Organizing a Conference: Most Common Challenges
1. Money: It is no surprise that finances, to a large extent, determine the success of the event – that is why it is vital to start searching for sponsors early. If you have a set budget from your depart- ment – use it wisely. Additionally, don’t forget that a conference fee, when paid in advance, can be a major source of financial means for the event, although it can prevent some qualified candidates from attending 2. Delegate Recruitment: The main take-away participants will have from a conference is their communication and experience exchange with peers. For this reason, qualified and active dele- gates are vital. However finding them, especially in big quantities, is always a challenge. 3. Speakers: The reputation of keynote speakers adds enormously to the reputation of a confe- rence. However, prominent people have busy schedules and usually have dozens of events to choose from. 4. The Right Time and the Right Place: Conferences on every topic have a lot of com- petition – scheduling an event smartly and avoiding an overlap with other major industry events is vital, but might not be easy. The right venue, right timing and right location always contribute to the success of the event. How to cope with these challenges? Even though there is no ultimate remedy for all prob- lems, the challenges mentioned above all require one fundamental thing: timely and smart promotion of the event. If you can bring your message and the value of the event to the right people, be it potential sponsors, delegates or speakers, many of these challenges can be avoided. Sure, there will be thousands of other con- ferences on similar topics, often with bigger resources or more prominent speakers. But if you can communi- cate effectively what makes your conference different, you will find your event can punch above its weight and increase its chance of all-round success. If you need any support presenting your conference in the best way, our team is always happy to support you, just drop us a short enquiry to info@inomics.com.
There are many reasons why institutions and individuals engage in conference organization, be it an international congress or a local workshop on a specific area of economics or finance. In academia, it is a great way to publicize your research work, to educate a wider public about a certain issue or simply to bring together experts from the same field and share the state of research. In business, it is the ultimate way to expand a network, market your company and often pave the way to future clients. Regardless of the type of institution, all conference organizers face the same challenges, especially when organizing an event for the first time.
Interviews for any kind of job are stressful. In a short period of time you need to show the best of yourself, and sell yourself to a potential employer. This is always challenging, especially if you are doing so for the first time. In light of this, we decided to aggregate a number of tips on how to make your interviews for an academic position go more smoothly. This can hopefully help increase your chances of getting the job of your dreams in a university or college, especially in preparation for the upcoming American Economic Association Meeting 2014. Obviously there is no single prescription of what to do and how to behave in an interview, but there are some important guidelines to follow. Plan your Time: don’t miss your deadlines Plan your applications in advance and remember that many positions for autumn 2014 are already open. Today, November 14, is an important date for those interested in the American economics job market – the Economics Job Market Signaling registration is officially open and will run for the next two weeks. Do your Homework: know how to present your research and know the institution you apply for It may sound obvious, but the fact that you have to be prepared for each interview cannot be overstated. Thorough research about the institution you apply for as well as about people who will interview you (if you know the names) is an absolute prerequisite. Of course you need to be ready to talk about yourself and your research. The best strategy is to have a shorter and a longer summary version of your research paper and use the one necessary according to the situation. You should also be able to discuss the significance of your research, its potential limitations and further steps you plan to take. Expect Tricky Questions: it is not just about your research You have to be ready to answer different “Why?” and “How?” questions, and not all of them are going to be about your research. The most obvious ones are “Why did you apply for this specific institution?” and “How would you teach an intro course of X subject for undergrads?” There are dozens of resources available on the Internet describing frequently asked interview questions. Look through them and make sure you have a reasonable answer ready for all of them. Be Prepared Look smart and behave accordingly. Don’t forget to bring extra copies of your CV and slides/handouts for the presentation (if you are required to make one). Make sure you know your CV well since you might get questions about specific experiences listed – and the answers need to be consistent. Be Proactive during the Interview Ask questions! Good interviews are organized so that the two-sided matching procedure is successfully implemented. It is the only time when your potential employers can assess you in person and the best time for you to evaluate you potential colleagues. Moreover, prepare a couple of questions you would like to ask about the faculty or university, or the teaching peculiarities one might encounter (normally at the very end of the interview). Take Notes Bring notes and take notes! It always looks more professional if you come to an interview with some prepared materials already. Even if you don’t refer to your notes it shows that you’ve taken the time to prepare, and that you’re confident. After the interview write down relevant information from the points discussed that might later help you choose between different positions shoul you get more than one job offer. Final tips: Check out this witty and very useful “Advice from David Laibson” about how to plan and get ready for AEA/ASSA meetings, what questions to expect during the interview and how to deal with fly-outs should you be invited. To see where you are in terms of the global economics job market, you can also look at the INOMICS Econ Job Market Report 2013 which outlines preferences and trends from the perspectives of both economists and employers. And remember: you make the impression in the first 3-5 minutes of the interview, so try your best to say the most valuable information about yourself within that time. One more important thing: if you receive an invitation to an interview, the institution has already decided that you are competent for the position. Hence, try to relax and present your skills, knowledge and experience clearly and confidently. We wish you luck in all your upcoming interviews. And if you have any interesting experiences to share, feel free to leave comments! Image Credit: Shutterstock / fizkes (licensed image - copyright)
Pursuing an academic career is very different from working in the private sector in many ways, including in terms of the application and recruitment process, even before you start in your first job!
How To Make The Most out of Your Summer School Experience
​Learning Learning is best enjoyed as a collaborative experience, so you'll get more out of teaching if you are engaged with and encouraging towards other students. Ask for their opinions on the material you're learning, find out about their topics of interest and tell them about yours. Summer schools can be less formal and more discursive than most university teaching, so there's also more chances to discuss with the lecturers and to share your own opinions. Be bold, ask questions, and venture into topics you're not so familiar with, and you'll gain much more from your summer school experience. Specific skills Summer schools often offer the chance to learn skills specific to your discipline, such as experimental techniques, statistical analysis, or programming languages. If you're hoping to gain a new skill in your summer time, it helps to do some preparatory reading and practise before you attend, so that you can be sure you've mastered the basics. That way, you can use your time with the lecturers or instructors as constructively as possible, getting their help on the kind issues which require specialist knowledge you won't find elsewhere. Research Some summer schools will be geared towards working on one research project over the summer, under the supervision of faculty. This will give you the chance to see and participate in a professional research environment, and can be an invaluable experience when planning your own future research. Remember to take plenty of notes on each stage of the project; try to find out what role each researcher plays and what skills they work with. This information will be a great guide for you if you undertake independent research of your own. Networking An important aspect of summer schools is making contact with other students and professionals in your field. You'll have the chance to talk to people from all over the world who are working in your topic, to hear about their work and to tell them about yours. Do be friendly and approachable, and prepare a quick one or two minute introduction to yourself and your work for when you're asked. Remember to collect business cards or email addresses so that you can follow up with people who you connected with. Mentoring and careers advice You'll also have the chance to connect with senior members of your field who can share their insights into their career progression and help you to plan out your future. Some schools offer mentoring, where an independent experienced person in your field can offer support in your career development. Even if your summer school does not have such a program, you'll still find plenty of people who are happy to give advice. Good topics to ask for advice on include the skills that are essential to their job, what kind of roles they had before their current job, and what aspects of their work they particular like and dislike. This can be the perfect chance to gain insight into the day to day work of great researchers and professors. Social activities and fun Don't forget that in addition to being great learning opportunities, summer schools are also a chance to have fun! Find some time to explore the local area where you're staying – sight seeing, hiking, eating out in restaurants, sports and group activities are just some of the options that may be available. Many summer schools will offer organised social activities like trips, meals or drinks, where you can get to know other students and faculty in a more relaxed atmosphere. These can be a great chance to get out of your shell and relax after you've been hard at work, so enjoy yourself!
If you're interested in attending a summer school this year, now is the time to start planning. Once you've selected a school to attend and been accepted, here are some of the ways that you can make the most out of your summer school experience.
Internships in Economics – Lessons from an Economist!
Having gone through the cumbersome process myself and having successfully crossed over into a “real job” after a tedious string of internships, here are a few lessons and tips I would like to share with you, no matter which part of the internship journey you are currently navigating through. Lesson 1: Do what interests you! It is important to go for an internship in a discipline that really interests you. In the long run companies will hire you for the skills you can offer them and this decision will not be based on the reputation of the company where you did your summer internship. Work experience in a local unknown NGO in Congo is as valuable as an internship at the Big 4 consulting firms in New York. Bottom line, do something you are good at, pick out solid skills you can apply in life and don´t make a company´s reputation the top factor in your decision. Lesson 2: Building expertise or versatility? You can stick to the same area of interest as you proceed or you can be versatile in your choice of internships! There is no golden rule about what works. However, anecdotal evidence suggests that sticking to one area of interest builds a certain credibility of expertise in that area and may lead to brownie points for you from recruiters who want specialists. Having said that, I firmly believe that while in university, one should have full freedom to taste different worlds and thereby realize with experience what they would ultimately like to do. As long as you can explain your path and give convincing reasons for the choices you made, no experience is inferior to another. Lesson 3: The money will come as you get better! I remember vividly how unpaid internships were looked down upon during my university days. People make you believe that you are selling yourself too low if a company where you intern does not offer you remuneration. Please do not believe this especially if you are at the start of your internship phase in university! As a natural progression, I can guarantee you that the money will come as you get better at what you do, i.e. chase excellence and not money and sooner or later, money will chase you for your excellence. In fact, sometimes the companies that offer you the best training and work experience do not have the budget to support interns. However, with what they teach you, your skills might be worth a lot once you do enter the real job market. Lesson 4: Most important: Do not compare! I am going to repeat here what granny said all along. Do not compare yourself with others! Though it sounds cliché, this is crucial. While I was in love with Development Economics and not particularly fond of the mathematical methods of economics, I made myself go through several unnecessary and painful processes of applying for finance based positions in leading investment banks all over the world. Why? Peer-pressure in a top economics college of India where everyone blindly runs behind big brand names offering high salary packages! Of course, the outcome was repeated rejection- not good for one´s self esteem and also not worth it in the long term, as I can see today in retrospect. In conclusion, I would like to say that what you make out of an internship experience and how much you leverage from the social network you make depends on you. Every experience contributes to who we are as people and professionals. Make sure you take time to dig into the details of what you want, what you learned from a given experience and share it with the recruiters in an authentic way as you go along. At the end of the day, recruiters want authentic people with authentic experiences and real life skills. Gather those and move ahead with confidence! Good Luck. Image credit: taniawillis
Whether pursuing a bachelor’s degree in economics or having finished a PhD from a top university, at all stages of the academic pursuits and research careers, young economists have been engaged in the grueling process of finding internships with reputable organizations. While masters and bachelors students aim to gather work experience and transition into full time jobs, PhD candidates attempt to combine their research with the work of relevant organizations.
Using Market Design To Fill Your Masters/PhD Programs
A prime example of another situation where this type of economics could be put into action is the university application process, seen by many as cumbersome and inefficient. Roth and others ascertain that by applying the principles of market design to the application process it will streamline the acceptance process, ensuring that the highest percentage of applicants receive a spot at a university. A common issue within the current application model comes after the first round of acceptance letters have been sent and received. Students receiving multiple acceptances have a choice of programs and take their favourite, leaving other institutions with open positions and no students to fill them. On the other side, there are also a number of students who did not receive seats in their top selections and are scrambling to get in somewhere for the approaching academic year. Unfortunately, like many things in higher education, this process will take a while and, in the meantime, many are going to continue to struggle filling their last minute empty courses. INOMICS is committed to helping institutions fill these seats; we can help you find students still looking for a place after the first round of admissions with flexible, targeted Masters and PhD program announcements. Whether you announced your first call with us or not, we can set up a system to remind potential applicants of approaching or extended deadlines. If you want to advertise your PhD position for both categories, then consider other options, like a banner or text-ad on INOMICS. Let us know if you are interested in more solutions at info@inomics.com, and we will work out something that meets your needs.
As many of your know, the Nobel Prize for Economics 2013 went to a pair of economists for their work in the field of “Market Design” – the study of creating an optimal marketplace to reduce market failures. Al Roth, one of the recipients, is best known for his work in orchestrating kidney transplant matches using such economic principles. While kidneys are his specialty, he has also researched other processes that could be better organized using similar principles.
In this post we have sought out a number of links to explain what Development Economics is, as well as two Master’s courses in this field taking new students in autumn this year. To start us off, here is a short introduction into Development Economics by Duke University Professor Duncan Thomas: https://youtu.be/L2BjgNvE61c Many aspects of the vast field of Development Economics are covered in the post “Economic Development Broadly Defined” by Joe A. Sumners from the Economic & Community Development Institute. This Investopedia article covers the promotion of economic growth in countries with an Emerging Market Economy. Development Economics was also adopted by the United Nations in their Millennium Development goals aimed at reducing extreme poverty and promoting education and sustainable growth. The article Competing Theories of Economic Development introduces the four schools of economic thought that fall under the general rubric of Development Economics (structuralism, the linear-stages-growth model, the neo-Marxist or dependency theory, and the neoclassical revival of the 1980s). One of the key economists currently exploring development-related topics is NYU Professor Debraj Ray. Check out his Notes for a Course in Development Economics to get more advanced insight into this topic. For frequent updates on issues in Development Economics visit Chris Blatman’s (Assistant Professor at Columbia University) blog. Master’s Courses in Development Economics: 1) MA Development Studies at the International Institute of Social Studies, Erasmus University Rotterdam, Netherlands 2) MSc in Applied Labour Economics for Development at the International Training Centre of the ILO, Italy
Time and time again we hear economists seeking to answer the questions: “How and why some countries manage to get rich while others stay poor?” and “What can be done to change this fundamentally wrong situation?”. To help tackle these issues we are dedicating a series of blog posts to the field of Development Economics.
Economic Development, Innovation and Growth (JEL O)
His research was primarily in economic history, particularly a subsection thereof known as “Cliometrics,” which is the application of quantitative methods to the study of history. This field was popular as he emerged from his graduate studies and he is often referred to as one of the fathers of the discipline. In his autobiography he describes his motivations behind the study of economics and history as the, “naive belief that by combining the study of history and economics I would quickly discover the fundamental forces that had determined technological and institutional changes over the ages and that such knowledge would point to solutions to the current problems of economic instability and inequity.“ He started his academic journey with a Bachelors Degree in history and economics from Cornell in 1948. After a brief stint with the Communist Party, he returned to university for a Masters (Columbia, 1958) and a PhD (John Hopkins, 1964). Dr. Fogel made his break in the 1960s with his research on the railroad’s economic impact of railroads at the end of the 19th century, which culminated in his 1964 book Railroads and American Economic Growth. After this, he applied a similar model to the economics of slavery in the United States, naturally a very controversial topic. Two books emerged from this research, first, Time on the Cross: The Economics of American Negro Slavery (co-authored by Stanley Engerman) in 1974, followed by Without Consent or Contract: The Rise and Fall of American Slavery in 1989. His Nobel Memorial Prize in Economics, together with Douglass North of Washington University St. Louis was awarded for “for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change.” His obituary on the University of Chicago website can be found here.
We are sad to share the loss of a great economist yesterday. Robert Fogel, Nobel Laureate (1993, with Douglass North) passed away yesterday at the age of 86. He was a Professor at the University of Chicago Booth School of Business and Founding Director of the Center for Population Economics.
Here is a list of links to economics blogs that are useful for understanding the concept of inequality and economists’ ideas on the topic; as well as a short list of conferences in the field taking place this summer. Links and resources: 1) This educational “Penny Game” helps clarify the underlying causes of unfair welfare distribution 2) OECD’s report on “Growing risk of inequality and poverty as crisis hits the poor hardest” 3) Post-crisis recovery is important, but it can also be uneven in its benefits and increase wealth inequality even more. Comments on that subject can read in The Wall Street Journal blog post: “Only Richest 7% Saw Wealth Gains From 2009 to 2011” 4) Stiglitz’s point of view is slightly different than the mainstream. His article “Inequality that is Holding Back the Recovery”, outlines his perspective. 5) A little bit old, but still relevant article about the vanishing middle class and the prospects of getting richer by investing in education: “Percentages and inequality: where is the middle class?” Conferences: 1) Inequality, Growth and the Middle-Income Trap in China on July 1-2, 2013 jointly organized by China Center for Economic Research, Peking University and Stockholm China Economic Research Institute, Stockholm School of Economics. 2) Fifth Meeting of the Society for the Study of Economics Inequality (ECINEQ) from July 22 -24, 2013 in Bari, Italy. The conference aims to address a rigorous analysis of inequality, welfare and redistribution issues. Former Image Credit: mSeattle
There exist two sides to every argument; in this one we have on one side a utopian world where everyone is equal and on the other a world where inhabitants don’t want to share what they’ve earned (presumably) by persistence and hard work with others and keep it for themselves. Herein lie the issues of inequality and the question of welfare and income redistribution. There are debates at every level of society, government and especially amongst economists as to where this problem comes from and how to tackle it.
Public Economics & Economic Policy (JEL H)
When to Start Looking for Young Professionals
In large private companies and organizations, including those recruiting at ASSA, the recruitment of fresh graduates and young professionals tends to be more centralized, with application processes starting in the autumn or early spring. However, not all organizations, and certainly not all countries, are participants in the centralized economics job market. As a result, it becomes tough to withstand this kind of competition for organizations with smaller resource capacities and less international exposure. At INOMICS we have been keeping track of these trends for a number of years through our growing user base and we have noticed that July and August are actually the best months to start looking for candidates for entry-level positions, especially if you are targeting candidates internationally. Even though it is perceived that all the top candidates are already taken a year before graduation, the later job market does not necessarily mean the recruitment of lower quality candidates. Many academically strong students prefer to concentrate on their final thesis work and exams, putting a job search off and delaying their job market entry. As many companies will only start their hiring season in the autumn, the summer months become the best time to approach candidates either getting an early start on their job search or those a little late to the game.
Job market seasons vary by country and industry, but summer and Christmas time generally stand out as quiet seasons. Often, it causes frustration for fresh graduates, who are exiting universities at both of those times. If some will be lucky enough to have an offer in their hands before the graduation party, more will still be uncertain about their start moving into professional life.
Should You Get a PhD in Economics? Links and Resources
1) General ideas about doing a PhD and your prospects after graduation in “Considering Graduate School in Economics?” by Bill Craighead, Wesleyan University. 2) "How to successfully apply to a PhD in Economics", a guide that covers the most relevant topics when preparing your PhD application. 3) Why a PhD can be a source of dissatisfaction and the negative aspects of obtaining this degree. A little bit less optimistic view-point from The Economist in their article “The disposable academic”. 4) Econ PhD: the level of math abilities and how high your GPA needs to be to enter a competitive program. These and some other useful information can be found in “A Guide for Undergraduates Considering a PhD in Economics” from Dick Startz, Professor of Economics UC Santa Barbara. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> 5) If you want to do a PhD but you are not sure if you can find an exciting thesis research topic, read the article“Ph.D. Thesis Research: Where do I Start?” by Don Davis from Columbia University. 6) Want to know how much Economics PhDs earn? Have a look at a snapshot from the “Survey of the Labor Market for New PhD Hires in Economics 2011-2012” or our Economics Job Market Report 2012. 7) Last but not least, if you have decided to pursue a PhD in Economics, but still haven’t found one, check out the selection of PhD courses and scholarships currently offered on the INOMICS website to find your perfect match. Photo Credit: Visionello
After finishing high school many students think of applying for university and getting at least a Bachelor’s degree. After 3 to 5 years of studying some choose to take their first degree and join the job market, while others decide to continue in university to complete a Masters Degree or even a PhD through additional academic and/or applied research. If you are thinking about taking this final step and doing your PhD, but you are still not sure whether it is right for you, check out the links below to see what you can expect from a PhD program.
I say ‘subtle’ because you definitely cannot escape feeling excited about your new occupation as a doctoral student, however you should not let the initial excitement get in the way of the hard work ahead as it is sometimes too easy to do so. PhD can also be a pretty overwhelming experience, with its ups and downs along the way, so new PhD students are well advised to take into account some key considerations when starting off. These are based solely on my own experience but I have found they are not uncommon for other PhD students and some really good books on PhD study refer to them as well. 1. There is a lot more to the PhD experience than just research. PhD work involves lots of ‘side’ and complementary chores on top of the actual research that you probably never thought of or simply considered only briefly. These are checking emails; keeping track of current affairs (if you are doing research on a contemporary issue like me); setting up bookmarks, alerts and RSS of relevant websites and journals; going to public lectures that might interest you or might be related to your work, or both; signing up for training courses; attending careers and networking events; writing grant applications, however big or small; preparing conference abstracts and papers; seeking out internship and teaching opportunities (if you need one); helping organise things at your Department etc. I know all this sounds like obvious stuff but I did not realise until I started my PhD what a ridiculous amount of time all these seemingly ‘petty’ tasks can gobble up. I am not saying all this administrative work going on in the background of your doctoral research is unimportant – quite on the contrary, it provides you with a lot of useful experience and enriches you both professionally and personally. After all, all this is in your best interests. You practically learn on the job. These ‘transferable skills’ are valuable in their own right, whatever you will be doing after your PhD. What I am saying is just be prepared – you have been warned! 2. Making it personal. Another aspect of PhD life worth mentioning in relation to administrative matters and research management has to do with how you want to present yourself to the scholarly community and make your research known to a wider audience in your (sub)field. This of course can be done by the conventional way of conference presentations and publications in peer-reviewed journals. But the proliferation of social media and so-called Web 2.0 has provided researchers with a great many fun ways to speak about their research more directly and more personally. Research dissemination is an essential skill and an important element of any aspiring scholar’s work, and the more active a researcher is in increasing his/her professional visibility, the greater chances are that more people will learn about the research he/she is doing. So a doctoral student’s logistics can also include setting up and maintaining one’s own blog, website or profile on a social networking service. This way more colleagues working on related topics, potential collaborators and the general public interested in your subject could find out about your work. Two well-known academic social networking websites I have been using to showcase my research are Academia and ResearchGate. An account on LinkedIn would also be very useful as more and more people turn to it for greater professional profile, promotion and connections. All these activities involving social media will require your PhD time as well. 3. The mind-blowing diversity of the literature. When I first came to university to do my PhD I had a treacherously vague idea of what lay ahead in terms of actual research workload. A Master’s experience in a similar educational environment is somewhat different from a PhD (and I have experience of three different education systems), although there is a strong ‘independent study’ component at both levels. Unless you have received research training in your previous study, you will be putting more effort into your PhD now. Overall, there are three types of literature I have identified for myself that you would need to rely on throughout your entire PhD toil: research/topic literature, methods literature, and ‘how to do your PhD’ literature. All of these three categories of books and relevant materials are important as they will guide you through your work and make your research student experience fuller and more rounded. 4. Enjoy your time as a doctoral student. A PhD is of course about being all serious and engaging in hard work. But it is also about having fun and enjoying your time as a PhD student. Many forget that. As much as you realise the responsibility bestowed upon you by your Department and, most importantly, yourself to conduct the research laid out in your application proposal, the ambition should not get in the way of living a well-balanced life. This implies a life where hard work is interspersed with regular spells of rest and fun. Sometimes a feeling of being overwhelmed by your research can only be solved by going out and enjoying the things you just like doing. The small pleasures of life help us keep our sanity and, ultimately, taking our minds off the pressing issue at hand can only boost our creativity, motivation, lateral thinking and help generate new ideas and fresh thoughts. All in all, whatever rocks your world – just don’t forget to have fun!
A PhD was something I always dreamed of doing. On the one hand, it was a natural continuation of my, it now seems, life-long learning curve after my Master’s degree. But, more importantly, it was also a faraway dream on the horizon that seemed worth pursuing just for its own sake. I probably knew my love of research should last me the entire doctoral spell but no one will ever be able to fully explain to you what it is like to undertake a PhD until you have finally let yourself fall into its subtle embrace.
Students who are interested in studying abroad in particular turn to search engines and course-listing platforms in their search, and often make their decisions based on the information presented online. Using our own and published data about online behavior, it is possible to identify the key trends in how people search for study programs. Understanding these trends is vital for universities to stay competitive in the global educational market. Timing We promote postgraduate programs all year round, as academic calendars and application deadlines vary by country and study program. However, regardless of regional differences, the interest in Masters programs, in particular, tends to peak in March, although is high from October through to May. Make sure your announcement is published by the start of each calendar year so you do not miss this rush. Course Aggregation Platforms According to Google, most students search for listings of masters courses, rather than directly for specific courses or subject areas. As such, the presence of masters courses on platforms like INOMICS is an important way for students to find them. Additionally our active blog and advice articles, not to mention our resources for economics students means that more students find INOMICS every day. Check out our Multi-Channel Boost to target students across content, email and social media. First-hand Student Experience After identifying a country and programs of interest, students look for first-hand experiences before taking a more informed decision. As it is not always possible to contact alumni personally, they will search for available experiences online. Testimonials and videos with real students featured in them are without a doubt a powerful means of filling this information gap. Quality of Information Comprehensive and well-presented information online can become a key factor for prospective students in their decision to opt for a study program. This includes coverage of all relevant information like modules, entry requirements, student profiles, application details, fees and financial arrangements, internships, future career opportunities and support for international students. Language Information Many universities in non English-Speaking countries struggle to provide the necessary information for international students in English. Even if knowledge of the local language is vital for studies, pages in English are important for a university and its programs to be found online. Find Economics Students For Your Program
Less than a couple of decade ago student relied on word of mouth and the information available in their universities when choosing a Master's Program. Today, internet-based searching is the foremost source of advice when it comes to exploring opportunities for postgraduate education.
Christmas Economics: Which Countries Spend the Most and on What?
European consumers are not conservative when it comes to spending on Christmas celebrations either. But in which country are consumers most ready to spend their money on, and on what exactly? According to the survey conducted by Deloitte in 2012, the absolute leader in total Christmas spending in Europe is Ireland, where consumers are ready to spend an average of 966 euros per household, followed by Switzerland (817 euros per household) and Luxembourg (815 euros per household). In the Netherlands consumers are eager to spend the least among the countries surveyed, 287 euros per household, which is almost 4 times lower than in Ireland and even slightly less than spending in Poland (312 euros per household) and Ukraine (332 euros per household). Typically the largest part of the Christmas budget in all countries is allocated to gifts (about 50% of the budget). Additional food is the second major spending, with additional socializing being only the third most important. Consumers in the Netherlands, Poland and Ukraine tend to spend the least on gifts, whereas consumers in the UK, US, Finland and France are among the most ready to pay for gifts.* The amount spent on food is the highest in Spain (279 euros), Finland (278 euros) and South Africa (214 euros).* If you want to compare this with spending during other holidays, have a look at our post about Halloween Economics. *(excluding the top spenders: Ireland, Luxembourg and Switzerland).
Sources: Christmas Spending Survey 2012, Deloitte; NRF’s Holiday Survival Kit (US only); HSBC Christmas Spending Survey 2012 (UK only) The Christmas Season is probably the heaviest burden for family budgets among all the annual holidays, and the best business opportunity for retailers. In the US alone estimations of spending on Christmas-related items hit $586.1 billion in 2012.
Halloween Economics: Who Spends Money on What?
Halloween is a highly commercialized holiday in the US, with people of all ages celebrating and spending. Expected Halloween spending of US consumers in 2012 almost equals government expenditures of Kenya. According to surveys conducted annually by the National Retail Federation, in last five years total spending on Halloween in the US grew from $4.96 billion in 2006 to an expected $8 billion in 2012. After a significant drop in spending in 2009, consumers managed to bring it back up to the level of a previous year in 2010. The top expenditure in the 2012 Halloween budget is expected to be costumes ($2.87 billion), including costumes for adults ($1.4 billion), children ($ 1.1 billion) and pets ($37 million). Decorations and candy are the second and third most popular items ($2.36 billion and $2.33 billion accordingly). Interestingly, men are ready to spend more than women on every single Halloween-related item: men are going to spend an average of $90.11, whereas women budgeted $70.11. Data Source: National Retail Federation
Halloween is a highly commercialized holiday in the US, with people of all ages celebrating and spending. Expected Halloween spending of US consumers in 2012 almost equals government expenditures of Kenya. According to surveys conducted annually by the National Retail Federation, in last five years total spending on Halloween in the US grew from $4.96 billion in 2006 to an expected $8 billion in 2012. After a significant drop in spending in 2009, consumers managed to bring it back up to the level of a previous year in 2010.
In 2009 Wired.com, an IT magazine which frequently covers the inner workings of Silicon Valley, published an article on ‘Googlenomics’ or the Economics of Google, a concept pioneered by U.C. Berkeley professor Hal Varian, Google’s chief economist. Varian, has built his career by adapting and translating widely understood mainstream economics concepts for use in Google’s daily operations. He initially joined Google as a consultant in 2002. In 2010, Varian delivered one of the keynote lectures at the American Economics Association’s annual meeting, in which he spoke about the parallels between Henry Ford era assembly-line optimization and the data processing optimization that underlies most of Google’s production. Whereas early production in the 1900s was dominated by micro-innovations related to the optimal arrangement of interchangeable and constantly improving production factors such as gears, wheels, and energy sources, the e-economy in the early 2000s has come to be dominated by micro-innovations related to the optimal arrangement of protocols, programming languages, and software. Wired.com outlined both micro and macro-economic spheres of operation. In Google’s Macroeconomics, Google’s bottom line is affected by systemic factors and is analyzed via the calculation of multi-equation, multi-sector models, much like at a central bank, or in the macroeconomics classroom. At stake is how the fluctuation in numbers of internet users affects the demand for Google’s products and services in various sectors. It is this calculation that is apparently behind Google’s free access to its browser, its apps, and even its smart-phone operating system. In a line of logic reminiscent of monetary economic models, both the quantity of users and their “velocity” (user activity levels, rather than velocity of money in Google’s case) affect Google’s bottom line. Google’s microeconomics on the other hand, is about the optimal employment of Google’s resources in terms of huge pools of information and highly-skilled labor. At the heart of the matter are vast quantities of data, which are put to use by Google’s economists for the benefit of the company. Among other things, Google uses empirical methodology to deliver accurately targeted ads to users, based on correlation to their search keywords. Beyond simple, straightforward adaptations of micro and macroeconomics, Google’s economists have adapted a number of economic concepts for Google’s use. This ranges from information asymmetry and contract theory intended to align properly incentives in its revenue sharing arrangements, to supply chain management, and even exchange rate theory, which is used for relative valuation of products. Ultimately, Google’s data-rich environment leads its economists employ regression models involving trillions of data points and hundreds of millions of explanatory variables. This is used to optimize Google’s logistics, as well as to map out more accurately the highly volatile marketplace in which Google thrives. Varian’s academic research on auction models has also been put to use by Google in order to determine quickly and correctly the highest bidder among a vast heterogeneity of firms, valuation systems, computer systems and revenue models competing for Google’s attention and ad space. Overall, the future of economists working within Google (and likely, most of Google competitors, such as Microsoft and Apple) seems bright given all that there is to be done by sharp economic minds in what is ultimately still a growing and maturing sector. Add to this the claim that Varian made in his 2010 keynote lecture, that Google’s researchers took advantage of the data-rich environment to conduct roughly 10,000 empirical experiments in 2009, and it becomes evident that the economists are there to stay.
Google’s California headquarters is one of the more unusual places where you might find economists hard at work. While economists did not have a place at Google when it launched in 1998, by 2002 Google had begun to hire economists in advisory roles as the demand for Google’s ad space grew in size and complexity.
Nobel Prize in Economics 2012: Winners Announced
The Scientific Background compiled by the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences reads: “This year’s prizewinning work encompasses a theoretical framework for analyzing resource allocation, as well as empirical studies and actual redesign of real-world institutions such as labor-market clearinghouses and school admissions procedures.” The detailed information on this year’s prize and its scientific background can be found here. If you want to congratulate Alvin A. Roth personally, you can do so in his personal blog Market Design.
“You can’t be an economist without noticing all the interesting things about how the economy works, it is natural to be interested in it and I have had the privilege to be able to study it” said Alvin A. Roth answering questions during the unexpected 4am call from Sweden. Together with Lloyd S. Shapley, Roth was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel – more commonly known as the Nobel Prize in Economics – “for the theory of stable allocations and practice of market design”. During the award speech the field was described as being “…about economic engineering, [and] how to design certain markets where the traditional market mechanism is expected to not work well.”
The 100th Anniversary of the Birthday of Milton Friedman
Educated in the United States (BA 1932 Rutgers; MA 1933 Chicago; PhD 1946 Columbia), the majority of Friedman’s work focused on price theory, monetarism, and monetary history. He was a leading figure at the Chicago School of Economics, promoting free market economics and neoclassical price theory during his career as a professor at the University of Chicago. His school of thought was contrary to the dominating Keynesianism, and struggled to gain acceptance early in his career. But his theories gained traction most notably during the period of Stagflation in the US in the 1970s. Many have written far more in-depth overviews of Friedman’s influence in 20th century economics and policy than I could ever endeavour to, so, instead, I am just going to point out a few interesting facts about him: - In 1967 he served as the president of the American Economic Association. - It is well known that he won the Nobel Memorial Prize in Economics in 1976, but he was also awarded both the National Medal of Science and the Presidential Medal of Freedom in 1988. - His Nobel Prize was “for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.” - He retired from full time teaching at the University of Chicago in 1977 but continued to publish as a Senior Research Fellow at Stanford’s Hoover Institute until his death in 2006. - Together with his wife, Rose, he published Free to Choose in 1980, based on a 10-episode television seriesfilmed in 1978 outlining their stance on economic and social policy. The book was voted top non-fiction that year and has been a best seller ever since. The television series can be found in its entirety online for example here. - The Cato Institute named a biannual prize after him in 2002. The ‘Milton Friedman Prize for Advancing Liberty,’ is awarded biannually to “an individual who has made a significant contribution to advancing human freedom.” - Milton Friedman was voted ‘Most Influential Economist of the Second Half of the 20th Century… Possibly All of it…’ by The Economist, second only possibly to Keynes who died in 1946. Similarly, in a 2011 survey for “economic thinkers of the twentieth century and now deceased“ the American economists who responded placed him a close second behind Keynes. This short list doesn’t do justice to the enormous impact that Milton Friedman had on the fields of economics and policy during his career. His influence and legacy is sure to continue, however, and his theories the subject of academic discussion and international debate among policy-makers for years yet to come. Photo Credit: The Friedman Foundation for Educational Choice
On November 16, 2006 the world lost one of the most influential economists of the twentieth century. Today, July 31, 2012, Milton Friedman would have celebrated his 100th birthday, which makes it perhaps a fitting time to stop for a moment and recall some of his contributions to the field.
Macroeconomics and Monetary Economics (JEL E)
The Directory of Open Access Journals (DOAJ) defines ‘Open Access’ as “journals that use a funding model that does not charge readers or their institutions for access,” which encompasses both ‘self-archiving’ and ‘gold access’ publishing. The former is done by an author uploading their work on a website accessible to the public whereas the latter is a model whereby the author pays to submit their article to an established journal which will then be accessible to the public. The first and foremost issue in the fight against ‘Open Access’ is the journal industry, which stands to lose everything. A spokesperson from Elsevier went as far as pointing to stagnant library budgets and increasing global investment in R&D as a potential cause of the gap between information available and information affordable to libraries, a situation thus out of the journal industry’s control. In addition to journals, the cost of creating an accessible and financially viable open access space for high quality articles is not a cheap endeavour. The Finch Report – commissioned by the British Government – estimated GBP38m per year in publishing fees alone just during the transition period plus the additional funds (approx. GBP15m) to extend journal licencing and upgrade infrastructure. The numbers are certainly dependent on the model chosen, in that a gold access model would at least generate some income whereas self-archiving may or may not. To further this argument, the scientific journal ‘Nature,’ which already offers a gold access subscription,references the hard cost of editors, peer-review organizers, and online storage, which all play an expensive role in the publication of academic articles. They estimate the cost in an entirely open access situation to be as much as $10,000 per article in major (scientific) journals. The second issue is quality. Published journals have stringent guidelines for peer-reviews to ensure every published article is of a certain academic quality, which is not something most academics would like to see the demise of or a perceived demise of. DOAJ, however, includes in its journal submission guidelines that only journals engaged in peer review practices are to be included in their directory. This is less of an issue for the gold access form of Open Access, but certainly arises in the context of self-archiving, where users can upload both published and unpublished works, depending naturally on where it is uploaded. Arguments in favour of Open Access are based on a number of factors. Firstly, the cost of many major journals is rising above what people are willing to pay. Even prestigious and wealthy universities like Harvard are in a crunch at these costs. The rise in price is due in part by the increased need for online versions and the increase in printing costs, but also, as mentioned above, the amount of research being conducted. Others argue for Open Access as a matter of ethics. Many people argue that the public should have access to publicly funded research. The British Government, for example, has listened to this argument and is underway in their efforts to make public research more accessible with the help of Wikipedia Founder Jimmy Wales. Another professor involved in the Finch Report added that “universities produce knowledge not for ourselves but because it has a greater good.” Despite the UK’s forward thinking on the matter, there is always the issue of reciprocity, eg. If the UK allows its research to be available openly are they still going to have to pay for work done by British scholars abroad and work done abroad by foreign scholars? Short answer: yes, unfortunately. In order for open access to work, it would need to be available in all countries to all scholars, which is a tall order. There are a number of online platforms where self-archiving is both available and encouraged which are becoming more popular amongst academics, but it is a slow process to change the opinions of scholars worldwide and to go up against the entire journal industry. Until then, DOAJ lists a total of 184 Economics journals already in their database!
‘Open Access’ has been a bit of a buzzword in academic circles over the last couple of years. Its rise to popularity has come from a combination of factors including the increased price to access academic journals, as well as increased access to the internet, which has had the effect of speeding up the rate at which information travels.
Why study Economics in a Foreign Language?
While gaining proficiency in English remains the priority, economists` regard toward languages is changing. Progressive Economics explains in its article Language Economics: Why Santorum’s Argument Doesn’t Translate that globalization has driven economists´ attention not only to the increased flow of goods, but also to the increased flow of migration and the cultures and languages that comprise them. No matter which foreign language one chooses to learn, researchers at the University of Chicago have proven that economists benefit from studying in a non-native tongue. Their research shows that thinking through a problem in a foreign language helps one to make more rational decisions. Learning a foreign language teaches one to reduce emotional involvement and thus increases the likelihood of taking favorable risks. This is credited to a ‘’distancing mechanism” created during the learning process. Peter Cullen, expert in Content and Language Integrated Learning (CLIL) and lecturer at the University of Urbino, commented on the power of this ability, explaining how learning a second language allows the brain to benefit from a duality and improves the process of thought itself, which is „particularly important given that none of our economies really function in entirely mono-lingual contexts“. He defined the current global economy as an “integrated system of connected localities, regionalities and national-supernationalities which functions across many languages and their respective formal and informal institutional cultures.” With over 6700 spoken languages, which ones should economists study? Russian, Chinese and Arabic, though rising in popularity, can seem too difficult to learn for some, but a reignited interest emerging among economists for European languages, especially Spanish, French and German, has led to the creation of some hybrid programs all over the world. The aim of programs such as the IEML (International Economics and Modern Languages), the FLIE (Foreign Language and International Economics) or the BSc Economics With A European Language is to combine the main elements of a degree in economics with language and cultural skills to allow students to gain edge in the global economy. These interdisciplinary studies might thus shape the new profile of multilingual economists. If you are thinking that learning a new language is too challenging for you, keep in mind some tips from the Modern Language Association (MLA): - You are never too young and it is never too late to begin to learn a new language! - Whatever language you choose, learning it will make a difference in how you see the world and in how the world sees you! Image Credits: INOMICS - Custom Word Cloud
With English being considered the “must-have language”, is there a need for economists to learn a foreign language, or does it concern only those who work or want to work in the business field in a non-English speaking country?
Image Credit: Elena Agosti for INOMICS (original image, commissioned)