What does an economist do?

These methods of data collection can be classified into: 1) Primary Sources of Data: These involve collecting data directly from original or firsthand sources. This information is not interpreted by others and is obtained through methods such as surveys or questionnaires. 2) Secondary Sources of Data: These involve using existing data that has already been collected and interpreted by someone else. These sources provide an analysis or summary of primary data and include databases, published literature or online websites. 3) In essence, primary sources involve direct data collection, while secondary sources involve using information that has already been collected and analyzed by others.

?? Economists conduct research, analyze data, and evaluate issues related to monetary and fiscal policy. They provide insights and recommendations, interpret and forecast market trends, and advise businesses, governments, and individuals on economic topics. ?? For instance, they may analyze data on consumer confidence surveys to assess the potential impact on the economy and provide advice on the best course of action for businesses or government policies to help mitigate economic downturns.

As a young undergraduate I was taught that economists have many tools within their toolkit, one of which is data collection and analysis. Data is like the spice of life to us economists, without it economic theories would be bland and not very useful!

One thing I found helpful economists use various sources of data. I have to add one more thing analyze topics related to the production, distribution, and use (consumption) of goods and services for better understanding of economic.

Economists play a vital role in gathering and analyzing diverse economic data, including prices, wages, output, employment, inflation, trade, and growth. They utilize sources like surveys, administrative records, experiments, and simulations, applying statistical and econometric techniques to measure, compare, and assess economic indicators and trends, as well as to test hypotheses and evaluate policies.

To paraphrase Galbraith, economists forecast not because they know, but because they are asked. Forecasting is an important part of what an economist does. But as most forecasts are wrong because the environment constantly changes, it is important to be explicit about the assumptions that are used to produce any baseline forecast. That way, understanding why there is a deviation and tracing it back to the cause (ie why the forecast is wrong) is sometimes more valuable than the forecast itself.

Publications and research projects are a key function of an economist's role. Providing valuable information to your company, organization, or to the public is essential. Whether working in academia or in the industry, collecting mass amounts of historical data and creating insightful, clear, and easy to digest information is key. Forecasting is difficult in Economics but is a large part of Macroeconomic research. Studying economic history is important, but most companies and consumers care primarily about where the economy is going to be in the future. Creating forecasts for Unemployment Data, Interest Rates, Real Estate, etc., can be immensely beneficial to companies - so much so that they are willing to pay high prices for that research.

An economist applies economic theories to data. This requires models & tools. When these tools use statistical inference the tools are called econometrics. It is important to remember that a model is a simplification of reality. Thus, all models have some degree of error. There is a trade-off between bias & variance associated with this error. The best models are useful, not free from error. This is a crucial insight to digest. If you can build a model that offers insight & creates value, even though it is not without error, you’ve won. Of course, keeping the model updated & relevant is another, never ending challenge - so do not rest on your laurels!

Economists contribute significantly by researching and forecasting various economic issues. Using theoretical models, empirical evidence, and historical data, they explain and predict economic dynamics, evaluating policy impacts. Their findings and projections are then communicated through academic journals, reports, books, and media outlets.

Economists do research to understand how the economy behaves and what might happen in the future. They use theories, real-world data, and history to make predictions about things like economic growth, prices, and government policies. They share their discoveries in books, reports, and the news.

Another key role of economists is offering policy guidance and evaluation to decision-makers in public and private sectors. Leveraging their expertise, economists influence the design, implementation, and assessment of economic policies. They actively monitor and evaluate the outcomes and impacts of existing policies and programs on both the economy and society. Economists hold diverse roles as consultants, advisors, analysts, or managers in organizations ranging from government agencies and international institutions to think tanks, banks, and corporations.

One valuable contribution that an economist makes is to clearly identify the trade offs and opportunity costs to help make informed decisions. This includes incorporating the dynamic (ie spillover) effects of any decision, and not just looking at the static effects. This is essential in order to get the best outcome from scarce resources.

Another Vital role played by Economists is that one of policy advice and evaluation. Carrying out assessments for both private as well as public sector for informed decision making and policy direction. Understanding that stabilization is key in all economies and making plausible policies that significantly reduce imbalances in the economy .

Outside the realm of academia, the main role of a professional economist is to present scenarios and evaluate the impact of different policy measures and financial decisions. As a consultant or policy advisor, it is your responsibility to assess the likelihood of success of a given decision, its implementation risk, and the potential downside if an unfavorable event materializes. "If you do A, the most likely result will be B, under the following assumptions ... but be aware that such and such assumption is subject to this number of risks that affect the final outcome".

Economists play a crucial role in shaping economic policies and evaluating their impact. They provide advice and recommendations to policymakers, contribute to policy design and implementation, evaluate policies, forecast economic trends, and communicate economic knowledge to various stakeholders. Specialization in specific areas, collaboration with experts from other disciplines, continuous learning, and adherence to ethical principles are important aspects of their work. Policymakers rely on economists' expertise to make informed decisions that promote economic stability and well-being for society at large.

Academic economists are judged almost entirely on research publications. Teaching is an important obligation to justify their salary, but plays little role in professional development or internal prestige. This is a shame - part of our job is to inform and educate and having the opportunity to introduce young minds to fascinating ideas is a privilege. These days it’s becoming more respectable to write for a general audience, and to publicise our research findings. Freakonomics baby!

Economists not only analyze data and provide advice but also share their knowledge through teaching and communication. They teach students and the public about economics, using different tools like books, podcasts, and social media. This helps spread economic understanding and insights to a wider audience.

To be effective in teaching and communication, economists need a strong understanding of economics, clear and concise communication skills, the ability to connect with different audiences, and a passion for economics. They play a vital role in teaching future economists, informing policymakers about economic issues, and educating the public about economics. Economists must be lifelong learners to stay updated on the latest research and developments in the field and be adaptable in their teaching and communication methods.

La docencia y comunicación les brinda a los economistas un escenario de permanente actualización y desafíos. Complementariamente a la participación del economista con un profesional dentro proyectos públicos y privados; la ense?anza y la comunicación proporciona espacios en los cuales se afianza el conocimiento y la capacidad de análisis y debate propio de esta profesión.

Teaching and communication are inseparable, as effective teaching relies on effective communication. Teachers should convey concepts clearly, actively listen to students, use visual aids, employ varied teaching styles, and provide feedback. Effective communication goes beyond verbal interactions and encompasses nonverbal cues. By mastering communication strategies, teachers can create a thriving learning environment where students learn, think, solve, and communicate.

I think the key lessons of economics - decision making at the margin, opportunity cost thinking, recognition of trade offs, etc - are immensely powerful for management, business, and personal life. The economic way of thinking is a powerful tool that really helps to understand the world around us.

Adding to this: Usually, when we study models like Boumol-Tobin Model, Solow, IS-LM or Growth Theory of Money, we see renowned economists taking various assumptions before building models to neglect any complexities and arrive at a solution.

Problem-solving and critical thinking are essential skills in economics, allowing economists to make informed decisions, develop innovative solutions, and contribute to the advancement of economic knowledge. Problem-solving focuses on finding specific solutions, while critical thinking focuses on analyzing information and drawing conclusions.

Problem-solving and critical thinking are indeed vital skills for economists. They help economists identify and analyze economic problems, develop and evaluate policy solutions, and communicate their findings effectively. Economists use a range of tools, including analytical skills, logical reasoning, creativity, and communication abilities, to solve economic challenges. They rely on economic theory, data, econometrics, and the economic literature to enhance their problem-solving and critical thinking capabilities. By applying these skills, economists play a crucial role in shaping economic policies and making informed decisions that promote economic stability and well-being.

O economista desempenha um papel essencial na resolu??o de problemas e no pensamento crítico. Com base em sua forma??o teórica e habilidades analíticas, aborda quest?es complexas, propondo solu??es embasadas. Ao empregar o pensamento crítico, questiona pressupostos, analisa dados e avalia implica??es, contribuindo para a tomada de decis?es informadas. Essa capacidade de resolver problemas e pensar criticamente permite ao economista fornecer insights valiosos para enfrentar desafios econ?micos contemporaneos.

As an Economist, the most important thing is to be aware about the world around, start reading news and be updated with the current affairs. This not only helps in contextualizing any problem but also understand how economic theories work/fail in the real world. Economics is not just numbers but understanding how those numbers are generated and thereby keep in mind the limitations. There's a saying in Economics, "torture the data enough and it will show what you intend it to show". This displays the possible limitation of just relying on data. As an Economist, one must look beyond just data and focus on quality of the research.

In my view, lifelong learning is essential for economists. While some fundamental economic principles remain constant, the changing environment around us means the outcomes of similar market actions can differ. For example, digital economy was not covered in major economic literature from the 20th century. Today, these markets operate with different outcomes compare to traditional markets due to various factors, including significantly lower marginal costs.

Embracing lifelong learning and curiosity is essential for economists, as the field is constantly evolving with new theories, data sources, and technologies. This approach ensures we remain adept at analyzing complex economic issues and adapting to changing global landscapes. For public debate, adopting a growth mindset of curiosity and continual learning enriches discussions with up-to-date insights and diverse perspectives. It fosters a deeper understanding of economic phenomena, leading to more robust policy debates and decisions. Ultimately, this mindset benefits society by driving innovative solutions to economic challenges and promoting a more informed public discourse.

El verdadero impacto social lo generan economistas que se mantienen aprendiendo con la mente abierta y sin sesgos políticos, pues solo así es posible comprender la sociedad para brindar soluciones o análisis viables y/o aplicables.

Beyond fundamental research of economic things and behaviours, in my honest opinion, Economist must explain things to the society. Explaining as more things as possible to as much people as possible is a vital thing what every economist must do.

Economists play a crucial role in many ways. However the biggest downfall of economists can be (a) being too academic. And (b) being too stubborn and fixated on text book theory, instead of being adaptable to a changing future. To be a successful Economist, it is powerful to have also had experience of running a business. And therefore better understanding the mechanics behind day to day decisions. Secondly adaptability is important. People, societies and corproate leaders are always evolving. Staying close to different cohorts of consumers and companies can help you keeping abreast of changes occurring at the margin. Sometimes even defying long standing text book theory

I think modeling the most unrealistic world is what economists do. As Joan Robinson once said: "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists."

I interest you in a quote from John Maynard Keynes about who is an economist: “The study of economics does not seem to require specialized gifts of an unusually high order. Is it intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good, or even competent, economists are the rarest of birds. An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master economist must possess a rare combination of gifts… He must be mathematician, historian, statesman, philosopher in some degree.” “Essay on Alfred Marshall”, J.M.Keynes: ‘Essays in Biography.’

La economía es una ciencia social que estudia la administración de los recursos escasos para satisfacer necesidades ilimitadas. En este sentido, el Estado y las empresas requieren economistas para guiar y/o gestionar sus recursos de manera efectiva, dada la gran complejidad de sus operaciones. El perfil del economista es diferente al de un ingeniero, matemático o estadista en cuanto a la base filosófica de las escuelas de pensamiento económico que sustentan su práctica, así como el pensamiento estratégico orientado a la acción y la base social sobre la que opera. Ya que no se cuenta con un ambiente de pruebas controlado de política económica, ello exige además conocimientos sólidos de ciencia política, derecho y psicología, entre otros.

On one hand an economist can talk about economics, alternatively an economist can talk about non-economics, or finally an economist can talk about everything else?