Who Needs an Economist?

an economist

Jul 08, 2020

By: Dr. Mellani Day, Dean of the School of Business and Technology

An economist is needed by organizations and institutions that have problems that possibly only economists can solve, questions that require specialized training to answer, if an answer is to be found. What problems might those be, you ask? A clue can be found in the title itself – economist – one that is occupied with the study of economies. It is a science that studies supply and demand at many levels and in many contexts. How does the gross domestic product vary from country to country? Knowing that could lead to answers as to why. What are the factors leading to the price of milk increasing in 2019? Is it weather, disease, poor diet, poison? Economists investigate and find clues.

But who cares? How does that solve problems, and more specifically the hard, wicked problems of the world? More good questions! Let’s break it down.

What is an economy?

Economies are socially related groups of people, generally with a specific type of political philosophy and shared history, within a geographical or financial boundary of some type. They could be countries, regions or cities, global corporations, industries or tribes. These groups buy and sell with each other and make decisions based on the information available to them. Economies grow and shrink as do corporations. They are considered successful or not by comparing to other economies, with a set of standards and goals set by authorities in various exchange groups. Economists categorize and define.

Large and small organizations, companies, and political institutions exist within these groups ideally to provide goods and services and to promote the common good, according to how they believe that is best accomplished. We see a whole array of economic practices and philosophies throughout today’s world; think about economies that are communist, socialist or capitalist, or a mix of these. Then think about rich countries and poor countries, and the nature of trade and commerce in these contexts. Think about international trade and international banking, what are the patterns and trends that show positive or negative growth and that might provide answers to problems that are discovered. Think about poverty and contributing factors that can be studied that might alleviate the suffering of the poor in rich and poor countries alike. Economists think about these concepts and track trends.

Economists create rankings, projections, scales and indices that provide clues to improve decision-making.  It is hard to predict the future based on the past and present but economists try. They study and compare growth and decline of economies, including the economies of various trades and industry groups, check stock prices today – a worthwhile Google search – for specific examples. Organizations, industries and governments demand that kind of information. Economists create knowledge and knowledge is power.

In addition, economists study human behavior at the individual level. Who needs that? Corporations and governments among others who want to understand their customers and citizens in order to serve them need that. Strong positive ethics are necessary as knowledge gained from the study of human behavior can also be used for immoral purposes. Corporations and governments can be tempted to abuse the power they have with this type of information. Economists learn and teach.

Do these principles intrigue you? Do you feel called to help develop solutions to global problems? The bachelor’s and master’s degree in economics at Colorado Christian University is designed with the hearts of our students in mind. CCU students have a deep desire to impact the world for Christ. You can earn a degree that provides a broad base in the discipline of economics including analytics, economic development. This is a branch of economics that seeks to understand the dynamics of poverty with the goal of lifting countries, regions and individuals and improving the circumstances of their lives. The Bible calls us to care for the poor. Ethics based on Biblical principles are built into the core of each course. You can be a part of meaningful work with governments, corporations and organizations all around the world to alleviate poverty and grow economies, reveal trends, create knowledge, uncover problems and provide solutions.

Learn how you can earn your Master's in Economics Degree Online.

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