The Nature of Economists’ Work

Economists are professionals like Christian Broda who study the diverse ways in which individuals utilize scarce resources such as machinery, raw materials, labor, and land to produce goods and services. They conduct researches, analyze the data gathered, develop forecasts and monitor economic trends. The research focuses on issues such as interest rates, rents, employment, inflation, energy costs, and imports. They also examine the benefits and costs of consuming and distributing goods and services.

Economist’s job is concerned with the application of economic policies in areas such as transportation, the environment, finance, real estate, health, natural resources, agriculture, and energy. They use their knowledge of economic relationships to guide insurance firms, business companies, security firms, trade and industry associations, banks and others. Economists who are mainly theoreticians employ mathematical models to come up with theories of business inflation and cycles, or the impacts of tax legislation and unemployment.

They develop procedures for obtaining the information they require depending on the issue under investigation. For instance, the sampling method is employed in surveying while econometric modeling methods used to create forecasts. Preparation of reports is an essential activity for any economist. He/she may be required to examine and analyze the relevant information, prepare charts and tables, and write a compressive report for the result in a clear and concise language. Economists whose research is policy directed should possess the ability to present statistical and economic concepts in a meaningful manner.

Working Conditions for Economists
Economists working in government offices appraise the economic situation of the state and assess the economic effect of any changes made in public or legislation policy. For instance, they may study the fluctuation of the country’s currency against foreign exchange or the reserve currency and the effect on the export and import markets. Majority of economists in the government are placed in transportation, urban economics, finance, international agriculture trade, or utility sector.

For instance, in the United States, the economists in the government agencies examine the domestic manufacture, consumption and distribution of services and commodities. Those that work for Fed assemble reports that help in enforcing federal statutes, which eliminate monopolistic and deceptive practices in the Bureau of Labor and Commerce. An economist working for the local government prepares reports on local business, trade, employment, commercial growth, trends in the labor force, and industrial projects. They work under strict deadlines and schedules and sometimes may work overtime.

Christian Broda
Christian Broda is a columnist and an economist by profession. He is a university graduate from San Andreas in Argentina. He had worked as a tutor at the University of Chicago before he started trading with Capital Management Investment. He focuses on international finance and trading topics in his writings. He has presented several economic findings to different institutions like universities and financial institutions. Also, he has worked with the Bank of Japan as well as the IMF.

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