Economist facts for kids

An economist is a professional who studies economics. Economics is a social science that looks at how people, groups, and countries make choices about using their limited resources.

Economists study how societies use resources like money, land, and time. They look at things like how goods and services are made, shared, and used. They also create and use ideas from economics and write about economic policy, which are rules and plans for how a country's economy should work. This field has many different parts, from big ideas about how the world works to detailed studies of specific markets. They use tools like statistics and computer models to understand economic patterns.

What Do Economists Do?

Alan Greenspan, a former head of the U.S. central bank, speaking to a committee. He earned his Ph.D. in economics.

Janet Yellen, another former head of the U.S. central bank, talking with Christine Lagarde from the International Monetary Fund in 2014.

Economists work in many places. They can be found in universities, for the government, or in private companies. They often study data and numbers to find trends in how the economy is doing. They also look at how confident people are about the economy and what consumers want.

They use advanced math and computer skills to understand this information. Based on their findings, they suggest ways to make systems work better or to use new trends. Besides government and schools, economists also work in banking, finance, accountancy, marketing, and business. They also work for groups that help people or for non-profit organizations.

Economic Analysts

Many organizations have a special job called an "Economic Analyst." These professionals do research, write reports, or create plans to solve economic problems. They give forecasts, analysis, and advice based on what they see happening in the economy. They also collect and process economic data using special methods.

• In financial institutions and large companies, economic analysts predict long-term economic trends. They advise people who manage money or risks on investment plans. In tech companies, they might focus on smaller details like pricing, competition, and how customers behave.
• In the public sector, economists advise lawmakers and leaders on economic policy and public projects. Politicians often ask economists for advice before making new economic rules. Many leaders even have degrees in economics themselves.

Unlike some jobs like doctors or lawyers, there isn't a specific license or education required by law to be called an economist. However, most economists who teach at universities have a Ph.D. degree in Economics. In the U.S. Government, you can be hired as an economist if you have a degree with enough economics and statistics courses.

Economists Around the World

People with economics degrees can find jobs in many different fields. This depends on the economy and job market in their country. Employers value the skills economics graduates learn, like being good with numbers, analyzing information, communicating clearly, and understanding big issues.

While not all economics graduates become professional economists, many use their degree to start careers in finance, including accounting, insurance, tax, and banking. They also go into management or other business roles. Many economics graduates work for large national and international companies in finance, business, manufacturing, and IT. They also work in the public sector, like in health, education, or government. Some even continue their studies in economics or other specialized areas.

Brazil

In Brazil, the job of an economist is regulated by law. Only people who have a Bachelor of Economics degree from Brazil can officially be called an economist.

United States

This chart shows how much economists in the U.S. earned in 2008, based on their education level.

In 2008, there were about 15,000 economists in the United States who didn't work in schools. Their average yearly salary was about $83,000. The top 10% earned more than $147,040 each year. About 135 colleges and universities give out around 900 new Ph.D. degrees in economics every year. Economists in private companies usually earn the most, followed by those in the federal government. University professors generally earn less.

United Kingdom

The largest group of economists in the UK works for the government. There are over 3,500 members in the Government Economic Service. Studies show that almost 80% of economics graduates from top UK schools find jobs within six months of graduating. They work in many different roles and for various types of organizations, both in the UK and internationally.

Famous Economists

Here are some well-known economists:

• Adam Smith: A Scottish economist and philosopher, often called "The Father of Economics."
• John Maynard Keynes: An English economist famous for his ideas that form the basis of Keynesian economics.
• Jan Tinbergen: A Dutch economist who helped create and use models to study economic processes. He won the first Nobel Memorial Prize in Economic Sciences in 1969.
• Ragnar Frisch: A Norwegian economist who created the term "econometrics" in 1926. He also won the first Nobel Memorial Prize in Economic Sciences in 1969.
• Karl Marx: A German philosopher and economist known for starting Marxist Economics.
• Amartya Sen: Born in 1933, he won the Nobel Memorial Prize in Economic Sciences and teaches at Harvard University.
• Ben Bernanke: He was the head of the U.S. central bank, the Chairman of the Federal Reserve, from 2006 to 2014.
• Esther Duflo: She won the Nobel Memorial Prize in Economic Sciences and teaches at the Massachusetts Institute of Technology.
• Milton Friedman: A winner of the Nobel Memorial Prize in Economic Sciences.
• Claudia Goldin: A winner of the Nobel Memorial Prize in Economic Sciences and a professor at Harvard University.
• Alan Greenspan: He was the head of the U.S. central bank from 1987 to 2006.
• Paul Krugman: He won the Nobel Memorial Prize in Economic Sciences in 2008 and is known for his public discussions on economic topics.
• Joseph Stiglitz: He won the Nobel Memorial Prize in Economic Sciences in 2001. He is known for his views on economic inequality and was a former chief economist at the World Bank.
• Dambisa Moyo: An international economist and author from Zambia who studies global economic issues.
• Thomas Sowell: An American economist and social thinker.
• Friedrich Hayek: An Austrian economist and Nobel Memorial Prize winner, author of The Road to Serfdom.
• David Ricardo: He developed the idea of comparative advantage in 1817, which explains why countries benefit from trading with each other.

See also

In Spanish: Economista para niños

• Chief economist
• List of economists