Microeconomics vs Macroeconomics - Which Class Should I Take First?
What's the difference between macroeconomics and microeconomics? Before making any decisions about which classes to take, you need to understand what each subject refers to. Microeconomics is the study of economic systems on a small scale; how economic theories play out when they are applied to an individual, a group, or a company. Macroeconomics, on the other hand, looks at entire markets or economies of countries or the world. Microeconomics would include the study of supply and demand for a particular product, or examination of how a particular piece of legislation would affect an individual business in that area. A classic microeconomics topic is the study of how a single market changes due to monopoly. Macroeconomics, on the other hand, examines how economic theories apply to governments, markets, and international organizations such as NATO in the long run. Examples of the kind of topics studied in macroeconomics would include fiscal and monetary policy, economic development, or the economics of industrial organization and the labor market in a particular region. Both micro- and macroeconomics can deal with similar issues, but on different levels. Consider, for example, the cost of living in a particular area, and its relation to inflation. This is related to microeconomics – because it's about how much people have to spend on housing, food, entertainment and so on – and can therefore be described on the individual level. But it's also an important topic in macroeconomics, as inflation is affected by things like interest rates, which are, in part at least, set by the state. It can therefore also be analyzed on the national level as a subject of macroeconomics. The relevance of microeconomics and macroeconomics to economics in general<o:p></o:p> The two fields are often connected then: investigating the microeconomic parts of something often reveals important clues about the macroeconomics, and vice versa. One rough way of thinking about this is that microeconomics is 'bottom up', looking at how individual choices affect economic systems, while macroeconomics is 'top down', looking at how economic systems affect the people living within them. The complementary nature of the subjects is especially prevalent in discussions about creating macroeconomic models that have “microeconomic foundations”, one of the ongoing discussions in that field to this day. As an illustration: to understand a complex issue such as how a state should adjust interest rates, you need to understand supply, demand, and how people make economic decisions. This would be microeconomics. Then you need to understand how these principles apply to monetary systems and the financial market, which would be macroeconomics. Another difference between the two is that in microeconomics, there is little in terms of competing schools of thought; that is to say, economists generally agree on the principles. This is largely due to agreement on how to model human behavior- as fully rational individuals maximizing their own utility- which reduces many economics problems to a mathematical optimization. However, some fields of economics- like behavioral economics- study what happens when we relax that assumption. Meanwhile, the tenets and models of macroeconomics are much more widely debated. There is consensus on many aspects of the field, but the incredible complexity of macroeconomics, and the drive to include more “micro” foundations in “macro” models, means the field is more dynamic. This is especially true in terms of forecasting. Thus, macroeconomics can be a more challenging, and perhaps more intellectually stimulating, area of study. Should you take microeconomics or macroeconomics first?<o:p></o:p> Taking into account all of the above, most economics students are better off studying microeconomics first, and then progressing on to macroeconomics. That way, the principles of economics can be learned on an individual level, before being applied to the wider society and world. However, some would argue the principles of economics are better understood if first seen in practice – as in, first one must understand the financial system in order to make any sense of economics as a topic. These people would argue it can be helpful to study macroeconomics before microeconomics. Your university may also roll both subjects into one unit such as an Introduction to Economics course, removing any need, on your part, to make a choice at all. In all likelihood, any of these options will allow you to learn what you need to progress in your studies, but in general, most students will opt to begin with microeconomics first. And in most cases, it is the safest bet. A final point would be that the math used between the two fields varies, especially at the earlier stages of academic life. Microeconomics makes heavy use of optimization problems and some game theory, for example using derivatives to maximize utility or minimize loss. Macroeconomics places a much larger emphasis on analyzing growth rates and production function equations like Cobb-Douglas. This can take some getting used to as it is less immediately transferable from calculus class. In the end, if you're planning on taking both it may be worth studying microeconomics initially. However, if you're only planning on taking one of the two – which is a rather unusual position to be in – pick whichever you find more interesting.
When you're just beginning your economics degree, you'll quickly come across two very important branches – microeconomics and macroeconomics. It's highly likely that you'll study both at some point during your degree, as they are two of the foundational planks of the subject. It is also likely, however, that you will have to choose which to take first, prompting the question: which is the best theoretical starting point for your studies? Having just started out, this can be a tough question to answer. That's why we're going to give you a little run down of each, to help you make the most informed decision possible. So let's begin.
Macroeconomics and Monetary Economics (JEL E)
Moral hazard in insurance Insurance coverage is a standard example of a moral hazard situation. By covering the damage in case of negative events like fire, theft, car accidents, or sickness, insurance companies may be concerned that they are unintentionally encouraging their clients to engage in more risky behavior. For example, without dental health insurance, you may take extra time each day to floss and brush your teeth to prevent the cost of dentures and orthodontic treatment. However, if these costs are covered, you may exert less care. While the insurance company cannot observe your daily dental hygiene, it may charge a deductible payment to make you internalize costs and reduce your risky behavior. Importantly, moral hazard arises from a lack of shared information concerning the agent’s risky behavior. In this, it differs from the problem of adverse selection, which may occur in similar settings when information about the agent is unobservable. For example, a life insurance policy may attract clients with more serious health risks (adverse selection) but may also cause those covered to start engaging in more risky behavior (moral hazard). Similarly, theft insurance may attract clients living in neighborhoods with higher crime rates (adverse selection) but may also cause those covered to put less effort into reducing security risks, for example by leaving their doors unlocked (moral hazard). Deductibles are a common mechanism to resolve the moral hazard problem in the insurance industry. To illustrate this, consider the following example: Mr. Smith has bought an expensive racing horse worth 1 million Euro. Installing a gate and door alarm at the horse stable would cost x Euro, but it would reduce the risk of theft of the horse by 5%. How does this affect Mr. Smith’s choices under different scenarios, assuming that Mr. Smith is risk neutral (i.e. Mr. Smith focuses on the expected monetary value of his choice)? 1. No insurance: Without insurance, installing the alarm system pays off for Mr. Smith in expected terms if x < 50,000 (5% of 1 million). 2. Full insurance without co-payment: If the insurance company reimburses the full value of the stolen horse, independent of whether an alarm system had been installed (assume this information is not verifiable by the insurance company), Mr. Smith has no incentive to incur any extra security cost x > 0. 3. Insurance with deductible: If the insurance company decides to charge a deductible of 10%, Mr. Smith incurs a loss of 100,000 Euro (10% of 1 million) in the event the horse gets stolen. Being risk neutral, he would be willing to install the alarm system to reduce the likelihood of this event by 5% if x < 5,000 (5% of 100,000). In the above example, Mr. Smith is still willing to pay for an alarm when he gets insurance, but less than he would otherwise. As the amount of insurance coverage increases, Mr. Smith’s willingness to pay for an alarm decreases. Principal-agent problem Another common example of a moral hazard situation is the principal-agent problem. Here one party (the ‘agent’), who has superior knowledge, acts on behalf of another party (the ‘principal’), who has only limited information and no direct control over the agent’s actions. In this setting, the problem of moral hazard arises when the two parties have a conflict of interest, such that the agent has an incentive to take (unobservable or hidden) actions that are in their own, rather than the principal’s, best interest. Principal-agent problems commonly occur in situations where there is a separation of ownership and control- for instance, a shareholder (principal) who owns the assets of a business, and their hired manager (agent) who operates the business. The manager will have a higher incentive to pursue the shareholder’s goal of profit maximization if they benefit from the business’s success, for example via a bonus system. However, if the manager benefits from firm profits but cannot be held liable in case of losses, they may have an incentive to take on excessive business risks or reduce their effort on important tasks. See the following video for a concise explanation of moral hazard and the related asymmetric information and adverse selection topics. Good to know Moral hazard played a central role in the events leading up to the 2007-09 financial crisis. Normally, a bank grants a mortgage with the intention of holding it until maturity. It incurs a loss in the event of default and, therefore, has an incentive to carefully screen potential borrowers. However, if a bank generates a mortgage with the plan of selling it afterwards, this incentive to carefully screen borrowers fades. In the time leading up to the financial crisis, mortgage brokers increasingly granted mortgages to home buyers with low credit scores, known as subprime mortgages. The banks then sold these subprime mortgages packaged with standard ones to other banks. The purchasing banks were left with the bad debt when the housing market leveled off and many subprime mortgage borrowers started to default on their payments. This caused a domino effect of major losses across the financial system, and was a major cause of the Great Recession. Moreover, moral hazard was a central concern regarding potential side effects of interventions taken to ease the crises. The US Federal Reserve Bank stepped in to help some of the largest lending institutions that were on the threshold of bankruptcy during the crisis. When public money is used to bail out private companies that are considered “too big to fail,” this may incentivize those companies to take excessive risks, knowing that they will again be saved by the government in the event of failure in the future.
Moral hazard occurs in situations in which an economic agent chooses how much risk to take, while the potential negative consequences of these risky choices are (partly) borne by another party. The protection from risk is expected to induce the agent to change behavior—taking on excessive risk or exerting less effort to limit damages—thereby leading to suboptimal economic outcomes. The moral hazard problem arises because the risk-bearing party cannot directly monitor the agent’s behavior. It thus requires that there is asymmetric information concerning the agent’s actions.
Public Economics & Economic Policy (JEL H)
Consider the graph below depicting two items, A and B, which are substitutes in consumption, i.e. an individual derives utility from both items and makes choices about how much to consume of each item depending on their relative prices. Initially, the consumer can afford up to QA of A or up to QB of B. Depending on the individual’s preferences over items A and B, a series of indifference curves can be plotted. Along each indifference curve, the individual achieves the same degree of utility for the various combinations of items A and B. It is assumed that the individual seeks to maximize utility and that utility increases with consumption. Thus the individual will choose to consume the combination of items A and B at the point where the budget line QBQA is tangential to the indifference curve IC. Here, the individual initially chooses to consume qA of A and qB of B. Figure 1: Illustrating the substitution and income effects from a change in budget Now suppose that the price of item A falls such that if the individual were to devote all income to item A, QA’ of A would be consumed. The new budget line for the individual is QBQA’, a higher level of utility is attainable (indifference curve IC’) and the individual now chooses to consume qA’ of A and qB’ of B, which is the point where QBQA’ is tangential to IC’. Note how the individual’s consumption of item A has increased from qA to qA’, while consumption of item B has decreased from qB to qB’. Because item A has become cheaper, the individual’s overall purchasing power has increased. Were the individual to continue to consume qA of A and qB of B in this new situation, they would have surplus income. Instead, in the grand quest to maximize utility, the individual moves from indifference curve IC to indifference curve IC’ for higher utility. The question remains, how much of the change in consumption from (qA,qB) to (qA’,qB’) is due to the change in the price ratio, and how much of it is due to the change in purchasing power? <11an>limit:3;categories:Master's Programs;disciplines:Economics</11an> To answer this, consider how much of each item the individual would have consumed at the new price ratio but at the original level of utility (i.e. remaining on the original indifference curve IC). This can be worked out by drawing an imaginary budget line parallel to QBQA’ that is tangent to the original indifference curve IC. In the graph, this imaginary budget line is the gray, dotted line. We now see a greater decrease in the consumption of item B, from qB to q–, and a lesser increase in the consumption of item A, from qA to q+. This change in consumption from (qA,qB) to (q+,q–) is attributable purely to the change in the price ratio; it is the substitution effect (also known as the Hicksian substitution effect after the economist John Hicks). Of course, the individual instead moves to the “better” indifference curve IC’ where (qA’,qB’) is consumed. A move from (q+,q–) to (qA’,qB’) is not due to a change in the price ratio. Rather, it is due to the change in the individual’s purchasing power brought about by one of the items becoming cheaper to consume. This is the income effect. Note how the income effect moves in the same direction as the substitution effect for the individual’s consumption of item A, while it does the opposite for the consumption of item B. The individual consumes more of item A both due to it replacing some consumption of item B and having greater purchasing power. However, the individual can also afford more of item B thanks to greater purchasing power, and thus the overall reduction in consumption of item B is dampened. It is conceivable that the income effect dominates the substitution effect and vice versa for different types of items and different individual preferences and indifference curves. Indeed, the shape of the indifference curve is closely related to the cross (or cross-price) elasticity of demand, which describes whether and to what extent items are substitutes or complements in consumption. Further reading For an introductory analysis of substitution and income effects with intuitive explanations, see chapter 8 of Hal Varian’s textbook, “Intermediate Microeconomics: A Modern Approach”. Good to know Understanding substitution and income effects is also useful in the theory of production when the price ratio between inputs changes. Indeed, as technology progresses and machines become cheaper or more efficient in terms of their output, labor becomes a relatively expensive input. Firms may thus seek to replace workers with machines (substitution effect; see also the article on elasticity of substitution). However if the technology has improved then the firms should also be more profitable (income effect) and workers can lobby for the creation of better jobs or higher pay!
When the price ratio between items changes it can induce a change in consumption. There are two reasons for this. First, reducing the relative price of an item makes consumers more likely to purchase it when compared to other options (as long as they are normal goods or inferior goods, not Giffen goods or Veblen goods, which we assume in this article). Second, a consumer can now buy more of the item with the same amount of money. The first part, attributable to the change in the price ratio, is known as the substitution effect. The second part, the change in consumption that is brought about by the change in purchasing power, is known as the income effect.
Job Market Scramble for Economists & Useful Resources for Postdoc Job Search
You can find the latest postdoc jobs in the USA on INOMICS. However, if you do not find a graduate position during the main econ job market recruitment window, do not panic! There are still options for you. <11an>limit:3;categories:PhD Programs;disciplines:Economics;countries:United States</11an> What is the Economics Job Market “Scramble”? At the end of each recruitment cycle there are always a number of post-doc vacancies left unfilled. This is because it is not always possible for institutions to find the right candidate for every position within the standard recruitment window. To help match prospective employers and job candidates, the American Economic Association (AEA) sponsors the Economics Job Market “Scramble” every spring to fill these recruitment gaps. The “Scramble” provides an online platform where candidates and employers can advertise their availability for new offers. Candidates can participate for free but must fill in an online profile and have all required documentation ready before registration. The Economics Job Market “Scramble” is only available for candidates who have not yet accepted a job offer, or employers with unfilled positions. If you have received a job offer but you have not accepted, then you can still participate in the “Scramble”. Nevertheless, consult with your adviser before joining. The next “Scramble” will begin in March 2022. More information about the AEA Job Market “Scramble” can be found on their website. Other Job Advice Resources for Economists With no in-person job interviews at the annual ASSA meeting due to COVID, online resources have never been more important to your econ job search. INOMICS has new job openings for economists posted online every week. Remember to subscribe to the INOMICS Email Alert to receive the latest jobs, training courses and conferences. We also have advice articles on writing an academic cover letter. There are plenty of other resources online that give you an introduction to the job market, preparation tips and statistics. A generous collection of resources is available on the website of the Harvard University Department of Economics. If you prefer empirical evidence rather than opinions and descriptions, have a look at The Job Market for New Economists: A Market Design Perspective. This is written by members of the AEA and presents statistics illustrating the formal US job market for economists. Even though the paper is from 2010, it gives a nice overview of the whole process. Finally, in Useful Resources for the Academic Job Market (free signup required), Ryan Cordell provides a fantastic list of articles and blog posts. Although not discipline-specific, the collection of resources is absolutely relevant and useful for young candidates in the econ job market.
The job market for economics postdoc jobs in the United States is highly seasonal. The primary recruitment phase for post-doc positions closes every year in February or March. It is therefore best to plan your econ job search early and apply well in advance of the deadline.
What kind of teacher do you want to be? Early on as an economics TA, whether inadvertently or by design you will establish what kind of teacher you are. Will your teaching style resemble that of a coach, an instructor or a taskmaster? And will you aim for an informal, friendly relationship with students or will you establish yourself an authority figure with a degree of professional distance? All this hinges on the choices you make and the actions you take during your first few weeks. Your classes are likely to consist of small groups of people of a similar age with similar interests, albeit a few years behind you in their education. If you are new to the university or city, and on the lookout for new friends, this might seem an obvious place to look. But depending on your character, that of the students, and your combined ability to separate work from fun, this may lead to awkwardness, or be considered inappropriate by others in your faculty. Indeed, while being friendly with your students can help foster a level of trust and openness that may make you a very effective teacher, be aware of the need, sometimes, for distance. Ultimately as a TA you are in a position of authority, perhaps in terms of age and certainly in terms of subject knowledge and professional position. Your ability to criticise a student’s work or work-ethic will be compromised if you know you will be at the same dinner party in the evening. Or not - but in preparing to start your TA role and in those first few weeks, be aware of the type of relationship you will have with students, the potential pitfalls of this, and try to work out to what extent you want to maintain a distance to your students. Be prepared A common motto not only for scouts, but for many people in many areas of life. But as an economics higher level teaching assistant it is especially important to be prepared. Despite your undoubtedly high level of competence, you are not (yet) an experienced lecturer who can convey complex economic theories in their sleep. Indeed, it may even be the first time you have had to explain an Edgeworth Box or a Gini Coefficient since your second year student midterms. Make sure you give yourself plenty of time to (re-) familiarise yourself with the concepts, and try to anticipate where students will struggle. Remember though, that whilst your prior experience and learning may be very different from others, you can use your own learning experience as an economics student to help inform your own explanation, exercise, or game to help your students. It is often helpful, before the class, to spend some time writing out an explicit plan for how you intend to approach the class. This plan may change during the teaching session, but the very process of planning gives you the opportunity to try to anticipate where students may experience stumbling blocks. And when (not if, when) you come across a topic in class or are asked a question that you are not sure about, do not blag the answer. Just because you are wearing a teacher’s hat does not mean that you are the source of all wisdom, and you will actually appear much more competent by admitting that you do not know something. Indeed, you can use what might have been an awkward moment as an opportunity to highlight reference tools or resources that help you, and by extension your students, fill the gap in your knowledge. It is also a good idea to think beforehand about how to react to a silent class. Do you single people out? This is kind of mean if they genuinely don’t know, and they might resent you. Or do you simply continue to lecture? This implies that it is okay if they do not answer - look forward to more awkward silences, a passive learning environment, and no-one doing the work you set. Or do you give the answer while gently mocking them for not listening / being hungover? In this case it is important to get the tone right, and to get across that their being prepared and contributing in class is the most effective way for them to actually learn. You will be neither the first nor the last teacher to experience students not responding to a perfectly reasonable question. Do not take it personally, but do have a plan how to deal with it without getting flustered. Don’t trip over the tech Tech issues are the bane of many a teacher and lecturer, and so it’s important to be able to think on your feet if you have any problems with presentations or related technology. If possible, visit the classroom before your first class to familiarise yourself with the multimedia and tech options available. And always have a backup plan. Learn names Learning the names of the students in your class shows that you’re engaged and interested. It may take some time, but it is worth it. Students will feel valued when they feel you have noticed them. Tools like a photo roster or name badges for the first few classes might seem juvenile, but they can also act as an icebreaker and help you avoid the awkwardness of calling someone by the wrong name. Teach. Don’t present. Teaching economics at university is not the same as making a presentation on an economics topic. Yes, you might use some slides on the wall to illustrate a point. Yes, a good lesson has a structure with an introduction, middle and conclusion. But a tutorial that relies on a series of slides is not only boring, it also fails to convey the subject matter in a way that actually helps students to learn. Even a classic lecture in front of a large audience should include moments for consideration and a connection to texts or exercises that students encounter before and after the class itself. As a TA in a seminar setting, you have a lot more opportunity to interact directly with students and include exercises, games and individual feedback that vastly improve the learning experience that can be gained from a thirty minute slideshow. One presentation skill that applies to teachers in the classroom, however, is not to turn your back to the class. Whether to write on the board, demonstrate something on a computer, or refer to a graph, practice your standing position so that you can act as a bridge between the students and the intended point of focus. Stand at the side, and keep an open line of sight between your class, yourself and your board. It can also be useful to periodically stop and check with students that they have understood and are paying attention, for example by asking a question or breaking up the lesson and changing the pace with a short activity or discussion round. Ask for help when you need it! If you feel that your teaching is uninspiring, tap into the vast experience within the economics department. Some departments have dedicated support staff. Or speak to the professor or course instructor for the course that you’re teaching, or ask other professors or TAs for advice. Perhaps you can even sit in on one of their seminars. Chances are that most lecturers once worked as economics TAs too, and many will be able to share their own relevant experiences. Find your teaching groove A few weeks in, you will have established your teaching style and role. You will be consistently well-prepared on the subject matter and have built confidence handling awkward moments in the classroom. You will have had some good lessons and some poor ones, and as an intelligent, self-reflecting individual you will be learning from your experiences. You will be in the process of establishing a support network among colleagues, and you will be well on the way to establishing yourself as a competent economics teaching assistant. The next stage will be to bring your own interest and innovation. Try bringing your own research and topics of interest into your lessons, when relevant for the class. Not only are you more genuinely an expert on the subject matter, but your students will gain, perhaps for the first time, insight into a “real” economist (yes, you) and the work that you do. Teaching economics to students as a TA can be insightful and rewarding as you watch your pupils progress. The experience will force you to be introspective about your own approaches to economics topics, both in the process of revising and preparing your lessons, and by interacting with the often highly intelligent young economists, for whom you, of all people, might turn out to be an inspiration.
Being a Teaching Assistant (TA) at a university is rewarding, but also tough, particularly when you’re just starting out and learning the ropes. Perhaps you might appreciate some guidance - roll on INOMICS top tips for econ TAs who are preparing for their first role. Oh, and congratulations by the way!
The Pros and Cons of a Career in Research
Travel and relocation One big difference between a career in research and most other fields is the expectation of relocation. The first step for a Master's student or PhD who wants a career in research is to find a position at a university in a town, city or country where they are willing to relocate. It is typical for researchers to move to a new city or country every few years, particularly when pursuing postdoc positions. This is the natural consequence of there not being very many jobs to go around. Pro: Moving around does have its advantages - it is a unique opportunity to travel to new places and experience life in different countries and cultures. One can meet new people and obtain contacts, both of which are extremely rewarding. Furthermore, moving offers the valuable experience of working at various institutions, which can give insight into how cultures vary across universities. Being part of an institution like a university provides you a pre-existing network to explore, both professionally and socially, which can make settling down in a new region or country a whole lot easier. Con: Arranging an international relocation is a lot of work, and it can be hard to make new friends and create a social circle in a new city. Moreover, relocating can be stressful on the mind, causing some to struggle, so having adequate support for a move is essential. Particularly for those with families, relocation may be demanding for other reasons- your partner may also need a job in your new city and new schools need to be found for children, which can be a challenge. If your partner is also in research, some institutions offer dual career programs which help find research positions for both members of a couple. Independence and interest Pro: One great advantage of a career in research is how interesting the work is, and the independence one is afforded. If you are able to secure third-party funding, you can organize your own working schedule and priorities, and choose the topics of research which are of most pressing interest to you. Within many research institutions there is also the possibility of flexible working hours, which can be especially advantageous to those with young children. Security and career prospects Con: One particularly difficult aspect of a research career is the lack of job security. Postdocs are typically employed on short-term contracts for two years, and at the end of this period they must find another position. For the ambitious and determined researcher, this can be an opportunity for fast career progression and the chance to work in a variety of labs. However, this insecurity can be a source of stress for many researchers as there is no guarantee of long-term stable employment. Progressing from a postdoctoral position to a professorship can be extremely competitive, and the number of professor positions can be reduced due to budget cuts, so in tough times there will be even fewer openings available. Overall, many more PhDs and postdocs are working than there are professorships available, so you must be extremely determined to follow this path. Transferable skills Pro: Although the competition for academic positions is so fierce that a career in research may seem risky, in fact the skills one acquires in the performance of research can be transferred to many other fields. Critical thinking skills are highly developed in researchers. Besides these, researchers may acquire expertise in mathematics or statistics, in written communication, or in poster and oral presentation. All of these skills can be put to use in other jobs, so if a research position is not available, then you still have other career options open to you. Whether a career in academia is for you or not will depend entirely on your own levels of determination and persistence, along with weighing the pros against the cons of research. In the end, only you can make the choice - but keep in mind the various advantages and disadvantages of going down this particular career path.
Soon after the completion of a Master's degree or PhD, everybody is faced with the big question: what next? Although it may seem like a natural progression to continue with further research, there are many other careers open to academics in business, education, communications and journalism, to name but a few examples. So how do you know if research is the right career choice for you? Well, like with most big decisions, a good way of figuring it out is to weigh the pros and cons of an academic career.
Owing to both the quality of scholarships listed, and increasing interest in funding opportunities in the past year, we have added the ‘Top Scholarship Providers’ award to our usual categories, which otherwise consist of: Top Employers, Top Training Courses, Top Master’s Programs, Top PhD Programs, Top Conference Organizers, and Top Summer Schools. In each category, we identify the Top 3 institutions as well as those in the Top 20. As always, our methodology reflects the interests and ambitions of INOMICS users. Winners were chosen by aggregating the total interest in offers publicised on INOMICS. as defined by how many users viewed the listings, and then went on to enquire further. We also explicitly acknowledge the difficulties international educators and recruiters faced as a result of the pandemic in 2020. To that end, special recognition has been paid to the summer schools, professional course providers and conference organizers that, thanks to great innovation and leadership, were able to continue offering their services online. To find out which institutions took home the gongs, download this year's Handbook here. In addition to the Awards, it also contains discussions on economic theory, the COVID-19 pandemic, working from home, and much, much more. It's a bumper issue – our biggest yet – and is not to be missed.
Now in their fifth year, the INOMICS Awards remain unique in their celebration of institutions committed to the career development of economists worldwide. The awards recognise the universities, research centres, economics schools, banks, think tanks, and government and private institutions which listed their career and study opportunities on INOMICS in 2020, and were the most popular among our users.
Best Countries in Europe to Do Your Economics Master’s Degree
The exposure to new peoples, conversations, and ways of life is thrilling, healthy, and a great thing to do while studying. Is it challenging? Well, yes, but the worthwhile things in life tend to be, and if you’re already considering studying economics abroad for your Master’s, you're likely up to the task. Fortunately, economics is a subject that is applicable no matter where you study it – economic truths, unlike legal systems and medical licenses, don’t change across borders. <11an>limit:3;categories:Master's Programs;disciplines:Economics</11an> Do you find the prospect appealing? Then the obvious first question is: where to go? There are many places around the world to consider, of course, though this article will focus on places to study abroad in Europe. Europe’s a big place, and the options may seem intimidatingly endless. To assist you with sorting through your options for this momentous decision, we’ve compiled a list of the best European countries where you can study abroad, paying particular attention to the costs (ever an important consideration!), and what the country has to offer. Netherlands The Netherlands, consistently rated as one of the happiest countries in the world, also happens to be a great place to study. However, the cost of studying is a bit higher than some other options on this list. For Dutch students, and those from EU/EEA countries, Switzerland or Surinam, most of the cost of studying at Dutch universities is covered by the government. That being said, all students are required to contribute a statutory tuition fee, also known as ‘collegegeld’, which typically comes to around 2000 euros (which is two thousand; take note, dear reader, that Europeans use periods and commas the opposite way that Americans do). For non-EU/EEA students these costs can be higher and dependent on your prospective institution, course, etc. English speakers may be interested to know that Dutch higher education institutions offer a very high proportion of courses taught in English. Though, if you speak Dutch, all the better for your immersion! Browse top economics Master's programs in Netherlands Italy In many respects, the prospect of living in Italy sells itself. Few places can match its natural beauty, architecture, historical sites, gastronomy, wine, and seductively slow way of life. If that wasn't enough, it’s affordable too, with living costs averaging about €1000-2000 per month (depending on lifestyle and your lodging situation, of course), and the average tuition for Master's degrees is between €850-2000 per year at public institutions. Rome is, of course, one of the most famous cities in the world. But many other Italian cities are very worth living in too, and have fewer tourists to boot. Don’t forget to check out study opportunities in Florence, Milan, Pisa, and more. Fancy some of la dolce vita? Yes of course you do. Browse top economics Master's programs in Italy France France has long been a favorite of the adventurous international student, for good reason. Paris sets the country’s tone, boasting exquisite art, fashion and food. If the city of love is little too pricey – living costs there are among the highest in Europe, after all – there’s also the gastronomic capital Lyon, the hub of the wine-growing region Bordeaux, and the Spain-bordering Toulouse, which are all far more affordable. English speakers will be pleased to note that there are many programs taught in English in the French higher education system. Still, we politely remind you that this is no excuse not to at least attempt to learn a little French – the locals will appreciate it. For EU/EEA citizens a Master's degree will cost you around €260 per year. If you’re an international student, however, owing to a recent change in the rules, it’ll cost you €3,770. Browse top economics Master's programs in France Spain As a country, Spain may just have it all. Great weather, diverse landscapes, fascinating history, delicious wine, and friendly, passionate people. And, in terms of getting by, Spanish is supposed to be an ‘easy’ language to learn, and is one of the most widely spoken languages in the world. As such, learning Spanish is always a good choice. Yes, the reasons to live – and study – in Spain are many! Now onto the study stuff. Citizens of the EU can attend public university in Spain without cost. For foreigners, tuition is set by the government, and calculated using the slightly unusual pay-per-credit format. A typical Master's degree costs between €900-3,500 per year depending on how fast you do it – so there is quite a range. Private universities can be quite expensive as well, up to €20000. And of course, you must consider living expenses, which can run another €1000 or so per month. Browse top economics Master's programs in Spain United Kingdom The UK houses some of the oldest and most esteemed educational institutions in the world: the Universities of Oxford, Cambridge, Glasgow and Edinburgh, take your pick. Graduate from one of these educational giants, and doors will open for you, that’s guaranteed. Interestingly, one in four world leaders studied in the UK at one time or another, so if its power you’re after, well, look no further. As mentioned, enjoying this privilege will cost you a pretty penny. On average, a taught Master’s degree in the UK is £11,000. Unfortunately, Brexit has disrupted many of the scholarship programs that were available to EU and international students. There are still some out there, but they are in dwindling supply... Better get saving. Browse top economics Master's programs in UK Germany Germany is renowned for its generosity when it comes to higher education. (Which more than one member of the INOMICS editorial team have personally benefitted from!). In 15 of its 16 states, public universities charge no tuition, regardless of degree or nationality. There are, however, some costs to consider. Some states in Germany may have additional fees for international students, such as the state of Baden-Württemberg, which recently introduced fees of €1,500 per semester for international (non-EU) students. Even so, Germany remains one of the cheapest places to study abroad in the world. Study in Germany and you’ll experience a country with a unique history and an unavoidably vibrant culture. Its nickname "Das Land der Dichter und Denker" (the country of poets and thinkers) is highly apt. Interested in studying in Germany, but don’t know how to get started? Check out our guide for applying to get your German student visa. Browse top economics Master's programs in Germany Ireland Ireland is one of the pricier places on the list. But similar to the UK, that should not rule it out of contention, far from it. Ireland boasts some of the best universities in Europe - think Trinity College Dublin and the National University of Ireland, Galway. Although widely varied, Master’s students from the EU/EAA tend to pay around €6000 per year, while international students pay upwards of €9000. Seem steep? A little, but the education you'll get is second to none. And, Ireland is famous for its beautiful landscapes like the Cliffs Moher, earning it the nickname “Emerald Isle”. Browse top economics Master's programs in Ireland Switzerland Famed for its neutrality and high gun ownership, Switzerland is also rare for being one of the few countries in the world, and the only one in Europe, with instruments of direct democracy. This gives citizens the right to instigate changes to the constitution and/or ask for referenda to be held on any law voted on at any level of government. To go along with this interesting fact, here’s two more that are relevant to your studies: Switzerland boasts four national languages (Romansch, Italian, French, and German) and is one of the most expensive countries to live in Europe. Master’s tuition fee ranges between CHF 3,000 to CHF 13,000, with Master’s programs in private institutions higher than that, naturally. If you're planning on doing an MBA expect to pay around CHF 24,000, with some reaching as much as CHF 85,000. This may sound a bit expensive but one should bear in mind, Swiss universities are prestigious and are routinely found in the worldwide top 200 list – the education you will receive will be first-class. Browse top economics Master's programs in Switzerland Portugal The Portuguese higher-education system has a reputation for being particularly research-oriented, though its polytechnics also offer students the chance to study in professional fields too. So there’s still plenty of choices for an economist interested in either academia, policy roles or industry positions. Studying abroad in Portugal is a bit more cheap than some of the other countries on this list. One should expect to pay between €950-1300 in yearly tuition for a Master’s, and living expenses range from €1000-2000 per month. Browse top economics Master's programs in Portugal Belgium Belgian chocolate may be all that’s needed to persuade some. For the others, read on! First, the housekeeping: tuition fees for Master's degrees in Belgium can be a little bit confusing, ranging from as little as €800 per year for EU students to as much at €3000 per year for those coming from outside of the European Union (at public institutions). To help offset that cost, though, the Belgian government has an array of scholarships available, many specifically aimed at international students. And some miscellaneous bonuses: Belgium has a high quality of education, offers great beer and amazing waffles, and it has three official languages – perfect for the polyglot. Browse top economics Master's programs in Belgium Austria Fancy doing your Master's degree in the birthplace of Freud, Mozart and Schwazenegger? Although not always the first country to spring to mind, there are numerous reasons to consider the homeland of these three giants. First, the standard of living is high: consulting agency Mercer has ranked the capital Vienna as the city with the world’s highest quality of life yet again in 2023. On top of that, If you’re an EU/EEA national, you won’t have to pay any tuition fees, come from outside Europe, and you’ll be obliged to pay a relatively small amount per semester. It’s also at the center of Europe – geographically speaking – so you’ll be spoilt for choice when trying to travel. A quick train or bus ride, and you can be anywhere. Cost of living index for comparisons: https://www.numbeo.com/cost-of-living/rankings_by_country.jsp?title=2023&region=150 Disclaimer: statistics have been taken from a variety of online sources including: Ministry of Education, Culture and Science, Campus France, France Expatica, UCAS, DAAD, Education in Ireland, Canapprove, University of Porto, Study in Belgium, Study in Austria. Header Image Credit: Tint Media on Shutterstock (licensed image - copyright)
Studying abroad: what an adventure! The majority who've done it usually say they loved it, and that despite some difficulties, the experience was unforgettable. It makes sense, too: for little can compare to the excitement of moving abroad, exploring a foreign culture, practicing a new language (perhaps), and meeting people that you would never have met otherwise.
INOMICS is a member of the Amazon Associates affiliate program and the Apple affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post. 1. Moneyball The film that got the whole world interested in statistics, Moneyball is based on a true story about the manager of the Oakland A's baseball team who used statistics to analyze and understand players' strengths and weakness. With these insights, he rebuilt the team by recruiting undervalued players and focusing on strategy rather than fielding superstar players. Because of this, the A’s rose from the bottom of the league to become a top team. Economists will enjoy seeing statistics being put to real-world use and the fact that the numbers guys are the real heroes of the movie. For more on statistics in sport, check out our article dedicated to the topic! 2. The Wolf of Wall Street Another movie based on a true story, this one chronicles the rise and fall of Jordan Belfort, a stockbroker in the 80s who made millions through fraud and corruption in the stock market. Showing the wildest decadence of the Wall Street boom years, this movie was a hit with the public for its moral ambiguity and an all-star cast headed by Leonardo DiCaprio. 3. Wall Street An earlier economics film with a similar theme to The Wolf of Wall Street, this 80s drama stars Charlie Sheen as a stockbroker who gets involved with a corporate raider's nefarious plans. Showing life as an 80s trader at its most gauche and excessive, the film delves into issues of morality, wealth, and power in the monied world of top corporations. 4. Arbitrage Arbitrage is a thriller drama starring Richard Gere as a hedge fund manager who has been engaged in shady accounting practices in secret. He tries to hide his losses and avoid being arrested for fraud. After a car accident nearly exposes his secrets, he must decide how to evade the police in order to protect his secret. 5. The Informant! For a light-hearted comedy crime film with an economics theme, try the 2009 Matt Damon movie The Informant!. Based on a true story of a whistleblower who reports a price-fixing conspiracy at his workplace to the FBI, the movie follows the life of the whistleblower as he tries to help gather evidence against his company. With a fun, ironic tone, the film looks at the way corporate malpractice occurs and the challenges in stopping it. 6. Too Big To Fail Too Big To Fail is a documentary based on a book that covers the 2008 financial crisis and how it came about. The film is presented from the point of view of the key players (including 2022 Nobel Prize winner Ben Bernanke) in various financial institutions who work to try to prevent a global economic meltdown. 7. A Beautiful Mind A Beautiful Mind is a fictionalized version of John Nash's life, the mathematician who is the namesake of Nash Equilibrium. Exploring both Nash's mathematical work and the schizophrenia that he suffered from, this film was a popular success as well as being highly rated by historians and those in the field of mathematics. Another economics movie about the 2008 financial crisis, this fictionalized drama is set over 24 hours at a large Wall Street investment bank as the crisis begins to unfold. A high energy and dramatic movie with a cast of famous names, this one is not to be missed. 9. The Big Short Another biographical film about the 2008 crisis, this one is worth checking out for the distinctive style in which financial instruments are introduced. Using cameos of well-known celebrities and fourth-wall-breaking chats into the camera, the movie explains concepts such as subprime mortgages and collateralized debt obligations in an accessible way. 10. Inside Job A top movie in economics about the financial system, this movie focuses on the US in particular and the way that the financial services industry has grown in power and has fostered corruption over the last few decades. Split into five parts, it briefly tackles the history of the finance industry before moving on to the early 2000s bubble, the crisis, and the state of affairs as of 2010.
Economics isn't something that can only be learned from degree programs, books or journals. As an important part of modern life, there are also a number of great movies about economic themes. From the 2008 financial crisis to the formation of game theory, movies have documented a variety of subjects that will be of interest to economists. Next time you're sitting down for movie night, try one of these 10 films that economists will love.
On a more encouraging note, Alston observed an opening up of the conversation on mental health, a much overdue de-stigmatisation, which has facilitated the gradual emergence of initiatives aimed to mitigate the problem, found in places as far-flung as New York and Mangalore. Although a welcome sign, it’s clear much more needs to be done – too many young people are falling through the cracks. That universities are incubators for mental health problems is unsurprising. Adapting to life away from home for the first time can be especially stressful. Anyone who has studied will remember the unforgettable feeling of being adrift in a sea of new people and knowing no one. A thrill to some, it can be overwhelming for others. In either case, it comes with a set of unavoidable difficulties, which can, if unaddressed, trigger or exacerbate a whole range of mental conditions, from anxiety and depression to social phobia. Anxiety rising Of these conditions, it's cases of anxiety that are most on the rise: it's now the most common mental illness in the US, affecting over 40 million people, the majority young adults. Many, too, are suffering alone. The Anxiety and Depression Association of America (ADAA) estimates that just 36.9% are receiving treatment – and the consequences of this are huge. Left untreated, anxiety often operates as a ‘gateway’ disorder – the isolation it encourages leading to drug and alcohol abuse, and sometimes depression. Swift, comprehensive, and stigma-free treatment, therefore, is not just recommended, it’s imperative. But what exactly are the roots of this trend towards anxiety? There are, unfortunately, a multitude. Alston, for instance, placed a strong emphasis on diet – undoubtedly a key component. This article, however, looks at other behavioural habits the modern world fosters; specifically, the pernicious role social media plays, its infiltration of our homes, our pockets, and how, for many, it now frames the entirety of their lived experience. Where to begin? The use of social media is deeply embedded in the lives of Gen Zers, many of whom are students. And as they are now experiencing, such dependence comes at a price. Speak to any therapist who treats young people and they will tell you it’s Instagram, Facebook and Twitter that are now the bane of their work. However well-intentioned they may profess to be social media is known, through extensive empirical study, to breed a cocktail of unhealthy personality traits, including excessive comparison, envy, and status anxiety. Relentlessly quantifying our humanity, as underpins the social media experience, is now an ingrained aspect of our lives. Every action, experience, or thought can be measured and judged for its intelligence, interest, humour, or whatever its perceived purpose. Almost inevitably, this leads to the incessant judgement of oneself for either failing to achieve the ‘success’ of one’s previous posts, or maybe worse, failing to achieve the ‘success’ of one’s friends. A little social competitiveness is relatively benign, unavoidable and an inherent function of being human – as long as we value anything, hierarchies of a sort will always emerge. What social media has done, though, is distort our systems of value, increase the obsession with which we approach these systems, and encourage constant measurement of these values as a means of assessing our lives. It has, in effect, distilled life into a small number of metrics, most notably the number of friends and number of likes. Through these categories, one can ascertain how funny, intelligent, or popular one is, at all times, at the click of a button; for many, it is never enough. To put this into some kind of perspective, Generation Zers spend, on average, four hours a day on social media – and this is no chance happening. The ‘attention economy’, of which Facebook, for example, is a part, relies on the addictive quality of the platform. The longer attention can be kept on a page, the better that page functions as an advertising space, and the more advertisers can be charged to advertise on it. Whether it’s Facebook’s like button or Snapchat’s streak, these platforms are designed to trigger hits of dopamine – the same chemical secreted following sex and cocaine use – that keep users coming back for more. That one of the designers of Facebook’s ‘like’ button restricts his children’s Facebook access speaks volumes as to how insidious this business model can be. The effects of this widespread addiction are now visible everywhere, having transformed human behaviour. Increasingly, checking social media has replaced actual social interaction. On entering a room many will immediately check into social media to avoid potentially challenging small talk with the room’s occupants. Take a study break and instead of shooting the breeze with fellow students the same thing often occurs. This behaviour is not without consequence. As Psychology Today has reported, social connections – in the ‘real world’, that is – lay the foundations of self-confidence, and their deprivation can have damaging effects to self-esteem. Simply put, people get out of practice communicating verbally and when confronted with a situation in which it’s necessary they can become anxious. Perfectionism reigns The world people enter when ‘escaping’, although purporting to be real, or at least a reflection of the real, is far from it. Rather, it is a highly polished, idealised version of life; a world of heavily curated profiles, smiling faces, and endless attractive friends. Gone is the mess, the ugliness, and the imperfection of actual reality – the hallmarks of being human. Lift one’s head from phone to the real world and these elements rush back to fill one’s vision, the drudgery suddenly more potent in comparison with the phone world’s shimmering, unachievable wonderfulness. The discrepancy between these two realms has led to a damaging increase in perfectionism. Many have developed impossible expectations of life that operate in conjunction with an insatiable inner critic that constantly questions why things aren’t matching up with the doctored beauty of social media. From a scientific standpoint, excessive screen use - as social media demands - is proven to release stress hormones that arouse the central nervous system. This can prompt feelings of anxiety and agitation, which disrupt sleeping patterns, creating a dangerous cycle. In this instance, young people can get stuck in a rut, unable to escape a highly adrenalised existence, a pattern that causes inevitable psychological crashes – and physical crashes, when the adrenaline runs out – as well as moments of crushing self-doubt. Generation Zers, many of whom have recently become students, are experiencing the brunt of this. In addition to contending with the stresses, the ups and downs, of campus life, they're doing so while being the first demographic cohort raised with social media. Are we surprised? That this phenomenon has arisen in our culture is in many ways unsurprising. Since the 1960s consumerism has penetrated all aspects of our lives, both public and private. Problems, it's drummed into us, can be solved by means of simple acquisition. Clothes, appliances, food, lifestyle: these are our sources of happiness and fulfilment; this is where we can find satisfaction and pleasure. Alas, as many are figuring out, it's not that easy. Temporary fixes may be had, at a price, but a more permanent sense of contentment often remains elusive, tantalisingly out of reach. Instead, what develops is a deep craving, the unsatisfiable conviction that it's the next purchase that's all important. And there lies the addiction, the endless search. Social media relies on this same logic, making it applicable to our very being: if only the profile picture gained 10 more likes, personality, and as a corollary self-worth, would be validated. It‘s an unsustainable way to live if one wants to find inner peace. Clearly, the way we are using social media is not conducive to good mental health. The connections between its incessant use and anxiety are clear, medically supported, and need greater exposure. The present situation should serve as motivation to change; things look bleak; the statistics pertaining to mental conditions grim. A good starting point could be a wholesale reassessment of our collective relationship with social media: how is it serving us? What kind of behaviour is it encouraging? Would we benefit from moderating the amount of time we spent on it? The problem is not going to solve itself; the profit-hungry social media giants will make sure of that, and society has a responsibility to protect its younger generations; to make sure their futures are safe. It is, therefore, incumbent on us to reassert our own values, as we would like them to be, and stop dancing to the algorithm’s money-driven tune.
Even before COVID-19, students across the world face a mental health crisis of unprecedented proportions. Columnist James Matthew Alston investigated the phenomenon, looking particularly at university responses - his conclusions made for tough reading. Many institutions are overwhelmed, their mental health services ill-equipped to cope with the growing demand. Consequently, students are often left untreated in precarious states of mental health – an unsustainable situation that, as the statistics show, can end tragically.
10 Most Affordable Countries in Europe to Do Your Economics PhD
Fortunately, the UK and the US aren't the only two places in the world with colleges and universities great for studying economics. Particularly in many European countries, higher education hasn't yet been turned into a corporate business to the same extent, meaning not only can you find cheap PhD programs - some are completely free. But paying less (or even nothing) doesn't translate into a lesser experience. On the contrary, many of the countries on this list can make legitimate claims to housing some of the most prestigious higher learning institutions in the world. Studying abroad has other advantages during your years to complete the program, too. These include learning a new language, getting to know a new culture, meeting people you wouldn't normally, and more generally forcing yourself out of your comfort zone. These things can be somewhat scary, but are often incredibly rewarding. So without trying to convince you any further to move to another country, read on for our list of the top ten places to look for an affordable PhD in Europe (in no particular order). If you plan to start your PhD application soon, download our free guide "How to successfully apply to a PhD in Economics". 1. Germany Germany's positive academic reputation is known worldwide, and the country has a rich, impressive higher education system. Most universities in Germany have very low or no tuition fees, and there are large numbers of government grants available for PhD students, such as those provided by the DAAD or the Excellence Initiative. Living costs vary between areas, but rent control means that housing is relatively affordable in many parts of Germany, although costs have been increasing in recent years. There are often plenty of courses available in various fields in English; aside from that, learning German, while a tough language, can be an extremely rewarding experience. This author can testify. <11an>limit:3;categories:PhD Programs;countries:Germany;disciplines:Economics</11an> Browse PhD programs in Germany 2. Denmark The cost of tuition fees for PhD students in Denmark is also low: usually around DKK 3,600 (US$500) per year, making it an extremely affordable option for studying. The quality of life is very high there, with a beautiful countryside and a strong culture of environmental awareness. Rent and food can be expensive in large cities like Copenhagen, which must be taken into consideration. However, if you enjoy Denmark and want to stay longer, fear not – jobs pay equivalently well there. Browse PhD programs in Denmark 3. France France is known for its world-leading technical colleges like l’Ecole Polytechnique, where tuition fees are typically very low for PhD students at just €400 (US$440) per year. Paris can be an eye-wateringly expensive city to live in, but other cities like Lyon or Toulouse are more affordable and also have exceptionally good universities. It may be a little harder to find courses in English at French universities, but they definitely exist, even for economics. Browse PhD programs in France 4. Finland If you can handle the cold, you might consider studying in Helsinki, Finland, which has two world-leading universities. It is far more affordable to live there than in other Scandinavian capital cities, so if you want a taste of Scandinavian life without the hefty price tag then this might be for you. Generally, Finnish universities offer a lot of courses in English. Helpfully, this means that you won't have to learn the local language, which is renowned for being extremely difficult. Even so, it might be worth giving it a try! Browse PhD programs in Finland 5. Sweden Free tuition for all doctoral students – welcome to Sweden. There are also scholarships available from the Swedish government to cover living expenses of PhD students who come from other countries to study in Sweden. With a high quality of life and well-regarded universities for economics, Sweden is both highly affordable and highly attractive for studying. But bear in mind that the cost of living, especially in cities, can be high. Browse PhD programs in Sweden 6. Belgium Brussels is a bustling and highly cosmopolitan city best known as a center of political activity, but it also has a number of reputable educational institutions. PhD students in economics, politics or international relations in particular will find this a highly stimulating environment. The cost of living in Belgium is generally lower than other European countries and tuition fees are in the mid-range. Browse PhD programs in Belgium 7. Hungary Affordable in terms of both tuition fees and living costs, Hungary is a rising power in the European academic world. Academic scholarships for international students are common, making it a popular choice with students from around the world. The city of Budapest is known for being one of the most interesting and culturally intriguing cities in Europe, and it has universities like the Corvinus University of Budapest which offers programs in English. Bear in mind that Hungarian is a notoriously difficult language to learn, and the political situation in the country has become less and less inviting over recent years, something important to consider when moving abroad. Browse PhD programs in Hungary 8. Italy Who could resist the chance to spend a few years in Italy, eating what surely everyone agrees is the best cuisine in the world? (According to the Italians, at least). As well as delicious food and a relaxed, casual way of life, Italy offers good technical universities as well as institutions which specialize in economics, the arts, history, and architecture. Accommodation costs vary considerably even within a city, meaning that there are usually options available for students on a budget. Tuition fees are low and it's increasingly common to find international students at Italian universities. Browse PhD programs in Italy 9. Norway Another Scandinavian country which offers very low tuition fees is Norway. Tuition is generally free for all students, including international students, at all educational levels. Students only have to pay a small administrative fee of $50-$100 per semester, and the universities are of high quality. However, the costs of living in Norway can be very high, with the cost of basic staples among the most expensive in Europe. On the plus side, Norwegian is arguably one of the easiest languages for English speakers to learn once you've got past the difficult pronunciation. Unfortunately, Norwegians often speak such good English, you may never have a chance to practice. Browse PhD programs in Norway 10. Spain A beautiful country with famous architecture and sunny weather, Spain is another option for an affordable PhD program. It is also especially notable for being more accessible to the many native Spanish speakers in the world than many of the other countries on this list. The cost of living is lower than countries such as Norway or Sweden, although Spanish universities will often charge a modest tuition fee. This fee is higher for international students than for EU residents (somewhere in the range of €2,000 to €4,000, depending on the program). But, this is still very affordable compared to similar options in the US or UK. Browse PhD programs in Spain Until early 2022, Ukraine was on this list. However, due to the tragic invasion that began in late February 2022, students are unable to study safely there for now. We stand in solidarity with Ukraine and all of the people affected by needless violence; you can find ways to assist with humanitarian efforts by reading our Solidarity with Ukraine post.
Are you interested in doing a PhD in economics but worried about the cost? It's a real concern for many, and can dramatically affect your decision-making process. If you live in the United Kingdom, you could end up with around fifty thousand pounds worth of debt at the end of your three years. In the United States, you could have even more. The stress of having this weigh over you - not only while you're studying, but also afterwards while you search for a job and during your first years in employment, can be massive.
Countries with the Highest Salaries for Economists
Economists are – unsurprisingly – methodical about their careers, it’s in their nature. With every choice, and at every stage, the costs and benefits of decisions are meticulously weighed, the potential utility assessed. Here at INOMICS we know this better than most, helping, as we do, economists of all stripes through the process. We know which questions they seek to answer before choosing one career path over another. And always close to the top of the list – which, true to stereotype, is a lengthy one – is where in the world do economists earn the most? With salary data from respondents based in 128 countries, INOMICS’ recently released Salary Report answers this query, along with many others pertaining to economists’ salaries within and across regions. Among its most shocking findings, the report exposes the regional inequality in salaries. While the hierarchy itself may not be entirely surprising, the gulf between regions is so stark, and the disparities so great, it’s simply not possible to talk of a single global job market for economists – the geographical divergences in wages are too substantial. As the graph shows, North America is far and away the most lucrative job market for economists, the average annual salary standing at an eye-watering $112,164. Economists based in North America earn, on average, almost twice as much as their colleagues in the next most lucrative markets in Western Europe & Scandinavia and East Asia & Australasia, where average salaries stand at 61,108 and 60,787 respectively, and nearly five-times those in Africa and South Asia. This superiority of wages exists across all sectors, and although the cost of living is often more expensive, in terms of pure dollars and cents, the region is unrivalled. Truly, if the size of your pay packet is your greatest concern, it’s the only place to work. Delving a little deeper into the region’s data, further details also become clear: US wages are dragging up the region’s average. Wages in the US vastly outstrip those in Canada, which are themselves among the highest in the world, a difference that is most pronounced in industry and the public sector, where those occupying senior management positions earn an enormous $190,000 on average, exactly double that of their Canadian colleagues. That the highest wages in North America are found outside academia is not unusual, INOMICS data from other regions – most notably Western Europe and Scandinavia – shows a similar distribution. The regional inequality these data expose have long existed, as previous Salary Reports can attest. And they seem unlikely to shift. Indeed, this year’s Report reveals the stark difference in how the coronavirus pandemic has been experienced across the world, entrenching and exacerbating these divisions. Both our data, and the personal testimonies the Report also includes, show the extent to which economists working in the Global South have suffered far higher levels of job loss, greater reductions in working hours and salary, and have had more promotions postponed. Future insights will investigate in more detail the data surrounding these disturbing developments. To view our methodology and how we calculated the figures used in this article, please see the full INOMICS Salary Report 2020/21.
The following article is an analysis of data taken from the INOMICS Salary Report 2020/21 - which is available to download in full here. Specifically, this article looks at the average salaries of economists around the world working in academia, the public sector and the private sector. It is the first instalment in a series of insights handling the Report’s findings.
5 Tools to Help Lecturers, Professors & Teachers with Classroom Organisation
To preserve the precious time that is left, the pressure to find additional efficiency in other areas, especially class planning, is essential – and for that purpose INOMICS is on hand. There are now a whole host of online tools that can assist class management, and which make the organisation of classes easier, allow students to access materials electronically, and, by saving time, permit lecturers and professors to do things other than preparing quarterly reports. The following are a few of the best. Moodle Moodle is a learning management system for both students and teachers, focussing, in particular, on the needs of higher education institutions. It can be used to host information about classes, such as calendars and assignment due dates, and also to distribute information about individual lectures, such as handouts or additional notes. If you are running several classes with a large number of students, Moodle is designed to scale up, so it can handle many different sections and hundreds or thousands of individual users. All content is accessible through the website, so it can be accessed from anywhere, making it ideal for distance learning – a quality essential in the current moment. One issue to be aware of is that setting Moodle up requires some technical expertise, and access to a web server. For this reason, it is advisable for lecturers to ask for support from their IT department if they want to install the software. However, once the software is installed, it is easy to use, and can be fully customised to meet your individual needs. It is also free and open source. Blackboard Blackboard, another learning management system, is an alternative to Moodle. It has similar functions and features, but focuses more on e-learning and on adding online elements such as videos and interactive quizzes to course teaching. Blackboard is more limited than Moodle, as Moodle is open-source and therefore has more flexibility and options. However, many institutions still use Blackboard and have it installed and ready for teachers to use. The best way to decide whether you should use Blackboard or Moodle is to find out what others in your institution are using and to use that. The more institutional support and advice from colleagues that is available, the easier it will be for you to use the software. ReMarkable For professors who teach large numbers of classes, ReMarkable is a tool for the organisation and grading of class assignments. If your students are able to and agree to use the app too, they can submit their assignments, and then you can grade them and return them, all electronically. Students can also use the app to collaborate on assignments and check each other's work, so it's ideal if you are setting group work projects. You can also keep track of all the grades you have given out, so that you can see the marks of each student or class. Edmodo Edmodo is a social networking site for students and teachers that can be described as “Facebook for the classroom”. It allows teachers to set up invitation-only groups, which students can join to participate in discussions and to share information. Like Facebook, users can share text or links on each other's walls and hold discussions in the comments. Teachers can also share files or assignments through the website, issue updates (for example if a class is cancelled due to illness or weather conditions), carry out surveys, and share the class syllabus on a calendar. The website is free to use for both students and teachers, and there are also apps available for using the site on your mobile phone or tablet. Giving your students another excuse to check their phones during class may give you pause. Socrative If you're interested in teaching whole classes online, or if you want a way to get instant feedback from your students, then Socrative may be useful to you. It is a tool which allows teachers to set real-time questions for their students to answer, and then aggregates and visualises the results. So you can get quick feedback, perform a quiz, or poll the opinions of your students. This allows teachers to see the level of knowledge and understanding of the whole class, and tailor their teaching accordingly. It also keeps students feeling involved and interested, as they take an interactive part in the class. It is available as an app or browser-based, so it can be used as long as your students have access to a computer of some form.
Lecturers, professors, and teachers spend ever-increasing amounts of time dealing with bureaucracy, box ticking and completing performance reviews, and ever-dwindling time doing the things they joined the profession to do: namely teaching and researching. While this should, and hopefully will, be addressed, for now, at least, it’s the way things are.
For those planning a PhD in economics, check out our Sample Motivation Letter for some specific guidance as to how to get yourself prepared. For others applying for a research role, teaching role, or for a fellowship – stick around. The following are a collection of sample cover letter templates that you can use as a basis for your own. Yep, we got you covered! Sample cover letter for a research position I am writing to apply for the postdoctoral position in marine biology in the Department of Life Sciences. Having recently completed my PhD in biology, I am excited for the opportunity to join the world-renowned research team at the University of Leipzig. My primary research interests are migration behaviors in marine creatures, and in my current research I use methods including statistical modeling and field observations. My aim is for my research to form a bridge between modeling and field work approaches. I am therefore particularly attracted to the University of Leipzig as a department which values research using a wide range of methodologies, and which offers the chance for collaboration with colleagues in other life sciences fields. Working in research in both Germany and abroad has given me a network of potential collaborators and experience in international projects. I have found bringing together researchers from different fields to be particularly beneficial, and my interdisciplinary background has provided me with effective communication skills across a diverse range of groups. I am keen to continue collaborating with researchers from other disciplines in order to better understand complex issues. Furthermore, I have experience with the supervision of Bachelor's students, and with teaching undergraduate courses such as An Introduction to Oceanography, for which I received excellent feedback. I find the nurturing of students in order to realize their best potential to be a greatly rewarding aspect of teaching work and I am thus interested in taking on teaching work as well as research. I have three publications pending from my doctoral project, covering a broad range of scholarly interests. These papers are currently in the submission process for high-ranked peer-reviewed journals. I wish to acquire third-party funding to support my research in the future, and to that end I am preparing applications for the Deutsche Forschungsgemeinschaft (German Research Foundation) fellowship and the Sir Henry Wellcome Postdoctoral Fellowship. As a member of the committees which applied for extensions of funding from the German research foundation for both my graduate school and my university institution, I have experience with large-scale funding applications, both of which were successful in securing further funding. I am enthusiastic about the possibility of working at the University of Leipzig. I thank you for your consideration and look forward to hearing from you. Sample cover letter for a teaching position I am applying for the role of lecturer in psychology at the University of Hamburg. I completed a PhD on the topic of how stressful life events affect decision making at University College London. Since then I have been working in a postdoctoral role in the neurology department at the Charité Hospital Berlin. The primary topics I teach are neuropsychology, rehabilitation after brain injury, and the social impact of stress, and I have additional teaching experience in the field of neuroscience. My teaching philosophy is to promote independent thought and critical reasoning skills in my students by encouraging them to discuss and debate. For example, in my Neural Decision Making course, each student is required to learn a topic and present it briefly to the other students once per lesson. This not only challenges the presenting student to convey the material accurately and concisely, but also aids the understanding of the other students in the class. Similarly, three times per semester I organize debate classes in which the class is split into groups which must defend a contested position in the field. Encouraging students to consider perspectives which are contentious and with which they may not agree challenges them to think beyond their current knowledge and to explore alternative perspectives. This teaching style has been successful in engaging students and holding their interest. I am happy to have received strong positive feedback from students on my teaching, and one of my classes was selected by the student newspaper as a top ten course at my previous university. I also have experience co-supervising students in Bachelor's and Master’s psychology programs, from which I gained skills in project management and supporting students academically. My current research is on the relationship between priming and decision making, examining the degree to which value assessments are influenced by non-verbal primes. I have five publications on this topic, each published in high-impact journals. I am keen to continue this research at the University of Hamburg, given its expertise in decision making and its strong neuroscience community. I enjoy supporting students from diverse backgrounds and those who have followed non-traditional career paths. I believe that the strength of a discipline comes from hearing a wide range of viewpoints. I am excited to pass the experience I have received on to other students who are supporting themselves through work while studying, who may have family commitments, or come from a non-traditional academic background. The possibility of teaching Bachelor's and graduate students and continuing my research at the University of Hamburg is something I am enthusiastic about. Thank you for your consideration and I look forward to hearing from you. Sample cover letter for a fellowship In response to your advertised opportunity for a fellowship in experimental psychology from the Alexander von Humboldt Foundation, I am writing to you to express my interest in this fellowship. My PhD research included paradigms from experimental psychology alongside innovative interview techniques for assessing personality disorder traits. I believe combining knowledge from disparate disciplines can be uniquely effective in building new models for understanding complex phenomena such as mental disorders. I am therefore particularly attracted to the Alexander von Humboldt foundation as an organization which promotes interdisciplinary, unusual and innovative approaches to research. I have a truly interdisciplinary background, having studied psychiatry and neurology as well as psychology. I currently hold a postdoctoral scholarship at the University of Munich, where I perform research into the assessment and classification of personality disorders. Having worked with a broad range of methods including interviews, reaction time measures, subliminal stimuli detection, and theoretical work. I have been in frequent contact with both clinicians and empirical scientists, and I have experience in presenting to and learning from experts from a wide variety of specialties within psychology. For example, I co-organized the Constructs of Personality Disorders conferences in 2018 which included psychologists, philosophers and psychiatrists as part of an interdisciplinary working group. My recent research has focused on using interview methods to categorize and classify the rates of personal disorder symptoms within the general population. Having found evidence of higher-than-expected rates of symptoms within certain groups, particularly younger people, I was inspired to design further experiments to investigate this intriguing result. My background in both psychology and psychiatry makes me ideally suited to this work. I am confident in my abilities to design and run experimental projects, having worked independently throughout my PhD on a project of my own design. I also demonstrated an ability to run projects and maintain strict deadlines by completing both my PhD and three manuscripts for papers within 36 months. Thank you for considering me. I am excited for this opportunity to undertake a fellowship with the Alexander von Humboldt Foundation and I look forward to hearing from you.
When applying for an academic position as a researcher, lecturer, or for a fellowship, a cover letter is usually required to accompany your CV or resume. Stating your particular interest in the role, and showing how your academic and work experience enables you to excel at the job, is the aim of a successful cover letter. They can be one of the most important parts of your application, giving the recipient an idea of who you are and what your relevant expertise is. Essentially, it's the first impression an institution will have of you, so it's important to get it right.
How to Give a Great Academic Presentation
In this post, we will offer you specific tips on how to hone your presentation and sharpen your speech in order to give an interesting, memorable and overall successful academic presentation. Building on past blog articles including Dress Code for Academic Conferences and How to Write a Cover Letter, this post will offer you advice that can be applied across a range of situations that you will face time and again throughout your career. So, without further ado. 1. Tailor your talk to your audience Although you never want to underestimate the intelligence and experience of your audience, you also need to be aware of the specific crowd to which you are speaking. If you are at a highly technical conference for researchers in your subfield, going into great detail and skipping over any basic background research would be a good idea. If you are attending an interdisciplinary seminar the following month, however, simply adapting the same presentation is not a good idea. Take the time to make sure your presentation reflects the education level, interests and general make-up of your audience, and your talk will necessarily have a better reception. 2. Keep text to a minimum The idea of a visual aid is that it should accompany your presentation, not replace it. Thus, your slides should offer complementary information, rather than forcing your audience to try to simultaneously read and listen to you talk. Always use a font that is easy to read and keep the size large enough so that even those at the back of the room or lecture hall can see every word. However, images and graphs are always better than words – a simple slide accompanied by a great verbal description is your best option. 3. Practice, practice, practice Even if you feel completely confident in your presentation skills, it’s always a good idea to rehearse in order to give the best talk possible. Through practice you become more comfortable each element of your presentation and are less likely to forget small but important things such as an introduction of who you are and where you work or study. By practicing you can make sure that your slides are organized in such a way as to create a good flow for your points, you become more comfortable with all of the transition points and you have the chance to make any necessary changes before you find yourself on stage. 4. Harness your nerves Even if you’ve practiced like crazy, it’s normal to still feel nervous. If you make the conscious choice to channel that nervous energy into enthusiasm, you can actually boost your own performance and simultaneously build confidence. Taking long pauses and deep breaths are fine practices, and if done in a controlled manner they can add emphasis to specific points within your talk while also calming you down. If you are someone who forgets what you had planned to say when you’re nervous, make sure you’ve made clear notes to fall back on. Furthermore, you can arrange your slides so that each transition begins with a clear indication for you of what comes next. If you are giving a presentation in a language other than your native tongue, don’t let yourself get caught up in worrying about grammar or pronunciation. Focus on the content of your presentation and your audience will too. 5. Respect your time limit It is natural to get caught up in your talk and forget to keep track of time. A presentation that drags on forever invariably loses favor with the audience, however, so it’s important to keep to the schedule. Setting a watch or clock on the podium is one way to give yourself a physical reminder of the time without being too obvious about it. Another option is to ask a friend or colleague to give you a reminder when you’ve hit the halfway point or when you only have five minutes remaining of your allotted time. If you choose to use a reminder, remember not to speed up or rush even if you feel like you’re running out of time and still have lots to say. Prepare for this scenario ahead of time and choose which slides you could skip if need be. Regardless of whether you’ve had to skip certain sections, always have a strong conclusion planned. People tend to remember the beginning and end of events the best, so going out strong is important. Finally, always thank your audience and your host before leaving the stage.
Whether you’re a graduate student giving a presentation for a course or a researcher presenting at a conference, being able to give an engaging and well-prepared presentation is a valuable skill for anyone in academia – in COVID times it is invaluable. Today, hardly a talk is given without an accompanying PowerPoint presentation full of flashy graphs, images, exploding sub-titles, and often far too many bullet points.
Talk has begun of loosening the restrictions, and the route out of the wreckage is clearer by the day. With this in mind, and looking to our future, we must ask ourselves where our priorities lie? The post-COVID world is yet to be built – and we need to get planning. Placing community at the center When things are threatened, it’s natural to consider what we hold dear, what we would fight to protect. And like many previous crises, COVID-19 has reasserted the importance of community: the sense of collective belonging, shared purpose. In responding to the pandemic, it was local workers that kept society running, stacking shelves, delivering food, caring for the elderly; and it was from local spaces that mutual-aid networks emerged, filling the gaps left by inadequate government intervention. In the words of the National Organisation for Local Economies (CLES): ‘the emergency has underscored the centrality of community to our everyday lives’. At the same time, the crisis has also reminded us how much we undermine it. Decades of deindustrialisation, outsourcing, and austerity have helped erode community bonds, with local economies manufacturing little but inequality and precarious, often underpaid, work. And things are now worsening. As COVID-induced recession hits, thousands of businesses face bankruptcy, threatening countless jobs, and private equity firms hover like vultures, salivating at the prospect of picking up local firms on the cheap. UK highstreets, so often the focal point around which communities coalesce, are teetering on the brink of extinction, nothing but fast food chains and automated casinos to fill their empty fronts. For those prepared to fight to protect their communities, the time has come. Despite looking like an overwhelming task, the cause is not without hope. Polling shows that just 6% of Brits want a return of the pre-COVID economy, clearing the way for a new economic path - one that prioritises local livelihoods over big business, long-term prosperity over short term profits, and seeks the restoration of community. It’s time to make the case for community wealth building. Introducing... Community wealth building (CWB) is an approach to economic development. Described by the think tank, Collaborative Democracy (CD), as a ‘systemic, place-based alternative to the ‘no-placeness’ of extractive, corporate capitalism’, it reimagines local economies as owned by, and operating in the service of, the community - especially those most marginalized. By broadening ownership over capital and anchoring jobs locally, it seeks to ensure local economic stability and stem the flow of capital flight. For those sceptical, its potential has already been glimpsed, with CWB principles underpinning the so-called ‘Preston Model’, a program of development that’s helped revive the wider Lancashire area. Now, though, as lockdowns continue to expose the injustices of our economic model, it should be taken from the fringes to the fore - amid the current chaos its relevance has never been greater. Democratising the economy CWB is best understood by an exploration of the five principles, or ‘pillars’, upon which it rests. The first is the democratisation of the economy through the establishment of worker-owned initiatives. ‘Cooperative businesses stabilize communities’ explains economist, Jessica Gordon Nembhard, ‘because they… distribute, recycle, and multiply local expertise and capital within a community’. By centering members’ interests over the profit motive, cooperatives prioritise job security, the maintenance of affordable prices, and operate in the service of community wellbeing. Research from the International Labour Organisation (ILO) has also shown that cooperatives - and other democratically run enterprises - are also far more resilient in the face of economic crisis - and have been throughout history. From the German agricultural depression of the 1860s, to the Great Recession of 2008, they have consistently outperformed investor-owned businesses in protecting employee interests, and riding out the hard times - we now need more of them. It shouldn’t be too difficult either. Local authority business support can easily be re-channelled towards locally-owned, socially-minded ventures, while future bailouts, of which there will be many, can be made contingent on the diversification of ownership. Given the increase in poverty, unemployment, and inequality the government should put particular focus on supporting cooperatives in everyday economic sectors like food, care and utilities, to ensure their continued affordability. Financial power While championing worker-owned businesses is a worthy goal, without access to credit the expansion in this area will be stymied. Indeed, access to credit has long been an issue for small and medium-sized enterprises (SMEs), regardless of ownership. Between 2009-19 lending to SMEs dropped by over 40 percent, despite their number increasing by almost a third, and insolvency rates have rocketed. Now, in COVID-induced recession, financial flows to SMEs are constricting further, for the combined losses of revenue, capital expenditure and productive output have been enormous. In addition to better state support, regional investment banks - an essential plank of the CWB - must be considered. Through targeted lending, prioritising unionised cooperatives operating in the local area, these banks are well-placed to finance the growth of local economies, which commercial banks, put off by their small scale, have little interest in. Local authority pension funds should also chip in, redirecting investment away from global markets into local schemes. Together, these initiatives can recirculate wealth that already exists in the community - a multiplier effect in action. Anchor purchasing This can be further enhanced by what CLES describes as the ‘progressive procurement of goods and services’. With the commercial economy tanking, public sector spending is increasingly important as a means of stimulating supply and satisfying demand - especially that of ‘anchor’ institutions. As Professor Arthur Burris has observed, such institutions - namely schools, universities, hospitals, and others deemed ‘unmovable’ - ‘generate billions… in economic activity every year, and yet very few regional development strategies attempt to harness their untapped economic power – buying, hiring, investing, etc. – for the service of the local population.’ Their power is on the rise, too, for education and health are areas that, despite the tumults of the global economy, continue to grow at a rapid pace. CWB corrects this oversight, channeling anchor institutions’ purchasing toward local businesses that are more likely to employ low-income, lower-skilled workers - think a hospital catering contract only open to worker-owned enterprises based within 10 miles. And the effects can be huge. Anchors purchase such large quantities of goods and services, that if just a small portion of that procurement were concentrated locally, substantial numbers of local jobs could be created, preventing capital flight - just when it’s most needed. The labour market and its discontents But it’s not just jobs that are needed, it’s good jobs, with good conditions and good pay - an increasing rarity in modern-day Britain. In the UK, in-work poverty reached 12.7% in 2020, according to UN statistics, and the austerity-withered safety net is increasingly porous. The CWB approach recognises this cannot continue, and again uses anchor institutions to combat it. Anchors are aptly positioned to address the systemic dysfunction in local labour markets through their purchasing, which can be made contingent on firms guaranteeing terms and conditions, like the living wage and protection of workers rights, that ensure a dignified standard of living. With a wave of redundancies inevitable following the winding down of the Furlough Scheme, restoration of the welfare system must accompany these changes, and the case for a Universal Basic Income, temporary or otherwise, should also be taken seriously. Trade unions, too, must be re-empowered, and consulted throughout the recovery process - for the market has proven itself an inadequate arbiter. Land and property The last of CWB’s principles centers on land, property, and their respective uses. And like the above, COVID has heightened its relevance. Circuit breaker lockdowns have provided a stark reminder of the inequity with which society has allocated land and property. As inner-city families were ordered not to leave their cramped, overpriced flats, thousands of townhouses and pent-house apartments stood empty - by April 2020, at the height of nationwide lockdown, it was estimated that 250,000 people had left London to stay in second homes elsewhere. As a counterweight, CWB advocates the extension of the ‘commons’ (land held in perpetuity for the public good) wherever possible, leveraging the size and wealth of anchors to that end. As significant landowners, anchors have huge asset portfolios, the under-utilized parts of which can be transferred into community control through vehicles like Community Land Trusts, ensuring any financial or social gain may be distributed among the community. Exponents of CWB also seek to take advantage of falling property prices, proposing local authorities purchase land, while appropriating derelict or unused property - all to be kept under the commons. These assets can then be lent to cooperatives and social businesses in need of office space or infrastructure - creating a feedback loop of local wealth creation. One part of a larger project While comprehensive, community wealth building is no panacea - society’s problems are too numerous. Rather, it must be thought of as the local part of a broader overhaul, one part of a program of transformation that includes a green new deal, an industrial strategy fit for the digital age, a rehabilitated welfare system, and which also tackles the housing crisis. Although this may sound a tall order, let’s not forget we stand, like never before, at a crossroads - and all roads remain open. The economic chaos created by COVID may be our best chance to trade in our old economic system for a new one, one that’s local, generative, social and democratic - a genuinely inclusive economy. There's an appetite for it too. The solidarity that’s emerged in response to the pandemic has been widespread, a reassuring reminder of the humanism that prevails, even in the most testing of times. Such sentiment must now be seized, harnessed and snowballed, it must become the driving force towards lasting political-economic change that puts communities at the centre. If the future is to be bright, it must be local. Header Image Credit: Viacheslav Lopatin on Shutterstock (licensed image - copyright)
'The greatest science policy failure for a generation’ is how the editor of The Lancet, Richard Horton, described the UK’s COVID response last June. It was a widely shared sentiment – made credible by the UK having one of the highest death rates in the western world. Fast forward to the present, and the government has finally claimed a ‘much needed win’ – a big one, too. Its vaccination programme has been rolled out with remarkable swiftness, and the country’s vulnerable populations are well on their way to inoculation. Commentators of every stripe have taken note.
Economic Development, Innovation and Growth (JEL O)
Urban, Rural and Transportation Economics (JEL R)
12 Characteristics of Successful Economics Students
So, to put worried minds at ease, we've compiled a list of the top 12 traits that will ensure that any good student gets the best out of their university experience. And to those now shouting 'what if I have none of them!', well, there's no need to worry, most can be acquired with a bit of determined hard work. Let's begin. 1. Intellectually curious In order to be a successful economics student, or any kind of student for that matter, it's particularly important that you're interested in and engaged with your subject. All of the other characteristics here depend upon you caring about your studies and your specific topic. Of course, everyone finds some topics more interesting than others, but the willingness to find something worthwhile in whatever economics issues you are currently studying will help to keep you on form during your studies. A good way to maintain your curiosity is by observing others who are good at what they do, and then asking questions about anything and everything you don't understand. Asking questions of experts is a brilliant way to learn how something works - they are experts after all! If asking questions fails, or more likely, is not possible, there are endless alternative means of finding something out - books, journals, the INOMICS study resources, and of course, the life-saving Wikipedia. Praise be! 2. Mathematical aptitude Here's a real obvious one: numeracy is a key skill for any economist. From dealing with large datasets to interpreting visual data like graphs, you'll need to be comfortable handling numbers and working with mathematical principles. This is why many economists take preparatory classes in mathematics before beginning work or study in economics. If you're feeling unsure, you should think about exploring this option. There are many introductory statistics, calculus and linear algebra courses freely available online. What's there to lose? 3. Knowledge of social sciences Economics also has a lot of common ground with other social science subjects like psychology, history, and sociology. Thus, having a working knowledge of these subjects and the methods used in them is highly beneficial. In recent years, economics and the other social sciences have become ever more interdisciplinary, meaning an understanding of these subjects is not only desirable but increasingly essential if you're to keep up to date on economic theory. Knowing a little about other, related areas will also benefit you in life in general; a bit of history knowledge gives people something else to ask you about at dinner parties, other than inflation rates or the stock market. 4. Good at understanding complex systems The unavoidable fact is that economics is a complicated subject which looks at complex and intertwined systems. To excel, you'll need to be able to pull together information from different sources and different fields to inform your theories. You’ll need to be comfortable examining data to look for trends and possible causations of a complex problem. Learning these skills requires time, effort, and a little patience. Above all, it entails reading, a lot, in order to get yourself up to speed with the latest developments, so being able to sift through dense scientific texts is an essential skill. 5. Self-driven Unlike in school, at university, you are expected to manage your own workload, attendance, and engagement. If you start to miss classes or assessments, you will quickly find your grades slipping, or worse, you may even fail - perish the thought! To prevent this from happening, it is essential that you can motivate yourself. Great students will push themselves to engage in class and to do the best they can in their assignments - without fail. Outstanding students will do even more than is officially required of them, to be the absolute best they can be. This should be the aspiration. It's hard we know, but why not give it a whirl?! Commitment is a vital aspect of being self-driven. It's easy to concentrate for a short time on something you find interesting. What's more difficult is remaining determined and motivated for sustained periods, when you don't necessarily love everything you are having to do, read, or write about. And trust us, this is a situation you are bound to face... Pick the right course and this will be kept to a minimum. 6. Healthy time management The ability to organize your time and schedule is another incredibly important ability for an budding economist. Successful students should plan their weeks and semesters well in advance to ensure they can attend all the classes that they need to, and also have enough time for researching and working on assessments. It's equally as important to give yourself time for hobbies, socializing, and general fun. Taking a break is essential to avoid burnout and to ensure you have the energy and drive to study when you need it. And while it's important to stay on top of your classes, coursework and other assignments, taking time for yourself and seeing your friends is a must if you are to maintain a healthy balance. With mental health rates deteriorating among students, this is more important than ever: take the time to relax. If you struggle with time management, do something as simple as getting yourself a planner that you can jot down all of your commitments in. Really, it changes everything! 7. Admitting you don't understand One quality which is often overlooked is the ability to admit when you don't understand something. Seriously, this is important, especially in a complex subject like economics. Although you may feel embarrassed to admit the gaps in your knowledge, it is the only way to learn. This way, the teachers or other students around you can help by explaining the topic more clearly, and you will benefit in the long run. Bite the bullet! This comes hand in hand with intellectual curiosity. If you aren't able to admit you don't know something due to fear or embarrassment, you won't be able to utilize your innate curiosity - and it's curiosity that leads to innovation, creativity and originality. So yeah, it is pretty important! 8. Lateral Thinking The ability to come up with new ideas or new ways of thinking about a problem is a characteristic of an exceptional student. This could not be more true of economics where new ways of thinking are the name of the game. For that reason, don't be afraid to give your own opinion on a topic or argument, even if it's contradictory to what others have said. As long as you can justify your view, teachers and other students should welcome your input. Likewise, when presented with data or evidence, you should be able to adjust your ideas and theories to explain that evidence. This is exactly how the field of economics continues to grow and evolve! There are lots of things you can do to improve your ability to think about theories or economic problems creatively. One of them, as we discuss later, is reading widely and learning a range of skills. The more you have in your toolbox, the more ways you'll be able to think about a problem and come up with an innovative way to solve it. There's also collaboration: working with someone who has a completely different set of strengths than you will force you to see things differently. In partnership with them, you'll both be able to contribute to an idea that would never have been formulated if you were working alone. But there are other ways, too. Travelling widely can help you become more creative in general by exposing you to different environments and cultures. Practicing a rewarding hobby- like playing an instrument, writing, or doing something else creative- can show you new ways of thinking. And of course, connecting with people who are naturally creative is always a good idea. Surrounding yourself with people who have a skill you want to possess can push you to improve. 9. Solid reading, writing, and analysis skills Whatever subject you study, there are some skills that you will always need. The ability to read materials and glean the relevant facts, the ability to write up your findings in a clear and engaging way, and the ability to critically analyze the material you find will be needed at every stage of your academic career. Just as essential is reading things that aren't directly related to your course - newspapers, articles about other academic areas, even novels, can expand your knowledge outside of your chosen discipline. Of course, it's important to make sure this doesn't interfere with your university work. This is related to thinking laterally and seeing the bigger picture - you'll only be able to do that if you read a lot, and vary what you read. 10. Communication skills A further set of skills which are important, but seldom taught are communication skills. Being able to present the information you know to both a lay audience and an expert audience is vital for demonstrating your grasp of the material. You should get in practice at presenting orally, making slides, and engaging in debates in order to get the most from your studies. One fun way to practice this is to try describing some economic phenomena to your friends, when they inevitably ask you for your opinion on capitalism or labor laws. 11. Performing under pressure There are times when you need to perform under pressure, particularly in written exams. Being able to keep calm and not panic will help you perform to the best of your ability. Fortunately, this is something which tends to come with practice. The more exams you do, the more comfortable you will become with them. Another common situation is when you must present to an audience. Remember, the more prepared you are, the less your nerves will impact you. If you know your material, and can articulate your points without reading a script, you will be more able to respond calmly even when the audience asks you an unexpected question. Also, you don’t need to respond to questions immediately. A pause for thought is often warranted and can help you organize yourself before answering. 12. Understanding other perspectives Finally, one characteristic which you may not realize that you need is the ability to listen to and understand other people. Academic success is not only about putting forward your own views; it is also about being able to engage productively with people who have a different perspective. Learn to listen, to argue constructively, and not to be defensive about your own ideas, and you'll be a better student and encourage others as well. When all's said and done, you don't have to agree; in fact, the point in attending university is to challenge views and be challenged yourself. What's important, though, is to be empathetic and respectful of other people, regardless of whether you respect the perspective they have taken. Being able to do this shows maturity and is an essential quality of being a successful economics student (and person).
What does it take to succeed as an economics student? What qualities make a good economics student – one who thrives at university, enjoys their economics degree, and then, once it's all done and dusted, who goes and gets a good job? These are big questions – there's no doubt – and their answers may not immediately be clear.
Economics bloggers vary widely from individual students and professors sharing their thoughts on the state of the profession, to blogging superstars like Gregory Mankiw, Paul Krugman, John Cochrane and Tyler Cowen, whose analyses are backed by years of experience and a deep knowledge of the field. Reading economics blogs can be an easy way to get your fill of knowledge and, in many cases, they're more palatable than academic journals, which can be dense and grueling. The blogs we've listed - in no particular order - are the ones we here at INOMICS turn to when we're looking for interesting, informative, and occasionally offbeat articles on a wide range of economic topics. So go on, dive in. 1. Random Observations for Students of Economics Gregory Mankiw uses his blog predominantly to keep in touch with his own students, but it also serves as an excellent source of information on many economics topics to those currently studying. Mankiw himself is the Robert M. Beren Professor of Economics at Harvard University, so quite the authority! 2. Macro Musings Blog David Beckworth was formerly an economist at the U.S. Department of the Treasury. Now, he is a senior research fellow at the Mercatus Center of George Mason University. His specialities are monetary economics, international economics, and capital markets. He also has a podcast of the same name, and both the blog and the podcast "reflect his occasional musings on macroeconomic issues". 3. Mainly Macro Mainly Macro is a blog written by Emeritus Professor of Economics and Fellow of Merton College, Oxford Simon Wren-Lewis. Wren-Lewis is one of the most esteemed economists of the age, and his blog is, as he says, for both economists and non-economists. It is an essential resource that mixes politics and economics. 4. Confessions of a Supply Side Liberal Miles Kimball, who holds the Eaton Chair in Economics at the University of Colorado Boulder as well as being Emeritus Professor of Economics and Survey Research at the University of Michigan, writes this blog. It proclaims itself as a "partisan non-partisan" economics blog. An independent who grew up "in an apolitical family", his blog is obviously political but he writes that his "many strong opinions" are open to revision and do not line up with either the U.S.'s Democrats or Republicans. The blog itself doesn't focus only on economics, but also on topics such as politics, diet, and even Kimball's personal life. 5. Marginal Revolution Two professors from George Mason University, Tyler Cowen and Alex Tabarrok, set up Marginal Revolution in 2003. Cowen was named in an Economist poll as one of the most influential economists of the last ten years in 2018, and in 2011 Foreign Policy named him one of its Top 100 Global Thinkers. Tabarrok meanwhile has written for many reputable publications, including the Wall Street Journal and the New York Times, with a focus on monetary theory, financial economics and welfare economics. 6. Conversable Economist Timothy Taylor is the conversable economist, but he's also an author of several books and the managing editor of the Journal of Economic Perspectives. His blog focuses mainly on economics, but occasionally touches on other topics such as universities and students, and also history. 7. Naked Capitalism Naked Capitalism is contributed to by several different authors, all of whom have credentials writing and studying economics. Naked Capitalism began in 2006 as a response to what the founders thought was the "obvious underreporting in the US of the severity and extent of the underpricing of risk in all credit instruments". It is critical of both the policies it sees as beginning in the 1970s under Reagan and Thatcher, which led to the 2008 Financial Crisis, and the response which has come afterwards. Naked Capitalism sees its goal as fighting the entrenchment of a status quo that helped to fuel a recession which "reduce[d] the bargaining power and pay of ordinary workers" and was "detrimental to most citizens". This blog is essential reading for anybody who wants to understand the Financial Crisis, as well as what came afterwards. 8. Econbrowser Econbrowser is written by James D. Hamilton, Professor of Economics at the University of California, San Diego, and Menzie Chinn, Professor of Public Affairs and Economics at the University of Wisconsin, Madison. Its aim is to analyze current economics and policy - as simple as that. Posts come frequently, often as regularly as every day. 9. New Economic Perspectives Another blog with multiple writers, New Economic Perspectives offers economic analyses from several highly qualified economists, legal scholars and financial market practitioners. Following the 2008 Financial Crisis, the bloggers wanted to weigh in on global economics and "provide an accurate description of the cause(s) of the current meltdown as well as some fresh ideas about how policymakers... should address... the continued weakness in their economies". 10. Econlib The Library of Economics and Liberty, or Econlib for short, is simultaneously a blog, a podcast, and a place for students and researchers to learn more about specific aspects of economics. Alongside its regular articles and essays, it sells editions of economic classics, posts videos of economists, has lists and definitions of economics terms, and provides suggestions for further reading. 11. Econometrics Beat Dave Giles wrote Econometric Beat, a self-proclaimed "resource for econometrics students & practitioners". A retired Professor Emeritus from the University of Victoria, Canada, Giles conducted research into both econometrics and applied statistics. He wrote this blog even into his retirement up until 2019. He has left it up, so that students and practitioners of econometrics can still see the old discussions, which are quite helpful. 12. The Enlightened Economist Diane Coyle is the Bennett Professor of Public Policy at the University of Cambridge who specializes in competition analysis and the economics of new technologies and globalization. This includes extensive work on the impacts of mobile phones in developing countries. Consequently, her Enlightened Economist blog is an absolute must for the latest reviews and updates on books about economics & technology. 13. Paul Krugman Paul Krugman, a household name and heavyweight economist in the modern age, writes a regular column for the New York Times on macroeconomics, trade, healthcare, social policy and politics. In case anyone hasn't heard of him, Krugman is Professor Emeritus at Princeton University's Woodrow Wilson School, and in 2008 won the Nobel Memorial Prize in Economic Sciences for his work on international trade theory. He has written many books and even more research papers on topics centering on international trade and finance, and has also had pieces published in Foreign Affairs, Scientific American and the Harvard Business Review. 14. Real Time Economics Real Time Economics is the Wall Street Journal's dedicated economics section, which functions much like a blog. It provides news, commentary and analysis of both U.S. and world economics. 15. Thoughts on Economics Thoughts on Economics is a hobby blog account mainly focused on Post-Keynesianism, Institutionalism and related theories. The author, Robert L. Vienneau, is critical of neoclassical and mainstream economics, and documents the errors of these approaches and others (like Austrian economics). However, he tries to not comment on the politics of the modern era but focuses on economic theory. Occasionally, he will also post enjoyable cooking recipes to the blog. 16. The Undercover Economist The Undercover Economist is written by Financial Times columnist Tim Harford, and "reveals the economic ideas behind everyday experiences". Harford has written an eponymous book and has spoken at TED and the Sydney Opera House. He is also a broadcaster and formerly worked for Shell and the World Bank. He was recognized with an OBE (British honor) in 2019 for services improving economic understanding. 17. Ed Dolan’s Econ Blog Ed Dolan has taught at Dartmouth College, the University of Chicago, George Mason University and Gettysburg College. Along with his wife, he founded the American Institute of Business and Economics in Moscow. His blog serves as a resource center to promote “economic literacy”, particularly for teachers of economics, but increasingly others as well. 18. Vox EU Vox EU is the Centre for Economic Policy Research (CEPR)'s policy portal, and was set up in 2007 to promote "research-based policy analysis and commentary by leading economists". The audience and writers include economists from all sectors, as well as students of economics. It even occasionally accepts unsolicited submissions, and you can find details of the submission procedure on the website. CEPR itself has partners across the world, which work together with the aim of enhancing the quality of economic policy-making across the world through high-class research. 19. Worthwhile Canadian Initiative This blog mainly focuses on Canadian economics, although it sometimes branches out to the rest of the world. Several authors contribute to the blog, including Frances Woolley, professor of economics at Carleton University, and Stephen Gordon, professor of economics at l'Université Laval in Quebec City, among others. It covers a wide range of topics, from macroeconomics to the environment to education, and even includes a 'fun' section for those times when you're needing a bit of a break from the hard stuff. 20. Lars P. Syll Lars Pålsson Syll is a professor at Malmö University in Sweden. His blog is a mix of personal posts - such as videos that he finds amusing - and professional posts that focus on the philosophy and methodology of economics, theories of distributive justice, and critical realist social science. An avowed critic of neoliberalism and market fundamentalism, his blog covers a wide range of topics in English, French, German and Swedish. To find even more great economics blogs, check out the extensive list over on Feedspot.com.
There are many excellent economics blogs out there. Whether you want to read commentaries on economic policy, find out what people are currently researching, or simply keep up-to-date with the latest economic happenings across the world, there are blogs for all tastes.
But we knew this. Consumers are aware of the tradeoff they make buying books on Amazon instead of at the bookshop they walk past on their commute. And shopkeepers, obviously, don’t need telling - they’ve been struggling against internet forces, and before that out-of-town superstores, for years. Now, though, in this COVID-defined moment, lingering hope for a reprieve may well have been dashed, as, in accordance with lockdown and social distancing, even the most committed high street consumers have been kept away - and it’s unclear in what numbers they’ll return. Soon, 40% of non-food sales are predicted to take place online, up from 20% in February, and last month John Lewis and Boots announced a slew of store closures, with retail expert Bill Grimsey warning it’s ‘just the start’. In the coming year, he expects many retailers to join the likes of Toys “R” Us, Claire’s, Debenhams, and Oasis in administration - taking countless jobs with them. And it’s not just retail. Over a third of UK bank branches have shut since 2015, with numbers now increasing, and lockdown has brought the hospitality sector to its knees. The stakes are high This sense of loss is seismic. The character of many towns emanates outwards from the high street, which operates as a bustling hub of exchange, not just economic, but social and cultural. Particularly in smaller towns, for those more rural and isolated, its demise is a devastating, unanchoring experience - jobs are lost never to be replaced, spots where friends used to meet disappear, and optimism fades. It’s a feeling captured visually by the bleak-looking thoroughfares of boarded up fronts that are now a familiar sight in many town centres, the only life coming from corporately owned gambling, payday-loan, or fast-food shops. On the outskirts of these towns it’s not uncommon to find distribution warehouses, often the new centre of regional employment, where workers endure insecure work, with bad conditions and low pay. The Preston Model and a little bit of hope But there is hope. What’s happening is the result of adherence to a neoliberal economic model, greatly exacerbated by COVID. Once the virus is contained, reconstruction will offer an opportunity to depart this orthodoxy. With the right strategy, using what Democracy Collaborative calls community wealth models, local economies could yet be revived, and highstreets resurrected. Work to that end, though, must begin now. Here the ‘Preston Model’ provides an illustrative case study of work underway, and an example of an innovative approach to community wealth building, which could be scaled up. The model itself is underpinned by an effort to embed capital in the local community, and relies on combining the economic weight of ‘anchor institutions’, those immovable institutions permanent in the community, like schools, universities, hospitals, etc.. Together, these institutions procure contracts with local businesses with certain conditions attached. (Contracts are only entered with unionised businesses, cooperatives, and companies that operate in the local area and pay a living wage.) This could take the form of a catering contract in a hospital open only to worker-owned enterprises based within 10 miles. It works to ensure that capital, previously extracted by big corporations and leaked outside of the local economy, instead stays within it, boosting local employment and future investment. In Preston, the results have been immediate. Research from The National Organisation for Local Economies (CLES) found that anchor institution spending in the Preston economy increased from £38m to £111m in just three years, improved almost all economic measures, including GDP and productivity, and resulted in Preston being named Britain’s most improved city in 2018. Incentivising worker-owned businesses, as the model does, is a worthy goal, but without access to credit the possibility of expansion is limited. This is why the establishment of regional investment banks are essential to the success of community wealth building. Through targeted lending - prioritising sustainably run cooperatives and unionised businesses - these banks finance the growth of a sector, which commercial banks, put off by its small scale, would have little interest in. Local authority pension funds can also be encouraged to redirect investment from global markets to local schemes for additional means of financial support. Outside of the Preston Model, reviving reforms also need to be made in public services, particularly transport. For a high street to flourish, or at the very least function, it needs to be accessible. Yet in huge swathes of the UK, where cuts have meant the withdrawal of local bus routes and the rising price of tickets, access has been increasingly denied. Reinstating and expanding public travel links, while extending initiatives like the freedom pass, which enables over-60s to travel for free, would be a big step forward. Establishing rent caps to reign in unscrupulous landlords, appropriating derelict or unused properties into community trusts, and reforming business rates should also be part of any broader project to reanimate the high street. Easily implemented, they’re all eminently commonsensical. And when some retail goes, as it will, communities should consider what they want in its place - cafes, hairdressers, centres for learning and care. Change should be guided by society’s needs, not the market’s. Taking control Looking ahead, we should recognise that it’s impossible to completely insulate local markets from globalisation, COVID remains at large, and Amazon, evidently, is not going anywhere. But instead of continuing with the market at the wheel, communities must take control. We need conditions in which local development is encouraged, where jobs are locally and sustainably made, not lost - the Preston Model has proven it’s feasible, even on a shoestring. Failing to act is to choose a high street of pawnbrokers and gambling shops, of insecure, low-wage work, that degrades the environment. Is it too much to ask for something more? Header Image Credit: SimonHS on Shutterstock (licensed image - copyright)
The internet has given us many things: unlimited information, ever-expanding interconnection, myriad means of procrastination - in some places it’s even helped birth democracy. But as one hand giveth, the other, as is often the case, taketh away. And in the UK, it looks like the gift of online shopping may come at the expense of our high streets - and the thousands of livelihoods they maintain.
Sample Motivation Letter For Your Economics PhD Application
It should be noted that a European-style motivation letter focuses on academic background and research history, avoiding too much personal information. The US-style personal statement, on the other hand, is much more 'life experience' based. Here, we focus on the European style. 1. What to include in a motivation letter There are a number of essentials you should include in your motivation letter when applying for your PhD. The introduction should (perhaps obviously) clearly state which economics program you are applying for. This will lead nicely into the next section, which should contain your reasons for wanting to do a PhD and specifically why you wish to do the program for which you've applied. It is important to show what impact your proposed research will have on the industry, including perhaps the gaps in the literature/research that currently exist and how your research fills these in. Following on from this, your own academic background should be explained, including any academic achievements or awards you may have garnered aside from your degrees. Finally, your future career plans, and how your PhD and research proposal will help you achieve them, could be your closing statement of the motivation letter. 2. Be specific One bad habit that many people have when writing their motivation letter is being too vague. Saying that you enjoyed your economics undergraduate course or that you find economics interesting is too vague to be meaningful. After all, it can already be assumed that you enjoyed studying economics or you wouldn't be applying for a PhD. Instead, try to be more specific: mention which particular courses or topics appealed to you most, what you learned from them, and why you want to learn more about them. This is also a good way to mention your research areas of interest and how they will benefit the field. 3. Give concrete examples Another common mistake is to make claims without giving any evidence to back those claims up. For example, you'll often see people say 'I work well independently' or 'I am highly organized and good at managing all of my assignments'. Without demonstrating how these things are true, there is no reason for the hiring committee to give weight to your self-assessment. For better results, give concrete examples of your claims in action, such as 'My high level of organization was demonstrated when I completed my economics undergraduate courses while also working a part-time job, which required excellent time management skills' or 'In my second year, I successfully organized an undergraduate conference with 50 attendees.' 4. Show your personality It is important to be professional in your motivation letter, so the letter should not contain jokes, sarcasm, or irrelevant personal information. However, you also needn't be dull and impersonal. You can and should allow your personality to shine through in your letter, and show how you are different from other candidates. Maybe you have strong opinions about a particular topic in economics, or perhaps you have taken an unconventional career path. In these cases, you needn't hide your individuality. Show how your background gives you a unique perspective on your subject's issues and your approach to academic work. Remember, the point of the motivation letter is not to show how similar you are to an imagined perfect candidate – it's to show off your unique personal approach and how you could be a great PhD student. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> 5. Focus on skills An adjustment issue that some people have in during a PhD program is the gulf in requirements between an undergraduate or Master's course and a PhD. In an undergraduate or Master's course, you have to attend classes, complete assignments, and perform well in assessments. In a PhD, you will often have to come up with your own research questions, choose the best methodology to answer those questions, and motivate and organize yourself to complete your work. If you don't have direct experience with doing these PhD tasks, that's okay – you won't be expected to know everything before you even start the PhD. However, you do want to show in your motivation letter that you have the capacity to perform this kind of work. In order to do this, you should focus on the skills that you have – such as data analysis, writing, research, presentation, and so on. Try to give examples of how you have used these skills in the past to show that you're ready for the challenge of a PhD now. 6. Talk about your future plans Something that hiring committees like to see is that you are interested in working in your chosen field in the future. This means that you need to talk about what your post-PhD plans are if you want to be accepted. For most people applying for a PhD, the interest will be in doing a postdoc once they have completed the PhD. Other people may know that they want to work in industry, or for an NGO or for the government. Any of these answers is fine, but the committee will want to see that you have thought about your long-term career. Do mention your long-term plans near the end of your motivation letter to show that you are serious about a career in your chosen field. 7. Sample motivation letter for an economics PhD To Whom It May Concern, I am writing to express my interest in pursuing a PhD in economics at Imperial College London. I am particularly keen to apply for the doctoral program in the economics department at Imperial as its research interests are an excellent match for my academic background. I studied Business Management for my BA at Kingston University and during this time I developed a particular interest in the relationship between government policies affecting small businesses and economic outcomes country-wide. Furthering this interest, my BA thesis, which was supervised by Prof. Helen Smith, used statistical techniques to analyse the rate of growth of small businesses before and after new legislation regarding wages was put into place. My aim was not only to consider the ethical arguments regarding minimum wages and small businesses, but also to find evidence about whether policies encouraged or discouraged the growth of small businesses. After completing my BA, I undertook an MSc in economics at University College London. From this course I gained deeper knowledge of statistics and modelling, which I made use of in my thesis project – an investigation into how the number of people employed by a small business affects the ability of that business to weather changes in wage laws. My aim throughout this project was to gather more evidence on the effect of new wage laws on the long-term stability of small businesses. I now wish to continue my academic career with a PhD in economics, and I cannot imagine a better place to study this than the business school at Imperial. I admire the economics department’s commitment to both fairness and to accuracy, and I wish to further my work on minimum wage increases and small businesses in a way that respects both the dignity of workers and the needs of business owners. I particularly wish to work with Dr. Jane Brown, whose work on small business ethics has been a great source of inspiration for me. This research has the potential to contribute to the theoretical models of small business growth in economics, but it also can contribute real-world value to policymakers and small business owners. As small businesses are often touted as the counterbalance in the move towards large multinational corporations due to globalisation, greater understanding of how to support these small businesses, and how to help them grow, will only become more valuable in the future. Owing to my extensive knowledge of small business and wage laws, and my experience with statistical analyses and modelling, I am confident that I can complete the research project which I have proposed to a high standard. While both my previous thesis projects were on a smaller scale, I have recently been volunteering as a research assistant in a co-operative project focussing on cultural differences in small business creation, which has given me experience on large-scale projects too. This experience has helped me to plan out the time for my PhD realistically and confidently. After completing the PhD, I plan to either pursue a postdoc placement within academic economics, or to work as a consultant for small business associations and policymakers. I believe that with my knowledge and experience in this increasingly important field, I can make important contributions to both the Imperial Business School and wider discipline of economics. I hope to be considered for this position.
When you apply for an economics PhD, you will need to write not just a research proposal but also a letter of motivation. This letter describes why you wish to undertake a PhD and why you would be well-suited to researching your proposed topic. But what needs to go in this letter, and what tone is appropriate for it? To give you some ideas, INOMICS is sharing a sample economics letter of motivation, as well as offering advice on how to write your own, so you can maximize your chances of getting accepted. If you plan to start your PhD application this autumn, you can download our free guide "How to successfully apply to a PhD in Economics".