A person with expertise in the field of economics is referred to as an economist. In most cases, this knowledge is gained through years of academic study combined with real-world experience. In most cases, there is no specific job title that includes the term “economist.” Rather, the position could be described as an economic analyst or adviser, or any of a number of other titles.
Typically, an economist will focus on one aspect of the economy. Most of the time, this will be in one of two major areas: microeconomics or macroeconomics, with the only difference being scale. Microeconomics can be applied to a single person, a group of people, or an entire organization. Macroeconomics will look at how a larger group of people influences and acts in an economy.
An economist’s main job, regardless of specialization, is to examine the inner workings of the economy of interest to their organizations and make predictions and recommendations based on that analysis. For example, an economist observing a slowdown in housing may advise a company producing air conditioning or furnace units to begin reducing production as demand is likely to decline. This assists the company in preparing for a slowdown by avoiding becoming overstocked or overstaffed, thereby enhancing the institution’s long-term financial stability.
The government employs a large number of economists to assist them in making decisions such as monetary policy. Schools that offer economics as a major or that have classes designed for those interested in other majors but need an economics class or two to meet their degree requirements are another major employer of economic experts. In both cases, the positions are relatively secure and stable over time.
An economist can also work in the private sector, either as an employee of a large corporation that relies on projections to stay afloat, or as a private contractor selling their research to these companies. In either case, there may be high demand because businesses have invested millions of dollars in their operations and want to maximize their efficiency. This can also be a very stressful job, as incorrect predictions often result in significant revenue losses for the company.
It is not easy to become an expert in economics. Finding work as an economist usually necessitates an advanced degree, with a Master’s degree being acceptable in most cases but a PhD being preferred. As a result, an economist’s education is usually quite extensive. However, pay and job security are frequently excellent, even for most professionals.