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Main Dictionary E


Economist is a specialist who deals with analyzing economic performance of a company or country and helps in development of its’ efficiency, elaborates budget plan, controls its’ implementation and keeps regular records. An economist also has to conduct surveys, plan and support financial and economic activities of the company.

Some of other responsibilities of the economist are:

  • improve the activities of the enterprise; 
  • participate in determining the system of remuneration and incentives for all categories of employees; 
  • calculate the organization's need for personnel;
  • plan the costs, use of resources, expenses and profits of the enterprise; 
  • exercise control over the process of implementation of financial and economic activities.

An economist can be called both scientists (that is, specialists in economic science) and economists who work in the research, planning, and management of economic activity of a company. As a scientist, an economist carries out investigations and develops theories. 

Significant Economists

Remarkable economist are:

  • Karl Marx;
  • Leon Walras;
  • Carl Menger;
  • Alfred Marshall;
  • Wilfredo Pareto;
  • Eugen von Böhm-Bawerk;
  • Frank Taussig;
  • Irving Fischer;
  • Wesley Clare Mitchell;
  • John Maynard Keynes.

Karl Marx is a famous economist for the fact that, together with Friedrich Engels, he founded a political and ideological current that was particularly popular in the countries of the socialist camp and was called "Marxism" after its founder.

Alfred Marshall's main contribution to economics is classical theory and marginalism, which laid the foundation for modern microeconomics. Economist A. Marshall is known as the author of the theory of market pricing. As an economist, he believed that the market value of goods is determined by the equilibrium of marginal utility of goods and marginal costs of their production.

J. M. Keynes is one of the most extraordinary economists of the twentieth century. He has created the foundations of modern macroeconomic theory which lays in the basis for fiscal and monetary policy.

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