Economics is a social science which studies the production, distribution and consumption of goods and services, as well as the interaction between different economic agents. While a deep understanding of economics may not be the most relevant for quite a few politics, international relations, philosophy, etc, students, there are several reasons why it is still good to develop at least a basic understanding.
It helps in explaining society at large, in a more quantifiable manner. Since economics seeks to understand how society interacts and works through the movement of goods and services, including currency, it is a good way to quantify various societal trends. Different economic shifts, whether they are microeconomic, macroeconomic, recessions, inflation, prosperity or other shifts and trends, they are a good way to show changes in society, including social trends.
Quantitatively and concretely analyse current data and impact of policy. By applying mathematical, statistical and econometrical methods to data, you would be making disaggregated data more tangible and more clear to visualise, hence enabling you and to better understand current societal trends and impacts of policy.
Understanding power dynamics. By being able to understand and analyse economic data and trends, you’d have a clearer understanding of where power is retained, how it propagates and different groups involved and how they are affected.
Wider career prospects. A basic understanding of economics will not only help you in your CV, it will be easier to learn to a more advanced level. This will open up more career opportunities, such as in certain government departments (HMRC, HM Treasury, Government Economic Service amongst others), banking, finances and more.