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Encyclopedia > Economist

An economist is an individual who studies, develops, and applies theories and concepts from economics, and who writes about economic policy. Within this field of study there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomics analysis, microeconomics analysis or financial analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, financial mathematics and mathematical economics. Adam Smith is perhaps the most famous economist, as the founder of modern economics. From http://www. ... From http://www. ... Alan Greenspan (born March 6, 1926) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Economic policy refers to the actions that governments take in the economic field. ... The philosopher Socrates about to take poison hemlock as ordered by the court. ... The word theory has a number of distinct meanings in different fields of knowledge, depending on their methodologies and the context of discussion. ... In economics, a muppet is a theoretical model in which buyers and sellers interact to optimize certain variables such as utility or profit. ... This article does not cite its references or sources. ... Microeconomics is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. ... Financial analysis refers to an assessment of the viability, stability and profitability of a business, sub-business or project. ... Econometrics literally means economic measurement. It is a combination of mathematical economics and statistics. ... A graph of a Normal bell curve showing statistics used in educational assessment and comparing various grading methods. ... A diagram of the IS/LM model In economics, a model is a theoretical construct that represents economic processes by a set of variables and a set of logical and quantitative relationships between them. ... An abstract machine, also called an abstract computer, is a theoretical model of a computer hardware or software system. ... Financial economics is the branch of economics concerned with resource allocation over time. ... Mathematical finance is the branch of applied mathematics concerned with the financial markets. ... Mathematical economics is the sub-field of economics that explores the mathematical aspects of economic systems. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ...

Contents

In academia

Most major universities have an economics faculty, school or department, where academic degrees are awarded in support of potential professional economists. However, many prominent economists come from a background in mathematics, engineering, business, law, sociology, or history. Representation of a university class, 1350s. ... A B.A. issused as a certificate A degree is any of a wide range of status levels conferred by institutions of higher education, such as universities, normally as the result of successfully completing a program of study. ... Euclid, Greek mathematician, 3rd century BC, as imagined by by Raphael in this detail from The School of Athens. ... Engineering is the design, analysis, and/or construction of works for practical purposes. ... Wall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world of business. ... Lady Justice or Justitia is a personification of the moral force that underlies the legal system (particularly in Western art). ... This article or section does not adequately cite its references or sources. ... History studies the past in human terms. ...

Paul Samuelson, Nobel Prize in Economics winner.

The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 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. [1] Image File history File links Paul_Samuelson. ... Image File history File links Paul_Samuelson. ... Paul Anthony Samuelson Paul A. Samuelson (born May 15, 1915, in Gary, Indiana) is an American economist known for his work in many fields of economics. ... The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (in Swedish Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is a prize awarded each year for outstanding intellectual contributions in the field of economics. ...   (October 21, 1833, Stockholm, Sweden—December 10, 1896, Sanremo, Italy) was a Swedish chemist, engineer, innovator, armaments manufacturer and the inventor of dynamite. ...


Professions

Economists work in academia, in government and in the private sector, where they “...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. [1].


It is more difficult to define the professional category of "economists" than to define regulated professions such as law or engineering. While a lawyer or engineer can only be a person with a law or engineering degree, respectively, who has been licenced by state or national licencing bodies, there is not a legally-required educational requirement or licence 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 graph of a Normal bell curve showing statistics used in educational assessment and comparing various grading methods. ... Applied mathematics is a branch of mathematics that concerns itself with the mathematical techniques typically used in the application of mathematical knowledge to other domains. ... Mathematical finance is the branch of applied mathematics concerned with the financial markets. ... Game theory is often described as a branch of applied mathematics and economics that studies situations where multiple players make decisions in an attempt to maximize their returns. ...


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. Economists are also employed in banking, finance, accountancy, commerce, marketing, and business administration. For other uses, see Bank (disambiguation). ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. ... This article or section does not cite any references or sources. ... Wikibooks has more about this subject: Marketing Look up marketing in Wiktionary, the free dictionary. ... Look up Management in Wiktionary, the free dictionary. ...


Politicians often consult economists before enacting policy, and many statesmen have academic degrees in economics (see List of politicians with economics training). However, politics and economics have not always meshed well. Peter G. Klein wrote: The Politics series Politics Portal This box:      A politician is an individual who is a formally recognized and active member of a government, or a person who influences the way a society is governed through an understanding of political power and group dynamics. ... Look up policy in Wiktionary, the free dictionary. ... This is a list of notable politicians, statesmen, central bankers, entrepreneurs, journalists, world leaders, and other notable persons with an academic background in economics: Kofi Annan Óscar Arias Dick Armey Gloria Macapagal Arroyo Leszek Balcerowicz Steve Ballmer Ravi Batra Ben Bernanke Don Brash Terence Burns, Baron Burns James Callaghan Michel...

Economists are not traditionally popular as policy advisors. Economics teaches that resources are limited, that choices made imply opportunities forgone, that our actions can have unintended consequences. This is typically not what government officials want to hear. When they propose an import tariff to help domestic manufacturers, we economists explain that this protection will come only at the expense of domestic consumers. When they suggest a minimum-wage law to raise the incomes of low-wage workers, we show that such a law hurts the very people it purports to help by forcing them out of work. On and on it goes. As each new generation of utopian reformers promises to create a better society, through government intervention, the economist stands athwart history, yelling "Remember the opportunity cost!" [2]

For the Law of unintended consequences, see Unintended consequence Unintended Consequences by John Ross, 1996 Unintended Consequences is a novel by author John Ross, first published in 1996 by Accurate Press. ... An import tariff or import duty is a schedule of duties imposed by a country on imported goods. ... A minimum wage is the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers. ... ... In economics, opportunity cost, or economic cost, is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone), i. ...

United States

Economist salaries by educational attainment.
Economist salaries by educational attainment.[2]

According to the United States Department of Labor there were 13,000 economists in the US with a median salary of roughly $72,780 with the top ten percent earning more than US$ 129,170 annually.[3] About 400 colleges and universities grant about 900 new 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.[4] 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.[2] Image File history File links Economists_salary. ... Image File history File links Economists_salary. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Doctor of Philosophy, abbreviated Ph. ...


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. The Government Economic Service (GES) is a civil service department in the UK. It provides economic analysis services for government departments and is the largest employer of economists in the UK. Their website details the areas of work members are involved in for specific government departments. ...


Famous economists

Founders of fields

According to some scholars, "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.[5] 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). Chāṇakya The court of Chandragupta Maurya, especially Chanakya, played an important part in the foundation and governance of the Maurya dynasty DVD cover of the popular eight-part series based on the Chanakya Chāṇakya (Sanskrit: चाणक्य) (c. ... Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ... David Hume (April 26, 1711 – August 25, 1776)[1] was a Scottish philosopher, economist, and historian. ... Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), usually known as Thomas Malthus, although he preferred to be known as Robert Malthus, was an English demographer and political economist. ... David Ricardo (April 18, 1772 – September 11, 1823), a political economist, is often credited with systematising economics, and was one of the most influential of the classical economists, along with Thomas Malthus, and Adam Smith. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ...


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). John Stuart Mill (20th May 1806 – 8th May 1873), a British philosopher and political economist, was an influential liberal thinker of the 19th century. ... Jean-Baptiste Say (January 5, 1767 – November 15, 1832) was a French economist and businessman. ... Karl Heinrich Marx (May 5, 1818, Trier, Germany – March 14, 1883, London) was a German philosopher, political economist, and revolutionary. ... Frédéric Bastiat Claude Frédéric Bastiat (June 30, 1801–December 24, 1850) was a French classical liberal theorist, political economist, and member of the French assembly. ... [William Stanley Jevons] William Stanley Jevons (September 1, 1835 - August 13, 1882), English economist and logician, was born in Liverpool. ...


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); Austrian-British economist and political philosopher, and one of the most influential members of the Austrian School of economics Friedrich Hayek (1899-1992); American economist, public intellectual, and laissez-faire capitalism advocate Milton Friedman (1912–2006). Eugen von Böhm-Bawerk Eugen von Böhm-Bawerk (February 12, 1851 – August 27, 1914) made important contributions to the development of Austrian economics. ... The Austrian School, also known as the Vienna School or the Psychological School, is a school of economic thought that advocates adherence to strict methodological individualism. ... Austrian School economist Carl Menger Carl Menger Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... This article does not cite its references or sources. ... John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well... Irving Fisher (February 27, 1867 Saugerties, New York — April 29, 1947, New York) was an American economist, health campaigner, and eugenicist. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Laissez-faire capitalism is, roughly stated, the doctrine that the free market functions to the greatest good when left unfettered and unregulated by government. ... Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ...


References

  1. ^ http://www.princetonreview.com/cte/profiles/dayInLife.asp?careerID=56
  2. ^ a b Pay Scale, US income of Economists. Retrieved on 2006-12-22.
  3. ^ US Bureau of Labor, Occupational Outlook Handbook
  4. ^ The Market for new PhD Economists 2002. Retrieved on 2006-09-11.
  5. ^ 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.

Mwai Kibaki Robert Sobel in a promotional photo for his publisher. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... For the Manfred Mann album, see 2006 (album). ... December 22 is the 356th day of the year (357th in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... September 11 is the 254th day of the year in the Gregorian calendar (255th in leap years). ...


See also


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