You're an economist who wants to stay relevant. What do you need to do?

The main thing is to be better able to link systemic uncertainty, often best described in qualitative terms (eg climate risk), to quantitative analysis. When the past is no longer a predictor of the future, traditional actuarial and quantitative approaches no longer apply. A decision to continue to produce quantitative analysis may hold, or it may be better to turn to a narrative approach (see Narrative Economics by Shiller, or Ch 4 of my own book Waking the Frog).

Hmm, ironically, most economists and professors I have met continue to use their outdated software models and only occasionally do they tweak them. So Python, R, etc., are useful, but it's clearly not their learning of new skills that keeps them relevant. It's their ability to generate original thought and ability to explain them in a way that someone understands. Basically, you're only relevant if someone else is listening.

Based on my experience, I would recommend the following: a) Keep track of major economic and political developments at the international, regional, and domestic levels; b) Upgrade your data analysis skills (employers should invest more in this area); c) Stay in touch with policymakers and industry leaders; and d) Learn how to write like an economist: summarize complex ideas, simplify technical concepts to your audience, and provide effective policy recommendations for leadership. The above is more relevant to policy economists, but it can also be helpful for academic economists and industry analysts.

Make sure you interact with the findings at scientific frontiers of other disciplines in social science. Quite often economists re-discover concepts that have been used in psychology, sociology or population science decades too late. Interdisciplinary research does not only expand the overall knowledge, but also prevents economists from having to invent the wheel anew. It saves time and allows to produce more with less.

Staying relevant as an economist demands a multifaceted approach. Engage in complex thought by analyzing intricate economic systems, recognizing how various factors interact and influence outcomes. Political economy underscores the importance of understanding power dynamics and institutional structures shaping economic processes. Exploring the history of economic thought offers insights into the evolution of ideas and their implications. By embracing these principles and synthesizing diverse perspectives, economists can offer comprehensive analyses and contribute to addressing today's complex socioeconomic issues.

The economic context influences many other areas, but increasingly other areas such as geopolitics and climate also shape the economy - so engaging with other disciplines is key. Note that engaging is not the same as "pretending you know their field better than their own professionals"; too many economists believed they could forecast the pandemic contagion curve, to awful consequences (and many believe they understand politics better than political scientists). This is not a competition: collaborate, learn, brainstorm together.

Uma ideia interessante é aquela apresentada por Charlie Munger, recém falecido mega investidor, braço direito de Warren Buffett. Munger afirmava que "aprendizado verdadeiro e sucesso duradouro vêm para os que fazem um esforço de, primeiro, construir um entrelaçado de modelos mentais e, depois, aprender a pensar de forma associativa e multidisciplinar". Pode levar algum tempo até que você se adapte a esse modo de pensar, especialmente se sua educação o forçou a se especializar. A ideia de Charlie é que o profissional (em seu contexto, o investidor), beba da fonte dos fundamentos nas mais diversas áreas (física, biologia, filosofia etc) e conecte tais conhecimentos, formando uma 'treliça de modelos mentais'.

Our training as economists is very disciplined and yields great insights. But often what we take as fixed are the core of what other disciplines usefully study. So when figuring stuff out at the boundaries of economies or where economics overlaps with other societal forces it is really important to cultivate contacts with open-minded experts in other disciplines. Exchange with them is very rewarding. To be honest, listening to them is the best place to start. With so many podcasts available these days it is possible to identify excellent talent in other disciplines very quickly.

Economics is also a living science not just because it is influenced by and interacts with many other disciplines but also has a strong connections with technology and its implications in society, business and governments. For example, how the new AI trend would shape productivity thus economy in the near future? what are the new jobs that will be generated due to the new technology? what are the new business that will emerge? how does new technology will influence education? Learning the foundations of technology is mandatory nowadays.

Different countries followed the same neoclassical paradigm and got to complete different results, which shows that culture matters. And with the institutional economics approach, the new economic sociology and the theory of embeddedness (and more) we have the tools that can add to more holistic picture.

Develop the habit of reading. Read! Read!! Read!!! Stay abreast of current events. Understand what happened, how it happened, why it happened and the impact.

A economia é um sistema complexo e se assemelha a um bicho vivo! Para entendê-la é necessário um acompanhamento diário! E a noção de que se trata de um sistema de previsibilidade muito difícil!

I cannot emphasise the importance of staying on top of current events. All the people I know at the top of their game read at least one decent newspaper every day. Plus there are so many excellent weekly news magazines available. But the latter are not a substitute for the former--the latter magnify the payoff from reading the former. I recommend being very thirsty for news! If I had my time again I would not just follow current economic, political and business news, I would also track the main scientific advances as well. These have become so important as well.

I use LinkedIn and Twitter account to stay connected to specialists in my domain. This is helpful because the connections share the latest developments (policy change, policy brief, research, knowledge products). I am connected with specialists in trade policy, social protection and labour market. I helps me learn new things everyday! Another way is to try to write something on the topic of interest. Writing helps to gain clarity.

Relevance is a function of appropriateness. Given how broad the economic sciences are, it’s simply impossible to stay current with it all. One must pick but a few sub-disciplines 😊 hopefully there’s a comfort in that (was for me!). But, for me — I try to maintain knowledge base relevance through: attending conferences (both academic and industry; ASSA + NABE), subscribing to peer-reviewed journals that pertain to my industry or analytic skill base and teaching part-time (oh, how I learn so much from my students!). If you try to learn it all, it’s easy to get overwhelmed. The field evolves so much! If nothing else, just pick up materials that speak to your interests and keep on learning

No one has a monopoly of good ideas. Plus explaining your ideas to economist and non-economists helps with the creative process and with reformulating ideas in a more precise and often concise manner. If you are an economist interested in real world developments, then extend your network to the chief and senior economists at leading businesses, business associations, government departments, and international organisations. They work under different constraints than academic economists and can help you understand better why certain (seemingly irrational) decisions get taken. You should also build you network on social media platforms, follow what others post, and comment on their findings. Project your findings further through this means.

- Join Economic Associations: Engage with groups like the American Economic Association for updates and networking. - Attend Industry Events: Participate in conferences and workshops to meet peers and leaders. - Leverage Social Media: Use platforms like LinkedIn to connect with economists globally. - Engage in Peer Learning: Join study groups or workshops to share insights and solve problems. - Seek Mentorships: Find or become a mentor to exchange knowledge and experiences. - Contribute to Journals: Publish your work and engage in peer reviews to establish credibility. - Participate in Webinars: Attend or host webinars on current economic topics. - Join Local Clubs: Connect with local economists for face-to-face networking and support.

El punto de encuentro debe ser aquel que acerque la realidad de la incidencia económica y la movilización social. La economía samaritana es un modelo basado en la fortaleza de la empresa para poder ser solidaria e invertir en el bien común. Hay que encontrar empresarios que quieran invertir parte de sus beneficios en el desarrollo de las personas que menos tienen.

Networking with peers is crucial in the field of economics to stay relevant and connected. To effectively network with fellow economists, consider engaging online through participation in forums, online events, and following relevant hashtags and communities on platforms like LinkedIn and Twitter. Offline networking opportunities include attending conferences, joining professional associations, and volunteering your time to build connections within the field. Focus on being an active listener, offering value to others, and following up after initial interactions to nurture relationships.

Build connections in the field: Attend conferences, workshops, and online forums to interact with other economists, policymakers, and industry professionals. Participate in collaborative research projects: Collaborate with other experts from different disciplines to tackle complex economic challenges with a broader perspective. Engage in public discourse: Share your expertise and insights through blog posts, articles, or presentations to reach a wider audience and influence public understanding of economic issues.

Seeking feedback is a critical practice for economists who strive to stay relevant and continuously enhance their skills. To effectively seek feedback, consider both formal and informal opportunities. Engage in peer review processes for your research papers and presentations, utilize performance reviews at work to gather input from supervisors and colleagues, and seek mentorship from experienced economists to receive valuable insights tailored to your career goals. Informally, present your work at conferences and workshops to gather feedback from attendees, engage in discussions with peers to exchange ideas and perspectives, and analyze comments on public platforms like blogs and social media for constructive critiques.

Buscar feedback é essencial. Faz parte de saber ouvir e aprender com terceiros. A economia como ciência social necessita englobar diversos pontos de vista, dos quais não necessariamente se aplicam a verdades absolutas. Por isso, compreender, ouvir e receber feedbacks são extremamente relevantes.

Hier sind neben dem klassischen 4-Augen-Prinzip vor allem auch ein oder mehrere gute Sparringspartner, mit anderen Denkansätzen wichtig. So erhält man durch offenen und respektvolle Kommunikation das bestmögliche Ergebnis, ohne in seiner persönlichen Sicht- und Denkweise gefangen zu sein

I've found the best three ways to get feedback is to; A. Ask for it via pertinent groups on social media platforms. I belong to a few and when peers are in those groups, we can parse ideas and concepts to round out or theories, and B. Publish! If you write, editors and readers give feedback, and C. Speak or lecture publicly where you encourage audience dialogue.

-Embrace new technologies and tools that can help you analyze data, conduct research, and communicate your findings more effectively. Staying current with technological advancements can help you stay competitive in the field. -focusing on a specific area or niche within economics to differentiate yourself from others in the field. Specializing can help you become an expert in a particular topic and attract clients looking for specialized expertise

Economists excel at analyzing data and formulating models, but in the age of information overload, translating complex concepts into impactful narratives is crucial. Hone your storytelling skills to not only inform, but also captivate your audience. Learn to communicate complex economic ideas clearly and concisely, using compelling visuals and analogies that resonate with diverse stakeholders. Remember, you're not just analyzing data, you're shaping the way people understand and react to it.

1. Remember no theory is complete in all conditions. So, be open for being proven wrong and add it as a learning. 2. Look at every problem as multiple multivariate equations at play. Solving all of them simultaneously would require some assumptions in the future. Change the assumptions before predicting anything.

The key question is: relevant to whom? Your intended audience will tell you the questions you need to speak to in order to be relevant. If you know what questions are being asked, you deepen your knowledge in that area. If you want to be relevant, you need to provide a unique perspective. If you're repeating what's in the WSJ or Bloomberg, you're redundant. You want a model, data source or perspective that is unique and relevant to your niche audience.

Be mindful of the different schools of economics because the solution offered at one point in time may mo longer have relevance at a later point in time; whereas a currently discarded school may be useful in a future situation.