A definite agreement still doesn’t exist whether economics is a science or an art and I think this speaks volume about the unique nature of the field. I have read a reasonable number of books and articles on economics and have observed that some of the most convincing books make extensive use of data to support their arguments and conclusions. A reasonable number of us are tempted to analyze events through economic theoretical models due to convenience and time-savings. But I believe that economic data analysis by more of us outside the academia will result in better economic forecasts and understanding of events which is why I want to enhance my economic data analysis skills in the Applied Economics graduate program.
The simplest definition of economics may be the efficient allocation of resources but I view economics as the psychological study of how buy and sell decisions are made at individual levels as well as the organizations and the governments. Johns Hopkins is an institution of a great reputation and attracts some of the smartest individuals in the nation. I hope to learn from all of my course mates and use their opinions and ideas to expand my thinking horizon and knowledge. I hope to have vastly improved my economic data analysis skills as well as my ability to see the big picture by identifying patterns in the data, by the time I graduate.
I like economics as it is common-sense yet difficult to master because the world doesn’t always behave in a rational manner. This may be why economics is part science and part arts because economic theories can only explain so much and a better understanding of economic events require understanding of other fields such as history and politics etc. also. One of the most beautiful things about economics is its universal nature because almost every one of us applies economics in one or other form in our personal and professional lives. This program is a great fit for me because I have always enjoyed theoretical economics but also realize that economic data analysis skills will greatly improve my understanding of economics theories and events.