Compliance or regulatory affairs If you have strong attention to detail and a desire to reform businesses for the sake of the public good, then you might be interested in working in compliance or regulatory affairs. These two related fields seek to help companies conform to the rules and regulations which are set down by the government, to make their business as sustainable and safe as possible. Compliance generally refers to fields like finance or the environment, whereas regulatory affairs refer more to public health-related fields like pharmaceuticals or medicine. This work is suited to someone who is patient and can look at complicated regulations and convey what policies a business needs to put in place to meet them. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)</11an> Teaching economics If your favourite part of studying econometrics has been presenting to the class or taking part in class discussions, then you might consider working as an economics teacher. You could be a university lecturer on an economics course, or even teach secondary school children about the basics of economics. There is also important work to be done in teaching financial literacy skills to children and adults, to help ordinary people to deal with issues like paying their taxes, saving for their retirement, or understanding mortgages. These jobs are usually not well paid but can bring with them a strong sense of satisfaction as you get to pass on your knowledge to people who need it and to spread interest in your field. Auditing Similar to an accountant, an auditor prepares and checks financial records, usually for large businesses. This work is suited to people who have been trained as economists, as it requires skills such as high numeracy, understanding complex financial regulations, analysis, and the ability to work through a large project without becoming overwhelmed. This job is paid reasonably well but is often considered a little dull. However, the big advantage of this career option is that it is a growing field with secure, stable jobs. Also, during tax season there is plenty of overtime work required, which provides a nice salary bump. If you want a career with solid prospects for the future and not too much risk, then this might be the field for you. Statistician Closely related to the work done by econometricians is the more general work done by statisticians. If you are experienced at working with people from different academic backgrounds than you, you might find work as a statistician in the fields of the social sciences or the hard sciences. You could work in a research group, advising researchers on what kind of statistical tests they should be running or how to interpret their statistical results, or you could work teaching statistics to science students. This work is suited to someone who is an exceptional communicator, and who is interested enough to keep up with the latest findings in the field of statistics. If you want to put your statistics knowledge to practical use to help make new discoveries in science, then consider this as a career option. Computer science or programming One career area which you might not have considered is computer science. If you have specialised in econometrics, you likely have some experience and expertise in data analysis using programs such as Matlab, R, or Stata. You might have programmed in languages like Python or C++. If you enjoyed this work and have an aptitude for thinking in a logical, highly structured way, then you may be suited to working as a programmer. This work is often well paid and comes with more freedom in terms of working hours and self-presentation than other office-based jobs. For more job opportunities and advice for economists, including top career paths for other economics specialisations, see our website.
Are you studying economics, and wondering what career options are open to you? We're doing a series of articles on career paths for various specialisations in economics, and today we're looking at econometrics. With a degree in econometrics, you could of course go and work in the finance industry or for the government. But there are other options you might not have considered:
Econometrics, Statistics and Quantitative Methods (JEL C)
<11an>limit:2;categories:jobs|courses|conferences;disciplines:Economic History (JEL N) </11an> Academia One of the most obvious career paths for someone with a background in economic history is academia. Working within a university or research institution gives the opportunity to work with both history and economics departments and to glean knowledge and skills from both. Plus, it is the area in which funding for history-focused projects is most likely to be awarded. If you are most interested in the conceptual and theoretical issues related to economics and history, then a career in academia will allow you to explore these interests. The biggest advantage of a career in academia is the independence that you are given, being able to create your own research project and to use the methods or techniques which seem most appropriate to you. You need to be a creative thinker and to be capable of working independently to succeed in academia, but the potential intellectual rewards are very hight. Unfortunately, job stability in academia is poor and the pay is not particularly good, so be prepared for doing many job interviews and taking some months or even years to find a job. Teaching If you like the idea of academia but you aren't sure about the tenuous career prospects and the difficulty in securing funding, then you might consider teaching instead. Teaching at a high school can be extremely rewarding, as you get to inspire and influence young people and pass on your passion for your subject. With a background in economic history, you can teach economics, history, or social sciences. Teaching requires patience and organisation, with the ability to corral a boisterous or noisy class being an essential skill. You may need to undertake some kind of teaching training course after your degree in order to qualify as a teacher. The good news is that these training courses are often subsidised by the government, and teaching jobs tend to be stable and good for long-term prospects. Communicator / Journalist A career path that you might not have considered is becoming a communicator, for example as a journalist specialising in economics. Economics has a large impact on the daily life of members of the public, but as a highly complex field, the public often struggles to grasp it. The causes of events such as stock market crashes or incidents of hyperinflation are often poorly understood, even as they have a massive effect on the economic situation of a country. Therefore, there is great value in being able to explain economic issues to a broader audience. With a background in economics and history, you likely have strong written skills which can be applied to journalism or other public communication roles. Government advisor Finally, another prominent career option for economic historians is working as an advisor to the government. Having gained an understanding of the underpinnings of economic changes as they happened in the past, you are well suited to considering the future economic impact of various policies or events. This long-term view is particularly valuable to the government, who think in a more long-term manner than most corporations. Working for the government has the advantage of job stability and many opportunities for progression within the civil service or other governmental departments. Such jobs tend to have a good work-life balance, with plenty of vacation days and good benefits such as insurance and healthcare. If you want to put your knowledge to use by helping and advising the government on how to make better policy in order to improve people's lives, then this could be a good career for you. If you're looking for more ideas about career paths for economists from other specialisations, we have a whole series of posts on this topic. Alternatively, find job opportunity listings, study advice, and much more on our website.
For this week's top career paths article, we're looking at the potential careers which are open to those who have studied economic history.
Browse our job listings for economics opportunities Working for a charity or NGO For those who feel a strong drive to make the world better and to help others, working for a charity or NGO can be a natural fit. If you have knowledge of economics and skills such as quantitative analysis and statistics, then you can do important and helpful work for these organisations. Typically, people who work for NGOs or charities are very driven, so it is likely that your co-workers will share your values and your passion. However, the workflow of an NGO or charity can sometimes be rather chaotic, as there is less of an emphasis on productivity than there is when working for a business. This means that the work is well suited to people who can roll with changes and who are flexible and able to apply their skills to many different types of tasks but is less suited to people who like their work-place to be highly organised and efficient. Remember, because so many people want to work for NGOs, opportunities can be limited. It may be necessary for you to work on a voluntary basis or to do one or more internships to get the experience you need. In this case, it can be helpful to start volunteering while you are still studying, as you have your living expenses already covered. It is much harder to do voluntary work when you already have a full-time job! However, don't let yourself be taken advantage of: an internship should teach you useful skills that will be relevant to your chosen field, and it should generally only be for a short time, say three to six months. Consider carefully whether you will be able to afford to take on a voluntary or internship position and how long you can support yourself for before you need to find paid work. You could look for work at an organisation like War on Want, an anti-poverty charity, Action Aid, an NGO focused on global injustices, or Foundation for European Economic Development, a charity promoting research and projects in development. Work for a global organisation Another option for working in development economics is to work for a global organisation such as the United Nations. Very large organisations require staff in many different countries around the world, doing diverse roles including administration, program management, financial management, project coordination, and policy analysis. Once again, you can assume that you will be working with people who are also strongly values-driven and who are deeply committed to their work. Working in such an organisation will likely involve balancing the needs of stakeholders like clients, co-workers, and management. This requires an understanding of different points of view and the ability to weigh up the differing requirements of various people. To succeed in this field, you should have excellent communication skills, a broad mind, the ability to prioritise, and the ability to adapt to new or unfamiliar situations. It will help if you enjoy travel and like seeing new places and meeting new people, and being able to speak several languages or having the ability to learn a language quickly will be an advantage. To find out about jobs at the UN, or look at organisations such as the Center For Global Development, the African Union, or the Association of Southeast Asian Nations (ASEAN). Browse our PhD listings for more opportunities
Development economics is the branch of economics focused on understanding and promoting the development of low-income countries through economic growth and structural change. If you've been studying economics, you may have had the chance to specialise in development economics, or you may be thinking about doing so in the future. In the case, what career options are available in development economics, and what kind of skills do you need to get a job in this field? That's the question we're answering today, by showing you some of the top career paths in development economics.
Economic Development, Innovation and Growth (JEL O)
1. Financial Analyst One of the most obvious career paths for someone with a background in business economics is to work as a financial analyst. Either for internal or external clients, a financial analyst uses data-driven approaches to predict what business or financial decisions will benefit the client in the long run. If you are a person with a broad understanding of both economics and business, you will perform well in this role. Quantitative skills including statistics and modeling expertise are helpful to set you apart from the crowd and to allow you to make more informed recommendations. Pay for this type of role will vary depending on the context, with small businesses typically paying a more modest salary and large financial institutions paying very high salaries to their top analysts. See the latest Financial Analyst Jobs 2. Market Research Analyst Market research is an essential step for a company to grow, investigating the needs and desires of consumers before a product or service is created, and then discovering how customers or users of the product react to it after it has been launched. Typical market research involves putting together questionnaires to be conducted over the phone or online, examining people's preferences, and then analysing this data. It may also involve organising in-person focus groups to collect more in-depth feedback from members of the public and/or potential customers. With a background in business economics, you'll have both the marketing vision and the data analysis skills to succeed in a market research analyst role. See the latest Market Research Analyst Jobs 3. Business Analyst If you enjoy both working with quantitative data and analysing complex systems, then you could consider working as a business analyst. This role involves assessing and optimising systems such as the processes and methods used by a company and finding ways to make those systems more efficient or productive. This work involves a lot of strategic planning, so it is suited to someone with a long-term view of the company and an understanding of what challenges it may face in the future. In some cases, the role of a business analyst can be closely linked with the company's IT systems, including interpreting rules and regulations regarding IT and ensuring that IT systems are in compliance with laws such as data protection. See the latest Business Analyst Jobs 4. Project Manager Project managers are responsible for overseeing all aspects of a project and coordinating a team in order to achieve the project goals. This involves tasks such as setting the desired outcome for a project, planning timelines and contingencies, keeping abreast of progress on all areas of the project, and supporting teams who have fallen behind in order to keep the momentum for the entire project. This kind of work requires an extremely high level of organisation, with the need to keep many balls in the air at the same time. It is suited to someone who focuses on concrete outcomes and who can pull dreamers and visionaries back down to earth in order to actually realise their ideas. See the latest Project Manager Jobs 5. Investment Banker Investment banking is a high risk, high reward kind of role. It requires a strong tolerance for risk, and an ability to predict future outcomes and to position oneself to be ready for those outcomes. If you thrive in a fast-paced, high-pressure environment then you may find investment banking to be both exciting and rewarding. These jobs tend to be extremely well paid, however, they usually involve very long hours and high levels of stress. Depending on your temperament, you may find the loud, assertive, and quick-reacting environment of most investment banks to be either off-putting or highly invigorating. With a background in business economics you have the knowledge of theoretical economics and the real-world understanding of business which makes an excellent foundation for a career in finance generally, and investment banking specifically. See the latest Investment Banker Jobs
A business degree can be a great investment with fantastic future career options. When supported with a solid understanding of economics, in the job market you'll find that you are an attractive candidate to a whole host of different employers. However, if you're thinking about taking a business economics degree, or are just about to graduate, you might wonder what exact career options are open to you. Here are five of the top career paths.
Top Career Paths: Agricultural and Natural Resource Economics
For this reason, we've been looking at the top career paths for various economics specializations, and today we're talking about agricultural and natural resource economics. What are agricultural economics and natural resource economics? These two related fields are focused on the application of economic theories to optimize the use of resources and the production of food and other crops. Natural resource economics is focused on managing resources such as food, water, air, minerals, and the environment as a whole, and often emphasizes the importance of sustainability. Agricultural economics looks in particular at land usage, food distribution networks, and maximizing crop yields. <11an>limit:2;categories:jobs|courses|conferences;disciplines:Agricultural and Environmental Economics (JEL Q)</11an> Career path # 1: government or government-related agencies One large employer in this area is the government or one of the various government-related agencies. All of their citizens, or one of them on an international basis, on an uninterrupted food supply. Thus the agencies which oversee the distribution of food and other resources are in need of trained economists to work in this area. Working for the government has the advantage that it is a secure, reliable job that you can usually stay in for life if you want. Although payment is less good than it is in the private sector, the public sector generally has better benefits such as more holiday time and good health care. This work is suited to someone who is organised and capable of keeping track of the many different policies and programs that are being run at any one time. You could find a career with an organisation like the Environmental Protection Agency, the National Wildlife Federation, or the National Marine Fisheries Service, in the USA, or their equivalent within your own country. Career path #2: Agribusiness Another big employer in this field is agribusiness corporations: large companies who process, distribute, and retail food. These companies employ specialists in economics to help them streamline their processes and improve their use of resources. These corporations tend to pay much better than working for the government or for a non-profit, however, they can be demanding jobs with long work hours. Also, some such corporations have come under fire for ethical lapses in their business models, especially in the developing world. How much of an issue this is for you will depend on whether you are someone who wants to stay away from profit-based motives, or whether you would rather try to reform and improve an organisation from the inside. You could pursue a career in agribusiness with a company such as Dow AgroSciences, DuPont, or Monsanto. Career path #3: International aid and development organisations Resource allocation isn't only a problem in developed nations. In fact, it's an even more pressing issue in developing countries. So if you feel a strong desire to help better the world with your knowledge, you might enjoy a career in an international aid or development organisation. Careers in these kinds of international organisations are suited to people who have strong language skills, and strong business skills can be a plus too. Knowing how to set a budget or to create a successful advertising campaign will be an excellent boon to your career. You will need a certain temperament for this work too: it can take a long time to get a project off the ground in an international setting, so you'll need to be patient. You'll also need to be culturally sensitive and capable of balancing the needs of different groups of people. You could find a career in an organisation such as the World Bank, The US Agency for International Development, or the USDA Foreign Agricultural Service. For lots more careers advice for economists, including job listings for all types of economic specializations, take a look at our website.
If you're studying economics, there are all sorts of specialities that you could look into. When you're thinking about what you should like to take care of, you should look at your specialization.
Public Economics & Economic Policy (JEL H)
Agricultural and Environmental Economics (JEL Q)
Top Career Paths for Urban, Rural, and Regional Economics
<11an>limit:2;categories:jobs|courses|conferences;disciplines:Urban, Rural and Transportation Economics (JEL R)|Agricultural and Environmental Economics (JEL Q)</11an> Read on to find out more about career paths which are open to you: Urban Planning Urban planning involves the developing and assessment of land use within cities, looking at factors like zoning, environmental impact, housing, the preserving of historical buildings, the provision of public utilities, the creation of public spaces and amenities, and transportation. With more and more people all over the world moving from the countryside into cities, urban planning will only become more vital over the next years. Urban planners use methods including surveys, market research, census data, and environmental studies to propose policies and concepts regarding land use in cities. This work is extremely interesting for anyone who loves cities and wants to improve people's quality of life in direct and measurable ways. Regional Planning Related to urban planning is regional planning. Rather than focusing on just one city or urban area, regional planners are responsible for the planning of transport, amenities, zoning and so one over larger geographical areas. This type of role is particularly important in impoverished rural communities, where residents often lack necessities like reliable public transport, fast internet connections, accessible healthcare and education, and other community support and facilities when compared to urban residents. Many governments now hire regional planners as well as urban planners, and may even have coordinators who are responsible for the planning of these issues across an entire country. Real Estate A different career path that you might consider with a background in urban, rural, or regional economics is in real estate. With a knowledge of what makes an area desirable and what programs most improve quality of life for residents, you can predict which properties will be desirable and which will sell well. Real estate can be a cut-throat business, but at the higher end of the market, it is more customer-focused and about finding the right property for the client. Advantages of working in real estate include often flexible working hours, though being expected to work in the evenings or at weekends can be a problem for some people, especially those with young families. International Program Manager Another option to consider is working for an NGO or international organisation such as the UN as an international program manager. This role involves the administration and oversight of an entire program when it is put into place in a foreign country. For example, the UN might start a program to increase literacy in an area with limited formal education by supplying teachers and materials and by building schools and arranging for transportation for people to attend. The program manager would oversee this work, coordinating with local and government officials to make sure that the project is completed. This kind of work can be extremely personally rewarding and offers the opportunity to travel to new places and to experience the way of life in different countries. Agriculture Finally, an area to consider working in is agriculture. In some agriculture-focused countries, such as Australia, there are many programs and policies in place to support farmers and to find ways to make a country self-sustaining in terms of producing enough food to feed its population. With a background in urban, rural, or regional economics you would have the skills required for the management of such agriculture programs, and the knowledge of policy to see what works. For lots more career advice for economists, including other top career paths articles for different specialisations, plus study advice, job listings, and much more, check out our website. You'll find plenty of information about academia and careers for all areas and subjects there, with a special focus on economics.
Are you currently working on a degree in urban, rural, or regional economics? Are you thinking about what possible career path you could follow once you graduate? If so, then today's article is for you. Previously we're shared articles on top career paths for other areas of economics like macroeconomics or economic law, but today we're focusing on urban, rural, and regional economics.
Urban, Rural and Transportation Economics (JEL R)
2018 Economics Job Market Scramble for New PhDs
With the PhD recruitment season coming to an end, there are still institutions and candidates who have not yet found a suitable offer. As a nice addition to your job hunt on INOMICS you should consider participating in the Economics Job Market “Scramble”, especially if your career goals lead you to North America. As the primary recruitment phase closes in February and March, it is difficult for both employers and candidates to determine available positions on either side of the job market. In order to improve job market transparency and to help identify available candidates, the American Economic Association (AEA) sponsors a “scramble” toward the end of the job market season. The main goal of the Economics Job Market "Scramble" for new PhDs is to increase the chances of matching prospective employers and job candidates who remain unmatched during the recruitment season. The job “Scramble” consists of a website in which candidates and employers can advertise their availability for new offers. 2018 Job Market Scramble in a Nutshell: Available only for candidates who have not yet accepted a job offer or employers with remaining unfilled positions Candidates holding a job offer they have not accepted may participate in the scramble. It is advised to discuss the situation with advisors and placement director prior to joining the scramble Candidates will be asked to fill in their profiles, so they have all documents ready for registration Participation for candidates is free. For participation requirements for prospective employers, please visit the AEA website The scramble website is not updated, the information is static reflecting content added up to deadline for registration. Registration: available until March 21 at 5:00 p.m (EDT) Open for participants: March 23 - April 10. If you are interested in getting to know more about the 2018 Job Market Scramble, please visit the following website: https://www.aeaweb.org/joe/scramble/. Visit INOMICS to find new PhD jobs every week. Remember to subscribe to the INOMICS Email Alert to receive the latest PhD jobs, training courses and conferences to help you achieve your career goals. For lots more information for economics students and others, see these articles: >> Top PhD jobs listed on INOMICS >> Courses To Boost Your Job Market Prospects >> Top 10 Economics Journals >> Top Economics Podcasts >> 30 Top Twitter Feeds in Economics and Finance >> What to Do With Your Economics Degree: Career Paths for An Economist >> Top Economics Think Tanks and Research Institutes in the US
You can look at resources like Plamen Nikolov's writing tips for more information, or check out our top 10 tips on writing economics papers below. 1. Use a professional, factual tone The manner in which you write should be based on objective facts and should be impersonal. You shouldn't write like a journalist or an opinion piece author – you are not trying to persuade the reader with your tone, but rather with your facts. 2. Use the present tense This one differs between fields, but in economics, it is typical to use the present rather than the past tense. So you should write “Smith finds that...” rather than “Smith found that...” This also applies when you are writing about yourself, such as “This paper attempts to show...” <11an>limit:3;categories:Conferences;disciplines:Economics</11an> 3. Use short sentences People often pick up the bad habit of using too-long sentences, thinking that they sound more knowledgeable or sophisticated. Instead, they just make life more difficult for the reader. Use sentences which are short and to the point. When in doubt, split a longer sentence into two to make it more readable. 4. Use the active voice, not the passive voice A habit of some science disciplines has leaked over into other subjects: using the passive rather than the active voice. For example, when describing an experiment, a science article might say “Effects were measured with a reader and the range was calculated.” But this is used less frequently in economics. Instead, use the active voice, for example, “We modelled the effects and used the model to make predictions.” 5. Use “I” and “we” correctly Another habit of scientists is to avoid the first person, and on the rare occasions that it is used to tend towards using “we” rather than “I”. This makes sense given how common it is for scientific research to be performed in large groups. In economics, however, you should not be afraid of the first person, and use “I” and “we” literally. If you did something yourself, use “I”, if it was as part of a group, use “we”. 6. Dates for citations go in brackets Again, this differs between fields, but in economics, the norm is “Smith (1970) finds that...” rather than “Smith found in a 1970 paper that...” 7. Use footnotes If there is extra information which you've found and think to be interesting and of value to the reader, but isn't directly connected to your argument, then put it in a footnote. Do the same with extra details or very in-depth information which is not necessary for the understanding of your argument, but is useful as a reference for the reader. 8. Avoid jargon Another common writing mistake among undergraduates is a tendency to use too much jargon or highly technical language. Students sometimes think that this will make their writing seem more professional or more respectable. But in fact, jargon is an annoyance to the reader and is almost always unnecessary. Use clear, simple terminology instead. 9. Know when to cut Yet another bad writing habit that many people develop at school is the habit of always writing more words. Schools often set homework assignments of at least a certain word count, and this trains students into padding out their essays. In a university context, however, you are much better off being brief and accurate than you are adding a lot of filler words. Cut down any repetition or unnecessary fluff from your essays to make them short and better. 10. Read economics paper and mimic the style The very best way to learn the style of any field is to do plenty of reading within it. Note the writing conventions of articles in economics journals and try to mimic their style.
If you're a student and you're new to the subject of economics, then you might need some assistance with learning how to write in a style which is appropriate for the field.
Experts Talk: An Interview with Dr. Mark Thoma
For the second installment of the INOMICS series Experts Talk, we interviewed Dr. Mark Thoma, who teaches macro and time-series economics at the University of Oregon. Dr. Thoma also maintains the very popular fiscal policy blog Economist’s View (which is also hosted on the EconoMonitor), is a columnist for the Fiscal Times and has previously been a contributor to dozens of top publications including Forbes, The Economist and The New York Times. After earning your BA in economics and statistics you went directly on to earn your PhD in economics as well. What made you interested in the field initially and what motivated you to pursue an academic career as an economist? When I was in high school, the inflation problems of the 1970s were beginning. I remember asking my parents what caused inflation, and their answer was that they didn’t know. The inflation problems, the gas lines at service stations, and so on heightened my interest in these issues, and probably helped to lead me into monetary economics, one of my specialties. But there were other factors as well. When I took Economics 1, the instructor wrote on my final “you should major in economics” and that encouragement made a big difference. The course itself used a text called “The Economics of Social Issues” and I really liked the way economics gave us insight into those types of problems. I was good at math, so it seemed easy to me, and that helped too. I had worked in tractor stores in the small farming town I grew up in while in high school, and also in college, and I really didn’t like the 8-5 workday routine. It just didn’t suit me. The freedom that academics offered was much more attractive and that was a major reason I decided to pursue a Ph.D. My plan was to teach somewhere, take summers off, etc. and have lots of free time, but once I got to graduate school I realized I liked the research side of the discipline quite a bit. So, instead of having lots of leisure as I initially planned, I ended up in the “publish or perish” world where free time was a luxury. But I’m glad I pursued that route, and that I could teach Ph.D. courses. During graduate school I decided that I didn’t want to go to a place where there were only undergraduates, and you teach the same few courses again and again throughout your career. Teaching graduate courses allows you to continue to grow, to use math in all its glory to illustrate concepts, and so on. How has your perspective as an economist changed over the years in light of socio-political shifts in the United States? I embraced the economics is science view for many years, and believed that the profession as a whole embraced the idea that ideology had no place in the advancement of economics. However, in recent years as I’ve watched the reaction to rising inequality, issues involving social insurance, taxes, etc. I have become much more sympathetic to the idea that important elements and people within the profession are highly ideological. In a piece for the Fiscal Times, you state that alongside Thomas Piketty’s argument that capitalism breeds inequality, you’d argue that politics and policy have a large impact on the distribution of wealth as well. Are there major points on which your views diverge from Piketty’s? I am much more sympathetic to arguments that inequality arises from market failures that lead to a “mal-distribution” of income than Piketty. For example, when a firm has monopoly power, it affects how income is distributed – it no longer satisfies the idea that each individual should be entitled to the fruits of his or her own contribution to the production of goods and services that are valued in the marketplace. As for politics and policy, I believe that the accumulation of wealth arising from the mal-distribution of income has allowed the political process, and hence the rules, laws, and regulations that come from it, have been largely captured by those with the most economic power. Economic power leads to political power, and that tilts the scale in favor of those at the top of the income/wealth distribution. Piketty has similar worries, but as I noted above I believe I am more sympathetic to the idea that the concentration of wealth is due to market failures than he is. Do you think there will be a noticeable shift in the way economics is taught in light of the global recession and the notoriety of work like Piketty’s? I believe that there will be a shift in emphasis that brings theoretical issues about the distribution of income to the forefront (For example, is Piketty’s formula r-g that determines the distribution of income valid always and everywhere, and if not, what are the exceptions and how important are they? How is the formula derived?) But the tools and techniques known collectively as dynamic stochastic general equilibrium (DSGE) models will not change anytime soon. The tools will be applied to different questions, for example the connections between financial intermediation and real economic activity are being explored much more in depth than prior to the crisis, but the tools themselves will not change. It remains to be seen if DSGE modes are up to the task, and if not something will replace them, but for now the tools and techniques of DSGE models will be the primary mode of analysis. One more thing. It would be nice if economic history was emphasized more as a result of the Great Recession, but the amount that students have to learn to be competent at DSGE modeling, microeconomic models that provide the foundation of modern macro, econometric tests of those models, and all the math that goes along with it leave little room for economic history. The lack of knowledge about economic history was costly in the most recent economic crisis, and it will probably be similarly costly when the next one comes along, as it surely will. What inspired you to start your blog? I was disappointed in the way economic issues were being reported in the run-up to Bush’s reelection, particularly the often heard claim that tax cuts pay for themselves, and the reporting on social security privatization. My first reaction was to write several letters to the editor in the local paper, then three op-eds on economic issues, and one day in March of 2005 I started a blog on a whim (I had come across economics blogs in doing research for my first op-ed on social security). I didn’t expect it to ever be much more than a place to state my views, I hosted the pictures on a desktop server that could only handle ten connections at once, but somehow it caught on thanks in large part to Brad DeLong and Paul Krugman. You not only run a very well respected econ blog, you also contribute to The Fiscal Times and write guest pieces for many other top sites. How has blogging impacted your professional and/or personal life? It takes quite a bit of time each day to run the blog. I didn’t start it until my kids were all in college or beyond so I had lots of free time to do it and it didn’t impact my time with them. But it has crowded out some of the recreational things I did before it started, and it has made it much more difficult to conduct academic research. For that reason, I would not recommend it to graduate students, or professors still struggling with the tenure and promotion process. Some people can handle it, but for many it crowds out too much of the work that gets rewarded in academia. You’ve been a professor since 1985. What is one piece of key advice you give to students interested in pursuing a career in economics? Take all of the math that you can. Very few graduate students fail because they don’t understand the economics, it’s the technical requirements that are the stumbling blocks. What is your favorite course to teach? Has this changed over the years? When I was younger, my favorite course to teach was time-series econometrics. But as time has passed, I’ve come to like monetary theory and policy much more (at both the graduate and undergraduate levels). I like both the theory and the fact that it allows us to use the tools and techniques of monetary theory to examine important policy questions. In recent years, due to the financial crisis it has been really fun to teach, and students are very interested in understanding the Great Recession. If you could start over and pursue an entirely different career, would you do it? What would it be? It would be something involving math. I have always been really interested in physics, but I think I would end up in electrical engineering (which shares a lot of technical material with macroeconomics and time-series econometrics). I took a graduate level electrical engineering course on stochastic processes during my time as a graduate student, and really liked the material. If you had the chance to have dinner with three economists, living or dead, who would they be and why? Tough question. I would like to hear a debate between Milton Friedman and John Maynard Keynes on the role of monetary and fiscal policy in responding to recessions. I would also like a chance to ask Keynes how well modern version of Keynesian economics accord with his views. An historical figure such as Adam Smith, David Ricardo, Thomas Malthus, John Stuart Mill, Karl Marx, John Bates Clark, etc. would be an attractive third. It would be great to have Adam Smith, for example, participate in the debate between Friedman and Keynes over how and when the government should intervene to stabilize the economy or correct market failures. But I would also be tempted choose Paul Krugman. It would be a chance to thank him – as I’ve done in person with Brad DeLong already – for all he has done to make my blog so popular. Photo Credit: larspsyll
In this interview, Dr. Mark Thoma discusses his dislike for the 8 – 5 lifestyle, his lifelong love of math, the importance of economic history and why he’d like to have dinner with Milton Friedman, John Maynard Keynes and Adam Smith, among other topics.
Top Tips for Students: How To Write an Effective Personal Statement for Your University in the UK
Follow the standard format There is an accepted format for personal statements, and while deviating from the format might be required in some unusual cases, it's usually best to stick with it. The format is as follows: Talk about why you want to study economics and if there is any particular subfield which you are drawn to. Do you want a career in economics? Is there a particular organisation that you'd like to work for or a role that you think you'd be perfect for? Talk about why you would make a good economics student, including the relevant courses you've taken and any non-academic reasons that you'll be suited to the subject. You can also talk about how you can contribute to the university more broadly – such as through music, sports, or debate clubs. Show your interest in economics by talking about the books, journals, or newspapers that you have read and talk about the questions that they raised for you about the subject. What about these books made you want to study economics more? Demonstrate your competence by describing your work experience or voluntary experience which is relevant to economics. If possible, talk about direct results that you achieved: for example, that you volunteered for an economic justice NGO and that you were able to bring in a certain amount of money in fundraising, or that you improved a process by a certain percentage. Talking about achievements is preferable to describing your job duties. List any prizes or awards that you have received. This can be things like school prizes, Duke of Edinburgh awards, or participation in Model UN events. Don't talk in sweeping generalisations Many students make the mistake of being enthusiastic but non specific. “Since I was young, I have been fascinated by economics and have wanted to study it in depth!” is not a very meaningful statement on its own. To support such a statement you need to give evidence of your enthusiasm, by talking about specific courses you took, books you read, or activities which you participated in. Pick one topic and discuss it in depth It's all too common to see personal statements which include a long list of economics-related publications which the student claims to read regularly, in the hope that this will make them appear to be in touch with the field. Frankly, this is not very convincing, as there are not many 17 year olds who willingly read every single issue of the Financial Times, the Economist, and The Economic Journal from cover to cover. It's better to pick one recent article on an economics topic and to discuss it in detail. Maybe you were inspired by this year's Nobel prize winner in economics and want to talk about the winner's area of research. Or maybe you saw an economics-related article in a newspaper or magazine and it caught your interest. Perhaps you've got something to say about the relationship between economics and politics when it comes to a particular policy? When it comes to demonstrating your interest in the field of economics, don't try to claim that you know everything already or that you've read every key text in the field. Instead, pick one topic which is meaningful to you and write in some detail about your opinions on this topic and why it appeals to you. Proofread your statement and ask for feedback Obviously, you want your statement to be free of typos and errors in spelling or punctuation, but it's actually extremely difficult to proofread your own work. Once you have written your statement, ask a trusted teacher, parent, or advisor to proofread it for you to check for small errors. Also, do ask for help from teachers or lecturers, especially if they work in economics themselves. They can give you pointers to improve your statement – just make sure to start writing it early enough that you have time to incorporate their feedback.
If you're applying to study economics in the UK, you'll have to prepare a personal statement which will be used to assess your application along with your grades and other materials. Here are our tips on writing an effective personal statement.
How to Connect With Other Economists in Your Field
Twitter Twitter is one of the most popular social networks among academics. Although the 140 character limit on tweets can be a real challenge, as it's hard to distil down complex information into simple sentences, this is part of the reason that it's such good training. Being able to describe new findings in your field or to put forward arguments in this extremely limited space and still have them be comprehensible to the public is an extremely useful skill. To get started on Twitter, you can sign up for a free account and start tweeting short thoughts about your field, or sharing links to interesting news items. The communication style tends to be quite casual, so you can feel free to make jokes or light hearted comments in between the more serious posts. Find other economists and follow them, then you can share their tweets to your timeline using the retweet function. You can also reply to tweet to engage in debate or discussion with other economists. Facebook Although it is not a professionally-oriented social network, Facebook can still be a useful resource for an economist. This is particularly true if you're a current student or recent graduate, as you can join your university group and find other people in your area who currently or previously studied economics there. You'll also find professional groups for networking, advice, or sharing frustrations. Sometimes these groups will be private, meaning that you'll need someone who is already a member to refer you in order for you to access them. But if you can gain access, you'll find benefits from immediate contact with an instant network for information and more. Blogs A different method through which you can connect with other economists is through online blogs. Many academics and researchers run blogs in which they detail their latest findings and their thoughts about the field. As well as being fascinating reading, these blogs can help you make contacts. The comment section of articles will often host lively debates and discussions in which you can raise issues you think are relevant. You could consider starting a blog of your own, which other economists and the public can read. You could also do guest posts or join a group blog if you don't have the time to dedicate to running an entire blog yourself. Networks like the Science Blogs network bring together blog writers from various disciplines to share exposure. LinkedIn Although it's mostly associated with corporate networking, LinkedIn can still be a useful network for an academic economist. You can list your places of work and your CV on your profile, so that anyone can see your work history and decide if they might be interested in hiring you. You can also make contacts in industry, which can be helpful even if you are planning to stay in academia – you might need to pass on recommendations for a student, for example, or to invite industry personnel to join you at a conference or event. Specialist academic social networks: Academia.edu, Mendeley, FrontiersIn Finally, several social networks exist specifically for academics. The one most commonly used by economists is Academia.edu, which allows you to upload your recent journal papers and connect with other academics. Another site is Mendeley, which is primarily a tool for building reference lists and bibliographies, but also includes social networking elements. And then there's FrontiersIn, which is mostly oriented towards science but may be useful for those working in certain areas of economics such as econometrics. Will all these tools, you'll be able to connect with other economists to learn more and grow your career.
So you know that getting to know other people in your field is important, and that you need to network when you attend a conference. But what about the rest of the time? What websites can you use to get in touch with other experts in your field? Here are some ideas:
Top 10 New Year's Eve Parties for Students Around the World
Amsterdam: Dam Square New Year's Eve in Amsterdam is a fun, calm, well-organised affair – not the wild mess you might expect from a city with a reputation for its open-minded laws. The local council puts on firework displays all over the city, and in Dam Square there is also live music and a large stage with celebratory hosts and guests. The atmosphere is friendly and relaxed, and the event is entirely free for the public. Las Vegas: Downtown Countdown Huge numbers of Americans descend on Las Vegas for New Year's, to enjoy the gambling, the drinking, and the party atmosphere. Downtown Countdown is one of the biggest events in the city, including live entertainment, fireworks, and light shows. This big, bustling event is sure to be wild, as long as you can get yourself to distant Nevada! London: Fireworks on the Thames For those braving London during NYE celebrations, prepare for serious crowds and a whole lot of people everywhere you go. Bars, pubs and clubs are famously expensive for this night in the capitol – even more that usual. So for students, getting together to watch the cheap public fireworks over the river is a far preferable option – the Thames never looks better. Just remember that if you want a good view, you'll need to get there seriously early! And you'll want to pack your own snacks and drinks too. Barcelona: Placa Catalunya New Year's Eve is generally more of a family celebration in Spain that in other parts of the world, where people will eat dinner together and the head out to the bars and clubs after midnight. But there's also always a party spirit in big local meeting points like Placa Catalunya in Barcelona where people meet to ring in the new year together. Tokyo: Shibuya crossing Lots of Tokyo locals spend NYE at home with their families, but if you're visiting there's still lots to do. You can join the countdown crowds at Shibuya crossing, and there's a huge public party at the famous Tokyo Tower. In Japanese tradition, it's more important to watch the sun come up on the first day of the new year than to count down to midnight together. So pace yourself and get ready for a long night of celebration! The best place to be for NYE in Berlin is out on the street, chatting to randoms and dodging the fireworks which get thrown around in all directions. The biggest street party is at the famous Brandenburg Gate, stretching out into the park to make room for the approximately one million people who come here to celebrate. In true Berlin style, the party lasts all night and long into the next day. Prague: Old Town Square Prague is a popular choice among Europeans for New Year's – it's cheap, lively and has options for quiet romantic celebrations or big wild parties. There are lots of fireworks all over the city, but there's a particularly beautiful view over the river. Alternatively, the Old Town Square is a favourite viewing spot among locals and gives you a real Czech party experience. Miami: Party on the Beach Warm, balmy weather even in December and a great party scene makes Miami the perfect place to celebrate New Year's on the beach. There are tones of local restaurants to eat out in before heading to see the fireworks at South Beach and catching the live music where you can dance on the sand all night long. New York: Times Square Maybe the most famous party of them all is in New York's Times Square. With its lights, music, and huge crowds of revellers, the celebratory atmosphere runs high. There's the famous ball drop at midnight, and every year a great selection of live music acts. For those who want to party with the world watching, New York is the place to be. Rio de Janeiro: Copacabana Beach What may be the biggest New Year's party in the world is held on the Copacabana beach, where more than two million people gather each year. People come together to drink champagne, watch fireworks, and to toss flowers into the sea as a tribute to the sea goddess. Tradition dictates that wearing white for the evening will bring good luck, but wearing black spells misfortune for the year ahead – so leave the black tie at home! Wherever you end up spending your NYE, we wish you happiness for the new year!
With the end of the year in sight, it's time to start planning your New Year's Eve parties! We're here with suggestions for 10 of the best NYE parties for students around the world.
The Economics of Christmas Songs: When to start playing Jingle Bell Rock?
Each year, it feels like it comes earlier. You find yourself humming along to ‘Jingle Bells’, or perhaps it’s ‘Feliz Navidad’, maybe even ‘Jingle Bell Rock’. Christmas is usually one of the most important retail periods of the year, and Christmas songs play an important role in boosting sales. Stores start to play Christmas music to remind us that the holiday season approaches, and that it’s time to start buying presents for loved ones. But the timing of when this happens is very, very important. Radio stations and streamer servers have also realised the potential of Christmas songs, and how crucial the timing is. These songs are a special breed – songs that people cringe at for 11 months of the year, but for a limited amount of time they become the most in-demand songs there are! Judging the right time to start playing holiday music is a careful decision. As this blog post on The Dow of Christmas Music argues, top Christmas songs have a market of millions of radio and streaming listeners, and are a ‘major source of ad and streaming revenue’. Recognising this, starting in the 1990s, a vast number of radio stations begin switching to a constant line-up of Christmas songs. This year, the first station made the move to Christmas songs on October 24th. It would seem that the trend is becoming earlier each year, and as this post demonstrates, Christmas song season is becoming gradually more and more data driven. It has also been argued in this blog post on Psychology Today, however, that Christmas music does not increase sales, but rather – it hurts them. So it would appear that (as always) there are arguments on both sides! Many claim that they don’t like Christmas songs – probably mostly economists. A 1993 paper in the American Economic Review on The Deadweight Loss of Christmas would seem to be a testament to a spoiltsport economics approach to Christmas. But it doesn’t have to be all bad – there are a lot of interesting takes on Christmas songs and the economics of Christmas. For example, this blog post on the INOMICS blog has a useful list of economic approaches to the festive holiday season. So, if you’re feeling the Christmas spirit and would like a distinctly economics take on Christmas songs, this post and this video are just a couple of examples of the myriad of funny economics Christmas songs and parodies available for the economics enthusiasts among us. And if you’re having trouble resisting the distractions of Christmas at work or while studying, have a look at our tips on staying motivated during the holiday season!
It happens every year. As you’re walking through a shopping centre, a store, or perhaps a supermarket, you hear a Christmas song, and you know it’s the beginning of the buying frenzy that leads up to Christmas.
2017 Nobel Prize in Economics awarded to Richard Thaler
Professor Thaler is currently the Charles R. Walgreen Distinguished Service Professor Of Behavioral Science And Economics at Chicago Booth, the University of Chicago School of Business, and has previously worked at the SC Johnson College of Business at Cornell University as well as acting as the co-director of the National Bureau of Economic Research Behavioral Economics Project since 1991. The Nobel prize was given to Professor Thaler for his foundational work in behavioural economics. He combined insights from the fields of economics and psychology to show how human psychology affects both individual decisions and market outcomes. His work in behavioural economics has been on three primary topics: limited rationality, social preferences, and lack of self-control. His research into the topic of limited rationality looked at how people make financial decisions, and why it is that people make decisions that seem to be against their best interest. For example, why do people choose to satisfy short-term cravings instead of working towards long-term goals? He found that people tend to create a simplified and separate account in their mind for each decision, and to make decisions based on that account rather than considering the larger consequences of any given decision. This work has lead to the development of what is termed the mental account theory, which has changed how economists think about the rationality of decision making. The second of Thaler's main topics is social preferences, and the concept of fairness in particular. The idea of fairness applies to economics in terms of what kind of pricing consumers find acceptable from businesses. For example, consumers tend to be accepting of price increases in goods which are due to rising costs of materials or manufacturing, but they are not accepting of price increases due to high demand. Consumers find it fair to raise prices if materials become more expensive, but if a company raises prices because demand is high, consumers see this as unfair and as taking advantage. Thaler and colleagues researched the ways in which concepts of fairness differ in different societies around the world. The third topic, lack of self-control, was analysed using the planner-doer model, which differentiates long-term planning from short-term action. Humans tend to default to the short-term doing reactions rather than long-term planning, however, it is possible to change this. Thaler coined the terming “nudging” to refer to the giving of small suggestions or interventions in order to encourage people to consider their long-term needs. For example, nudging people to save for their pensions by making the contributions automatically deducted from their income rather than something they have to actively set aside makes people save more consistently. This is the area for which Thaler is best known by the public, thanks to his popular book Nudge: Improving Decisions about Health, Wealth, and Happiness which explains how these concepts can be applied to social decision making. These three areas of study are not only important and socially relevant in their own right, but the combination of them also laid the foundation for the development of behavioural economics as a field. The bringing together of the disciplines of economics and psychology was driven by Professor Thaler's theories and his empirical findings, and it is for this foundational work in the field which he has been recognised by the Nobel committee. If you'd like to learn more about the Nobel prizes, then have a look at our post from last year about the 2016 Nobel Prize winners. Photo Credit: Flickr @Chatham House
The Nobel Prize for Economics, the most prestigious prize in the field, has been awarded this year to American economist Richard Thaler. The prize, fully titled The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was announced by The Royal Swedish Academy of Sciences and will be awarded in a ceremony in Stockholm in December.
5 Effective Ways Professors Can Build a Personal Brand
If you’re on social media or posted a blog, you might already have started building a brand and didn’t realize it. Now’s the time to take control of your brand’s direction. Rome wasn’t built in a day and neither will your brand, but here are five tips to get you started. 1. Build an online presence Google yourself. What do you find? The most important thing you need to build your personal brand is an online presence. This means a developed website and a few social media pages. Your website should include your credentials, a photo of yourself, links to places your work has been published, your best content and links to your social media. Building a site can be tricky, but there are free tools such as Weebly if you need help. Various templates are available from which to choose, and chat and email support also is available. One of the first things students do when they get their class schedule is Google their professors, which is why it’s important to have a website and active social media pages. You want students to feel excited about taking your class because they know you are the authority on that topic. Having a strong online presence will help you establish yourself as a thought leader in your field, which only makes your brand stronger. 2. Be consistent It’s critical to have consistent messaging, colors and logos across all of your mediums when building your brand. Really think about your choices for color and design. Make sure your logo and other images will transfer well to social media. Sometimes, designs don’t look as good when the size is reduced to be a social media profile picture. There are many tools out there that can help with logo design, but if you aren’t sure of what you are doing, it’s best to go seek out the help of a professional. Better yet, look for a print designer who is also experienced in logo design. They’ll help you design a logo that will look great on everything from your business cards and stationary to your website and social media pages. 3. Create content It’s important to create content based on your platform and your audience. It’s likely you’ll reach a majority of your students through social media, while many of your colleagues will be reached through your website and other published work. Be mindful that everything you post whether it’s a tweet, share or status update, contributes to your personal brand. Content should not be limited to blog posts, though. You can record lectors and post them for students who might have missed class or just need to go back and hear something again. Your students are more likely to pay attention to videos or other digital experiences, which will help create a deeper connection to your brand. Always encourage your audience to engage with you at the end whether it’s by leaving a comment or taking the conversation to social media. 4. Be a guest speaker As a professor, you probably have a good handle on public speaking. Which is why it shouldn’t be hard for you take your work on the road and become a guest speaker. Speak with the same confidence as you do in the classroom, and keep an open mind when it comes time for questions and comments. The more events you speak at, the more your credibility as an expert on your subject grows. You might have to start at smaller speaking engagements first, but you could be invited to bigger events such as conferences and seminars as you continue to build your brand and get your name out there. 5. Become a guest author Becoming a guest author is just as valuable as guest speaking but with less travel. You gain credibility and increase your brand awareness when your work is shared on other sites or by other influencers in your industry. You also can write guest articles or editorials for newspapers and magazines. This could put you on reporters’ radar who will call you when they need an expert source for your field, which in turn will give you more exposure to build your brand. Be sure to share the links to your posts on your social media and website. You also should let your department head know about any of your featured work should your institution want to mention that in an alumni or student newsletter. Guest posting also allows you to network with others in your field and raises your search engine value, which extends your reach. At the end of the day, your brand needs to be authentic and reflect you. Building your brand won’t happen overnight, but if you follow these tips and keep at it, you should see results.
Brands? Aren’t those for corporations and businesses? Not anymore. Building your brand is about what people think of when they think of you. As a professor, you represent your institution, but you also want to work on your personal brand. Having a reputable brand can help you advance your career whether it’s in academia or not.
For researchers who are thinking about moving into industry, there are a huge range of employment possibilities outside of academia. The advantages of such a move may include greater job security, better pay, greater opportunities for career progression, and a more goal-oriented research culture. But the culture of business can come as a shock to those who have spent all their work time in universities. If you're thinking about making the switch from academia to industry, we're here with some advice on how to find and apply for the position which is right for you, and how to manage the transition into the industry world. Transferable skills The first step in finding the industry career options that would suit you the best is to identify the skills you've acquired in academia, and to see how these skills could be transferable to an industry setting. Those who have a background in academia almost certainly have excellent writing skills, critical thinking skills, and the ability to review research literature and write reports on it. Depending upon your specific field, you may also have data analysis experience, mathematical and statistical expertise, programming knowledge, and oral presentation skills. All of these will serve you well in an industry context, so identify you particular areas of strength and look for job opportunities which focus on these skills. Networking and advertising yourself In order to hear about industry opportunities and to let employers know that you're available for hire, you need to make use of your professional network and to promote yourself as a professional presence. Some academics can be a bit squeamish about networking or self promotion, but it is an essential part of job hunting and need not be an unpleasant experience. You should ask around your friends and colleagues about any positions which they are aware of, particularly if you've worked with them in the past and they can give you a recommendation to an employer. You should obviously update your CV, but also consider writing a blog or white paper on topical issues in your field, and getting active on social media sites such as Twitter or LinkedIn. Show industry employers that you have unique knowledge of your field which can benefit them. Finding opportunities In order to hear about the latest opportunities in industry, you'll need to expand your job searches beyond the bounds of academia. As mentioned above, networking is important to help you hear about jobs through word of mouth. You can also search online, making use of websites which post listings of job opportunities as they arise. However, don't forget to check email mailing lists as well – often being on the right mailing list will allow you to be among the first to hear about new positions. Also consider the time of year at which you undertake your job search. Summer is generally the slow season, with fewer projects being started or hirings being made. So you may have more success in your job search if you focus on spring, autumn or winter times. Business culture It's important to remember that there are significant cultural differences between academia and industry. Industry tends to be more formal than academic settings, so bear this in mind when you attend a job interview. Industry typically promotes more formal attire than academia, so leave the corduroys and trainers at home and opt for a suit or a shirt and smart trousers when meeting prospective employers. Also, don't be afraid to sell yourself. Speak with confidence and be prepared to offer evidence of your skills and abilities. Having extensive academic qualifications is an advantage to help you get to an interview stage, but you need to show employers that you can apply those skills to real-world problems. Consider putting together a portfolio of projects that you've worked on, such as the successful completion of a research project or a conference which you organized. This way you can show the concrete successes that you were able to produce and demonstrate your abilities to employers. There are some great advantages of switching to industry for researchers, so we hope these tips serve you well in your job searching.
This article was featured in the INOMICS Handbook 2017, a new career guide for Economists. Download it here.
How To Get An Academic Job After Finishing Your PhD: A Mini Guide To Academic Job Search
When you're about to finish your PhD, it can be hard to know where to start looking for a job. If you want to stay in academia, then you'll need to find a postdoc position after you've finished your thesis and defended it. Today we're sharing this mini guide to finding an academic job and some tips on how to handle the process. Fellowships, grants, and other sources of funding For maximum autonomy and security, one of the most preferable options available to those who have finished their PhD is to secure their own funding. That means that you apply directly to a governmental or other organisation to obtain funding for your project idea, and if successful, the funding is allocated to your project and to you personally. The advantage of this is twofold: firstly, you can choose exactly what topic to research, and whatever methodologies or approaches that you think will be effective. There is great intellectual freedom in being able to set the course of your own research. The second big advantage or having your own funding is the security which it offers. If you have funding, you will be in high demand and many departments will be happy to host you as a postdoc. You can pick the institution which best suits you and your project. Also, if things are not working out as you would wish at your institution, or if you decide to move to another city or country, then generally you will be able to transfer your funding with you. Knowing that you have 2-5 years of funding guaranteed frees you from financial stress and allows you to concentrate on your work. Finally, it is worth noting that having secured your own funding is highly regarded by hiring committees, as it demonstrates an ability to be successful in grant applications. Having won your own funding will be a great strength on your CV when you come to apply for other academic roles in the future. Finding a fellowship You will find fellowships and other kinds of postdoc funding offered by governmental organisations, professional groups, and charities and non-profits. However, as this type of funding is so desirable, there are often a large number of applicants per grant available. The process of applying for the funding and having your application assessed can also take a long time – up to six months in some cases. For these reasons, it's a good idea to start applying for funding early, either before you complete your PhD or soon after. The application process for fellowships generally involves you first thinking up an idea for a project, preferably a project which is a natural extension of your PhD work. That way, you can demonstrate to the funders that you have already acquired the necessary skills to perform the project during your PhD, and show that you are an expert in your topic. For most applications you'll need to produce a research proposal outlining your project idea, along with other documents like a statement of your interest in the work and a description of how your project fits into the aims of the funding organisation. It's common for researchers to think up a project and then to use that one project as a basis for applying to a number of different fellowships. So once you have done one application, you can modify the materials which you have created for your other applications too. You can find lots more information about this in our guide to applying for a postdoc grant or fellowship. Applying for advertised postdoc positions Another option for academic employment after the PhD is to apply for advertised positions. When professors need support in planning and performing their own research, in teaching undergraduates and masters students, or in supervising PhD students, they will advertise for postdoc positions. You can find advertisements for such positions on university websites and academic job portals – take a look at the postdoc jobs section here on Inomics, for example. You should also check the websites of professional organisations for your field, where there may be information about currently hiring positions. A useful way of hearing about new postdoc jobs as soon as they become available is to sign up to email mailing lists for university departments or for specific academic topics. If you're hoping to land a postdoc position, however, you shouldn't limit yourself to searching online. It's also helpful to get the word out to your professional network that you are looking for a work. Former colleagues, supervisors, lecturers, and your fellow students may know of opportunities that would suit you, and may be willing to pass your name along to the hiring professor. Having someone who knows you and your work recommend you for a position can be a great advantage in helping you to get hired. You should also be on the lookout at conferences, lectures, and other academic events. If you know that there will be someone attending who you are interested in working for, do go and introduce yourself to them and let them know about your work. Take a look at our guide to networking in academia for more tips about this. Typically, postdoc positions are fixed-term contracts of around 2 years, meaning that after the end of the contract period you will have to find another job. You may have to be willing to relocate in order to find the postdoc job that you want. If you are willing to move around your country, or even to move abroad, then your chances of securing a position will be higher. Other Types of Academic Jobs As well as fellowships and postdoc positions, there are other available jobs within academia for those who have completed a PhD. Typically such positions will involve teaching, technical work such as configuring research equipment, or possibly some amount of administrative work such as setting and marking exams. The exact nature of these jobs varies between countries, and they will vary in their title, duties, stability, and benefits. In Britain, for example, it is common to find Lecturer positions advertised. These are full-time, well-paid teaching posts and are well respected, and are suitable for exceptional PhD students who have already gained some teaching experience. These positions can be competitive as you will be applying alongside people who have already done postdoc jobs, but for the right person they can be an excellent opportunity. In the United States, on the other hand, there are many adjunct faculty positions available. These are teaching positions, but are usually poorly paid and do not have benefits like health insurance or paid sick leave. Adjunct positions may be zero-hours, meaning that there are no guarantees of how much work will be available, and that adjuncts are employed on a semester-to-semester basis. Adjuncts often work at two or more universities, teaching courses wherever work is available. The combination of low pay and poor job security makes working as an adjunct a difficult option for most people, especially those who have student debts to pay off. A further option for working in academia post-PhD is to take on several part-time roles. This is a useful compromise for those who are unable to relocate for work or who need work while they are searching for a full-time role. Part-time roles could include teaching full courses, covering lessons for other lecturers while they are away, exam marking, writing course syllabi, or acting as student support. Conclusion From these options, you should be able to tailor your job search to find the right position for you after you finish your PhD. But don't forget that there are lots of job options for academics outside of academia too. To see the latest postdoc positions available at universities around the world, head to our postdoc jobs section here on INOMICS.
One of the major advantages of Stata is that it is eminently portable. Its developers are committed to cross-platform compatibility and so Stata runs the same way on Windows, macOS, Unix, and Linux systems. All versions of Stata provide the full set of features and commands: there are no special add-ons or toolboxes. Five important features for getting started with Stata 1. The toolbar The Toolbar contains icons that allow you to open and save files, print results, control Logs, and manipulate windows. Some very important tools allow you to open the Do-File Editor, the Data Editor and the Data Browser. 2. Current working directory The cwd is the directory to which any files created in your Stata session will be saved. Likewise, if you try to open a file and give its name alone, it is assumed to reside in the cwd. If it is in another location, you must change the cwd [File >Change Working Directory] or qualify its name with the directory in which it resides. You generally will not want to locate or save files in the default cwd. A common strategy is to set up a directory for each project or task in a convenient location in the filesystem and change the cwd to that directory when working on that task. This can be automated in a do-file with the cd command. 3. Command panel As you’d expect, to execute a command in Stata, you type it into the Command Panel. Although traditionally a command-line driven package, recent versions of Stata contain a user-friendly graphical user interface (GUI). A major advantage of the GUI is that when you are using a new command, you can easily find out the correct syntax to use by viewing it in the command panel. 4. Do file The Do-File editor allows you to construct a file of Stata commands, or “do-file”, and execute it in whole or in part from the editor. A major advantage of a do file is that ability to quickly and effortlessly reproduce your analysis and results. 5. Adopath commands Another advantage of Stata’s command-line driven environment involves extensibility: the continual expansion of Stata’s capabilities. Only a small fraction of the commands you can use in Stata are built in. If a command is not built into the Stata kernel, Stata searches for it, meaning you can acquire additional user contributed Stata commands from a number of online sources. Stata’s capabilities thus extend far beyond the official, supported features described in the Stata manual to a vast array of additional tools. These tips are just a start, to gain a deeper understanding of the features of Stata we recommend attending an introductory course. For example, Timberlake’s Stata Fundamentals Online Course gives a complete introduction to Stata and is ideal for new users who want to get a head start and learn how to use the software efficiently. What’s more, with an online course you can learn from the comfort of your own home.
What is Stata? If you want to work in econometrics, chances are you’ll need to learn to use a statistical analysis package like Stata. Stata is one of the most widely used software packages to help students and researchers explore, summarise and analyse complicated datasets. The software is available in several different versions which differ mainly in the number of variables allowed in memory.
Standardizing the Data of Different Scales - Which Method to Use?
When you want to analyze this data to find patterns in it, you will often run a regression and look to compare the effect sizes (i.e., the coefficients) of each variable. But, before you compare effect sizes, you first need to make sure that your data variables are on the same scale so that they can be compared. Considering the example above, the effect of the two measures of reaction time on your dependent variable y would be comparable, as they are both measured in milliseconds. But how would you compare, say, the effect sizes of height and reaction time on y? To do this, you need to use a statistical technique called standardization. Confusingly, standardization can have several meanings, depending on the field. And to add to the confusion, others may refer to the same process as normalization, though we will introduce a separate definition for that. The general process we are talking about here (that normalization and standardization fall under) is the transforming of data of different types to the same scale so that their effects on the dependent variable y can be compared. Methods for standardizing data Standardization: calculating Z-score The first step in standardization is quantifying how much variance exists in your data. This is described by the standard deviation, which is calculated by working out the square root of the variance (the average of the squared deviations of each value from its average value). This will give you a number that represents variance, which you need for the next step. Once you know the mean and standard deviation of your data, you are ready to perform standardization. You calculate a z-score by subtracting the mean from each data point, and then dividing the difference by the standard deviation of the population. This means that each variable will have a mean of 0 and a standard deviation of 1, so you can compare your different variables meaningfully. Studentization However, economists never know the true population mean or variance (unless we have artificially generated the data set)! So, when you do this process of standardization, in most cases you will use your estimate of the standard deviation from your data in place of the true population standard deviation. This is called studentization. Note for advanced readers – standardization (and studentization) assume that your data is normally distributed, an assumption that must be checked. The z-score calculation yields transformed variables that are standard normal distributed with mean 0 and variance 1, but this only works if the normally distributed assumption is valid. Normalization Another option is to take your data points and adapt them so that they fall on a scale of 0 to 1. Confusingly, this is referred to as normalization, even though it is not related to the normal distribution. Some statistics programs can do this automatically for you. One big advantage of this method is that it lets you eyeball the effect sizes very easily, as it's intuitively obvious what the difference between a value of 0.6 and 0.8 is on a 0 to 1 scale, for example. The following formula shows how to normalize data: \begin{equation*} \mathit{X}_{\text{changed}}= \frac{\mathit{X}-\mathit{X}_{\text{min}}}{\mathit{X}_{\text{max}}-\mathit{X}_{\text{min}}} \end{equation*} However, scaling in this manner is sensitive to outliers. Depending on the method used, outliers may be dropped to prevent them from overly influencing interpretations of the other variables. This is an inefficient loss of data, so unless there is a strong reason for preferring the 0-1 scale, a z-score is generally sufficient for most purposes if the data is normally distributed. Note for advanced readers – removing outliers from data must be treated with caution. The reason why a data point is an outlier may be entirely valid, in which case removing the data point will cause your inference to be incorrect. This is a serious problem. However, if the data point is an outlier because of a data entry error or similar issue, it is safe to remove the data point. Check your outliers carefully before deciding how to handle them. Find out more To fully understand this topic and choose the right method for your data analysis, we recommend learning about the basics of statistics from an introductory textbook. INOMICS has also recommended several free online courses that you might find very helpful. If you’re ready to dive deep and get formally educated in economic statistics and other economics topics, check out our top program recommendations. Pro tip: you can filter the program listings for programs that include a statistics focus by selecting “Econometrics, Statistics and Quantitative Methods (JEL C)” and “Statistics” at the very bottom of the list. <11an>limit:3;categories:Master's Programs;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)</11an> You can also read up on papers by statisticians which cover these issues. Here are some references to get you started: - Everitt, B.S. Cluster Analysis. 1993. Third Edition. (New York and Toronto: Halsted Press, of John Wiley & Sons Inc.). - Gower, J. C. 1985. Measures of similarity, dissimilarity, and distance. Pages 397-405 in Encyclopedia of Statistical Sciences, Vol. 5. S. Kotz, N.L. Johnson, and C.B. Read, Editors. (New York: John Wiley and Sons). - Johnson, R.A., and D.W. Wichern. 1992. Applied Multivariate Statistical Analysis. 3rd Edition. (Englewood Cliffs, New Jersey: Prentice Hall). - Milligan, G. W., and M. C. Cooper. 1988. A study of standardization of variables in cluster analysis. Journal of Classification, 5, 181-204. - van Tongeren, O. F. R. 1995. Cluster Analysis. Pages 174-212 in: R. H. G. Jongman, C. J. F. ter Braak, and O. F. R. van Tongeren, Eds. Data Analysis in Landscape and Community Ecology. (Cambridge & New York: Cambridge University Press).
When you're doing data analysis, you might find yourself with a number of different variables to work with. For example, perhaps you have invited participants to your lab and run them through your experiment. You have collected data on variables such as the participant's age (in years), their height (in cm), their reaction time to a particular stimulus (in milliseconds), their reaction time to another stimulus (in milliseconds), and their rating of a preference (on a 1 – 10 scale).
The Role of INOMICS and Conference Monkey in the Success of esd Conferences
One year ago, 11 Academia Networks and esd Conferences started a cooperative partnership. So far, the partnership has brought copious benefits to both organisations that have contributed to their growth. Esd Conferences benefits from visibility to our audiences on INOMICS and Conference Monkey, as well as visibility in the midst of high quality information such as salary reports. At the same time, the cooperation has greatly helped 11 Academia Networks to expand our user network and build trust in our services. We asked Domagoj Cingula, the esd Conference Organizing Committee President, about his experience being an INOMICS and Conference Monkey Partner as well as about the success of his conferences. We have shared his thoughts below: About esd Conferences “esd Conferences” was the product of the idea of gathering scientists from all over the world to share their thoughts on economic and social developments, from different perspectives. Since then, the conferences have been a great opportunity for younger people for networking and improving their status in their professional lives. After their first conference in Frankfurt, the Varazdin Development and Entrepreneurship Agency, organiser of esd Conferences, set up more events worldwide (Paris, Belgrade, Vienna, Zagreb, Istanbul, New York, Miami, Bangkok, Barcelona, Varazdin, Split, Warsaw, Melbourne etc.) with more scientific institutions as partners and co-organizers. Now, there are more institutions and individuals who want to be included in the organizing committees, and more cities wanting to host the events, not only academic institutions. The Role of the 11 Academia Networks - esd Conferences Partnerships “It is not the same if you are doing something in the academic world “all by yourself” or if you have a strong partner standing behind you. Our partners often provide crucial resources to help us bring the quality of our conferences and publications to a higher level,” affirms Domagoj. The esd partners provide not only technical assistance with venues and catering of the events, but partners such as INOMICS and Conference Monkey have helped them collect high quality papers, build up their review system and helped them connect with more partner institutions. In addition to11 Academia Networks, esd Conferences are proud to partner with the City of Prague, University North from Croatia, the Faculty of Management at the University of Warsaw, John Naisbitt University from Belgrade, the Faculty of Law of the University of Split and, Victoria University, Melbourne, to name a few. The Contribution of INOMICS and Conference Monkey to the Success of esd Conferences At the start, esd Conferences started announcing their events by themselves. Due to the amount of work and lack of support, they started to use conference website support, among them INOMICS and Conference Monkey. “We find INOMICS and Conference Monkey to be the most complete platforms,” says Domagoj. According to his words, both websites offer a wide selection of services, they are both very easy to use and they register an increasing growth trend every month. “What can be better than having someone else finding your clients too? What I would also like to emphasize is that correspondence with their team is always quick, professional and of course, fruitful,” adds Domagoj. After starting the promotion on INOMICS and Conference Monkey, esd Conferences has received more and more inquiries. Moreover, after extra months of visibility, the conference organizers often began receiving some papers even during the “extended deadline” period. “One thing I like the most – the initiative of our partners (INOMICS and Conference Monkey) - was the idea to organize a small contest giving away a free ticket to our conferences. We hosted the winner of that contest at our conference in Prague; the young student was able to attend an international scientific even, which was a great experience both for the winner and for us as organizers. I realized that other delegates liked that and were very supportive to our winner”, explains Domagoj. Future of the Cooperation Thanks to the fruitful year of cooperation, esd Conferences will be happy to maintain this kind of partnership, even moreso to develop the cooperation towards contests. “Contests can be another opportunity for someone to attend our events more easily; mutual advertising is something we also love to support”, confirms the esd Conference committee president. “I have to say that we were very proud after our conference became a Gold Partner with INOMICS and Conference Monkey, and after we saw our name among other distinguished entities, like the American Economic Association for example. Now after our past publications (Books of Proceedings) are indexed in Web of Science (CPCI), EconLit (AEA), ABI Inform (ProQuest) and EconBIZ, we hope we have justified and surpassed the expectations of our delegates and partners”, concludes Domagoj. The expansion of INOMICS into new disciplines and the launch of 10 more niche platforms satisfying the needs of specific audiences opens the door to new institutions to become a 11 Academia Networks Partner. If you are interested in supporting the academic community and helping us grow together we invite you to send an email to info@11academianetworks.com and mention your idea for a partnership, we will evaluate your proposal and confirm the available options for your institution.
Since our inception in 1998, our mission has been to help students, researchers and academics advance in their careers while at the same time, helping institutions to improve their profiles, reputations and, recruit the best candidates for their offers. As part of our actions to fulfil our mission, we have initiated cooperative partnerships with universities, research centres and conference organizers with the aim of promoting research and knowledge exchange at the highest level.