Economics is both a social science and a business science, and, in the broadest sense, it is concerned with understanding what economies produce, how economies produce what they produce, and who in the economy is able to access what is produced. Within economics, there are two extreme views of this understanding, although economics, as it is practiced, typically lies somewhere in between these two extremes.
On one end of the spectrum, market-oriented economists assume that individuals are the most capable of deciding what is best for them, and that free and unfettered markets make available the sort of information that individuals need in order to make the correct decisions, and that those decisions, when aggregated, lead to the best outcome for the greatest number of individuals in society.
On the other end of the spectrum are economists that favour hierarchical command and control. These economists tend to believe that markets are inherently incapable of providing the appropriate information to individuals, and, therefore, benevolent planners are capable of bringing about the best outcome for the greatest number of individuals in society.
In reality, neither extreme is correct, as markets can fail in a number of circumstances, while the benevolence necessary for success within a planned economy is not a common human trait and often creates unintended negative consequences.
With that as an introduction, it can hopefully now be understood that there is both a philosophical and an analytical aspect to economics. Along those lines, a degree in economics is meant to develop skills related to critical thinking that allows the students to understand the underlying assumptions, interpret data and develop the various chains of logic that are required to advance, support or renounce a particular policy intervention or non-intervention.
As an example, one might ask whether or not it is a good idea to avail young South Africans with a wage subsidy to improve their chances of employment. A market-oriented economist would tend to support a wage subsidy, if the subsidy obviously alleviated a market failure, unless that failure was caused by a minimum wage that was set above the equilibrium price.
A benevolent planner would tend to support a wage subsidy as long as the subsidy increased youth employment. However, such a policy cannot be considered entirely within a vacuum. It is, unfortunately, plausible that a wage subsidy would increase youth employment, while simultaneously reducing employment opportunities for non-youths. In other words, proper economic analysis is complex and requires one to think “outside the box”, regardless of your philosophical preferences.
The Department of Economics offers a wide variety of courses and degrees for undergraduates and postgraduates, as well as short courses for people interested in upgrading their skills and knowledge in various aspects of economics and econometrics.
The Department of Economics offers the following undergraduate degrees:
- BCom (Economics)
- BCom (Econometrics)
Please see our Undergraduate Studies page for more details.
We also offer several postgraduate degrees.
Honours Degrees
- BCom (Hons) in Economics
- BCom (Hons) in Econometrics
Masters’ Degrees
- MCom in Economics
- MCom in Econometrics
- MPhil in Economics
PhD
- PhD in Economics
The department’s postgraduate programme is considered to be one of the best on the continent. Admission to the various postgraduate programmes are extremely competitive. Please see our Postgraduate Studies page for more details.
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