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Difference between Economists and Statisticians
The collection and analysis of data are crucial steps in any venture, be it related to business, government, the environment, or even human welfare. It is the job of economists and statisticians to carry out these tasks. These two words are often used interchangeably due to their close relationship and the fact that data analysis is fundamental to all of them. However, they are not the same in any way.
Who is an Economist?
An economist is someone whose primary job responsibility is the analysis of data in settings as diverse as the private sector, academia, and government. The information gathered is put to good use in a variety of ways, including the formulation of policy proposals, the prediction of market trends, the improvement of health statistics, and the drafting of sound proposals for the government to consider regarding specific concerns like interest rates and inflation. These are but a few examples of how the information may be put to work.
Information is gathered on a wide range of topics including the market demand for goods and services, the price of those goods and services, employment rates, and even health statistics.
The following are some of the job requirements of an economist; however, the list is not exhaustive −
conducting research and putting together a database on historical patterns
Putting in place measures that will be beneficial to the economy
Providing other economists with a presentation of the findings of the research
The process of entering data into various software applications and producing graphs utilizing those tools.
Who is a Statistician?
Statisticians utilize the mathematical disciplines of statistics and probability to develop reliable procedures for gathering information. This role requires ensuring accurate data collection using a practical and efficient method. The efforts of the statistician also help increase the reliability of the data. After that, he reports on several applications of the data in research.
Common uses of statistical data include conducting opinion polls, measuring climate change, compiling sports statistics, and enumerating animal populations.
The following are some of the responsibilities of a statistician −
Using sampling approaches to simulate data trends
Using software on a computer to determine the links between data
Efforts directed at the enhancement of data collection techniques
Graphs and charts are used to present the data
Differences − Economists and Statisticians
The following table highlights how an Economist is different from a Statistician −
| Characteristics | Economists | Statisticians |
|---|---|---|
Definition |
A person who is primarily active in the analysis of data in a variety of fields, including technology, industry, mining, and even in the government, is known as an economist. |
A statistician is a person who thinks of innovative approaches to data collection and analyzes the results. |
| Focus | An economist concentrates on data that is derived from changes in market conditions. |
A statistician is someone who specializes in the improvement of procedures used to collect data. |
| Scope of work | Data acquired for the purpose of the study of trends involving the exchange of money or services and products are the primary source of information utilized by economists. |
In order to accurately portray the correlations that exist between the many elements that are in play, statisticians collect a wide range of data. |
| Job responsibilities | As part of their job, economists are responsible for a variety of tasks, including −
|
As part of their job, statisticians are responsible for a variety of tasks, including −
|
Conclusion
Statisticians and economists both deal with data, but each discipline may bring something unique to the table during the analysis phase. For the sake of a study, an economist, for instance, may think up questions about the current market trend and write a report based on the practical implications of that trend. However, it is the statistician's job first to design the survey used for data collection and then double-check the accuracy of the data collected.
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