Supervisory Economist job in United States 2021
A brief introduction to the discipline of economic
Supervisory Economist job in United States. The study of economics interprets how people deal with scarcity and allocate less resources. This article will highlight the two broad branches of economics, macro, and micro, and explain that macroeconomics focuses on the study of the economy as a whole, both nationally and internationally.
While microeconomics looks at decision-making and dynamic at the individual and firm levels. Economists use key concepts such as the value of opportunities to understand trade office and decision-making, and questions of interest to economists arise from the margins. Devon Jobs
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What is economics and what do economists do?
What are econ 101, econ 101?
“Economics is the study of how people, businesses, societies, or nations deal with scarcity”
There are lots of definitions of economics. If you ask 10 different economists what they do, they’d give you 10 different answers. So my favorite definition of economics is economics is what economists do and if we go back to the first slide, you’ll see that I’m pretty much done. So I’ll open it up for questions, now I’m just kidding.
What do economists do?
For Supervisory Economist job, We study how people deal with scarcity. How we distribute resources. Who are these characters here? all the way on the Left, that’s Alfred Marshall, he’s sort of the father of the supply and demand model, the market model, he wrote in the late1800s; the guy in the middle that’s Adam Smith late 1700s, he looked at rational self-interest and how rational self-interest sort of promotes social well inched under a certain set of conditions; and who’s that guy on the right?
Nolan Freedman, yes Milton Friedman, perhaps the 20th century’s most vocal advocate for free markets in the first day of eating on or the second day of econ, most econ students are presented with a picture that looks like this, the so-called circular flow.
What do we have? we have households providing labor to businesses in exchange for incomes and wages, businesses, in turn, provide goods and services and households pay for those goods and services with dollars, so resources move around in an economy, and everybody’s motivated by incentives.
For Supervisory Economist job, workers have an incentive to do good work so they get high pay, businesses have incentives to provide quality products at low cost so that they earn profits, but maybe there’s something missing from that picture, where are the natural systems in this system? You can expand on the circular flow to include that but there. There’s John Krutilla in the corner wondering if we should reconsider some of this.
How do economists study all that stuff?
For Supervisory Economist job, Math, statistics, data, reasoning, we use a lot of tools probably the same set of tools that most people in this room use. Then what? Well, we try to provide useful information, useful information to decision-makers. We kind of live in the world of what-ifs, what might happen if? How do we get here?
We look at cause and effect. Costs and benefits of an action or inaction, what’s the best way to accomplish a particular goal? We use theory data and math, statistics to hopefully make the world a better place, help solve problems; that’s what we do.
Economics is (supposed to be) objective
Economics is supposed to be objective we as we talked about a few minutes ago, I like to think about it as a cold-hearted search for the truth. We don’t come in typically as advocates, we’re analysts hopefully for the most part. What are we advocating for? Good answers, really.
I get this question often, is economics a science? I don’t know honestly, yes and no. if you think about what Karl Popper said about economics, about science, sciences are the study of things that can be falsified, and so, we do we try and do that? Yes. Do we follow the scientific method? Yes, we make observations about the way the world works, try and think about the way the world works, theorize, collect data to test the theory, and then revisit the theory based on the empirical results.
So, but unlike some physical scientists, we don’t have controlled experiments, just like ecosystems there’s really only one economy and it’s hard to control everything together, so we don’t have controlled experiments, it’s messy, we have to use the facts that are given to us that are available and try and use good math and good statistics to draw the inference. Daniel Houseman is a philosophy professor at Wisconsin Madison, hope I didn’t screw that up. He had an interview in The New York Times recently and he said and he philosophizes about things related to the economy, he said
“The problems that we want economists to help solve are more like predicting how leaves will fall on a windy day than predicting how objects will fall in a vacuum.”
I like that, I like that analogy a lot, it’s messy; there’s a lot of factors that play and we analyze a subset of those factors. Are we always going to get it right? No, we’re not always going to get it right. So if economics is a science, it’s an inexact one.
What can economists study?
Anything that involves decision-making.
Anything that involves trade-offs or choices.
Well pretty much anything, pretty much anything.
For Supervisory Economist job, This is the Journal of economic literature classification of fields in economics, so if you can read the font, there’s, we haven’t used up all the letters if you go through, but we’re getting close. I’m not sure what we’re going to do when we run out of letters, but just to give you a sense of, you know, the discipline of economics is very broad and covers a lot of different topics.
Where are we? We’re in Q-AG and Natural Resource Economics, environmental and ecological economics, and if we get to talk about the difference between environmental economics and ecological economics, it’s an interesting topic that perhaps we can address sometime in the next few days.
Supervisory Economist job, The two big branches, if all our disciplines are trees, you go back a hundred years or two hundred years in our study, we’re all working on the trunk. as our disciplines evolve and as the state of knowledge improves, we’re getting out into the leaves now, we’re all, our thesis topics if you think about it, think about the title of your dissertation, it was probably really long and esoteric, very fine-tune topic. Well a long time ago, we looked at the big things, so the big branches in this tree of economics are macro and micro.
Micro and Macro
Macroeconomics is a study of an entire economy. We look at broadly defined economic variables, none of us is a macroeconomist, so we’re not going to get a whole lot of this week. I have friends who are macro Macroeconomists and they concern themselves with forecasting.
What’s going to happen? What’s going to happen to the regional economy in the next year? What’s going to happen to the state economy in the next year? What’s going to happen to the national economy in the next year? Unfortunately, this is what most people think about when they think about what an economist does.
Fields of Macroeconomics
Some fields in macroeconomics, again monetary, international stuff. It’s important to point out that, you know, we have all these fields in econ and there aren’t well-defined fences around these fields. we kind of flow into each other and the theory that you might use in one sub-discipline carries over and can be applied in other sub-disciplines like Sheila said a few minutes ago that the field of development economics has a lot of micro in it and it has a lot of macro in it as well.
Microeconomics, a fine-tuned look at the way people behave and interact with trade things. An analogy that I like, if the economy is a forest, the macroeconomist is flying over the forest in an airplane, so getting a sense of the big picture. What is the whole ecosystem look like?
The microeconomist is walking through the forest looking at individual interactions between things in the forest. Micro fields, there are many, and again there’s overlap here, what you see health, education, industrial organization, regional, labor, demographics economists study all this stuff.
What kind of skills do economists use?
The same set of skills that you all use and I’m sure critical thinking, math statistics, a lot of data analysis, a lot of technical software, and obviously writing and reporting, and communication are essential. Where do economists work? I don’t remember where I got this figure, luckily it’s vague.
About half of all economists work for the government, in other areas in the private sector banking and investments, consulting, firms, NGOs, obviously academia. Is everyone that studies economics? No, not by any stretch. One of the funny things about economics is that it’s hard to do economics without graduate training because of the, perhaps because of the math, because of the statistical analysis that’s involved.
As undergraduates, you don’t get to do economics perhaps until your senior year when you get into that econometrics course and we, you know, if we know students are going to go to graduate school, we push them to do that earlier on so they can start doing it and seeing what it’s going to be like, but now there are lots of potential job opportunities for someone with an economics background, here are some.
For an undergrad thinking about majoring in economics is exciting and scary at the same time; there’s not a defined career path for those that study economics, you can really go into a lot of different areas because of the skills that you have, the skillset that you develop when studying economics.
Do economists agree on everything? No definitely not. There’s a lot of uncertainty, there’s a lot of ambiguity, and it’s not a clear cut and dry type of science, so on. What do economists agree on? Well, surprisingly a lot.
What do economists agree on?
just some general things here, and we’ll get into a lot of specifics during the course of the week, but okay we agree that public policy should be designed to improve the well-being of the public, we agree that people respond to incentives, we agree that voluntary transactions are good and we agree that analyzing the costs and benefits of actions and inaction gives us a lot of information about the way the world works and why we are where we are.
You’ll get a lot more on this as we go along. one of the most important concepts in Econ, if you could grab ahold of two or three things, and I think about this from teaching undergrads, I teach the first class, the econ 101 courses to 250 or so students every semester, what do I want them to leave with?
I know that most of them are not going to be economists, most of them are not going to be econ majors; I want them to understand the idea of opportunity cost, first and foremost; that’s probably the biggest thing. What is that TiNSTaaFL? There is no such thing as a free lunch, that’s what that means.
That’s the idea of opportunity cost, there’s no such thing as a free lunch, even though it might not involve money out of your pocket, every action that you engage in involve some kind of opportunity cost, you’re giving up something; this is because of scarce resources. What resources are scarce? all of them, our time, our energy, our income, our natural resource, all scarce, all limited in supply.
The second most important concept I think, and shale and Jim might add to this or disagree, but being able to think at the margin, being able to think about change as being incremental, rather, than absolute.