A microeconomist is a specialist who studies how individuals, whether alone, as part of a family, or as part of a business, decide how to allocate scarce resources, usually of monetary value. Microeconomics is an academic field that is taught in many university programs, but it also has practical applications. The majority of microeconomists work for a university or a think tank focused on public policy. Some businesses will hire a microeconomist to conduct a thorough examination of their economics and finances.
For the aspiring microeconomist with a PhD in the subject, universities offer a plethora of economist jobs. A faculty teaching position, such as a full professor or a junior professor, is usually included in these jobs. As a university professor, you’ll be expected to teach students who are interested in learning more about microeconomics effectively. Lectures, interactive seminars, and interesting talks or roundtables are common teaching methods, though they vary by school.
Working in an academic setting also entails a significant amount of research. Professors of microeconomics, both senior and junior, strive to publish articles in prestigious research journals in the field. Interns and students majoring in economics can usually handle the search and gather portion of the research. The professor’s job is to take these sources and turn them into compelling papers that present cutting-edge research. Supply and demand interactions, labor division, taxation dynamics, market equilibrium, and other topics may be covered.
A microeconomist can find a number of suitable positions within public policy think tanks, organizations that study government policy and engage the public with their research, in addition to working in academia. These types of positions are ideal for economists who do not want to work in an academic setting. Microeconomists can interact more with the general public by producing research for a think tank on a variety of popular economic issues such as job loss, corporate relations, supply and demand within a specific industry, and welfare issues.
Some businesses require skilled microeconomists to conduct predictive analysis on corporate finances and to manage the firm’s accounting efforts. Because they are directly related to the business field, these jobs are usually less theoretical and more practical. Individuals who work in this type of environment typically earn more money than economists who work in a university or for a government agency.