Economists are financial analysts who study a vast range of economic factors such as demand and supply of consumer goods within a given market, taxation rates as well as salaries and wages of workers. They apply different techniques to research and analyze their data. Government agencies, policymakers and business enterprise rely on their findings to make appropriate decision. Economists will be assigned different responsibilities depending on employer as well as their area of specialty.
An economist will begin his work by conducting research on a given issue and gathering relevant information. The data collected will be analyzed and interpreted using mathematical and statistical techniques. An economist will then organize the results into reports, graphs and charts and used by relevant authorities to solve problem and implement policies. The work of economists will range over several economic factors including health and education that affect the economy of a country. For instance, an economist can study the effects of increasing taxes on alcoholic drinks which lead to decreased traffic-related deaths and transmission of STDs.
Economists are employed by governments to assist in analyzing the general economic status of a country. They research and review price of commodities in the market, employment turnover, forecasted expenditure and salaries of workers. They will share the outcomes with relevant authorities in order to implement certain policies. They assist policymakers understand potential effects of new regulations within a given economy. Also, their expertise is required by government to lay down its budget estimate over a given period.
Economists are employed by private sectors like financial institutions, NGOs, research institutions and global organizations. A business entity will depend on the work of economists to increase its profit by analyzing demand and supply as well as prices of products and services at the market. Financial firms would like to review market trends and effects of interest rates in order to make proper investment strategies based on their targets. Non-profit organizations would rely on the work of economists to study various social factors affecting the society.
Today, there are many renowned economists like Christian Broda. He has worked as a professor at the University of Chicago before shifting his focus to capital investments. He has been analyzing different economic issues relating to international trading and finance and writing various articles on the same. He has presented his results to various institutions like financial firms, universities and other government agencies. In the past, Mr. Broda of chicagobooth has forecasted several economic outcomes that have come to pass.
Economists have different areas of specialty like public finance where they study issues like taxation and welfare initiatives. Global economists analyze international economy like exchange rates and international financial and capital markets.