About the Department
The department of Economics in K. K. Das College was established in 2002 to offer Honours courses in Economics for B. Sc. Programmes and Economics as a General subject for both B.A and B.Sc. Programmes.
Intake Capacity for Economics Honours Course
General candidate: 10
SC candidate: 03
ST candidate: 01
The young and dynamic faculty members of the department recognize the growing demand for trained manpower in industry, government, research and other sectors as well as nurturing future specialists in economics and hence try to meet this demand in a committed and sincere manner.
The teaching programme in the Department is focused on proper blending of 'quality' and 'relevance'. With the advancement of the knowledge in the subject, a balancing emphasis on theoretical analysis along with application is the need of the hour. Students are prepared by regular class room lectures and by providing relevant reference materials, extra classes, etc. Home assignments in the form of various projects and surveys provide them an opportunity to apply the theories that they are studying in the curriculum, practically. This helps in developing multidisciplinary skills among students through addressing of complex economic issues. Such regular tutorials are more effective by establishing close student - teacher contact.
Students are encouraged to participate in various seminars held by other institutions exclusively for students where they can express their thoughts and ideas for policy prescription to the important local and global issues such as poverty, growth, unemployment, income inequality, and trade, health care, the Environment, etc.
The Department maintains a Book Bank from where, faculties and students can issue books as and when required. The Department also maintains a question bank which gives the students an opportunity to tackle different kinds of questions and face with confidence any kind of examination, be it the university examinations or any competitive examinations.
Importance of Statistics and Mathematics in Economics
Statistics has an immense significance in the course of studying Economics. The quantitative estimates of the different economic variables, along with their meaning and significance, are provided by Statistics. It also helps us to grasp the meaning of several laws of behavior in social sciences and makes the scientific inquiry precise. We can understand the performance of the Economy, over time using statistics. The importance of various sectors in the Economy can also be understood using the Statistical methods. Economic Planning, that ensures a better utilization of resources, is also done through evaluation of the progress of the economy using statistical tools. In researches, statistics help in verifying the individual behavior through continued studies, with the help of statistical method. Thus, studying the statistical methods along with the theories of economics would make it much easier and also the students become efficient enough to analyse the different economic laws and can comprehend the basic principles of Economics.
The Mathematical economics, on the other hand, helps in carrying out with the true economic modelling. The theoretical economic models could be turned to useful economic policy making tools, with the use of mathematics. We can solve different optimization problems, using Mathematical Economics. A qualitative statement can be converted into a quantitative one, using Econometrics. In many branches of economics we use Econometrics, like, microeconomics, macroeconomics, and financial economics and also in economic policy making. In order to assess the impact of the Economic policies, mathematical modelling can be used. In recent days economics can hardly be found without mathematics in them and also statistics provides the students with an added skill to analyse the economic theories.
Career prospects of studying Economics
A career in Economics is extremely rewarding in today’s business scenario. The interdisciplinary nature of the subject opens a plethora of doors for an Economics graduate. The students are frequently made aware of the multifaceted possibilities of the subject through classroom discussion.
Since the core skill of an Economics graduate is her / his ability to understand the economy as a whole, students may choose to become successful researchers, both in development sector (like poverty, rural / urban development, education, healthcare, agriculture, trade, etc.) as well as corporate sector (like macro business environment, marketing, business cycle, etc.), professors, public policymakers or a technocrat (or technical bureaucrat). In a research-driven field, expertise in statistical and econometric tools, which Economics graduates possess, provides an edge.
Some economists move to allied areas like management consulting, financial services, including investment / corporate / private and investment / wealth / asset management. Alternatively, one may specialize in corporate finance, thereby revenue streams, investment projects and overall financial management.
Further, students diversify to Actuarial science as a career option which involves analyzing risk and uncertainty, and are employed in the insurance industry, and by pension funds, investment firms and actuarial consulting firms.
The Department educate students to become successful professionals and socially responsible citizens who are ready to contribute positively to the economic and social well-being of the nation, to play constructive roles in their communities, and to lead productive and meaningful lives. Many of its alumni have distinguished themselves in both academic and administrative spheres across the country - a small testimony, perhaps, to the excellence of training that we have managed to give them.