Technical Writing in Economics
Valerie Wilson
July 7, 2014
Table of Contents
Abstract ……………………………………………………..….2
Technical Writing in Economics ……………………………….3
Sample Documents
PreliminaryProspectus…………………………………....6
Industry Analysis Report ………………………………….7
Descriptive Statistics ……………………………………...8
References ……………………………………………………...9
Further Reading ……………………………………………….11
Abstract
This essay is intended for anyone looking to learn about different forms of writing in several fields of economic related work.
Economic majors have a very wide range of career options to choose from after college. Business finance, investment banking, agronomics, marketing. The list is seemingly endless and they all have a basic item in common; they require an extensive amount of technical and analytical writing.
I’ve researched a handful of common economic related jobs to distinguish the different types of writing used in day-to-day tasks and give example of what kind of work may be expected in each of the careers.
My research brought me to the basic conclusion that the courses required to graduate with a Bachelor’s Degree in Economics should include more than just the minimum in the subject of writing.
Technical Writing in Economics
The question most commonly asked when I tell people I’m majoring in Economics is, “What can you do with an economics degree?” The answer is, basically anything. Because of the extensive coursework involved in an economics major, a person is trained to be analytical and critical, skilled at problem solving, observation, data entry, mathematics, as well as successfully presenting compelling writing. These skills qualify me for any number of careers such as business, banking, finance, investment, international trade, marketing, economic development, and government related jobs (Career Options, 2013). Though it may not be obvious, all of these career options require a person to know a substantial amount about technical and analytical writing.
It’s no secret that the investment banking world is a stressful one. You’re constantly in stressful situations involving other people’s money and you’ve always got to be prepared for crisis. Former investment banker and novelist, Aifric Campbell, has this to say about how banking is related to writing:
“A market crash teaches you stubbornness and humility. Both are essential in becoming a ruthless critic and editor of your writing, since they allow you to receive feedback, slash your word count, or cut your losses and start over” (Campbell, 2013).
One type of document an investment banker is likely to prepare is a prospectus for stocks and bonds. A prospectus basically explains the risks and benefits of buying a stock or bond. There are two types; preliminary and final. The preliminary is issued before the deal is made and includes details about the business. The final document is printed after the deal is made and includes all finalized details such as exact number of shares issued and offering price (Levine, 2012).
International trading involves promotes fair trade through enforcement of trade laws. A part of this involves what is referred to as an industry analysis report or market research report. This document is basically an overview or summary of an industry and the companies involved with it. The purpose of the report is for a company to gain an advantage in a given industry through researching their competitors and products. (Office of Trade, 2014)
The following is a step-by-step breakdown of an industry analysis report:
STEP 1: Identify your Industry and provide a brief overview. You may need to explore your industry from a variety of geographical considerations: locally, regionally, provincially, nationally, globally, etc. Be sure to define relevant industry codes. Provide statistics and historical data about the nature of the industry and growth potential for your business, based on economic factors and conditions.
STEP 2: Summarize the nature of the industry. Include specific information and statistics about growth patterns, fluctuations related to the economy, and income projections made about the industry. Be sure to document recent developments, news, and innovations. Also, discuss the marketing strategies, and the operational and management trends that are prevalent within the industry.
STEP 3: Provide a forecast for your industry. Compile economic data and industry predictions at different time intervals (5, 10, 20 years). Be sure to cite all of your sources.
Note:the type and size of the industry will determine how much information you will be able to find about a particular industry. For example, it is much more difficult to locate published information about specialized niche industries.
STEP 4:Identify government regulations that affect the industry. Include any recent laws pertaining to your industry, and any licenses or authorizations you would need to conduct business in your target market. This section may include information about fees and costs involved.
STEP 5:Explain your unique position within the industry. Once you have completed your Competitive Analysis (in the next section) you can list the leading companies in the industry, and compile an overview of data of your direct and indirect competition. This will help you communicate your unique value proposition.
STEP 6:List potential limitations and risks. Write about factors that might negatively impact your business and what you foresee in the short-term and long-term future.
STEP 7:Talk to people! Go to tradeshows, do cold calls, talk to people in relevant associations and go to business events.
(Industry Analysis, 2014)
The primary goal of an economic developer is to increase vitality in a given community. They are responsible for planning, developing, strategizing, implementing marketing strategies, networking, and assessing the community they’re liable for (What Does, n.d.). With so many responsibilities, it’s hard to say just exactly the type of technical writing they may do in their day-to-day work. Most developers are in constant communication and collaboration with their communities, other economists, and corporations. Because of this, any reports or written data must be, not only simple and exact, but also professionally motivating as to appeal to the masses.
Many economic developers are in charge of gathering economic and social data. The information is then written and formatted so it becomes easily observed and understood by others. This compiled data is often referred to as descriptive statistics (What Does, n.d.).
The government is frequently looking for agricultural economists known as agronomics. This type of economics deals with land, crops, and livestock. These principles are all highly important and highly competitive. An economist in this position is most likely working with a team of people. Because of this, their market research must be thorough. Agronomic research can deal with anything from inputting data and numbers, to extensive commitment to a specific area of agriculture such as plants or environmental conservation (About ERS, 2014).
There is quite frequently a substantial amount of technical writing incorporated into economics. It’s kind of interesting how few writing courses are required for an economics degree. My schedule is full of mathematics and finance classes but the bare minimum for writing. Deirdre McCloskey shares the reality of the business world in her book, Economical Writing:
“[Economic students] are taught nothing at all about the obscurity of elegant variation, the folly of acronyms, the vanity of five-dollar words, and the thoughtlessness of imposing a first draft on the reader. Yet the hard business of economic scholarship is to marshal ideas well” (McCloskey, 2000).
Economists are the observers of the world. They watch and analyze everything as well as think openly and critically.It’s basically the job of an economist to search for broad new ways to improve the world. These qualities are all learned within the process of writing technically and analytically.Whether your job is in marketing, business finance, microeconomics, or even environmental science, to be successful in an economical field, technical writing is a highly important skill to learn.
Sample Documents
Preliminary Prospectus:
(Erste Group, 2009)
Industry Analysis Report Sample:
(Soybean Farming, 2014)
Here is a sample table of descriptive statistics. The main parts are identified.
Table 1Descriptive Statistics
Beneficiariesa
VariableFull SampleHigh-CostLow-Cost
Predicted home care costs $2927 (2351)$6224 (2070)$1828 (1056)
Medical care events
Home health care 12.59 (63.95) 34.04 (104.52) 5.45 (40.09)
Inpatient care 0.373 (0.956) 0.649 (1.239) 0.281 (0.821)
Outpatient care 3.74 (9.53)5.20 (11.91) 3.25 (8.54)
Age 72.02 (14.34)76.01 (15.37) 70.69 (13.73)
Male 0.43 0.29 0.48
Marriedb0.47 0.33 0.52
Body mass index 25.38 (6.23) 24.30 (8.43) 25.73 (5.27)
Observations 97,193 24,293 72,900
Source: Adapted from McKnight 2006, table 1, p. 301.
Note: Values are means, except for observations. Standard deviations in parentheses.
aPredicted.
bProxy measures only. See text for explanation.
The following details about the example should bepointed out. (1) In a table of descriptive statistics, it is customary to provide standard deviations, where applicable. In this case, the standard deviations are given in parentheses, right next to the means. (2) The heading “Beneficiaries” is a spanner head because it “spans” or applies across two or more columnheads; a spanner rule indicates the relationship between the spanner head and the column heads. (3) The general note applies to the table as a whole. (4) The specific note “a” applies only to the category “Beneficiaries”; likewise, the specific note “b” applies only to the figures for “Married.” (5) Note the absence of vertical rules, which are not considered professional and thus should be avoided if atall possible. (6) In this example,in column heads, all substantive words are capitalized, whereas in the stub entries, only the first word and any proper nouns are capitalized; it is customary to do one or the other: that is, to capitalize all substantive words in the column heads but only first words and proper nouns in the stub, or vice versa. (7) Note that when a stub entry has sub-entries—as in the case of “Medical care events”—the sub-entries are indented. (8) The figures in the body of the table should be aligned in some consistent way; here, they are aligned on the left. (9) The column heads should be aligned in some consistent way over the columns of figures; here, they are centered. (10) The column head for the stub, as well as the main entries in the stub, are always flush left.
(Dudenhefer, 2009)
References
About ERS. (2014, June 13). United States Department of Agriculture | Economic Research Service. Retrieved July 7, 2014, from
Campbell, A. (2013, June 14). How Investment Banking Prepares You To Be a Writer. PublishersWeekly.com. Retrieved July 7, 2014, from
Career Options for Economics Majors. (2013, August 28). Department of Economics | University of Wisconsin - Madison. Retrieved July 7, 2014, from
Dudenhefer, P. (2009).Writing in Economics. Durham: Paul Dudenhefer.
Economic Data Collection. (n.d.). MRSC: Local Government Success. Retrieved July 7, 2014, from
Erste Group (2009). Prospectus.Erste Group Bank. Retrieved July 7, 2014, from
Goldman Sachs | Financials - 2013 Annual Report. (2014, April 3). Goldman Sachs. Retrieved July 5, 2014, from
Industry Analysis : Step-By-Step. (2014, February 18). Small Business Accelerator. Retrieved July 7, 2014, from
Levine, M. (2012, October 9). Ask A Banker: What Do Investment Bankers Actually Do?.NPR. Retrieved July 7, 2014, from
McCloskey, D. N. (2000).Economical Writing(2nd ed.). Prospect Heights, III.: Waveland Press.
Office of Trade Policy & Analysis. (2014, February 7). International Trade Administration. Retrieved July 7, 2014, from
Soybean Farming in the US: Market Research Report. (2014, March). IBISWorld. Retrieved July 7, 2014, from
Further Reading
- P. Dudenhefer,A Guide to Writing in Economics
- D. McCloskey,Economical Writing
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