Hey guys, Nicole here and I'm traveling back in time to the 1930s. This is what our economy would look like if we were to replay the Great Depression. A forecast thanks to economist like Doctor Goldenberg.
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We're trying to help people understand what is a useful resource and how to use it wisely.
These are the types of questions you might answer as an economist.
How are our sales comparing with last month, last quarter, last year? What's the trend? And gradually you work into things, what's the demand?
So where do you begin?
Step one is usually to go collect data.
Where do you collect, what kind of data are you collecting?
In this particular case, we're dealing with data on the gross national product of the United States.
Economists use government provided information and conduct surveys to obtain data.
What the men think versus women, different reasons this day, here different characteristics of the respondents.
Economists also present their findings. What is this that we're looking at?
This particular one is a public presentation at a National Association for Business Economics chapter here in Florida on the economic outlook.
Your hard work may also pay off in writing.
Here's two different books that I've written.
Nice. Economists spend lots of time in front of computers and speaking with clients on the phone.
If you're working for an employer, such as I did in manufacturing firm, you can figure on at least a 40-hour week plus commuting time. And if you're smart, you're probably going to spend closer to 50 to 60.
And keep in mind, the clock is ticking.
There definitely are deadlines, because there are reports that are expected at regular times. And so if you're doing consulting work, clients usually want it as soon as possible.
Economists also head out of the office to meet clients. That often means pack your bags and head to the airport. What kind of schooling did you have to go through?
Normally, you want at least a college undergrad degree in anything. Then you go on for a master's and presumably a doctorate in economics.
From there, many economists specialize in a particular area.
They get into specialties such as labor economics, economic history, econometrics. There are perhaps 20 or 30 sub disciplines.
You've got the degree, now where to apply.
Economists start out either continuing in academe as teachers or they tend to go to work for an employer. The employer might be a government agency.
Future economists, here's Doctor Goldenberg's forecast.
I think the historic evidence is pretty clear that the demand for economists is increasing. The demand for good economists will probably increase faster.
And if you're a good economist, there's good money to be made.
The simple mean is 140, 141000.
Here's Doctor Goldenberg's tip to getting to the top.
Let me put it this way. If you win a Nobel Prize, you'll do very well.
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What kind of characteristics do you think would make a successful economist?
Well, you have to have good communication skills and you have to have the ability to dredge up good data.
Let's revisit the Great Depression shall we? This is a typical recovery forecast. And it appears that there is hope for our economy after all. I'm Nicole Aaron for Youniversity TV, we'll see you real soon.
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