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Economist |
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Description Economists conduct research, analyze statistical information and prepare reports and plans that are used to predict economic problems. They forecast economic behaviors and patterns, anticipate future problems and opportunities and offer innovative economic ideas for solutions and new initiatives. In a nutshell, they attempt to provide people with a practical understanding of how our economy works. The well being of our economy affects our everyday lives, therefore it is important that people understand how it works and learn about its behavior patterns. Economists study the economy and all of the statistics surrounding it. They are interested in the factors that influence the well-being of people and they aim to find solutions to improve people's standard of living. This includes studying how financial, labor and trade markets are organized and how they interact. In addition, they research social, political and environmental issues. Economists have to know everything about the strengths and weaknesses of economics, and economic methods and theories. It is also important that they are up to date with technological developments, politics and current affairs. They use models and methodologies to think about the world and specific issues, which may require knowledge of maths including statistics, human behavior, and overseas economic ideas and trends. Some people think of economists as economic fortunetellers or predictors of our future economy. They must, in fact, forecast what they believe will change and occur in our economy based on the research and analyses they compile. Economists use their knowledge and analytical economic research to advise businesses and other organizations, including insurance companies, banks, securities firms, industry and trade associations, labor unions and government agencies. They must present their statistical concepts in a clear and meaningful way so that people can understand what their data really means. Economists often specialize in certain areas, such as finance, trade, health and labor, to name a few. Economists who work for the government may assess economic conditions in the US or in foreign nations in order to estimate the economic effects of specific changes in legislation or public policy. For example, economists might compare how the dollar fluctuates against foreign currencies. An economist working in government might also analyze data on employment and unemployment rates in order to project future spending needs. Economists write reports of their findings and present their cases to their employers. |
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Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, http://www.bls.gov/ooh/ Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, 2002, http://www.bls.gov/oes/2002/oes_nat.htm |
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