Economists

6.7/10 job score
AUTOMATION RISK
30%
risk level
POLLING
GROWTH
13.1%
by 2030
WAGES
$108,350
or $52.09 hourly
VOLUME
17,520
as of 2020

What is the risk of automation?

We calculate this occupation to have an automation risk score of 30% (Start worrying)

[More info]
Qualities required for this occupation:
Originality
Persuasion
Key
very important
quite important
[Show all metrics]

What do you think the risk of automation is?

How likely do you think this occupation will be taken over by robots/AI within the next 20 years?





How quickly is this occupation growing?

The number of 'Economists' job openings is expected to rise 13.1% by 2030
'Economists' is expected to be a very fast growing occupation in comparison to other occupations.
* Data from the Bureau of Labor Statistics for the period between 2020 and 2030.
Updated projections are due Sep 2022.

What are the median wages for 'Economists' in the United States?

In 2020 the median annual wage for 'Economists' was $108,350, or $52.09 hourly
'Economists' are paid 158.3% higher than the national median wage, which stands at $41,950
* Data from the Bureau of Labor Statistics

How many people are employed in this occupation?

As of 2020 there were 17,520 people employed as Economists.
This represents around 0.01% of the employed workforce across the United States.

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

If you're thinking of starting a new career, or looking to change jobs, we've created a handy job search tool which might just help you land that perfect new role.

Search jobs in your local area

Comments

Yehuda Porath (Small chance) says
I'm an economist. Our "science" is made up of many things. Some of it, like the statistical work and data collection and processing, seems fairly roboticizable.

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
Oct 12, 2020 at 06:58 PM
Phillip Tussing says
Ha ha ha! OF COURSE economists will not be replaced! As Ludwig von Mises might say, it is impossible to "do economics" without humans. Ah, but teaching undergraduate economics can be done by pre-recorded videos, with grading done simply and automatically, and supervised by a few economists. And of course all the number-crunching required for corporate economics can be done by algorithms, supervised by a few human economists. And almost all the number-crunching in research work can be done by programs overseen by a few research economists. So... there will still be a few economics jobs...
Aug 10, 2020 at 03:00 AM
rle (Highly likely) says
If economist continue to create use regression analysis only looking at prior data then yes, there is no need to pay an analyst 100K to click a button anyone can do in excel. I've worked to automate these roles & actuarial positions.
Aug 08, 2020 at 02:53 PM
Lol (No chance) (No chance) says
The automation of analysis and modeling is a great and useful tool for economists (and actuaries). However, as time goes on, there is exponentially more "prior data" you were using with your automation. As new data is generated every day, we are constantly analyzing it to improve both the assumptions on which we base our models and our modeling techniques themselves.

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!!!!
Oct 28, 2020 at 05:44 AM
Niko (No chance) says
The insights change as macro fundamentals change... a computer cannot understand the macro indicators, political influence, sentiment or expectations.. We still do not understand inflation
Jun 25, 2020 at 07:44 PM
Anukul Bodile (No chance) says
I would have said that AI would replace economists if all humans were this mythical being called Homo economicus, someone who has no social affinities, no lapses of judgement or hang-ups, no capacity even for thinking about anyone besides him or herself.
May 12, 2020 at 09:04 AM
Nerd sry says
Ahh yes, the assumption that humans are "rational decision-makers" in neoclassical models of economics. These optimization patterns not even close to the way our (non-robot) brains make decisions... Completely agree
Oct 28, 2020 at 05:06 AM
Isaac Lemmen (No chance) says
It is mostly politics and rhetoric
Mar 06, 2020 at 09:10 PM
Gino (No chance) says
La economia es la accion humana como diria ludwig von mises es imposible hacer economia sin humanos.

Economics is human action, as Ludwig von Mises would say, it is impossible to do economics without humans.
Jan 07, 2020 at 03:04 AM
levi eleazar de oliveira bezerra (Small chance) says
The economics sector studies human behaviour and is not a matter of exact since it requires creativity and study of society to be able to apply the changes and for this to happen and necessary the accompaniment to the effective result.
Jun 07, 2019 at 12:01 AM

Leave a reply about this occupation

Your email address will not be published.
Comment
 
Name
 
Email (optional)