An economist studies the way the society uses the diverse and natural resources such as labor, land, raw materials and machinery to produces goods and services. They evaluate the benefits and cost of consuming and distributing the products and services. They do research, collect and analyze information, create forecasts and monitor economic trends. Their investigation focuses on issues such as inflation rates, rents, employment, farm prices, interest rates or imports. Depending on the topic under probe, economists come up with techniques for obtaining the information necessary for their research. Sampling methods is used when conduction a survey while the econometric modeling procedure is used to create forecasts.
The majority of economists deploy practical applications of economic policy in a specialized area such as real estate, natural resources, health agriculture, finance, transportation or the environment. They apply their knowledge on economic issues to advice banks, labor unions, trade associations, insurance and security firms, government agencies among other. Other economists are theoreticians and apply mathematical models to come up with theories on the key drivers of inflation and effects of tax legislation and unemployment.
An overview of Christian Broda
Christian Broda according to oxfordjournals is the managing director of the Duquesne Capital Management Company. Before joining the company, he worked as a professor of economics at the Chicago University. He is a published writer and specializes in international trade and finance. Mr.Broda serves as the associate editor of the development economics journal. He was awarded National Science Foundation grant to fund his research between 2005 and 2008.
Preparation of Reports
It is an essential skill in the economists’ job. They may be called to review and evaluate relevant data, create chart and tables, and write up the results in a clear, precise language. Besides, they are expected to present statistical and economic concepts in a clear and meaning way, particularly when the research conducted is policy directed.
The Role of the Economists in Government Agencies
They assess the economic situation in the government. They also estimate the economic effects of changes in public policies and legislation. For instance, they may examine how the fluctuation of the dollar against the foreign exchange affects the export and import market. The majority of the economists in government institutions are in the fields of labor, international trade, utilities, transportation, agriculture, or urban economics.
The Job Outlook of the Economists
The employment opportunities are expected to double over the next six years. The opportunities for the economists are best in research, private, and consulting firms. The increased reliance and complexity in the global economy and quantitative methods of examining forecasts sales, business trends, and loaning production and purchasing should increase the demand for economists in the next couple of years