As compared to other social sciences, such as political science, sociology, psychology, and anthropology; economics uses mathematical and statistical research methods most intensively and efficiently. In other words, economics is technically the strongest social science. Therefore, economics is generally said to be the “queen of social sciences”.
Equipped with mathematical and statistical techniques in its research fields, economics is the only social science for which the “Prize in Memory of Alfred Nobel” is awarded. As of 2015, seventy six distinguished academic economists deserved to get this prestigious prize, which has been regularly awarded on an annual basis since 1969. From 1969 to 2015, the most common research fields for laureates in economic sciences have been macroeconomics, financial economics, econometrics and game theory.
Within the competitive work processes of contemporary times, technical endowments and analytical skills at personal level are the main preconditions for success in business life. Undergraduate economics education received in a qualified university endows students with the necessary technical capabilities and improves their analytical skills at the utmost level. Furthermore, alumni of undergraduate economics programs can pursue and complete post-graduate studies in various areas much more easily and productively, because they are already well-informed in mathematical techniques and statistical methods that are required in many post-graduate programs.
Alumni from economics programs of qualified universities are always and everywhere among the most extensively demanded job candidates for various specialist and administrative positions in both the private sector and public institutions.
There is usually an economic context at the background of all social, political, cultural, administrative and financial phenomena. Therefore, science of economics is of utmost importance in understanding the past and the present, as well as in assessing and predicting the future at the levels of businesses, countries and the world.
The dynamism of globalization in the contemporary world necessitates a formidable learning process at even the simplest stages of decision-making in our daily lives, business management and country administration. Quite frequently, we are compelled to make difficult choices from among complex alternativesunder various constraints. Economics, which is essentially the science studying the conditions and ways of choosing “the best” options from among the complex alternatives, has increasingly gained more and more importance in all types of decision-making processes.
A comprehensive and profoundeducation in economics is needed for a good understanding of administrative and financial affairs in business life, and of economic, social and political developments in the country and the world, as well as for finding permanent and informed solutions to difficult problems. “Economics literacy” can be acquired only after passing through such a comprehensive and profound education.
Economics literacy requires the acquisition of a scientific foundation that comprises institutional and historical analyses as well as theoretical and applied constructs. Therefore, economics departments and programs, which support and enrich the teaching of theoretical and applied economics by accommodating historical and institutional approaches, have a critical potential advantage in bringing up the most competent and reputable economists of the future.