John Maynard Keynes, with his theories on unemployment and the system of economic sponsorship, was one of the first modern economists to garner international fame. In post W.W.II economies, the role of economists has been recognized as valuable by all governments and numerous industries in the financial sector. In the future, computer modeling will help economists formulate their economic visions for a wide variety of clients, including third-world countries and multinational corporations. For the first few months in the working world, economists learn the assumptions and models used by the hiring company. Tasks focus on computer modeling, report writing, and working as part of larger, highly supervised research teams.
Salaries are low.
Projects usually have strict deadlines, so expect some weekend work. Economists in academia start out as assistant professors, lecturing, grading papers, and teaching sections. Since most private consulting firms employ fewer than fifty people, those who stay can rise rapidly. Successful economists are team leaders, managing large research projects, working with clients, and reviewing materials prepared by junior associates. Academics, now teaching their own seminars, are likely to have shifted among universities to those with strong opportunities for advancement and are publishing papers and articles other than thesis material.