What is an economic way of thinking? The human quest has always been to explore, learn, acquire, produce, consume and excel. In all these endeavours, humans have striven to attain the highest possible benefits from the limited resources available, whether time or material resources or accumulated knowledge. These efforts have led to people living in groups; creating money; developing technologies; instituting social, cultural, and religious norms; transacting through markets; accepting political institutions; and putting in place systems for maintaining law and order.
The study of economics will involve explorations from the perspective of an individual as well as groups of individuals – markets, communities, societies, generations. It can take a static approach, where analysis focuses on a fixed point of time, a dynamic approach which studies how things change over time, or an evolutionary approach which explores how the past continuously and cumulatively impacts the present and the future. Students learn to scrutinise the ethical implications of various economic policies, strategies and their outcomes.
The pedagogical approach would entail a combination of class lectures and discussions, problem-solving exercises, field visits, as also an exposure to the discipline through the lenses of interrelated disciplines such as history, politics, sociology, technology, psychology, ecology, and mathematics. Internship programs and the capstone thesis will invite sensitive explorations of practical issues and challenges on the ground. Academic mentors will guide students to understand and explore possible ways of tackling these challenges.
The Krea economics graduate will effectively contribute through professional roles in the corporate sector or start-ups, in academia, public policy or think tanks, in government, and in the non- government and non- profit sectors.