Should "Basic Economics course " ..be included in Engineering

RISHABH LALAOften the students , even adults are unable to understand the latest trends of the economy and also do not understand the basic terms related to it...like fiscal deficit, Budget deficit,inflation .....It is vital for an engineer to understand these basic terms so that they are able to understand .....
1)Which sector of economy is currently governments priority
2)What kind of future to be expected
3)what is share market and how does it work basically
4)what are the basic demands and needs of the industry

In my point of view, Its not needed for engineering students. We already have 'Principles of management' paper, where we read basics about budget and demands has such. So adding one more paper could make students bored😴

In which year do you had this ; i propose that this should be in first year . I did not have this subject - this means not all engineering colleges have this subject, so there is a need to include this subject.

RISHABH LALAIn which year do you had this ; i think that this should be in first year . I did not have this subject - this means not all engineering colleges have this subject, so there is a need perhaps to include this subject.

Its my one of the final year paper. But as for of engineering point of view, Its not an interesting paper. Engineering students will have lots of fun in practical and problem solving classes. From those, suddenly going towards economics, it is not a good scenario.

I propose that to be in first year , so that students would be familiear with the basic terms used by industrialists---so that they could atleast understand the trends where country is moving

RISHABH LALAI propose that to be in first year , so that students would be familiear with the basic terms used by industrialists---so that they could atleast understand the trends where country is moving

Knowing about everything is good😀 . But adding it into engineer's syllabus😳 , I am not .
Let us wait for other CE-ans opinion.

actually the terms are necessarily needed to know for an engineer but it is too earlier to be in first year... it will be much helpful in final year and it was included in our syllabus in final year.....

Yes. Basics of economics must be included in engineering syllabus. Though there are some management subjects , those are not enough. Its not correct that engineers dont need to know about economics. Money management , how and where to invest , stocks knowing economics is very important.

ursplfrndYes. Basics of economics must be included in engineering syllabus. Though there are some management subjects , those are not enough. Its not correct that engineers dont need to know about economics. Money management , how and where to invest , stocks knowing economics is very important.

Again, one more theory paper?😔 Why cant an engineering student can gain knowledge about it, by listening to news and reading on their own? If they are interested

In my opinion, basic 'finance' should be included right in school textbooks. Engineering should introduce a bit more of the finance used in 'business' and 'personal investing'. For example, I believe engineers should be informed about understanding their salary sheet, taxes they must pay, associated benefits, basics of mutual funds and so on.

For the business learning, they should be taught about invoices, service taxes, sales taxes, VAT and so on.

The_Big_KFor example, I believe engineers should be informed about understanding their salary sheet, taxes they must pay, associated benefits, basics of mutual funds and so on.

I believe one day class is enough for understanding these. Instead of adding it into engineering syllabus.

yeahh. . . Engineers are also good entrepreneurs... They must be aware of economics - commerce - business scenarios..

Yes basic finance should also be included. @aarthvig- The theory papers should not be taken as irksome but should be welcomed with interest, as this is ment to fecilitate the engineer and helps him to remain updated and makes his journey smoother 😀 .

BRAHMADATH Syeahh. . . Engineers are also good entrepreneurs... They must be aware of economics - commerce - business scenarios..

Yes, i completely agree to you,as entrepreneurship requires the use of finance and basic economics.
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aarthivgI believe one day class is enough for understanding these. Instead of adding it into engineering syllabus.

..........................as a subject it will surely have comparitively lesser course but these topics will take time to understand deeply , as these concepts learned will gradually be applied by the students in daily life experiences.

RISHABH LALAYes basic finance should also be included. @aarthvig- The theory papers should not be taken as irksome but should be welcomed with interest, as this is ment to fecilitate the engineer and helps him to remain updated and makes his journey smoother 😀 .

Accepted. But just think, We already have so many paper's out of stream. For example, I am from electrical and electronics, But I have read about mechanical, civil, management paper's, and all basics of physics and chemistry.

aarthivgAccepted. But just think, We already have so many paper's out of stream. For example, I am from electrical and electronics, But I have read about mechanical, civil, management paper's, and all basics of physics and chemistry.

Unfortunately, we're fed with a lot of theory that we fail to see what is really important. I'm sure a subject in economics won't hurt, unlike those other papers, derivations, etc, which can be of no use (sometimes) to an engineer.

i think so (no stats)Actually there is no measuring instrument available to measure 'use'. In the beginning it is assumed that you can get interested in so called term 'research'; and various subjects like mathematics and subjects of our line are meant to attract us (the one which attracts us the most is meant for research)...........
..........................................the subjects which are tought in first year are meant to give the very basic idea , so that we may not be surprised by seeing other branch engineer applying their concepts! and also it helps in emergency situations like......if you as an electronic engineer have to make a digitally operated boiler (but you don't know how boiler works!),then imagine the situation!!

RISHABH LALAif you as an electronic engineer have to make a digitally operated boiler (but you don't know how boiler works!),then imagine the situation!!

To be truth, Electronic engineer's knows how a boiler works from the subject "basic mechanical engineering" and "power plant engineering". And present education system is not application oriented😔.

At present, We are facing lots of problem in education system. With this, adding one more subject will be hard.

I think its time for a happy conclusion after this debate --
please do suggest what you feel in the end...

Economics, in my opinion, is the single most important topic common to everyone, regardless of what one is studying. Be it engineering, pure sciences, arts or some other vocational skills, a basic knowledge about economics is indispensable. Everyone studies so that he/she can go to a job and earn money for a living later. So, it naturally follows that everyone should know how money works. And knowing how money works is not merely knowing how much you are paid and what you can buy with it. It's much more than that.

Why is 1 USD selling for 55 Indian Rupees and 1 Japanese Yen for only 0.6 INR, when both USA and Japan are much more developed than India? Who decides these currency rates? How does the fluctuation of the oil price in some far away gulf country decide the price of rice and vegetables here in our country? Everything is economics.

Everyone doesn't need to know in depth about economics, but everyone should definitely know enough to judge one's own economic position. It's got more to it than just tallying income-expenditure. As Biggie pointed out, the best place to start this is definitely right in school, but college is also fine as long as it gets done somewhere.

And lastly, the current education system not being application oriented and there being many courses outside the main branch etc.. are all different problems that should be solved independently. I'm sure one extra theory course will not make much of a difference at all. Given the importance of finance, I would say you can probably skip some other management elective in favor of this.

Nice conclusion sir, it is appropriate with all the discussions held here.
(any other conclusions also welcomed)