Whether universities should be focused on the economic requirements of society is the subject, I'll attempt to address in this response. I don't think they should. Learning and knowledge have long been central to universities. History reveals that a lot of brilliant thinkers were self-taught. However, if we look at the world today, we notice that those who attend college frequently land well-paying employment. Therefore, even if education is important, it appears that universities are now focused on turning a profit.
I believe that, rather than just making money, institutions should be focused on imparting information. We must keep in mind that universities are settings where students gain critical thinking, problem-solving, and problem-analysis skills. In the economy we currently have, these abilities are incredibly useful. Regardless matter the direction their future careers take, students should learn these abilities.Does economics have a place in university courses as well?
Universities courses are the road map of the curriculum of the country. It prepares an individual for him/her livelihood, generates expert ideas, and fulfills the needs of human resources in the labor market nationally and internationally. A good education given by a university means well-equipped human resources. We know that groups of individuals who have the same objective and needs make society.
Traditional courses were not enough to equip the individual, so the university has to gear up and modify them from time to time to match society’s needs. We say this as allocative efficiency. When somebody has the skill and efficiency, then there is a chance of overproduction, this is called productive efficiency.
A market is an area where there is demand and supply. The market is the place where there is a better off for everyone. The overproduction will be sold at the cheap and best price, as we know the economic agent called the consumer, will be benefited from the overproduction. Society will fulfill the need at the low and best price. Producers also get benefited from the economics of scale in which a few percentage investments provides a large percentage of the output.
Do we know there is a friendship between two countries that used to fight for the territories?
It is because they want an economic base, not territories only. British came to India, and they ruled for several years, but the intention of coming to India was to extend their trade not to show their sovereignty.
Initially, economics was a study of wealth, it was modified into the study of welfare and standard of living. Nowadays, it is the study of proper management of scarce resources. Initially, the way of production was labor intensive, which is modified as capital-intensive as well. These all ideas to make a successful country, we need proper and applied economics courses which can be obtained by the universities course. Similarly, the human resources that can checkup the health of the country with the help of GDP are also prepared by universities.
A good manager managing the firm is also possible through proper courses provided by the university.
Government can create jobs or manage labor, and run the banking sector as per the need of society if the university course is applicable. Government can control inflation which is the main problem of society. In the same way, the government can stabilize the market with the help of economists prepared by universities. Various models and theories can be used for the reduction of inequality. Inequality in resource distribution may create conflict between the members of society.
In conclusion, it is strictly recommended university courses geared to the economic need of society because human resource is an also scarce resource.
Insofar as they have an immediate impact on the economy, I believe they should be tailored to the social and economic needs of the community. If we examine the development of economics, we discover that since its inception, economists have been interested in the study of the economy. People were interested in the study of agriculture and the effective cultivation of crops in antiquity. As time went on, attention turned to the study of money and the many methods for producing and transferring it. Economists still research similar topics now, but they now concentrate on studying macroeconomics, microeconomics, and global commerce.
Economists are involved in the development of public policy, in addition to the study of economics. To make decisions about taxes, spending, and regulation, governments consult economic data. Forecasting future economic patterns is another duty of economists. Models that forecast the future based on historical trends are used in forecasting. Governments use these forecasts to plan for the future and get ready for any perspective changes.
In conclusion, I think that educational institutions—regardless of whether they specialize in engineering, science, or medicine—should teach students about the economy to the extent that their actions have an impact on it. To give students a better understanding of the subject of economics, I do think that universities should also teach students about the economy. The study of the economy, business, finance, and political science are just a few of the many areas that go under the umbrella of economics, which is a very vast discipline. Students will have a more comprehensive awareness of the world they live in by learning about the economy.