Today, the President of the Independent Authority for Fiscal Responsibility (AIReF), Cristina Herrero, took part in the diploma award ceremony for the Master’s Degree in Applied Economic Analysis at the University of Alcalá de Henares. During her speech, Cristina Herrero referred to the transformation of the profession of applied economists in recent years and the changes in the labour market’s demands.
In her opinion, the skills of applied economists have evolved significantly, driven by technological advances and the availability of data, which has led to the use of methodologies that improve the quality and depth of the responses provided. Moreover, economic forecasting is undergoing significant changes due to the development of machine learning and artificial intelligence methodologies.
In fact, Cristina Herrero stressed that these new capabilities of applied economists are transforming the approach and profiles of the AIReF team, an institution engaged in fiscal supervision, including macroeconomic and budgetary analysis, and also in evaluating the effectiveness and efficiency of public policies.
During her address, Cristina Herrero not only shared insights into the work of AIReF, but also presented the public sector as a promising career path for the graduates. She highlighted the sector’s potential to create value and its appeal to recent graduates. She also emphasised the graduates’ unique ability to modernise the public sector and help it adapt to the rapidly changing world, where digitalisation and the use of mass data are becoming integral.
The President of AIReF also referred to the risks involved in expanding applied economists’ skills, including over-specialisation and a lack of global vision, dependence on technology and its possible biases, the obsolescence of skills and knowledge, ethical problems, and data privacy and security.
Cristina Herrero, in her role as the President of AIReF, urged the new generation of economists to adopt a balanced approach to their professional development. She emphasised the importance of combining advanced technical skills with a solid understanding of classical economic fundamentals, without losing sight of the bigger picture. She also encouraged the students to continue learning and updating their skills to thrive in the dynamic economic landscape.
The President’s speech at the University of Alcalá is part of AIReF’s aim of bringing the institution closer to the academic world and raising awareness of its work among students. This intervention complements AIReF’s other dissemination activities, such as collaborations with the academic world and the institution’s scholarship programme.