Economists study the ways societies use resources such as land, labour, raw material and machinery to produce goods and services. Industrial economists focus on the effect of factors such as government policy, international trade regulations and labour relations on the sectors in which businesses operate.
Industrial economists consider all social, political and other factors (locally and abroad) that have an effect on the economy. At least four different types of industrial economists can be identified:
Those employed at large corporations on a full-time basis gather information, assess the impact of industrial economic factors on the organisation and advise top management accordingly.
Those at educational institutions conduct ongoing research and deliver lectures. Their approach to the subject should be creative and they may develop original economic theories based on research. Large corporations sometimes seek the professional advice of these economists.
Techno-economists are research-orientated and are normally employed by research institutions such as the CSIR. They usually have additional qualifications in a technical or scientific field.
Business economists are employed by corporations in the private sector as financial, marketing, production or general managers. Their responsibility is to identify areas of potential benefit or disaster and make recommendations to senior management.
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