Short answers, pulled from the story.
Economists study data and statistics to identify trends in economic activity, then use that analysis to forecast conditions, prepare reports, and advise on policy. They work across settings including academia, government, banking, finance, accountancy, commerce, and non-profit organisations. In the private sector, economists often advise fund managers, risk managers, and corporate analysts on investment strategy and capital budgeting.
Economics became increasingly professionalized over the nineteenth century. Jean-Baptiste Say held France's first chair in economics at the Conservatoire national des arts et métiers in the early 1800s. By the century's end, most economists were academics trained in mathematics rather than broad philosophers writing across multiple fields.
The prize is formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Jan Tinbergen and Ragnar Frisch shared the first award in 1969. It is often referred to informally as the Nobel Prize in Economics.
As of 2008, the median salary for non-academic economists in the United States was roughly $83,000, with the top ten percent earning more than $147,040. By January 2013, PayScale data placed corporate Ph.D. economists in a range from $71,000 to $207,000. The private sector consistently pays more than the federal government or academia.
Brazil legally regulates the economist title through Law No. 1,411, enacted on the 13th of August, 1951. The law reserves the professional designation exclusively for those holding a Bachelor of Economics degree from a Brazilian institution. Most other countries impose no comparable educational requirement or license.
Economists earn significantly higher salaries than other social scientists, hold their own major prize, and play a direct role in shaping public policy that no other social science enjoys. Their post-war embrace of mathematical formalism gave the discipline a scientific credibility that made it especially influential with decision-makers. They also occupy strategic positions inside central banks, ministries of finance, and international organisations, sometimes serving not just as advisers but as direct decision-makers.