Economics is a broad discipline that seeks to understand historical trends, interpret current events, and predict future scenarios. In general, economists analyze data about economic resources and how they are used. Some economists who work in academia devise systems to collect this data. Economists also:
- Develop systems to collect data on the production, distribution, and consumption of goods
- Develop models to project economic and related activities
- Compile, analyze, and interpret results from a wide range of economic data and activity
- Evaluate outcomes and risks of business, investment, and public policy decisions
- Assess impacts of fluctuating commodity prices (oil, for example) on market trends
- Analyze how changes in policy and economic conditions affect the economy and cause social changes
- Help others interpret economic data and present information to diverse audiences
- Write reports and provide advice to government or business agencies to help them develop policy and make decisions
The work tends to be interpretive and analytical. There is a growing emphasis on analyzing data from other economies and comparing it with Canadian data. There is also an emphasis on assessing the costs and benefits of different courses of action. Specific duties vary with the economist’s area of specialization and their employer.
Agricultural, natural resource, or environmental economists work for government, industry, academia, non-government organizations (NGOs), or industry associations. They often focus on a specific or closely related group of resource commodities. In general, they:
- Monitor and analyze trends in prices, supplies, and demand, including the impact of economic activity and regulatory changes on certain commodities
- Monitor and evaluate macro- and microeconomic impacts of environmental policies, such as climate policy, on emissions and jobs
- Estimate the market and non-market benefits and costs associated with using natural resources
- Forecast prices and supplies, crop sizes, and the effects of various policies
For more information, see the Environmental Economist occupational profile.
Econometricians specialize in a branch of economics that relies on statistics, mathematics, and economic theory. With these tools they develop methods of forecasting economic variables and explaining economic behaviour. They most often work for government, academia, or large business firms. In general, they:
- Explore all areas of economics, using complex mathematical models of the economy to analyze economic relationships and forecast key variables
- Produce forecasts of specific economic parameters to use for study, analysis, policy development, and decision making
Financial economists work for government, academia, banks, investment firms, insurance companies, and other financial institutions. Large industries often employ them for their expertise in macroeconomics, money and banking, and domestic and international finance. In general, financial economists:
- Study overall economic, financial, and monetary conditions to analyze economic activity and forecast trends
- Monitor and analyze factors affecting the money supply, including stock, bond, and other financial markets; the movement of interest, inflation, and exchange rates; and financing capital projects and placement of investments
Government-employed economists tend to work in specialized areas in federal, provincial, and municipal governments. They often work in treasury and finance departments. In general, they:
- Perform cost-benefit analyses to determine how to spend tax dollars to maximize taxpayer benefits (especially for capital projects) and to determine merits of new regulations and regulatory decisions
- Provide advice on other money market developments
- Study employment, inflation, tax policy, tariff, and trade policies, specific industries, and energy and environmental policies
- Assess the need to change policies affecting social and regulatory programs and propose alternatives
- Monitor social and political trends and policies, and their impact on the economy
- Forecast sources of government revenue and future economic growth
Industrial or business economists tend to work for large businesses and major industrial enterprises. In general, they:
- Provide and interpret data on economic conditions and trends to help management make marketing decisions and consider alternative ideas for production and investment
- Study regional and national economic activity, foreign trade and capital flows, and capital markets
- Perform cost-benefit analyses and feasibility studies for industrial projects
- Analyze the ways government policies and regulations and international agreements affect business
- Advise management on business strategies
Labour or industrial relations economists work for unions, academia, associations, governments, and other employers. In general, they:
- Study labour supply and demand, wages and hours of work, cost of living, labour market discrimination, and worker productivity
- Study the way labour legislation, employment insurance, provisions for industrial accidents, welfare plans, education, collective bargaining, trade unions, and other industrial factors affect the labour force and economy
- Suggest ways to improve arbitration and conciliation techniques for settling labour disputes
University and college economists may specialize in one or two fields of economics. They often collaborate with scientists from other fields. They most often:
- Teach courses in economics, finance, and business
- Conduct research to improve understanding of how the economy works and how individuals and groups in the economy behave
- Assess the effectiveness of various policies
- Publish their findings for others to review, analyze, and use
