The Economist job description profile requires professionals who provide specialist advice based on the theory and knowledge of Economics.
Tasks of an Economist
Every profile requires doing some key tasks and this profile is not an exception. The main tasks of an Economist include:
a) Devising methods and procedures for obtaining data.
b) Understanding various sampling techniques that may be used to conduct different types of surveys.
c) Creating and using different econometric modeling techniques for the development of the forecasts.
d) Understanding and interpreting the data
e) Analysing the data to test the effectiveness of current policies, product or services and at the same time advising on the suitability of alternative courses of action.
f) Explaining the research methodology and justifying the conclusion which are drawn from research data.
g) Providing economic advice to a range of stake holders.
h) Evaluating past and present economic issues and styles
i) Writing different technical and non-technical reports on economics trends and forecasts to inform the press and public
j) Delivering number of oral and visual presentations which non-economist audience should be abl to understand in order to inform the decisions.
k) Assessing the economic impact of national events
l) Analyzing the potential job creation of inward investment projects
m) Analyzing the efficiency of scarce resources in large organizations.
n) Also analyzing the performance of companies with a view to advising fund managers or clients on investments.
o) Advising government, employers or trade unions on the economic implications of policy options
p) Producing research on the global economy to influence international economic organizations and forums like the IMF (International Monetary Fund).
Besides the above tasks the Economists study data and statistics and by using their understanding of economic relationships to uncover trends involving descent amount of research, thus collecting large amount of information. Finally these Economists analyze all the data they have stored to assess feasibility, produce forecast and determine the implications of their findings to improve the efficiency.
Skills required becoming an Economist
There are some skills which are necessary for this extraordinary profession.These is
a) .A very good knowledge of theory. In general an economist should relate to his subject. If one is a Classical economist and his adversary is a Marxist, no data can have solution to this debate. It is advisable that an Economist should know where he stands and where other Economists stand?
b) One needs to be perfect in mathematical jargon.
c) One needs to have curiosity which leads to innovation of ideas. One needs to think like an Economist. What is inflation? And what is the cause of poverty? And so on.
Thus we see that the Economist job description profile is very challenging and exciting and seriously requires professionals to manage it. One really needs to be extraordinary in order to overcome all the odds and excel in this profession.
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