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Economics has two broad divisions, namely Macroeconomics which deals with the overall economic state of a nation or state on national and international levels and Microeconomics specialises in studying the economic activities at the individual level. Advanced Economics theory is basically a higher and more refined branch of economics. It basically focuses its area of study on the microeconomic part of economics. However, since no area of study is complete in itself and has some interconnectedness with each other many advanced economics theories also deal with the part of macroeconomics and developmental economics.
Advanced economics deals with the theories and concepts of microeconomics with parts of the macroeconomics also thrown in for good measure. The scope of advanced economics has further extended to the field of developmental economics. It is a specialised field which has gained much prominence in recent times due to the issues of globalization and international trade. The microeconomics part deals with the individuals and firms and their decisions regarding the economic activities, which effects the economy of the nation as a whole. Thus we can see the in a way microeconomics is connected with macroeconomics as well.
The theories and concepts that microeconomics deals in can be categorised as:
Macroeconomics basically deals with the concepts of unemployment, inflation, gross domestic product, national income, price levels, rate of the economic growth etc. Developmental economics on the other hand deals with the study of the various ways in which development can be aided. This branch of economics is mainly a big help for the lesser developed countries who are in search of theories and ways to accelerate their developmental process. In recent times, there has been a large increase in the amount and range of inequalities around the world. There are some countries which have made unparalleled growth in the development sector while some have stagnated or regressed on the growth chart. Developmental economics explores the facets of these growth aspects, its factors, challenges and tries to find solutions. It allows for the application of tools which might help to rectify the problems to a certain extent.
Top colleges and universities in Australia & other countries offer advanced economic theory courses as it is an important academic discipline. However many universities offer a separate course for developmental economics while some integrate that with advanced economics courses. The requisites for taking advanced economics course are having economics and mathematics as the core subject. The knowledge of math is necessary in the pursuance of advanced economics courses. It is now a much sought out course of study worldwide.
Advanced economics is a very specialized field which provides expertise in the chosen subject. Students taking up this course and successfully completing their degrees can find many suitable career opportunities waiting for them in a broad range of fields. A number of career options open after the completion of this course such as:
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