In a developing country like India, studying agricultural economics has several benefits. It is one of the subjects that has solely depended on practical implementation. If more youths become interested in Agricultural Economics then the country can hugely benefit from it. India being primarily an agricultural country, which is currently facing a lot of problem in this sector, needs more people in this field. It is a branch of applied economics that takes the tools of both micro and macroeconomics and uses them to solve problems in a specific area like solving problems of food inflation or other agricultural disputes.
Agricultural Economics at the micro level understand the relevant production functions and the relationship between labour and capital, or when it is worthwhile to employ labour-saving, ‘lumpy’ capital, the effect of increased nitrogen fertilizer use and much more such things. It utilizes consumer theory to understand how shoppers make choices about the food they buy (including diets and fads) or ask whether there is excessive market power in the hands of supermarkets. And at the macro level, the subject studies the way governments decide how to support farmers.
The subject provides a detailed and scientific understanding of various agricultural techniques and helps in understanding market research statistics so that the agricultural community benefits the most from it. It also helps in improving one’s mathematical and analytical skill. Job prospects are huge in this field along with good pay. Agricultural Economics also devices environmental friendly ways to do agriculture related works. It is a subject both needed and purposeful for any developing country.
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