How Engineering is Different from Economics?
Engineering and economics are two vastly different fields of study. While both the disciplines deal with problem-solving, they take entirely different approaches to arrive at a solution. Engineering involves designing, building, and maintaining complex systems that enable the smooth functioning of society. On the other hand, economics deals with the study of how societies manage to allocate scarce resources to meet unlimited wants and needs.
In this article, we explore the significant differences between engineering and economics through various perspectives.
The Basics
Definition and Scope
Engineering is a vast field of study that involves the application of mathematical, scientific, and technical principles to design and build systems and structures. Engineers are responsible for creating products, systems, and machines that can be used for industrial, social, or commercial purposes. The field of engineering can be further divided into various branches, such as mechanical, electrical, civil, and aerospace engineering.
Economics, on the other hand, is the study of how societies use resources to satisfy human wants and needs. It deals with the principles of supply and demand, production, consumption, and allocation of goods and services. Economists study how people make decisions regarding money, trade, and investments, amongst other things.
Skills Required
Engineering requires a strong aptitude for mathematics, physics, and computer science. Engineers must have a deep knowledge of scientific principles and technical skills to design, build, and test complex systems. They should also have excellent communication skills to convey their ideas and designs to colleagues and clients effectively.
Economics, on the other hand, requires a strong analytical mind, knowledge of statistics and data analysis, and excellent communication skills. Economists should be able to interpret complex data sets and understand the implications that these will have on different groups of people.
The Approach
Problem-solving
Engineering involves systematic problem-solving, where each solution is based on well-established scientific and technical principles. The engineer starts with a problem and identifies the technical constraints, objectives, and requirements. They come up with a design that overcomes these constraints and delivers the product within the client’s budget and timeline.
In contrast, economics involves solving problems that are open-ended, where there are no clear-cut solutions. Economists need to be creative and adaptable in their approach. They use a combination of analytical models, data analysis, and qualitative research to come up with policies and recommendations that solve the problem at hand.
Innovation
Engineering is synonymous with innovation. Engineers strive to create new inventions, improve upon existing designs, and find more efficient and cost-effective solutions to problems. The field of engineering is constantly evolving, driven by advances in technology, materials science, and computer science.
Economics is less about innovation and more about providing solutions and recommendations that are tailored to the specific circumstances of a problem. Economists work within established frameworks and use tried and tested models to arrive at recommendations that are backed by empirical data.
The Outcomes
Tangible vs. Intangible
Engineering produces tangible outcomes, such as buildings, machines, and infrastructure. Engineers can physically see and touch their creations, which makes their work more gratifying. They can measure the success of their projects using metrics such as speed, efficiency, or capacity.
Economics, on the other hand, produces more intangible outcomes, such as policies, regulations, and recommendations. Measurements of success are often difficult to quantify and are subject to interpretation.
Impact on Society
Engineering has a significant impact on society, as it is responsible for building the infrastructure that enables us to live a comfortable life. Engineers design and build everything from roads, bridges, and airports to power plants and computer networks.
Economics also has a profound impact on society, as it deals with the allocation of resources and the distribution of wealth. Economists play a critical role in formulating policies that affect employment, trade, and finance.
FAQs
Q. Can an engineer also work in economics?
A. Yes, engineers can work in economics, particularly in the fields of energy and environmental economics. Engineers bring a unique skill set and technical understanding that is useful when designing and implementing policies that have a technical aspect.
Q. Can an economist also work in engineering?
A. Yes, economists can work in engineering, particularly in the areas of project management, policy design, and project evaluation. Economists bring their analytical skills to the table and can help identify the economic effects of projects and policies.
Conclusion
In conclusion, engineering and economics are two vastly different fields of study that deal with solving problems but take a different approach to arrive at a solution. Engineering focuses on designing, building, and maintaining systems and structures, while economics deals with the allocation of scarce resources to meet human wants and needs.
Despite their differences, the two fields are not mutually exclusive, and there is a great deal of overlap where engineers and economists can work together to solve complex problems. By bringing their unique skill sets and perspectives, they can create more innovative, efficient, and sustainable solutions that benefit society.
