Top Career Paths: Public Economics and Economic Policy
Economist for a governmental advisory organisation As part of a governmental advisory body, you can use your knowledge of economic policy to help the state in its economic planning and execution. Government projects typically involve working in large, interdisciplinary teams, and are often long-term, lasting years or more. For this reason, this kind of work is suited to people who are patient and able to grapple with complexity. If you derive satisfaction from getting things done, then this might be frustrating for you because of the long timescales involved. You'll also need solid communication skills to work alongside the other members of your team, whose expertise may be in a different area of economics or in another discipline altogether. Policy advisor to a state representative Similar to working for an advisory body, representatives such as members of parliament also need advising on economic policies. In Britain, for example, MPs are advised by the Civil Service. These jobs are hard to get and require you to work your way up through the ranks, but they have excellent stability and good benefits, so they are suited to someone who is looking for a long-term career and doesn't want to change jobs every few years. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Public Economics & Economic Policy (JEL H)|General Economics (JEL A)</11an> Consultant Outside of the civil service, plenty of state representatives will need advice on economic policy too. You could work as a consultant, consulting for decision makers such as city counsellors. This kind of work can be very rewarding as, unlike national policy, local policies can be put into place more quickly, and you can see the direct outcome of your work on a community. This kind of work requires the ability to explain complex economic systems and possible policy outcomes in a way which makes sense to non-economists. Work for a think tank e.g. Economic Policy Institute Think tanks promote approaches or advocate for policies, including in the area of economics. The Economic Policy Institute, for example, raises awareness about the needs of low-income workers in the US and how they are affected by economic policies. This work requires a thorough knowledge of economics, but also a commitment to the mission. For people who have strongly held moral principles about economic policy and care about actively working to promote those principles, working in a think tank is ideal. However, this type of work is often not well paid and the hours can be long, so you should be prepared for that. But if you are an activist by nature, then combining your passion with your economics knowledge can make you an excellent candidate for working in a think tank. International organisations e.g. UN or The World Bank Another option is working for a large international organisation which will have some interest in economic policy, such as the UN or the World Bank. This work will, like government work, often be long-term and slow in pace, and require you to work in an interdisciplinary team. It is suited to someone who is culturally sensitive and aware of cultural differences around the world. It can be good for those who like to travel to new places, as the work may include field trips or relocations to places around the world. This can be difficult for people who like to be settled or those who have a family but can be good for those who enjoy travelling to new places. It can also help to speak several languages for this kind of work. For more careers advice for economists, as well as postings about jobs opportunities, study advice, and lots more, see our website.
If you're doing a degree in economics with a specialisation in public economics or economic policy, you might be thinking about what career you would eventually like to pursue. Here below are some of the top careers paths for graduates in this area. For a comprehensive list of available jobs check our jobs section.
Public Economics & Economic Policy (JEL H)
Economic Development, Innovation and Growth (JEL O)
Top Career Paths: Labour and Demographic Economics
Working for a labour union With your knowledge about labour issues, as an economist, you can be a great boon to a labour union. You might work for a union directly as a researcher, or you might work for a company which supports unions by providing them with consultants or information. As more and more people go into work which is outside the traditional labour structure – think of all the people who work part-time or for the gig economy of Uber, Airbnb, and so on – labour rights are as important as ever. If you feel strongly that you would like to use your education to do go in the world and to help secure better pay and conditions for workers, then working with a union is one of the best ways to do this. Naturally, working for a union has some downsides. It is a highly political environment, and labour rights are the sort of issue on which everyone has an opinion which is often held very strongly. Some companies and even some governments are strongly anti-union and may use intimidation, threats, or even force against union members. You'll have to be ready for lots of politics and debates, and decision-making which can be very slow. You could look for work with a union such as the National Union of Teachers (https://www.teachers.org.uk/), the Teamsters (https://teamster.org/), or the American Nurses Association (http://www.nursingworld.org/). Working in public health A field to consider if your background is in demographic economics is public health. Public health initiatives, such as promoting healthy eating or discouraging people from smoking, require a large amount of research and support to bring into practice. If you have experience working with large datasets and an understanding of how different demographics affect people's behaviour and how to reach them, then you could try working in public health. In a public health role, you would likely be working for the government, which has the advantage of excellent job stability and good benefits. If you are looking for a long-term, safe career option then this is a good choice. You can look for public health jobs with organisations such as the British National Health Service (http://www.nhs.uk) or the US National Institute of Mental Health (https://www.nimh.nih.gov). <11an>limit:2;categories:jobs|courses|conferences;disciplines:Labor and Demographic Economics (JEL J)</11an> Doing academic research or teaching Another option to consider is staying in academia. If you enjoy the university atmosphere and took a great deal of pleasure from completing your research projects during your studies, then you could enjoy a career as a researcher or university lecturer. It's worth mentioning that the pay for these jobs tends to be merely okay, and that the hours can be long. A particular concern is that jobs in academia are often not reliable or long-term, so you might find yourself job hunting regularly. But if you can deal with these issues, then working in research and/or teaching is one of the most intellectually rewarding careers you can have. Teaching jobs at universities are suited to people who are capable of communicating clearly with students who are still learning, and to those who have the good organisational skills which are required for managing timetables, assessments, revision notes, and all the other factors which help to support students in their learning. You will need to be patient and understanding, and willing to work with students who may be unsure or uninterested at times. For all this, teaching work can be extremely rewarding as you get to shape and influence how the next generation of economists will think about the field. Research jobs might be in academia or in industry, and will typically involve a lot of number crunching and data analysis. If you excelled at statistics and at writing reports, then working in research could be a natural fit for you. You'll have to be able to convey your results to a non-academic audience, but if you can do that then research a very interesting career. You could try to get a job at a university such as the London School of Economics (http://www.lse.ac.uk/) or the Florida State University (https://www.fsu.edu/). You could look for a research job with an organisation such as the National Bureau of Economic Research (http://www.nber.org). For more career advice, including top career path articles for other specialisations, have a look at our website.
Are you a labour or demographic economist wondering about the career options which are open to you? Then you should consider these jobs.
How to Combine Attending a Conference with Travel
Conferences are held all over the world, but most often in large cities with good transport links that are well-known destinations. This makes going to a conference a fun way to travel! Conferences frequently take place in desirable locations which gives you a great excuse to get in some tourist activities or explore the local area while you're networking. Here are some tips on how to combine attending a conference with travelling. Add a holiday in the area before or after the conference<o:p></o:p> If you're going to be travelling a long way to a conference – especially if you're having your travel costs covered by your institution – then you might as well take full advantage of the situation and spend some holiday time in the area while you're there. You can arrive at the conference location a few days or a week early and spend your time vacationing before the conference. Or better yet, stay for a while after the conference so you have time to relax and unwind and you're aren't stressing out about the upcoming work you'll have to do. If you're getting your conference trip funded through work, then usually universities or research institutions are fine with you extending your stay for a few days as long as the flights aren't more expensive and you pay for the extra days in the hotel. <o:p></o:p><11an>limit:3;categories:Conferences;disciplines:Economics</11an><o:p></o:p> Meet up with friends or family<o:p></o:p> While you're away, if you know anyone who lives nearby to the conference location then this is a great chance to see them. If you're taking a long trip – for example, going from Europe to the US for a conference – then you have the perfect chance to visit people you know while you're in the US. You can arrange to meet up with friends or family in the evening after the conference, so you can get dinner together or they can show you around. Just remember that sometimes the social events of a conference which are held in a more informal setting in the evening can be the best networking opportunities, so if you go out with friends instead of going to the conference events you might miss out on that. One compromise is to see if your guests can join you on some of the conference social events, such as trips to tourist attractions. Occasionally you'll see conference attendees bringing their spouses or friends to conference dinners or parties, but this differs by conference so ask around to see if this would be appropriate before inviting anyone else to a conference event.<o:p></o:p> How to pack for a conference and travelling<o:p></o:p> When it comes to getting ready to travel, pack carefully. You'll likely only be bringing one suitcase with you, and often only a smaller hand baggage case, so you need to think about what you pack if you're going to combine a conference trip with a holiday. You can try to take a large case with two sets of clothes in it: one of business wear for the conference and one of holiday clothes for afterwards, but lugging a huge case around an unfamiliar city is a pain. An alternative is to try to find items which strike a middle group, like a tailored shirt which can be dressed up with smart trousers or down with a pair of jeans. Then you can use the same clothes for both halves of your trip and you don't need to pack so much. Just be aware that there is a line here: flip-flops and sundresses are rarely appropriate conference wear, and no one wants to be stuck wearing a suit on their holiday!<o:p></o:p>
One of the most fun parts about attending an academic conference – as well as all of the important research you'll hear about, of course – is having the opportunity to visit a new place.
Top Career Paths: Industrial Organisation
Personnel Analyst Personnel analyst is a role within Human Resources which seeks to improve the placement and management of employees through tasks such as setting compensation rates, updating company policies and rules, enforcing equal opportunity employment laws, and mediating the relationship between employees and management. This role involves both administrative elements, which require a high level of organisation and the ability to prioritise and manage tasks, and personnel elements, which require strong interpersonal skills including empathy and active listening. With a background in industrial organisation, you'll have both qualitative and quantitative skills which can be beneficial to a personnel analyst role, such as writing reports, creating graphs of data, and presenting these reports to other members of HR and management. Organisational Consultant If you are more of an abstract thinker than a highly organised administrator, then you might enjoy working as an organisational consultant. This role involves going to work with a company for a short or medium term, and advising them on their organisational and personnel issues. This might include things like restructuring the compensation or benefits packages, changing the way that recruitment is done, or changing the organisational hierarchy to give employees as much support as possible. Working as a consultant can be very rewarding if you enjoy fresh challenges and you like to find a new problem to solve regularly. However, some people will find this work isolating as you will not be permanently based in any location and you have to get to know new people every time you move to a new organisation. If you're outgoing and a problem solver, then your knowledge of data analysis and psychology from your study of industrial organisation can make you an excellent organisational consultant. <11an>limit:2;categories:jobs|courses|Professor|conferences;disciplines:Industrial Organization (JEL L)</11an> Training and professional development A different role within Human Resources to consider is working in training or professional development. Companies are recognising more and more the importance of on-going training for their staff, both in order to retain those staff and to make them more effective at their jobs. The details of what this training involves will vary by field – it might be teaching people how to use a new piece of software, or it could be training them on giving more effective oral presentations. With a background in industrial organisation, you could work either as a trainer yourself, or work in the management and administration of such training. This kind of work is suited to someone who is patient and who enjoys helping others to learn. Training sessions are often short, typically lasting just an afternoon, or up to a few days at best. So training needs to be focused and to the point, and it helps if you can accurately convey the important upshot of your knowledge to your audience. Research Consultant If you prefer to work in a more data-heavy role then you could consider a career as a research consultant. Companies and other organisations perform research into how to make employees more productive and more satisfied with their jobs and often employ research consultants to help with this. Such a role will involve designing research projects, managing the execution of the project, analysing the data, and presenting the findings to management. This requires exceptionally strong quantitative data skills, so it is suited to someone who has experience with statistics and data analysis as part of their study project or their previous research career. Like working as an organisational consultant, research consultancy can be isolating if you are more used to having a long-term stable working environment, however, it also offers endless new intellectual challenges and the chance to work directly with data. Consultancy tends to be well paid, and this is especially true of consultant roles which require a high level of quantitative data analysis skills. For more career advice, including top career path articles for other specialisations, have a look at our website. Header Image Credit: Jessica Lewis @thepaintedsquare via Pexels (free for use under the Pexels license)
If you are working on a degree in the field of industrial organisation, then you might be wondering what career paths are open to you in the future. Here are some of the top career options:
Work for the government One of the biggest employers of health economists is the government. Especially in countries which have centralised healthcare, like the UK or Portugal, a great deal of planning and administration is required to operate a healthcare system. Issues like finding the balance between making procedures widely available and cost-effective require careful management and an economics-based outlook. Other types of work done by health economists employed by the government include researching policies in the area of occupational health or health and safety or the assessment of applications for medical benefits or other support programs. Work for an international agency Another possibility for health economists is to work for an international agency such as the World Health Organization, the World Bank, or UNICEF. These agencies both research and manage healthcare programs in the developing world and in other under-served communities. This can involve assessing the healthcare needs of a community, proposing systemic changes to improve the healthcare experience, or training and supporting healthcare providers. It could also involve working with the pharmaceutical industry in order to provide the drugs and treatments that are required in an economically feasible and scalable manner. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Health, Education, and Welfare (JEL I)</11an> Work in consultancy There are many more organisations besides the government and various international agencies which require insights into healthcare. You could find work as a consultant in the healthcare field, for example in advising a medium size company on how they should institute and manage their health insurance benefits for employees. Consultancy work can be highly demanding, as you are dropped into a new environment and must not only get to know an organisation quickly but also suggest ways that their health care issues can be improved. If you are a problem solver and you are confident enough to work independently, then consultancy can be both challenging and financially rewarding. However, if you prefer a more sedate pace of work and you value the opportunity to get to know and bond with your co-workers, then consulting may not be for you. Work in academia There is also the opportunity to work in academia. If you have enjoyed your experience in university so far, and have a particular passion for research, then this setting could suit you. In order for all healthcare workers to know what the best policies are and what the standards should be, research needs to be performed by an impartial group, which is where universities and research institutions come in. For those who have a strong grasp of abstract concepts and a broad knowledge of methodologies used within the field, then academia offers the chance to explore the areas of research which are of most interest to you and to participate in many intellectually stimulating discussions. However, it can be hard for young researchers to break into academia, as there are a limited number of positions available in a research context and competition is intense. There can also be a lack of job security as many young researchers are employed on only short-term contracts of six months to a few years, which can be stressful. We hope that this helped to inspire you to think about your future career and to inform you about some of the options which are open to you. If you would like to see other top career paths articles for other specialisations within economics, or if you want to see more career advice, job listings, and study advice, then visit our website.
Are you studying health economics, or thinking about studying it at university? If so, you might want to know what career options you could pursue your health economics degree. Recently we've been sharing a series of articles on top career paths for various specialisations within economics, and today we're looking at health. Read on for more information about where you could work with a degree in health economics.
Government legal service An obvious job path for someone with a background in economic law is working for a government legal service. Lawyers in the legal service work purely for the government, supporting officials in the creation, interpretation, and enforcement of laws and policies. This kind of work can be immensely rewarding as it makes a real practical difference to the operation of the government and hence to the lives of regular people. Like most government jobs, working in the legal service is not exceptionally well paid. However, the plus side of such a job is its long-term stability, with the potential to work your entire career in the civil service. Benefits such as vacation days and sick pay are generally good too. One thing to remember is that legal service work requires you to advise and work on policies that you may not personally agree with, so this kind of work is suited to someone who can be impartial and work with those of different political beliefs from themselves. Legal advisor to NGO or company Rather than working for the government, you could also work as a legal advisor for an NGO or a private company. In order to succeed in this kind of role, you need to be able to explain complex legal issues to non-experts, so it's suited to someone with excellent communication skills who doesn't use too much legalese. If you have strong convictions about social or moral issues, you might enjoy working for an NGO. However, remember that work for an NGO tends to involve long hours and not much in the way of benefits. On the other hand, if you like a fast-paced atmosphere, then working in a large company can be exciting and invigorating, and is usually well paid for legal services. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Law and Economics (JEL K)</11an> Compliance A specific role within a company that is suited to someone with a background in economic law is compliance. This refers to the job of staying abreast of the latest laws and requirements for companies and making sure that your organisation is following them. This can involve factors like the environment impact of production, risk management for insurance, or the rights and conditions of workers. This work requires careful attention to detail and a patient personality, as there are many details to consider and progress can be slow and incremental. But a good compliance officer can be a major boon to a company, and there are many roles for this kind of work in large international corporations especially. Mergers & Acquisitions consultant Another opportunity for those with legal and economic experience is Mergers & Acquisitions. Working either for a specifically M&A consultancy or for a large corporation, consultants assist in the strategic planning and execution of the joining or taking over of one company by another. This work requires a strategic approach and the ability to remember and balance many different factors. Strong interpersonal skills are also helpful when bringing together two different organisations with different styles and approaches. This kind of work tends to be very well paid and is a sector which is likely to continue to grow in the future, making it a solid choice for a career for someone coming out of the economic law. Deal broker A sub-type of role within M&A is a deal broker, who matches corporations with targets for acquisition. This is suited to someone who likes to keep abreast of new developments and who has a feeling for which companies are in a position to grow or to become more valuable. It requires someone with strong skills in negotiation and insight, in order to bring together different companies in a successful way. For more careers, advice, including articles on top career paths for other economic specialisations, as well as study tips, job opportunities, and more, have a look at our website.
Continuing our series of posts on top career paths for economists, today we're looking at possible careers for those who want to work in economic law.
Compliance or regulatory affairs If you have strong attention to detail and a desire to reform businesses for the sake of the public good, then you might be interested in working in compliance or regulatory affairs. These two related fields seek to help companies conform to the rules and regulations which are set down by the government, to make their business as sustainable and safe as possible. Compliance generally refers to fields like finance or the environment, whereas regulatory affairs refer more to public health-related fields like pharmaceuticals or medicine. This work is suited to someone who is patient and can look at complicated regulations and convey what policies a business needs to put in place to meet them. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)</11an> Teaching economics If your favourite part of studying econometrics has been presenting to the class or taking part in class discussions, then you might consider working as an economics teacher. You could be a university lecturer on an economics course, or even teach secondary school children about the basics of economics. There is also important work to be done in teaching financial literacy skills to children and adults, to help ordinary people to deal with issues like paying their taxes, saving for their retirement, or understanding mortgages. These jobs are usually not well paid but can bring with them a strong sense of satisfaction as you get to pass on your knowledge to people who need it and to spread interest in your field. Auditing Similar to an accountant, an auditor prepares and checks financial records, usually for large businesses. This work is suited to people who have been trained as economists, as it requires skills such as high numeracy, understanding complex financial regulations, analysis, and the ability to work through a large project without becoming overwhelmed. This job is paid reasonably well but is often considered a little dull. However, the big advantage of this career option is that it is a growing field with secure, stable jobs. Also, during tax season there is plenty of overtime work required, which provides a nice salary bump. If you want a career with solid prospects for the future and not too much risk, then this might be the field for you. Statistician Closely related to the work done by econometricians is the more general work done by statisticians. If you are experienced at working with people from different academic backgrounds than you, you might find work as a statistician in the fields of the social sciences or the hard sciences. You could work in a research group, advising researchers on what kind of statistical tests they should be running or how to interpret their statistical results, or you could work teaching statistics to science students. This work is suited to someone who is an exceptional communicator, and who is interested enough to keep up with the latest findings in the field of statistics. If you want to put your statistics knowledge to practical use to help make new discoveries in science, then consider this as a career option. Computer science or programming One career area which you might not have considered is computer science. If you have specialised in econometrics, you likely have some experience and expertise in data analysis using programs such as Matlab, R, or Stata. You might have programmed in languages like Python or C++. If you enjoyed this work and have an aptitude for thinking in a logical, highly structured way, then you may be suited to working as a programmer. This work is often well paid and comes with more freedom in terms of working hours and self-presentation than other office-based jobs. For more job opportunities and advice for economists, including top career paths for other economics specialisations, see our website.
Are you studying economics, and wondering what career options are open to you? We're doing a series of articles on career paths for various specialisations in economics, and today we're looking at econometrics. With a degree in econometrics, you could of course go and work in the finance industry or for the government. But there are other options you might not have considered:
Econometrics, Statistics and Quantitative Methods (JEL C)
<11an>limit:2;categories:jobs|courses|conferences;disciplines:Economic History (JEL N) </11an> Academia One of the most obvious career paths for someone with a background in economic history is academia. Working within a university or research institution gives the opportunity to work with both history and economics departments and to glean knowledge and skills from both. Plus, it is the area in which funding for history-focused projects is most likely to be awarded. If you are most interested in the conceptual and theoretical issues related to economics and history, then a career in academia will allow you to explore these interests. The biggest advantage of a career in academia is the independence that you are given, being able to create your own research project and to use the methods or techniques which seem most appropriate to you. You need to be a creative thinker and to be capable of working independently to succeed in academia, but the potential intellectual rewards are very hight. Unfortunately, job stability in academia is poor and the pay is not particularly good, so be prepared for doing many job interviews and taking some months or even years to find a job. Teaching If you like the idea of academia but you aren't sure about the tenuous career prospects and the difficulty in securing funding, then you might consider teaching instead. Teaching at a high school can be extremely rewarding, as you get to inspire and influence young people and pass on your passion for your subject. With a background in economic history, you can teach economics, history, or social sciences. Teaching requires patience and organisation, with the ability to corral a boisterous or noisy class being an essential skill. You may need to undertake some kind of teaching training course after your degree in order to qualify as a teacher. The good news is that these training courses are often subsidised by the government, and teaching jobs tend to be stable and good for long-term prospects. Communicator / Journalist A career path that you might not have considered is becoming a communicator, for example as a journalist specialising in economics. Economics has a large impact on the daily life of members of the public, but as a highly complex field, the public often struggles to grasp it. The causes of events such as stock market crashes or incidents of hyperinflation are often poorly understood, even as they have a massive effect on the economic situation of a country. Therefore, there is great value in being able to explain economic issues to a broader audience. With a background in economics and history, you likely have strong written skills which can be applied to journalism or other public communication roles. Government advisor Finally, another prominent career option for economic historians is working as an advisor to the government. Having gained an understanding of the underpinnings of economic changes as they happened in the past, you are well suited to considering the future economic impact of various policies or events. This long-term view is particularly valuable to the government, who think in a more long-term manner than most corporations. Working for the government has the advantage of job stability and many opportunities for progression within the civil service or other governmental departments. Such jobs tend to have a good work-life balance, with plenty of vacation days and good benefits such as insurance and healthcare. If you want to put your knowledge to use by helping and advising the government on how to make better policy in order to improve people's lives, then this could be a good career for you. If you're looking for more ideas about career paths for economists from other specialisations, we have a whole series of posts on this topic. Alternatively, find job opportunity listings, study advice, and much more on our website.
For this week's top career paths article, we're looking at the potential careers which are open to those who have studied economic history.
Browse our job listings for economics opportunities Working for a charity or NGO For those who feel a strong drive to make the world better and to help others, working for a charity or NGO can be a natural fit. If you have knowledge of economics and skills such as quantitative analysis and statistics, then you can do important and helpful work for these organisations. Typically, people who work for NGOs or charities are very driven, so it is likely that your co-workers will share your values and your passion. However, the workflow of an NGO or charity can sometimes be rather chaotic, as there is less of an emphasis on productivity than there is when working for a business. This means that the work is well suited to people who can roll with changes and who are flexible and able to apply their skills to many different types of tasks but is less suited to people who like their work-place to be highly organised and efficient. Remember, because so many people want to work for NGOs, opportunities can be limited. It may be necessary for you to work on a voluntary basis or to do one or more internships to get the experience you need. In this case, it can be helpful to start volunteering while you are still studying, as you have your living expenses already covered. It is much harder to do voluntary work when you already have a full-time job! However, don't let yourself be taken advantage of: an internship should teach you useful skills that will be relevant to your chosen field, and it should generally only be for a short time, say three to six months. Consider carefully whether you will be able to afford to take on a voluntary or internship position and how long you can support yourself for before you need to find paid work. You could look for work at an organisation like War on Want, an anti-poverty charity, Action Aid, an NGO focused on global injustices, or Foundation for European Economic Development, a charity promoting research and projects in development. Work for a global organisation Another option for working in development economics is to work for a global organisation such as the United Nations. Very large organisations require staff in many different countries around the world, doing diverse roles including administration, program management, financial management, project coordination, and policy analysis. Once again, you can assume that you will be working with people who are also strongly values-driven and who are deeply committed to their work. Working in such an organisation will likely involve balancing the needs of stakeholders like clients, co-workers, and management. This requires an understanding of different points of view and the ability to weigh up the differing requirements of various people. To succeed in this field, you should have excellent communication skills, a broad mind, the ability to prioritise, and the ability to adapt to new or unfamiliar situations. It will help if you enjoy travel and like seeing new places and meeting new people, and being able to speak several languages or having the ability to learn a language quickly will be an advantage. To find out about jobs at the UN, or look at organisations such as the Center For Global Development, the African Union, or the Association of Southeast Asian Nations (ASEAN). Browse our PhD listings for more opportunities
Development economics is the branch of economics focused on understanding and promoting the development of low-income countries through economic growth and structural change. If you've been studying economics, you may have had the chance to specialise in development economics, or you may be thinking about doing so in the future. In the case, what career options are available in development economics, and what kind of skills do you need to get a job in this field? That's the question we're answering today, by showing you some of the top career paths in development economics.
1. Financial Analyst One of the most obvious career paths for someone with a background in business economics is to work as a financial analyst. Either for internal or external clients, a financial analyst uses data-driven approaches to predict what business or financial decisions will benefit the client in the long run. If you are a person with a broad understanding of both economics and business, you will perform well in this role. Quantitative skills including statistics and modeling expertise are helpful to set you apart from the crowd and to allow you to make more informed recommendations. Pay for this type of role will vary depending on the context, with small businesses typically paying a more modest salary and large financial institutions paying very high salaries to their top analysts. See the latest Financial Analyst Jobs 2. Market Research Analyst Market research is an essential step for a company to grow, investigating the needs and desires of consumers before a product or service is created, and then discovering how customers or users of the product react to it after it has been launched. Typical market research involves putting together questionnaires to be conducted over the phone or online, examining people's preferences, and then analysing this data. It may also involve organising in-person focus groups to collect more in-depth feedback from members of the public and/or potential customers. With a background in business economics, you'll have both the marketing vision and the data analysis skills to succeed in a market research analyst role. See the latest Market Research Analyst Jobs 3. Business Analyst If you enjoy both working with quantitative data and analysing complex systems, then you could consider working as a business analyst. This role involves assessing and optimising systems such as the processes and methods used by a company and finding ways to make those systems more efficient or productive. This work involves a lot of strategic planning, so it is suited to someone with a long-term view of the company and an understanding of what challenges it may face in the future. In some cases, the role of a business analyst can be closely linked with the company's IT systems, including interpreting rules and regulations regarding IT and ensuring that IT systems are in compliance with laws such as data protection. See the latest Business Analyst Jobs 4. Project Manager Project managers are responsible for overseeing all aspects of a project and coordinating a team in order to achieve the project goals. This involves tasks such as setting the desired outcome for a project, planning timelines and contingencies, keeping abreast of progress on all areas of the project, and supporting teams who have fallen behind in order to keep the momentum for the entire project. This kind of work requires an extremely high level of organisation, with the need to keep many balls in the air at the same time. It is suited to someone who focuses on concrete outcomes and who can pull dreamers and visionaries back down to earth in order to actually realise their ideas. See the latest Project Manager Jobs 5. Investment Banker Investment banking is a high risk, high reward kind of role. It requires a strong tolerance for risk, and an ability to predict future outcomes and to position oneself to be ready for those outcomes. If you thrive in a fast-paced, high-pressure environment then you may find investment banking to be both exciting and rewarding. These jobs tend to be extremely well paid, however, they usually involve very long hours and high levels of stress. Depending on your temperament, you may find the loud, assertive, and quick-reacting environment of most investment banks to be either off-putting or highly invigorating. With a background in business economics you have the knowledge of theoretical economics and the real-world understanding of business which makes an excellent foundation for a career in finance generally, and investment banking specifically. See the latest Investment Banker Jobs
A business degree can be a great investment with fantastic future career options. When supported with a solid understanding of economics, in the job market you'll find that you are an attractive candidate to a whole host of different employers. However, if you're thinking about taking a business economics degree, or are just about to graduate, you might wonder what exact career options are open to you. Here are five of the top career paths.
Top Career Paths: Agricultural and Natural Resource Economics
For this reason, we've been looking at the top career paths for various economics specializations, and today we're talking about agricultural and natural resource economics. What are agricultural economics and natural resource economics? These two related fields are focused on the application of economic theories to optimize the use of resources and the production of food and other crops. Natural resource economics is focused on managing resources such as food, water, air, minerals, and the environment as a whole, and often emphasizes the importance of sustainability. Agricultural economics looks in particular at land usage, food distribution networks, and maximizing crop yields. <11an>limit:2;categories:jobs|courses|conferences;disciplines:Agricultural and Environmental Economics (JEL Q)</11an> Career path # 1: government or government-related agencies One large employer in this area is the government or one of the various government-related agencies. All of their citizens, or one of them on an international basis, on an uninterrupted food supply. Thus the agencies which oversee the distribution of food and other resources are in need of trained economists to work in this area. Working for the government has the advantage that it is a secure, reliable job that you can usually stay in for life if you want. Although payment is less good than it is in the private sector, the public sector generally has better benefits such as more holiday time and good health care. This work is suited to someone who is organised and capable of keeping track of the many different policies and programs that are being run at any one time. You could find a career with an organisation like the Environmental Protection Agency, the National Wildlife Federation, or the National Marine Fisheries Service, in the USA, or their equivalent within your own country. Career path #2: Agribusiness Another big employer in this field is agribusiness corporations: large companies who process, distribute, and retail food. These companies employ specialists in economics to help them streamline their processes and improve their use of resources. These corporations tend to pay much better than working for the government or for a non-profit, however, they can be demanding jobs with long work hours. Also, some such corporations have come under fire for ethical lapses in their business models, especially in the developing world. How much of an issue this is for you will depend on whether you are someone who wants to stay away from profit-based motives, or whether you would rather try to reform and improve an organisation from the inside. You could pursue a career in agribusiness with a company such as Dow AgroSciences, DuPont, or Monsanto. Career path #3: International aid and development organisations Resource allocation isn't only a problem in developed nations. In fact, it's an even more pressing issue in developing countries. So if you feel a strong desire to help better the world with your knowledge, you might enjoy a career in an international aid or development organisation. Careers in these kinds of international organisations are suited to people who have strong language skills, and strong business skills can be a plus too. Knowing how to set a budget or to create a successful advertising campaign will be an excellent boon to your career. You will need a certain temperament for this work too: it can take a long time to get a project off the ground in an international setting, so you'll need to be patient. You'll also need to be culturally sensitive and capable of balancing the needs of different groups of people. You could find a career in an organisation such as the World Bank, The US Agency for International Development, or the USDA Foreign Agricultural Service. For lots more careers advice for economists, including job listings for all types of economic specializations, take a look at our website.
If you're studying economics, there are all sorts of specialities that you could look into. When you're thinking about what you should like to take care of, you should look at your specialization.
Agricultural and Environmental Economics (JEL Q)
Top Career Paths for Urban, Rural, and Regional Economics
<11an>limit:2;categories:jobs|courses|conferences;disciplines:Urban, Rural and Transportation Economics (JEL R)|Agricultural and Environmental Economics (JEL Q)</11an> Read on to find out more about career paths which are open to you: Urban Planning Urban planning involves the developing and assessment of land use within cities, looking at factors like zoning, environmental impact, housing, the preserving of historical buildings, the provision of public utilities, the creation of public spaces and amenities, and transportation. With more and more people all over the world moving from the countryside into cities, urban planning will only become more vital over the next years. Urban planners use methods including surveys, market research, census data, and environmental studies to propose policies and concepts regarding land use in cities. This work is extremely interesting for anyone who loves cities and wants to improve people's quality of life in direct and measurable ways. Regional Planning Related to urban planning is regional planning. Rather than focusing on just one city or urban area, regional planners are responsible for the planning of transport, amenities, zoning and so one over larger geographical areas. This type of role is particularly important in impoverished rural communities, where residents often lack necessities like reliable public transport, fast internet connections, accessible healthcare and education, and other community support and facilities when compared to urban residents. Many governments now hire regional planners as well as urban planners, and may even have coordinators who are responsible for the planning of these issues across an entire country. Real Estate A different career path that you might consider with a background in urban, rural, or regional economics is in real estate. With a knowledge of what makes an area desirable and what programs most improve quality of life for residents, you can predict which properties will be desirable and which will sell well. Real estate can be a cut-throat business, but at the higher end of the market, it is more customer-focused and about finding the right property for the client. Advantages of working in real estate include often flexible working hours, though being expected to work in the evenings or at weekends can be a problem for some people, especially those with young families. International Program Manager Another option to consider is working for an NGO or international organisation such as the UN as an international program manager. This role involves the administration and oversight of an entire program when it is put into place in a foreign country. For example, the UN might start a program to increase literacy in an area with limited formal education by supplying teachers and materials and by building schools and arranging for transportation for people to attend. The program manager would oversee this work, coordinating with local and government officials to make sure that the project is completed. This kind of work can be extremely personally rewarding and offers the opportunity to travel to new places and to experience the way of life in different countries. Agriculture Finally, an area to consider working in is agriculture. In some agriculture-focused countries, such as Australia, there are many programs and policies in place to support farmers and to find ways to make a country self-sustaining in terms of producing enough food to feed its population. With a background in urban, rural, or regional economics you would have the skills required for the management of such agriculture programs, and the knowledge of policy to see what works. For lots more career advice for economists, including other top career paths articles for different specialisations, plus study advice, job listings, and much more, check out our website. You'll find plenty of information about academia and careers for all areas and subjects there, with a special focus on economics.
Are you currently working on a degree in urban, rural, or regional economics? Are you thinking about what possible career path you could follow once you graduate? If so, then today's article is for you. Previously we're shared articles on top career paths for other areas of economics like macroeconomics or economic law, but today we're focusing on urban, rural, and regional economics.
Urban, Rural and Transportation Economics (JEL R)
2018 Economics Job Market Scramble for New PhDs
With the PhD recruitment season coming to an end, there are still institutions and candidates who have not yet found a suitable offer. As a nice addition to your job hunt on INOMICS you should consider participating in the Economics Job Market “Scramble”, especially if your career goals lead you to North America. As the primary recruitment phase closes in February and March, it is difficult for both employers and candidates to determine available positions on either side of the job market. In order to improve job market transparency and to help identify available candidates, the American Economic Association (AEA) sponsors a “scramble” toward the end of the job market season. The main goal of the Economics Job Market "Scramble" for new PhDs is to increase the chances of matching prospective employers and job candidates who remain unmatched during the recruitment season. The job “Scramble” consists of a website in which candidates and employers can advertise their availability for new offers. 2018 Job Market Scramble in a Nutshell: Available only for candidates who have not yet accepted a job offer or employers with remaining unfilled positions Candidates holding a job offer they have not accepted may participate in the scramble. It is advised to discuss the situation with advisors and placement director prior to joining the scramble Candidates will be asked to fill in their profiles, so they have all documents ready for registration Participation for candidates is free. For participation requirements for prospective employers, please visit the AEA website The scramble website is not updated, the information is static reflecting content added up to deadline for registration. Registration: available until March 21 at 5:00 p.m (EDT) Open for participants: March 23 - April 10. If you are interested in getting to know more about the 2018 Job Market Scramble, please visit the following website: https://www.aeaweb.org/joe/scramble/. Visit INOMICS to find new PhD jobs every week. Remember to subscribe to the INOMICS Email Alert to receive the latest PhD jobs, training courses and conferences to help you achieve your career goals. For lots more information for economics students and others, see these articles: >> Top PhD jobs listed on INOMICS >> Courses To Boost Your Job Market Prospects >> Top 10 Economics Journals >> Top Economics Podcasts >> 30 Top Twitter Feeds in Economics and Finance >> What to Do With Your Economics Degree: Career Paths for An Economist >> Top Economics Think Tanks and Research Institutes in the US
You can look at resources like Plamen Nikolov's writing tips for more information, or check out our top 10 tips on writing economics papers below. 1. Use a professional, factual tone The manner in which you write should be based on objective facts and should be impersonal. You shouldn't write like a journalist or an opinion piece author – you are not trying to persuade the reader with your tone, but rather with your facts. 2. Use the present tense This one differs between fields, but in economics, it is typical to use the present rather than the past tense. So you should write “Smith finds that...” rather than “Smith found that...” This also applies when you are writing about yourself, such as “This paper attempts to show...” <11an>limit:3;categories:Conferences;disciplines:Economics</11an> 3. Use short sentences People often pick up the bad habit of using too-long sentences, thinking that they sound more knowledgeable or sophisticated. Instead, they just make life more difficult for the reader. Use sentences which are short and to the point. When in doubt, split a longer sentence into two to make it more readable. 4. Use the active voice, not the passive voice A habit of some science disciplines has leaked over into other subjects: using the passive rather than the active voice. For example, when describing an experiment, a science article might say “Effects were measured with a reader and the range was calculated.” But this is used less frequently in economics. Instead, use the active voice, for example, “We modelled the effects and used the model to make predictions.” 5. Use “I” and “we” correctly Another habit of scientists is to avoid the first person, and on the rare occasions that it is used to tend towards using “we” rather than “I”. This makes sense given how common it is for scientific research to be performed in large groups. In economics, however, you should not be afraid of the first person, and use “I” and “we” literally. If you did something yourself, use “I”, if it was as part of a group, use “we”. 6. Dates for citations go in brackets Again, this differs between fields, but in economics, the norm is “Smith (1970) finds that...” rather than “Smith found in a 1970 paper that...” 7. Use footnotes If there is extra information which you've found and think to be interesting and of value to the reader, but isn't directly connected to your argument, then put it in a footnote. Do the same with extra details or very in-depth information which is not necessary for the understanding of your argument, but is useful as a reference for the reader. 8. Avoid jargon Another common writing mistake among undergraduates is a tendency to use too much jargon or highly technical language. Students sometimes think that this will make their writing seem more professional or more respectable. But in fact, jargon is an annoyance to the reader and is almost always unnecessary. Use clear, simple terminology instead. 9. Know when to cut Yet another bad writing habit that many people develop at school is the habit of always writing more words. Schools often set homework assignments of at least a certain word count, and this trains students into padding out their essays. In a university context, however, you are much better off being brief and accurate than you are adding a lot of filler words. Cut down any repetition or unnecessary fluff from your essays to make them short and better. 10. Read economics paper and mimic the style The very best way to learn the style of any field is to do plenty of reading within it. Note the writing conventions of articles in economics journals and try to mimic their style.
If you're a student and you're new to the subject of economics, then you might need some assistance with learning how to write in a style which is appropriate for the field.
Experts Talk: An Interview with Dr. Mark Thoma
For the second installment of the INOMICS series Experts Talk, we interviewed Dr. Mark Thoma, who teaches macro and time-series economics at the University of Oregon. Dr. Thoma also maintains the very popular fiscal policy blog Economist’s View (which is also hosted on the EconoMonitor), is a columnist for the Fiscal Times and has previously been a contributor to dozens of top publications including Forbes, The Economist and The New York Times. After earning your BA in economics and statistics you went directly on to earn your PhD in economics as well. What made you interested in the field initially and what motivated you to pursue an academic career as an economist? When I was in high school, the inflation problems of the 1970s were beginning. I remember asking my parents what caused inflation, and their answer was that they didn’t know. The inflation problems, the gas lines at service stations, and so on heightened my interest in these issues, and probably helped to lead me into monetary economics, one of my specialties. But there were other factors as well. When I took Economics 1, the instructor wrote on my final “you should major in economics” and that encouragement made a big difference. The course itself used a text called “The Economics of Social Issues” and I really liked the way economics gave us insight into those types of problems. I was good at math, so it seemed easy to me, and that helped too. I had worked in tractor stores in the small farming town I grew up in while in high school, and also in college, and I really didn’t like the 8-5 workday routine. It just didn’t suit me. The freedom that academics offered was much more attractive and that was a major reason I decided to pursue a Ph.D. My plan was to teach somewhere, take summers off, etc. and have lots of free time, but once I got to graduate school I realized I liked the research side of the discipline quite a bit. So, instead of having lots of leisure as I initially planned, I ended up in the “publish or perish” world where free time was a luxury. But I’m glad I pursued that route, and that I could teach Ph.D. courses. During graduate school I decided that I didn’t want to go to a place where there were only undergraduates, and you teach the same few courses again and again throughout your career. Teaching graduate courses allows you to continue to grow, to use math in all its glory to illustrate concepts, and so on. How has your perspective as an economist changed over the years in light of socio-political shifts in the United States? I embraced the economics is science view for many years, and believed that the profession as a whole embraced the idea that ideology had no place in the advancement of economics. However, in recent years as I’ve watched the reaction to rising inequality, issues involving social insurance, taxes, etc. I have become much more sympathetic to the idea that important elements and people within the profession are highly ideological. In a piece for the Fiscal Times, you state that alongside Thomas Piketty’s argument that capitalism breeds inequality, you’d argue that politics and policy have a large impact on the distribution of wealth as well. Are there major points on which your views diverge from Piketty’s? I am much more sympathetic to arguments that inequality arises from market failures that lead to a “mal-distribution” of income than Piketty. For example, when a firm has monopoly power, it affects how income is distributed – it no longer satisfies the idea that each individual should be entitled to the fruits of his or her own contribution to the production of goods and services that are valued in the marketplace. As for politics and policy, I believe that the accumulation of wealth arising from the mal-distribution of income has allowed the political process, and hence the rules, laws, and regulations that come from it, have been largely captured by those with the most economic power. Economic power leads to political power, and that tilts the scale in favor of those at the top of the income/wealth distribution. Piketty has similar worries, but as I noted above I believe I am more sympathetic to the idea that the concentration of wealth is due to market failures than he is. Do you think there will be a noticeable shift in the way economics is taught in light of the global recession and the notoriety of work like Piketty’s? I believe that there will be a shift in emphasis that brings theoretical issues about the distribution of income to the forefront (For example, is Piketty’s formula r-g that determines the distribution of income valid always and everywhere, and if not, what are the exceptions and how important are they? How is the formula derived?) But the tools and techniques known collectively as dynamic stochastic general equilibrium (DSGE) models will not change anytime soon. The tools will be applied to different questions, for example the connections between financial intermediation and real economic activity are being explored much more in depth than prior to the crisis, but the tools themselves will not change. It remains to be seen if DSGE modes are up to the task, and if not something will replace them, but for now the tools and techniques of DSGE models will be the primary mode of analysis. One more thing. It would be nice if economic history was emphasized more as a result of the Great Recession, but the amount that students have to learn to be competent at DSGE modeling, microeconomic models that provide the foundation of modern macro, econometric tests of those models, and all the math that goes along with it leave little room for economic history. The lack of knowledge about economic history was costly in the most recent economic crisis, and it will probably be similarly costly when the next one comes along, as it surely will. What inspired you to start your blog? I was disappointed in the way economic issues were being reported in the run-up to Bush’s reelection, particularly the often heard claim that tax cuts pay for themselves, and the reporting on social security privatization. My first reaction was to write several letters to the editor in the local paper, then three op-eds on economic issues, and one day in March of 2005 I started a blog on a whim (I had come across economics blogs in doing research for my first op-ed on social security). I didn’t expect it to ever be much more than a place to state my views, I hosted the pictures on a desktop server that could only handle ten connections at once, but somehow it caught on thanks in large part to Brad DeLong and Paul Krugman. You not only run a very well respected econ blog, you also contribute to The Fiscal Times and write guest pieces for many other top sites. How has blogging impacted your professional and/or personal life? It takes quite a bit of time each day to run the blog. I didn’t start it until my kids were all in college or beyond so I had lots of free time to do it and it didn’t impact my time with them. But it has crowded out some of the recreational things I did before it started, and it has made it much more difficult to conduct academic research. For that reason, I would not recommend it to graduate students, or professors still struggling with the tenure and promotion process. Some people can handle it, but for many it crowds out too much of the work that gets rewarded in academia. You’ve been a professor since 1985. What is one piece of key advice you give to students interested in pursuing a career in economics? Take all of the math that you can. Very few graduate students fail because they don’t understand the economics, it’s the technical requirements that are the stumbling blocks. What is your favorite course to teach? Has this changed over the years? When I was younger, my favorite course to teach was time-series econometrics. But as time has passed, I’ve come to like monetary theory and policy much more (at both the graduate and undergraduate levels). I like both the theory and the fact that it allows us to use the tools and techniques of monetary theory to examine important policy questions. In recent years, due to the financial crisis it has been really fun to teach, and students are very interested in understanding the Great Recession. If you could start over and pursue an entirely different career, would you do it? What would it be? It would be something involving math. I have always been really interested in physics, but I think I would end up in electrical engineering (which shares a lot of technical material with macroeconomics and time-series econometrics). I took a graduate level electrical engineering course on stochastic processes during my time as a graduate student, and really liked the material. If you had the chance to have dinner with three economists, living or dead, who would they be and why? Tough question. I would like to hear a debate between Milton Friedman and John Maynard Keynes on the role of monetary and fiscal policy in responding to recessions. I would also like a chance to ask Keynes how well modern version of Keynesian economics accord with his views. An historical figure such as Adam Smith, David Ricardo, Thomas Malthus, John Stuart Mill, Karl Marx, John Bates Clark, etc. would be an attractive third. It would be great to have Adam Smith, for example, participate in the debate between Friedman and Keynes over how and when the government should intervene to stabilize the economy or correct market failures. But I would also be tempted choose Paul Krugman. It would be a chance to thank him – as I’ve done in person with Brad DeLong already – for all he has done to make my blog so popular. Photo Credit: larspsyll
In this interview, Dr. Mark Thoma discusses his dislike for the 8 – 5 lifestyle, his lifelong love of math, the importance of economic history and why he’d like to have dinner with Milton Friedman, John Maynard Keynes and Adam Smith, among other topics.
Top Tips for Students: How To Write an Effective Personal Statement for Your University in the UK
Follow the standard format There is an accepted format for personal statements, and while deviating from the format might be required in some unusual cases, it's usually best to stick with it. The format is as follows: Talk about why you want to study economics and if there is any particular subfield which you are drawn to. Do you want a career in economics? Is there a particular organisation that you'd like to work for or a role that you think you'd be perfect for? Talk about why you would make a good economics student, including the relevant courses you've taken and any non-academic reasons that you'll be suited to the subject. You can also talk about how you can contribute to the university more broadly – such as through music, sports, or debate clubs. Show your interest in economics by talking about the books, journals, or newspapers that you have read and talk about the questions that they raised for you about the subject. What about these books made you want to study economics more? Demonstrate your competence by describing your work experience or voluntary experience which is relevant to economics. If possible, talk about direct results that you achieved: for example, that you volunteered for an economic justice NGO and that you were able to bring in a certain amount of money in fundraising, or that you improved a process by a certain percentage. Talking about achievements is preferable to describing your job duties. List any prizes or awards that you have received. This can be things like school prizes, Duke of Edinburgh awards, or participation in Model UN events. Don't talk in sweeping generalisations Many students make the mistake of being enthusiastic but non specific. “Since I was young, I have been fascinated by economics and have wanted to study it in depth!” is not a very meaningful statement on its own. To support such a statement you need to give evidence of your enthusiasm, by talking about specific courses you took, books you read, or activities which you participated in. Pick one topic and discuss it in depth It's all too common to see personal statements which include a long list of economics-related publications which the student claims to read regularly, in the hope that this will make them appear to be in touch with the field. Frankly, this is not very convincing, as there are not many 17 year olds who willingly read every single issue of the Financial Times, the Economist, and The Economic Journal from cover to cover. It's better to pick one recent article on an economics topic and to discuss it in detail. Maybe you were inspired by this year's Nobel prize winner in economics and want to talk about the winner's area of research. Or maybe you saw an economics-related article in a newspaper or magazine and it caught your interest. Perhaps you've got something to say about the relationship between economics and politics when it comes to a particular policy? When it comes to demonstrating your interest in the field of economics, don't try to claim that you know everything already or that you've read every key text in the field. Instead, pick one topic which is meaningful to you and write in some detail about your opinions on this topic and why it appeals to you. Proofread your statement and ask for feedback Obviously, you want your statement to be free of typos and errors in spelling or punctuation, but it's actually extremely difficult to proofread your own work. Once you have written your statement, ask a trusted teacher, parent, or advisor to proofread it for you to check for small errors. Also, do ask for help from teachers or lecturers, especially if they work in economics themselves. They can give you pointers to improve your statement – just make sure to start writing it early enough that you have time to incorporate their feedback.
If you're applying to study economics in the UK, you'll have to prepare a personal statement which will be used to assess your application along with your grades and other materials. Here are our tips on writing an effective personal statement.
How to Connect With Other Economists in Your Field
Twitter Twitter is one of the most popular social networks among academics. Although the 140 character limit on tweets can be a real challenge, as it's hard to distil down complex information into simple sentences, this is part of the reason that it's such good training. Being able to describe new findings in your field or to put forward arguments in this extremely limited space and still have them be comprehensible to the public is an extremely useful skill. To get started on Twitter, you can sign up for a free account and start tweeting short thoughts about your field, or sharing links to interesting news items. The communication style tends to be quite casual, so you can feel free to make jokes or light hearted comments in between the more serious posts. Find other economists and follow them, then you can share their tweets to your timeline using the retweet function. You can also reply to tweet to engage in debate or discussion with other economists. Facebook Although it is not a professionally-oriented social network, Facebook can still be a useful resource for an economist. This is particularly true if you're a current student or recent graduate, as you can join your university group and find other people in your area who currently or previously studied economics there. You'll also find professional groups for networking, advice, or sharing frustrations. Sometimes these groups will be private, meaning that you'll need someone who is already a member to refer you in order for you to access them. But if you can gain access, you'll find benefits from immediate contact with an instant network for information and more. Blogs A different method through which you can connect with other economists is through online blogs. Many academics and researchers run blogs in which they detail their latest findings and their thoughts about the field. As well as being fascinating reading, these blogs can help you make contacts. The comment section of articles will often host lively debates and discussions in which you can raise issues you think are relevant. You could consider starting a blog of your own, which other economists and the public can read. You could also do guest posts or join a group blog if you don't have the time to dedicate to running an entire blog yourself. Networks like the Science Blogs network bring together blog writers from various disciplines to share exposure. LinkedIn Although it's mostly associated with corporate networking, LinkedIn can still be a useful network for an academic economist. You can list your places of work and your CV on your profile, so that anyone can see your work history and decide if they might be interested in hiring you. You can also make contacts in industry, which can be helpful even if you are planning to stay in academia – you might need to pass on recommendations for a student, for example, or to invite industry personnel to join you at a conference or event. Specialist academic social networks: Academia.edu, Mendeley, FrontiersIn Finally, several social networks exist specifically for academics. The one most commonly used by economists is Academia.edu, which allows you to upload your recent journal papers and connect with other academics. Another site is Mendeley, which is primarily a tool for building reference lists and bibliographies, but also includes social networking elements. And then there's FrontiersIn, which is mostly oriented towards science but may be useful for those working in certain areas of economics such as econometrics. Will all these tools, you'll be able to connect with other economists to learn more and grow your career.
So you know that getting to know other people in your field is important, and that you need to network when you attend a conference. But what about the rest of the time? What websites can you use to get in touch with other experts in your field? Here are some ideas:
Top 10 New Year's Eve Parties for Students Around the World
Amsterdam: Dam Square New Year's Eve in Amsterdam is a fun, calm, well-organised affair – not the wild mess you might expect from a city with a reputation for its open-minded laws. The local council puts on firework displays all over the city, and in Dam Square there is also live music and a large stage with celebratory hosts and guests. The atmosphere is friendly and relaxed, and the event is entirely free for the public. Las Vegas: Downtown Countdown Huge numbers of Americans descend on Las Vegas for New Year's, to enjoy the gambling, the drinking, and the party atmosphere. Downtown Countdown is one of the biggest events in the city, including live entertainment, fireworks, and light shows. This big, bustling event is sure to be wild, as long as you can get yourself to distant Nevada! London: Fireworks on the Thames For those braving London during NYE celebrations, prepare for serious crowds and a whole lot of people everywhere you go. Bars, pubs and clubs are famously expensive for this night in the capitol – even more that usual. So for students, getting together to watch the cheap public fireworks over the river is a far preferable option – the Thames never looks better. Just remember that if you want a good view, you'll need to get there seriously early! And you'll want to pack your own snacks and drinks too. Barcelona: Placa Catalunya New Year's Eve is generally more of a family celebration in Spain that in other parts of the world, where people will eat dinner together and the head out to the bars and clubs after midnight. But there's also always a party spirit in big local meeting points like Placa Catalunya in Barcelona where people meet to ring in the new year together. Tokyo: Shibuya crossing Lots of Tokyo locals spend NYE at home with their families, but if you're visiting there's still lots to do. You can join the countdown crowds at Shibuya crossing, and there's a huge public party at the famous Tokyo Tower. In Japanese tradition, it's more important to watch the sun come up on the first day of the new year than to count down to midnight together. So pace yourself and get ready for a long night of celebration! The best place to be for NYE in Berlin is out on the street, chatting to randoms and dodging the fireworks which get thrown around in all directions. The biggest street party is at the famous Brandenburg Gate, stretching out into the park to make room for the approximately one million people who come here to celebrate. In true Berlin style, the party lasts all night and long into the next day. Prague: Old Town Square Prague is a popular choice among Europeans for New Year's – it's cheap, lively and has options for quiet romantic celebrations or big wild parties. There are lots of fireworks all over the city, but there's a particularly beautiful view over the river. Alternatively, the Old Town Square is a favourite viewing spot among locals and gives you a real Czech party experience. Miami: Party on the Beach Warm, balmy weather even in December and a great party scene makes Miami the perfect place to celebrate New Year's on the beach. There are tones of local restaurants to eat out in before heading to see the fireworks at South Beach and catching the live music where you can dance on the sand all night long. New York: Times Square Maybe the most famous party of them all is in New York's Times Square. With its lights, music, and huge crowds of revellers, the celebratory atmosphere runs high. There's the famous ball drop at midnight, and every year a great selection of live music acts. For those who want to party with the world watching, New York is the place to be. Rio de Janeiro: Copacabana Beach What may be the biggest New Year's party in the world is held on the Copacabana beach, where more than two million people gather each year. People come together to drink champagne, watch fireworks, and to toss flowers into the sea as a tribute to the sea goddess. Tradition dictates that wearing white for the evening will bring good luck, but wearing black spells misfortune for the year ahead – so leave the black tie at home! Wherever you end up spending your NYE, we wish you happiness for the new year!
With the end of the year in sight, it's time to start planning your New Year's Eve parties! We're here with suggestions for 10 of the best NYE parties for students around the world.
The Economics of Christmas Songs: When to start playing Jingle Bell Rock?
Each year, it feels like it comes earlier. You find yourself humming along to ‘Jingle Bells’, or perhaps it’s ‘Feliz Navidad’, maybe even ‘Jingle Bell Rock’. Christmas is usually one of the most important retail periods of the year, and Christmas songs play an important role in boosting sales. Stores start to play Christmas music to remind us that the holiday season approaches, and that it’s time to start buying presents for loved ones. But the timing of when this happens is very, very important. Radio stations and streamer servers have also realised the potential of Christmas songs, and how crucial the timing is. These songs are a special breed – songs that people cringe at for 11 months of the year, but for a limited amount of time they become the most in-demand songs there are! Judging the right time to start playing holiday music is a careful decision. As this blog post on The Dow of Christmas Music argues, top Christmas songs have a market of millions of radio and streaming listeners, and are a ‘major source of ad and streaming revenue’. Recognising this, starting in the 1990s, a vast number of radio stations begin switching to a constant line-up of Christmas songs. This year, the first station made the move to Christmas songs on October 24th. It would seem that the trend is becoming earlier each year, and as this post demonstrates, Christmas song season is becoming gradually more and more data driven. It has also been argued in this blog post on Psychology Today, however, that Christmas music does not increase sales, but rather – it hurts them. So it would appear that (as always) there are arguments on both sides! Many claim that they don’t like Christmas songs – probably mostly economists. A 1993 paper in the American Economic Review on The Deadweight Loss of Christmas would seem to be a testament to a spoiltsport economics approach to Christmas. But it doesn’t have to be all bad – there are a lot of interesting takes on Christmas songs and the economics of Christmas. For example, this blog post on the INOMICS blog has a useful list of economic approaches to the festive holiday season. So, if you’re feeling the Christmas spirit and would like a distinctly economics take on Christmas songs, this post and this video are just a couple of examples of the myriad of funny economics Christmas songs and parodies available for the economics enthusiasts among us. And if you’re having trouble resisting the distractions of Christmas at work or while studying, have a look at our tips on staying motivated during the holiday season!
It happens every year. As you’re walking through a shopping centre, a store, or perhaps a supermarket, you hear a Christmas song, and you know it’s the beginning of the buying frenzy that leads up to Christmas.
2017 Nobel Prize in Economics awarded to Richard Thaler
Professor Thaler is currently the Charles R. Walgreen Distinguished Service Professor Of Behavioral Science And Economics at Chicago Booth, the University of Chicago School of Business, and has previously worked at the SC Johnson College of Business at Cornell University as well as acting as the co-director of the National Bureau of Economic Research Behavioral Economics Project since 1991. The Nobel prize was given to Professor Thaler for his foundational work in behavioural economics. He combined insights from the fields of economics and psychology to show how human psychology affects both individual decisions and market outcomes. His work in behavioural economics has been on three primary topics: limited rationality, social preferences, and lack of self-control. His research into the topic of limited rationality looked at how people make financial decisions, and why it is that people make decisions that seem to be against their best interest. For example, why do people choose to satisfy short-term cravings instead of working towards long-term goals? He found that people tend to create a simplified and separate account in their mind for each decision, and to make decisions based on that account rather than considering the larger consequences of any given decision. This work has lead to the development of what is termed the mental account theory, which has changed how economists think about the rationality of decision making. The second of Thaler's main topics is social preferences, and the concept of fairness in particular. The idea of fairness applies to economics in terms of what kind of pricing consumers find acceptable from businesses. For example, consumers tend to be accepting of price increases in goods which are due to rising costs of materials or manufacturing, but they are not accepting of price increases due to high demand. Consumers find it fair to raise prices if materials become more expensive, but if a company raises prices because demand is high, consumers see this as unfair and as taking advantage. Thaler and colleagues researched the ways in which concepts of fairness differ in different societies around the world. The third topic, lack of self-control, was analysed using the planner-doer model, which differentiates long-term planning from short-term action. Humans tend to default to the short-term doing reactions rather than long-term planning, however, it is possible to change this. Thaler coined the terming “nudging” to refer to the giving of small suggestions or interventions in order to encourage people to consider their long-term needs. For example, nudging people to save for their pensions by making the contributions automatically deducted from their income rather than something they have to actively set aside makes people save more consistently. This is the area for which Thaler is best known by the public, thanks to his popular book Nudge: Improving Decisions about Health, Wealth, and Happiness which explains how these concepts can be applied to social decision making. These three areas of study are not only important and socially relevant in their own right, but the combination of them also laid the foundation for the development of behavioural economics as a field. The bringing together of the disciplines of economics and psychology was driven by Professor Thaler's theories and his empirical findings, and it is for this foundational work in the field which he has been recognised by the Nobel committee. If you'd like to learn more about the Nobel prizes, then have a look at our post from last year about the 2016 Nobel Prize winners. Photo Credit: Flickr @Chatham House
The Nobel Prize for Economics, the most prestigious prize in the field, has been awarded this year to American economist Richard Thaler. The prize, fully titled The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was announced by The Royal Swedish Academy of Sciences and will be awarded in a ceremony in Stockholm in December.