Economics is a demanding discipline. It is highly quantitative, requiring good skills in mathematics and statistics. At the same time, generating, estimating, and forecasting from economic models is an imperfect science, with many case-specific judgment calls that make it an "art" as well. Most people who have all the necessary characteristics to make a good economist also have the ability to succeed in other fields, many of which pay more, or require less work, or are less stressful. So why should one become an economist?

(1) Economists like to ask questions

People who find economics rewarding tend to have an interest in people in the world around them -- making them inclined to the social rather than physical sciences -- and also seek to understand "why things are the way they are." Some economists approach this normatively, asking how things should be. Others take a positive approach, asking why things are the way they are. In practice, most economists mix positivism and normativism, seeking to understand the world, and then suggest changes to improve an environment.

The idea of seeking to explain the world as it is -- in other words, undertaking research -- is frightening to many people. Most people prefer to accept the world, or at most to spend time having it explained to them.

If, however, you are the sort of person who challenges existing models (and the professors who expound them), and who is not satisfied with current explanations... if you are the sort of person who seeks to produce knowledge as well as to absorb knowledge...then economics can lead to a rewarding career.

(2) Economists tend to care about improving the world around them

Economics and related social sciences are not glamorous fields. Top economists do not receive MVP awards, and are not stopped for autographs. The reward one receives from doing socially valuable research is mainly internal, or perhaps the recognition of a small group of peers. The world at large rarely recognizes the work of economists; furthermore, progress in economic understanding tends to be very gradual, with many people making small contributions, rather than one individual making a dramatic breakthrough.

Nonetheless, the work is very important. Good economic management is responsible for the unprecedented boom we are currently experiencing, with low unemployment rates and rising wages even for the relatively unskilled. At the firm level, good economists help make wise financial and investment decisions. At the social policy level, economists provide insights into tackling issues as diverse as crime, teen pregnancy, pollution, and social security policy.

(3) Economists enjoy setting their own research agenda and life-long learning

Economic researchers in think tanks, universities, and government typically enjoy considerable independence in their work. People who are self-directed tend to like this; those who prefer to follow directions can find this independence a bit scary. Typically, there are many ways to approach a problem, and there are many important issues to consider. Thus, successful economists tend to be those who enjoy phrasing issues in such a way as to create research issues that can be answered.

Economists also tend to enjoy figuring things out -- in effect, solving puzzles. Successful economists are able to accept that they will often draw faulty conclusions and make mistakes: the world is too complex not to err frequently. Good economists like the challenge of difficult problems, enjoy making contributions to knowledge, and are self-confident enough to admit their mistakes.

(4) Economists are not afraid to provide leadership

At first glance, it seems something of a stretch to suggest that professors, think tank researchers, government statisticians, or corporate forecasters are leaders. Indeed, many economists are quiet, reflective people -- the opposite of take-charge types.

However, there are so many policy questions, that a high proportion of economists are regularly called upon to assist in answering questions related to macroeconomic, social, or financial policy, from the firm level to the national level. Economists tend not to shy away from these challenges, even though they are aware of the limitations of their analysis. In helping design solutions to tough problems, economists provide guidance and, ultimately, real leadership.

Economists are inquisitive people, usually with social concerns. At the same time, economists do not take a vow of poverty -- earnings are high, if not quite in the 6-figure range for most in the profession. Economists, even those in business economics, tend to earn less than faculty in Finance or Marketing. In a sense, it is the price paid for being able to work in a broader field, with more emphasis on research than on teaching set material as part of a professional program.

A final point: professional economists are an extremely collegial group. People exchange data sets and unpublished papers without fear of plagiarism. There is a very high degree of joint research (among faculty, and between faculty and graduate students), and a high degree of mutual respect across sub-disciplines and among people with different approaches.

Actual reasons people become economists :

"To understand how the world works"

"I wanted to become a doctor, but it turned out that I fainted at the sight of blood..."

"Better pay than sociology, and easier than physics…"

"To answer the big questions of the world…"

"No dress code, no corporate world, no 9 to 5…"

"I wanted to run a co-op, but was too radical to get management training in a business school. Then I went to grad school and got co-opted."

"I liked the math, and the science aspect of economics. I started off in physics, and economics is very similar."

"I started off as a history major, but then took an economics course. Suddenly the world made sense."