An economist studies how a society utilizes scarce resources to fulfill basic needs and desires. These social scientists work in various sectors such as government, health, education, environment, private corporations, banks and other financial institutions. Economists perform diverse duties depending on their specialization and place of work.
Corporate economists work in research organizations and private institutions. One of their main duties is to furnish these institutions with current information pertaining to the economy, which aides management in making informed decisions about how to price and market their goods or services in the competitive business environment. They may carry out market research on consumer needs and behavior to help the business increase its profit margin. Corporate economists also analyze policies set by the government, especially in areas such taxation and international trade. They advise management on the effects these policies could have on the company.
Government economists study past trends and use this information in preparing annual economic forecasts for the U.S. and other governments. They gather and analyze data from myriad sectors of the economy. The data provides projections on government spending needs, helping in preparing annual budgets, among other things.
Economists in Finance
Economists in finance use the data collected and analyzed to explain certain economic issues. For example, they may formulate theories that explain economic problems such as rising inflation and increased unemployment rates. They make recommendations, policies and plans for tackling such economic issues. Economists working for research firms or multinational organizations always provide recommendations for any economic issue analyzed during their study. Most of these studies are published in renowned international journals and newspapers. Governments and private corporations can use these recommendations and forecasts as a guideline for formulating policies.
Economists in Academia
A substantial number of economists work in universities and colleges, where they teach all specialties of economics. They help students to understand most economic concepts, and also mold them into future economists. Economists also carry out various research projects to enrich their field, and publish books and journal articles for academic purposes.