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RadioEconomics has an interview with Wendy Stock at the University of Montana and John Siegfried at Vanderbilt University on the job outlook for Economics Ph.D.’s (2 $ to listen). A few weeks ago, there was a similar podcast with John Cawley; however I found this one more interesting.
Professor Siegfried has an excellent summary of the market new Ph.D. students might expect:
Between 1964 and 1972 the number of Ph.D’s awarded tripled…those people are now between the ages of 62 and 70 and now many of them are thinking about retirement…so I think we’re going to see a quite an increase in retuirements in the near future and that will lead to a lot of replacement demand…
Also, he points out an interesting fact:
On the supply side we continue to have a steady increase in the number of new Ph.D.’s and continue to have a declining proportion of North Americans receiving new Ph.D.’s that latter fact leads to fewer Ph.D.’s coming into the job market here. That is because about half of interational students leave the country for their first job…
So it seems students recently entering a Ph.D. program will be coming into a good job market. Listen to the broadcast because they mention a few key factors that play into the length to complete a Ph.D. (e.g. don’t take a job while finishing a dissertation) and what tends to make a successful economist.
How to be a good student of Economics
By Paul
“What makes a good student? It takes more than mathematics. Just because acolytes learn the intricacies of formal reasoning doesn’t mean they necessarily will have anything to say. But then, neither does background knowledge of specifics seem to have to do with it. Apt pupils come from all walks of life, and one of the best young economists of recent years lived in the former Soviet Union until he was sixteen. Scientific temperament is a plus (“desire to seek, patience to doubt, fondness to meditate, slowness to assert, readiness to reconsider, careful to dispose and set in order,”, was how Sir Francis Bacon described it long ago). But the essential gift among those who will have an impact is an aptitude for “thinking economically,” for translating every problem into one that can be addressed by means of the discipline’s standard kit of tools, devising new tools as required.”
David Warsh, “Knowledge and the Wealth of Nations”, p. 11-12, emphasis mine.
Related:
Getting a PhD in Economics, is it worth it? Professors Wendy Stock and John Siegfried discuss with James Reese aspects of the process of getting a PhD in Economics. Areas covered: How much will academic economists make over their lifetime? What is the chief reason for dropping out of a Ph.D. program? What is the reason for the dreaded ABD all but dissertation barrier? Is getting a PhD in economics worth the cost? Wendy and John coauthored articles entitled "Attrition in Economics Ph.D. Programs" and "Time-to-Degree for the Economics Ph.D. Class of 2001–2002." Download the podcast while it is free.
It's the humanity, stupid- Tim Harford interviews Gary Becker
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