Economists
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Calculated automation risk
Moderate Risk (41-60%): Occupations with a moderate risk of automation usually involve routine tasks but still require some human judgment and interaction.
More information on what this score is, and how it is calculated is available here.
User poll
Our visitors have voted they are unsure if this occupation will be automated. This assessment is further supported by the calculated automation risk level, which estimates 51% chance of automation.
What do you think the risk of automation is?
What is the likelihood that Economists will be replaced by robots or artificial intelligence within the next 20 years?
Sentiment
The following graph is included wherever there is a substantial amount of votes to render meaningful data. These visual representations display user poll results over time, providing a significant indication of sentiment trends.
Sentiment over time (quarterly)
Sentiment over time (yearly)
Growth
The number of 'Economists' job openings is expected to rise 5.1% by 2033
Total employment, and estimated job openings
Updated projections are due 09-2024.
Wages
In 2023, the median annual wage for 'Economists' was $115,730, or $55 per hour
'Economists' were paid 140.8% higher than the national median wage, which stood at $48,060
Wages over time
Volume
As of 2023 there were 16,420 people employed as 'Economists' within the United States.
This represents around < 0.001% of the employed workforce across the country
Put another way, around 1 in 9 thousand people are employed as 'Economists'.
Job description
Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
SOC Code: 19-3011.00
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Comments
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they consistantly display an inability to model any form of human behaviour and the lack of these variables in their data have lead to perpetual disaterous global economic crashes.
AI will doubtless surpass human economists in the very short term and as a result, large, medium and even small business will dispence with the need for any form of human based economic processes which offer very little financial return for the cost incurred.
Cause economists are indeed in demand in "High Demand" and economists are aware of automations and risk of losing jobs.
So how the heck you would want a machine to take over the job?? Without human economists our economy will be unstable and not accurate at all.
We need human economists not "machines". Economists are highly important it's our society our life we couldn't live without it.
We don't expect businesses to fail we need to accommodate that.
Much of the rest - The interpretations, the use of theory to explain results, figuring out why the theory often doesn't carry over to the real world, understanding the human behavior behind complex systems of humans messing things up together, figuring out why This Time Is (or isn't) Different - all this requires a great deal of intuition, persuasion, creativity, and intuitive leaps, in addition to the knowledge, information, data, and models we learn.
It doesn't at this time appear that we'll get AI that good within 2 decades. I suppose it's possible, we could hit the Singularity, but I doubt it in that time frame
I agree with you that the field will become automated, but not in the way that you mean it: as a one-time formula where you click a button and "the answer" is computed. Because economics (and actuarial science) are far from being fully understood. Likewise, their models are far from perfect at generating an ideal solution. To achieve a perfect model, all relevant pieces of information regarding how every individual human will make every future decision must be known (which is impossible), but because we have more data and analysis tools every day, the practice of studying economics will continue to be a valuable and profitable area of expertise.
Automation does not mean extinction!!!!
Economics is human action, as Ludwig von Mises would say, it is impossible to do economics without humans.
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