Christian Broda is an economist by training and in practice. Currently he teaches economics at the university of Chicago where he is a professor in the school of business. He is also very passionate about capital management and he is the current Capital Managing Director at Duquesne Capital Management. His expertise in the field of economics has cut him a niche in the corporate world where he runs a successful career as an adviser to numerous organizations.
This is just but one of the many examples of economists and their contribution to different spheres of humanity. Economists are needed everywhere and they are useful in every industry. The government requires economists to offer advice on the economic implications of certain policies. In the health sector, economists are required to offer advices on business planning especially in private hospitals. In the corporate world, their functions are endless and limitless.
Economists are the direct opposite of bankers in so many aspects. While bankers are busy creating ways through which money can be spent, economists have a better approach. Before recommending any spending, economists will first perform a due diligence on the costs and benefits of the spending then perform the allocation of resources in the order of priority. For economists, financial spending must always be based on competing purposes.
Economists believe in the efficiency of competing or alternative choices available in financial planning. This is another reason why the profession is very important in the world today. People need to be advised on their financial spending and not only people but also governments, organizations, and the society as a whole. Failure to which, the economy will be doomed to fail one day in the future.
Economists have very clear roles in the society and this includes researching and offering solutions to issues of social, economic, and financial nature. Such information is very important because it forms part of what informs major decisions and policies in an economy. It is important to engage economists in the decision making process in areas such as the financial markets and social projects rolled out by government.
As we continue to experience unpredictable economic hardships globally, maybe it is time economists are given their rightful potion in the systems. This way, most of the current economic threats and hardships may be averted effectively. Economists helps us to understand how we can use what we have in the most prudent way to satisfy our needs maximally.