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What exactly does an economist do and how does it relate to what I do in school?

Iavjot Kaur • Oct 11, 2023

Check out the list of ways an economist would use every single chapter in "Positive Economics":

  1. Economics as a Way of Thinking: An economist would look into economic history to solve problems, make decisions, and predict future trends.
  2. Economics Scarcity and Choice: They would help companies make decisions about how to spend their budgets to make the best use of them bearing in mind consumer trends, new technologies and value for money.
  3. Economic, Social and Environmental Sustainability: Economists would assess the impact of economic activities on social and environmental sustainability including the risk of stranded assets and the impact of climate change.
  4. The Market Economy: They would study how supply and demand interact in a market economy to determine prices and quantities of goods, services and college courses!
  5. Elasticity: Economists would calculate price elasticity of demand and supply to understand how changes in price affect quantity demanded or supplied including cigarettes on Budget Day.
  6. Costs: They would analyse the costs of production and how they influence business decisions.
  7. Government Intervention in the Market: Economists would evaluate the effects of government policies and regulations on the market including how to encourage people into the workforce, get out of a poverty trap.
  8. Market Structures: They would examine different market structures such as perfect competition, monopoly, oligopoly, and monopolistic competition. Companies need to find their "unique selling point" when competing against other businesses.
  9. Labour Market: Economists would analyse the dynamics of the labour market including the impact of AI on the work people do, the skills needed for the future as well as how to reskill those who find themselves with less to do in the workplace.
  10. Market Failure: They would identify situations where markets fail and where people aren't incentivised to pay for public goods e.g. public lighting, but also figure out how to use things like street lamps in a way that can help prevent crime, record accidents and predict bus needs.
  11. National Income: Economists would measure national income and its components to understand the economic performance of a country. Also, they can figure out what's driving the economy and how sustainable those drivers are.
  12. Fiscal Policy and the Budget Framework: They would analyse the impact of government spending and taxation on the economy. Also, they would help make decisions about how to put more money back in people's pockets, encourage more people into the workforce and create the environment where people are doing more lifelong learning.
  13. Employment and Unemployment: Economists would study the causes and consequences of employment and unemployment. Further, they would suggest solutions for people who have been in long term unemployment including job opportunities, retraining and confidence.
  14. Monetary Policy and Price Level: They would evaluate the effects of monetary policy on inflation and economic activity. They would look into the nooks and crannies of inflation so that they can understand what is really affecting it so that they can suggest measures that can make a difference.
  15. The Financial Sector: Economists would study the role of banks and other financial institutions in the economy to figure out how to create the right environment for mortgages and housing
  16. Economic Growth and Development: They would analyse the factors that contribute to economic growth and development around the world
  17. Globalisation: Economists would study the effects of globalisation on economies and societies including Irish businesses/
  18. International Trade and Competitiveness: They would examine the benefits and costs of international trade, and assess a Ireland's competitiveness in the global market.

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Danske Bank Conference

By Caitlin Maher • 31 Jan, 2024
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