared to a peer who left school with two A levels or more, for male economics graduates is 26.8% and for female economics graduates is 39.3% . This premium is higher for economics graduates than a) other Arts graduates, b) other Social Sciences graduates, c) Maths graduates and d) Engineering graduates.

Why Study Economics at St Andrews?

1) Excellence in Teaching

We pride ourselves on being a friendly School, and believe we offer an extremely high standard of teaching. In the most recent evaluation of our teaching, carried out by the The Quality Assurance Agency for Higher Education in 2002, we were awarded a 'commendable', the highest possible rating . In our previous evaluation, conducted by the Scottish Higher Education Funding Council (SHEFC) in 1992/93, we were rated 'excellent', again the highest possible rating.

2) International Excellence in Research

We also can boast an international reputation for our research output. During the last evaluation of the quality of research output, known as the Research Assessment Exercise (RAE), which took place in 2001, the School of Economics & Finance was awarded a 4 (out of a possible 5*). This achievement was not bettered by any other Economics unit within Scotland.

3) What the Papers say!

The School of Economics & Finance is consistently highly rated by the press. We were rated 8th in the most recent Guardian ranking, 12th (equal) by The Times and 9th by The Complete University Guide (in Association with The Independent)

4) Employment Prospects

With a good degree in economics from St Andrews, the world is your oyster! St Andrews economics graduates are sought after, and they end up in a wide variety of interesting professions. Popular career choices for economics graduates include: accountancy; fund management; personnel management; stock-broking; investment analysis; tax consultancy; management consultancy; the armed forces (officer training); banking; the civil service; journalism; academia; etc. Many of our gradutes go on to further sudy (e.g. Diploma, MSc, PhD). To the best of our knowledge ALL of our students who graduated in 2006 either found work or entered further education.

5) Location, Location, Location!

The School is situated on one site: Castlecliffe
an impressive 19th century ex-townhouse, set in around two acres of grass and mature trees. It is located on cliffs which overlook St Andrews Castle and the North Sea, offering some spectacular views. The School is within easy walking distance of the town centre and halls of residence.

Click here to look at some photographs of Castlecliffe and some of the lecture rooms used by the School.

 

But dont just take our word for it, what about our past students.