Why I Chose To Get a PhD in Economics
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- เผยแพร่เมื่อ 5 ก.ค. 2020
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Deciding to get a PhD is a big life choice. So I wanted to share my experience on deciding to get a PhD in economics and how I handled questions about paying tuition and supporting my family.
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I would love to see a video detailing out why you went down the professor route, and what being an economics professor looks like on a given week or semester.
I'm glad you added those questions. I still have family who don't understand what my weeks/semesters look like.
InstaBlaster
Useful and interesting like always
great job man I really enjoy your content and you were able to make a day job your positive outlook
Thank you so much for making this
I am just become one of your subscriber and i really enjoy your video because i also have huge interest in economics.
Congrats man! 👍👍
I just finished TWO years of my PhD ECONOMICS journey ! Still i am not able to finalize my RESEARCH PROPOSAL. Your content inspires me a lot. I don't know if i become DOCTOR or not, i am still indebted to you for motivation. Greetings from *China*
Hello, I stumbled across your video because I'm clearly considering a PhD in economics. I'm a senior at the moment and for a couple of years I imagined myself getting a Master's and moving on to work in policy analytics or legislation. I was hesitant to work in academia. Things changed when I got a research assistant position on campus. I learned I loved research through my honors courses but this job has help guide me to identify the extent of research I'm interested in. And through my tutoring job on campus I've realized very passionate about teaching economics as well. My ultimate goal is a lofty one. I joke to my boyfriend that I want to be the Stephen Hawking of econ, making it accessible to the everyday person while maintaining its complexity. I feel a PhD is necessary in achieving this goal. However, I'm not so amazing at math. I really have to push myself to get decent grades. I believe it is mostly an issue of confidence which I've mostly overcome. I've taken 3 semesters of calculus in college. I got a B+ in calc 1, an A in calc 2 and a B in calc 3. Same goes for my GRE score in math, I score well above average in verbal and writing but my quant scores are average. Do you have any advice on how to overcome this or communicate my drive to be successful in math in a PhD application? Should I pursue a master's degree first? Should I retake those math classes and extend my graduation by a semester? I need help. I've spoken with my advisor, who is also my boss, and she's a bit biased and doesn't see it being a problem. I'm worried. Any words of advice?
Where are you at right now?
I appreciate the Ben Sasse book in the background! It's a good one
Ha, that's the only one I've wondered if someone would notice. "Will people think I'm making a statement?" His podcast with Tyler is one of my favorites because it's the only time I've heard Tyler giggle.
Nice, I also did church service but in Northern California. That's crazy you teach at Utah State! I'm in Minneapolis but have considered transferring there next fall to major in Econ. So I'll keep you in mind! Thanks for the great videos
Send me an email or find me on twitter asap. Let's chat.
Thanks for sharing experiences
Some questions in mind have got answer thankyou
You are an inspiration for me ... I hope you continue to make great videos like you are always do
You're the inspiration! I'm excited to see people interested in economics.
@@MarketPowerYT Actually I am preparing myself to apply for a PhD in Economics ... and your video was an incentive for me to pursue this path.
This quality is underrated
Awesome content! I am currently 35 and just completed my Masters in Economics. The programme however is slanted more towards general theory as it is an applied course. Would PHD be a total different ball game? How good does your math have to be?
So you mentioned if one was feeling iffy at the onset regarding research faculty prospects then Econ PhD might not be right for you. But then you also mentioned about the non-academia options post-PhD that pay well. So....? Does that mean say if you're unsure about being a professor but the other aspects of an Econ PhD interests you, should one continue thinking about Econ PhD? Also side question, any thoughts on say Econ vs Finance PhD? Thanks!!
Hello , i have a great passion towards teaching . I have a masters degree in social economy and suistainable development so I'm planning to apply for PhD program in economics . The desire is here i just still need to connect social economy with macro , health , education , to develop a research question . Do you recommend any articles or anything that i could read do finally demonstrate my big desire to follow this path .
I would want to do a PhD in economics but I'm not willing to take a GRE. What's the point in taking a GRE when you have some maths courses ,econometrics , statistics etc in your bachelor's and master's degree.
You have inspired me...Do you think the banking crisis in Africa is as a result of not adhering to the Corporate Governance rules?
So what did you do for Haiti?
Do you think there’s value in a Masters in Applied Economics? What if you are interested in using Economics to help make sense of the world’s problems (as a career) but you don’t have the desire to teach?
With that goal, A Masters is the better path than doing a PhD.
Can non maths students who have done Banking and Finance for first degree think of Doing an MPhil in Economics?
Thanks for sharing this great experience. But, why did you choose to research on Haiti? Why not Côte d’Ivoire instead? We would love to see you there.
You know my French isn't good enough!
Market Power I understand, thanks for teaching us constantly.
What an idiot they speak French in Haiti as well
I want to get a PhD in Econ because I want to help Ethiopia.
I think it would be interesting to see why you chose to be a professor. Also maybe some other career paths you considered? Did you want to be a professor the whole time?
Yes! It was looking at other careers that solidified my goal to become a professor.
So what did you actually end up studying for your PH.D.? And was it your own choice, or something you had to do due to your fellowship?
I ended up writing my dissertation on the economic history of Haiti! I should have closed that loop in the video. Every student I know had a fellowship and had full freedom to choose their research. Economics is pretty flexible that way.
@@MarketPowerYT Ah, alright. In my country, you usually get a fellowship (or a "stipendiat", as we call it), from a specific think tank or uni department, and you then have to research something specific, or at the very least something related to the department that grants the sipendiat. At least that's how I understand it, I am still at my bachelors.
I really want to do a PH.D. in behavioral economics though. The book "misbehaving" by Richard Thaler was what led me to study econ in the first place.
good video
So out of curiosity, what are some of those ways that you can explore a research topic without getting a phd as you mentioned in the video?
I've been really impressed by independent researchers who write blogs about investigating their topic. Here's an example of a guy who blogs about health-care economics randomcriticalanalysis.com/
So, what do you think is the answer to the question about why popcorn is so expensive? I just finished reading The Undercover Economist by Tim Harford, and he explains it by saying that movie theaters are applying a price-fixing strategy. Basically, they sell expensive popcorn to the people who are willing to pay it (those who are not sensitive to prices, for example, someone on a date might pay for popcorn because he doesn't want to seem greedy) and those who are not willing to pay it (those who are sensitive to prices) won't have many other choices, so they will have to sacrifice their popcorn. Movie theaters have the power of scarcity in the sense that if you want popcorn, you'll have to buy it from them. That allows them to charge a higher price.
That answer is right. He has a different argument on the combination of ticket prices and popcorn (it's been 10 years since I read it, so I'm just trying to recall it). He thinks it's strange that movie theaters don't raise ticket prices and lower popcorn prices to try and convince the high WTP popcorn eaters to come. But theaters don't have an incentive to change ticket prices because all of that revenue goes to the movie, not the theater. So his recommended strategy won't work.
I actually think there should be way more price discrimination in ticket prices. In many cases demand for movie tickets is incredibly inelastic (example: Star Wars th-cam.com/video/CB_p-A5HgYI/w-d-xo.html). And for most movies, ticket prices are way too high (hence why theaters are mostly empty).
Thanks for this video, it really helps a young economics student trying to figure out the next steps!
I'm almost finished with my economics undergraduate degree, and I feel like I may want and need more education to be qualified to advance my career path. I love the idea of going on to be a professor at some point in the future, but am not sure if I'll want to explore different roles first. Do you think doing a masters in economics is worth it for students coming out of undergrad not entirely sure what they want to do, but are ambitious to learn more and get farther, or do you think work experience is more important at this stage?
There aren't a lot of masters programs for economics, but the ones that do exist can be pretty good. It depends on how much you learn as an undergraduate. One path you might consider is becoming a research assistant. You can see what I'm talking about at this twitter account: twitter.com/econ_ra
@@MarketPowerYT Thank you so much, this link is really helpful!
sir i am from india i want take admission in phd
Could you please give me suggestion which topic I should choose, focus on my PhD in Economics.
I have an interesting on Econometrics area
But still bit confusion for me which topic I have select from Econometrics.
Plse anyone give me a right solution.
Econometrics is a killer subject..are u ready for it?
@@arifazman5057 yes sir
I have a BS in Business Administration, would I still be a candidate for a MS and PhD in Economics?
Yes, you can also check at the requirements..but basically yes you can
So it's not a good idea to do it if you do not want to be a professor? What about just research or is being a professor and a research one in the same? I personally just want to do it for the intellectual experience and leverage that experience in the private sector and in life. It's probably not the most economic decision to make though, as I understand. Though I would only go if I was being paid to do it.
If you enjoy research, it's still a good path. It's designed for people who want to become research professors, but many of the ones who don't become professors get other research jobs. But it's not a good path for someone who thinks "more education is better for my career."
It’s cheap in Austria.
Is that Acemoglu's book on economic growth ? Like!
Can non maths students and economics minors think of economics phd ???
At what age you enrolled in your phd ???
If you want to do a PhD, you need a solid math background. But you should only do a PhD if you want to become a researcher and economics professor.
@@MarketPowerYT thank you...
I need your help, I have passion for economics but I want be an investor like my role model Buffett who studied business and got a masters degree in economics. Do you think a first degree in economics will help in investing?
Are there any other economics careers (besides being a professor) where a PhD is necessary? I’m more interested in private sector roles like economic consulting or being an economist for a company/hedge fund.
You can get into economic consulting without a PhD, but some companies have a ceiling on how high you can go without one. Basically, if they need you to testify in court, they want you to say you have a PhD. Just looking at Bates White, all of their partners have PhDs except five: of those, only three have no graduate degree.
I know a lot of hedge funds hire PhD economists. From my view, it would be easier to go straight into something like that from undergrad and learn what I need to on the job. But you should reach out to people more familiar with the careers and see what they say.
Most Econ PhDs I know work for the world bank
It's nice to have for anything macro related. The skills don't really help but people trust your opinion more if they see "PhD" after your name on anything you write.
CFA + CAIA then PhD in economics its good?
Def a plus
May I ask what if one do if someone have a master degree but still unemployed for that particular working sector, but he cannot turn back to the starting point because he has already overqualified and job skills mismatch for another field's starting position. What should he do?
I find I should come to USA and commence economic phd 😂😂😂
A PhD is free in Australia :) Yippee
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