Economist

This article is about the profession. For the news publication, see The Economist.

An economist is a professional in the social science discipline of economics. 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, statistics, economics computational models, financial economics, mathematical finance and mathematical economics.

In academia

The professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path they believe their profession should take. It is, primarily, a debate between a scholastic orientation, focused on mathematical techniques, and a public discourse orientation, which is more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter. However, these preferences expressed in private often differ with what is actually acted out in the public eye.

Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. However, many prominent economists come from a background in mathematics, business, political science, law, sociology, or history. Getting a PhD in economics takes six years, on average, with a median of 5.3 years.

The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics. The prize winners are announced in October every year. They receive their awards (a prize amount, a gold medal and a diploma) on December 10, the anniversary of Alfred Nobel's death.

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 [and] they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."

In contrast to regulated professions such as engineering, law or medicine, there is not a legally-required educational requirement or license for economists. In some job settings, the possession of a Bachelor's or Master's degree in economics is considered the minimum credential for being an economist. However, in some parts of the US government, a person can be considered an economist as long as they have four or more university courses in economics. Also, a person can gain the skills required to become a professional economist in other related disciplines, such as statistics or some types of applied mathematics, such as mathematical finance or game theory.

A professional working inside of one of many fields of economics or having an academic degree in this subject is widely considered to be an economist, and any person within any of these fields can claim to be one. Economists are also employed in banking, finance, accountancy, commerce, marketing, business administration, lobbying and non- or not-for profit organizations.

Politicians often consult economists before enacting policy, and many statesmen have academic degrees in economics (see List of politicians with economics training).

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 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 – including accounting, insurance, tax and banking, or management. 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.

United States

Economist salaries by educational attainment.

According to the United States Department of Labor, there were around 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $83,000, and with the top ten percent earning more than $149,000 annually. About 135 colleges and universities grant about 900 new Ph.D.s in economics each year. The type of academic degree — bachelor's, master's or doctoral degree — has significant influence on an individual's job outlook and salary. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. Median salaries range from $45,000 for those with a bachelor's to $85,000 for those with a Ph.D. in economics. A recent and continuous study by PayScale.com showed economic consultants with a Ph.D. had the overall highest median income for any group, at $116,250; the median salary for an assistant professor was $63,500, for an associate professor $67,000, and for a full professor $85,000 . The overall median income for doctorates in academia was $75,000 compared to $125,000 in consulting and $87,000 in banking.

Policy advising and analyzing of economic current trends are among the main responsibilities of economists in the United States. A recent survey of U.S. economists by Daniel B. Klein and Charlotta Stern found that most economists are supporters of safety regulations, public schooling, and anti-discrimination laws. They are evenly mixed on personal choice issues, military action, and the minimum wage. Most economists oppose government ownership of enterprise and tariffs.

United Kingdom

The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies.

Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom (ranging from Newcastle University to the London School of Economics), shows nearly 80 per cent 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 per cent of economics graduates in employment.

Famous economists

Main article: History of economic thought

Adam Smith

Probably the earliest economist, Fan Li, served as an advisor to King Goujian of Yue (r. 496 BC—465 BC) in the ancient Chinese Spring and Autumn Period. Fan Li prospered in business, applying the concepts of 'buy low sell high' in the feudal agrarian society of ancient China, and wrote a book of sage advice on business management. Early economists were also found in the Ancient Greek world, with Aristotle (382—322 BC) expounding in his work Topics on the topic of human production and further examining the topic in Politics. Xenophon (431—355) also wrote extensively on the Athenian economy in his work Economics. According to Prof.Lalit kumar Jha,NEHU,shillong,India and Prof .K. N. Jha,Bhagalpur University,Bihar,India "the pioneer economist of the world" was Chanakya (c. 350–283 BC) an adviser and prime minister to the first Maurya Emperor Chandragupta from 340—293 BC.

In the 18th century, one of the first economic writers was Richard Cantillon (1680—1734), who wrote the treatise Essai Sur la Nature du Commerce en Général. Early founders of economic concepts included the Scottish philosopher, economist, and historian, David Hume (1711–1776), and the so-called "classical economists": English demographer and political economist Thomas Robert Malthus (1766–1834), political economist David Ricardo (1772–1823), and the Scottish moral philosopher and political economist Adam Smith (1723–1790). Other early developers of economic concepts include the British philosopher, political economist John Stuart Mill (1806–1873); French economist and free trade advocate Jean-Baptiste Say (1767–1832); Prussian philosopher, political economist, and revolutionary Karl Marx (1818–1883); French classical liberal theorist and political economist, Frédéric Bastiat (1801–1850); and English economist and logician William Stanley Jevons (1835–1882).

Founders of important economic concepts who were alive during the 20th century include the Austrian economist Eugen von Böhm-Bawerk (1851–1914); the founder of the Austrian School of economics, Carl Menger (1840–1921); British economist, developer of Keynesian economics, and influential founder of modern theoretical macroeconomics John Maynard Keynes (1883–1946); American economist, health campaigner, and eugenicist Irving Fisher (1867–1947); German economist and proponent of the social market economy, Wilhelm Röpke (1899–1966); Canadian-American economist, popularizer of economics John Kenneth Galbraith (1908–2006); American economist, Nobel Prize Laureate and proponent of the Tobit model, James Tobin (1918–2002); American economist, nobel laureate and founder of modern growth theory Robert Solow; Austrian-British member of the Austrian School of economics Friedrich Hayek (1899–1992); American economist, public intellectual, and laissez-faire capitalism advocate Milton Friedman (1912–2006); and Romanian mathematician, statistician, economist, protégé of the renowned economist Joseph Schumpeter and father of Ecological economics and other fields of economics Nicholas Georgescu-Roegen (1906-1994).

Current well-known economists include 2008 Nobel Memorial Prize in Economic Sciences winner Paul Krugman, a public intellectual and advocate of modern liberal policies; Alan Greenspan, the former chairman of the Federal Reserve; Ben Bernanke, the current Chairman of the Federal Reserve; Joseph Stiglitz, an American economist, Nobel Memorial Prize in Economics winner, critic of inequality and the governance of globalization, and Chief Economist of the World Bank.

See also

• Chief economist
• List of economists
• World Bank Chief Economist

References

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

Jha, K. N. and Jha, L. K.(1998) Chanakya the pioneer economist of the world: His contribution in economic management, APH Publishing corporation, New Delhi (India), pp1–275

• Tim Woods, IB Economics

External links

The dictionary definition of economist at Wiktionary