Will AI replace economists?
AI is excellent at econometric modeling and identifying correlations in massive datasets, which will change how research is conducted. However, economists are still needed to formulate hypotheses and interpret the societal implications of data.
Why AI struggles to replace this job
- Theories of human behavior often involve psychological factors that AI cannot fully model.
- Economic policy advice requires an understanding of ethical outcomes and social justice.
- Predicting 'Black Swan' events requires creative thinking outside of historical training data.
- Communicating complex economic trade-offs to the public requires nuanced storytelling.
Tasks AI could automate
- Cleaning and processing large-scale longitudinal datasets.
- Running regression models to find statistical significance.
- Generating automated summaries of market trends and price fluctuations.
- Formatting charts and data visualizations for academic or policy papers.
The 10-year outlook
The field will consolidate, with fewer junior roles needed for data crunching. Top-tier economists who can bridge the gap between AI findings and government policy will see increased influence and pay.
Common questions
Will AI replace economists?
AI is excellent at econometric modeling and identifying correlations in massive datasets, which will change how research is conducted. However, economists are still needed to formulate hypotheses and interpret the societal implications of data.
What is the AI replacement risk for economists?
Economist scores 45/100 — Parts of this job will change — adaptation matters. Roughly 65% of the tasks in this role could be automated with current and near-future AI.
How much do economists earn?
The US median salary for a economist is about $115,630 per year, with projected employment growth of +6.2% over the next decade (faster than average).