Let's Get Real.
Economists study and analyze our uses of money, specifically in relation to how we use it in labor, raw material, land, and machine usage. They do this by researching and carefully studying all the available data of the current financial climate. From their findings and study, they can make educated predictions about the future of the financial climate. To further hone what they are studying, most economists will specialize in a certain area of society. Because of their intense study, it is a good idea for investors and anyone else involved in the financial world to pay attention to what they say.
It is generally considered among economists to be a good professional idea to gain as much experience as possible in multiple areas. This experience will enable you to have a better and broader understanding of the complexities of economics. Christian Broda has based his career on this philosophy, having experience working in both academic and private fields. He currently serves in New York as a financial expert in the private sector. Before that he served in Chicago for a number of years as Professor of Economics at the University of Chicago.
This kind of specialization is what an organization should consider when determining to whom they should listen. For instance, a university concerned with economical practices should listen to an economist who has experience dealing with and studying the educational sector. Once this specialist economist is determined, he or she should be very capable of giving good advice for the specific project needed. He or she will study the hiring institution’s individual data and churn out a prediction report based upon that data and that data alone. Not everyone is learned in the jargon of the financial world. A good economist understands this and will put his or her report in words that anyone will understand.
There still remain a large number of very good economists who do not specialize (at least not all the time), but rather study the overall climate of their country. A large portion of what such economists study involves importing and exporting, urban economics, transportation, agriculture, and business relations. Their study and reports concerning these things not only helps the government to plan future business practices as far as commercial growth and employment and unemployment, it also helps prevent illegal practices.
This is what it means to be an economist. It means to know to forecast the money market by careful and educated study.