Essay On Importance Of Business Students

“Economics is everywhere and understanding economics can help you make better decisions and lead a happier life” - Tyler Cowen’s, an American Economist.

I am in complete agreement with the above statement and firmly believe that a business student is incomplete without gaining sufficient knowledge about the political economy of the commercial space. To thrive in today’s corporate world it has become very important that a business student understands the dynamics of the economy i.e. which all factors contributes to the economy, what all factors impact an economy, what all policies are used to control the economy, how an economy can grow rapidly and various other things related to economy. Political economy helps a person understand the effects which the economy, politics and law have on each other and how it helps in development of different institutions like socialism, communism and capitalism. As a business student one must be capable of handling any situation that may arise in the future and it may happen that the situation demands knowledge about the political economy. In that case the student will be at a competitive advantage if he already knows the same. Which would also mean that the student will be able to take an informed decision.

Mauritius has set an excellent example to the

Study the measures taken by Bank of Mauritius to keep the inflation in control while still maintaining a healthy growth rate. Understand the Structural reform and fiscal management which has helped Mauritius to overtake South Africa and become the most competitive economy in sub – Saharan Africa. All these policies are of great importance as it can help an economy which is dependent on only a few sectors to become sustainable and compete