What are the Best States for Economists? The role of an economist is really very hard. The economy of the state is governed by the direction given to the state by the economist. Every state for that matter is dependent on the economist to bring the state economy on the level platform. It is essential to be an economist if you want to run the economy to bring it to a level of dependency. Economy teaches us how to deal with the wealth and how to allocate our meager resources to gain maximum advantage.
Economics basically deals with the prediction for the future. These theories are based on the sociological and mathematical theory. As it is only a prediction, it may sometimes go wrong but proper research and understanding of the economy will help us giving a positive direction to the economy’s progress. There are economic researchers, academicians, writers etc. who study in depth and after due analysis come to a conclusion which may be favorable for the healthy growth of the economy.
While analyzing the best states for economists 3 parameters have been used which are tried and tested. From the bureau of labor statistics information have been gathered as to how much wage is being offered by each state. Then we gathered the rate of employment for economists and lastly, the cost of living index was gathered from the Missouri Economics and Research information Center(MERIC). All the three points mentioned above is crucial to have a better understanding of how the economy runs and the role of the economists in guiding the state to run the country well. It is not only the quantum of money earned which is important but also the expenditure incurred. If the percentage of the expenditure is very high then your real income, then the purchasing power becomes less. This will then not benefit you even if your income is high. The state also has to be sure that the standard of living should be low to match their income and to boost employment and production.
Texas, Missouri, and Michigan are some of the Best States for Economists. The annual average wage is $102,240 in Texas. The cost of living index is 90.7. Missouri has an average annual pay of $88,380 while Michigan pays an average salary of $73,350. Take a look at the Best States for Economists.