What is an economist?

Answer 1

Economics is the social science of studying how people utilize limited resources to satisfy unlimited wants. The practitioners of economics are known as economists. Economists utilize data collected from surveys and studies to conduct research and analysis, monitor economic trends, and develop forecasts based on identifying key factors. Economic forecasts project future developments for factors such as inflation, employment, energy costs, interest rates, business cycles and other economic indicators.

Economists tend to specialize in different areas of economics or finance. A broad view and understanding of economic principles is always necessary. Macroeconomists study the entire economic world and develop models to explain broad trends in investment, interest rates, employment and inflation. Microeconomists study the economic decisions of individuals and companies. There is a specialization for each field of economics and finance.

Employers of economists are far and wide, but one of the biggest is the federal government. Economists work in each department and advise specific officials on the likely effects of different policies. Economic principles and methods can be applied to the study of healthcare, finance, education, agriculture and other fields. Since economics studies broad principles of supply and demand, they can be applied to almost any discipline that studies the behavior of free agents.

Corporations also employ economists to assess the impact of business and investment decisions. Economists also monitor regulatory changes by Congress as well as the performance of competitor firms. Economists working for state or municipal governments are faced with monitoring the impact of actions by other state and municipal governments as well as changes in local conditions.

Economists usually have a lot of education, typically up to a doctoral level. Undergraduate economics departments offer courses from a wide range of specialties, enabling economists to gain experience in a wide range of fields to find out what their interests are. In terms of work schedules, they follow a very rigid working day. Their time is spent producing graphs and data analyses as well as writing reports and using computers. They usually work alone, although they can work as part of a research team.

Answer 2

An economist is someone who studies social systems of production, exchange distribution and services of a country.