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.

BREAKING DOWN '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 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

    Defining Cost-Push Inflation

    Cost-push inflation is caused by an increase in the cost of production, due to higher prices for raw materials or labor.
  9. Economics

    Calculating the Consumption Function

    The consumption function shows the level of consumer spending as it relates to disposable income.
  10. Fundamental Analysis

    Examining Mexico's Trillion-Dollar GDP

    Examining the gross domestic product growth and composition of Mexico, the second largest economy in Latin America
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. Is Japan an emerging market economy?

    Japan is not an emerging market economy. Emerging market economies are characterized by low per capita incomes, poor infrastructure ... Read Full Answer >>
  6. When has the United States run its largest trade deficits?

    In macroeconomics, balance of trade is one of the leading economic metrics that determines the trading relationship of a ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Recession

    A significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, ...
  2. Bubble Theory

    A school of thought that believes that the prices of assets can temporarily rise far above their true values and that these ...
  3. Stock Market Crash

    A rapid and often unanticipated drop in stock prices. A stock market crash can be the result of major catastrophic events, ...
  4. Financial Crisis

    A situation in which the value of financial institutions or assets drops rapidly. A financial crisis is often associated ...
  5. Election Period

    The period of time during which an investor who owns an extendable or retractable bond must indicate to the issuer whether ...
  6. Shanghai Stock Exchange

    The largest stock exchange in mainland China, the Shanghai Stock Exchange is a nonprofit organization run by the China Securities ...
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!