Contact Form

Have queries for this product, fill out this form, and we will get back to you within 24 hours





Get Our Tips Straight To Your Inbox


Economics A Viable Option in the Present Era Of Disruption

By Prof. Indradeep Ghosh, Associate Professor & Dean (Faculty), Meghnad Desai Academy of Economics (MDAE)

 

Joseph Schumpeter, an economist who wrote extensively on the disruptive nature of technological innovation during the first half of the 20th century, coined the term ‘creative destruction.’ The term alludes to the substantial disruption technological innovation can cause to a given economic scenario, such as the massive impact industrialization had on the situation of employment in Europe. Cut to 2018, and the advent of new technologies such as Artificial Intelligence, Big Data, Machine Learning, Internet-of-Things etc. has put the spotlight on the term yet again.

 

Current work skills are becoming obsolete

 

The current onslaught of cutting-edge technology and its far-reaching impact on the essential fabric of humanity has necessitated the need for an urgent rethinking of how we, as global citizens, should orient to the world around us.The professional world of today, both youngsters and experienced employees, are facing a business ecosphere where their current work skills are becoming obsolete at the speed of thought. What kind of training and upskilling do they require to stay ahead of the curve? Where should they start?

 

Before we attempt to answer these questions, we need to appreciate that even though the disruptive forces are technological, and unprecedented in nature, they are going to fundamentally impact human transactional behavior i.e. their effects will be economic in nature. It is the everyday business of trucking, bartering and trading, that is most critically affected by these forces. Indeed, these forces of disruption are transforming those very activities that constitute everyday economic life.Consequently, the likely effects of any kind of disruption are probably most transparent to those who understand the economic sphere, viz. economists.

 

An open system interacting with other systems

 

However the conventional understanding of economics does not provide enough scope to understand the present economic scenario. Most of the economic curriculum used by academic institutions today understand economic reality to be largely static and bound by conventional laws. However, nothing can be further from the truth when it comes to the dynamic, chaotic, ever-changing world of current economics-it is a living, breathing, shape-shifting reality replete with contingency and novelty, an open system interacting with other systems (sociological, political, cultural, to name a few), whose understanding requires both analytical and critical thinking skills, and a multi-disciplinary approach.

 

Today, survival, sustenance and success in the economy is dependent on how nimble, adaptable and well-equipped a professional is in the skills that guide the economy of tomorrow. This includes not only an in-depth understanding of the principles and implication of state-of-the-art technologies such as AI, Machine learning, Blockchainetc. but also knowledge of the exact nature of their impact.

 

Problem-solving then assumes a role that requires rigorous practice through simulation based on practical examples. At MDAE, for instance, we do promise such an economics training, one that helps the student dialog between theory and practice, so that neither is privileged over the other, and thereby a dynamic understanding of the forces at work shaping economic reality, can be arrived at. To create the capacity to stay ahead of uncertainty, economic training of such a nature is precisely what is needed.

 

 

 

 

Author: Stoodnt Guest Author

Stoodnt Guest Author are experts, professors, teachers, tutors and professionals who want to share their advice, insights and guidance to students, young professionals and others.

Comments(0)

Related Posts

Are the Degrees in Liberal Arts Useless? | Careers in Liberal Arts: Review and College Memes Tanmoy Ray

So, you are here to know the career scopes of liberal arts. Great! Are you seriously considering Careers in Liberal Arts??? Well, think twice; in…

Read More

5 Skills that a Startup Founder Looks for in You Stoodnt Guest Author

  By KunalPatil, Co-founder WorkIndia   India’s startup ecosystem is booming, thanks to a paradigm shift in the mindsets of the current generation of go-getters.…

Read More

Top 10 Careers That Do Not Require Mathematics and Science in Class 12 | Career Paths without Math and Science Tanmoy Ray

It’s true that PCM and/or PCB subject combination opens up a plethora of career opportunities. But, not studying PCM or PCB does not shut down…

Read More

how to write a resume or CV
Modern Day Resume Writing Stoodnt Guest Author

By Debasish Dutta; Managing Partner & CEO; Orange Corp, Global   A topic that repeatedly bothers both fresh graduates and experienced professionals is how to write…

Read More