Economist (political economy)

Economists examine economic relationships, e.g. macroeconomic aspects such as unemployment, income and inflation (macroeconomics). At the microeconomic level, economists analyze, among other things, Decision making behavior, markets and prices. To do this, they research all the necessary data, e.g. at statistical offices or research institutes, and design their own data collection. The analysis of the data material is carried out using mathematical-statistical methods, with the help of which theoretical assumptions can be checked using concrete data. Based on the results of the investigation, they then create forecasts from which recommendations for action for economic and political decisions are derived. Economists prepare their solution strategies or research results in texts, graphics and tables, which they e.g. present in lectures and discuss in specialist forums.

Economists find employment e.g.

• in companies in almost all economic sectors
• in public administration
• for chambers and associations
• in politics, e.g. at parties
• for banks and insurance companies
• in consulting and research institutions

The salary level for Economist (political economy) in Germany is: from 4961 up to 5400 EUR per month

Why is?

Economists analyze microeconomic and macroeconomic developments using mathematical-statistical methods. They derive forecasts and recommendations for action from the research results.

Research, analysis, presentation

Economists act as analysts and consultants: The aim of their work is to provide the most objective possible basis for decisions on certain topics (e.g. economy, inflation, labor market or currencies). For this purpose, they research all necessary data, e.g. in databases, at statistical offices or associations. In addition, they model sometimes very complex economic relationships and processes, e.g. in mathematical equations, perform statistical calculations and make forecasts. From these, they derive recommendations for action for economic and political decisions. In addition, they prepare their research results in texts, graphics and tables and present them by e.g. Hold lectures at conferences. If necessary, they also discuss their results in specialist forums and at events.

Micro and macro economics

In a sub-area of ​​economics, microeconomics, economists try to use models to clarify the economic behavior of individual economic subjects, such as consumers and producers. On the basis of which parameters or preference orders do households make consumption decisions? What are the consequences of changing the price or quantity of a product or service? How can material and immaterial resources and services, the so-called production factors, e.g. Use capital, labor, technical progress, to provide goods efficiently? In macroeconomics, on the other hand, economists deal with overarching economic issues, e.g. Changes in employment or total income.

Diverse fields of application

Economists are open to numerous areas of activity. In production and service companies they work e.g. in sales management, in strategic management, in sub-areas of finance and accounting, in human resources or in public relations. For example, they create market analyzes and examine the processes and structures of companies in order to secure or increase their profitability. If you work for banks or in the insurance industry, you may apply risk management methods and create complex reinsurance concepts and coverage models. In public administration, with authorities, parties or associations and chambers, for example, they analyze the impact of the increase in the ECB key interest rate on unemployment or provide advice in areas such as globalization or national debt.