Economist
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| Economist | |
|---|---|
 | |
| Name | Economist (profession) |
| Occupation | Analyst, researcher, academic, advisor |
| Activity | Research, modeling, policy analysis, forecasting |
| Related | Adam Smith, John Maynard Keynes, Milton Friedman, Paul Samuelson |
Economist An economist is a professional who studies allocation, production, distribution, and consumption within contexts shaped by institutions, markets, and policies. Economists apply theory, empirical analysis, and quantitative techniques to issues encountered by firms, households, governments, and international organizations. The vocation spans academic research, public policy advising, corporate strategy, and forecasting for institutions such as International Monetary Fund, World Bank, Organisation for Economic Co-operation and Development, and central banks like the Federal Reserve and the European Central Bank.
Definition and Scope
An economist analyzes choices under scarcity using models derived from pioneers like Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and Milton Friedman. Scope includes micro-level study of firms and consumers relevant to cases such as General Motors or Amazon (company), and macro-level inquiry into phenomena exemplified by the Great Depression and the 2008 financial crisis. Work spans sectors regulated by entities like the Securities and Exchange Commission and guided by treaties such as the Bretton Woods Conference agreements. Economists often publish in journals including The Quarterly Journal of Economics, American Economic Review, and Journal of Political Economy.
History and Development
The professional role developed from natural philosophers and political economists in the 18th and 19th centuries influenced by texts like The Wealth of Nations and debates surrounding the Corn Laws. Nineteenth-century figures including John Stuart Mill and David Ricardo formalized comparative advantage and utility concepts later mathematized by 20th-century scholars such as Paul Samuelson and Kenneth Arrow. Institutionalization proceeded through universities (e.g., London School of Economics, University of Chicago), central banks (e.g., Bank of England), and international agencies born at Bretton Woods Conference. Key watershed events shaping practice include the Great Depression, the postwar consensus around Keynesian economics, and the resurgence of Monetarism around Milton Friedman during the 1970s.
Education and Training
Training frequently begins with undergraduate programs at institutions like Harvard University, Massachusetts Institute of Technology, University of Cambridge, or University of Chicago, followed by graduate study culminating in a Ph.D. from places such as Princeton University or Stanford University. Curriculum covers mathematical foundations advanced by work from Leon Walras and Vilfredo Pareto, econometrics influenced by Ragnar Frisch and Trygve Haavelmo, and applied modules drawing on case studies involving corporations like General Electric or events like the Latin American debt crisis. Professional development often includes postdoctoral fellowships at research centers like the National Bureau of Economic Research or policy apprenticeships at the International Monetary Fund.
Specializations and Fields of Study
Subfields include microeconomics and macroeconomics with branches in labor economics influenced by Gary Becker, development economics associated with Amartya Sen and Esther Duflo, and international economics shaped by Robert Mundell. Other areas encompass behavioral economics inspired by Daniel Kahneman and Richard Thaler, public economics engaging with institutions such as the Internal Revenue Service, health economics addressing systems like National Health Service (United Kingdom), and environmental economics linked to agreements like the Paris Agreement. Financial economics relates to markets exemplified by New York Stock Exchange and crises such as Lehman Brothers collapse.
Methods and Tools
Economists use formal models—game theory developed by John Nash and general equilibrium models from Leon Walras—and empirical techniques including regression analysis, instrumental variables popularized in studies following Angrist and Krueger, and randomized controlled trials employed by Abhijit Banerjee and Esther Duflo. Computational tools span software ecosystems like R (programming language), Python (programming language), and Stata (software), plus simulation methods used by central banks during stress tests inspired by scenarios like the 2008 financial crisis. Data sources include national accounts produced by Bureau of Economic Analysis, household surveys such as Current Population Survey, and firm-level records like those from Compustat.
Roles and Employment
Economists work in academia at departments within University of Oxford or Yale University, in government ministries and treasuries such as the U.S. Department of the Treasury, at central banks like the Bank of England, at multilateral organizations including the World Bank and International Monetary Fund, and in private sector roles at consulting firms such as McKinsey & Company or financial institutions including Goldman Sachs. Positions include research economist, policy analyst, chief economist, quantitative analyst, and professor; prominent practitioners include Ben Bernanke, Janet Yellen, Alan Greenspan, and Christina Romer.
Influence on Policy and Society
Economists shape policy debates on taxation debated in contexts like the Tax Cuts and Jobs Act of 2017, social insurance debates referencing Social Security (United States), trade policy tied to events like North American Free Trade Agreement negotiations, and development agendas implemented by United Nations agencies. Scholarly work influences jurisprudence in cases before courts such as the United States Supreme Court and regulatory decisions by agencies like the Federal Trade Commission. Public discourse features economists in media outlets including The Economist (magazine), The Wall Street Journal, and Financial Times (UK), where research by figures such as Thomas Piketty and Joseph Stiglitz informs debates on inequality, growth, and structural reform.
Category:Professions