An economist is an expert in the social science of economics. The social sciences comprise academic disciplines concerned with the study of the social life of human groups and individuals including Anthropology, Communication studies Economics is the social science that studies the production distribution, and consumption of goods and services. ^[1] The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Economic policy refers to the actions that Governments take in the economic field. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, financial mathematics and mathematical economics. Philosophy is the study of general problems concerning matters such as existence knowledge truth beauty justice validity mind and language The word theory has many distinct meanings in different fields of Knowledge, depending on their methodologies and the context of discussion. Sao Paulo Stock Exchangejpg|thumb| Virtual market arena where buyer and seller are not present and trade via intemediates and electronical information Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole Microeconomics is a branch of Economics that studies how individuals households and firms and some states make decisions to allocate limited resources typically in markets Financial analysis refers to an assessment of the viability stability and profitability of a Business, sub-business or Project. Econometrics is concerned with the tasks of developing and applying Quantitative or Statistical methods to the study and elucidation of economic principles Statistics is a mathematical science pertaining to the collection analysis interpretation or explanation and presentation of Data. Computational model is a Mathematical model in Computational science that requires extensive Computational resources to study the behavior of a Complex Financial economics is the branch of Economics concerned with "the allocation and deployment of economic resources both spatially and across time in an uncertain environment" Mathematical finance is the branch of Applied mathematics concerned with the Financial markets. Mathematical economics refers to the application of Mathematical methods to represent economic theories and analyze problems posed in Economics.

In academia

The professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900. "^[2] Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. 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 However, many prominent economists come from a background in mathematics, engineering, business, law, sociology, or history. Mathematics is the body of Knowledge and Academic discipline that studies such concepts as Quantity, Structure, Space and Engineering is the Discipline and Profession of applying technical and scientific Knowledge and A business (also called firm or an enterprise) is a legally recognized organizational entity designed to provide goods and/or services to Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society Sociology (from Latin: socius "companion" and the suffix -ology "the study of" from Greek λόγος lógos "knowledge" History is the study of the past particularly the written record Those who study history as a Profession are called Historians Etymology

The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics. The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk Sveriges Riksbank, or simply Riksbanken, is the Central bank of Sweden and the world's oldest central bank 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. Events 1041 - Empress Zoe of Byzantium elevates her adoptive son to the throne of the Eastern Roman Empire as Michael V (21 October 1833 Stockholm, Sweden – 10 December 1896 Sanremo, Italy) was a Swedish chemist engineer innovator armaments manufacturer ^[3]

Professions

Economists work in many fields including academia, government and in the private sector, where they may also ". . . 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. "^[4]

It is more difficult to define the professional category of "economists" than to define regulated professions such as engineering, law or medicine. While a lawyer, for example, may be generally defined as a person possessing a law degree and state license to practice law, there is not a legally-required educational requirement or license 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. 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 a branch of Applied mathematics that is used in the Social sciences (most notably Economics) Biology, Engineering,

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, business administration, lobbying and non- or not-for profit organizations. A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Management (covering theory practice and scope of management and Manager' (covering the people who manage might help clarify and systematise Lobbying includes all attempts to influence Legislators and officials whether by other legislators constituents or organized groups

Politicians often consult economists before enacting policy, and many statesmen have academic degrees in economics (see List of politicians with economics training). A politician (from Greek " Polis " is an individual who is involved in influencing public decision making through the influence of Politics or a person A policy is a deliberate plan of action to guide decisions and achieve rational outcome(s This is a list of economists who are also Politicians statesmen, Central bankers Entrepreneurs Journalists world leaders and other notable persons

By country

Economics graduates are employable in varying degrees, depending on the regional economic scenario and labour market conditions at the time for a given country. Labour economics seeks to understand the functioning of the Market and dynamics for labour. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college. Communication is the process of conveying information from a sender to a receiver with the use of a medium in which the communicated information is understood the same way A university is an institution of Higher education and Research, which grants Academic degrees in a variety of subjects College ( Latin collegium) is a term most often used today to denote an Educational Institution. Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or management. The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Management (covering theory practice and scope of management and Manager' (covering the people who manage might help clarify and systematise A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. For the government of parliamentary systems see Executive (government. Politics Politics is the process by which groups of people make decisions Small numbers go on to undertake postgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas.

United States

Economist salaries by educational attainment. ^[5]

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 $129,170 annually. ^[6] About 400 colleges and universities grant about 900 new Ph.D.s in economics each year. "PhD" redirects here for other uses see PhD (disambiguation. 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. ^[7] 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. ^[5]

Policy advising and analyzing of economic current trends are among the main responsibilities of economists in the United States. A recent study of U. S. economists by Daniel B. Klein and Charlotta Stern found that the responses show that most economists are supporters of safety regulations, gun control, redistribution, public schooling, and anti-discrimination laws. They are evenly mixed on personal choice issues, military action, and the minimum wage. Most economists oppose tighter immigration controls, government ownership of enterprise and tariffs. ^[8] A study in the Southern Economic Journal found that "71 percent of American economists believe the distribution of income in the US should be more equal, and 81 percent feel that the redistribution of income is a legitimate role for government. Income in the United States is measured by the United States Department of Commerce either by household or individual. Income inequality in the United States is the extent to which income, most commonly measured by household or individual, is distributed in an uneven "^[9] In terms of political orientation 63% identified as progressive and less than 20% as conservative/libertarian^[10] with registered Democrats outnumbering registered Republicans 2. Modern liberalism in the United States, also referred to as American liberalism, is a political ideology that seeks to use the power of the state to effect change upon society Conservatism in the United States includes a variety of political ideologies including Fiscal conservatism, Supply-side economics, Social conservatism The Democratic Party is one of two major Political parties in the United States, the other being the Republican Party. 8:1. ^[8]

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 United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The Government Economic Service (GES is a professional carck grouping of over 1000 UK civil service Economists who work in 30 government departments and agencies

Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom (ranging from Newcastle University to the London School of Economics), shows nearly 80 per cent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. Newcastle University is a leading research intensive University located in Newcastle upon Tyne in the north-east of England. The London School of Economics and Political Science, more commonly referred to as The London School of Economics or LSE, is a specialist college of the This figure compares very favourably with the national picture, with 64 per cent of economics graduates in employment.

Famous economists

Main article: History of economic thought

Adam Smith

Early economists were found in the Ancient Greek world, with Aristotle (382-322 BC) expounding in his work Topics on the topic of human production and further examining the topic in Politics. The history of economic thought deals with different thinkers and theories in the field of Political economy and Economics from the ancient world to the present Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. The term ancient Greece refers to the period of Greek history lasting from the Greek Dark Ages ca Aristotle (Greek Aristotélēs) (384 BC – 322 BC was a Greek philosopher a student of Plato and teacher of Alexander the Great. ^[11] Xenophon (431-355) also wrote extensively on the Athenian economy in his work Economics. Xenophon (Ancient Greek, Modern Greek "Ξενοφών" "Ξενοφώντας" ca ^[12] According to some historians, "the pioneer economist of the world" was Chanakya (c. Chanakya Sanskrit: चाणक्य Cāṇakya) (c 350-283 BC was an adviser and a Prime minister to the first Maurya Emperor 350-283 BC) an adviser and prime minister to the first Maurya Emperor Chandragupta from 340-293 BC. ^[13] 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. Richard Cantillon (1680-1734 acknowledged by many historians as the first great economic "theorist" is an obscure character 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). David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy Thomas Robert Malthus FRS (13 February 1766 – 23 December 1834 was an English political economist and demographer who expressed views David Ricardo (18 April 1772 &ndash 11 September 1823 was an English political economist, often credited with systematizing economics and was one of the most influential Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. 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 (20 May 1806 &ndash 8 May 1873 British Philosopher, political economist, civil servant and Member of Parliament, was an influential Jean-Baptiste Say ( January 5, 1767 &ndash November 15, 1832) was a French economist and businessman Claude Frédéric Bastiat ( June 30, 1801 December 24, 1850) was a French classical liberal theorist political economist William Stanley Jevons ( September 1, 1835 - August 13, 1882) English Economist and Logician, was born in

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); German economist and proponent of the social market economy, Wilhelm Röpke (1899-1966); American economists, Nobel Prize Laureate and proponent of the Tobit model, James Tobin (1918-2002); Austrian-British member of the Austrian School of economics Friedrich Hayek (1899-1992); and American economist, public intellectual, and laissez-faire capitalism advocate Milton Friedman (1912–2006). Eugen Ritter von Böhm-Bawerk ( February 12, 1851 in Brno &ndash August 27, 1914 in Vienna) was an Austrian The Austrian School, also known as the “ Vienna School ” or the “ Psychological School ” is a heterodox school of economics that advocates This article is about the economist not about his son the mathematician Karl Menger. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole John Maynard Keynes 1st Baron Keynes CB (ˈkeɪnz "cains" (5 June 1883 &ndash 21 April 1946 was a British Economist whose ideas Irving Fisher ( February 27 1867 Saugerties, New York &ndash April 29 1947, New York was an American economist The social market economy was the main economic model used in Western and Northern Europe during the Cold War era Wilhelm Röpke ( October 10, 1899 in Schwarmstedt – February 12, 1966 in Geneva) was one of the most important spiritual The Tobit Model is an econometric biometric model proposed by James Tobin (1958 to describethe relationship between a non-negative dependent variabley_i and an James Tobin ( March 5, 1918 March 11, 2002) was an American Economist. Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual.

Current well-known American economists include Paul Krugman, a public intellectual, advocate of modern liberal policies, known for his descriptions of rising inequality; Jeffrey Sachs, former United Nations economic adviser to the Secretary-General and author of The End of Poverty; and Alan Greenspan, the former chairman of the Federal Reserve. Paul Robin Krugman ( born February 28 1953 is an American Economist, Columnist, Author, and Intellectual. Modern liberalism in the United States, also referred to as American liberalism, is a political ideology that seeks to use the power of the state to effect change upon society Jeffrey David Sachs (born November 5, 1954, in Detroit Michigan) is an American Economist and Director of the Earth Institute The United Nations ( UN) is an International organization whose stated aims are to facilitate cooperation in International law, International security The Secretary-General of the United Nations is the head of the Secretariat, one of the principal organs of the United Nations. The End of Poverty Economic Possibilities for Our Time (ISBN 1-59420-045-9 is a 2005 book by American economist Jeffrey Sachs. Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most

References

• Robert Sobel The Worldly Economists (1980). Robert Sobel ( February 19 1931 &ndash June 2, 1999) was an American professor of history at Hofstra University, and

See also

• List of economists
• Nobel Prize in Economics
• Chief economist
• Forensic economist
• Heterodox economics
• Mainstream economics
• Neoclassical economics