Economists are experts in the field of economics, the science that studies the production, distribution, and consumption of goods and services. The primary duties of economists are involved in researching various aspects of economics and preparing reports usually to explain an organization or country’s current economic state, or a report on the economic relationship between two entities, these reports often include economic predictions for the future.
There are a variety of fields within economics that an economist can specialize in, though many are knowledgeable on several of them. Microeconomists study the economics of a particular company, charting supply and demand, predicting growth, and how profits can be maximized. Industrial Economists and Organizational Economists study an industry and track competition, industry growth overall, and often investigate anti-trust claims. Macroeconomists study historical trends in a country, such as unemployment, investment, and inflation. Monetary Economistst and Financial Economists are similar to Macroenconomists except the study money and banking systems. International Economists study the economies of different countries and how they interact, as well as international economic trends. Labor Economists and Demographic Economists are mostly focused on wages, unemployment, and employment trends such as the effects of age groups and immigration on the market. Public Finance Economists study the effects of governments on the economy. Econometricians apply mathematic principles to economics and create new economic models and formulas for other economists to use.
Economists are typically responsible for obtaining their own data. They decide how the info will be collected, organized, analyzed, and oversee the collection process. Economists often work for individual corporations providing economic analysis. Government is another large employer of economists. Most economists require post-graduate degrees such as a Master’s degree or a Ph.D. Be sure to look at the degrees being offered in many locations.