Economist at U.S. Army Corps of Engineers - Seattle District
almost 3 years ago
You need to be able to apply the concepts you learned in economics in nontraditional ways. You would be helping to answer the question, "Where should we allocate scarce government resources?" For instance, what is the opportunity cost of spending X years and Y amount of money to build something? The answer is the time value of that money just being injected into the economy more directly. It must be included in the overall cost in order to properly conduct a benefit cost analysis. Same with finding benefits and putting costs and benefits into like terms (annualizing them over the planning horizon). Just do some basic research on how the government economically justifies projects (including differences between other agencies and the Corps). It wouldn't hurt to know a little about how the Corps and the OMB interact on prioritizing and funding projects. You may also be doing some environmental economics which (in the Corps) does not try to put environmental goods into dollar terms but instead seeks to maximize environmental output for each dollar spent. For that, you will be conducting cost effectiveness/incremental cost analysis.