Francis Amasa Walker
Francis Amasa Walker was an American economist, journalist, academic administrator, military officer in the Union Army. Walker was born into a prominent Boston family, the son of the economist and politician Amasa Walker, he graduated from Amherst College at the age of 20, he received a commission to join the 15th Massachusetts Infantry and rose through the ranks as an assistant adjutant general. Walker fought in the Peninsula Campaign and was wounded at the Battle of Chancellorsville but subsequently participated in the Bristoe and Richmond-Petersburg Campaigns before being captured by Confederate forces and held at the infamous Libby Prison. In July 1866, he was nominated by President Andrew Johnson and confirmed by the United States Senate for the award of the honorary grade of brevet brigadier general United States Volunteers, to rank from March 13, 1865, when he was age 24. Following the war, Walker served on the editorial staff of the Springfield Republican before using his family and military connections to gain appointment as the Chief of the Bureau of Statistics from 1869 to 1870 and Superintendent of the 1870 census where he published an award-winning Statistical Atlas visualizing the data for the first time.
He joined Yale University's Sheffield Scientific School as a professor of political economy in 1872 and rose to international prominence serving as a chief member of the 1876 Philadelphia Exposition, American representative to the 1878 International Monetary Conference, President of the American Statistical Association in 1882, inaugural President of the American Economic Association in 1886, vice president of the National Academy of Sciences in 1890. Walker led the 1880 census which resulted in a twenty-two volume census, cementing Walker's reputation as the nation's preeminent statistician; as an economist, Walker debunked the wage-fund doctrine and engaged in a prominent scholarly debate with Henry George on land and taxes. Walker argued in support of bimetallism and although he was an opponent of the nascent socialist movement, he argued that obligations existed between the employer and the employed, he published his International Bimetallism at the height of the 1896 presidential election campaign in which economic issues were prominent.
Walker was a prolific writer, authoring ten books on military history. In recognition of his contributions to economic theory, beginning in 1947, the American Economic Association recognized the lifetime achievement of an individual economist with a "Francis A. Walker Medal". Walker accepted the presidency of the Massachusetts Institute of Technology in 1881, a position he held for fifteen years until his death. During his tenure, he placed the institution on more stable financial footing by aggressively fund-raising and securing grants from the Massachusetts government, implemented many curricular reforms, oversaw the launch of new academic programs, expanded the size of the Boston campus and student enrollments. MIT's Walker Memorial Hall, a former students' clubhouse and one of the original buildings on the Charles River campus, was dedicated to him in 1916. Walker was born in Boston, the youngest son of Hanna and Amasa Walker, a prominent economist and state politician; the Walkers had three children, Emma and Francis.
Because the Walkers' next-door neighbor was Oliver Wendell Holmes, Sr. the junior Walker and junior Holmes were playmates as young children and renewed their friendship in life. The family remained there; as a boy he had both a noted temper as well as a magnetic personality. Beginning his schooling at the age of seven, Walker studied Latin at various private and public schools in Brookfield before being sent to the Leicester Academy when he was twelve, he completed his college preparation by the time he was fourteen and spent another year studying Greek and Latin under the future suffragist and abolitionist Lucy Stone, entered Amherst College at the age of fifteen. Although he had planned to matriculate at Harvard after his first year at Amherst, Walker's father believed his son was too young to enter the larger college and insisted he remain at Amherst. While he had entered with the class of 1859, Walker became ill during his first year there and fell back a year, he was a member of the Delta Kappa and Athenian societies as a freshman and withdrew from Alpha Sigma Phi as a sophomore on account of "rowdyism", joined Delta Kappa Epsilon.
As a student, Walker was awarded the Sweetser Essay Prize and the Hardy Prize for extemporaneous speaking. He graduated in 1860 as Phi Beta Kappa with a degree in law. After graduation, he joined the law firm of Charles Devens and George Frisbie Hoar in Worcester, Massachusetts; as tensions between the North and South increased over the winter of 1860–1861, Walker equipped himself and began drilling with Major Devens' 3rd Battalion of Rifles in Worcester and New York. Despite his older brother Robert serving in the 34th Massachusetts Infantry, his father objected to his youngest son mobilizing with the first wave of volunteers. Walker returned to Worcester but began to lobby William Schouler and Governor John Andrew to grant him a commission as a second lieutenant under Devens' command of the 15th Massachusetts. Following his 21st birthday and the First Battle of Bull Run in July 1861, Walker secured the consent of his father to join the war effort as well as assurances by Devens that he would receive an officer's commission.
However, the lieutenancy never materialized and Devens instead offered Walker an appointment as a sergeant major, which he assumed on August 1, 1861, after re-tailori
Jeremiah Whipple Jenks was an American economist and Professor at Cornell University, who held various posts in the US government throughout his career. He served as a member of the Dillingham Immigration Commission from 1907 - 1914, where he led research projects on the current state of immigration into the United States, he is the author of several influential books, including The Immigration Problem: A Study of Immigration Conditions and Need and The Dictionary of Races. He was among the first social science academics within government, one of the first to propose that the federal government has the power to restrict immigration. Born in Saint Clair, Jenks graduated from the University of Michigan in 1878, he went on to study law while teaching at Mount Morris College in Illinois, was admitted to the Michigan bar in 1881. He studied in Germany, earning his doctorate from the University of Halle under Johannes Conrad in 1885. Jenks held professorships at both Cornell University as a member of the President White School of History and Political Science and New York University.
He began his career in service for the federal government as a tax commissioner in New York City, soon moved onto hold various posts within the federal government. Theodore Roosevelt appointed him in 1899 to be an “expert in Asia” for the U. S. treasury, represented the US in financial matters within several Asian countries. Jenks soon became an advisor to Mexico and Germany as well advancing through the ranks of the federal government. Jenks was appointed a member of the U. S. Commission on International Exchange, was appointed to the United States Immigration Commission in 1907; the National Civic Federation, an organization of big business owners and labor organizers hired him and his work there became inspirational for his studies on labor. Jenks was recognized with the Silver Buffalo Award in 1926. Today, he is remembered for his association with Nobel laureate Friedrich Hayek, his legacy in American immigration policy. Jenks was interested in the political aspects of economic problems and he served on various government commissions and made many reports on currency and immigration issues.
Jenks was part of the new school of economic theory during the Progressive Era, which stemmed through his dissertation adviser at the University of Halle, Joseph Conrad, an outspoken critic of British Classical Economics. Progressive Era economists focused on making economics compatible with morality, sought to institute governmental regulations which were favorable to large corporations. Jenks toured the world for the War Department from 1901-1902, where he examined how dependent colonial governments operated financially, he made many other trips around the world as a member of the Commission on International Exchange, where he researched colonial policy and the gold standard in countries all over the world. Based on these experiences, Jenks wrote a chapter in Henry Cabot Lodge’s book Colonies of the World. Progressive economists and Jenks founded the American Economic Association, where he served as president from 1906 - 1907. One of the association's goals was the “development of legislative policy”, which radical for its time as many of the old school economists of the time still believed in the idea of strict laissez-faire economics.
The reformist ideology of the American Economic Association affected his work as a member of the National Civic Federation. The National Civic Federation was a business-dominated organization that aligned with the ideologies of reformist minded economists like Jenks, as it sought to implement uniform state legislation on multiple issues including worker's compensation, child labor, taxation. Additionally, the NCF gave Jenks his first exposure to immigration issues, as in 1905 he attended a conference that focused on whether immigrant labor from China should be more restricted, he served as an economic adviser at the Paris Peace Conference in 1919. Jenks’ experiences abroad influenced his views on U. S. colonialism. Although many Republican reformers were anti-imperialist, Jenks was an outspoken proponent of US colonialism and expansion, he saw American colonial intervention as a way to offset inefficiencies produced by the native populations, a way to bring them to the moral standards of America.
Jenks’ experiences abroad gave him the idea that the US had the right to exercise federal power across the globe when it came to immigration. In the Progressive Era, Jeremiah Jenks was one of the pioneers who set the precedent for the inclusion of professors and academic experts in government. In 1899, Jenks was appointed as an “expert in Asia” for the US treasury, began traveling to various dependent countries around the world. Jenks’ experience in politics stemmed from his involvement in various economic and immigration research organizations; as a member of the NCF, Jenks helped to draft a bill to amend the Sherman Anti-Trust Act in 1908. Although the bill was unsuccessful, Jenks sat on the four-man committee headed by John Bates Clark which drafted a preliminary version of the 1914 Clayton Anti-trust Act. With the Immigration Commission, he wrote model legislation for the Mann Act of 1910, which focused on the restriction of white slavery and sex trafficking into the United States. Jenks was instrumental in the writing and the passage of the Dillingham Immigration Bill of 1911, vetoed by President William Howard Taft.
However, this bill was one of the first to restrict immigration on racial grounds, set the precedent for many restrictionist policies which were soon to be passed by the federal government, such as The National Origins Act of 1924. In 1916, J
Johns Hopkins University
Johns Hopkins University is a private research university in Baltimore, Maryland. Founded in 1876, the university was named for its first benefactor, the American entrepreneur and philanthropist Johns Hopkins, his $7 million bequest —of which half financed the establishment of Johns Hopkins Hospital—was the largest philanthropic gift in the history of the United States up to that time. Daniel Coit Gilman, inaugurated as the institution's first president on February 22, 1876, led the university to revolutionize higher education in the U. S. by integrating teaching and research. Adopting the concept of a graduate school from Germany's ancient Heidelberg University, Johns Hopkins University is considered the first research university in the United States. Over the course of several decades, the university has led all U. S. universities in annual research and development expenditures. In fiscal year 2016, Johns Hopkins spent nearly $2.5 billion on research. Johns Hopkins is organized into 10 divisions on campuses in Maryland and Washington, D.
C. with international centers in Italy and Singapore. The two undergraduate divisions, the Zanvyl Krieger School of Arts and Sciences and the Whiting School of Engineering, are located on the Homewood campus in Baltimore's Charles Village neighborhood; the medical school, the nursing school, the Bloomberg School of Public Health are located on the Medical Institutions campus in East Baltimore. The university consists of the Peabody Institute, the Applied Physics Laboratory, the Paul H. Nitze School of Advanced International Studies, the School of Education, the Carey Business School, various other facilities. Johns Hopkins was a founding member of the American Association of Universities. Johns Hopkins University is cited as among the world's top universities; the university is ranked 10th among undergraduate programs at National Universities in U. S. News & World Report latest rankings, 10th among global universities by U. S. News & World Report in its 2019 rankings, as well as 12th globally in the Times Higher Education World University Rankings.
Over the course of more than 140 years, 37 Nobel laureates and 1 Fields Medalist have been affiliated with Johns Hopkins. Founded in 1883, the Blue Jays men's lacrosse team has captured 44 national titles and joined the Big Ten Conference as an affiliate member in 2014. On his death in 1873, Johns Hopkins, a Quaker entrepreneur and childless bachelor, bequeathed $7 million to fund a hospital and university in Baltimore, Maryland. At that time this fortune, generated from the Baltimore and Ohio Railroad, was the largest philanthropic gift in the history of the United States; the first name of philanthropist Johns Hopkins is the surname of his great-grandmother, Margaret Johns, who married Gerard Hopkins. They named their son Johns Hopkins. Samuel named one of his sons for his father and that son would become the university's benefactor. Milton Eisenhower, a former university president, once spoke at a convention in Pittsburgh where the Master of Ceremonies introduced him as "President of John Hopkins."
Eisenhower retorted that he was "glad to be here in Pittburgh." The original board opted for an novel university model dedicated to the discovery of knowledge at an advanced level, extending that of contemporary Germany. Building on the Humboldtian model of higher education, the German education model of Wilhelm von Humboldt, it became dedicated to research. Johns Hopkins thereby became the model of the modern research university in the United States, its success shifted higher education in the United States from a focus on teaching revealed and/or applied knowledge to the scientific discovery of new knowledge. The trustees worked alongside four notable university presidents – Charles W. Eliot of Harvard, Andrew D. White of Cornell, Noah Porter of Yale College and James B. Angell of Michigan, they each vouched for Daniel Coit Gilman to lead the new University and he became the university's first president. Gilman, a Yale-educated scholar, had been serving as president of the University of California prior to this appointment.
In preparation for the university's founding, Gilman visited University of Freiburg and other German universities. Gilman launched what many at the time considered an audacious and unprecedented academic experiment to merge teaching and research, he dismissed the idea that the two were mutually exclusive: "The best teachers are those who are free and willing to make original researches in the library and the laboratory," he stated. To implement his plan, Gilman recruited internationally known luminaries such as the mathematician James Joseph Sylvester. Gilman focused on the expansion of graduate support of faculty research; the new university fused advanced scholarship with such professional schools as medicine and engineering. Hopkins became the national trendsetter in doctoral programs and the host for numerous scholarly journals and associations; the Johns Hopkins University Press, founded in 1878, is the oldest American university press in continuous operation. With the completion of Johns Hopkins Hospital in 1889 and the medical school in 1893, the university's research-focused mode of instruction soon began attracting world-renowned faculty members who would become major figures in the emerging field of acad
Henry Rogers Seager
Henry Rogers Seager was an American economist, Professor of Political Economy at Columbia University, who served as president of the American Association for Labor Legislation. Inspired by the work of the Austrian School, Seager published his main work "Principles of Economics" in 1913. Inline with the institutional economics this textbook was typical "empirical and institutional in applied work, that dealt with real markets." In 1929 he published his most cited work, entitled "Trust and corporation problems." Seager was born to Schuyler Fiske Seager and Alice Seager in Lansing, where his father worked as a lawyer. He studied at the University of Michigan. B. in 1890. He continued his studies at Johns Hopkins University under Herbert Baxter Adams and Richard T. Ely for a year, in Europe at Halle and Vienna for two years, obtaiting his PhD back in the US from the University of Pennsylvania in 1894 under Simon Patten. In 1894 Seager started his academic career as an instructor in economics at the Wharton School of the University of Pennsylvania, was promoted to assistant professor in 1896, to adjunct professor in 1902.
In 1905 he moved to Columbia University. Seager was a member of several commissions in New York to investigate labor conditions, he served as president of the American Association for Labor Legislation and served on the board of editors of the Political Science Quarterly. He died in 1930 in Russia when he was visiting to study Soviet economic philosophy. Seager work as economist was influenced by his training in "English classicism, in the German historical method and in the peculiar Austrian approach" of the Austrian School. In 1904 he published "Introduction to Economics" in 1904, which he developed into his main work "Principles of Economics," published in 1913. In the preface to Introduction to Economics, Seager explains, that "the principal feature which distinguishes it from other college text-books is its full treatment of the subject of distribution; this is the part of the study, of greatest interest and importance. And all the while there is room for his initiative and individuality.
No teacher inferior in training or wanting in class-room skill would better attempt this book... His catholic quality of temper and lack of dogmatism render. Professor Seager's doctrinal positions of less controlling importance for text-book purposes. While his work is noticebly Austrian in tone and method, yet it is such in a manner which need not offend the radically conservative; as indicating a general point of view, it may be noted that the marginal-productivity theory of distribution is adopted, with some degree of vagueness or vacillation as to the relation between distributive shares and competitive costs..." Seager expressed a specific view on the distribution in modern community. Modern business can be divided into twelve branches or principal businesses, as he expressed: "Looking at modern business in a concrete way we may distinguish the following main branches into which production is divided: hunting and fishing, stock-raising, forestry and quarrying, building, transporting and retail trading and stock broking and insurance.
Although by no means exhaustive this list includes the principal businesses to be found in a modern community arranged in about the order in which they have attained prominence..."According to Seager, the best adapted form of business organisation is different. In hunting, stock-raising, building and trading the dominant form is the single-entrepreneur and partnership systems. In lumbering and manufacturing single entrepreneurs and corporations exist side by side, in transportation and insurance the "corporate form of organisation holds undisputed sway. In general the corporate form of organisation is that preferred in branches of business where large-scale production is found to be most economical, while in businesses for which small-scale production is better adapted single entrepreneurs and partnerships still have the advantage." According to Seager and distribution in the modern community can be analysed, graphically pictured, by distinguishing three more basic branches of production: the extractive industries, which supply materials, the manufacturing industries, which combine and fashion materials into the forms desired by consumers, transportation and trade, which bring manufactured goods to those who are to use them.
About the basic interaction, Seager further explained: "As represented in the above figure the three great branches of production are being carried on and the goods produced are flowing in a vast stream from the extractive industries, where they originate as materials, to traders who dispose of them in finished forms either to consumers or to producers who use them as capital goods or aids to further production. Although working contemporaneously, successive groups of producers are, of course, engaged on materials produced
A census is the procedure of systematically acquiring and recording information about the members of a given population. The term is used in connection with national population and housing censuses; the United Nations defines the essential features of population and housing censuses as "individual enumeration, universality within a defined territory and defined periodicity", recommends that population censuses be taken at least every 10 years. United Nations recommendations cover census topics to be collected, official definitions and other useful information to co-ordinate international practice; the word is of Latin origin: during the Roman Republic, the census was a list that kept track of all adult males fit for military service. The modern census is essential to international comparisons of any kind of statistics, censuses collect data on many attributes of a population, not just how many people there are. Censuses began as the only method of collecting national demographic data, are now part of a larger system of different surveys.
Although population estimates remain an important function of a census, including the geographic distribution of the population, statistics can be produced about combinations of attributes e.g. education by age and sex in different regions. Current administrative data systems allow for other approaches to enumeration with the same level of detail but raise concerns about privacy and the possibility of biasing estimates. A census can be contrasted with sampling in which information is obtained only from a subset of a population. Modern census data are used for research, business marketing, planning, as a baseline for designing sample surveys by providing a sampling frame such as an address register. Census counts are necessary to adjust samples to be representative of a population by weighting them as is common in opinion polling. Stratification requires knowledge of the relative sizes of different population strata which can be derived from census enumerations. In some countries, the census provides the official counts used to apportion the number of elected representatives to regions.
In many cases, a chosen random sample can provide more accurate information than attempts to get a population census. A census is construed as the opposite of a sample as its intent is to count everyone in a population rather than a fraction. However, population censuses rely on a sampling frame to count the population; this is the only way to be sure that everyone has been included as otherwise those not responding would not be followed up on and individuals could be missed. The fundamental premise of a census is that the population is not known and a new estimate is to be made by the analysis of primary data; the use of a sampling frame is counterintuitive as it suggests that the population size is known. However, a census is used to collect attribute data on the individuals in the nation; this process of sampling marks the difference between historical census, a house to house process or the product of an imperial decree, the modern statistical project. The sampling frame used by census is always an address register.
Thus it is not known how many people there are in each household. Depending on the mode of enumeration, a form is sent to the householder, an enumerator calls, or administrative records for the dwelling are accessed; as a preliminary to the dispatch of forms, census workers will check any address problems on the ground. While it may seem straightforward to use the postal service file for this purpose, this can be out of date and some dwellings may contain a number of independent households. A particular problem is what are termed'communal establishments' which category includes student residences, religious orders, homes for the elderly, people in prisons etc; as these are not enumerated by a single householder, they are treated differently and visited by special teams of census workers to ensure they are classified appropriately. Individuals are counted within households and information is collected about the household structure and the housing. For this reason international documents refer to censuses of housing.
The census response is made by a household, indicating details of individuals resident there. An important aspect of census enumerations is determining which individuals can be counted from which cannot be counted. Broadly, three definitions can be used: de facto residence; this is important to consider individuals who have temporary addresses. Every person should be identified uniquely as resident in one place but where they happen to be on Census Day, their de facto residence, may not be the best place to count them. Where an individual uses services may be more useful and this is at their usual, or de jure, residence. An individual may be represented at a permanent address a family home for students or long term migrants, it is necessary to have a precise definition of residence to decide whether visitors to a country should be included in the population count. This is becoming more important as students travel abroad for education for a period of several years. Other groups causing problems of enumeration are new born babies, people away on holiday, people moving home around census day, people without a fixed address.
People having second homes because of working in another part of the country or retaining a holiday cottage are dif
Encyclopædia Britannica, Eleventh Edition
The Encyclopædia Britannica, Eleventh Edition is a 29-volume reference work, an edition of the Encyclopædia Britannica. It was developed during the encyclopaedia's transition from a British to an American publication; some of its articles were written by the best-known scholars of the time. This edition of the encyclopedia, containing 40,000 entries, is now in the public domain, many of its articles have been used as a basis for articles in Wikipedia. However, the outdated nature of some of its content makes its use as a source for modern scholarship problematic; some articles have special value and interest to modern scholars as cultural artifacts of the 19th and early 20th centuries. The 1911 eleventh edition was assembled with the management of American publisher Horace Everett Hooper. Hugh Chisholm, who had edited the previous edition, was appointed editor in chief, with Walter Alison Phillips as his principal assistant editor. Hooper bought the rights to the 25-volume 9th edition and persuaded the British newspaper The Times to issue its reprint, with eleven additional volumes as the tenth edition, published in 1902.
Hooper's association with The Times ceased in 1909, he negotiated with the Cambridge University Press to publish the 29-volume eleventh edition. Though it is perceived as a quintessentially British work, the eleventh edition had substantial American influences, not only in the increased amount of American and Canadian content, but in the efforts made to make it more popular. American marketing methods assisted sales; some 14% of the contributors were from North America, a New York office was established to coordinate their work. The initials of the encyclopedia's contributors appear at the end of selected articles or at the end of a section in the case of longer articles, such as that on China, a key is given in each volume to these initials; some articles were written by the best-known scholars of the time, such as Edmund Gosse, J. B. Bury, Algernon Charles Swinburne, John Muir, Peter Kropotkin, T. H. Huxley, James Hopwood Jeans and William Michael Rossetti. Among the lesser-known contributors were some who would become distinguished, such as Ernest Rutherford and Bertrand Russell.
Many articles were carried over from some with minimal updating. Some of the book-length articles were divided into smaller parts for easier reference, yet others much abridged; the best-known authors contributed only a single article or part of an article. Most of the work was done by British Museum scholars and other scholars; the 1911 edition was the first edition of the encyclopædia to include more than just a handful of female contributors, with 34 women contributing articles to the edition. The eleventh edition introduced a number of changes of the format of the Britannica, it was the first to be published complete, instead of the previous method of volumes being released as they were ready. The print type was subject to continual updating until publication, it was the first edition of Britannica to be issued with a comprehensive index volume in, added a categorical index, where like topics were listed. It was the first not to include long treatise-length articles. Though the overall length of the work was about the same as that of its predecessor, the number of articles had increased from 17,000 to 40,000.
It was the first edition of Britannica to include biographies of living people. Sixteen maps of the famous 9th edition of Stielers Handatlas were translated to English, converted to Imperial units, printed in Gotha, Germany by Justus Perthes and became part this edition. Editions only included Perthes' great maps as low quality reproductions. According to Coleman and Simmons, the content of the encyclopedia was distributed as follows: Hooper sold the rights to Sears Roebuck of Chicago in 1920, completing the Britannica's transition to becoming a American publication. In 1922, an additional three volumes, were published, covering the events of the intervening years, including World War I. These, together with a reprint of the eleventh edition, formed the twelfth edition of the work. A similar thirteenth edition, consisting of three volumes plus a reprint of the twelfth edition, was published in 1926, so the twelfth and thirteenth editions were related to the eleventh edition and shared much of the same content.
However, it became apparent that a more thorough update of the work was required. The fourteenth edition, published in 1929, was revised, with much text eliminated or abridged to make room for new topics; the eleventh edition was the basis of every version of the Encyclopædia Britannica until the new fifteenth edition was published in 1974, using modern information presentation. The eleventh edition's articles are still of value and interest to modern readers and scholars as a cultural artifact: the British Empire was at its maximum, imperialism was unchallenged, much of the world was still ruled by monarchs, the tragedy of the modern world wars was still in the future, they are an invaluable resource for topics omitted from modern encyclopedias for biography and the history of science and technology. As a literary text, the encyclopedia has value as an example of early 20th-century prose. For example, it employs literary devices, such as pathetic fallacy, which are not as common in modern reference texts.
In 1917, using the pseudonym of S. S. Van Dine, the US art critic and author Willard Huntington Wright published Misinforming a Nation, a 200+
An economist is a practitioner in the social science discipline of economics. The individual may study and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, economics computational models, financial economics, mathematical finance and mathematical economics; the professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path. It is a debate between a scholastic orientation, focused on mathematical techniques, a public discourse orientation, more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter.
Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. Getting a PhD in economics takes six years, on average, with a median of 5.3 years. The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics; the prize winners are announced in October every year. They receive their awards on the anniversary of Alfred Nobel's death. Economists work in many fields including academia, government and in the private sector, where they may "...study data and statistics in order to spot trends in economic activity, economic confidence levels, consumer attitudes. They assess this information using advanced methods in statistical analysis, computer programming they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."In contrast to regulated professions such as engineering, law or medicine, there is not a required educational requirement or license for economists.
In academia, to be called an economist requires a Ph. D. degree in Economics. In the US government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. A professional working inside of one of many fields of economics or having an academic degree in this subject is considered to be an economist. In addition to government and academia, economists are employed in banking, accountancy, marketing, business administration and non- or not-for profit organizations. Politicians consult economists before enacting economic policy. Many statesmen have academic degrees in economics. Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college.
Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance and banking, or management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers go on to undertake postgraduate studies, either in economics, teacher training or further qualifications in specialist areas. In Brazil, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil. According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of $83,000 the top ten percent earning more than $147,040 annually.
Nearly 135 colleges and universities grant around 900 new Ph. D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes; as of January 2013, PayScale.com showed Ph. D. economists' salary ranges as follows: all Ph. D. economists, $61,000 to $160,000. D. corporate economists, $71,000 to $207,000. The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom, shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional and international organisations, across many sectors; this figure compares favourably with the national picture, with 64 percent of economics graduates in employment. Some current we