Economist

AAA

DEFINITION of 'Economist'

An expert who studies the relationship between a society's resources and its production or output. The societies studied may range from the smallest of local communities to an entire nation or even the global economy.

The expert opinions and research findings of an economist are used to help shape a wide variety of policies, including interest rates, tax laws, employment programs, international trade agreements and corporate strategies.

INVESTOPEDIA EXPLAINS 'Economist'

There is a good chance that someone interested in a career as an economist will work for the government. According to the Bureau of Labor Statistics, roughly 50% of all economists work for either a federal or state agency. The remainder are employed as professors, by corporations or as part of economic think tanks.

A career as an economist has two main requirements. First, economists generally hold advanced degrees, such as a PhD or a master's degree. Second, economists typically develop an area of specialization where they focus their research efforts.

RELATED TERMS
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  2. Leonid Hurwicz

    A professor of economics at the University of Minnesota and winner ...
  3. Roger B. Myerson

    An American economist and winner of the 2007 Nobel Prize in Economics, ...
  4. Jeffrey Sachs

    An American economist who is director of the Earth Institute. ...
  5. Alfred Nobel

    The man after whom the Nobel Prize is named. Nobel, born in 1833 ...
  6. Economics

    A social science that studies how individuals, governments, firms ...
RELATED FAQS
  1. What are some of the risks of holding liquid assets?

    Liquid assets, such as cash or highly marketable securities, tend to offer lower returns than illiquid assets. This leaves ... Read Full Answer >>
  2. What is the internet sector?

    According to the Department of Homeland Security (DHS), the Internet sector is a collaboration between the information technology ... Read Full Answer >>
  3. Where is the Bureau of Labor Statistics located?

    As of 2014, the Bureau of Labor Statistics is located at the Postal Square Building at 2 Massachusetts Ave., N.E. Washington ... Read Full Answer >>
  4. What is the cost of living difference between Texas and California?

    Texas and California are two of the largest states in the union, both in terms of population and in terms of geography. The ... Read Full Answer >>
  5. What is the relationship between research and development and innovation?

    Although it's possible to achieve innovation without research and development and it's possible to conduct research and development ... Read Full Answer >>
  6. How is minimum transfer price calculated?

    A company that transfers goods between multiple divisions needs to establish a transfer price so that each division can track ... Read Full Answer >>
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Economics

    Understanding Supply-Side Economics

    Does the amount of goods and services produced set the pace for economic growth? Here are the arguments.
  3. Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  4. Investing Basics

    Economic Indicators That Do-It-Yourself Investors Should Know

    Understanding these investing tools will put the market in your hands.
  5. Economics

    The History Of Economic Thought

    Economics is a vital part of every day life. Discover the major players who shaped its development.
  6. Economics

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  7. Options & Futures

    Explaining The World Through Macroeconomic Analysis

    From unemployment and inflation to government policy, learn what macroeconomics measures and how it affects everyone.
  8. Economics

    Is Texas The Future Of America?

    The top three fastest-growing cities are located in Texas and 20% of jobs created between 2009 and 2014 were in the Lone Star State.
  9. Economics

    Calculating Income Elasticity of Demand

    Income elasticity of demand is a measure of how consumer demand changes when income changes.
  10. Economics

    Understanding Implicit Costs

    An implicit cost is any cost associated with not taking a certain action.

You May Also Like

Hot Definitions
  1. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  2. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  3. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  4. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  5. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
  6. Current Account Deficit

    A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!