Macroeconomics is the analysis of a national or regional economy as a whole, a comprehensive examination of supply and demand. Macroeconomists seek to understand why some countries grow faster than others and which government policies can help growth. Continue Reading
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Explore Career Macroeconomics is the analysis of a national or regional economy as a whole, a comprehensive examination of supply and demand. Macroeconomists seek to understand why some countries grow faster than others and which government policies can help growth.
What are the typical responsibilities of a Macroeconomist?
Macroeconomists typically work independently in an office. However, many collaborate with other economists and statisticians and work in teams. Some work from home, and others may need to travel as part of their job or attend conferences.
Macroeconomists spend much of their time using computers to analyze data, review research, or write findings.
Most Macroeconomists work full time. In addition to working full time at a business or university, some opt for part-time consultations. Working hours tend to be 9 a.m. to 5 p.m., Monday to Friday. Part-time work, flexible working, and job-sharing may be viable alternatives.
Banks and financial institutions employ Macroeconomists to research and provide valuable insights on large-scale economic issues. Government entities need Macroeconomists to aid allocation of government funding and plan long-term financial issues such as pension and healthcare. Finding a new job might seem challenging. Macroeconomists can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.
Macroeconomists are generally employed by:
Professional associations and organizations like the World Economics Association are crucial resources for Macroeconomists interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.
Theories often created in a vacuum and lack real-world details such as taxation, regulation, and transaction costs
A complicated real-world scenario which includes matters of social preference and conscience that do not lend themselves to mathematical analysis
Significant experience in working on diagnostic tools for macroeconomic policy formulation will give you an edge over competitors in the job market.
Employers are interested in hiring Macroeconomists with considerable experience in working on conflict, post-crisis, employment, and social policy issues in the context of macroeconomic policy design and formulation.
Getting relevant work experience can boost your employment prospects. You can apply for summer placements, internships, or industrial placement years to develop your skills and build a network of contacts.
An aspiring Macroeconomist needs at least a master’s but ideally a PhD in economics. You will need to have in-depth knowledge of applied policy analysis and development issues with a macroeconomics focus.
Take college preparatory courses in economics, finance, and political science in high school. English and speech classes will help you develop your research, writing, and oral communication skills.
Certification demonstrates competence in a skill set, typically through work experience, training, the passage of an examination, or some combination of the three.
Voluntary certification from an objective and reputed organization in macroeconomics or macroeconomic diagnostics fundamentals can help forward-looking Macroeconomists gain professional credibility, stand out in a competitive job market, and become independent consultants.
For most Macroeconomists, career advancement comes in the form of recognition as an expert in complex economic systems and data analysis and planning skills. They have a chance to earn global fame as the authors of insightful books or articles.
Macroeconomists who choose to work for the government or think tanks gain deep satisfaction because their education is serving their fellow citizens. Consultancies offer top-notch salaries and opportunities to work with different companies, each with a unique set of challenges.
Research and academics also provide plum positions for those who incline towards these fields. After gaining significant experience, you may also consider starting an economic consultancy.
Job prospects should be best for Macroeconomists with a master’s degree or PhD, strong analytical skills, and experience using statistical analysis software.
Continuing professional development is the holistic commitment of Macroeconomists towards enhancing personal skills and proficiency throughout their active careers through work-based learning, a professional activity, formal education, or self-directed learning.
There are a whole host of CPD courses, seminars, and workshops to help professionals in the field depending on the sector and type of employer you work for.
CPD allows individuals to upskill continually, regardless of their age, job, or level of knowledge. It prevents practical and academic qualifications from becoming outdated. It enables Macroeconomists to identify any knowledge gaps and progress to a new specialism.
On-the-job training is the most preferred way for budding Macroeconomists to learn the ropes while working alongside more experienced colleagues in-house or external training providers.
Macroeconomists can expect support and additional training from Vitae, a non-profit global leader with over 50 years of experience enhancing researchers’ skills. In partnership with governments, funders of research, academies, professional bodies, trusts & foundations, universities, and research institutes, Vitae offers training, resources, events, consultancy, and membership.
Macroeconomics vs. Microeconomics
Macroeconomics deals with the performance, structure, and behavior of the entire economy. Microeconomics is more focused on the choices made by individual actors in the economy (like people, households, industries, etc.).
Key Questions
Macroeconomists seek answers to questions such as “What causes unemployment? What causes inflation? What creates or stimulates economic growth?” They attempt to measure how well an economy is performing, to understand what forces drive it, and to project how performance can improve.
Macroeconomics may be split into two broad areas for research purposes.
Economic Growth
Beginning with Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations, economic growth is commonly modeled as a function of physical and human capital, labor force and technology which support development, progress, and rising living standards.
Business Cycles
Major macroeconomic variables such as employment and national output go through occasional fluctuations up or down, expansions and recessions in a phenomenon known as the business cycle. The Great Depression of the 1930s was the impetus for the development of most macroeconomic theories.
Keynesian Economics
Macroeconomics owes its current avatar to John Maynard Keynes and his book, The General Theory of Employment, Interest, and Money. Keynes proffered the theory that aggregate demand is the principal factor in issues like unemployment and the business cycle.
The business cycle can be managed by active government intervention through fiscal policy (spending more in recessions to stimulate demand) and monetary policy (stimulating demand with lower rates). Sticky prices prevent the proper clearing of supply and demand.
Freelance Vs. Full-Time Work
Freelancing offers Macroeconomists freedom with regard to flexible schedules, working hours, and location. They have full ownership of the business and can afford selectivity in terms of the variety of projects and clients presented.
While it has unlimited earning potential, freelancing has less stability and security, with inconsistent work and cash flow. There is more responsibility, effort, and risk involved. There are no paid holidays, and sick/maternity/paternity leaves are almost unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.
A full-time Macroeconomist, however, has access to company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses.
Despite the above benefits, full-time employees are susceptible to potential boredom and inability to pursue passion projects due to their lack of time or effort. There is a lack of flexibility, ownership, and variety, compounded by the need to set aside funds for commuting and attire costs.
When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.
It’s okay if an economic theory is unrealistic and oversimplified. All that matters is whether it delivers valuable predictions
Denmark, Finland, Iceland, Norway, and Sweden rank among the top economically sound countries mainly because their social equality ratios are among the best.
A Macroeconomist would typically need to:
Accredited
