tag:blogger.com,1999:blog-17232051.post4009135579462360574..comments2024-03-18T22:32:52.802-04:00Comments on Noahpinion: If you get a PhD, get an economics PhDNoah Smithhttp://www.blogger.com/profile/09093917601641588575noreply@blogger.comBlogger228125tag:blogger.com,1999:blog-17232051.post-78707367618680189722019-08-21T07:09:28.790-04:002019-08-21T07:09:28.790-04:00It's rational that it shouldn't help much,...It's rational that it shouldn't help much, since in the rather snarky world of economics, one must be recognized as not having been able to pass prelims.<br /><br />They'll want the people who passed the prelims, even if they then wasted a few years writing about stuff that will never be used.Unknownhttps://www.blogger.com/profile/02736747311303236634noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-42265173063115799712019-08-21T07:06:35.603-04:002019-08-21T07:06:35.603-04:00I'm an EE with a relatively strong physics bac...I'm an EE with a relatively strong physics background, who did a Finance PhD. Physics is remarkable, and if I'd known more about it when deciding where to return for PhD, I might have done it instead. Finance is Econ on one dimension (money) but with more time-series emphasis.<br /><br />Theoretically, not much new is being said. They're giving up and doing "behavioral" because most of the juice was long ago squeezed out of the basic theories depending on rational agents. There's only so much you can say about rationality and budget constraints. It's interesting, but it's been said. It's worth spending a few years of your life learning this interesting and important material, but don't expect to make a big contribution yourself.Unknownhttps://www.blogger.com/profile/02736747311303236634noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-12058063263659590412017-09-19T21:10:03.286-04:002017-09-19T21:10:03.286-04:00To be fair, most lab science PhDs actually LIKE si...To be fair, most lab science PhDs actually LIKE sitting in a lab and 'slaving away', as you'd say. My father (an economist with a degree from LSE) loves solving equations, but I'd go nuts. I like patch-clamping. As for psychotic PIs, I've seen those across all disciplines (my first PI was a nightmare, and she was in psychology). <br /><br />So your 'lab science is nuts' really applies to ALL PhDs... hate solving equations? Quantitative econ is not for you. Hate doing t-tests? Don't go into psych. Can't do Fourier transforms? Don't go into physics. Hate labs? Don't go into biology or chemistry. And the list goes on.<br /><br />I am, however, quite honestly astonished that you write this article as if people go into PhDs for excellent job prospects. If I wanted a good, stable job, I would have stayed in medical school, and many lab science PhD applicants could have gotten into a medical school (law is different, since ranking matters, but medical school is all about USMLE scores). <br /><br />In the end, the thing that will make or break your PhD career's not what you study, or where you study it at, but whom you study it with. Study with Corey and you might end up killing yourself. Study with Feynman and you might have a wild time. Gabrielle du Venthttps://www.blogger.com/profile/06582010231664074253noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-78655898925488655112017-04-06T22:38:15.069-04:002017-04-06T22:38:15.069-04:00A little math? Oh its a lot of math in grad econ....A little math? Oh its a lot of math in grad econ. The reason I quit is because, although the logic was useful in understanding reality, so many of the assumptions and core theories of orthodox economics didn't seem to flesh out in real world.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-34457352700740679552017-02-21T22:54:23.326-05:002017-02-21T22:54:23.326-05:00Noah, if im a junior in high school right now do y...Noah, if im a junior in high school right now do you think this kind of advice will still be relavant by the time I finish a PhD program? You said 5-10 years 4 years ago so I'm wondering if that's still the direction it seems to be going.Chase_Dhttps://www.blogger.com/profile/14133285435851499630noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-3149611507211917842016-12-01T15:35:22.819-05:002016-12-01T15:35:22.819-05:00What about a PhD in Economics of Education and Mas...What about a PhD in Economics of Education and Master's of Economics combo?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-11250730129308751262016-11-27T21:27:19.579-05:002016-11-27T21:27:19.579-05:00Noah (or anyone else),
I graduated in '05 fro...Noah (or anyone else),<br /><br />I graduated in '05 from an ivy league university with high marks in dual majors (econ and psych) and a minor in math. Since then I've been working overseas as a trader and manager for a hedge fund. I have been successful, but am looking for something more fulfilling.<br /><br />I am considering the prospect of going back to school but wondering how it all works, for example with letters of recommendation as I've been out of school so long.<br /><br />Is it reasonable to consider if I am only interested in top 5 or top 10 schools?<br /><br />Any advice appreciated!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-81706475294151308032016-09-02T17:12:01.005-04:002016-09-02T17:12:01.005-04:00Econ is a field of study and a way of thinking and...Econ is a field of study and a way of thinking and, sort of, a way of life... kind of.<br />Math/Physics is a way of life to an obsessive extent and it rules you as a person.<br /><br />Also, while econ is indeed rigorous in its mental exertion, there are fields in mathematics and physics that are simply restricted to all but the most creative, intuitive, and ridiculously ingenious people out there. I have literally never had difficulty in any field of study, regardless of the subject, until I encountered math problems that, without a spout of ingenuity, were unable to be solved or understood. It doesn't matter how hard you try, there are simply math problems that you will never understand or solve. It's frustrating beyond belief.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-22310188061357755022016-09-02T17:07:37.342-04:002016-09-02T17:07:37.342-04:00Question... Does this imply that if I'm applyi...Question... Does this imply that if I'm applying with a math major from my undergrad, that I have a higher chance of success? Because I do and that would be awesome to have confirmed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-24085683055162749202016-09-02T17:03:30.025-04:002016-09-02T17:03:30.025-04:00Because research, evidence, and the obvious realit...Because research, evidence, and the obvious reality that, as the 2nd and 3rd world countries develop, business will boom, significantly more risk will need to be managed, trends will become more important, etc.<br /><br />Also, aren't almost all PhD programs selling red herrings these days? Particularly in the sciences (my first choice of grad school).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-35762700294050545322016-08-20T05:04:04.248-04:002016-08-20T05:04:04.248-04:00I can't agree with you on the idea of this pos...I can't agree with you on the idea of this post. There are many fields in which worth to get a PhD. However, the best is going to industry without PhD . 3 years BSc degree from a good European university is enough to make a lot of money in Econ, CS or some others.jonoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-35010455666420291382015-06-15T17:51:34.915-04:002015-06-15T17:51:34.915-04:00After being in the thick of engineering, phd econo...After being in the thick of engineering, phd economics (from a top 15 program), and law job market, I completely disagree with this article. <br />1. Very narrow job prospects. Just search for jobs for engineers vs. lawyers vs. business folks vs. economists, and you will see for yourself. Econ Ph.D. leaves you overqualified and in a niche. The world simply doesn't need too many economists to turn the wheels.<br />2. Lower pay ceteris paribus. If you are going to a top 20 econ department, you're probably smart enough to do a JD or an MBA from a top 10 school. Each of these will give you better job prospects and a much higher pay<br />3. Likelyhood of being stuck in a small place forever. Most econ Ph.D.s want and end up in tenure track jobs, 90%+ of which in the U.S. happen to be in small towns in the middle of nowhere. And tenured means that you are stuck there forever.<br /><br />Go to law school. Easier, better pay, broader job prospects, in better locations.<br /><br />Don't repeat the mistakes of this columnist (who seems to be justifying his choices) and of this commentator (who is ok being an economist but can see its downsides)<br />Zaphod Beeblebroxhttps://www.blogger.com/profile/03551092146556379279noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-54092285005920577392015-01-26T09:48:31.551-05:002015-01-26T09:48:31.551-05:00No offence, but if that's how you feel - you&#...No offence, but if that's how you feel - you're not thinking hard enough.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-11517698418850033622014-07-03T22:36:19.658-04:002014-07-03T22:36:19.658-04:00Hi Noah any viewpoint on distance PhD's in ter...Hi Noah any viewpoint on distance PhD's in terms of job market acceptance?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-8192084745821087182014-02-15T00:42:42.645-05:002014-02-15T00:42:42.645-05:00Spoken like a true reactionary. Spoken like a true reactionary. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-20701866213027904892014-02-11T22:45:31.200-05:002014-02-11T22:45:31.200-05:00Thank you for the post. I like the subject line. ^...Thank you for the post. I like the subject line. ^__^PP_Lovelyhttps://www.blogger.com/profile/13869854149067777006noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-51547565691760951522013-12-11T22:39:00.372-05:002013-12-11T22:39:00.372-05:00Multiple languages is the secret. Fluency in mult...Multiple languages is the secret. Fluency in multiple languages gets you an infinite number of fallback jobs.Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-42222541529231439772013-12-11T22:37:53.127-05:002013-12-11T22:37:53.127-05:00Trouble is, if you are Born A Math Genius (like me...Trouble is, if you are Born A Math Genius (like me) you'll get frustrated at the irrelevant crap the economists make you "learn".<br /><br />It's not really applied mathematics if it's models which don't actually work -- it's pure mathematics pretending to be applied mathematics. Econ has this problem, so does "theoretical physics".<br /><br />Supply-and-demand as determiners of price has *VERY LITTLE* empirical evidence behind it, and is probably wrong. Think about that!Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-91277322943664774642013-12-11T22:35:15.096-05:002013-12-11T22:35:15.096-05:00The distinction between pure and applied mathemati...The distinction between pure and applied mathematics is basically whether you choose to apply it. Every single field of mathematics was originally developed for an applied purpose, and pretty much every one has applications. The best pure mathematicians keep a focus on the "applied" in order to stay grounded, while the best applied mathematicians do very "pure" work in order to solve unsolved problems...Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-80368262952900587072013-12-11T22:32:59.499-05:002013-12-11T22:32:59.499-05:00Hate to say it, but most of the best ecology profe...Hate to say it, but most of the best ecology professors in the country are in small midwestern college towns.<br /><br />Perhaps you can dive straight into ecological economics, a field with a bright future where the ground-laying work hasn't been done yet You'd have to find an open-minded econ department though.Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-40049196507762919132013-12-11T22:30:58.848-05:002013-12-11T22:30:58.848-05:00My experience was that doing the calculus in econo...My experience was that doing the calculus in economics was frustrating due to economists misapplying calculus (starting with false premises) to get garbage results.<br /><br />I found economics to be a field with a particularly low level of intellectual integrity, and a particularly low level of competence, but a really high level of arrogance.<br /><br />For some of us, that makes the field quite intolerable. Biologists and historians alike have *humility*. Mathematicians often don't, but within their field they have absolute proof as to whether they're right or not. Economists often have the arrogance of mathematicians without the justification, and it makes for an unpleasant environment.Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-32148249375840309572013-12-11T22:27:58.367-05:002013-12-11T22:27:58.367-05:00Hell, I can do everything you'd want, and I ha...Hell, I can do everything you'd want, and I haven't even bothered to get a PhD.<br /><br />Of course that's because I don't need a job, having made lots of money with smart investments (and started off with enough of an inheritance to do so).<br /><br />It's interesting that you find that there are fewer disqualified economists than in other fields, but I think you're basically seeing the overspecialization problem in academia. Have you tried hiring people with dual masters' degrees -- math + a social science? Or are there just not enough of those out there?Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-10388511323339481202013-12-11T22:24:45.197-05:002013-12-11T22:24:45.197-05:00Mike made a very clear statement. Also accurate. ...Mike made a very clear statement. Also accurate. Helps explain why economists are so out of touch with reality.Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-65398737428175239352013-12-11T22:23:51.633-05:002013-12-11T22:23:51.633-05:00Mathematicians have no trouble getting jobs if the...Mathematicians have no trouble getting jobs if they can demonstrate the ability to apply the math to, well, anything whatsoever. Employers figure if you can apply it to one thing you can apply it to another.Nathanaelnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-5304996309396508162013-12-11T22:21:40.486-05:002013-12-11T22:21:40.486-05:00"But the econ and business majors have gotten..."But the econ and business majors have gotten a lot more popular among undergrads too, IIRC"<br /><br />That's because (1) they're gut majors with little content, and (2) they attract people with a get-rich-quick mentality.Nathanaelnoreply@blogger.com