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Details for Economists


Description

Conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services. May collect and process economic and statistical data using econometric and sampling techniques.

Tasks

  • Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
  • Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
  • Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
  • Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
  • Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
  • Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations based on cost-benefit analyses.
  • Supervise research projects and students' study projects.
  • Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
  • Teach theories, principles, and methods of economics.

Interests

  • Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Education, Training, Experience

  • Education - Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).
  • Training - Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.
  • Experience - Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.

Knowledge

Skills

  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Speaking - Talking to others to convey information effectively.
  • Mathematics - Using mathematics to solve problems.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Persuasion - Persuading others to change their minds or behavior.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.

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Wages for this career
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