The economy must be one of the most interesting fields of study. Who wouldn’t want to understand how supply and demand work and how some people end up at the top of the pyramid while millions can barely make ends meet? An economist works with issues such as inflation, income distribution, wealth distribution, poverty and the effects that various economic and political issues have on total production and how it is distributed.
In the United States, the average economist earns in the region of $91,860 per year. If one takes into account that in 2012 the median wage for all workers was only $34,750, an economist is one of the higher paying jobs in the country.
According to the Bureau of Labor Statistics, there were 16,900 economists in the country in 2012. Career prospects between now and 2022 look good, with 2,300 new job opportunities in this field expected between 2012 and 2022. This represents a growth rate of 14 percent.
Economists can specialize in a variety of fields. Here are a few of the possibilities.
Econometricians use mathematical analyses and models to test certain economic relationships. They utilize techniques such as game theory, calculus and regression analysis to explain economic trends or facts in the various fields of economics.
Financial economists study investments, savings and risk. They also analyze financial institutions and financial markets.
Industrial organization economists analyze how firms in a specific industry organize themselves and how they compete with each other. They also study antitrust legislation, which controls attempts by private firms to manipulate markets and restrict competition.
International economists analyze the impact of globalization and international trade. They also study international exchange rates and financial markets.
Labor economists examine the demand and supply of labor. In particular, they study how wages are determined and analyze employment levels. They also examine the effects of policies dealing with the labor industry such as legislation regarding minimum wages and trade unions.
Macroeconomists study the country’s economy as a whole. They might analyze trends related to inflation, unemployment and economic growth. They also examine monetary and fiscal policies.
Microeconomists examine demand and supply decisions of individual companies. They might, for example, try to determine the quantity of consumer products the market will require at any given price.
An online degree in economics could be the first step on the way to an exciting career as an economist. Find out more about earning your degree online at Accredited-Online-Colleges.com.