A Smart Economist

John Maynard Keynes said that “He (an economist) must be mathematician, historian, statesman, philosopher...” This statement means that to be a good economist, at least we should have four skills which are mathematics, history, politics, and wisdom. Mathematics understanding is very powerful in analyzing economic phenomena and explaining what is happening in a convincing way without losing the essence of the facts. Mathematical logic helps us in modeling such complex and complicated economic matters preciously.

Secondly, an upstanding economist should develop the mind of a historian analyzing economic situations. According to Wikipedia, a historian is someone who is concerned with the continuous, methodical narrative and research of past events. Therefore, an economist has to consider the series of economic fluctuations, examine the relationship among those facts, and extract the substance in a scientific way.

In addition, a smart economist is supposed to be like a politician in the sense of decision making and influencing people. There are many economics theories which have been developed. Nowadays, we have classical theory instead of Keynesian theory. We are also familiar with rational expectation theory and adaptive theory alternatively. Each of these theories, sometimes give different perspectives and solutions. As a politician, an economist must decide and give the best prescription among many alternatives. He has to select the most appropriate theory for his country and determine the ultimate formula to improve the quality of his people.

Finally, an economist must have wisdom as well. He should keenly understand underlying issues behind economic instability. His insight will drive him to choose or produce the optimum results with a minimum of time and energy. His insight will also comprehend what the right or wrong is. Moreover, his judgment will also consider virtue and integrity. To sum up, to be a good economist, not only a mastery of macroeconomics or microeconomics is needed but understanding those four knowledges will enhance the quality of an economist.