Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between economists and economic developers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an economist has an average salary of $109,102, which is higher than the $51,285 average annual salary of an economic developer.
The top three skills for an economist include economic research, research findings and economic analysis. The most important skills for an economic developer are data entry, financial statements, and business community.
| Economist | Economic Developer | |
| Yearly salary | $109,102 | $51,285 |
| Hourly rate | $52.45 | $24.66 |
| Growth rate | 6% | 6% |
| Number of jobs | 1,029 | 72,804 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 64% |
| Average age | 45 | 45 |
| Years of experience | - | - |
The primary role of economists is to study how society distributes resources, including raw materials, land, and labor, to create goods and services. They perform various tasks, including conducting research, monitoring economic trends, and devising forecasts on a wide range of issues such as inflation, interest rates, and employment. Additionally, they are responsible for preparing reports and presentations and advising individuals, businesses, and governments on economic issues. Economists are also responsible for designing policies or making recommendations for resolving economic problems.
While a development specialist works on creating plans for community development, the economic developer helps implement the development strategies set forth by specialists. They help in the distribution of survey questionnaires and the collection of data, as well as the interpretation of results. The economic developer also helps in business creation, retention, and expansion. They take leads in developing a private sector-public relationship in terms of funding for project implementation. They are knowledgeable and have good communication skills.
Economists and economic developers have different pay scales, as shown below.
| Economist | Economic Developer | |
| Average salary | $109,102 | $51,285 |
| Salary range | Between $73,000 And $162,000 | Between $37,000 And $70,000 |
| Highest paying City | Washington, DC | - |
| Highest paying state | Montana | - |
| Best paying company | Cornerstone Research | - |
| Best paying industry | Professional | - |
There are a few differences between an economist and an economic developer in terms of educational background:
| Economist | Economic Developer | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 64% |
| Most common major | Economics | Business |
| Most common college | Harvard University | Harvard University |
Here are the differences between economists' and economic developers' demographics:
| Economist | Economic Developer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 59.2% Female, 40.8% | Male, 55.3% Female, 44.7% |
| Race ratio | Black or African American, 6.4% Unknown, 5.7% Hispanic or Latino, 12.1% Asian, 13.1% White, 62.4% American Indian and Alaska Native, 0.2% | Black or African American, 6.3% Unknown, 5.6% Hispanic or Latino, 11.9% Asian, 11.2% White, 64.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 8% |