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An economist is a professional and practitioner in the
social science Social science is one of the branches of science, devoted to the study of societies and the relationships among individuals within those societies. The term was formerly used to refer to the field of sociology Sociology is a social ...
discipline of
economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics ana ...
. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as
econometrics Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics," '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. ...
,
statistics Statistics (from German: '' Statistik'', "description of a state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, indus ...
, economics computational models, financial economics, mathematical finance and mathematical economics.


Professions

Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming ndthey make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin." In addition to government and academia, economists are also employed in
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Beca ...
ing,
finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline ...
,
accountancy Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "langu ...
,
commerce Commerce is the large-scale organized system of activities, functions, procedures and institutions directly and indirectly related to the exchange (buying and selling) of goods and services among two or more parties within local, regional, natio ...
, marketing, business administration,
lobbying In politics, lobbying, persuasion or interest representation is the act of lawfully attempting to influence the actions, policies, or decisions of government officials, most often legislators or members of regulatory agencies. Lobbying, wh ...
and non- or not-for profit organizations. In many organizations, an "Economic Analyst" is a formalized role. Professionals here are employed (or engaged as consultants) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques. *Economic analysts employed in industry typically advise corporations' and financial institutions' reinvestment and capital budgeting decisions, and provide long term economic forecasts used within these organizations more generally. *In the
public sector The public sector, also called the state sector, is the part of the economy composed of both public service A public service is any service intended to address specific needs pertaining to the aggregate members of a community. Public serv ...
, analysts advise legislators and executives on economic policy, public works, and related;
politician A politician is a person active in party politics, or a person holding or seeking an elected office in government. Politicians propose, support, reject and create laws that govern the land and by an extension of its people. Broadly speaking ...
s often consult economists before enacting economic
policy Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance Governance is ...
; and many statesmen have academic degrees in economics. *A Federal Government Economic Analyst conducts economic analysis of issues directly related to the function of their federal government agency. In contrast to regulated professions such as engineering, law or medicine, there is not a legally required educational requirement or license for economists. In academia, most economists have a Ph.D. degree in Economics. In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. In fact, a professional working inside of one of many fields of economics or having an academic degree in this subject is often considered to be an economist.


By country

Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the
university A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United Sta ...
or college. Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in
finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline ...
– including accounting, insurance, tax and banking, or management; see financial analyst. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers go on to undertake postgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas.


Brazil

In
Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's List of countries and dependencie ...
, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil.


United States

According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $83,000, and the top ten percent earning more than $147,040 annually. Nearly 135 colleges and universities grant around 900 new Ph.D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013, PayScale.com showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $61,000 to $160,000; Ph.D. corporate economists, $71,000 to $207,000; economics full professors, $89,000 to $137,000; economics associate professors, $59,000 to $156,000, and economics assistant professors, $72,000 to $100,000.


United Kingdom

The largest single professional grouping of economists in the UK are the more than 3500 members of the Government Economic Service. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...
(ranging from Newcastle University to the
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 mill ...
), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. This figure compares very favourably with the national picture, with 64 percent of economics graduates in employment.


Notable economists

Some current well-known economists include: * Adam Smith, Scottish economist and philosopher. Known as "The Father of Economics". * John Maynard Keynes, English economist well known for forming the basis of Keynesian economics * Joan Robinson, English Keynesian economist. *
Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...
, German philosopher and economist known for founding Marxian Economics. * Rosa Luxemburg, German Communist revolutionary and the first economist woman to bring a theoretic contribution to the field of economics. She is the author of '' The Accumulation of Capital''. * Amartya Sen (b. 1933),
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and professor at Harvard University. * Kenneth Arrow,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and professor at
Stanford University Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consid ...
. * Robert Aumann (b. 1930), Israeli-American mathematician, Nobel Memorial Prize in Economics in 2005. * B. R. Ambedkar, Indian scholar, jurist, economist, politician and social reformer. The Reserve Bank of India was conceptualized in accordance with the guidelines presented by Ambedkar to the Hilton Young Commission (also known as Royal Commission on Indian Currency and Finance) based on his book, ''The Problem of the Rupee – Its Origin and Its Solution''. * Ben Bernanke, Chairman of the Federal Reserve from 2006 to 2014. * Esther Duflo,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and professor at
Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a Private university, private Land-grant university, land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern t ...
. * Milton Friedman,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate. * Claudia Goldin, professor at
Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the History of the Puritans in North America, Puritan cler ...
* Alan Greenspan, Chairman of the Federal Reserve from 1987 to 2006. * James Heckman, 2000
Nobel Prize The Nobel Prizes ( ; sv, Nobelpriset ; no, Nobelprisen ) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfr ...
winner and Professor at
University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...
; most cited economist as of 2018. * Glenn Hubbard, Dean of the Columbia University Graduate School of Business; Chair of the Council of Economic Advisers from 2001 to 2003. * Thomas M. Humphrey, American economist and historian of economic thought. * Paul Krugman, 2008
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate, public intellectual, and advocate of modern liberal policies. * Greg Mankiw, American macroeconomist, academic economist, public intellectual, Chair of the Council of Economic Advisers from 2003 to 2005. * Joseph Stiglitz, 2001 Nobel Memorial Prize in Economics winner, critic of inequality and the
governance Governance is the process of interactions through the laws, norms, power or language Language is a structured system of communication. The structure of a language is its grammar and the free components are its vocabulary. Languages ...
of
globalization Globalization, or globalisation ( Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term ''globalization'' first appeared in the early 2 ...
, and former World Bank Chief Economist. * Dambisa Moyo, Zambian-born international economist and author who analyzes the macroeconomy and global affairs. * Thomas Sowell, American economist and social theorist, Senior
Fellow A fellow is a concept whose exact meaning depends on context. In learned or professional societies, it refers to a privileged member who is specially elected in recognition of their work and achievements. Within the context of higher educatio ...
at the Hoover Institution. * Robert Lucas Jr., 1995 Nobel Prize in Economics winner. * Carmen Reinhart, member of American Economic Association, 2018 King Juan Carlos Prize in Economics winner. * William Forsyth Sharpe, 1990
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
winner. * Christopher Antoniou Pissarides, 2010 Nobel Prize in Economics winner. * Arthur Laffer, 2019 Presidential Medal of Freedom winner. * Jeffrey Sachs, Professor of Sustainable Development at Columbia's School of International and Public Affairs, 2015 Blue Planet Prize winner. * Vusal Gasimli, Azerbaijani economist and public intellectual, author of ''Geo-Economics''. * Ludwig von Mises, Austrian economist and philosopher, author of '' Human Action''. *
Friedrich Hayek Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism ...
, Austrian economist,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and author of '' The Road to Serfdom''. * David Ricardo, developed the classical theory of comparative advantage in 1817.


See also

* Chief economist * List of economists


References


Citations
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Sources

* Mark Blaug and Howard R. Vane (1983, 2003 4th ed.). . Table of Content
links.
Cheltenham & Edward Elgar Pub. * Pressman, Steven, 2006. ''Fifty Major Economists.'' Routledge, * Robert Sobel, 1980. ''The Worldly Economists'' .


External links

{{Authority control Economics occupations Social science occupations