Posted in Finance, Accounting and Economics Terms, Total Reads: 358
An economist is the one who is an expert in the area production, distribution and consumption of society’s resources. Economist studies the interrelationship between various resources and the output of various products using the resources. The resources under study can be a town, city, state or country or the world. The research that an economist does is very important for policy builders as well as various central banks to know the market at any given point in time.
The research by the economist also helps to know what steps are required at any given point of time to maintain the stability of the markets and the financial system and to keep inflation under check. Also, the policy builders use the research done by an economist to formulate various policies with respect to national resources and how to distribute them to the society and to make international trade agreements with respect to various resources.
The economists generally work for the government or the central banks. But there is a growing trend among large financial institutions to have an economist so that they can take more informed business decisions by speculation of the next step of any government with respect to the resources and its distribution. Economists generally hold very advanced degrees and continuously research the changing market landscape. The importance of an Economist cannot be undermined when the country’s entire economy needs inputs from them for stable functioning.