Supply and Demand for New Ph.D.s in Economics
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Source: Survey of the labor market for new PH.D. hires in economics 2011 – 12, Sam M. Walton College of Business, University of Arkansas:
179 of the institutions responding to the current survey are expecting to hire 172 new Ph.D.s for the 2011-12 academic year. The greatest demand is for the field of macro/monetary economics at 14.8 percent, followed by general economics at 12.2 percent, and microeconomics at 10.8 percent …
Ninety-one of the Ph.D. degree granting institutions responding to the survey report that they will have a total of 520 new Ph.D.s seeking employment for the 2011-12 academic year. About 8.5 percent of the job seekers are holdovers from the 2010-11 market…
Job seekers with specialties in macro/monetary economics (18.3 percent) constitute the greatest share of the supply followed by international economic (13.5 percent) and labor and demographic economics (10.6 percent).
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What makes a successful economist?
“The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher…He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.”
- INOMICS Salary Report
Is an Economics PhD Worth It? The PhD Pay Premium
Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist, asking whether you should do a PhD, and even asking what kinds of economists are paid the most. Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.