Why I Chose to Major in Economics
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- เผยแพร่เมื่อ 8 ก.ย. 2024
- If you're wondering if you should major in economics, then WATCH THIS VIDEO. I explain the bizarre story for why I decided to major in economics, and I'm asking others to share their stories too.
Come chat with me on twitter: / marketpoweryt
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*Learning Economics is like decoding the secret how world works*
It’s the physics of the commercial world
Yes
I was originally biomedical studies. Economics wasn't even a thought until I took my first ECON class at the community college. After one semester at my state school I totally became uninterested with the biology classes. Economics clicked for me. Now I am Econ major with Bio minor.
Are you looking at health economics? There is a lot of opportunity there.
@@MarketPowerYT I haven't. What jobs would be considered as health economics?
@@MarketPowerYT I need help...can you help me?
@@thelifeofindonesia6584 lol
Well I have started my life as an Economics major today. After reading all the comments here, I believe I ain't going to regret it.
How bout now
During my senior year of high school I took an introduction to business class for half a year. Naturally, I felt in sync with the class and teacher. It was the only class that I took where I actually had a drive to study and take interest in my schoolwork. In college I originally majored in Finance, but found the major to be to mathematically concrete. Economics was intimidating at first, however I found the major to be so interesting because it isn't necessarily based off of concrete "rules". Yes, there are principles to economics and math that is definite, but I love the mix of human behavior and predicting people's financial decisions both on a macro and micro level. During this pandemic, even though it is a terrible occurrence, it is so interesting to see the change in markets and drastic economic changes throughout a few months of time. In college professors have always used the Great Depression as an example of economic theories, and it is so wild to be able to witness another historic period of economic fluctuation (even though I am about to graduate college and face the devastating job market).
I agree that the pandemic has been an absolutely interesting time to apply economics.
I'm on my way to my masters in econ, I love this field and it triggers my curiosity.
But man... You are REALLY passionate about it. Congrats to you. Most of the people don't find a similar passion in their life. Keep going!
Thanks! Just trying to get people interested in and excited about economics!
I haven't actually started studying economics (I will start in September), but I made my decision the following way:
I didn't want to go to university, but my family did. So I basically just thought about it like this: "if I were to go, then what would I have to be studying that would make it worth it?" I was looking at my stacks of books and noticed that they cover many topics (history, demography, philosophy, etc), but realized there must be something which unifies it all. Something which can be used to explain each, even if not totally. I thought about what else I liked or had some interest in: logistics, organization, efficiency, the cost/benefit. "What can I study which would help me better understand most of these things?"
Eventually I thought about it once more and pretty quickly narrowed it down to economics. I asked my mom what she thought I should study; she said economics. That's basically it.
This is a great example. I tell my students to look at sports. Basketball and soccer are very different sports, so is wrestling. But all of those sports need muscle, and if you strengthen your muscles you'll improve your performance. Economics is like the muscle across disciplines and careers.
@@MarketPowerYT WoW
Market Power this is such a great way to look at it!
I kind of stumbled upon economics. I actually started college as a music education major and quickly got burned out. I transferred from my 4-year school to a community college and earned an associate's degree. By the time I finished my AA, I still knew I wanted to earn a bachelor's degree but had no idea what I wanted to study. I was considering engineering, business, agriculture, and even philosophy. I transferred to another 4-year school as an ag. business major and had to take Principles of Macro for the degree. I found the ag classes boring but quickly fell in love with econ. My professor's zeal for economics was contagious and I truly walked away from each class feeling like I understood a little more about how the world actually works. "It just made sense!" Within a couple of weeks, I changed my major to economics and never looked back. Now I'm earning my master's in economics with hopes to enter a top-quality Ph.D. program and eventually become an economics professor. Wish me luck!
Great video! I decided to major in economics after I took it in high school. For the first time, I felt l understood how the world actually works and every class fascinated me. Now I'm starting to doubt whether I should continue or not, as they just teach us one particular version of economics and it seems like the goal of the course is to rationalize the interests of the ruling elite.
Thanks for sharing! You should look at Dani Rorik's "Economics Rules". He explains the nuance behind the models we use and how we should approach them.
@@MarketPowerYT Will do, thanks for the recommendation!
For me, I started liking economics my sophomore year of high school. I always wanted to change the world as a kid, but that year, I realized how much influence economists have on business and politics. Milton Friedman in particular interested me since his beliefs created the business world we are now in today. Because of him, I fell into economics. Though as we all know today, his policies aren’t perfect, just look at Chile today.
Friedman was great! He was also an early influence for me. I did a short video on him last year: th-cam.com/video/gU0MzKSp7WQ/w-d-xo.html
i'm a sophmore right now! and my interest is what led me to the video here haha
My mom wanted me to got to med school and I was almost a medico. But at last moment I convinced my father I can't do it .By this long time of application process i missed my chances to get into any other colleges. Then I joined a nearby college and choose a social science randomly.Thus my meeting with Economics was very accidental.. But it was a love at first sight. It's a thing of beauty and my joy forever ❤️❤️❤️💖💖... There is nothing stopping me ... I am expecting rejections but still.... I know I will do , learn and share econ ideas for my life..
This is a great story! Thanks!
I was in a couple months into film school in South Africa, and on the my free time I was doing a lot of research why South Africa's economy was failing and I was watching random videos on TH-cam about different economies and economics and I realized that I really enjoyed economics so I applied to a university in the UK and that's how I chose to study economics
I love that TH-cam helped you find that path. I hope people come to my channel and have a similar reaction!
this is my story!! I was into film/design school for 1 semester (6 months) but then I realized I'm not enjoying it I'm more into economics, finance stuff so I changed my major to Business (Banking and Finance).
I’m about to enter college this fall and I’m going to major in Economics. I had a similar experience as you when your interest in ECON grew since I started to love economics my junior year when I took AP Macro then later took AP Micro this past year. It’s great to hear other people’s stories about their interests in Econ!!! Thank you for sharing!! :)
AP Econ is great, but sadly isn't offered at many schools. My local school district doesn't have any AP Econ classes. Such a shame since it is such a good class.
I was originally human bio on the premed track. After discovering I didn’t want to be a doctor I switched to Econ because I was good at math, wanted a good job after school, and thought it seemed cool. I switched without taking a single Econ class, but I’ve never looked back. 100% happy with the decision.
Love to hear it. And health economics is a growing field, so you can still be involved in medicine!
Have an associates in Business Administration/Accounting....worked on Main St. in a Financial Advisors Firm on Broadway in NYC....loved the idea of being an analyst and was curious how they acquired the skills...Looked up majors for my bachelors and saw the B.A. in Economics with an elective course available called Security Investment Analysis...started to learn about Keynesian theories and Austrian theories before my classes started...been on the journey ever since.
I love that you started looking into economic theories before diving into the coursework.
I am 17 now and currently deciding between economics and computer science, and your story is really related to me like almost 100% oh my gosh I don't know what to say
I can relate to this so much. I had a long and tedious experience with school. I went to uni studying mechanical engineering straight out of high school, and it depressed me so much that I dropped out. Fast forward two years later. I’m taking orders at a drive-thru window, realizing that this is what would my life would be like if I didn’t go back to school immediately. I went back to community that summer. I wanted to study something focused on culture & society, with some technical education, that would prepare me for a variety of career options. I earned my AA-T in Econ less than a year later, and a few days ago I got offered transfer admission to my top choice.
Congratulations! Good luck at the new school.
0:28, the book "the prince." ... after that i started thinking "how does one manage a city. how does one bring prosperity to a principality
Just graduated with a degree in Economics and my journey was somewhat similar to yours. My high school did not offer any economics courses but I had focused on STEM related subject and decided that physics would be my major. First year of college went by and the more I learned in physics, the less I enjoyed it and the less I felt I understood about the world. I took a summer to read an assortment of different subjects to try to find an inspiration to change my major to. I found that magic in Misbehaving by Richard Thaler. Suddenly I had found a subject that sought to understand human behavior in a rational and logical way. I began reading more and more economics books and became sold on the subject. Now I have finished my degree and still have a thirst for knowledge on the subject. Obviously the job market I'm entering is not what I expected, but I have so many marketable skills that in no time I am confident I will be implementing in the labor market.
Great vid. Great channel. Keep highlighting what makes economics so great.
Thaler's Nudge was one of the first books I read as an economics major. But I haven't read Misbehaving. I'll have to check it out!
Day one of Econ 1500 my professor showed us a list of Nobel Prize winners in economics. All of them were studying very different things, but all of them were economists! He then spent some time talking about Daniel Kahneman, and as soon as he introduced the idea of Emotional vs Rational decision making I was hooked. Later that day I went to "Foundations of Business Leadership" and met Dr. Palsson, only to find out that it was an Economics class! The way he taught about economic history was fascinating and helped me see just how broad of a scope the field has. I spent the rest of the semester telling people I was a management major, which I was; but that would soon change after a quick meeting with my advisor!
A lot of my interest is in personal development and business leadership, but those two classes helped me realize how much value the study of economics could have as I pursue my interests. I also had a leadership coach that semester who was graduating with his masters in economics. He often related economics theories and principles he was learning to our common interests in leadership. Anyway, that whole semester was giving me big neon signs that said "STUDY ECONOMICS"!
Good thing you ignored the big neon sign that said "EXIT"
In AP micro and macro econ, I hated the class throughout the year as my teacher, Mr. Kim (a retired coast guard economist) was extremely particular and strict about everything. However, he assured us that he was doing this for our own benefit and it showed in our AP exam scores. I received 5s on both exams and really learned to love the subject in the way it was portrayed on the exam. I either plan to major in Econ now or do my concentration in Global Economy and management, however, I plan to pursue a higher education in Economics one day and hope to become a US diplomat in the future. It also comes in handy in winning arguments ;)
Some economists showed that teachers who make you struggle are the ones that provide the greatest long-term benefit. faculty.econ.ucdavis.edu/faculty/scarrell/profqual2.pdf
Walle could also be an interesting example of corporatism. The BnL company in Walle could be a metaphor for Amazon etc. and the impact that their growing influence has on society and the environment.
Walle influenced my decision (we don't do majors in the UK) so now I'm studying Industrial Economics!
I graduated from a community college with an AS in math and science not knowing what I wanted to do but knowing that a local semiconductor factory would hire me. I never even applied. I ended up starting a farming business in a small town and ran it for 4 years until I finally decided to go back to school. All I could think about was how interesting my economics classes were in community college, and how eye-opening the lessons were. I'm currently 1 semester away from graduating with my BS in Economics and I'm considering further education! I love the unique perspective economics can provide to any situation. What's even better is when you explain economics to someone who doesn't study it and you can see a concept click for them too.
Great story! So much of modern economics was built on early economists working on agriculture.
My story: Since childhood I have seen my grandfather doing bank related work, he was a banker. In highschool I chose to study business subjects like Accounting, Business studies, Banking, Economics etc I found Econ the best and interesting! BUT idk why I chose film/design at first in college. Then I realized it's not my thing, film has no high paying career so after 1 semester spending in film school, I changed my major to Business focusing on Banking and Finance because my college doesn't offers Economics major still Finance is relatable to Econ.
Zero Dislikes bro - You should do a graph with amount of viewers / likes / and dislikes - The valley peak valley (head in shoulders) is my biggest fear when trading today - but OMG I am glad I a have an economics degree - I have gained a skill where I have a way of viewing things in every day world through the eyes of an economist - it is so easily applied to everything - I cornered the market on World of Warcraft in JR year of college , god I miss that game. But today I use it to make smart consumer decisions and read the market - when i graduated you could not trade as freely as you can today.
The best story in economics I have is when i was a student, I was late on a paper in an atypical course that involves history of economics... Every day you are late you got a grade off the paper (full letter grade) - So I turned it in a week late. I did it on Thomas Sowell. My professor was shocked and asked me where I learned about him. I am still not sure, I just found a book by him and have read every book by him up to today. What is weird is that when I started writing this, I left my home office garage man cave - and the people inside my home were watching Thomas Sowell on TV when I walked in. This hit me. Anyway - I got an A- on the paper!
If you are majoring in Economics , you absolutely made a right choice. I might not have said that 5 years after having the degree as i went into tech recruiting - but the way you look at the world changes - you have the upper hand at all times - this is invaluable - you will agree with me someday - you will...
Glad that I'm not the only one to spend time banging my head against the wall for a computer science project.
I've always loved math, I think it's elegant and I absolutely get that big payoff for solving hard problems. Three of my immediate family members are engineers, so that seemed like the logical route: Good paying future job, lots of math involvement. It just never felt like the right place for me.
I was vaguely aware of economics, but I always thought of it as having to do with countries' monetary systems and stock markets. My first semester as a marketing major, I took some econ classes to get them out of the way. One week later I had switched to econ. The idea of being able to take real world issues and situations and break them down into usable models was revelatory to me. It was all the math that I wanted, but with applications that I actually cared about. It was the first time I was taking classes that clicked so well with me, and the learning payoff is huge for me. Each time a new econ concept clicks, it feels like a shot of adrenaline. I can't imagine any other major being a better fit for me.
Wow, I'm glad you had those econ classes. Must be some good professors!
Hi Market Power, I am gonna be a junior economics student this year but I was actually majored in International Studies for my first semester in college and I found myself having no interest in that major so I decided to change. However, to be honest, the reason why I chose economics was still not out of interest because I hadn’t figured out what major interested me at that time but I got only one chance to change major so I had to make a choice. I thought economics is a sophisticated and a little challenging major to study and it seemed to be able to apply to all kinds of jobs so it should be a good degree in the end so I made the choice. Now after a year of studying economics, I’m kind of frustrated to say that I find economics difficult to study cuz I still haven’t really understand what’s economics all about and why I should major in it like how I can use it for my future career. I’m dying to figure this out because now I still have two years to go in college studying economics and I want to develop my interest in this major so I can actually study it well. So far I’ve been feeling that what I’ve learned is just too theoretical and abstract and it’s just not connected to the reality world. I know it sounds like the opposite of why economics got into your interests but that’s just how I feel for now and I really wish one day I could get the feeling of “it just makes sense” because I’m confused at this stage.
I chose economics because I'm living in a developing country. Development is a significant problem here. I wonder why the USA became a developed country but we are still struggling to modify our situation?😢
Hello from Australia! Bit of a different path for me. My undergraduate studies were in Viticulture and Oenology. Winemaking in normal speak. When I graduated I was really lucky to get some great opportunities to work around Australia and the world. Being right on the front line dealing with whatever nature decides to throws at you (extreme frosts wiping out harvests in France, wildfires in California etc) made me really aware and concerned about the effects of our changing climate.
After a while I got a little bored with my work and job prospects weren't great so I decided to go back to university. Friends thought I was a bit crazy since I was doing relatively well, but I felt it wasn't going to be fulfilling long term. I was really interested and read a lot in economics but thought it might be a step too far since my bachelor is fairly niche, so I had a brief dabble in business but it didn't feel right. After a job interview for a more commercial role I realised I didn't want to do that at all and I thought "stuff it, this is your whole life ahead, let's go all in". Now I'm about to finish my first semester of a Master of Applied Economics (I'm procrastinating my macro study typing this!). I'm hoping to use my previous natural sciences experience to move into the environmental economics field to help our transition into a low carbon, sustainable future. I'm nervous because I'm going off on a completely new path and everything feels uncertain, but hopefully I can make a contribution to help farmers and everyone else deal with the future challenges ahead.
Thanks for your videos! I feel like I've made the right choice!
Did you know there's an American Association of Wine Economists?? www.wine-economics.org/
@@MarketPowerYT I was looking through their website the other day!
Can you please make a video about the steps into writing a great research paper or dissertation? Thanks!
Sure, when I learn how to myself!
I enrolled at UCR as an economics major, my backup plan (in case I don't like it) was to drop out and get into engineering through the military track. But I have never regretted the decision. It is simply so intellectually satisfying with huge career opportunities. Plus I want to get into finance/banking world. Which an economics major can help me. I did take some finance classes, although they r interesting but they are not intellectually satisfying
I hope this helps you😁
This did help! Thanks for your story.
I'm pursuing a degree in economics because I too was majoring in engineering but because of life that fell through. But I always found myself reading economics and finance books on my free time so I decided to change course and apply my credits toward economics. Now I work in banking and I realized that I don't like the finance side but I'm really interested in behavioral and developmental economics.
But video game economics? Now I know I'm pursuing the right degree 🤣
I cant believe I found this video, im torn between Econ and CS also. I believe CS is in my mind because its a practical skill, but the drive for Econ is more emotional. I have absolutely no idea however why I would choose Econ because I have no idea what career options are available so im just stuck...
Tech economics is one of the most promising sectors right now. Companies like Amazon, Uber, Spotify, etc are all hiring.
Thanks !!!! I like ur videos !!
I've been interested in Economics since I was 16. In particular, because I live in Argentina and it's always in an economic crisis or heading to a new one, I was really intrigued about why this happens. I started the courses and the first two years I was thrilled with the new concepts (Nash equilibrium, shocks, rational decision). However, when I got to more advanced courses like Trade, IO, Macro or Finance theory, I just lost interest. Everything is about models and how to solve them and it's really simple (in a mathematical sense). Also, I don't actually see why are they for. It's just to me like economists manipulate reality and facts in order to say what the model says, and not the other way around. So I'm doubting if the economics major is really for me because I can't connect theory with reality.
Have you read Digital Gold? One of the early adopters of Bitcoin was from Argentina. He promoted it because he was tired of living through his country's economic crises.
Hopefully you can take some economic history or empirical classes. Those were much easier for me to connect to.
@@MarketPowerYT I'm taking courses about causal inference and they're super exciting and applicable in real problems.
I liked your story 😊
I have taken economics because i like it very much and economics is required to run the world smoothly as i guess....
I already have bachelor's degree in IT , but I am now interested in studying econ. I am really considering about getting into college again this year 😅
Economics sounds like such a broad subject. What specifically are you learning. Sorry for the ignorant question lol but I’m for real.
I wish you could reply to my comment. I love economics but am not good in mathematics. In my Uni, one can have any minor with Economics. I love finance as well, am fascinated about the world of economics and finance and I want to know more about both. But many atimes the thoughts and informations that if you're are not good math you cannot study economics is triggering me out of my major. What's your advice? You are my dream mentor!!!!
For me it was poor economics...while reading it I thought, there was something worth doing with life and not just wind up in some office, just working for my own success..I actually left study for one of the most respected and well paid job( starting salary is triple of average salary) in my country to study development economics
Great video as usual ! Do you think an econ major can permit to work in the financial jobs area ?
Thanks! And yes, definitely. Many schools don't even offer a finance degree. Yale doesn't have a finance major but sends lots of people into finance jobs.
Hello, I'm currently in my last year of high school and I'm needing help with picking majors (cos i can't explore everything in freshman year but i have to pick now) Do you know of any other career outcome of Economics major that allow students to make social changes? I have a great passion for social justice esp. climate justice, so initially I thought I was going to study Environmental Science, but then I realize that environmental science just gonna teaches me to do scientific experiments... and not so much into the social: solution-oriented side. That's why I'm thinking of Economics or International Relations major, but I dont know what's the best major for me if I want to influence and drive social changes, when I DONT want to be a lawyer or politician because it's kinda hard for foreign students like me to do that in the US. If anyone can give me any info or advice about this, I'd really appreciate it. Thank you so much!!
I am interested in economics but do not have in maths class12 what can I do
Hey i am from India and i was chosen economic because i loved this subject . Every people want money but i want to rule the whole market...so i choosen economic
Very ambitious!
Thanks for replying my comment
Where are you from?
@@lactoseop8771 lol
@@mosttealifaa2288 why
What do you think about Austrian economics?
Austrian economics has made lots of important contributions.
Market Power I think that Austrian Economics has some unique and very important contributions like the Austrian business cycle theory. They have a very good understanding of the the economy and how it works. One thing I’m not a big fan of is their rejection of using mathematical models. Some of these models can be very important, but they do have limitations. Some economist push the limits of the models and sometimes get to wrong conclusions.