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Why have IITs introduced Economics? 

Why is Economics important?

EconomicsLet’s consider this definition about Economics.  “Economics is the study of production and consumption of goods and transfer of wealth to produce and get those goods”. Anyone could understand from these two words “production” and “consumption” that it is a study undertaken to understand the basic necessities of humans. Right from the beginning, humanity is concerned about “production” and “consumption”. The need for pursuing study of Engineering or any Science comes only for the sake of giving boost to quantum of production in a nation, which would effectively get marketed to generate wealth and such wealth could help in reproducing goods, commodities, and services.

Necessity of Economics in the study of Science and Technology

Necessity of Economics in the studyIndian Institute of Technology (IIT) stands as the elitist organization, which has considerably helped in the research and development in every area about production. Economics is a Science that helps in realizing the role of technology in production. Economics also helps in understanding the vital role the scientific institutions play in promoting the growth of productivity in every society. As the premier institution of India, IITs have always advocated the study of Science as the latter is the only responsible for developing technology and technology is immensely helpful in attaining growth for society by helping in production. Economists have always fostered the idea that Science only matters in attaining the peak of growth and therefore, behavior of scientists matter a lot. Economists also have stressed on the point that it is equally important to understand the functioning of scientific institutions.

Economics is the study of changes around the globe

Economics studyTechnology has always driven growth. Growth has brought successive changes. When technology helps in producing one product, it brings one pattern of consumption. Again fresh inventions through technology evolve new products, which follows changes in the consumer behavior. For instance, way back in early nineties, there was a revolution in telecommunication with the invention of a product, called “pager”.  But this product had a short life-span as another product “cell phone” came in to existence. Mobile technology revolutionized the science of communication. As communication became cheapest due to arrival of this technology, cell phone became the every common man’s possession. Now this device and technology have tremendously influenced every user’s behavior. As technology is solely responsible for this, Economists are keen on knowing the successive changes in evolution of new products and consumers’ behavior.

Economics help in decision-making

driving growthWhen technology helps in setting up industries and driving growth, Economics help immensely in decision-making. It avails every bit of information to the leader in the industrial world to make well-informed decision. Without the help of right information from valuable sources in Economics, the industrial leaders would not know about the growth of money in the market and whether the particular technology would become helpful in achieving that. Knowing about Economics  helps in understanding how the business works and the successful entrepreneurs could make analysis of the markets situated world-wide.

Study of Economics helps the future managers

future managers

As the torch-bearer of education for technology, Indian Institute of technology (IIT) has helped in training the best brains from Indian society helping them to become the best managers in the corporate sectors. Knowing Economics and dynamics of growth have helped them to make decisions. The decision-makers understand about human-beings, families, firms, and governments and how all of them are inter-related. Economics give elaborate ideas about income of people and the habits of spending and saving. It gives concrete ideas about different settings in the market and it helps the business managers and executives to meet the highest ends in production.

Economics helps in removing social problems

Economics helps in removing social problemsAre Economics and Engineering different subjects? The answer is both the subjects are most inter-related. Engineering is about diagrams, designs, models, and infrastructure building. But all such things are instrumental in building economy of a nation. Take for instance the need for creating a car for COMMON MAN. It was TATA, who brought an engineered solution to this problem by creating NANO. Way back in late eighties, the same corporate house brought a solution for pure drinking water by bringing ACQUA GUARD that helped in filtering water and removing health problem due to unavailability of pure drinking water.

IIT- dealing with hardcore subjects though advanced course in Economics

IIT- dealing with hardcore subjects though advanced course in EconomicsBeing the premier institution in Science and technology, Indian Institute of Technology (IIT) has designed higher course in Economics. It has introduced M.Sc. in Economics.  The course is about the fundamental and advanced things in computational, technical, and statistical studies. All these subjects are helpful tools in designing future products and dealing with social problems. IIT has always felt the deep inter-relationship between Economics and Engineering. It has taken instance of foreign nations, where the engineers always stay in touch with the economists to design new products. Economics give complete ideas about income of people and other related factors highlighting the need for new products, which might help in removing social problems and income for people.

Learning Economics could carve a prospective career for technologists

careerAs the success rate of engineering graduates from IITs has remained increasingly higher; the students have found placement in top companies in India and world. As it is a world-class institution now, economics has become the core subject in engineering. The graduates passing out from IITs often get invitation from top foreign universities for further advanced studies. The prospects of employment which come after passing out from this most sacred institution of learning create the necessity for knowing everything about Economics. Economics and Engineering have united the world in the common thread of unity and economic prosperity. For instance, the mobile technology, which helped communication to the greatest extent throughout the world, could find the needs of teeming millions throughout the world only with the help of Economics and now-a-days, cell-phones and mobile technology are now affordable even by the poorest people in society.