Popular Courses. Careers Career Advice. Table of Contents Expand. Dean D. Key Takeaways Being an economist is about more than analyzing numbers. Economists need to write well and communicate clearly. Being an economist offers opportunities to work with all types of data and a wide variety of firms.
As an economist, you may choose to work in a variety of businesses and industries, including academia. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Careers Top Financial Career Options. Partner Links. Group of 30 G Definition The Group of 30 G is a group of economists, bankers, and other leaders from the public and private sector who meet to discuss global economics.
What Is a Research Associate? A research associate works within a financial services firm to provide time-sensitive data to decision-makers on both the buy- and sell-side.
What is Stakeholder Capitalism? Stakeholder capitalism is a system in which corporations are oriented to serve the interests of all their stakeholders. Baptism by Fire Baptism by fire is a phrase originating from Europe that describes an employee who is learning something the hard way through a challenge or difficulty. Investopedia is part of the Dotdash publishing family. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. What Do Economists Do? Microeconomists study the supply and demand decision of individuals and firms, such as how profits can be maximized and how much of a good or service consumers will demand at a certain price.
These economists may also be concerned with antitrust policy and its impact on market structure. Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment. Financial Economists study the money and banking system and the effects of rising interest rates. Public Finance Economists primarily are involved in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies.
International Economists study international financial markets, exchange rates, and the effects of various trade policies such as tariffs. Labor Economists study the supply and demand for labor and the determination of wages. These economists also try to explain the reasons for unemployment, and the effects on labor markets of changing demographic trends such as an aging population and increasing immigration.
Econometricians are involved in all areas of economics and use mathematical techniques such as calculus, game theory, and regression analysis to formulate economic models. Other higher-level economics classes develop the depth of knowledge and the skills and proficiencies that students will need for an undergraduate major in economics. The subject matter in these classes tends to rely heavily on mathematics, in the construction of theoretical models that can aid our understanding of economic phenomena, and on statistics, for testing the predictions of economic models and forecasting the future paths of key economic variables.
But beyond their understanding of the way the economy works, economics majors are also prized in the job market more generally for their quantitative skills, their precision and clarity of thought and expression, and their careful and disciplined use of data in seeking answers to questions.
Beyond their teaching role, most academic economists are also expected to conduct research that amounts, essentially, to a quest for answers to economic policy questions of interest. Examples of the kind of questions economic research might address include: What would be the impact on labor markets of an increase in the minimum wage?
How do U. Sometimes the research effort to answer these questions proceeds through the construction and analysis of mathematical models of the underlying economic phenomena. Sometimes the research involves the collection and scrupulously careful analysis of economic data. Research results are disseminated through publication in academic journals, so that the conclusions can be checked, validated or refuted, and possibly extended by other economists.
Ultimately, of course, the goal is that the findings of economic research will help to enlighten public policy decision-making and result in more effective laws and a more rational design of government institutions.
Many academic economists regularly interact with public officials in an effort to translate their research results into practical guidance for policy-makers. What benefits do I get from being an economist? As with any other profession, there are certain material benefits.
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