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| title | chunk | source | category | tags | date_saved | instance |
|---|---|---|---|---|---|---|
| Economist | 1/4 | https://en.wikipedia.org/wiki/Economist | reference | science, encyclopedia | 2026-05-05T10:09:41.732649+00:00 | kb-cron |
An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, regulatory impact analysis and mathematical economics.
== History of the profession ==
Although economists are now recognized as specialists in a distinct profession, the earliest contributors to economic thought were polymath philosophers. Some of the earliest economic writings date to antiquity, notably Aristotle’s Oeconomica and Xenophon’s Oeconomicus. These works addressed, in rudimentary form, themes such as the division of labour. In the seventeenth century, as early modern economic thought began to take shape, its leading writers were typically broad-ranging scholars who wrote on economics alongside philosophy and law. This was true of Richard Cantillon, who described what later came to be known as the Cantillon effect, and of David Hume, who anticipated the quantity theory of money. Adam Smith, in An Inquiry into the Nature and Causes of the Wealth of Nations, wrote one of the first major works devoted entirely to economics, helping to establish economics as a distinct field within the social sciences. His seminal work gave rise to several intellectual traditions, including the classical school (notably David Ricardo and Jean-Baptiste Say) and, in reaction, Marxism, following the writings of Karl Marx. Economics became increasingly professionalized over the course of the nineteenth century. Jean-Baptiste Say held France’s first chair in economics at the Conservatoire national des arts et métiers in the early part of the century. By the end of the century, most economists associated with the neoclassical school were academics, often trained in mathematics. The figure of the economist thus shifted from that of the polymath scholar to that of a specialized intellectual. Over the course of the twentieth century, advances in economic theory associated with John Maynard Keynes, Paul Samuelson, and Milton Friedman contributed to the emergence of several major schools of thought: Keynesian economics, soon integrated through Samuelson’s neoclassical synthesis, and then Friedman’s monetarism, which in turn influenced the development of new classical economics. The 2008 financial crisis led to the Great Recession. This prompted some macroeconomists and Financial Economists to question the current orthodoxy. One response was the Keynesian resurgence. This emerged as a consensus among some policy makers and economists for Keynesian solutions.
== Professions ==
=== Education and training === A professional working inside of one of many fields of economics or having an academic degree in this subject is often considered to be an economist; In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. see Bachelor of Economics and Master of Economics.
=== Employment and roles === Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming [and] they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin." In addition to government and academia, economists are also employed in banking, finance, accountancy, commerce, marketing, business administration, lobbying and non- or not-for profit organizations. In many organizations, an "Economic Analyst" is a formalized role. Professionals here are employed (or engaged as consultants) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques.
==== Academia and research ==== In academia, most economists have a Ph.D. degree in Economics.
===== Private sector ===== Economic analysts employed in financial institutions and in other large corporates, provide the (long term) economic forecasts used within their organizations. Relatedly, they consult to fund managers, risk managers, and corporate analysts regarding their investment strategy / capital budgeting decisions. Particularly in the tech sector, the focus may be microeconomic, addressing pricing, competition, and customer behavior. In either case, (chief) economists are also often included in strategy formulation.
===== Government and public policy ===== In the public sector, analysts advise legislators and executives on economic policy, public works, and related; politicians often consult economists before enacting economic policy; and many statesmen have academic degrees in economics. A Federal Government Economic Analyst conducts economic analysis of issues directly related to the function of their federal government agency.
=== Regulation and qualifications === In contrast to regulated professions such as engineering, law or medicine, there is not a legally required educational requirement or license for economists.