What is an economist?
An economist is someone who studies the production and distribution of resources, goods, and services. A generally accepted interpretation is that an economist is one who has achieved a doctorate in economics, teaches economics, or has published literature in a field of economics.
What does an economist do?
Economists apply economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, health care, or energy. Others examine employment levels, business cycles, or exchange rates. Others analyze the effect of taxes, inflation, or interest rates.
Some tasks that an economist can perform:
- Research and analyze economic issues.
- Conduct surveys and collect data.
- Analyze data using mathematical models and statistical techniques.
- Prepare reports, tables and graphs that present the results of the investigation.
- Interpret and predict market trends.
- Advising companies, governments and individuals on economic issues.
- Design policies or make recommendations to solve economic problems.
- Write articles for publication in newsletters and academic journals.
Economists often study historical trends and use them to forecast, research, and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs. More than half of all economists work in the federal, state, or local government. They also project spending needs and inform policy makers of the economic impact of laws and regulations.
Many economists work for companies and help them understand how the economy will affect their business. Specifically, economists can analyze issues such as consumer demand and sales to help a company maximize its profits. Economists also work for research firms, where they study and analyze a variety of economic topics. His analyzes and forecasts are frequently published in newspapers and magazine articles. Some economists work abroad for companies with major international operations and for international organizations such as the World Bank, the International Monetary Fund, and the United Nations. Many people with economics studies become professors or teachers.
The following are examples of specialties within the profession of economist:
Financial economists analyze savings, investments, and risks. They also study financial markets and financial institutions.
Industrial organization economists study how firms are organized within an industry and how they compete. They also examine how laws affect markets.
International economists study international trade and the impact of globalization. They also examine global financial markets and exchange rates.
Public finance economists are those who study the role of government in the economy. Specifically, they can analyze the effects of tax cuts, budget deficits, and welfare policies.
Econometricians develop models and use mathematical analysis to test economic relationships. They use techniques such as calculus and game theory to explain economic facts or trends in all areas of economics.
Labor economists study the supply of workers and the demand for labor by employers. They also look at the effects of work-related policies, such as minimum wage laws, and institutions, such as unions. Specifically, they investigate employment levels and how wages are set.
Macroeconomists and monetary economists examine the economy as a whole. They can research trends related to unemployment, inflation and economic growth, they also study fiscal and monetary policies.
Microeconomists study the supply and demand decisions of individuals and firms. For example, they can determine the quantity of products that consumers will demand at a certain price.
Economists must pay attention to details. Accurate data analysis is necessary to ensure the accuracy of your findings. Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyzes.
They can make presentations, explain reports, or advise clients on financial matters. They can collaborate with colleagues and sometimes have to explain economic concepts to those who do not have an economic background. Economists must be able to present their conclusions clearly, many economists prepare reports for colleagues or clients; others write for publication in magazines or for the media.
What is the workplace of an economist like?
They often work independently in an office. However, many economists collaborate with other economists and professionals, sometimes working as a team. Some economists work from home, and others may be required to travel as part of their job or to attend conferences.