Economists

AUTOMATION RISK
CALCULATED
51%
risk level
POLLING
37%
Based on 1,115 votes
LABOR DEMAND
GROWTH
5.7%
by year 2032
WAGES
$113,940
or $54.77 per hour
Volume
16,370
as of 2022
SUMMARY
JOB SCORE
6.0/10

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Automation risk

51% (Moderate 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.

Some quite important qualities of the job are difficult to automate:

  • Originality

  • Persuasion

User poll

37% chance of full automation within the next two decades

Our visitors have voted there's a low chance this occupation will be automated. However, the automation risk level we have generated suggests a higher chance of automation: 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(s) are 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

Moderate growth relative to other professions

The number of 'Economists' job openings is expected to rise 5.7% by 2032

Total employment, and estimated job openings

* Data from the Bureau of Labor Statistics for the period between 2021 and 2031
Updated projections are due 09-2023.

Wages

Very high paid relative to other professions

In 2022, the median annual wage for 'Economists' was $113,940, or $54 per hour

'Economists' were paid 146.0% higher than the national median wage, which stood at $46,310

Wages over time

* Data from the Bureau of Labor Statistics

Volume

Lower range of job opportunities compared to other professions

As of 2022 there were 16,370 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

Leave a comment

Jesus told me to own a gun (Highly likely) says
economics is renowned for it's extremely poor level of accuracy due to economists ideological cognitive dissonance. AI will easily replace the industry with higher levels of accuracy and improved reaction time to problematic variables.
Dec 03, 2023 at 03:25 PM
the truth (Highly likely) says
economists are inherently flawed in their predictions and prescriptions as they lack insight in sciences such as sociology, social policy etc.

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.
Nov 09, 2023 at 09:07 PM
Carlos Plácido Teixeira (Moderate) says
The profession is full of routines in its analytical processes. Already today, recommendations for the best investments in bonds and stocks are starting to be made by artificial intelligence systems. If professionals insist on exclusively using econometric tools, then the probability tends to be even greater.
Aug 14, 2021 at 01:10 AM
Miguel Villavicencio (Low) says
As long as human interests define human decisions, economists will have an organic field.
May 25, 2021 at 04:14 AM
Faisal Ali Al Zahrani says
There is no chance for Economists to run outta of jobs?!!

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.
Feb 24, 2021 at 01:07 PM
Teg (Highly likely) says
Society will reach a steady state where economic policy will be easily automated
Jan 25, 2021 at 02:40 AM
Chris (No chance) says
Requires outside the box thinking that can't be programmed into a robot
Jan 17, 2021 at 08:46 PM
Yehuda Porath (Low) 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) 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
Tom says
It doesn't sound like you know what actuaries (and possibly economists) do. The spreadsheets full of calculations are a tool, not the product. The work you're describing is mostly done by uncredentialed junior "actuarial analysts" or even by interns.
Nov 09, 2021 at 06:27 PM
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 (Low) 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

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