Economics is an ideal subject for those who may want to go on to study PPE, Politics, Accountancy, Management, International Relations, work in the City or Law, be an entrepreneur, a journalist or a civil servant.
The financial crash, Globalisation, BREXIT and concerns about inequality have lead to an explosion of interest in this subject. Added to this the rise of China and of AI means that changes in the economy will directly affect the opportunities and career choices of our students. Understanding these changes will help students make the best choices for themselves and enable them to contribute to the great debates currently taking place in society. Those who are most suited to Economics are able to communicate their ideas in words and numbers, so you need to be literate and reasonably numerate as well as having a keen interest in current affairs, both in the UK and overseas.
The IB Economics course has a strong international dimension, so we are not always looking at the UK, or even the developed world in our studies. Indeed, development economics is one of the core areas of the course. The subject certainly contributes to our students’ education as a global citizen and helps them to understand much about the contemporary world, its challenges, conflicts and possibilities for improvement.
Books on Economics have achieved the remarkable feat of becoming international bestsellers, as the aftermath of the ‘Credit Crunch’ has been followed by the worst world recession since the 1930s. Not only have economists tried to explain how and why it all happened; there is also a serious crisis of confidence within the discipline as some cherished ideas about how the economy ‘works’ have been challenged in the light of recent events. What is the proper role for markets, and how far should governments try to control and regulate them? The IB course provides a sound grasp of the theory that economists use to explain events, predict what will happen, and advise governments on how to run the economy.
But…it’s not just about means. Economics is also concerned with ends. What sort of society and world do we want to live in? Is the global distribution of income and wealth ‘fair’? If not, what can and should be done about it? We are proud to tackle and debate these issues within the IB course at the Royal High School, helping our students prepare for life in the years ahead.