Answer: There are two distinct types of economists. Some economists are theorists, who spend most of their time crafting mathematical models that capture human behavior. These people are the elites of the economics field; they are highly regarded and often serve as department chairs at universities and colleges. Most economists are empirical scientists, whose jobs are to test & validate hypotheses and to forecast future trends using data gathered from surveys and other sources. Empirical economists typically work for government, financial institutions and marketing/research firms.
Simon Nguyen, MA Economics