Economics is a social science concerned with the production, distribution, consumption and reproduction of goods and services. It deals with important issues related to both equity and efficiency of resources use and allocation, such as unemployment, inflation, property and wealth, international trade, technological change, how firms are organised and how they compete, why some jobs are well paid and others are poorly paid, and why some countries grow and become rich while others fail to do so.

Economic analysis is applied throughout society, in business, finance and government and non-government organisations. The study of the various specialisations available in the Economics MPhil program (Economics, Econometrics, Business Statistics, Business Strategy and Economic Management), form an important basis for knowledge creation on how business people, policy makers and scholars understand these and many other different issues of the economic and social world.

Graduates in Economics and its various areas of specialisation find employment in many areas of business and government. Within the private sector, economists are also hired by major management and economic consulting firms, merchant banks, and institutional investment firms.