August 8, 2018

How to be an Economist

“He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher – in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man’s nature or his institutions must lie entirely outside his regard.” – John Maynard Keynes (Essays in Biography, The Collected Writings of John Maynard Keynes, vol. X, Royal Economic Society, Macmillan Press Ltd, 1972.)

Economist are rare these days, there are many economics graduate but few are economists. Economist poses a talent not commonly seen in many people. Economist have studied different school of thought which enables them to provide opinion on different topics of life. Economist combines science and art in explaining things; provides explanation in general and in specific. You can ask an economist anything and he will answer based on his knowledge and experience. An economist doesn’t jump into conclusion, before he believes that something is true, it must be supported by facts – numbers and data, previous studies, and mathematical proof. 

Economist believes that each every person in this world should have a good life (high standard of living) – because every person is equal which qualify each person from access to the wealth of the world. No man should be left behind in poverty because that person is part of one race – which is called humanity.

An economist studies past and present so that he would learn what should be repeated in the future and what should not. In a developing country, one person could live a life that is considered a future. For example, the past of a wealthy person is living in a simple house with one bed room; his present is now living in a three bed room house with two car garage. In present, some people are living in a simple house with one bed room; his future might be living in three bed room. In a developed country, in present time, less people are watching TV and most people are using mobile phones and tablets in consuming media. The future of a developing country could be less people will be watching TV and more will be using their mobile devices – because in the present, like Philippines, a lot of people are still using television. The past and future exist in the present; some people are living a life from the past while some are living a life that is considered future; some countries are still in war, which is a thing of the past, while some countries are in full utilization of technology which is a thing of the future. 

Being an economist is a privilege, it opens your eyes and makes you see a world that is hidden, a world that is real; you will be able understand why things have value and why some stories are different on the screen and books versus real life as you experience it. Being an economist will open your eyes to the reality – because that is one of the skills of an economist; differentiating reality from illusion. You can be a wealthy economist or an average earner economist, but what makes both the same is that, both enjoy seeing the world using the lens of reality.

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