5 Skills That Define a Proficient Economist

Posted by Tanya Sharma on October 13th, 2022

Economics holds a distinguished position in all of academia and is the subject of choice for innumerable students. It offers some of the highest-paying and most respected jobs in the world. However, one must continually develop their skillset in this field to set the bar. Hence, in this article today, we, at the Indian School of Business & Finance, positioned among the best colleges for Economics Hons in Delhi, will shed light on six of such skills that exemplify an accomplished Economist. If you are aspiring to take up the career of an economist, make sure you put in the extra effort to make these skills your second nature to enjoy success and fame as a proficient economist. So, let’s get going!

A brief introduction for the uninitiated

To understand today’s topic, it’ll be best if we give a summary of Economics in case some readers are uninitiated. In layman’s terms, economics is a discipline that deals with how individuals make decisions about using scarce resources. It involves studying the production, distribution, trade, consumption, and pricing of goods or services. The goal of any economy is to achieve an equilibrium between supply and demand. This can be achieved by ensuring that prices are flexible enough to adjust to changes in supply and demand. The price also needs to be stable enough not to cause fluctuations in the market. With that out of the way, let’s move on to the nitty-gritty of today’s topic.

HOW TO ACHIEVE INGENUITY IN ECONOMICS?

Economics as a subject is so vast that there is a never-ending sea of information to learn and grow. However, to attain maximum benefits from the same and succeed professionally, it is imperative for you to possess the following skills:

• Love for Mathematics:

  Mathematics is the currency of Economics. The hard truth is that you won’t advance much in your career if you aren’t comfortable with it. Great Economists are those who can easily handle and interpret large data sheets and visual data such as graphs. It’s second nature to them as it’s a part of their daily routine. However, it’s nothing to brood about if you aren’t adept at it. Thus, try and groom your math skills as much as you can and it will help you grow as a successful economist.

• Proficiency in Social Sciences:

  There is a misconception that economists are only knowledgeable in economics. However, the fact is that in the modern business landscape, that’s not enough! The reality is that in addition to economics, they also need to be knowledgeable in social sciences, such as psychology, sociology, and history. These fields help understand what drives people to act and react in the way they do and how it affects the economy. To be precise, it helps economists to understand and predict human behavior in different circumstances. This way, experts get the chance to make better decisions on economic policies that affect society.

• Independent Thinking:

  Great economists are always independent thinkers. They are not afraid to voice their insights and ideas about economic scenarios and take them in new directions by being creative in their thoughts. They can articulate their views, thus maintaining clarity. They aren’t swayed by economic climates but instead look to the future and predict what will happen to the economy. Another important characteristic of theirs is that they always provide an unbiased opinion which is a testament to their professionalism.

• Strong Written & Verbal Communication Skills:

  Modern economists are not only good at crunching numbers but also have excellent written and verbal communication skills. This is because they regularly communicate with their clients, the public, and policymakers. Additionally, these skills allow them to articulate their ideas and make them understandable to others. With strong communication skills, they can explain complex economic theories in a way that is easy for even those to understand who aren’t a part of the field.

• Self-Motivation:

  The best economists are always self-motivated. This quality of theirs allows them to get more out of their careers and professional endeavors. It also helps them maintain a good work-life balance by allowing them autonomy to set priorities.

In a nutshell…

The field of economics has changed drastically over the decades. Today, economists must be proficient in multiple competencies that may appear unrelated at first. But upon closer inspection, it’ll become apparent how the fields are intertwined. We from the Indian School of Business & Finance are repeating this as the importance of holding valuable skills and abilities can’t be stressed enough. Thus, if you really wish to make a career as an economist and want it to have an upward trajectory of constant success, make sure you try and groom yourself with the skill set mentioned in this article above. Worry not, we, at the Indian School of Business & Finance, one of the top colleges for Economics Hons in Delhi, are right here to provide you with the right kind of education, guidance, and training. With our mentorship and your will, you’ll grow really well for the industry and have a thriving and affluent future.