Economic consulting is the practice of providing organizations in the public and private sector with information to improve their performance and policies, primarily through the use of applied economics, mathematical economics, economic impact analysis, and forecasting across a broad spectrum of issues.
What is economic consulting? Economic consulting is mostly a type of paralegal work. Each firm supports and offers experts to testify in litigation matters related to economics and finance. In practical terms, that means economic consulting firms produce research, analysis, and testimony to be used in court cases.
An economic consultant conducts research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
What do management consultants do?amcpi
Management consultants are experts who are trained to solve complex problems, devise invaluable strategies and improve the financial and operational health of their clients' organization. ... Most companies hire management consultants for their industry insight, problem solving abilities and logical objectivity..
What are the benefits of hiring a consultant?amcpi
- An Objective based on the Outsider's Perspective. Especially true for small to mid-size companies, owners and senior management normally have invested significant time, energy, and resources into their companies. ...
- Accomplishing Short-Term Goals. ...
- Leveraging New Skills. ...
- Outside Market Knowledge
- The luxury of having time to Plan
What is the Role of a Consultant?amcpiConsulting is the business of providing expert advice to a specific group of people. So what do consultants do? In a practical sense, they advise. They pull from their niche experience, industry understanding, and problem solving abilities to offer valuable advice to a specific type of client or group of people.
Economic Consultants as Economists;
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Teach theories, principles, and methods of economics.
- Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
- Supervise research projects and students’ study projects.
- Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations based on cost-benefit analyses.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.