Economists

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Also known as:
Agricultural Economist, Econometrician, Economic Development Specialist, Economic Research Analyst, Economist, Environmental Economist, Industrial Economist, Labor Economist, Price Economist, Social Economist

ABOUT ECONOMIST CAREERS
Video transcript

It's been said that money makes the world go round. The people who study just how and why that happens are economists. Because the global economy is the lifeblood of all the world's people, economics - the study of the economy - is of vital importance. The growing complexity of the global economy, competition and increased reliance on quantitative analysis of business and political trends, all demonstrate the need for economists.

Politics, the stock market, business and labor markets, international trade, demography, and technological advance are just some of the areas of interest to economists. They look for solutions to problems arising from the movement of people, products and capital. They use economic modeling and forecasting techniques to research issues such as energy costs, inflation, interest rates, import and export volumes, and employment trends.

Governments use economists to formulate economic guidelines and standards. That means economists may be called to testify before congress and other legislative bodies. Strong research and problem-solving skills are important. In addition to collecting and analyzing data, you need to be able to write up your findings and recommendations.

Becoming an economist takes at least a bachelor's degree, though more often a master's degree or even an Ph.D. is required. Economics, with its reliance on research and statistics, has been called "the dismal science," but to those striving to understand the intricacies of how humanity creates wealth and prosperity, economics can be fascinating.

SNAPSHOT
Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
Leadership
LOW
Critical decision making
LOW
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
LOW
Dealing and handling conflict
LOW
Competition for this position
HIGH
Communication with others
HIGH
Work closely with team members, clients etc.
LOW
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
Daily tasks

Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.

Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.

Explain economic impact of policies to the public.

Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.

Supervise research projects and students' study projects.

Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.

Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.

Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.

Teach theories, principles, and methods of economics.

Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.

Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.

MAIN ACTIVITIES
Analyzing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Thinking Creatively Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
Identifying Objects, Actions, and Events Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
AREAS OF KNOWLEDGE
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Education and Training Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Sociology and Anthropology Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
TOP SKILLS
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Mathematics Using mathematics to solve problems.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking Talking to others to convey information effectively.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Active Learning Understanding the implications of new information for both current and future problem-solving and decision-making.