An Economist Journey in Society
The study of the economy is a vast and varied field with many specialties throughout each aspect and component of it. Economists take on the task of analyzing information as it pertains to economic growth and development, thereby drawing predictions and conclusions for future interests in any given society. Through research and analysis, economists study resource distribution and its impact on inflation, supply and demand, interest rates, business cycles, as well as employment and a number of other things that contribute to the well being of communities.
In order to do this, many economists specialize in particular fields, thereby focusing their attention on a notable aspect of the economy such as supply and demand, market structure, government infrastructure, and historical trends. They are often called upon to give explanations for economic surpluses and declines, while indicating the impact of them for the future, and consulting on necessary actions that may be needed to ward off potential problems.
Preparing to be and Economist
Economists tend to have strong mathematical skills, working alone and solving difficult number equations, while analyzing data and charts, comparing surveys, and creating reports that support their findings. Most economists attend college to earn a bachelor’s degree, and many prefer to pursue higher educational options to advance in the field. While there are limited job opportunities for economists with bachelor degrees, those with Master’s and Ph. D’s manage to secure work in the private sector much more easily.
College courses focus on macro and micro economics, economic changes throughout history, statistics, quantitative skills, logic, and of course, mathematics. Depending on the desired specialty, other classes pertaining to land and agricultural surveying, the stock market, research, data analysis, and communication courses may also be required. With proper training and education, many economists advance readily to fields of independent study and administration. Some of them even choose to be teachers in high schools and colleges, using their education and training as a stepping stone to become tenured professors in prestigious institutions.
Role of Economists in Society
There will always be a need for people to determine the best way to use society’s resources. As our world changes this need continues to change and grow, thereby promoting rapid job growth opportunities for economists. Citizens depend on market analysts, economic consultants, and financial gurus to help chart the course for investment and security. Economists are employed to comprehend the fluctuation of employment, and private citizens utilize their services to prepare for their futures, whether they need to send children to college or plan for retirement.
Depending on their training, education, and skills, they can earn between $50,000 to well over $100,000 annually. Given their ability to study, comprehend, and interpret financial data and information, they are able to work in a variety of fields including, but not limited to, tax preparation, accounting, insurance, budget analysis, and even sociology. The history of an economist is as diverse as the field of study itself.