Economist
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{{otheruses4|the profession|the news publication|The Economist}}
An '''economist''' is an expert in the [[social science]] of [[economics]].<ref>[http://wordnet.princeton.edu/perl/webwn?s=economist Princeton University WordNet definition for economist]. Retrieved on [[July 22]], [[2007]].</ref> 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 [[philosophy|philosophical]] [[theory|theories]] to the focused study of minutiae within specific [[market (economics)|markets]], [[macroeconomic]] analysis, [[microeconomic]] analysis or [[financial analysis]], involving analytical methods and tools such as [[econometrics]], [[statistics]], [[economic model|economics]] [[computational model]]s, [[financial economics]], [[financial mathematics]] and [[mathematical economics]].
==In academia==
The professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900."<ref>[[Orley Ashenfelter|O. Ashenfelter]] (2001), "Economics: Overview", The Profession of Economics, ''[[International Encyclopedia of the Social & Behavioral Sciences]]'', v. 6, p. 4159.</ref> Most major universities have an economics faculty, school or department, where [[academic degree]]s are awarded in economics. However, many prominent economists come from a background in [[mathematics]], [[engineering]], [[business]], [[law]], [[sociology]], or [[history]].
The [[Nobel Memorial Prize in Economic Sciences|Nobel Memorial Prize in Economics]], established by [[Sveriges Riksbank]] in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics. The prize winners are announced in October every year. They receive their awards (a prize amount, a gold medal and a diploma) on [[December 10]], the anniversary of [[Alfred Nobel]]'s death.<ref>{{cite web |url=http://nobelprize.org/nobel_prizes/ |title=The Nobel Prize |accessdate=2008-03-14 |format=HTML |publisher=Nobel Web AB }}</ref>
==Professions==
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."<ref>[http://www.princetonreview.com/cte/profiles/dayInLife.asp?careerID=56 Economist<!-- Bot generated title -->]</ref>
It is more difficult to define the professional category of "economists" than to define regulated professions such as engineering, law or medicine. While a lawyer, for example, may be generally defined as a person possessing a law degree and state license to practice law, there is not a legally-required educational requirement or license for economists. In some job settings, the possession of a Bachelor's or Master's degree in economics is considered the minimum credential for being an economist. However, in some parts of the US government, a person can be considered an economist as long as they have four or more university courses in economics. As well, a person can gain the skills required to become a professional economist in other related disciplines, such as statistics or some types of [[applied mathematics]], such as [[mathematical finance]] or [[game theory]].
A professional working inside of one of many fields of economics or having an academic degree in this subject is widely considered to be an economist, and any person within any of these fields can claim to be one{{Fact|date=January 2008}}. Economists are also employed in [[banking]], [[finance]], [[accountancy]], [[commerce]], [[marketing]], [[management|business administration]], [[lobbying]] and non- or not-for profit organizations.
[[Politician]]s often consult economists before enacting [[policy]], and many statesmen have academic degrees in economics (see [[List of politicians with economics training]]).
==By country==
Economics [[graduate]]s 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 economics graduates may be expected to become professional economists, many find it a base for entry into a career in [[finance]] – including accounting, insurance, tax and banking, or [[management]]. 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 go on to undertake postgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas.
===United States===
[[Image:Economists salary.png|thumb|300px|Economist salaries by educational attainment.<ref name="Pay Scale, US income of Economists">{{cite web|url=http://www.payscale.com/research/US/Degree=Ph.D._Economics/Salary|title=Pay Scale, US income of Economists|accessdate=2006-12-22}}</ref>]]
According to the United States Department of Labor there were 13,000 economists in the US with a median salary of roughly $72,780 with the top ten percent earning more than $129,170 annually.<ref>[http://www.bls.gov/oco/ocos055.htm#earnings/ US Bureau of Labor, Occupational Outlook Handbook]</ref> About 400 colleges and universities grant about 900 new [[Doctor of Philosophy|Ph.D.]]s in economics each year. The type of academic degree, Bachelors, Masters or Doctorate degree had significant influence on an individuals job outlook and salary. While the overall expected job growth for economists remains below nation average, the demand for those with a Doctorate, especially those employed in the corporate sector, is expected to increase at a considerably faster pace.<ref name="The Market for new PhD Economists 2002">{{cite web|url=http://www.aeaweb.org/joe/articles/2004/2004_market.pdf#search=%22economist%20phd%20income%20for%22|title=The Market for new PhD Economists 2002|accessdate=2006-09-11}}</ref> Incomes were highest for those in the private sector, followed by the federal government with academia and high schools paying the lowest incomes. Median salaries ranged from $45,000 for those with a Bachelor to $85,000 for those with a Ph.D. in economics. A recent and continuous study by PayScale.com showed Economic consultants with a Ph.D. had the overall highest median income for any group making $116,250, the median salaries for an assistant professor was $63,500, for an associate professor it lay at $67,000 and $85,000 for a full professor. The overall median income for doctorates in academia was $75,000 compared to $125,000 in consulting and $87,000 in banking.<ref name="Pay Scale, US income of Economists">{{cite web|url=http://www.payscale.com/research/US/Degree=Ph.D._Economics/Salary|title=Pay Scale, US income of Economists|accessdate=2006-12-22}}</ref>
Policy advising and analyzing of economic current trends are among the main responsibilities of economists in the United States. A recent study of U.S. economists by Daniel B. Klein and Charlotta Stern found that the responses show that most economists are supporters of safety regulations, gun control, redistribution, public schooling, and anti-discrimination laws. They are evenly mixed on personal choice issues, military action, and the minimum wage. Most economists oppose tighter immigration controls, government ownership of enterprise and tariffs.<ref name="Klein, D. B. & Stern, C. (6 December, 2004) Economists' policy views and voting. ''Public Choice Journal''.">{{cite web|url=http://springerlink.metapress.com/content/w4q363786573275h/|title=Klein, D. B. & Stern, C. (6 December, 2004) Economists' policy views and voting. ''Public Choice Journal''.|accessdate=2007-07-02}}</ref> A study in the ''Southern Economic Journal'' found that "71 percent of American economists believe the distribution of [[Income in the United States|income in the US]] should be [[Income inequality in the United States|more equal]], and 81 percent feel that the redistribution of income is a legitimate role for government."<ref name="Klein, G. P. (15 November, 2006). Why Intellectuals Still Support Socialism. ''Ludwig Von Mieses Institute''. (Survey results were taken from a tetriary source in this case)">{{cite web|url=http://www.mises.org/story/2318|title=Klein, G. P. (15 November, 2006). Why Intellectuals Still Support Socialism. ''Ludwig Von Mieses Institute''. (Survey results were taken from a tetriary source in this case)|accessdate=2007-08-21}}</ref> In terms of [[Political ideologies in the United States|political orientation]] 63% identified as [[Modern liberalism in the United States|progressive]] and less than 20% as [[Conservatism in the United States|conservative]]/libertarian<ref name="Boxx & Quinlivan">Boxx, W. T. & Quinlivan, G. M. (1994). The Cultural Context of Economics and Politics. Lanham, MA: University Press of America.</ref> with registered [[Democratic Party (United States)|Democrats]] outnumbering registered [[Republican Party (United States)|Republicans]] 2.8:1.<ref name="Klein, D. B. & Stern, C. (6 December, 2004) Economists' policy views and voting. ''Public Choice Journal''.">{{cite web|url=http://springerlink.metapress.com/content/w4q363786573275h/|title=Klein, D. B. & Stern, C. (6 December, 2004) Economists' policy views and voting. ''Public Choice Journal''.|accessdate=2007-07-02}}</ref>
===United Kingdom===
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.
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 per cent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. This figure compares very favourably with the national picture, with 64 per cent of economics graduates in employment.
==Famous economists==
{{Main| History of economic thought}}
[[Image:AdamSmith.jpg|right|thumb|150px|[[Adam Smith]]]]
Early economists were found in the [[Ancient Greek world]], with [[Aristotle]] (382-322 BC) expounding in his work ''Topics'' on the topic of human production and further examining the topic in ''Politics''.<ref>Younkis, Dr. Edward "Aristotle and Economics" http://www.quebecoislibre.org/05/050915-11.htm </ref> [[Xenophon]] (431-355) also wrote extensively on the Athenian economy in his work ''Economics.'' <ref>Xenophon, Economics. http://classics.mit.edu/Xenophon/xen.ec.html</ref> According to some historians, "the pioneer economist of the world" was [[Chanakya]] (c. 350-283 BC) an adviser and prime minister to the first Maurya Emperor Chandragupta from 340-293 BC.<ref>L. K. Jha, K. N. Jha (1998). "Chanakya: the pioneer economist of the world", International Journal of Social Economics 25 (2-4), p. 267-282.</ref> In the 1700s, one of the first economic writers was [[Richard Cantillon]] (1680-1734), who wrote the treatise '' Essai Sur la Nature du Commerce en Général''. Early founders of economic concepts included the Scottish philosopher, economist, and historian. [[David Hume]] (1711-1776) and the so-called "classical economists": English demographer and political economist [[Thomas Malthus]] (1766-1834), political economist [[David Ricardo]] (1772–1823), and the Scottish moral philosopher and political economist [[Adam Smith]] (1723-1790).
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Other early developers of economic concepts include the British philosopher, political economist [[John Stuart Mill]] (1806–1873); French economist and free trade advocate [[Jean-Baptiste Say]] (1767–1832); Prussian philosopher, political economist, and revolutionary [[Karl Marx]] (1818–1883); French classical liberal theorist and political economist, [[Frédéric Bastiat]] (1801–1850); and English economist and logician [[William Stanley Jevons]] (1835-1882).
Founders of important economic concepts who were alive during the 20th century include the Austrian economist [[Eugen von Böhm-Bawerk]] (1851–1914); the founder of the [[Austrian School]] of economics, [[Carl Menger]] (1840–1921); British economist, developer of [[Keynesian economics]], and influential founders of modern theoretical [[macroeconomics]] [[John Maynard Keynes]] (1883–1946); American economist, health campaigner, and eugenicist [[Irving Fisher]] (1867-1947); German economist and proponent of the [[social market economy]], [[Wilhelm Röpke]] (1899-1966); American economists, Nobel Prize Laureate and proponent of the [[Tobit model]], [[James Tobin]] (1918-2002); Austrian-British member of the Austrian School of economics [[Friedrich Hayek]] (1899-1992); and American economist, public intellectual, and [[laissez-faire capitalism]] advocate [[Milton Friedman]] (1912–2006).
Current well-known American economists include [[Paul Krugman]], a public intellectual, advocate of [[Modern liberalism in the United States|modern liberal]] policies, known for his descriptions of rising inequality; [[Jeffrey Sachs]], former [[United Nations]] economic adviser to the [[United Nations Secretary-General| Secretary-General]] and author of ''[[The End of Poverty]]''; and [[Alan Greenspan]], the former [[Chairman of the Federal Reserve| chairman]] of the [[Federal Reserve System| Federal Reserve]].
==References==
*[[Robert Sobel]] ''The Worldly Economists'' (1980).
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==See also==
{{wiktionary|economist}}
*[[List of economists]]
*[[Nobel Prize in Economics]]
*[[Chief economist]]
*[[Forensic economist]]
* [[Heterodox economics]]
*[[Mainstream economics]]
*[[Neoclassical economics]]
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