Commerce as an UnderGraduate program

The Commerce stream continues to be the most preferred undergraduate programme in the field of business education, not merely on account of the fact that the center stage of this discipline has been assuming in the generation of products and services in economies and its entrepreneurial traits.

Why Choose Commerce?

The discipline of commerce as such has its innate strengths and unmatched potential. While there are a large number of strengths one can elaborate on, the most notable strength, according to me has been its ability to adapt to the emerging economic constituents with lesser lags, whether it is relating to its ability in supporting the running of start-up enterprise or in aligning with specific disciplines like accounting or reporting standards.

The wider application of commerce also emerges from its ability to adapt to the dynamic environment and this has been a factor that attracts talents into the Commerce stream.

Commerce Career Options

A commerce graduate has the tools to conceive, plan and introduce business enterprise in addition to contributing to the functioning of an existing enterprise, that too with ease.

The versatility of the discipline supports the seeker to specialise areas that best fits the interest; As a professional accountant, reporting specialist, business person, a start-up specialist, venture capitalist or even as an academic.

Importance of a unique pedagogical structure in the Commerce Stream

The versatility of the Commerce discipline can be further enhanced if the pedagogical structure is able to support the introduction of processes that strengthen the foundations for character development. This can be vital boosting factor for undergraduate students.

In order to provide an opportunity to students to discover an appropriate method of thinking which will help them realise their true potential, an enabling and structured teaching-learning experience in a more student-centric manner is all the more necessary. This would ensure that the courses are flexible with choices.

In addition to the exposure in languages and critical thinking, the students deserve to be exposed to different career tracks supported by enhanced teacher – learner interactions.

My considerate submission is that the hard skills must be equally honed up through the ability to think and interact proactively so that the students will be open to ideas and thereby ensure adaptability to emerging scenarios.

The Undergraduate Programmes must focus on ‘preparing minds’, to take advantage of the hard skills learned as part of the curriculum.

This will create individuals who will have intellectual prowess, interactive competence, courage to lead the world and also compassion and empathy for fellow human beings.

What is Economic Studies?

Economic study is the scientific study of decision-making. It explains why people make decisions about how to allocate scarce resources. It is also about understanding how markets work, how prices are determined, and what tools are available for policy-makers to improve the efficiency of markets. It is a social science that deals with understanding the issues of production, distribution, and consumption of goods and services. Economic historians mainly focus on economic changes, reasons behind these changes and why certain nations have more successful economies as compared to those that fall behind. The history of economic studies also enables economists to investigate patterns and root causes that are derived from complex economic, social and political issues in the past.

Two types of Economic Studies

Macroeconomics: Macroeconomics is the study of the performance of an economy on a large scale. It also focuses on how to best use available resources to create desirable outcomes.

Macroeconomics is broken up into 6 main fields: analysis, business cycle, economic fluctuations, economic growth, economic institutions, and general equilibrium.

Microeconomics: Microeconomics is the study of how sellers and buyers interact in a market.

It analyzes how prices are determined in various markets, supply and demand, which factors drive prices, the effect of government regulation, and how changes in one part of an economy can affect other parts.

History of World Economics

The first economic study traces back to the Ancient Greeks, who viewed how population size influenced economic growth.

Early Economics started during the Bronze Age (4000-2500 BCE) and influenced many parts of the world. There were written texts from four major areas like Sumer and Babylonia; Indus River Valley Civilization; along the Yangtze River in China; and Nile Valley in Egypt that date back to 3500 BCE.

There were accounting systems in written language, later on it progressed to recording debts and interest payments and other scribes that had recorded the collection and redistribution of goods and property.

Economic frameworks mainly began in the late 18th century. At this point, economics studies focused solely on production, distribution and consumption.

Hammurabi, the ruler of Babylon, created the code of Hammurabi (1810-1750 BCE) which is considered as one of the earliest works of economic synthesis. It was created to provide a detailed framework of commerce that included important aspects like business ethics specifically made for merchants and tradespeople.

Who was the father of Economics and what were his findings?

Adam Smith was a Scottish philosopher and economist who is popularly known as the father of economics. He was the pioneer behind the concept of classical free market theory.

The first economic study was done by Adam Smith in 1776 with his book “An Inquiry into the Nature and Causes of the Wealth of Nations”. This was one of the first books to introduce economics to the world. It included how to measure objects, trade, and money among many other topics that are still studied today. Smith and a few other economic thinkers like David Hume and Alfred Marshall gave birth to economics around the time of the Industrial Revolution.

Smith argued that individuals have a natural tendency to promote their own interests in a free market economy in coordination with others in a social environment. He believed that this would lead to an equilibrium in which everyone’s economic decisions benefit themselves. He developed the concept of division of labour and stressed upon the fact that rational self-interest and competition could lead to economic prosperity.

World Economic Revolution

The economic revolution was a time of incredible change in the Western world at the start of the 19th century.

The Industrial Revolution began to reshape how people lived. Factories popped up all over Europe and America, which required workers.

People moved to cities, often far from home, to find jobs. They were attracted by better wages that factories offered for often tedious work. During this time, many people believed that workers deserved better working conditions and fair wages.

This led to improved conditions of the working class as working men and women led labor strikes to demand safer working conditions and higher pay, which invariably led to advancements in transportation, basic infrastructure, urbanization, and better economy.

History of Indian Economic Studies

The history of economics in India goes back to the medieval era when there was anecdotal evidence of activities that resemble economic activity.

Indian economics can be classified under Western economic theory but with an emphasis on social welfare and poverty alleviation

Chanakya (350 BC-275 BC), an ancient philosopher, economist , professor and royal adviser was known to have considered economic issues who later authored the political treatise, the Arthashastra. Many of the topics discussed in this ancient texts are still prevalent in Modern Economics.

However, it was not until the 1800s when the first official documents containing economic principles were published by Indian writers.

There are many economists who developed their theories based on India’s specific climate and needs. The most well-known include Amiya Kumar Bagchi, P C Mahalanobis, Prasanta Chandra Mahalanobis, Jagdish Saran Sharma, Ashok Rudra, and Raj Krishna.

Factors that led to Indian Economic Revolution

The revolution of Indian economics is known to have come from Amartya Sen. The original study of macroeconomics was done by Sen. He was also awarded the nobel prize in 1998 in Economic Sciences.

He studied how economic disequilibrium affects the growth of the economy. Sen became one of India’s most celebrated economists because he focused on problems that came up due to globalization and modernization in India.

On the contrary, Indian economics post independence was also influenced by European colonialists, which shaped the intellectual tradition of the subcontinent until 1990.

The new economic policy in 1991 and the advent of the IMF (International Monetary Fund) and World Bank compelled India to liberalize its economy and remove trade barriers with other countries. Some of these economic policies led to structural reforms and stabilization measures. There were reforms like privatization, liberalization and globalization which led to improvement in the economy and also increased its international competitiveness.

• The history of economics is very broad and expansive. It is difficult to pinpoint one specific factor that led to the development of this field in different countries.
• But it is known that the world economic growth saw a steep growth after World War II and is recorded to have tripled the worldwide GDP since 1940.
• The economic growth also witnessed a new orientation after the advent of the Internet in the last 3 decades where the Worldwide GDP was recorded to double in number.

A need to rethink Economic Studies.

In spite of the revolution that economics has witnessed in the last many decades there is still an increased need to rethink what economic studies is and what economic growth really means in the current century.

Economics is not just about profit and numbers anymore. Sustainability, equal opportunity and a society that is fair to all is what should be the driving factors of the new economy.

There are a number of academic institutions who now focus on economics with an interdisciplinary approach. In order to foster an inclusive framework, universities use this approach that enables them to impart knowledge from different disciplines within an economic framework

This enables students to make co-relations between societal challenges and influencing factors to gain a broader knowledge that help them drive to effective solutions.

When we make changes at the grassroot level, we are prepared in the coming generations to tackle unpredictable world situations and geographical impacts that may affect the lives of our people and the economy of our country.

Conclusion

With the increase in globalization, our economy has become more interconnected with other economies. This creates a need to rethink and study new economic models that can be used to better understand both national and global economies. In order to do that, we have to create new leaders and thinkers who will help us determine the best way to maximize economic growth potential while minimizing social inequality.

Introduction

Economics is one of the most important subjects in the world. The economy of a country is what shapes its social, economic and political systems, and without it, the system would be nothing more than a randomly ordered set of production processes.

Economic studies is one of the most popular programmes for students to take, but with an outdated curriculum, it will just not provide the right skill sets to thrive in a career relating to economics.

The Problem in Economic studies. What is missing?

• The economy is continually changing, but the policies that are meant to govern it often do not. The gap between rich and poor is still present and quite evident, and yet our economic policies do not address this gap.
• Most often, people are seen as the inputs to the system rather than the whole point of it. This leads to problems like unemployment and poverty. This issue needs to be addressed sooner rather than later before more people start to turn against democracy as their only means for survival.
• There are also wide gaps in economic policies due to gender disparities that lead to economic inequalities for women.
• Another example that hits closer to home is the current pandemic, which has cost us human lives and created highly disruptive economic activities across India and the globe. A two-year worth of GDP growth has been lost and domestic demands and exports have been affected. Though some areas have seen high growth, there has been a surge in inflation. Therefore, there is a strong need to understand the root causes and its potential impact on our lives.
• India has the second largest population of any country in the world, and it continues to grow by more than 1.5 million people per year. This rapid growth rate puts an enormous strain on many essential resources, including food, water, and energy. The Indian economy is also struggling to keep up with economic decline. India’s GDP per capita is 1750.00 USD while the global average is 10,925 USD.
• At the other end, there have also been a few positive economic developments that have been created with the impact of new technologies and this has led to more prospects for growth in certain industries. Rethinking economic decline and growth and preparing our economies for such catastrophic outcomes is the need of the hour.

Why does academia need to rethink the future of economics?

We need to start at grassroot levels in order to create a much more prepared environment for the economic sector. Schools and colleges are where we should begin this new progression. We need to build a new curriculum because we can’t rely on old methods to understand and analyze our future; we need a new approach to economics, in which we will integrate knowledge from other fields like sociology, psychology and anthropology.

The traditional economic theory based on the idea of scarcity and scarcity of resources, is increasingly irrelevant. New realities require rethinking the way we look at economics that goes beyond a single-minded focus on material goods. The insights that emerge in the new economic paradigm are very different from what many of us have learned.

Why use Interdisciplinary Teaching methods while teaching Economics?

The idea of interdisciplinary teaching is to have people study economics from perspectives not typically studied in economics courses. For example, if you are studying economic theory, you might want to also cover the literature on cognitive psychology. Similarly, if you are studying environmental economics, it would be important to understand what behavioral ecology has to say about the way habits work in humans.

What are the benefits of rethinking economic studies?

There are many benefits. The first is that it would be easier for economists to plan the future if they have a better understanding of how the economy evolved in the past. Secondly, it would allow them to be more effective when it comes to economic policies. And thirdly, it would make future economists more prepared for drastic changes and they will be well equipped to recover a drowning economy by taking the most effective steps necessary in that particular situation.

Conclusion

Economics is a constantly changing field; economics theory and policy must be constantly adapting to the changing needs of the people. One way to do this is for universities to create new economic curricula to cater to the needs of the current century. This will enable graduates to be ready for a career in a constantly evolving economy. The world is going through a period of rapid change, and there are immense opportunities for economists, their colleagues in other social sciences, and policymakers alike to bring about a revolution in approach to economic studies.

What is Decision Science?

Decision science is an interdisciplinary field that interprets, predicts, and influences decisions made by humans. It incorporates different economic frameworks and other social elements and derives possible outcomes and rational conclusions to help consider the risks and rewards in order to drive businesses and other institutions to take effective decisions .

Our understanding of decision science has come leaps and bounds in recent years with advanced artificial intelligence, data analytics, machine learning, and other computational sciences. The quantitative techniques that are used in decision making include risk analysis, cost effective analysis, behaviour decision theory, psychology, statistical inference, micro economics, operation research etc…

In short, Decision science is a practice that utilizes data and analytical tools to make strategic decisions about anything for which probabilities can be calculated. It aims to balance the trade-offs between competing objectives in a way that maximizes the value.

How is Decision Science beneficial?

The science of decision-making can be used to solve complex issues with data and predictive modeling. It provides a framework for understanding how people make decisions, why they make them, and what they might do differently to arrive at better outcomes. It is often used in corporate strategy and in economics to provide business intelligence on decisions.

As more businesses integrate decision science into their workflows, the benefits will be seen in the form of greater efficiency, better outcomes for customers, and improved decision-making processes.

What is the relevance of decision science?

Since Decision Science is a branch of applied mathematics, statistics, and psychology that focuses on the process of making decisions based on reasoning from past examples, it has been used to make predictions about stock market trends, consumer buying habits, and even the likelihood of a person committing a crime.

Decision makers across all industries are constantly faced with trade-offs and balancing different priorities – which ones align best with their company’s mission? What can decision makers learn from each other? These questions, and many others, are the reason why Decision Science is relevant now more than ever. This will allow decision-makers to choose the best alternative for any given situation, or at least optimize their process by minimizing cost or maximizing benefit.

The advantages of studying Decision Science

Decision making is never an easy process. We are constantly surrounded by complex decisions that force us to choose between many options, each with different consequences. A decision scientist studies these sorts of decisions and helps us understand the best way to manage them. One of the main benefits of studying this subject is that it can teach us how to strengthen our analytical skills – important for anyone who wants to be successful in business and management, law and education, environmental regulation, military science, public health and public policy.

What kinds of tools and methods do Decision scientists use?

One of the most common tools used by decision scientists is Data mining and Big data to source relevant data that influence the decision making process. These methods are capable of crunching vast amounts of data within seconds, giving decision scientists valuable insights into the likelihood that different strategies will work. There are also other tools like game theory, which can be used to break down real-world scenarios into simpler game-like situations, and probability theory, which can be used to calculate an expected value for each scenario.

Another popular process is the Analytic Hierarchy Process (AHP). It’s a tool for analyzing decisions and their consequences. It can also be used for ranking because it helps you find out which decision to make based on what happens after each one. Then, there are the Decision Trees. These trees help people better understand risk because they break down different possible outcomes at each stage.

There are other methods like sales forecasting, predictive analysis, sensitivity analysis, network analysis, etc…that are used to derive qualitative judgments while decision making through Science.

Current industry trends in Decision Science

There is a lot of change and innovation happening in the industry right now. The big focus is on improving decision quality and developing the right data management practices. There has been a corresponding shift in what we call “decision science”- from traditional statistics to systems theory… The emphasis is no longer on making better measurements, but rather on understanding how best to manage decisions.

The field of decision science has become increasingly important in recent years, with the majority of Fortune 500 companies now hiring data scientists who specialize in decision science and analytics. The rise of decision sciences can be attributed to several factors: increased use of real-time decisions, the need for predictive accuracy and uncertainty management, and demand for more transparency and accountability.

Career scope for students who pursue a Decision Science degree

Decision science degree holders have been recruited by many companies, including Microsoft, Uber, and Google, for their expertise in predicting outcomes and modeling complexity. There are many career opportunities in decision science ranging from data scientists to business analysts.

Demand for decision scientists is increasing and job opportunities are expected to grow. This isn’t surprising: the more we rely on data and technology to make decisions, the more we need professionals who can find valid and reliable insights in that data.

Conclusion

Decision science aims to create powerful systems for making decisions. It’s becoming more and more prevalent as we try to find better ways to manage the complexity of our lives, whether it’s personal or professional.

Pursue a Decision Science degree at RV University and gain the best industry skills that will prepare you for a professional career right after you graduate.

Liberal Arts accentuated by the benefits of the New Education Policy

The design of the Liberal Arts under the NEP is to make liberal Arts majors more accessible by emphasizing experiential learning, integration of courses across disciplines, and community-based learning

In response to the changes in the global market, liberal Arts education goes beyond traditional courses and the emphasis is on the humanities, education, literature and journalism. The policy also ensures that there is enough support for research, faculty development, and innovation in universities that provide the liberal Arts program.

In short, Decision science is a practice that utilizes data and analytical tools to make strategic decisions about anything for which probabilities can be calculated. It aims to balance the trade-offs between competing objectives in a way that maximizes the value.

Here is a list of Liberal Arts Courses that are aligned with the New Education policy.

Liberal Arts Courses:

Courses in liberal Arts use an interdisciplinary approach. For example, history students could study Environmental Sciences, and literature or language students could study design or business. Here are the courses offered by the School of Liberal Arts and Sciences at RV University:

The Bachelor of Science degree in the School of Liberal Arts and Sciences
Students pursuing B.Sc. degrees in liberal Arts can major in Environmental Science, Physics, Psychology, or Filmmaking. Minor subjects are offered by the School of Liberal Arts under the B.A. programme or at the School of Design and School of Economics and Finance.

The Bachelor of Arts in the School of Liberal Arts and Sciences
Students pursuing B.A. in liberal Arts can choose to major in Film Studies, Performing Arts, History, Indology, Philosophy and Ethics, Political Science and International Relations or Literature and languages. For a multidisciplinary exposure, students can choose minors from the subjects offered by the School of Liberal Arts under B.Sc. programme or from subjects offered by the School of Design and School of Economics and Finance.

The Advantages of NEP 2020 in Liberal Arts Courses

Liberal Arts Skills
In this rapidly changing job market, training-specific skills are no longer viable. It is crucial to develop skills and knowledge that will never become obsolete. As a result, with the fast-changing world, you just can’t prepare yourself narrowly, rather you have to prepare yourself with interdisciplinary skills, abilities, and attributes that will remain relevant for a long time. We have listed the skills, abilities, and attributes associated with liberal Arts education.

Critical thinking skills
Through liberal Arts education, students learn how to think critically and solve problems. The course helps them develop skills of observation, analysis, interpretation, reflection, evaluation, and making inferences based on their understanding of the problem. With critical thinking skills, students can evaluate a situation rationally based on all the available information.

Communication skills
Developing effective communication skills is also emphasized in the classroom. The curriculum focuses on developing confident speakers and active listeners. Discussions and debates are often organized to help students articulate their ideas in impromptu conversations.

Teamwork
Liberal Arts education recognizes the importance of teamwork as one of the most sought-after skills in the workplace. As part of a group project, students are expected to develop teamwork skills in order to finish the work effectively. Students are often placed in diverse groups to help them come out of their comfort zones and gain an understanding of different backgrounds.

Problem-solving skills
Skill in problem-solving is the ability to analyze a situation and determine a course of action that will result in a solution. Teaching students problem-solving skills can be difficult and tedious. Liberal Arts focuses on teaching problem-solving abilities in a specific context while also assisting students in comprehending the value of grasping the problem without bias and using structured techniques to tackle such difficulties. The discussion of real-life case studies often takes place in the context of a subject, and students are asked to define the end goal.

Analytical skills
Among the most valued liberal Arts skills is the ability to analyze and interpret given information. The main goal is to teach students inductive and deductive reasoning so they can master the process. The students are given written assignments as well as visual materials that they are expected to interpret in their own way and then present evidence that supports their interpretation in class.

Creative thinking skills
Liberal Arts students are taught creative thinking skills through a multidisciplinary approach. Curiosity, empathy, and creativity are learned through it, which is a skill that is vital for lifetime pursuits. Teachers who foster creativity in students help them think differently and become open-minded. Skills such as these will not only remain in demand today but will never become obsolete.

Research skills
Liberal Arts education emphasizes research skills. Students are trained not only in how to find information, but also how to understand it and draw inferences from it. Students master skills in drawing information from longer resources, acknowledging research sources, managing research projects, collecting and organizing data using statistical techniques, as well as formulating, documenting, and reporting the research findings.

Effective writing skills
Liberal Arts students are taught to communicate complex ideas in the simplest way possible. Learning involves fine-tuning the comprehension skills of the students. Its goal is to develop skilled writers who can effectively convey messages to different audiences. By the end of the course, students master the skill of writing smoothly structured articles with precise sentence structure. The interdisciplinary approach of the course helps students broaden their perspective by exposing them to a variety of ideas, opinions, and philosophies.

Conclusion

Liberal Arts has recently become one of the most popular courses among students in India. The working world values students with liberal Arts skills as they are better prepared for the challenges posed by disruptive innovation. And through the benefits of the New Education Policy, the Liberal Arts program offers students the opportunity to study subjects from many different fields including humanities, arts, social sciences, and natural sciences.

Liberal Arts education is based on flexibility and adaptability under New Education Policy. The goal is to give students the freedom to select subjects that meet their own learning needs. Students who major in liberal Arts have a wide variety of career options due to the diversity of the course.