What does a Microeconomist do?

A microeconomist is a professional who studies how individuals, whether by themselves, within a family unit, or within a company, decide how to allocate scarce resources, usually of monetary value. Microeconomics is an academic field found in many university programs, but there are also practical applications where knowledge of microeconomic dynamics can be useful. Most microeconomists work within an institution of higher learning or for a public policy think tank. Some companies will hire a microeconomist to perform detailed analysis of company economics and finances.

Universities offer a plethora or economist jobs for the aspiring microeconomist with a PhD degree in the subject. These jobs usually include a faculty teaching position, such as an offer as a full professor or a junior professor. As a university professor, one will be expected to effectively teach students who are interested in learning more about microeconomics. Teaching methods differ by school but usually involve lectures, interactive seminars, and interesting talks or roundtables.

Research is also a large part of working in an academic setting. Both senior and junior microeconomist professors try to publish articles in prominent research journals within the field. Usually, the search and gather portion of the research can be done by interns and students who are majoring in economics. The professor's job is to take these sources and write compelling papers which present new ideas within the field. Subjects can include supply and demand interaction, division of labor, taxation dynamics, market equilibrium, and much more.

In addition to working in academia, a microeconomist can find a number of suitable positions within public policy think tanks, organizations that study government policy and engage the public with their research. These sort of jobs are excellent for professionals who are trained in economics but would rather not work in an academic environment. Producing research for a think tank allows microeconomists to interact more with the general public on a number of popular economic issues such as job loss, corporate relations, supply and demand within a particular industry, and welfare issues.

There are companies that require skilled microeconomists to conduct predictive analysis on corporate finances and to carry out strenuous accounting efforts for the firm. These jobs are usually less theoretical and more practical, as they relate directly to the business field. Individuals working in this type of setting typically command higher salaries that economist jobs in a university setting or in a governmental organization.