In short, economists are found everywhere in government. Economics graduates are also employed by state governments, often as policy and budget analysts. State divisions of employment security typically hire graduates with a background in labor economics. About half of all economists with graduate degrees teach and do research at colleges and universities. The Ph.D. degree is usually required for teaching at four-year colleges while a masters may be sufficient at community colleges.
Promotions usually require published research with tenure possible after about six years.
Academic economists may also do consulting work for private business, or engage in grant funded research for public agencies. In civil practice the courts apply economic remedies in conflicts involving economic losses. This requires putting a value on physical damages, lost earnings, and medical costs. It may not be as glamorous as arguing a constitutional point before the Supreme Court, which few lawyers ever do anyway, but dealing with government regulations, tax issues, and other economic topics are a routine part of the legal practice. Pre-Med and health science students should not forget that health care is a business and doctors are often private business owners.