What is Economics? | College Majors | College Degrees | Study Hall
TLDRThis video explores economics degrees, explaining what economics is - the study of production, transfer, and consumption of goods and services. It covers what economists do, the math and statistics foundation of economics majors, topical focuses like labor, international, and behavioral economics, as well as real-world applications in business, finance, and policy. It notes economics requires creativity and analytical skills, advises developing math skills beforehand, and says economics majors can become data analysts, financial risk analysts, and research associates, with potential salaries around $65-76K.
Takeaways
- 😀 Economics studies how people produce, consume, transfer wealth in economies
- 😉 Behavioral economics looks at real human motivations, not just rational self-interest
- 📈 Economics majors take calculus, statistics, micro and macroeconomics
- 📊 Coursework also covers finance, economic policy and behavioral economics
- 🧮 Strong math and data analysis skills are very useful in economics
- 🔢 Economics majors can become financial analysts, researchers, consultants
- 💰 Median entry level salaries range from $65k-$76k
- 🌎 Understanding economics helps make sense of prices, trade, government policy
- 🤔 An economics degree develops problem-solving and critical thinking skills
- 🎓 Can combine economics with other majors like business, computer science, politics
Q & A
What is economics the study of?
-Economics is the study of the systems involved in producing, consuming, and transferring wealth in economies.
What does microeconomics focus on?
-Microeconomics focuses on the economic choices made by individuals.
What does macroeconomics focus on?
-Macroeconomics focuses on how economies work on a national and international scale.
What kinds of classes might you take in an economics degree program?
-You might take classes like Labor Economics, International Economics, Money and Banking, Economic Development, and Industrial Organization.
How has the study of economics changed in recent decades?
-In recent decades there has been increasing focus on behavioral economics, which studies the motivations behind human economic behavior.
What skills does an economics degree develop?
-An economics degree develops analytical skills, critical thinking, mathematical ability, communication skills, and problem-solving skills.
What careers are available with an economics degree?
-Careers include data analyst, financial analyst, research associate, policy analyst, and roles in finance, business, and government.
How can I prepare for an economics degree?
-Taking advanced math classes and learning a programming language like Stata or Matlab can help prepare for an economics degree.
What can I do to succeed in an economics program?
-Utilizing tutoring, going to office hours, talking to professors, gaining real-world experience, and asking questions at lectures can all help students succeed.
How does an economics degree develop useful skills?
-The degree builds communication, problem-solving, data analysis, and critical thinking skills that are applicable across many careers.
Outlines
😊 Introducing the Ultimatum Game and Overviewing Economics
This paragraph introduces the Ultimatum Game, a thought experiment involving the division of money between two people where one proposes the split and the other either accepts or rejects with no payout. It then transitions to introducing economics as the study of resource sharing systems, with a focus on production, consumption, and wealth transfer. Some examples are provided of economic ripple effects.
😃 Discussing What an Economics Degree Entails
This paragraph overviews what is involved in an economics degree. It covers the origins of the word economy and the blend of math, statistics, psychology, sociology and more that make up the field. Details are provided on the typical curriculum including required math foundations, micro and macroeconomics introductions, specialized topical courses, and advanced statistical analysis.
📚 Covering Skills Developed and Career Paths
This closing paragraph notes that economics degrees develop valuable skills like communication, problem-solving, and data analysis that can be applied across industries. It mentions some common entry-level roles and median salaries. The paragraph concludes by encouraging viewers to explore different majors and consider how economics could combine with other fields of study.
Mindmap
Keywords
💡Economics
💡Economy
💡Microeconomics
💡Macroeconomics
💡Behavioral Economics
💡Data Analysis
💡Critical Thinking
💡Problem Solving
💡Business
💡Policy
Highlights
The study found that neural networks can accurately predict risk of heart failure up to 5 years in advance.
The model was trained on a large dataset of electronic health records from diverse populations.
This technology could enable earlier interventions and improve outcomes for patients at risk of heart failure.
The team developed new techniques to handle missing data and data heterogeneity in the EHR datasets.
The neural network model outperformed traditional risk prediction models like logistic regression.
Future work involves expanding predictions to 10 years and integrating genomic data.
A key challenge was defining the heart failure outcome label from complex diagnostic codes in the EHR data.
The model performance was consistent across medical centers and demographic groups.
The researchers plan to develop a user-friendly clinical decision support tool based on the model.
The neural network approach could be applied to predict other disease risks from EHR data.
The model has limitations in accounting for social determinants of health that influence risk.
More research is needed to validate the model predictions prospectively over 5-10 years.
The model currently predicts risk at a population level - work is needed to personalize predictions.
The researchers call for responsible use of AI predictive models to avoid biases and ensure benefits.
Overall this work shows promising ability of deep learning models for earlier heart failure prediction.
Transcripts
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