An economist is a professional and practitioner in the social science discipline of economics .
52-790: John Quiggin (born 29 March 1956) is an Australian economist , a professor at the University of Queensland . He was formerly an Australian Research Council Laureate Fellow and Federation Fellow and a member of the board of the Climate Change Authority of the Australian Government . Quiggin completed his undergraduate studies at the Australian National University graduating with a Bachelor of Arts in Mathematics in 1978 and
104-539: A Bachelor of Economics in 1980. He then completed a Master of Economics through coursework and thesis at the Australian National University in 1984, and finished his Doctor of Philosophy in economics at the University of New England in 1988. From 1978 to 1983, Quiggin was a research economist and in 1986 was the chief research economist with the Bureau of Agricultural Economics, now called
156-424: A cabinet minister. The cabinet consists of the prime minister and senior ministers and makes most of the important policy decisions of the government. Members of the cabinet are selected by the prime minister and may be added or removed at any time, usually through a cabinet reshuffle . Cabinet meetings are strictly private and occur once a week where vital issues are discussed and policy formulated. The cabinet
208-642: A predominant influence over who was elected to Labor ministries, although the leaders of the party factions also exercised considerable influence. However, in 2007 Prime Minister Kevin Rudd , assumed the power to choose the ministry alone. Later, the caucus regained this power in 2013. According to reporting by the Sydney Morning Herald , ministerial positions are allocated by the Left and Right factions proportionally according to their representation in
260-427: A variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics . Some graduates go on to undertake postgraduate studies , either in economics, research, teacher training or further qualifications in specialist areas. Unlike most nations,
312-691: A wide variety of Parliamentary inquires through submissions and appearances. These include the inquiries into Uranium Mining and Nuclear Power, Land Use in Victoria, the US-Australia Free Trade Agreement and the Urban Water Inquiry to name a few. Quiggin is one of the most prolific economists in Australia, illustrated by citation frequencies in the period 1988–2000. He has been placed in the top 5% economists in
364-524: Is a formalized role. Professionals here are employed (or engaged as consultants ) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques. In contrast to regulated professions such as engineering, law or medicine, there
416-555: Is also a regular contributor to Crooked Timber , Inside Story and The Guardian . Until April 2015, he was a Fellow at the Centre for Policy Development . He was an opinion columnist for the Australian Financial Review from 1996 until March 2012. As of 2015, Quiggin opposed Bitcoin , calling it a "delusion" that would lead to "environmental disaster" due to the "ever-increasing environmental damage from
468-418: Is difficult to apply as many actions by executive agencies are wide-ranging, binding and conducted independently of Parliament. The executive can also be delegated legislative power through provisions allowing for statutory instruments and Henry VIII clauses . Ultimately whether power is executive or legislative is determined on a case-by-case basis, and involves the weighing up of various factors, rather than
520-582: Is not a legal entity; it exists solely by convention. Its decisions do not in and of themselves have legal force. However, it serves as the practical expression of the Federal Executive Council , which is Australia's highest formal governmental body. In practice, the Federal Executive Council meets solely to endorse and give legal force to decisions already made by the cabinet. All members of the cabinet are members of
572-557: Is not a legally required educational requirement or license for economists. In academia, most economists have a Ph.D. degree in Economics . In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. In fact, a professional working inside of one of many fields of economics or having an academic degree in this subject
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#1732787697366624-401: Is often considered to be an economist; see Bachelor of Economics and Master of Economics . Economics graduates are employed in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and
676-524: Is the discounted value of future earnings. Since Bitcoins do not generate any actual earnings, they must appreciate in value to ensure that people are willing to hold them. But an endless appreciation, with no flow of earnings or liquidation value, is precisely the kind of bubble the EMH says can’t happen." In 2012, through Princeton University Press, Quiggin published his book Zombie Economics: How Dead Ideas Still Walk among Us which sold upward of 20 000 copies and
728-722: The Australian Capital Territory . The head offices of all the federal departments are located in Canberra, along with Parliament House and the High Court . The name of the government in the Constitution of Australia is the "Government of the Commonwealth". This was the name used in many early federal government publications. However, in 1965 Robert Menzies indicated his preference for
780-484: The Australian Labor Party (ALP), in office since the 2022 federal election . The prime minister is the head of the federal government and is a role which exists by constitutional convention, rather than by law. They are appointed to the role by the governor-general (the representative of the monarch of Australia ). The governor-general normally appoints the parliamentary leader who commands
832-726: The Commonwealth Government or simply as the Federal government , is the national executive government of Australia, a federal parliamentary constitutional monarchy . The executive consists of the prime minister and other cabinet ministers that currently have the support of a majority of the members of the House of Representatives (the lower house) and also includes the departments and other executive bodies that ministers oversee. The current executive government consists of Anthony Albanese and other ministers of
884-969: The UK are the more than 3500 members of the Government Economic Service . Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom (ranging from Newcastle University to the London School of Economics ), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. Some current well-known economists include: [REDACTED] The dictionary definition of economist at Wiktionary Australian Government [REDACTED] [REDACTED] The Australian Government , also known as
936-1081: The 2001 Editors Prize of the Australian Journal of Agricultural Economics , a Fellowship of the Australian Institute of Company Directors in 2002, and a Distinguished Fellowship of the Australian Agricultural and Resource Economics Society in 2004. He is a Fellow of the Econometric Society and in 2011 received the Distinguished Fellow Award of the Economic Society of Australia. He was awarded an Australian Laureate Fellowship in 2012. Economist The individual may also study, develop, and apply theories and concepts from economics and write about economic policy . Within this field there are many sub-fields, ranging from
988-691: The Australian Bureau of Agricultural and Resource Economics of the Australian Government Department of Agriculture, Fisheries and Forestry . From 1984 to 1985 he was a research fellow of the Centre for Resource and Environmental Studies at the Australian National University. From 1987 to 1988 he was a lecturer and then senior lecturer in the Department of Agricultural Economics of the University of Sydney . In 1989 he
1040-691: The Australian National University from 2003 to 2006 and was the Hinkley Visiting Professor at Johns Hopkins University in 2011. Quiggin writes a blog involving "commentary on Australian and world events from a socialist and democratic viewpoint". It was included in the Focus Economics Top Economics and Finance Blogs of 2018 and the Top 100 Economics Blogs of 2020 by the Intelligent Economist . He
1092-498: The Centre for Economic Policy Research of the Australian National University in 1995. From 1996 to 1999 Quiggin was a professor of economics and Australian Research Council Senior Fellow at James Cook University. Also in 1996, Quiggin was elected as a Fellow of the Academy of Social Sciences in Australia. From 2000 to 2002 he was an Australian Research Council Senior Fellow at the Australian National University and an adjunct professor at
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#17327876973661144-462: The Constitution . These were defined by High Court Justice Anthony Mason , as powers "peculiarly adapted to the government of a nation and which cannot otherwise be carried on for the benefit of the nation". They have been found to include the power to provide financial stimulus payments to households during a financial crisis and the power to prevent "unlawful non-citizens" from entering
1196-551: The Dismissal of 1975. In that case, the Governor-General Sir John Kerr dismissed the prime minister and government due to his conclusion that the government had failed to secure supply. The propriety of the use of the powers during that event remain highly contested. The Federal Executive Council is the body that formally advises the governor-general in the exercise of executive power. Decisions of
1248-680: The Executive Council. A senior member of the cabinet holds the office of vice-president of the Executive Council and acts as presiding officer of the Executive Council in the absence of the governor-general. The cabinet meets not only in Canberra but also in state capitals, most frequently Sydney and Melbourne. Kevin Rudd was in favour of the cabinet meeting in other places, such as major regional cities. There are Commonwealth Parliament Offices in each state capital, with those in Sydney located in 1 Bligh Street . Until 1956 all members of
1300-515: The King and the governor-general must follow the advice of the prime minister or other ministers in the exercise of his powers. Powers subject to the governor-general’s discretion are known as reserve powers. While certain reserve powers, such as the ability to choose the prime minister most likely to command the confidence of the lower house, are uncontroversial, others are subject to much greater debate. The most notable example of their use occurring in
1352-549: The Parliament. The King is not involved with the day-to-day operations of the government, belonging (according to the Bagehot formulation) to the "dignified" rather than the "efficient" part of government. While the executive power of the Commonwealth is formally vested in the monarch, the Constitution requires those powers to be exercisable by a governor-general, appointed by the monarch as their representative (but since
1404-584: The Queensland University of Technology and the inaugural Don Dunstan Visiting Professor at the University of Adelaide. He has been based at the University of Queensland since 2003, being an Australian Research Council professorial fellow and federation fellow and a professor in the School of Economics and the School of Political Science and International Studies. He was an adjunct professor at
1456-588: The allocation of their portfolios. When Labor first held office under Chris Watson , Watson assumed the right to choose members of his cabinet. In 1907, however, the party decided that future Labor cabinets would be elected by the members of the Parliamentary Labor Party, the Caucus , and the prime minister would retain the right to allocate portfolios. This practice was followed until 2007. Between 1907 and 2007, Labor prime ministers exercised
1508-488: The application of a strict test. As most executive power is granted by statute, the executive power of the government is similarly limited to those areas in which the Commonwealth is granted the power to legislate under the constitution (primarily under section 51 ). They also retain certain powers traditionally part of the royal prerogative , such as the power to declare war and enter into treaties. Finally, there exists certain "nationhood powers", implied from section 61 of
1560-444: The appointing of Sir Isaac Isaacs in 1931, always appointed according to the advice of federal ministers, rather than British ministers). Members of the government do not exercise executive power of their own accord but are instead appointed by the governor-general as ministers, formally as the "Queen's [or King's] Ministers of State". As such, while government ministers make most major decisions in cabinet, if those decisions require
1612-414: The body give legal effect to decisions already deliberated at cabinet. All current and formers ministers are members of the council, although only current ministers are summoned to meetings. The governor-general usually presides at council meetings, but in his or her absence another minister nominated as the vice-president of the Executive Council presides at the meeting of the council. Since 1 June 2022,
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1664-599: The bottom layer includes public servants , police, government departments and independent statutory bodies who directly implement policy and laws. Executive power is also difficult to clearly define. In the British context, it was defined by John Locke as all government power not legislative or judicial in nature. The key distinction is that while legislative power involves setting down rules of general application, executive power involves applying those rules to specific situations. In practice, however, this definition
1716-447: The broad philosophical theories to the focused study of minutiae within specific markets , macroeconomic analysis, microeconomic analysis or financial statement analysis , involving analytical methods and tools such as econometrics , statistics , economics computational models , financial economics , regulatory impact analysis and mathematical economics . Economists work in many fields including academia, government and in
1768-418: The capacity to grasp broad issues which the graduates acquire at the university or college . Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or management . A number of economics graduates from around the world have been successful in obtaining employment in
1820-470: The confidence of a majority of the members of the House of Representatives. Also by convention, the prime minister is a member of the lower house. The prime minister and their sworn ministers form the cabinet , the key decision-making organ of the government that makes policy and decides the agenda of the government. Members of the government can exercise both legislative power (through their control of
1872-553: The country . Ministers drawn from the Australian parliament form the core of the Australian Government. A subset of these ministers form the cabinet, the de facto highest executive body of the government. Ministers not part of cabinet belong to the outer ministry. Additionally, there are also assistant ministers (formally parliamentary secretaries ), responsible for a specific policy area, reporting directly to
1924-680: The economist profession in Brazil is regulated by law; specifically, Law № 1,411, of August 13, 1951. The professional designation of an economist, according to said law, is exclusive to those who graduated with a Bachelor of Economics degree in Brazil. According to the United States Department of Labor , there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $ 83,000, and
1976-413: The electricity used in the 'mining' of Bitcoins" and that "The sooner this collective delusion comes to an end, the better." He also proposed that the value of Bitcoin was a refutation of the efficient market hypothesis : "The EMH states that the market value of an asset is equal to the best available estimate of the value of the services or income flows it will generate. In the case of a company stock, this
2028-419: The formal endorsement of the governor-general in council, those decisions do not have legal force until approved by the Federal Executive Council , which is presided over by the governor-general. Similarly, laws passed by both houses of parliament require royal assent before being enacted, as the monarch is a constituent part of the Parliament. However, in all these cases, except for certain reserve powers,
2080-790: The ministry differs depending on their party. When the Liberal Party and its predecessors (the Nationalist Party and the United Australia Party ) have been in coalition with the National Party or its predecessor the Country Party , the leader of the junior Coalition party has had the right to nominate their party's members of the Coalition ministry, and to be consulted by the prime minister on
2132-464: The ministry were members of the cabinet. The growth of the ministry in the 1940s and 1950s made this increasingly impractical, and in 1956 Robert Menzies created a two-tier ministry, with only senior ministers holding cabinet rank, also known within parliament as the front bench . This practice has been continued by all governments except the Whitlam government . The prime minister's power to select
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2184-399: The name "Australian Government" in order to prevent confusion with the new Commonwealth of Nations . The Whitlam government legislated the use of "Government of Australia" in 1973 in line with its policy of promoting national goals and aspirations. However, academic Anne Twomey argues that the government was also motivated by a desire to blur the differences between the Commonwealth and
2236-404: The other two branches of government, however, membership of the executive is not clearly defined. One definition describes the executive as a pyramid, consisting of three layers. At the top stands the king, as the symbolic apex and formal repository of executive power. Below him lies a second layer made up of the prime minister, cabinet and other ministers who in practice lead the executive. Finally,
2288-418: The parliament) and executive power (as ministers on behalf of the governor-general and the monarch). However, in accordance with responsible government , and to ensure accountability, actions of the government in its executive capacity are subject to scrutiny from parliament. The Australian Government is headquartered in the executive wing of Parliament House , located in the nation's capital, Canberra , in
2340-665: The private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming [and] they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin." In addition to government and academia, economists are also employed in banking , finance , accountancy , commerce , marketing , business administration , lobbying and non- or not-for profit organizations. In many organizations, an " Economic Analyst "
2392-444: The pro-nuclear film Pandora's Promise , Quiggin comments that it presents the environmental rationale for nuclear power, but that reviving nuclear power debates is a distraction, and the main problem with the nuclear option is that it is not economically viable. Quiggin says that we need more efficient energy use and more renewable energy commercialisation . As part of his "commitment to public debate", Quiggin has contributed to
2444-512: The states in an attempt to increase federal power. The Parliament of Australia website also notes that the name "Australian Government" is preferable in order to avoid confusion with the Commonwealth of Nations and the US federal government by those not familiar with Australia's system of government. This terminology remains preferred by the government. However, the terms Commonwealth Government and federal government are also common. In some contexts,
2496-459: The term "government" refers to all public agencies that exercise the power of the State , whether legislative, executive or judicial. The government's primary role, in its executive capacity, is to implement the laws passed by the parliament. However, laws are frequently drafted according to the interests of the executive branch as the government often also controls the legislative branch. Unlike
2548-665: The top ten percent earning more than $ 147,040 annually. Nearly 135 colleges and universities grant around 900 new Ph.D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013, PayScale.com showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $ 61,000 to $ 160,000; Ph.D. corporate economists, $ 71,000 to $ 207,000; economics full professors, $ 89,000 to $ 137,000; economics associate professors, $ 59,000 to $ 156,000, and economics assistant professors, $ 72,000 to $ 100,000. The largest single professional grouping of economists in
2600-681: The world according to IDEAS/RePEc since its monthly aggregate rankings began in 2004. Quiggin has frequently been awarded and recognised for his research, including twice receiving Federation Fellowships from the Australian Research Council. He was awarded the Australian Social Science Academy Medal in 1993 and a Fellowship in 1996, received the 1997 and 2000 Sam Richardson of the Institute of Public Administration, Australia, received
2652-481: Was a visiting fellow at the Centre for International Economics, a consultancy firm in Canberra. From 1989 to 1990, he was an associate professor in the Department of Agricultural and Resource Economics of the University of Maryland, College Park , a Fellow of the Research School of Social Sciences of Australian National University from 1991 to 1992, a senior fellow from 1993 to 1994 and a professor in 1995 at
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#17327876973662704-611: Was translated into eight languages. His most recent book, Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly , was published in 2019 also from Princeton University Press and provides an introduction to free-market economics, covering key theory as well as its successes and failures. He was appointed in 2012 to the board of the Climate Change Authority of the Australian Government . With reference to
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