World, Business, & Financial News Apps 1. The Economist App Store / Google Play This app from The Economist magazine focuses on news and analysis for economics topics from around the world. It offers a selection of free articles from The Economist, plus reports on current affairs, science, technology, and other news. You can save articles to read later and share articles over social media. If you’re a regular reader of The Economist, then this app is a must-have. 2. Yahoo Finance App Store / Google Play One of the most popular finance apps is Yahoo Finance, which you can use to track the stocks that you are interested in and get real-time information on the stock market. There is also a section for finance news which has all the headlines you need to read to stay updated about the current economy. The app is mostly aimed at investors, but with all this information it’s also helpful for economists (particularly those in the finance industry) who want to stay informed. 3. Castbox App Store / Google Play A great way to keep up with the latest news and discussions in economics is to listen to podcasts. Podcasts like Marketplace, Planet Money, or Bloomberg Taking Stock are great ways to learn about current events with an economics angle, and you can listen to them while you are exercising or pottering around the house. Castbox is a free and easy to use podcast app. 4. Bloomberg App Store / Google Play Another very popular finance app like Yahoo Finance is Bloomberg. This app has sections for business and finance news, market data, and portfolio tracking. The news section is also outstanding and offers analyses and opinion pieces as well. Economic Databases 5. FRED App Store / Google Play Another fantastic place to find economic data, the Federal Reserve Economic Database (FRED) app contains “nearly 810,000 economic data series from 108 regional, national, and international sources”. These data series include a myriad of economic indicators and variables, like interest rates, prices, international trade volume, etc. over time. The app is perfect for economists, financial industry professionals, academics, and anyone else interested in economic data. 6. IMF App Store / Google Play Simply titled “IMF”, the International Monetary Fund’s app contains news, press releases, podcasts, and other insights. It also contains a huge amount of economic data. One of the coolest features is the app’s Data Visualizations tool; with it, users can easily visualize color-coded maps, charts and graphs of worldwide economic data with the touch of a finger. The app also contains country-level data on a wide variety of statistics to dive deeper into specific regions. This is a great way to explore macro-level economic data in style. Calculators & Tools 7. PocketCAS lite for Mathematics App Store If you’re doing advanced calculations for your data analysis, then it’s useful to have a scientific calculation app on your phone. The PocketCAS app (for iOS only) has advanced features like creating 2D and 3D plots, performing calculus operations, algebra functions, and conversion of physical units. For advanced statistics users, this app is a must. 8. HiPER Scientific Calculator Google Play A free calculator option that can be used with Android, HiPER includes writing expressions as fractions, symbolic algebra, integral and derivative functionality, and up to 100 digits of significance and 9 digits of exponent. It can also detect repeating decimals. There is also a Pro version that is a paid upgrade option. 9. Oanda Currency Converter App Store / Google Play When you need to stay informed about fluctuations in world currencies, it helps to have all of the important information in one place. This is what the Oanda Currency Converter offers, letting you track daily rates for different currencies and including an option to add a percentage to rates to simulate the actual rate offered by banks and credit card companies.
In spite of all its distracting qualities, your phone is one of the most useful tools you’ve got, whether you’re studying or working in the field. It’s simply a question of how you use it. With this in mind, we have compiled a list of apps that are helpful for economists to have. They can help you find data, stay up to date, and crunch numbers on the go. INOMICS takes part in the Apple affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post.
Econometrics, Statistics and Quantitative Methods (JEL C)
Top YouTube Channels to Learn Econometrics and Economics
So, are you looking for resources to learn economics online? INOMICS has got you covered, whatever your reason. We’ve published various articles that aim to help our readers make the most of online resources already out there. Some of the most popular thus far have included free and paid for online courses in econometrics, lessons in mathematics and statistics, and a list of the best (in our humble opinion) economics podcasts. Continuing in this vein, we would now like to share with you a list of the best YouTube channels we could find, updated for 2022 and useful for any student of economics. For more online learning opportunities click here INOMICS We’re big readers here at INOMICS, but did you know that you can watch our content, too? Aimed at young economists, our Youtube channel’s fun, short, and informative videos help explain all those economics terms you should know, but often don't...Need a quick definition of the prisoner's dilemma? INOMICS has just the video for you. New Economic Thinking It’s important to question conventional understandings of economics, especially when they may uphold systems of oppression or hide ideological assumptions that need unpacking, debating and challenging. The Institute for New Economic Thinking’s channel does an excellent job of this, featuring regular interviews with economists at the front-line who are moving the discipline forward. Marginal Revolution University Marginal Revolution University believes that economics has the power to change the way you see the world. Their mission is to help you discover your inner economist, one video at a time. With full courses like the principles of micro and macroeconomics, mastering econometrics and series like everyday economics, checking out MRU really is a must for any budding economics student. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)|General Economics (JEL A)</11an> EconplusDal Next up is EconplusDal. Frustrated by the lack of economics help available when studying economics himself, EconplusDal is trying to right that wrong. Now as a fully trained economics teacher, he makes videos especially for economics students to help them pass their exams. If you are an International Baccalaureate student or studying for an A Level exam in the UK, his specialized exam content makes this the channel for you. Jacob Clifford Meanwhile, if you’re a student in the United States Jacob Clifford has specialized exam content just for you. With over 500,000 subscribers, he's definitely doing something right. Khan Academy Khan Academy is a non-profit organization with the mission of providing a free, world-class education for anyone, anywhere. With over five million subscribers, they cover a lot more than just economics topics, but their economics content is really great. If you need to understand a particular theory, the chances are they’ve covered it. One Minute Economics All of One Minute Economics videos are lovingly animated and narrated by Andrei Polgar who has a passion for teaching people economics. No long introductions, or unnecessary fluff, Polgar gets straight to the point and therefore well worth a look. Economics Explained In the video essay genre, Economics Explained takes a wide-ranging look at a whole host of economics topics. They are particularly well-known for their deep dives on the economy of a particular country. It can be a fun break from all the lesson-style economics content available. Ben Lambert Ben Lambert's videos provide detailed commentaries on the main undergraduate and graduate courses most universities offer in economics. They are taught through a series of lectures given on an animated chalkboard. Watching his videos, you get an impression of exactly what an economics degree will be like - without having to pay the admission fee! Ashley Hodgson An associate professor of economics at St. Olaf College, Ashley Hodgson has been busy making lots of videos on her channel. Her favorite topics include behavioral economics, blockchain, health care, game theory and microeconomic theory. These videos are great for university level students! She also includes videos on fun and interesting behavioral economics topics, like love and kindness. The Economist First up, you really can’t go wrong with a quick follow of The Economist’s YouTube channel. Every Thursday they post a video that highlights the best of its reporting from its print and digital edition. This is also a good way to stay on top of current events relevant for economists. The Financial Times The Financial Times’ YouTube channel showcases some of the best of their journalism in visual form. With the stated aim to inform and inspire you, a quick follow can add color to the latest economics stories of the day. If this list still has not quenched your appetite for economics content, you can check out our own Economics Terms A-Z or our Blog to see what our economist contributors are writing about!
Online learning is not a novelty anymore. During the coronavirus pandemic and subsequent lockdown, many institutions were forced to invest in their online program offerings - or simply adjust their courses to be online-friendly. But sometimes it’s nice to learn without having to fully commit to a long program. Other times, learning from a different source can help new concepts make sense, or can refresh the memory.
The INOMICS Questionnaire: Fratzscher vs Miguel
Marcel Fratzscher: What is your favorite place on earth? Edward Miguel: It may be a little cliche, but my favorite physical location is the Big Island of Hawaii, on the Kona side. It’s where my family (my wife and two kids) and I have traveled regularly over the past decade or so for our family holidays, so it’s a place that holds many of our favorite memories and warm feelings. It is also a stunning landscape -- with mountains, lava and black volcanic rock all set against the Pacific. I dream about it often! MF: Outside of economics, what occupation would you have if you could be absolutely anything? EM: I have always loved studying languages -- at different times, I’ve taken courses in or learned the alphabet for Arabic, Chinese, French, Korean, Polish, Portuguese, and Swahili, in addition to Spanish, which I speak fluently -- and also have an amateur interest in historical linguistics, including which languages are related to each other, and the historical processes that led to the expansions of particular peoples and cultures. This scholarly field has also been deeply influenced by new DNA evidence on genetic differences and similarities across populations. In another life, I would have loved to be a scholar working at the intersection of these issues. MF: What is the virtue you appreciate the most? EM: I appreciate creativity, both in research interactions and in daily life (although I’m not sure it’s considered a classical virtue...). I enjoy being with people who have new ideas, combine concepts or words in unexpected ways, and generally allow others to see the world in a different light. I think this is one of the reasons I have always been drawn to the world of scientific research. MF: Your all-time favorite figure in economics? EM: The economist I admire most is Ken Arrow. I only had the chance to meet him a few times -- early in my career at Berkeley, when he was already late in his -- but was impressed by his humanity, humor, honesty, and generosity. He was also an intellectual giant, laying out new paths for others to follow in micro theory, public economics, health economics, political economy, and on and on across subfields. MF: Your # 1 economics blog? EM: I am active on Econ Twitter (at handle @tedmiguel) although don’t regularly read particular blogs per se. I follow many economists (and political scientists) on Twitter, but a few that always inform -- and entertain -- are Chris Blattman, Dina Pomeranz, Ken Opalo, and Justin Wolfers. MF: Your ideal student? EM: It may be unexpected, but my ideal student is one who likes to disagree with me and challenge me during lecture. There is nothing that makes a large lecture hall perk up and pay attention than a lively discussion between me and a student! By speaking up, these students are providing a valuable public good for their classmates. MF: What should be done to address a gender bias in research in economics? EM: There are several aspects of this important issue, including the relative lack of research attention to issues that may be particularly important to many women, and also the persistent under-representation of women in the economics profession. On the latter, I have long felt that the aggressive -- even macho -- culture that characterizes some economics departments and conferences is partly to blame for pushing some women and members of other under-represented groups out of our field, which is a tremendous loss for scholarly progress. Systematic cultural change is needed within economics. MF: What is the most misguided research agenda in economics? EM: I’m not going to take the bait! In all seriousness, economics is a diverse field, and that is part of what I love so much about it: within our field, there are some folks who are basically statisticians or data scientists, others mainly historians, and others (like me) who are very issue focused (in my case on international economic development). At any given time, econ subfields may be moving in different directions but there is still a lot that connects economists of all stripes to each other. MF: What is the most promising current research field or issue in economics? EM: One of my favorite trends over the past decade or so is the revival of serious empirical macroeconomics. Not only have macroeconomists gotten access to more and better data, but many are utilizing the rigorous econometric tools developed in applied microeconomic fields -- like labor economics and development economics -- to make credible causal statements. This trend promises a real unification of the research methods used across economics subfields, which is exciting. It’s particularly important given the impact that macroeconomics research often has on economic policy making. MF: Where does economic research have the most influence on policy making? EM: Building on my previous point, I don’t think there’s any doubt that macroeconomists as a whole have traditionally had the most influence on policy, and are best represented at the highest levels of policymaking (think of past leaders of the US Federal Reserve). That said, things have been a bit different in 2020 during the COVID-19 pandemic, since many of the most hotly debated issues have been micro in nature -- i.e., behavioral economists have more to say (than macro folks) about how to get people to wear their masks in public. MF: On what issues should policy listen more to Economists? EM: This is a tough one, as there are many. At the moment, I feel that the gap between the public policy consensus and research is particularly large with respect to tax policy. There is a growing body of evidence regarding how tax reform -- particularly new approaches to taxing wealth and the incomes of high earners -- need not have adverse effects on aggregate economic growth. But it does not appear that these findings have been fully appreciated or absorbed across the political spectrum, especially here in the US. MF: What is your career advice to a young economics researcher? EM: Young economists are lucky to be entering our field at an exciting time -- the data science and big data revolutions continue to percolate through economics, allowing us to study topics that were off limits until recently. But in this environment, with so many choices -- what topic or topics should they choose? My advice is to focus on the issues that you believe matter most for people’s lives, that are truly important for society. You will never lack motivation if you work on an issue that really matters (to you). The above article first appeared in the INOMICS Handbook 2021, which you can download on our site. Header Image Credit: Provided by Marcel Fratscher / DIW / Edward Miguel. With kind permission.
Esteemed economist, Berkeley Professor, and friend of INOMICS, Edward Miguel generously took time out of his busy schedule to take part in the fourth INOMICS Handbook Questionnaire. Opposite him in his customary role of quizmaster was Professor Marcel Fratzscher, president of the DIW Berlin, and one of Germany’s leading voices in macroeconomics. Observing tradition, and as a nod to those involved, the encounter has been dubbed ‘Fratzscher v Miguel’. What took place was both in-depth and personal, the conversation ranging from the beauty of Hawaii and gender bias in economics, all the way to wealth taxes and COVID-19. For anyone connected to economics, especially those starting out, this one is not to be missed.
Policy or academic economist: Which should I become?
This might come as a surprise to someone outside the field, but economists come in different packaging. The two most common career options – policy and academia – offer widely different paths for economists. This begs the question, especially for the upcoming economics graduate: what are the differences? I have tasted both worlds myself: after working for an economic think tank, I returned to academia to pursue a PhD in economics. Although both paths offer an intellectually challenging environment, and my research continues to be policy-oriented, I clearly see differences in the research scope, working process, and the kind of outcome that is expected from me. Solving vs Finding Problems The most radical and noticeable difference between policy and academic economists is that the former work with the problem they are given, whereas the latter contemplate what problems are worth greater attention. For example, the government is not happy with the unemployment rate in the economy. It has increased by 2 percentage points over the past year. One of the options to bring people back into the workforce is to introduce active labor market policies, ranging from funded retraining in the workplace to career counseling programs for the unemployed. A policy economist would be hired to help design a solution. Thus, the problem is given to them. In academia, on the contrary, people have the opportunity to choose the topic they are genuinely interested in. They quest for a problem or a research question themselves, rather than have it dropped from above. So, they can choose between studying labor market policies or voting behavior of single mothers, for example. Or they may choose to study anything else within the scope of their expertise. Theoretical Mechanisms vs Practical Implementations When the problem is given to a policy economist, their task is to find a viable solution, often within the given budget constraint, so as to answer the how question. When an academic researcher faces the same issue, their task is to evaluate what works in principle, so as to answer the what question. Let’s say the government is still serious about combating unemployment. The task of a policy economist would be to study the evidence, including the world’s best practices, and propose an economic policy design that would best suit the country’s context. They do not have the luxury of time, and they have a strict budget they must adhere to. In contrast, the task of an academic economist would be to use large datasets, perhaps from other similar countries, to assess the effectiveness of each existing policy option (or perhaps theorize a new one). This is not a short project, neither is it context-specific. In academia, researchers are interested in the universal mechanism rather than the solution to a specific problem. Well-Rounded Professional vs Specialized Expert Policy economists should be equipped to tackle any problem that is thrown at them, so developing a working knowledge across a range of topics is vital. In academia, narrow expertise is valued, so an academic economist would go deeper in one direction. Considering the same unemployment issue, a policy economist is expected to be aware of the main theories and empirical evidence in Labor Economics, too. What is also expected is that they are well aware of the context: how the labor market functions in their country, including a good grasp of legislature, market trends, and existing government policies. An academic economist will devote much more time to a narrow slice of the issue, which often entails researching a pattern that fills in the patches in the literature. For example, they would research whether giving study vouchers to the unemployed increases their chances to get a job. That is why people in academia often specialize in one or two research areas, in this case, in Labor Economics. Persuasion Skills vs Methodological Precision The policy world is solution-oriented, so mobilizing as many people as possible around the policy idea is a success factor. Meanwhile, academia is expected to generate new scientific evidence, so focus is on the way the problem is approached. The task of a policy economist is to persuade a group of policymakers that the idea will solve the problem of their concern with a positive impact on the people and economy. As the stakeholders are often not economists themselves, a policy economist should know how to speak to them in a language that they understand with a degree of assertiveness. The goal is to push the idea through, as this is how a think tank makes its business; by having its policy proposals adopted and enacted. What academic economists are concerned with is how their analysis is implemented. Methodology plays an important role, and so does the way the hypotheses are framed. The output should shed new light on the old problem, methodologically or theory-wise, or discover a new phenomenon using known concepts. The goal is to share the result with the community of fellow, let’s say, labor economists, who speak the same language. Making Changes vs Furthering Knowledge Policy economists are hired to find a feasible solution to a time-specific economic problem, so the outcome of their work is a well-designed policy that brings the expected results. Academia, in contrast, produces new knowledge, so the outcome is measured in terms of the contribution that is being made to existing scholarship. Following our unemployment case, a policy economist will bring a paper to policymakers stating which of the options would work best and why. In addition to a detailed policy design, which is an obvious deliverable, a policy economist should estimate the costs and benefits of the initiative, and whether legislation needs to be amended to accommodate it. Ideally, a policy proposal turns into an act. Meanwhile, a major goal of academic output is publication in a reputable journal so that other members of the research community can get insights into a particular mechanism. Although some academic works explicitly discuss policy implications, they are often universal and not context-specific. My experience: the pros and cons of each Which career path to follow depends on one’s preferences for maintaining a wide view (policy economist) or developing a deep expertise (academic economist), changing projects quickly (policy) or slowly (academia), and communicating within (academia) or outside (policy) the professional community of economists. When I worked for a think tank, I often interacted with professionals from both the public and private sectors. Policies are made by people and for people, and as people differ, so did my approach to each policy – this required a lot of mental load and empathy. I genuinely enjoy communicating with people, so personally I found this a positive aspect of the job rather than a burden. In academia, interactions are less frequent and often within the same research communities, which is perhaps not so attractive for more extroverted people. On the other hand, as a policy economist, I did not have much of a choice of which topic to work on. Most projects were exciting and absorbing, while some just had to be done, and I could not say no or transfer my tasks to a colleague. Now that I have PhD status, I have the freedom of choice. I am responsible for the gratification I am getting from my intellectual work, and I can drop the projects I do not feel excited about. Loving what you research is crucial in academia. Although often treated as orthogonal, the paths of policy and academic economists have a lot in common. Both must have deep knowledge of economics, and both probably receive many comments about financial markets at parties. Moreover, one cannot exist without the other. Policy people need academics to generate new knowledge usable in real life, whereas academia needs real-world policy problems to evaluate, and to provide inspiration for new avenues of research. Trying out both worlds can help an economist know which they prefer, and gain an appreciation for both. What eventually matters is that one genuinely enjoys what they are doing.
“I am an economist,” I once proudly mentioned at a party, in a round of small talk. “Oh, so you do a lot of money counting and financial reporting?” was the reply I heard, like so many economics graduates before me. “Nah, let’s leave that to the business and finance professionals,” I answered. But what do real economists do exactly?
10 Qualities That Define A Good Economist
There are lots of skills that come with being an economist, some more important than others. Obviously, being able to sift through dense theoretical and scientific papers and acquire the information you need is one of the top skills an economist - and academics in general - should have. Seeing as you'll spend so much of your time reading, it's essential to be good at it. But there are other skills, both soft and hard, that are essential to your career as a successful economist. Read on for the ten we at INOMICS think are the most important. Remember, if you think you're a little weak in one area, there's always room to improve through courses (INOMICS may be able to help you here), persistence, and surrounding yourself with other successful people who have expertise in areas you do not. 1. Mathematical aptitude Numeracy is a key skill for an economist. From dealing with large datasets to interpreting visual data like graphs, you'll need to be comfortable handling numbers and working with mathematical principles. This is why many economists take preparatory classes in mathematics before beginning work or study in economics. 2. Knowledge of social sciences Economics also has a lot of common ground with other social science subjects like psychology, history, and sociology. Thus, having a working knowledge of these subjects and the methods used in them is highly beneficial. In recent years, economics and the other social sciences have become ever more interdisciplinary, meaning an understanding of these subjects is not only desirable but increasingly essential if you're to keep up to date on economic theory. Knowing a little about other, related areas will also benefit you in life in general; a bit of history knowledge gives people something else to ask you about at dinner parties, other than inflation rates or the stock market. 3. Good at understanding complex systems The unavoidable fact is that economics is a complicated subject which looks at complex and intertwined systems. To excel, you'll need to be able to pull together information from different sources and different fields to inform your theories. You’ll need to be comfortable examining data to look for trends and possible causations of a complex problem. Learning these skills requires time, effort, and a little patience. Like we mentioned before, it also entails reading a lot in order to get yourself up to speed with the latest developments in theory. 4. Curious In order to be successful as a student, professor, or researcher, you need to be interested in and engaged with your subject, so having a strong sense of curiosity will serve you well. What is unknown or unclear in your field? How do insights from other fields affect the understanding of your subject? What topics are up for debate, and what are the arguments on each side? Answering these questions is a great way to direct your focus and discover new areas of research or discovery to be had. 5. Independent thinker While curiosity will help you gain knowledge of other people's work and theories, to be truly successful as an economist you also need to have insights and ideas of your own. The ability to think for yourself and to question what you know will allow you to take new directions and to come up with original research which will make you a better economist. Being an independent thinker will also benefit you at conferences, seminars and lectures. It's engaging to have a controversial opinion shared, or at least to play the devil's advocate, as it facilitates discussion and encourages deeper thinking. Many things which are taken as common knowledge, or came to pass, were once derided as foolish and clearly wrong. Just ask economist Nouriel Roubini, who predicted the economic crisis of 2007-2008. 6. Comfortable with uncertainty You will need to be comfortable with uncertainty, as not every question in this field has a clear and unambiguous answer. Economics is good at throwing curveballs and doing things you hadn't predicted or expected. It also has the difficult characteristic of being one of those subjects in which there's rarely a 'right' or 'wrong' answer - many things are still being debated, and all is to play for. This can be a scary thought when going in, knowing that there will be people who disagree with you all the way down to your most fundamental assumptions. But this also means the discipline is varied and exciting - the curious and those who question everything shall be rewarded. 7. Writing skills It's no good having a great understanding of economics unless you can communicate that understanding to other people in a way which is meaningful. Good writing skills are essential for making sure that your articles, book chapters, and notes are useful and comprehensible to others. Unfortunately, in modern academia much writing is incomprehensible, made up of what linguist Steven Pinker calls 'academese', or the language of academics. Remember, simpler is always better, never use a long word where a short word will do, and remove any superfluous 'that's whenever you get the opportunity. (Read George Orwell for more on this). For any piece of writing, keeping its purpose and your audience in mind will help you determine how much jargon is appropriate. 8. Verbal communication skills Besides writing well, you'll also need to be an effective presenter so that you can speak at conferences and teach classes. You should be comfortable speaking in front of an audience and able to convey the essential points of your subject clearly and concisely. If you do this, and manage to become a clear and commanding speaker, people will take you more seriously and actually listen to you; there's nothing more disappointing than having a speaker whose ideas are brilliant but delivered in an underwhelming fashion. These skills also help with other social situations like job interviews, speaking to the media, or making contacts to build up your network at conferences and other events. These skills and contacts will be helpful in the future when you finally need to spread your work. 9. Open minded Fact-driven debate, and updating older views or models based on empirical evidence, are key means by which economics continues to evolve. A debate with a colleague can be a highly instructive experience, but only if you are open to hearing their views and to adjusting your own opinions where necessary. Depending on how the debate goes, you could have your opinion changed and be brought about to a new way of thinking, or you could successfully reinforce your own ideas - linking back to the idea of being an independent thinker. Thus, for success in economics (or any academic field), you need to be open-minded. It's important that you are open to new ideas and do not become too set in your perspective. You need to be able to hear the views of others and to engage productively with them even if you disagree with their reasoning. 10. Self-motivated Economists, particularly academic economists, need to be able to motivate themselves. From postgraduate studies onwards you will be expected to manage your own time and set your own priorities, so you need the drive and motivation to complete tasks without anyone else checking or supporting you. Of course, this is increasingly true from the Bachelor's level up; being self-motivated and able to get your work done will help enormously when slogging through long hours of theses, dissertations and PhDs. Remember though, that while it's important to be disciplined in work, don't forget to take time to yourself to unwind, relax, and refresh your mind for the next day.
Having helped so many economists take their next career step, we at INOMICS know full well how rewarding working in economics can be. When you find that solution you've been looking for, or contribute some research that actually seems to get read and make a difference, it can be the best feeling in the world. But this won't happen unless you work on yourself and the skills that are essential for becoming a successful economist in general.
No matter what type of economist you are, whether you’re an industry economist, a government economist, or an academic economist, you have to be getting inspiration at least sometimes to grow as a person and to excel in your field. It is what helps us come up with new ideas and motivates us to get out of bed in the morning and start working. For an academic economist specifically, inspiration plays a key role in your career. It is one of the most important main ingredients to your success as a researcher. From coming up with ideas and finding a research gap, to methodological analysis and writing style, inspiration is crucial every step of the way. Unfortunately, we all feel uninspired at times. The good news is that’s a natural part of the cognitive process that everyone struggles with. If you’re currently stuck in a slump, here is a list of 6 things you can do to get inspired again: 1. Wake up early Believe it or not, there’s something truly magical about the early morning. If you’ve ever woken up around sunrise, you would know that’s true. There’s something about the early hours of the day that give off positive vibes of absolute serenity, tranquility, and clarity of mind. During that time, your focus and energy are at their max. So use those hours wisely to think clearly, get creative, and find inspiration. 2. Get some alone time Being out in the hustle and bustle of everyday life, it’s easy to get lost in the noise and lose your focus and any form of inner thought that inspires you. This is why it’s important to disconnect for a while and spend some quiet time in solitude. See where your thoughts take you. Ponder. Give yourself some space for contemplation, and perhaps reflect on everything you’ve learned and accomplished and how you’ve made a positive difference in the world. Take a mental break to allow yourself to refocus. Write in a journal. Digging into your own mental processes can provide unexpected sources of inspiration. 3. Explore other fields; immerse yourself in learning something new Inspiration is not always going to fall upon you out of the blue. Sometimes you just need to break your old thinking patterns, and get a fresh new perspective. The easiest way to do this is by reading about something new! This is particularly good advice for economists working in academia or the research field. If you are trying to find inspiration for a new idea or trying to find a research gap, try reading about a new topic that is unrelated to your field. In order to think outside of the box you have to start getting into other, newer boxes! This will inspire your mind to think creatively, and you’ll more easily come up with new ideas or find a research gap. 4. Find a productive atmosphere, or create your own The modern age makes it easy for us to lose sight of what’s important. Especially with the rise of social media, a lot of people find that they struggle with scattered attention. This leaves many of our minds filled with shallower thoughts, leaving no space for the deep thinking that would otherwise be our source of inspiration. With your attention constantly exposed to superficial issues and distractions such as celebrity news alerts, smartphone notifications, and our preferred social media platforms, it is easy to lose focus. This often extends outside of social media and into our real lives too. Try to regain your focus and concentration perhaps by spending some time in a productive, enlightening atmosphere that becomes your go-to place for inspiration. This could be a library for instance, or any place where your mind can unwind and filter out everyday thought, allowing you to refocus and be purposeful and intentional with your time. 5. Explore some textbooks! For all the economics researchers out there, if you’re struggling to find the spark that will fuel your next research project, reading some textbooks is a great way to start! Needless to say, textbooks are a great source of information that simplify the roots of many concepts. This makes it easier for you to find a research gap, or to find your spark of inspiration. Reading through a few textbooks will help your mind spot some unique connections between certain subtopics, or in other words, identify a new relationship to be tested; and that could form your next research topic! 6. Don’t give up on yourself when you can’t seem to get inspired When you’re feeling sluggish or not in the right mood, it’s easy to start seeing yourself as a person who is incompetent and not at all skilled at what you do. That’s not necessarily true! Realize that there are some times in life when you won’t really feel inspired, and that’s absolutely normal. It’s alright to feel dull sometimes. Nobody is constantly productive and constantly being inspired with good ideas 100 percent of the time. So, remember that it’s okay to let your mind shut off for a while and just relax. You can be brought out of your stagnation phase under just the right conditions!
In a culture obsessed with measuring capabilities and results, we often overlook the important role of inspiration. As economists, inspiration awakens us to new possibilities within ourselves, allowing us to conquer our own limitations, and to succeed at doing what we do.
Job Market Scramble for Economists & Useful Resources for Postdoc Job Search
You can find the latest postdoc jobs in the USA on INOMICS. However, if you do not find a graduate position during the main econ job market recruitment window, do not panic! There are still options for you. <11an>limit:3;categories:PhD Programs;disciplines:Economics;countries:United States</11an> What is the Economics Job Market “Scramble”? At the end of each recruitment cycle there are always a number of post-doc vacancies left unfilled. This is because it is not always possible for institutions to find the right candidate for every position within the standard recruitment window. To help match prospective employers and job candidates, the American Economic Association (AEA) sponsors the Economics Job Market “Scramble” every spring to fill these recruitment gaps. The “Scramble” provides an online platform where candidates and employers can advertise their availability for new offers. Candidates can participate for free but must fill in an online profile and have all required documentation ready before registration. The Economics Job Market “Scramble” is only available for candidates who have not yet accepted a job offer, or employers with unfilled positions. If you have received a job offer but you have not accepted, then you can still participate in the “Scramble”. Nevertheless, consult with your adviser before joining. The next “Scramble” will begin in March 2022. More information about the AEA Job Market “Scramble” can be found on their website. Other Job Advice Resources for Economists With no in-person job interviews at the annual ASSA meeting due to COVID, online resources have never been more important to your econ job search. INOMICS has new job openings for economists posted online every week. Remember to subscribe to the INOMICS Email Alert to receive the latest jobs, training courses and conferences. We also have advice articles on writing an academic cover letter. There are plenty of other resources online that give you an introduction to the job market, preparation tips and statistics. A generous collection of resources is available on the website of the Harvard University Department of Economics. If you prefer empirical evidence rather than opinions and descriptions, have a look at The Job Market for New Economists: A Market Design Perspective. This is written by members of the AEA and presents statistics illustrating the formal US job market for economists. Even though the paper is from 2010, it gives a nice overview of the whole process. Finally, in Useful Resources for the Academic Job Market (free signup required), Ryan Cordell provides a fantastic list of articles and blog posts. Although not discipline-specific, the collection of resources is absolutely relevant and useful for young candidates in the econ job market.
The job market for economics postdoc jobs in the United States is highly seasonal. The primary recruitment phase for post-doc positions closes every year in February or March. It is therefore best to plan your econ job search early and apply well in advance of the deadline.
What kind of teacher do you want to be? Early on as an economics TA, whether inadvertently or by design you will establish what kind of teacher you are. Will your teaching style resemble that of a coach, an instructor or a taskmaster? And will you aim for an informal, friendly relationship with students or will you establish yourself an authority figure with a degree of professional distance? All this hinges on the choices you make and the actions you take during your first few weeks. Your classes are likely to consist of small groups of people of a similar age with similar interests, albeit a few years behind you in their education. If you are new to the university or city, and on the lookout for new friends, this might seem an obvious place to look. But depending on your character, that of the students, and your combined ability to separate work from fun, this may lead to awkwardness, or be considered inappropriate by others in your faculty. Indeed, while being friendly with your students can help foster a level of trust and openness that may make you a very effective teacher, be aware of the need, sometimes, for distance. Ultimately as a TA you are in a position of authority, perhaps in terms of age and certainly in terms of subject knowledge and professional position. Your ability to criticise a student’s work or work-ethic will be compromised if you know you will be at the same dinner party in the evening. Or not - but in preparing to start your TA role and in those first few weeks, be aware of the type of relationship you will have with students, the potential pitfalls of this, and try to work out to what extent you want to maintain a distance to your students. Be prepared A common motto not only for scouts, but for many people in many areas of life. But as an economics higher level teaching assistant it is especially important to be prepared. Despite your undoubtedly high level of competence, you are not (yet) an experienced lecturer who can convey complex economic theories in their sleep. Indeed, it may even be the first time you have had to explain an Edgeworth Box or a Gini Coefficient since your second year student midterms. Make sure you give yourself plenty of time to (re-) familiarise yourself with the concepts, and try to anticipate where students will struggle. Remember though, that whilst your prior experience and learning may be very different from others, you can use your own learning experience as an economics student to help inform your own explanation, exercise, or game to help your students. It is often helpful, before the class, to spend some time writing out an explicit plan for how you intend to approach the class. This plan may change during the teaching session, but the very process of planning gives you the opportunity to try to anticipate where students may experience stumbling blocks. And when (not if, when) you come across a topic in class or are asked a question that you are not sure about, do not blag the answer. Just because you are wearing a teacher’s hat does not mean that you are the source of all wisdom, and you will actually appear much more competent by admitting that you do not know something. Indeed, you can use what might have been an awkward moment as an opportunity to highlight reference tools or resources that help you, and by extension your students, fill the gap in your knowledge. It is also a good idea to think beforehand about how to react to a silent class. Do you single people out? This is kind of mean if they genuinely don’t know, and they might resent you. Or do you simply continue to lecture? This implies that it is okay if they do not answer - look forward to more awkward silences, a passive learning environment, and no-one doing the work you set. Or do you give the answer while gently mocking them for not listening / being hungover? In this case it is important to get the tone right, and to get across that their being prepared and contributing in class is the most effective way for them to actually learn. You will be neither the first nor the last teacher to experience students not responding to a perfectly reasonable question. Do not take it personally, but do have a plan how to deal with it without getting flustered. Don’t trip over the tech Tech issues are the bane of many a teacher and lecturer, and so it’s important to be able to think on your feet if you have any problems with presentations or related technology. If possible, visit the classroom before your first class to familiarise yourself with the multimedia and tech options available. And always have a backup plan. Learn names Learning the names of the students in your class shows that you’re engaged and interested. It may take some time, but it is worth it. Students will feel valued when they feel you have noticed them. Tools like a photo roster or name badges for the first few classes might seem juvenile, but they can also act as an icebreaker and help you avoid the awkwardness of calling someone by the wrong name. Teach. Don’t present. Teaching economics at university is not the same as making a presentation on an economics topic. Yes, you might use some slides on the wall to illustrate a point. Yes, a good lesson has a structure with an introduction, middle and conclusion. But a tutorial that relies on a series of slides is not only boring, it also fails to convey the subject matter in a way that actually helps students to learn. Even a classic lecture in front of a large audience should include moments for consideration and a connection to texts or exercises that students encounter before and after the class itself. As a TA in a seminar setting, you have a lot more opportunity to interact directly with students and include exercises, games and individual feedback that vastly improve the learning experience that can be gained from a thirty minute slideshow. One presentation skill that applies to teachers in the classroom, however, is not to turn your back to the class. Whether to write on the board, demonstrate something on a computer, or refer to a graph, practice your standing position so that you can act as a bridge between the students and the intended point of focus. Stand at the side, and keep an open line of sight between your class, yourself and your board. It can also be useful to periodically stop and check with students that they have understood and are paying attention, for example by asking a question or breaking up the lesson and changing the pace with a short activity or discussion round. Ask for help when you need it! If you feel that your teaching is uninspiring, tap into the vast experience within the economics department. Some departments have dedicated support staff. Or speak to the professor or course instructor for the course that you’re teaching, or ask other professors or TAs for advice. Perhaps you can even sit in on one of their seminars. Chances are that most lecturers once worked as economics TAs too, and many will be able to share their own relevant experiences. Find your teaching groove A few weeks in, you will have established your teaching style and role. You will be consistently well-prepared on the subject matter and have built confidence handling awkward moments in the classroom. You will have had some good lessons and some poor ones, and as an intelligent, self-reflecting individual you will be learning from your experiences. You will be in the process of establishing a support network among colleagues, and you will be well on the way to establishing yourself as a competent economics teaching assistant. The next stage will be to bring your own interest and innovation. Try bringing your own research and topics of interest into your lessons, when relevant for the class. Not only are you more genuinely an expert on the subject matter, but your students will gain, perhaps for the first time, insight into a “real” economist (yes, you) and the work that you do. Teaching economics to students as a TA can be insightful and rewarding as you watch your pupils progress. The experience will force you to be introspective about your own approaches to economics topics, both in the process of revising and preparing your lessons, and by interacting with the often highly intelligent young economists, for whom you, of all people, might turn out to be an inspiration.
Being a Teaching Assistant (TA) at a university is rewarding, but also tough, particularly when you’re just starting out and learning the ropes. Perhaps you might appreciate some guidance - roll on INOMICS top tips for econ TAs who are preparing for their first role. Oh, and congratulations by the way!
The Pros and Cons of a Career in Research
Travel and relocation One big difference between a career in research and most other fields is the expectation of relocation. The first step for a Master's student or PhD who wants a career in research is to find a position at a university in a town, city or country where they are willing to relocate. It is typical for researchers to move to a new city or country every few years, particularly when pursuing postdoc positions. This is the natural consequence of there not being very many jobs to go around. Pro: Moving around does have its advantages - it is a unique opportunity to travel to new places and experience life in different countries and cultures. One can meet new people and obtain contacts, both of which are extremely rewarding. Furthermore, moving offers the valuable experience of working at various institutions, which can give insight into how cultures vary across universities. Being part of an institution like a university provides you a pre-existing network to explore, both professionally and socially, which can make settling down in a new region or country a whole lot easier. Con: Arranging an international relocation is a lot of work, and it can be hard to make new friends and create a social circle in a new city. Moreover, relocating can be stressful on the mind, causing some to struggle, so having adequate support for a move is essential. Particularly for those with families, relocation may be demanding for other reasons- your partner may also need a job in your new city and new schools need to be found for children, which can be a challenge. If your partner is also in research, some institutions offer dual career programs which help find research positions for both members of a couple. Independence and interest Pro: One great advantage of a career in research is how interesting the work is, and the independence one is afforded. If you are able to secure third-party funding, you can organize your own working schedule and priorities, and choose the topics of research which are of most pressing interest to you. Within many research institutions there is also the possibility of flexible working hours, which can be especially advantageous to those with young children. Security and career prospects Con: One particularly difficult aspect of a research career is the lack of job security. Postdocs are typically employed on short-term contracts for two years, and at the end of this period they must find another position. For the ambitious and determined researcher, this can be an opportunity for fast career progression and the chance to work in a variety of labs. However, this insecurity can be a source of stress for many researchers as there is no guarantee of long-term stable employment. Progressing from a postdoctoral position to a professorship can be extremely competitive, and the number of professor positions can be reduced due to budget cuts, so in tough times there will be even fewer openings available. Overall, many more PhDs and postdocs are working than there are professorships available, so you must be extremely determined to follow this path. Transferable skills Pro: Although the competition for academic positions is so fierce that a career in research may seem risky, in fact the skills one acquires in the performance of research can be transferred to many other fields. Critical thinking skills are highly developed in researchers. Besides these, researchers may acquire expertise in mathematics or statistics, in written communication, or in poster and oral presentation. All of these skills can be put to use in other jobs, so if a research position is not available, then you still have other career options open to you. Whether a career in academia is for you or not will depend entirely on your own levels of determination and persistence, along with weighing the pros against the cons of research. In the end, only you can make the choice - but keep in mind the various advantages and disadvantages of going down this particular career path.
Soon after the completion of a Master's degree or PhD, everybody is faced with the big question: what next? Although it may seem like a natural progression to continue with further research, there are many other careers open to academics in business, education, communications and journalism, to name but a few examples. So how do you know if research is the right career choice for you? Well, like with most big decisions, a good way of figuring it out is to weigh the pros and cons of an academic career.
For those planning a PhD in economics, check out our Sample Motivation Letter for some specific guidance as to how to get yourself prepared. For others applying for a research role, teaching role, or for a fellowship – stick around. The following are a collection of sample cover letter templates that you can use as a basis for your own. Yep, we got you covered! Sample cover letter for a research position I am writing to apply for the postdoctoral position in marine biology in the Department of Life Sciences. Having recently completed my PhD in biology, I am excited for the opportunity to join the world-renowned research team at the University of Leipzig. My primary research interests are migration behaviors in marine creatures, and in my current research I use methods including statistical modeling and field observations. My aim is for my research to form a bridge between modeling and field work approaches. I am therefore particularly attracted to the University of Leipzig as a department which values research using a wide range of methodologies, and which offers the chance for collaboration with colleagues in other life sciences fields. Working in research in both Germany and abroad has given me a network of potential collaborators and experience in international projects. I have found bringing together researchers from different fields to be particularly beneficial, and my interdisciplinary background has provided me with effective communication skills across a diverse range of groups. I am keen to continue collaborating with researchers from other disciplines in order to better understand complex issues. Furthermore, I have experience with the supervision of Bachelor's students, and with teaching undergraduate courses such as An Introduction to Oceanography, for which I received excellent feedback. I find the nurturing of students in order to realize their best potential to be a greatly rewarding aspect of teaching work and I am thus interested in taking on teaching work as well as research. I have three publications pending from my doctoral project, covering a broad range of scholarly interests. These papers are currently in the submission process for high-ranked peer-reviewed journals. I wish to acquire third-party funding to support my research in the future, and to that end I am preparing applications for the Deutsche Forschungsgemeinschaft (German Research Foundation) fellowship and the Sir Henry Wellcome Postdoctoral Fellowship. As a member of the committees which applied for extensions of funding from the German research foundation for both my graduate school and my university institution, I have experience with large-scale funding applications, both of which were successful in securing further funding. I am enthusiastic about the possibility of working at the University of Leipzig. I thank you for your consideration and look forward to hearing from you. Sample cover letter for a teaching position I am applying for the role of lecturer in psychology at the University of Hamburg. I completed a PhD on the topic of how stressful life events affect decision making at University College London. Since then I have been working in a postdoctoral role in the neurology department at the Charité Hospital Berlin. The primary topics I teach are neuropsychology, rehabilitation after brain injury, and the social impact of stress, and I have additional teaching experience in the field of neuroscience. My teaching philosophy is to promote independent thought and critical reasoning skills in my students by encouraging them to discuss and debate. For example, in my Neural Decision Making course, each student is required to learn a topic and present it briefly to the other students once per lesson. This not only challenges the presenting student to convey the material accurately and concisely, but also aids the understanding of the other students in the class. Similarly, three times per semester I organize debate classes in which the class is split into groups which must defend a contested position in the field. Encouraging students to consider perspectives which are contentious and with which they may not agree challenges them to think beyond their current knowledge and to explore alternative perspectives. This teaching style has been successful in engaging students and holding their interest. I am happy to have received strong positive feedback from students on my teaching, and one of my classes was selected by the student newspaper as a top ten course at my previous university. I also have experience co-supervising students in Bachelor's and Master’s psychology programs, from which I gained skills in project management and supporting students academically. My current research is on the relationship between priming and decision making, examining the degree to which value assessments are influenced by non-verbal primes. I have five publications on this topic, each published in high-impact journals. I am keen to continue this research at the University of Hamburg, given its expertise in decision making and its strong neuroscience community. I enjoy supporting students from diverse backgrounds and those who have followed non-traditional career paths. I believe that the strength of a discipline comes from hearing a wide range of viewpoints. I am excited to pass the experience I have received on to other students who are supporting themselves through work while studying, who may have family commitments, or come from a non-traditional academic background. The possibility of teaching Bachelor's and graduate students and continuing my research at the University of Hamburg is something I am enthusiastic about. Thank you for your consideration and I look forward to hearing from you. Sample cover letter for a fellowship In response to your advertised opportunity for a fellowship in experimental psychology from the Alexander von Humboldt Foundation, I am writing to you to express my interest in this fellowship. My PhD research included paradigms from experimental psychology alongside innovative interview techniques for assessing personality disorder traits. I believe combining knowledge from disparate disciplines can be uniquely effective in building new models for understanding complex phenomena such as mental disorders. I am therefore particularly attracted to the Alexander von Humboldt foundation as an organization which promotes interdisciplinary, unusual and innovative approaches to research. I have a truly interdisciplinary background, having studied psychiatry and neurology as well as psychology. I currently hold a postdoctoral scholarship at the University of Munich, where I perform research into the assessment and classification of personality disorders. Having worked with a broad range of methods including interviews, reaction time measures, subliminal stimuli detection, and theoretical work. I have been in frequent contact with both clinicians and empirical scientists, and I have experience in presenting to and learning from experts from a wide variety of specialties within psychology. For example, I co-organized the Constructs of Personality Disorders conferences in 2018 which included psychologists, philosophers and psychiatrists as part of an interdisciplinary working group. My recent research has focused on using interview methods to categorize and classify the rates of personal disorder symptoms within the general population. Having found evidence of higher-than-expected rates of symptoms within certain groups, particularly younger people, I was inspired to design further experiments to investigate this intriguing result. My background in both psychology and psychiatry makes me ideally suited to this work. I am confident in my abilities to design and run experimental projects, having worked independently throughout my PhD on a project of my own design. I also demonstrated an ability to run projects and maintain strict deadlines by completing both my PhD and three manuscripts for papers within 36 months. Thank you for considering me. I am excited for this opportunity to undertake a fellowship with the Alexander von Humboldt Foundation and I look forward to hearing from you.
When applying for an academic position as a researcher, lecturer, or for a fellowship, a cover letter is usually required to accompany your CV or resume. Stating your particular interest in the role, and showing how your academic and work experience enables you to excel at the job, is the aim of a successful cover letter. They can be one of the most important parts of your application, giving the recipient an idea of who you are and what your relevant expertise is. Essentially, it's the first impression an institution will have of you, so it's important to get it right.
How to Give a Great Academic Presentation
In this post, we will offer you specific tips on how to hone your presentation and sharpen your speech in order to give an interesting, memorable and overall successful academic presentation. Building on past blog articles including Dress Code for Academic Conferences and How to Write a Cover Letter, this post will offer you advice that can be applied across a range of situations that you will face time and again throughout your career. So, without further ado. 1. Tailor your talk to your audience Although you never want to underestimate the intelligence and experience of your audience, you also need to be aware of the specific crowd to which you are speaking. If you are at a highly technical conference for researchers in your subfield, going into great detail and skipping over any basic background research would be a good idea. If you are attending an interdisciplinary seminar the following month, however, simply adapting the same presentation is not a good idea. Take the time to make sure your presentation reflects the education level, interests and general make-up of your audience, and your talk will necessarily have a better reception. 2. Keep text to a minimum The idea of a visual aid is that it should accompany your presentation, not replace it. Thus, your slides should offer complementary information, rather than forcing your audience to try to simultaneously read and listen to you talk. Always use a font that is easy to read and keep the size large enough so that even those at the back of the room or lecture hall can see every word. However, images and graphs are always better than words – a simple slide accompanied by a great verbal description is your best option. 3. Practice, practice, practice Even if you feel completely confident in your presentation skills, it’s always a good idea to rehearse in order to give the best talk possible. Through practice you become more comfortable each element of your presentation and are less likely to forget small but important things such as an introduction of who you are and where you work or study. By practicing you can make sure that your slides are organized in such a way as to create a good flow for your points, you become more comfortable with all of the transition points and you have the chance to make any necessary changes before you find yourself on stage. 4. Harness your nerves Even if you’ve practiced like crazy, it’s normal to still feel nervous. If you make the conscious choice to channel that nervous energy into enthusiasm, you can actually boost your own performance and simultaneously build confidence. Taking long pauses and deep breaths are fine practices, and if done in a controlled manner they can add emphasis to specific points within your talk while also calming you down. If you are someone who forgets what you had planned to say when you’re nervous, make sure you’ve made clear notes to fall back on. Furthermore, you can arrange your slides so that each transition begins with a clear indication for you of what comes next. If you are giving a presentation in a language other than your native tongue, don’t let yourself get caught up in worrying about grammar or pronunciation. Focus on the content of your presentation and your audience will too. 5. Respect your time limit It is natural to get caught up in your talk and forget to keep track of time. A presentation that drags on forever invariably loses favor with the audience, however, so it’s important to keep to the schedule. Setting a watch or clock on the podium is one way to give yourself a physical reminder of the time without being too obvious about it. Another option is to ask a friend or colleague to give you a reminder when you’ve hit the halfway point or when you only have five minutes remaining of your allotted time. If you choose to use a reminder, remember not to speed up or rush even if you feel like you’re running out of time and still have lots to say. Prepare for this scenario ahead of time and choose which slides you could skip if need be. Regardless of whether you’ve had to skip certain sections, always have a strong conclusion planned. People tend to remember the beginning and end of events the best, so going out strong is important. Finally, always thank your audience and your host before leaving the stage.
Whether you’re a graduate student giving a presentation for a course or a researcher presenting at a conference, being able to give an engaging and well-prepared presentation is a valuable skill for anyone in academia – in COVID times it is invaluable. Today, hardly a talk is given without an accompanying PowerPoint presentation full of flashy graphs, images, exploding sub-titles, and often far too many bullet points.
Sample Motivation Letter For Your Economics PhD Application
It should be noted that a European-style motivation letter focuses on academic background and research history, avoiding too much personal information. The US-style personal statement, on the other hand, is much more 'life experience' based. Here, we focus on the European style. 1. What to include in a motivation letter There are a number of essentials you should include in your motivation letter when applying for your PhD. The introduction should (perhaps obviously) clearly state which economics program you are applying for. This will lead nicely into the next section, which should contain your reasons for wanting to do a PhD and specifically why you wish to do the program for which you've applied. It is important to show what impact your proposed research will have on the industry, including perhaps the gaps in the literature/research that currently exist and how your research fills these in. Following on from this, your own academic background should be explained, including any academic achievements or awards you may have garnered aside from your degrees. Finally, your future career plans, and how your PhD and research proposal will help you achieve them, could be your closing statement of the motivation letter. 2. Be specific One bad habit that many people have when writing their motivation letter is being too vague. Saying that you enjoyed your economics undergraduate course or that you find economics interesting is too vague to be meaningful. After all, it can already be assumed that you enjoyed studying economics or you wouldn't be applying for a PhD. Instead, try to be more specific: mention which particular courses or topics appealed to you most, what you learned from them, and why you want to learn more about them. This is also a good way to mention your research areas of interest and how they will benefit the field. 3. Give concrete examples Another common mistake is to make claims without giving any evidence to back those claims up. For example, you'll often see people say 'I work well independently' or 'I am highly organized and good at managing all of my assignments'. Without demonstrating how these things are true, there is no reason for the hiring committee to give weight to your self-assessment. For better results, give concrete examples of your claims in action, such as 'My high level of organization was demonstrated when I completed my economics undergraduate courses while also working a part-time job, which required excellent time management skills' or 'In my second year, I successfully organized an undergraduate conference with 50 attendees.' 4. Show your personality It is important to be professional in your motivation letter, so the letter should not contain jokes, sarcasm, or irrelevant personal information. However, you also needn't be dull and impersonal. You can and should allow your personality to shine through in your letter, and show how you are different from other candidates. Maybe you have strong opinions about a particular topic in economics, or perhaps you have taken an unconventional career path. In these cases, you needn't hide your individuality. Show how your background gives you a unique perspective on your subject's issues and your approach to academic work. Remember, the point of the motivation letter is not to show how similar you are to an imagined perfect candidate – it's to show off your unique personal approach and how you could be a great PhD student. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> 5. Focus on skills An adjustment issue that some people have in during a PhD program is the gulf in requirements between an undergraduate or Master's course and a PhD. In an undergraduate or Master's course, you have to attend classes, complete assignments, and perform well in assessments. In a PhD, you will often have to come up with your own research questions, choose the best methodology to answer those questions, and motivate and organize yourself to complete your work. If you don't have direct experience with doing these PhD tasks, that's okay – you won't be expected to know everything before you even start the PhD. However, you do want to show in your motivation letter that you have the capacity to perform this kind of work. In order to do this, you should focus on the skills that you have – such as data analysis, writing, research, presentation, and so on. Try to give examples of how you have used these skills in the past to show that you're ready for the challenge of a PhD now. 6. Talk about your future plans Something that hiring committees like to see is that you are interested in working in your chosen field in the future. This means that you need to talk about what your post-PhD plans are if you want to be accepted. For most people applying for a PhD, the interest will be in doing a postdoc once they have completed the PhD. Other people may know that they want to work in industry, or for an NGO or for the government. Any of these answers is fine, but the committee will want to see that you have thought about your long-term career. Do mention your long-term plans near the end of your motivation letter to show that you are serious about a career in your chosen field. 7. Sample motivation letter for an economics PhD To Whom It May Concern, I am writing to express my interest in pursuing a PhD in economics at Imperial College London. I am particularly keen to apply for the doctoral program in the economics department at Imperial as its research interests are an excellent match for my academic background. I studied Business Management for my BA at Kingston University and during this time I developed a particular interest in the relationship between government policies affecting small businesses and economic outcomes country-wide. Furthering this interest, my BA thesis, which was supervised by Prof. Helen Smith, used statistical techniques to analyse the rate of growth of small businesses before and after new legislation regarding wages was put into place. My aim was not only to consider the ethical arguments regarding minimum wages and small businesses, but also to find evidence about whether policies encouraged or discouraged the growth of small businesses. After completing my BA, I undertook an MSc in economics at University College London. From this course I gained deeper knowledge of statistics and modelling, which I made use of in my thesis project – an investigation into how the number of people employed by a small business affects the ability of that business to weather changes in wage laws. My aim throughout this project was to gather more evidence on the effect of new wage laws on the long-term stability of small businesses. I now wish to continue my academic career with a PhD in economics, and I cannot imagine a better place to study this than the business school at Imperial. I admire the economics department’s commitment to both fairness and to accuracy, and I wish to further my work on minimum wage increases and small businesses in a way that respects both the dignity of workers and the needs of business owners. I particularly wish to work with Dr. Jane Brown, whose work on small business ethics has been a great source of inspiration for me. This research has the potential to contribute to the theoretical models of small business growth in economics, but it also can contribute real-world value to policymakers and small business owners. As small businesses are often touted as the counterbalance in the move towards large multinational corporations due to globalisation, greater understanding of how to support these small businesses, and how to help them grow, will only become more valuable in the future. Owing to my extensive knowledge of small business and wage laws, and my experience with statistical analyses and modelling, I am confident that I can complete the research project which I have proposed to a high standard. While both my previous thesis projects were on a smaller scale, I have recently been volunteering as a research assistant in a co-operative project focussing on cultural differences in small business creation, which has given me experience on large-scale projects too. This experience has helped me to plan out the time for my PhD realistically and confidently. After completing the PhD, I plan to either pursue a postdoc placement within academic economics, or to work as a consultant for small business associations and policymakers. I believe that with my knowledge and experience in this increasingly important field, I can make important contributions to both the Imperial Business School and wider discipline of economics. I hope to be considered for this position.
When you apply for an economics PhD, you will need to write not just a research proposal but also a letter of motivation. This letter describes why you wish to undertake a PhD and why you would be well-suited to researching your proposed topic. But what needs to go in this letter, and what tone is appropriate for it? To give you some ideas, INOMICS is sharing a sample economics letter of motivation, as well as offering advice on how to write your own, so you can maximize your chances of getting accepted. If you plan to start your PhD application this autumn, you can download our free guide "How to successfully apply to a PhD in Economics".
So, we’ve compiled a list of top economics journals to help you familiarize yourself with the publishing landscape. Regardless of where you are in your economics journey – whether freshman, PhD candidate, or professor actively publishing in economics– take note of these influential journals. ➲ Download the INOMICS Handbook now 1. The Quarterly Journal of Economics, Oxford University Press This is the oldest English language professional journal in the field of economics – and one of the most respected. It covers all aspects of the discipline, has published many famous economics papers, and is arguably the top economics journal of all time. For those who know their stuff, it is the go-to. 2. Journal of Financial Economics, Elsevier A journal with a focus on applied papers and case studies, it often includes conjectural papers which address issues less quantifiable and more descriptive than other journals in the field. 3. Journal of Finance, American Finance Association The Journal of Finance is one of the top places to publish in the field of finance, along with the Review of Financial Studies and the Journal of Financial Economics. 4. Econometrica, Econometric Society With a specialization in econometrics, this journal has been established since 1933. In addition to its reputation, it attracts high-quality research through awarding of the Frisch Medal every two years, which recognizes outstanding research published in the journal. 5. Journal of Economic Literature, American Economic Association This journal commissions peer-reviewed survey and review articles which aim to keep readers informed about the current state of the economics literature. The journal also features book reviews, information about soon-to-be published books, and an index of economics dissertations from North American universities. 6. Journal of Political Economy, University of Chicago Press Another long-standing journal, the Journal of Political Economy was first published in 1892 and covers both theoretical and empirical work. Its specializations include: monetary theory, fiscal policy, labor economics, development, micro and macroeconomic theory, international trade and finance, industrial organization, and social economics. <11an>limit:2;categories:Professor|Jobs|Courses|Programs|Conferences;disciplines:General Economics (JEL A)</11an> 7. American Economic Review, American Economic Association Established in 1911, this is another well-established and highly respected journal in the field of economics. Once a year, in May, an issue is dedicated to presenting proceedings and papers from the annual meeting of the American Economic Association. 8. Review of Economic Studies, Oxford University Press Another economics stalwart, RESTUD, as it is known, is a must-read for those interested in theoretical and applied economics. It was founded with the specific aim to publish work from young and up-and-coming economics researchers, a mission which it continues to this day. 9. Review of Financial Studies, Oxford University Press With a focus on financial economics, this journal, published on behalf of the Society for Financial Studies, accepts both theoretical and empirical papers which fit in the intersection between finance and economics. 10. Journal of Econometrics, Elsevier Another influential journal in the field is the Journal of Econometrics, established in 1973. The journal focuses on econometrics methodologies, and how they can be applied to substantive areas of economics. 11. The Review of Economics and Statistics, Harvard Kennedy School Already over a hundred years old, the Review of Economics and Statistics is a general journal of applied quantitative economics. Occasionally, the journal also publishes collections of papers devoted to a single topic of contemporary interest, be it methodological or empirical. 12. Journal of Economic Growth, Springer Science+Business Media This journal predominantly publishes research on economic growth and comparative economic development. Research is primarily contemporary, but sometimes also includes historical insights. Some key topic areas include income distribution, demographic transition, human capital formation, technological change and structural transformation in the growth process. 13. Journal of Monetary Economics, Elsevier Science Founded in 1975, this journal is a leader in macroeconomic research. It is often ranked highly in its specialist subject area, and accepts submissions in all areas of macroeconomics. In recent years it has published research contributions to a wide range of macroeconomic topics including behavioral macroeconomics, fiscal shocks, and pricing in product and labor markets.
Whether you are a seasoned researcher or a new economics student, it pays to know which journals are the most prestigious and well-known for certain topics. They can help you find the right papers for a literature review, stay on top of the latest research in the field, and even help you set your own publishing goals.
Macroeconomics and Monetary Economics (JEL E)
Pros and Cons of Being A College Professor
The Benefits of Being a College Professor One of the biggest pros is the freedom that it offers you in terms of research. Once you are senior enough, you can choose which projects to work on and which methodologies you employ. Few other jobs can match this level of intellectual freedom, and it is undoubtedly one of the perks of being a professor. Alongside freedom, is the joy of teaching, which, with the right group, can be endlessly interesting. The beauty of teaching is often – somewhat counter intuitively – the learning. Engaging young ambitious students with learning materials, and seeing what novel angles they take when approaching them can be highly stimulating, to say nothing of how rewarding it can be. Who, for instance, get's to say that they shape and inspire the next generation of academics? Another big plus is the working hours that academia can offer, which are frequently more flexible than in other professions. If, for example, you are a young parent who needs to leave the office early to pick up a child from school, workarounds can often be found, and your job can be made to fit around home life. Sabbaticals are another possibility. Many senior professors will, at some point in their career, arrange to take off few months, maybe even a year, from their regular teaching duties so that they can go and research in a different university and country. Others sometimes go even further, and step away from teaching entirely to work on writing a book, for example, all the while knowing that they can return to their position once they are done. And finally, on the way to becoming a professor there are many opportunities for travel. You can find jobs in many places all over the world, and you can travel to new places for conferences or research visits. If you enjoy exploring new places and getting to know new cultures, languages, and cuisines, then working as a professor offers many chances for you to develop those interests. The Negatives of Being a College Professor One of the biggest issues with being a college professor is that because there are a large number of highly qualified academics competing for a small number of professorship jobs, they are highly competitive. Even a talented and hard-working researcher who has published extensively and has teaching experience may not ever manage to land a permanent professor job. This low supply and high demand can lead to poor job security: researchers who are waiting to land a professorship role often feel compelled to take on a series of temporary jobs with contracts ranging from 6 months to a few years. This insecurity is stressful, and means that you have to be constantly vigilant about finding and applying for new roles. It certainly is not for everyone. If you do successfully get a permanent job as a professor, there is also the issue of compensation. Professors are by no means poorly paid, and they typically earn enough to live comfortably and to raise a family. However, someone with the level of skill and experience that a professor has could almost certainly earn much more money in the private sector. This problem is then compounded by the last issue on this list: as a professor expect long hours. As we discussed before, hours do tend to be flexible, however, it is still (too) frequently expected that professors will work both in the evenings and on the weekends. In some cases, it can even be difficult for them to take the vacation days which they have earned, as there is just too much work, with deadlines making things additionally tricky. In order to remain at the front of the profession, you will likely have to work many hours each week, and sacrifice time spent with family, friends, and pursuing your hobbies. Unperturbed? Check out our professor jobs here.
If you're thinking about which direction to take your research career, one possibility is the professor route, teaching and researching in a university context. This is one of the most desirable jobs among young academics, and something that people often strive for. But what are the pros and cons of working as a college professor?
Top Free Online Courses in Statistics and Data Analysis
1. Statistics with R Specialisation by Coursera (Duke University) Duration: 10 weeks Background needed: Basic math, no programming experience required. 2. Intro to Statistics by Udacity (Stanford University) Duration: 8 weeks Background needed: Introductory course, no experience required. 3. Statistical Learning by Stanford University Duration: 10 weeks Background needed: Basic knowledge of statistics, linear algebra, and computing. 4. Introduction to R by Leada Duration: Self Paced Background needed: Introductory course, no experience required. 5. Statistics: The Science of Decisions by Udacity (San Jose State University) Duration: Self Paced; approximately 4 months Background needed: Basic understanding of proportions (fractions, decimals, and percentages), negative numbers, basic algebra (solving equations), and exponents and square roots. 6. Introduction to Probability Theory by Saylor Duration: Self Paced Background needed: Completed courses in single-variable and multi-variable calculus, linear algebra, and differential equations, or equivalents. 7. Statistical Thinking for Data Science and Analytics by EDX (Columbia University) Duration: 5 weeks Background needed: Introductory course, no experience required. 8. Foundations of Data Analysis - Part 1: Statistics Using R by EDX (University of Texas) Duration: 6 weeks Background needed: Introductory course, no experience required. 9. Learning from Data - Caltech Duration: Self Paced Background needed: Introductory course, no experience required.
There are now more online learning options than ever, including courses which are - thank you Internet - absolutely free. Whether you want to prepare for your upcoming university course, need to pick up some extra skills to help with your job, or you are just interested in a subject and want to learn more, there will be an online course out there that can help you achieve your goals. Particularly during the COVID-19 pandemic, which has forced many of us to spend more time indoors and less time on campus or at evening classes, online courses can be a great way to carry on your education while minimising risk. Here are some of the best the internet has to offer in the area of statistics and data analysis.
Browse our finance economics job listings Investment banking Investment banking is a high pressure, high reward sort of job. It requires quick thinking, the ability to remain calm under pressure, and the ability to predict outcomes of complex systems. If this sounds appealing to you, then you could be suited to investment banking work. Such jobs are generally available in the financial centres of big cities like London or Frankfurt and tend to be in organisations which are quite formal and rigid in their structures – for example, you'd be expected to wear a suit, and there can be a rather competitive attitude between employees. It is also typical to work long hours and sometimes on the weekends. Some people will find this atmosphere stressful and off-putting, but people who thrive in a fast-paced environment may find it highly stimulating. <11an>limit:2;categories:jobs|courses|conferences;disciplines:Financial Economics (JEL G)</11an> Commercial banking In contrast to an investment bank, which generally provides services for the financial needs of large corporations, commercial banking is the sector which provides financial services such as deposits, loans, and basic investments for corporations or individuals. Possible jobs in commercial banking cover a wide range of specialities, such as relationship management, strategy, business development, and businesses analysis. These roles require strong people skills and the ability to manage employees or customers, so they are suited to people who know how to motivate others. Financial management Financial management refers to the planning, monitoring, and controlling of an organisation's monetary resources. Many organisations require financial management, from big businesses to small non-profits. As a job, it requires the ability to plan ahead and to stay on top of the many incoming and outgoing streams of revenue, meaning that it is suited to people who are highly organised and who can keep track of many things at once. Financial managers generally work with other high-level managers, but not necessarily with other economists or money people. So if you want to work as a financial manager in a smaller organisation, you'll need to be able to communicate clearly with non-experts who may not have much knowledge or experience in financial matters. Asset Management Asset management is a growing field which is potentially very lucrative. It is the making of investments on behalf of an individual or a company, in order to increase their total assets over time. Working in asset management requires you to make smart investments on behalf of your clients, and so built up their funds without risking too much. As well as the extensive knowledge of finance which you should gain from your financial economics degree, to be an asset manager you will also need strong quantitative skills as you will be digging through a large amount of data and possibly doing tasks like modelling which require statistical knowledge. As it is essentially a job proving a service, you will also need to be communicative and capable of managing clients and your staff. This work is suited to someone with a good head for numbers and a reasonable approach to risk, who isn't scared of moving around large amounts of money.
If you're working on a degree in economics with a specialisation in finance, or if you're considering doing such a course, then you might be wondering about the career options that it will open to you. Here are some of the top career paths for financial economists.
Browse our job listings for economics opportunities University courses on Innovation Economics Naturally, one of the best ways to learn about innovation economics is to study it as part of an academic course. Courses on innovation economics are most often found within economics departments, but they may also be taught in business schools because of the discipline's close links with entrepreneurship. You can see examples of some courses at highly regarded universities which specialise in innovation economics below: Econ 410b. The Economics of Innovation - Undergraduate course, Yale University, US Economics of Innovation - Undergraduate course, Nottingham University Business School, UK Economics of innovation - Master's course, École polytechnique fédérale de Lausanne, Switzerland LUBS2665 Economics of Innovation - “Broadening” module for undergraduate students, University of Leeds, UK Upcoming conference on Innovation Economics If you are more advanced in your career – for example, if you are a PhD student or postdoc with an interest in this field, then you might consider attending a conference. The biggest conference in the field is the annual “Conference on Innovation Economics”, an international conference. Obviously during the pandemic this may be difficult, but at some point the conference will begin again. Thirteenth Annual Conference on Innovation Economics Academic journals on Innovation Economics For senior researchers who need to know about the latest research, or for students who are trying to learn about the field, academic journals can be of great help, keeping you up to date with the latest findings in the field. Here are two journals which specialise in innovation economics: Economics of Innovation and New Technology Published by Taylor & Francis, this journal is “devoted to the theoretical and empirical analysis of the determinants and effects of innovation, new technology and technological knowledge. It aims to provide a bridge between different strands of literature and different contributions of economic theory and empirical economics.” Innovations – Journal Of Innovation Economics & Management (I-JIEM) Co-edited by the Research Network on Innovation (RRI) and De Boeck Université, this journal is focused on “discussion of new innovation strategies of firms and organization which have an impact on the economy and society.” Blogs on Innovation Economics For a more casual but very up-to-date read, you might want to check out blogs like the one below. This is written by a professor of innovation economics at UCL. Blog of Mariana Massucato, Professor in the Economics of Innovation and Public Value at University College London (UCL) Books on Innovation Economics Finally, the best way for a newcomer to the field to get a really good handle on it is to read a book on it. There will be plenty of in-depth information to give you an overview of the subject and to fill in any gaps in your understanding. Try either of the books below: Handbook of the Economics of Innovation Published by Elsevier and edited by Bronwyn H. Hall and Nathan Rosenberg, this book promises to 'examine the genesis of technological change and the ways we commercialize and diffuse it. Innovation Economics: The Race for Global Advantage Published by Yale University Press, and authored by Robert D. Atkinson and Stephen J. Ezell, this books discusses the global race for innovation advantage, suggesting that America has some catching up to do.
Innovation Economics is a branch of economics that focuses on (rather predictably) innovation, alongside the study of technology, knowledge, and entrepreneurship. It aims to understand where new ideas come from, and how we can put forward policies which will encourage the development of new ways of thinking. As many nations move away from an industrial model of production and towards a knowledge-based economy, the economics of innovation becomes more and more relevant. Although it is a fairly new field, innovation economics has risen to prominence quickly over the last few years. The following is a list of links and resources to help teach you and keep you up to date on all the latest developments in innovation economics.
Jobs for Economists in the Government: The Right Career to Consider?
Regardless of where you’re from, or where you’d like to work, however, every government employs economists, and it’s easy to argue that they’re needed now more than ever - though in the weird times of the pandemic, finding a government job may be more complicated. Ready for the search? Check out our job listings Security and Stability Traditionally, working for the government meant more job security than working in the private sector. While this may no longer be true across the board, it is still the case in many countries. In this post, we want to focus specifically on jobs within the government itself, not including public sector jobs in national banks or public universities, two areas where job security is much less concrete than previously thought. Looking beyond these two branches, the types of jobs available to economists are quite diverse. For instance, if you are a recent graduate looking for work, you should remember to think outside the box and look to governmental areas not exclusively connected with economics, such as the Patent and Trademark Office, the Department or Ministry of Transportation, Commerce, Labor, Health, Defense, or even the military. In a post a couple of years back, Tyler Cowen of Marginal Revolution examined the breakdown of economists across U.S. government departments, not including the Federal Reserve. Interestingly, he found that the Department of Agriculture was the second largest employer of economists after the Department of Labor. That’s a good bit of info to keep in mind when sending out applications! Moreover, many governments also offer traineeships or internships for recent graduates, which can be a great way to get your foot in the door while gaining experience. In the UK, there is a professional network called the Government Economic Service, which offers positions at all levels to UK citizens, EU citizens and others. Intergovernmental Agencies and Money While not every government has a coordinated core of economists, there are also many intergovernmental agencies to keep in mind. For example, the Organization for Economic Cooperation and Development (OECD)hires economists of all backgrounds and specializations to work on a wide range of issues. Within supranational governmental bodies, such as the European Union, there are also myriad departments looking for qualified economists. With institutes and branches across Europe, the opportunities for economists within the EU are quite vast. Furthermore, there’s salary to consider. In the U.S., economists employed by the federal government earned an average of $106,850 per year as of 2012, according to the Bureau of Labor Statistics. While such a substantial salary might not reflect the reality of every country, high-level economists do tend to receive hefty remuneration across the board, making government positions quite sought after and worth aiming for. Additionally, remember that in this day and age choosing a career is never a straight path. If you can’t imagine working in the government for your whole life, that doesn’t mean you shouldn’t apply for government jobs right now. There are plenty of incredibly successful people who started in government positions then went on to make an impact elsewhere. For instance, Sheryl Sandberg, who, prior to becoming the COO of Facebook and a world-renowned author, gained valuable experience working for the Secretary of the Treasury. Lastly, when searching listings for government jobs, remember to look at your country’s job portals as well as other platforms, including INOMICS. Sometimes bureaucratic sites lack regular updates, so it’s best to peruse other avenues as well to make sure you’ve seen everything out there.
When discussing jobs in the government, the type of work that comes to mind is most likely influenced by your particular background. In countries in which large segments of the economy are nationalized, it’s possible to become a civil servant in nearly any field. In other places, your options might be more limited.
Public Economics & Economic Policy (JEL H)
The Top Jobs in Macroeconomics and Monetary Economics
Browse our macroeconomic job listings for economics opportunities 1. Work for a central bank or financial institution The most obvious role for someone who has studied macroeconomics or monetary economics is to work for a central bank or financial institution. These large, often international employers look at large-scale economic issues and employ many economists as researchers. These jobs are suited to people who can cope with sifting through large amounts of data and can deal with complex economic models. Sometimes, a degree of comfort with risk and uncertainty is required. If you like the idea of travelling or living abroad, then these organisations often have branches in many locations around the globe, and can be amenable to you moving and working from a different location. Bear in mind, though, that some of these institutions have been implicated in such scandals as the World Financial Crisis, so working for them may take some minor relocating of your ethical compass. Some examples of employers in this area are: - European Central Bank (ECB) - Bank of England - Deutsche Bundesbank - Asian Development Bank - European Investment Bank 2. Work for the government Another of the biggest employers of macroeconomists and monetary economists is the state. With your knowledge of complex economic systems and skills in data analysis and report writing, you can help with allocation of government funding and plan long-term financial issues such as pensions or healthcare. Jobs with the government tend to be stable, so you can stay in the same job for a very long time without worrying about being made unemployed or having to job hunt. These jobs also tend to come with benefits like sick pay and more vacation days. So after a year's hard slog (it will be tough, prepare yourself) you'll be able to take a few weeks off to recharge. Get ready for the Costa De Sol! However, government work is not for everyone. It can be exceedingly slow to get anything done, given the sprawling bureaucracy, which can be frustrating for those who like to move fast. This work requires you to think about the long-term and far-reaching implications of every course of action, so it's not the right role for someone who is flighty or impulsive. But if you can deal with this, then working for the state gives you the chance to put your education to the best possible use in helping people. Here at INOMICS we applaud those who opt for this path! You can look for jobs in your country's government or at a state or local level. <11an>limit:2;categories:jobs;tags:microeconomics</11an> 3. Work as a consultant If you can handle regularly being dropped into new and unfamiliar situations, then you might consider working as a consultant. This work requires you to be adaptable and to come up with creative solutions to existing problems. If that sounds like something you'd enjoy, and you don't mind the idea of moving to a new company or location regularly, then one big upside of this work is that it tends to be very well paid, and that each company you work with will bring you new challenges so you're unlikely to get bored. You could work for one of these consultancies: - Deloitte - Price Waterhouse Coopers (PWC) - Cornerstone Research 4. Work for a think tank If you like the sound of performing research and supporting policymakers, then you could work for a think tank. There are many think tanks with specialities in economics in general and macroeconomics or monetary economics in particular. Generally speaking, the work is tough, but varied, which keeps it stimulating. Similar to working for the state, while at a think tank it's motivating to know that your work is going towards bettering people's lives, at least in theory. An admirable way to spend your 9-5. Some organisations to consider include: - Economic and Social Research Institute (Dublin, Ireland) - ZEW - Leibniz Centre for European Economic Research (Mannheim, Germany) - Halle Institute for Economic Research (IWH) - Member of the Leibniz Association (Halle, Germany) - Center for Economic and Policy Research (Washington D.C., USA) - Ratio Institute (Stockholm, Sweden)
Studying macroeconomics, as many INOMICS users have done, opens doors to countless different jobs down the line. Companies are always looking for people who understand a bit about the world and how it functions, particularly when it comes to economics, remaining, as it does, one of the most revered disciplines of the age (for better or worse). If you have specialised in a particular area of economics, then you can use this information to narrow down your options to the kind of roles which will best fit your skills and interests. And there are, perforce, plenty of options available even once you have isolated your particular skillset. Here we've listed the top jobs that specialisation in macroeconomics and monetary economics will make available to you!
The Benefits of an Economics Background for an Engineer
Browse our programs listings for more opportunities Mixing subjects I was advised that economics was the most applicable choice for starting to understand certain concepts within business. Indeed, I was able to learn concepts in both micro and macroeconomic theory, as well as to complete courses within the more strictly business-related commerce program. One of the benefits of an engineer learning economics is the connection to mathematics. Engineering students complete a wide range of math and statistics courses during their studies, so most (if not all) math-oriented economic concepts were easier to grasp when introduced. The best of both worlds While the overlap in material between the two programs proved to be of clear and significant benefit in terms of the workload, the diversity provided both the greatest challenge and the greatest reward. For example, in my final year of study, I had to complete a real-life, multidisciplinary design project for my engineering degree. In the same time-frame, I was also involved in several in-class discussions about current economic trends. This contrast made me think from multiple perspectives, broadening my understanding of what economic and financial factors should be considered in engineering projects and vice-versa. It is this standpoint where an early leg-up in economic concepts is fundamental for an engineer, not only in order to have a management perspective, but also to develop a business perspective: technical knowledge is key, but an ability to consider the current and forecasted market trends may be just as important when completing more complex projects over longer periods of time. For example, in my current field of Aerospace Engineering, predicting the economic trends over the next 10, 25 and 50 years of anticipated technological advancements is a fundamental requirement for all companies in the field. In hindsight As I look back, I fully recommend any engineering students wishing to study for an MBA or simply advance their business understanding to enroll in an economics program. Though I still require an MBA and a considerable amount of work experience before considering a position in management, I feel that by gaining an economics background I have a better understanding of the current challenges at hand, and how the market and financial side of any project may be just as important as the technical requirements.
Ever since I was a kid, I dreamed of becoming an engineer. From playing with LEGO to being an active member of my high-school robotics team, I loved building things and breaking them down to learn how they worked. This being said, I have kept an open mind about a position in management down the road and from this perspective it was important to me to prepare for a career in both business and engineering. My answer: a dual degree program whereby I completed a BA in economics alongside a BSc in Mechanical Engineering.