It is difficult to consider any product or person that does not require transport at some stage. The uneven distribution of activities – think of work, home and recreation – demands that nearly all persons and goods must be transported. The transport sector, however, has to confront various issues such as congestion on the roads and in cities, environmental pollution and a shortage of infrastructure, and is characterised by fierce competition and cutthroat monopolies.
Transport Economics relates to the optimal allocation of scarce resources within the transport sector and between the transport sector and other sectors in the economy. In this subject the principles of domestic and international transport are studied in order to gain the biggest advantage from transport provision while minimising resource consumption.
As far as employment opportunities are concerned, transport economists often serve as consultants to government institutions, private transport companies and the private sector. As a transport economist, you will employ the skills required for predicting the demand (for example, the number of trips and choice of transport mode) and supply (capacity of transport modes), and for studying the methods of financing maintenance, and improvement and expansion of the transport network (such as tolls and road user charges) in order to provide solutions to transport problems.
Please consult the official Economic and Management Sciences Yearbook for more information regarding subject combinations and requirements.