BUSINESS ECONOMISTS devote most of their careers to forecasting the outlook for others but rarely for themselves. With so much change swirling around us, this may be an appropriate time to try to look ahead for our profession.
The business economist profession has a rich history of service, currently is experiencing far reaching changes, and faces challenging opportunities. Today's business economist is considerably different from the pioneers who formalized the profession nearly a century ago. It is only realistic to expect the economist of tomorrow to operate differently. In what respects?
Devoid of data, especially macro, the few early business economists relied heavily on theory and personal observation and estimation. Receptivity of their views was generally quite high. Present day business economists still complain about data deficiencies while simultaneously being inundated with growing quantities of information. Most current forecasts are rooted in fairly impersonal mathematical models with limited first-hand inquiry. The abundance of business economic forecasts and comments now creates some public confusion and widespread skepticism.
Looking ahead, we can anticipate more direct on-line links to vast dynamic data collection sources and banks. Nevertheless, the business economist's insatiable desire to know more probably can never be satisfied. The key challenge will be for the profession to develop and expand ways to contribute much more to public and private policy formulation and implementation. The aim will be to give the business economist a much greater role in policies that will help improve real world conditions affecting people. This will be in addition to developing refined measures of profit-influencing forces in play and the direction they are going. Business economists who can become effective policy prognosticators will have no problem finding listeners. Moreover, the future successful business economist will be welcomed as a necessary member of the team that converts policy into action.
The business economist profession has a rich history of service, currently is experiencing far reaching changes, and faces challenging opportunities. Today's business economist is considerably different from the pioneers who formalized the profession nearly a century ago. It is only realistic to expect the economist of tomorrow to operate differently. In what respects?
Devoid of data, especially macro, the few early business economists relied heavily on theory and personal observation and estimation. Receptivity of their views was generally quite high. Present day business economists still complain about data deficiencies while simultaneously being inundated with growing quantities of information. Most current forecasts are rooted in fairly impersonal mathematical models with limited first-hand inquiry. The abundance of business economic forecasts and comments now creates some public confusion and widespread skepticism.
Looking ahead, we can anticipate more direct on-line links to vast dynamic data collection sources and banks. Nevertheless, the business economist's insatiable desire to know more probably can never be satisfied. The key challenge will be for the profession to develop and expand ways to contribute much more to public and private policy formulation and implementation. The aim will be to give the business economist a much greater role in policies that will help improve real world conditions affecting people. This will be in addition to developing refined measures of profit-influencing forces in play and the direction they are going. Business economists who can become effective policy prognosticators will have no problem finding listeners. Moreover, the future successful business economist will be welcomed as a necessary member of the team that converts policy into action.
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