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
Below Average
New job opportunities are less likely in the future
United States
2034 Projected Employment
17,800
1% Change From 2024
Explore Economists video
Tasks you might complete in a day.
- Supervise research projects and students' study projects.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
- Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- 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.
- Review documents written by others.
- Review documents written by others.
- 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.
- Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Explain economic impact of policies to the public.
- Explain economic impact of policies to the public.
- Teach theories, principles, and methods of economics.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
Subject areas you may need to master.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- 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.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- 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.
- 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.
- 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.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Food Production - Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- 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.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Telecommunications - Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
- 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.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- 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.
- 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.
- 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.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- 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.
Strengths you may need in this role.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Social Perceptiveness - Understanding people's reactions.
- Technology Design - Making equipment and technology useful for customers.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Coordination - Changing what is done based on other people's actions.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Writing - Writing things for co-workers or customers.
- Science - Using scientific rules and strategies to solve problems.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- Reading Comprehension - Reading work-related information.
- Mathematics - Using math to solve problems.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Time Management - Managing your time and the time of other people.
- Persuasion - Talking people into changing their minds or their behavior.
- Management of Material Resources - Managing equipment and materials.
- Operation and Control - Using equipment or systems.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Negotiation - Bringing people together to solve differences.
- Quality Control Analysis - Testing how well a product or service works.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Service Orientation - Looking for ways to help people.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Instructing - Teaching people how to do something.
- Programming - Writing computer programs.
- Speaking - Talking to others.
- Active Learning - Figuring out how to use new ideas or things.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Repairing - Repairing machines or systems using the right tools.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Night Vision - Seeing at night or under low light.
- Oral Comprehension - Listening and understanding what people say.
- Problem Sensitivity - Noticing when problems happen.
- Category Flexibility - Grouping things in different ways.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Manual Dexterity - Holding or moving items with your hands.
- Memorization - Remembering words, numbers, pictures, or steps.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Deductive Reasoning - Using rules to solve problems.
- Finger Dexterity - Putting together small parts with your fingers.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
- Written Comprehension - Reading and understanding what is written.
- Originality - Creating new and original ideas.
- Written Expression - Communicating by writing.
- Spatial Orientation - Knowing where things are around you.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Trunk Strength - Using your lower back and stomach.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Hearing Sensitivity - Telling the difference between sounds.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Sound Localization - Noticing the direction that a sound came from.
- Speech Recognition - Recognizing spoken words.
- Stamina - Exercising for a long time without getting out of breath.
- Fluency of Ideas - Coming up with lots of ideas.
- Visualization - Imagining how something will look after it is moved around or changed.
- Speed of Closure - Quickly knowing what you are looking at.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Selective Attention - Paying attention to something without being distracted.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Near Vision - Seeing details up close.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Far Vision - Seeing details that are far away.
- Speech Clarity - Speaking clearly.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- Oral Expression - Communicating by speaking.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Time Sharing - Doing two or more things at the same time.
- Information Ordering - Ordering or arranging things.
- Flexibility of Closure - Seeing hidden patterns.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
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")