UPSC preparation is as difficult as it gets, and the optional subject of Economics is one that some candidates strongly advocate for, while others avoid it altogether. Due to its technical nature, it is widely regarded as a challenging subject. This article aims to provide valuable insights on the Economics Optional UPSC Strategy, like advantages and disadvantages, recommended books, and more.
Some Information Regarding Economics Optional UPSC Strategy
- According to the UPSC’s most recent available data from 2017, 233 candidates had chosen Economics as an optional subject for the exam. However, only 16 of them passed, resulting in a success rate of 6.9% for that particular year. Thus, it is important to have an Economics Optional Strategy for UPSC.
- There have been some high rankers too who had Economics as their optional subject. A few of them are listed below in table ➖
| Name | Year | Rank |
|---|---|---|
| Kumar Anurag | 2018 | 48 |
| Abhijeet Sinha | 2017 | 19 |
| Tejasvi Rana | 2016 | 12 |
| Namami Bansal | 2016 | 17 |
| Gaurav Agrawal | 2013 | 1 |
| Haritha V Kumar | 2012 | 1 |
| Harshika Singh | 2011 | 8 |
Advantages of Taking Economics Optional for UPSC
- There is significant overlap between Economics and the IAS syllabus of General Studies Paper III. This is advantageous because the optional subject covers nearly 60% of the GS III syllabus, which amounts to approximately 30 marks in the GS mains paper.
- A background in Economics is not a requirement for studying the subject. Anyone with an interest in Economics can understand it, regardless of their educational background. It is worth noting that candidates with a science or technical background may find Economics particularly appealing, as it is a social science with logical and rational components.
- The syllabus for Economics Optional for UPSC is very clearly defined and understandable, so students don’t need to search much for what to study.
- According to many successful candidates, achieving conceptual clarity and developing strong answer writing skills can lead to high scores in Economics as an optional subject. Additionally, the subject involves the use of graphs and diagrams, which, if used correctly and relevantly, can also result in good marks.
Disadvantages of Taking Economics Optional For UPSC
One of the only disadvantages is that Economics is a technical subject that requires precise and accurate answers supported by facts and figures. Vague or roundabout answers are not acceptable. As previously noted, having a clear understanding of concepts is essential for scoring well. Failure to do so can be detrimental to your performance. Moreover, if you are not comfortable working with graphs and large numbers, it may be best to avoid choosing Economics as your optional subject.
Effective Strategies for Economics Optional Subject in UPSC
Economics is a fascinating subject, but it is essential to approach its study with a well-thought-out plan if you wish to succeed in the IAS exam. Some key points to keep in mind when preparing for Economics as an optional subject are as follows:
- Taking notes while you prepare can assist you in reviewing the material later.
- Prioritize conceptual clarity, as it is the most important factor for success.
- Carefully review the syllabus, breaking it down into sections, and organizing your study plan accordingly.
- Practice answering past UPSC question papers to improve your answer writing skills.
- Graphs, diagrams, flowcharts, pie charts, etc., are critical components of most topics and subtopics. They can help you earn more marks, and some answers are incomplete without them.
- Incorporate the names of important economists and their viewpoints or theories/models into your answers. Study the names of some famous economists during preparation.
- Keep some numerical data on hand for specific topics and subtopics. Current and relevant data can assist you in writing more comprehensive answers and supporting certain points.
- Interlink Paper I and Paper II. For instance, provide real-life examples of the theories and models covered in Paper I.
- In Paper II, you have more flexibility to express your opinions. However, make sure you validate your stance with facts and numbers. Use substantiated facts in your answers and avoid taking extreme positions on issues.
- Be clear on economic terms. Avoid replacing precise terms like depreciation with incorrect ones like devaluation. Economics is a precise science, and using accurate terms is essential.
- It’s also important to study important topics from reputed books for the paper. Some of them are listed in the below section.
Recommended Books for Economics Optional for UPSC Strategy
List of Books for Paper I
- Advanced Economic Theory by HL Ahuja
- Microeconomic Analysis by Hal Varian
- On Economic Inequality by Amartya Sen
- Macroeconomics by Gregory Mankiw
- A good Macroeconomics reader by Snowdon and Vane
- Modern Economics by HL Ahuja
- Money and Banking by NK Sinha
- Macroeconomics by Richard Froyen
- Public Finance in Theory and Practice by Musgrave and Musgrave
- International Economics by Dominick Salvatore
- Advanced Macroeconomics by David Romer
- Development Economics by Ray and Thirlwall
- Economic Theory and Underdeveloped Regions by Myrdal.
List of Books for Paper II
- Indian Economy by Uma Kapila
- Indian Economy by Dutt and Sundaram
- Indian Economy by Misra and Puri.
Economics Optional UPSC Strategy: FAQs
According to the latest available information, the success rate stands around at 6.9% for candidates who took Economics Optional.
Yes, over the years there have been many high-rankers who took Economics as an optional subject for UPSC.
Yes, there is a disadvantage as Economics is a technical subject which requires precise answers and thus, vague answers without any knowledge of the subject will be considered wrong on your paper.
No, it is not necessary to have Economics as your background to take it as an optional for UPSC.
It is important to follow clear strategies to prepare for this subject to excel in the exam. Prepare notes for revision and having a clear understanding of technical concepts is necessary.