An agricultural economist is a professional who analyzes data, information, and trends in the agricultural market. The agricultural market deals with trade in agricultural commodities and services. The market is both national and international. Agricultural economists are also responsible for researching new and effective methods for enhancing agricultural productivity.
The basic academic qualification for a career in agricultural economics is a bachelor’s degree. However, a master’s degree in economics is desirable because it imparts effective research and problem resolution skills.
A study conducted by the US Bureau of Labor Statistics shows $93,070 as 2013 median earnings of economists in the United States. This remuneration is very attractive, and thus students who arrested in careers with high monetary incentive should pursue a course in economics.
The federal government employs most agricultural economists. The remaining economists are employed in the state governments and the private sector. The projected demand between 2012 and 2022 for economists is 14%. The growing demand of economists is because of increasing trade in agricultural products and services.
Economists formulate and implement policies and programs in the agricultural sector. The policies and programs are mostly in the areas of demand and supply of agricultural products and services.
All the agricultural processes are studied to ensure that high productivity and value is achieved. Some key agricultural processes are production, storage, distribution, and consumption.
The agricultural marketing system is based on information technology that enables economists to determine new markets for agricultural commodities using software.
Economists encourage good natural resource management by ensuring sustainable utilization of agricultural resources. Important natural resources that are properly managed to enhance agriculture productivity are land, water bodies, and vegetation.
Economists ensure effective commodities exchange nationally and internationally. Trade in agricultural commodities at the international market requires usage of different products, services, and currencies. The main aim of economists is to realize high revenues and profits through the commodities exchange.