An economist studies economic and statistical data as well as the production and distribution of resources, goods, and services. Areas of specialization can include agriculture, education, health, finance, and labor.
A generally accepted interpretation in academia is that an economist is one who has attained a Ph.D. in economics, teaches economic science, and has published literature in a field of economics.
They conduct research and observe trends to forecast their economic interpretations. Economists study inflation, employment levels, taxes, business cycles, interest rates, and many other topics.
Economists conduct surveys and use mathematical modeling to make economic interpretations. They also write reports and prepare charts to present their data. Economists must also present their data in a way that the general public can understand. Many economists provide economic commentary on television.
Micro economists
They research supply and demand issues.
Industrial Economists or Organizational Economists
They study how firms in the same industry compete and how the business decisions of profitable firms and monopolies affect the economy.
Macro economists
They focus on historical economic trends and hypothesize future inflation, unemployment, investment, and productivity.
Monetary or financial economists
They focus on the banking system and how interest rate changes affect the economy.
International economists
They study international economic issues such as trade, tariffs, and exchange rates.
Labor and demographic economists
They study supply and demand labor issues as well as determining the factors that lead to unemployment.
Public Finance Economists
They study how government policies, such as welfare programs and tax cuts, affect the economy.
Econometricians
They use mathematics to develop economic forecasts and explain trends.
Economists apply economics to law, history, energy, the environment, education, and many other disciplines. The majority of economists are concerned with real world applications. For example, economists working for a company might attempt to determine their customers’ consumption patterns, and some economists review government policies, such as environmental legislation, to determine how the economy will be affected. Companies with international braches might hire economists to monitor the political situations in countries where they conduct business.
Economists employed by research institutions or consulting firms often perform the same duties as other economists, but economists working as consultants perform macroeconomic analysis, collect data, analyze trends, and use this data to determine future growth, unemployment, inflation, etc. Their predictions and analyses is often published in newspapers and magazines.
Economists working for government agencies determine how government policies will affect the economy.
Government Economists
They consult public officials about the possible economic consequences of such policy decisions as tax cuts or deregulation. Economists working for state governments may specialize in demographic factors such as projecting future growth for prisons and school district populations to determine future state government spending needs.
Economists often work independently in an office type setting or from home. At times, they need to collaborate with other economists and statisticians, and will need to work as part of a team. They may be required to travel in order to attend conferences.
Organizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand is expected to be strong for these workers, as organizations increasingly turn to economists to apply analysis of “big data” to pricing, advertising, and other areas. The increasing complexity of the global economy and a more competitive business environment also are expected to support demand for economists.
Their salaries range from KSH32,500 to KSH160,000 per month
An economist is expected to have an advanced degree – a master’s or a PH.D. To obtain a job in many organizations requires a good mix of graduate education and appropriate work experience.
A solid background in math is important so many economists received their degree in that field. It is often the case that a PH.D. will require additional study after graduation with a bachelor’s degree and includes detailed research in a field of choice.
There is some entry-level employment available for economists where the minimum requirement would be a bachelor’s degree. For advancement, it may be appropriate to earn an advanced degree first.
There are many jobs available for those who earn an economics bachelor’s degree, such as a financial analyst or a research assistant.
