What do Economists do?

In a comment, Nithya asked what do economists do. What economists do is hard to define precisely. Just as one may ask what do doctors do. Clearly they provide medical services. But that could mean a lot of things: internal medicine, surgery, pediatrics, primary medical care, etc., etc.

Economists also come in a variety of forms. Some work on broad big questions such as why are some nations rich, some work on narrow issues like what are optimal subsidies and taxes, some on macroeconomic matters like inflation, unemployment, banking and finance, and so on.

The subject matter of economics, in the ultimate analysis, is people. Therefore everything that humans do — everything — falls into the purview of economics. Continue reading “What do Economists do?”