Who Are Economists? And How Does Their Work Tie Into Our Everyday Lives?

Economists are people that are trained to think critically in order to solve business problems. Economics is more of an art than a science so it takes research and analysis in combination with abstract thinking to come up with innovate ways that society can use their natural resources like land and raw materials to produce goods and services. The work that economists do is essential because their knowledge and expertise is really how our culture and society is able to put money into circulation.
Economists are able to do their job by collecting data and by bringing that information to business firms to advise them on the best recourse to take. The thing about economics is that they are an integral part of a lot of areas. Economics applies to health, law, history, agriculture, government and the environment to name a few.
Some college coursework is required to qualify for an economist position with the government and most private sector jobs would ask that you have completed an undergraduate degree in economics. There are plenty of opportunities to work in both the public sector (government) as well as private industries and even in consulting firms. The average yearly salary for an entry level economist is around $25,000 per year (with the government) and easily doubles that when working for a firm.
One successful economist in particular is Christian Broda on chicagobooth.edu. Christian Broda has been in the business for over 20 years and holds a Bachelor’s degree, a Masters degree, as well as a PhD in economics. He currently holds a position as Managing Director for Duquesne Capital Management where he has been since 2010. He has also held tenure as a Professor of Economics and is a published author on various books and articles on the topic.
One of the things that Broda recommends is having your own hedge fund and he gives advice on how to get one started. For one, having a team of investors that consists of junior analysts, traders and a chief financial advisor is crucial. This is the means of getting capital without having to spend your own money. Finding investors is a process; being able to attract investors means looking the part. Have a professional office space to facilitate smoother business transactions. The other thing is to hire a law firm so that your hedge fund has legitimate representation. And most of all, you will want to choose a broker to make the trades that you want to make.
A lot of people think of the word economics and get turned off because it sounds boring, when actually the study of economics has proven to be very beneficial to us. It teaches us more about the world that we live in, about business, about the government and it helps us to make better decisions when we know more about those things. To have financial knowledge is a truly invaluable resource and a useful skill that increases bottom lines and generates wealth for us.

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