Economists are distinguished professionals who have studied and are well versed with the practices and regulatory frameworks in the field of economics. These very people are the ones who, through extensive research and analysis, interpret and predict market trends and consequently make valuable recommendations to governments, companies, and individuals. With the increase in the demand for knowledge on issues such as international trade, supply and demand, and investment in the contemporary world, being an economist comes with numerous benefits.
Economists can make a living from predicting economic events, which is also a crucial social tool. Knowledgeable economists are popular because they can easily talk their way out and gain respect from people of all walks of life. They also easily hook up with influential people, as many of them need credible information sources. Economists are needed in all institutions. Some institutions such as banks, rating agencies, and security firms pay them up to five figures.
The ability of economists to choose from a broad range of specialized fields, according to the American Economic Association, also makes their profession attractive. While micro economists study how markets function, econometricians study economic phenomena. Also, international economists analyze the trade between nations while macroeconomists study the total activity affecting the economy. Behavioral economists observe how emotional and cognitive factors influence economic decisions. Other types of economists are public finance economists who analyze the role of government in economic processes, and financial economists study investing and saving.
Christian Broda, a New York-based economist and financial professional, has written many papers on topics such as international finance and globalization that have been published in various platforms including the Journal of International Economics, Quarterly Journal Economics, and the American Economic Review. The Managing Director of Duguesne Capital Management and Associate Professor of Economics in Chicago Booth, in an article published on the New York Fed’s official website, “Are We Underestimating the Gains from Globalization for the United States?” provides an analysis that shows that the value to consumers of variety global growth in the period 1972-2001 was substantial, approximately $260 billion. The analysis demonstrates the value of economists in any civilization.
Other economists such as Adam Smith who was a thinker of modern economics and the pioneer of political economy and Alan Greenspan who served as chairperson of the US Federal Reserve from 1987 to 2006 also played their roles well. They are among the many economists the world over who have demonstrated that economists are an asset to the society given their ability to influence the standard of living of economically disadvantaged people positively.