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An economist is a 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, mathematical finance and mathematical economics.
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 contrast to regulated professions such as engineering, law or medicine, there is not a legally required educational requirement or license for economists. In academia, most economists have a Ph.D. degree in Economics.[ citation needed ] 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.
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 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.
Politicians often consult economists before enacting economic policy. Many statesmen have academic degrees in economics.
Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college. Whilst only a few[ quantify ] economics graduates may be expected to become professional economists,[ citation needed ] many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or management; [ citation needed ] see Financial analyst #Qualification. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers[ quantify ][ citation needed ] go on to undertake postgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas.
In Brazil, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil.
According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $83,000 the top ten percent earning more than $147,040 annually. [ verification needed ] grant around 900 new Ph.D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013, PayScale.com showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $61,000 to $160,000; Ph.D. corporate economists, $71,000 to $207,000; economics full professors, $89,000 to $137,000; economics associate professors, $59,000 to $156,000, and economics assistant professors, $72,000 to $100,000.Nearly 135 colleges and universities
The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies.[ citation needed ]
Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom (ranging from Newcastle University to the London School of Economics), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors.[ citation needed ] This figure compares very favourably with the national picture, with 64 percent of economics graduates in employment.[ citation needed ]
Some current well-known economists include:
James Tobin was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known Tobit model.
Daniel Little McFadden is an American econometrician who shared the 2000 Nobel Memorial Prize in Economic Sciences with James Heckman. McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He is the Presidential Professor of Health Economics at the University of Southern California and Professor of the Graduate School at University of California, Berkeley.
Myron Samuel Scholes is a Canadian-American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black–Scholes options pricing model. Scholes is currently the chairman of the Board of Economic Advisers of Stamos Capital Partners. Previously he served as the chairman of Platinum Grove Asset Management and on the Dimensional Fund Advisors board of directors, American Century Mutual Fund board of directors and the Cutwater Advisory Board. He was a principal and limited partner at Long-Term Capital Management and a managing director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, senior research fellow at the Hoover Institution, director of the Center for Research in Security Prices, and professor of finance at MIT's Sloan School of Management. Scholes earned his PhD at the University of Chicago.
Robert Alexander Mundell, CC is a Canadian economist. Currently, he is a professor of economics at Columbia University and the Chinese University of Hong Kong.
Andrew Michael Spence is a Canadian-American economist and Nobel laureate.
Wassily Wassilyevich Leontief, was a Russian-American economist known for his research on input-output analysis and how changes in one economic sector may affect other sectors.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles.
Sir Clive William John Granger was a British econometrician known for his contributions to non-linear time series. He taught in Britain, at the University of Nottingham and in the United States, at the University of California, San Diego. During his university he was a member of Claymore. Granger was awarded the Nobel Memorial Prize in Economic Sciences in 2003 in recognition of the contributions that he and his co-winner, Robert F. Engle, had made to the analysis of time series data. This work fundamentally changed the way in which economists analyse financial and macroeconomic data.
Sir William Arthur Lewis was an economist and the James Madison Professor of Political Economy at Princeton University. Lewis was well known for his contributions in the field of economic development. In 1979 he was awarded the Nobel Memorial Prize in Economic Sciences. He had dual Saint Lucian and British citizenships.
Omicron Delta Epsilon is an international honor society in the field of economics, formed from the merger of Omicron Delta Gamma and Omicron Chi Epsilon, in 1963. Its board of trustees includes well-known economists such as Robert Lucas, Richard Thaler, and Robert Solow. ODE is a member of the Association of College Honor Societies; the ACHS indicates that ODE inducts approximately 4,000 collegiate members each year and has more than 100,000 living lifetime members. There are approximately 700 active ODE chapters worldwide. New members consist of undergraduate and graduate students, as well as college and university faculty; the academic achievement required to obtain membership for students can be raised by individual chapters, as well as the ability to run for office or wear honors cords during graduation. It publishes an academic journal entitled The American Economist twice each year.
Edmund Strother Phelps is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.
Lars Peter Hansen is an American economist. He is the David Rockefeller Distinguished Service Professor of economics at the University of Chicago and a 2013 recipient of the Nobel Memorial Prize in Economics.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Bengt Robert Holmström is a Finnish economist who is currently Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology. Together with Oliver Hart, he received the Central Bank of Sweden Nobel Memorial Prize in Economic Sciences in 2016.
Peter Arthur Diamond is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s. He was awarded the Nobel Memorial Prize in Economic Sciences in 2010, along with Dale T. Mortensen and Christopher A. Pissarides. He is an Institute Professor at the Massachusetts Institute of Technology. On June 6, 2011, he withdrew his nomination to serve on the Federal Reserve's board of governors, citing intractable Republican opposition for 14 months.
The Barcelona Graduate School of Economics, commonly referred to as Barcelona GSE, is an independent institution of research and graduate education located in Barcelona, Spain. The School offers a variety of master's degrees in Economics, Finance, and Data Science. It has been ranked by RePEc among the top Economics Departments in the world.
Bagicha Singh Minhas (1929) is an Indian economist.
Abhijit Vinayak Banerjee is an India-born naturalized American economist who is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology. Banerjee shared the 2019 Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty". He and Esther Duflo, who are married, are the sixth married couple to jointly win a Nobel Prize.
The Toulouse School of Economics is a school within the Toulouse 1 University Capitole, a constituent college of the Federal University of Toulouse Midi-Pyrénées, located in Toulouse, France. While the core focus is economics, TSE offers a range of academic degrees spanning licences, several master's degrees and a doctoral (PhD) programme. Classes are taught in both French and English. Currently, the school has around 2400 students from over 90 nationalities and 150 full faculty members. According to RePEc, TSE was ranked as the 9th most productive research department of economics in the world and the 3rd in Europe by April 2019.
The Heller-Hurwicz Economics Institute was launched in 2010 in order to promote socioeconomic research.
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