Economist - What They Do

Economists and economic policy researchers and analysts conduct research, monitor data, analyze information and prepare reports and plans to resolve economic and business problems and develop models to analyze, explain and forecast economic behaviour and patterns. They advise on matters such as finance, fiscal and monetary policy, international trade, agricultural and natural resource commodities and labour and industrial markets. They are employed by government departments and agencies and throughout the private sector in associations, unions, research organizations, banks and investment firms.

Job duties

This group performs some or all of the following duties:

Conduct research and develop models to analyze, explain and forecast economic behaviour and patterns, and devise methods for collection and analysis of data
Forecast production and consumption of specific products and services based on records of past production and consumption and general economic and industry-specific conditions
Prepare forecasts of income and expenditure, interest rates and exchange rates
Analyze factors which determine economic growth and advise government agencies on policies to increase economic activities
Analyze factors which determine labour force participation, employment, wages, unemployment and other labour market outcomes
Study mathematical formulae and statistical techniques and apply them to the testing and quantifying of economic theories and the solution of economic problems
Study the nature of money, credit and the operation of banks and other financial institutions to develop monetary policies and forecasts of financial activity
Monitor economic data to assess the effectiveness, and advise on the appropriateness, of monetary and fiscal policies
Examine problems related to the economic activity of individual companies
Examine financial methods, production costs and techniques and marketing policies to recommend possible improvements
Examine statistical data on the exchange of goods and services among nations
Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources
Conduct research on market conditions in local, regional or national area to set sales and pricing levels for goods and services, to assess market potential and future trends and to develop business strategies
Monitor regional and local economic trends
Study regulatory processes and provide material in support of legal proceedings with government and other parties.

Job titles

agricultural economist
economic analyst
economist, natural resources
financial economist
industrial economist
international trade economist
investment economist
trade economist
economic advisor
tax economist
economic policy analyst
labour economist
energy economist
economist

Employment Requirements

This is what you typically need for the job:

A master's degree in economics or in a related discipline such as business administration or statistics is usually required.
A doctorate in economics may be required.

Essential Skills

Management