Economists are generally involved in studying how the goods, services and resources are produced and distributed through collecting data, analyzing it and research the existing trends. They also actively evaluate the various economic issues.
What are the duties of the economists?
1. Economists are actively engaged in conducting surveys and collecting data. Then they analyze the data as a part of their research and analyze the overall economic issue.
2. They employ statistical techniques and mathematical models in order to do the analysis.
3. They represent the data collected in the form of tables, reports, charts and other relevant formats.
4. Their main job also involves interpretation and forecast of all recent market trends.
5. They have the prowess to give expert advice to governments, businesses as well as individuals too on topics related to economics.
6. They are engaged in designing policies and making recommendations for finding out solutions to different kinds of economic problems.
7. They also write articles for publication in reputed journals as well as media sources.
Expertise in Economics can be applied to various issues that belong to a myriad range of faculties and may involve health, education, development as well as environment. Where a few are involved in studying the costs of products, energy or healthcare, a few others are involved in examining business cycles, inflation, rates of interest, inflation, exchange rates, and many more. These professionals are involved in studying the historical trends and make use of the study for future predictions as far as economic trends are concerned. They are involved in the research and analysis of data they get with the help of software programs which includes statistical analysis, database management programs and spreadsheets.
Generally these professionals find themselves working in various government offices and corporations wherein they will make an effort towards understanding how economy will affect the respective bodies. Working on various economic issues is their forte wherein they can analyze a wide range of matters related to the subject.
We have different types of economists playing important and key roles in our society. Here is a look at a few of them:
1. Econometricians: They make use of mathematical analyses and develop models for testing the economic relationships. Game theory, regression analysis and calculus are used in order to explain a wide range of economic facts.
2. Behavioural economists: These professionals are engaged in studying the psychological and social effects of various factors on the economics of decision making of people or rather individuals. They focus on how the various factors will influence the overall outcome of a decision taken in economics.
3. Micro economists: These economists are involved in analyzing the supply & demand of companies as well as individuals.
4. Macroeconomists: These economists closely monitor and examine the overall economy. Their interest lies in researching the trends existing in inflation, economic growth and unemployment. They also focus on the monetary and fiscal policies and examine the effects that money supply may have on the rates of interest prevailing in the economy.
5. Industrial organization economists: The main focus of these economists is on the companies in a given industryâ¦the competition that exists between them.
6. International economists: These economists are involved in studying international trade. They also study the impact that tariffs and trade restrictions have on the economy. Their job is also to examine the scenarios that prevail in the global financial markets.
7. Public finance economists: These economists are involved in the analysis of the role played by the government in economy. They will focus on the welfare policies, budget deficits and the effects that tax cuts bring along.
8. Financial economists: These economists are involved in analysis of risk, investments and savings. They study financial markets and institutions.
9. Labour economists: These economists are involved in studying the supply and demand of labour. They are engaged in researching how the wages for the labour are set. They are engaged in analyzing the various effects that the labour related policies may have.