Market Power

Musings by an academic economist on the power of markets and the power over markets.

Tuesday, April 05, 2005

The Average Economist

According to the November 2003 National, State, and Metropolitan Area Occupational Employment and wage estimates produced by the US Bureau of Labor Statistics, the average economist earned $78,370 annually. The median economist earned $70,520. The average government economist earned $79,424. The average economist working in scientific research and development earned $102,320. The average economist working in management and technical consulting services earned $98,250. These figures do not include academic economists, a different occupational group.

The average post-secondary economics teacher earned $72,300. The median economics teacher earned $66,300. The average econ teacher at a junior college earned $52,160 while the average econ teacher at a college/university earned $76,780. In Minnesota, the average economics teacher earns over $85,000 per year. According to the BLS website, all annual salaries reflect a 12-month full time schedule, even for academic economists.

*** Addendum: here is a link I just ran across for a salary survey from AACSB.