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Understanding what's happening locally and globally is all in a day's work for an economist who studies the way society, organisations and individuals produce, exchange, and buy and sell goods and services. They undertake these studies in order to explain the present and predict the future, and to provide this critical information to the wider community.
'We are the interface between economic data and the public,' says Dr Sandra Hopkins, a senior lecturer at Curtin University's School of Economics.
Economists monitor economic activity in order to understand what's happening in various markets, why people are making particular purchasing and financial decisions, and what impact this may have on prices, interest rates, production levels, employment and wages.
According to Professor Charles Mulvey, former Dean of Economics and Commerce at the University of Western Australia, it's a difficult profession to define because there are so many different strands.
'Whatever the area we specialise in, we are asked everyday to make informed judgments about future trends in the economy,' he says.
Investments and Policy
Most economists focus on a particular area of economic activity. For example, economists working in banks or financial advisory firms may analyse a range of economic indicators, in order to advise clients about likely good investments or advise institutions such as banks about lending policy.
Economists also advise governments to adopt a particular financial or investment policy. Things like the privatisation of public utilities, the funding of higher education and the implementation of new tax systems and their effects on the economy have kept economists extremely busy over the years and will continue to do so into the future.
A Moving Target
Economics is not suited to those who like certainties. Unexpected outcomes are part of economics. The economy never stays still. It changes continually - and change in one area creates change in another.
If you are interested in becoming an economist, good analytical skills and the ability to conceptualise likely outcomes on the basis of a wide range of complex and often conflicting information is crucial. Strong mathematic ability is also advantageous. Good communication skills are also required when providing comment or writing briefs and reports.
Computer technology means that an incredible amount of economic information is now at your fingertips, so computer literacy is a must these days. Analytical and modelling software assists economists greatly in their work.
Applying Economic Theory
However, it's not all about numbers. Economists with an eye for history will also look at the lessons of the past and how they relate to movements and behaviours in today's economy.
And, in order to stay up to date with what's happening locally and globally, economists examine and analyse data and trends available through the Internet, in newspapers, in statistical and other bulletins, data bases and in various publications. With their understanding of economic theory, an economist can analyse this data, interpret trends and provide advice.
The work environment is typically an office, and employment may be sought in banking, government, industry associations, private companies and educational institutions.
Currently, labour market demand for economists is average. While there are a diverse number of areas that an economist may work in, it is a small occupation and few people end up working purely as 'an economist'. Most graduates tend to utilise their economics qualifications by working in a range of administrative and research roles, and often end up in management. While there are constant fluctuations in the economy, even during a downturn, there is always a need for an economist's skills.
Salaries for economists vary depending on the area of employment. Starting salaries range from approximately $37,000 to around $45,000 per annum. With more experience, economists have the opportunity to earn up to and beyond $100,000 per year.
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