Economists
Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
Also Known As:
Economic Advisor
Economic Analyst
Economic Consultant
Economic Development Specialist
Economist
Forensic Economist
Project Economist
Research Economist
Revenue Research Analyst
Tax Economist
Wages
Annual wages for Economists in United States
Job Outlook
Average
New job opportunities are likely in the future
United States
2033 Projected Employment
18,400
5% Change From 2023
Explore Economists video
Tasks you might complete in a day.
- Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
- Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Review documents written by others.
- Explain economic impact of policies to the public.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
- Explain economic impact of policies to the public.
- Teach theories, principles, and methods of economics.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
- Supervise research projects and students' study projects.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
- Review documents written by others.
Subject areas you may need to master.
- Therapy and Counseling - Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
- Foreign Language - Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
- Building and Construction - Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
- Geography - Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
- Philosophy and Theology - Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
- Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- Physics - Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub-atomic structures and processes.
- Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- Engineering and Technology - Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
- Psychology - Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
- Public Safety and Security - Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- Food Production - Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
- Chemistry - Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
- Communications and Media - Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
- Personnel and Human Resources - Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Administrative - Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- Telecommunications - Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Strengths you may need in this role.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- Management of Material Resources - Managing equipment and materials.
- Coordination - Changing what is done based on other people's actions.
- Negotiation - Bringing people together to solve differences.
- Quality Control Analysis - Testing how well a product or service works.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Social Perceptiveness - Understanding people's reactions.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Mathematics - Using math to solve problems.
- Service Orientation - Looking for ways to help people.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Science - Using scientific rules and strategies to solve problems.
- Persuasion - Talking people into changing their minds or their behavior.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Repairing - Repairing machines or systems using the right tools.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Programming - Writing computer programs.
- Time Management - Managing your time and the time of other people.
- Active Learning - Figuring out how to use new ideas or things.
- Writing - Writing things for co-workers or customers.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Operation and Control - Using equipment or systems.
- Instructing - Teaching people how to do something.
- Technology Design - Making equipment and technology useful for customers.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Speaking - Talking to others.
- Reading Comprehension - Reading work-related information.
- Near Vision - Seeing details up close.
- Finger Dexterity - Putting together small parts with your fingers.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Sound Localization - Noticing the direction that a sound came from.
- Originality - Creating new and original ideas.
- Memorization - Remembering words, numbers, pictures, or steps.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Night Vision - Seeing at night or under low light.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Selective Attention - Paying attention to something without being distracted.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Stamina - Exercising for a long time without getting out of breath.
- Far Vision - Seeing details that are far away.
- Flexibility of Closure - Seeing hidden patterns.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Time Sharing - Doing two or more things at the same time.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Written Comprehension - Reading and understanding what is written.
- Speech Recognition - Recognizing spoken words.
- Written Expression - Communicating by writing.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Oral Expression - Communicating by speaking.
- Oral Comprehension - Listening and understanding what people say.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Trunk Strength - Using your lower back and stomach.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Speech Clarity - Speaking clearly.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Speed of Closure - Quickly knowing what you are looking at.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Hearing Sensitivity - Telling the difference between sounds.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Deductive Reasoning - Using rules to solve problems.
- Problem Sensitivity - Noticing when problems happen.
- Spatial Orientation - Knowing where things are around you.
- Visualization - Imagining how something will look after it is moved around or changed.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Information Ordering - Ordering or arranging things.
- Fluency of Ideas - Coming up with lots of ideas.
- Category Flexibility - Grouping things in different ways.
- Manual Dexterity - Holding or moving items with your hands.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
Average Education Attained
Highest level of education earned by people in this career.
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Content sourced from United States Department of Labor Employment and Training Administration ("DOLETA") and the Minnesota Department of Employment & Economic Development ("DEED")