As you already know I have always been interested
in studying the economy and learning how to predict it, but up until recently
I really hadn't spent that much time thinking about what exactly an
economist does in his or her job or who makes a good economist, i.e
are there any typical personality traits of an economist? Since the average
person will spend a total of 89,784 hours at their job its obviously important
to know what you are getting yourself in for if your going to be an economist,
so here is what I have learned.
In terms of what an economist says or how an economist writes, economists generally have a somewhat dull unbiased objective tone that is meant to convey only the facts about the topic. Also, according to Diane Coyle, who wrote The Soulful Science: What Economists Really Do and Why It Matters, the lexis of an economist consists mainly of statistical jargon as well as less professional but still industry used conventions (4). Verbal and written reports on economic issues are frequently not understood by public at large and often lack any definite prediction for what the future may hold, often including projections that are vague and have multiple interpretations (247-48). For example in a recent quarterly economic prediction from the Federal Reserve the chairman said, “It's important to note that the Federal Reserve's stress scenario estimates are the outcome of deliberately stringent and conservative assessments under hypothetical, adverse economic conditions and the results are not forecasts or expected outcomes” (US FED March 12)
In terms of what an economist does in their day to day job, economists study statistical data, including consumer confidence survey data, in order to find trends and correlations in economic markets. According to Daniel B. Klein, who wrote What Do Economists Contribute?, “In recent decades computers have become the cornerstone for economic number crunching, giving access to larger amounts of data which is then fed back into computer simulations to predict the direction of various markets” (147). Economists also look for ways to maximize efficiency of a market or business by cutting down on any wasteful use of labor or materials, they can also notice new trends and aid both the government and private sectors in staying ahead of the curve. Economists work closely with each other and share ideas fairly easily, which leads to a strong sense of community within the profession (152)
Amusingly, in terms of who an economist is, they often fit the white-collar businessman stereotype. According to The Bureau of Labor Statistics economists are mainly men with at least an undergraduate degree and a graduate degree for the majority of those seeking to advance their career. Work environments are mainly of the office type concentrated in major metropolitan areas, with varying amounts of travel required. Economists have highly structured work schedules and are required to generate a lot of reports. Income varies between $48,000 and $74,000. Generally there is a high level of employee satisfaction among economists (203). Final according to Michael Szenberg, author of Reflections of Eminent Economists, economists have to be team oriented as a lot of their time is spent in groups or committees (263).
In terms of beliefs and values economists are quite varied. Some are motivated simply by the desire to obtain as much wealth as possible however, according toRobert J. and Virginia M. Shiller, “Economists as Worldly Philosophers”, economists in general can be thought of as moral scientists with the desire to better the lives of everyone. Economists love what they do and enjoy writing and speaking about economic topics. Many believe that economics is sometimes mislabeled as the “dismal science” and seek to inform people of the true goals and merits of economies (3). Those that work in government positions are especially well positioned to aid in the creation of laws and policies which will benefit the most people possible. (8)
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