As an economics student, you can be required to handle quantitative economics assignments at any level of your curriculum. This type of writing requires aspiring economists to make economic arguments by analyzing provided economic data. Read on to learn more about quantitative writing from professional academic writers.
What Is Economics Major?
Economics is one of the most important social sciences subjects that deal with the production, distribution, and consumption of available resources. The available goods, services, and resources are not enough to meet the needs of the people. Therefore, economics is about how humans make decisions on how to spend these scarce resources effectively. Economic concepts are applied at the business, societal, personal, and family levels.
Those pursuing a bachelor’s degree in economics have the option of majoring in economics. This degree is especially important as it introduces the learners to resource availability, allocation, and incentive, among other things. In addition, the course introduces learners to microeconomics, macroeconomics, econometrics, and other related concepts. This knowledge serves as a foundation for those pursuing more advanced coursework.
Whereas economics introduces students to economic models such as supply and demand, economics major challenges them to become critical thinkers and logical reasoning. At this stage, the economists become more concerned with the conclusion’s validity by considering the models and assumptions. Exposure to these economic models enables the students to develop the right skills to understand new and more complex things.
Quantitative economics major enables the students to understand and search other complex relationships between various economic variables. For example, economics introduces the students to the relationship between various variables such as prices and variables. However, in most cases, these relationships develop due to a chain of links of more factors. Through economics majors, the students can uncover these relationships and make them understandable.
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Important Steps in Quantitative Economics
Quantitative economics allows for the analysis of economic data collected quantitatively. Therefore, an economist is supposed to use mathematics and statistics in analyzing the available data. Here are crucial steps that should be followed when carrying research in this area.
Quantification
After identifying the social and economic issues to be considered in quantitative economics, the researcher should quantify them numerically. Luckily, many variables used in this type of research, such as population, are quantifiable. However, there are some variables, like consumption, that cannot be quantified. The researcher should use proxy variables in such cases. Economists can improve their results by using direct questions in their research.
Sample Size
When doing quantitative economics research, the writer should determine the sample size. It is important to ensure that the sample represents all classes where the study is being conducted. Determining the standard deviation of the popular enables the researchers to determine the sample size. However, factors such as cost and time affect the sample size to be considered in a study.
Data Collection
Another important step in quantitative economics research is the collection of data from the population. The economists can use various techniques and channels such as interviews, questionnaires, and emails to collect information needed in the study. It is important to avoid bias when collecting information to ensure fair representation of the population in the sample. The researchers should ensure that only relevant questions are included to reduce the cost and time needed to collect the primary information.
Data Analysis
The interpretation of the data collected can only be done after analyzing it. At this stage, the researchers should use their mathematics knowledge to determine the formula to use. Data analysis can be done using various software programs such as Microsoft Excel, SPSS, SAS, and R-Programming. It is vital to ensure the mathematics calculations are done correctly to get the expected results.
Important Things to Note When Writing a Quantitative Economics Paper
Data is very important to quantitative economists. For instance, econometricians use various mathematical concepts such as linear algebra to establish the relationship between various components in a given model. Therefore, you need to refer to some of the things learned in mathematics courses.
The accuracy of quantitative economics studies can be affected by the data uses. Although econometrics can help develop theories when the data used is inaccurate, the findings of such studies are also wrong. Therefore, economists should use complicated questions when dealing with variables that are not easy to determine directly.
Quantitative analysis can be done faster than qualitative analysis. Whereas qualitative analysis may sometimes require a more time-consuming thematic approach, the process of data collection and interpretation in quantitative analysis is quite fast. After collecting the primary data, entering the information into the computer and analyzing it using programs such as SPSS and Excel is easy even for those without much experience.
Although getting information from primary sources may expose the identity of the participants, this is not the case with quantitative analysis papers. Like most mathematics courses, once the data is collected, the researcher is never interested in the identity of the participants. The fact that anonymity is maintained even in the final interpretation of data makes it easy for those in this discipline to research.
Courses Available to Those Doing Economics Major
Different universities in the United States require those doing quantitative economics majors to do different courses. Here are some of the courses available to those pursuing this degree.
- Economic Theory
- Finance
- Public Finance
- Econometrics
- Money and Banking
- Business Management
Why You Should Major in Economics
Majoring in economics is associated with the following benefits.
- Career opportunities
One of the benefits of majoring in economics is that it prepares students for careers in the private and public sectors. Economists can apply their knowledge to improve the kinds of decisions, thereby allowing them to work with different employers. In addition, the majors enable students to develop competence in communication, quantitative, and analytic skills applicable in many industries.
- Prepares you for your master’s program
Economics major also prepares those wishing to pursue a master’s degree in economics, statistics, and business administration. Majoring in economics introduces students to other subjects such as linear algebra, game theory, finance, econometrics, mathematics, and statistics. These subjects form the basis that can enable them to pursue masters in various areas. When doing your economics major, you will develop clear and organized thinking capabilities that will enable you to do higher programs.
- You can join a graduate school.
Majoring in economics can also prepare you to join a graduate school in economics. To join this graduate school, you need to have a strong background in economic studies and mathematics. Luckily, all these are covered in the economics major. Besides, other courses studied when majoring in economics, such as mathematical economics and econometrics, will give you the quantitative knowledge needed by those pursuing graduate studies.
- You can understand economic issues.
A quantitative economics major provides the students with the necessary foundation for understanding more important economic issues. For example, although certain environmental concerns, globalization, and economic growth make headlines regularly, not many people understand their economic impacts. After majoring in economics, you will be better positioned to apply various theoretical perspectives to understand these problems and their implications.
Opportunities Available for Quantitative Economists
Quantitative economics is a course with countless opportunities in many industries, such as the stock market. Quantitative economics major graduates can work for the government or private firms. They can work as economic advisors, investment bankers, and forecast analysts. Besides, they can study the economics of law after enrolling in a law school.
Quantitative economics major graduates can also pursue a relatively new course called financial engineering. The course requires individuals with deep mathematical and computation techniques to enroll. Those with bachelor’s degrees in mathematics, economics, statistics, and computer science are qualified for this course. Some of the career options after completing this course are quantitative analysts and trading strategists.
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