International cooperation is important for economic growth, because it allows societies to grow more than they could on their own. When countries specialize in the economic areas they are relatively more productive in (utilizing their comparative advantages) and trade with other nations, everyone is made better off.

Students often learn about important figures in economics only briefly and in passing, yet the content taught in economics courses often comes from brilliant economists such as these.

Exchange programs allow students to study at a different institution as part of their degree. Typically, students will use this opportunity to study abroad at a foreign partner of their home institution, though exchange programs can sometimes take place in the same country. Regardless, these programs are a fantastic way for students to broaden their horizons, take specific courses at another institution, and study abroad without committing to living multiple years in another country.

Professor Marcel Fratzscher, esteemed macroeconomist and president of the DIW Berlin, once again asks questions about economics and life in general to a peer in the field. This time, he has the pleasure of being joined by postdoctoral researcher Dr. Jesse Wursten, who generously agreed to take the hot seat in this exchange. Thus, the back-and-forth has been dubbed Fratzscher vs. Wursten, as is tradition. What follows is a conversation that offers insight into some of the challenges of balancing family with an economics career, the usefulness of economists when it comes to analyzing policy externalities, and more.

For decades, the U.S. dollar has reigned supreme as the world's primary reserve currency. Its dominance can be attributed to several factors, including the size and stability of the U.S. economy, the political influence of the United States, and the widespread acceptance of the dollar in international trade and finance. The dollar's status as the de facto global currency has significant implications for the functioning of the global financial system.

Artificial intelligence tools are becoming more and more ubiquitous with each passing week. The development of ChatGPT-3.5 in particular launched conversations about the capabilities of AI into the mainstream. Since then, news stories and speculation about AI supplanting (and sometimes replacing) human workers continue to be released. The economics of AI is, as a result, becoming an important topic in our field.

The Graduate Record Examinations, more commonly known as the GRE, is one of the most important standardized tests in the world for admission to post-Baccalaureate programs. It’s very often required by universities when considering admission into their Master’s or even PhD programs.

Islands bring to mind a particular vision of beaches, coconuts, and relaxation that’s hard to beat. Many people think of them as the ultimate vacation destination, and indeed tourism is important for many islands. Yet due to their unique geography, most islands in the world face a set of economic challenges that many mainland nations don’t experience.

Students often learn about important figures in economics only briefly and in passing, yet the content taught in economics courses often comes from brilliant economists such as these.

At the undergraduate level, environmental economics is typically taught as an applied microeconomics course. However, while topics like externalities and common property resources are great for emphasizing efficiency, they don’t always prepare students to consider environmental concerns as part of the broader economy. Incorporating macroeconomics into these courses can help students understand problems that deal with both scale and efficiency, such as how to reconcile economic growth with environmental quality.

Teaching is an honorable, but difficult, job to do. Economics instructors working in higher education must rapidly and thoroughly communicate complex concepts and theories within tight semester time frames, effectively enough that most students will learn the concepts and pass the course.

One of the key features of the global economy is that it tends to grow over time. In fact, that growth has become something of an expectation in the modern capitalist system, where the success of corporations is often judged by their growth, even over relatively short time horizons.

If you're planning to study economics at a Master's level, then you may have the opportunity to pursue a concentration, sometimes also referred to as a major. While rarer, some PhD programs may also offer concentrations, though many are already specialized degrees (or require you to have your own research agenda).

So you want to study abroad in Germany, the largest economy in Europe. It’s a great country filled with many high-quality, internationally competitive universities. Plus, lovers of pretzels and sausages will never find a better place to be. Of course, if you’re an international student, you’ll probably need to get a visa before you can go.

So, you studied abroad, got your economics degree in Germany, and you’re ready to look for a job in the country. First of all, congratulations! You’re on your way to becoming a full-fledged economist.

The following article first appeared in the INOMICS Handbook 2023. Download the INOMICS Handbook

The following article first appeared in the INOMICS Handbook 2023. Download the INOMICS Handbook President of the DIW Berlin and well-known macroeconomist, Prof. Dr. Marcel Fratzscher poses the questions for accomplished central banker and author Dr. Javier G. Gómez Pineda in this latest INOMICS interview, where we ask economists for their thoughts about life and economics. Dr. Gómez Pineda graciously took to the spotlight in this latest round. The interview, dubbed Fratzscher vs. Gómez Pineda, dives into the importance of the Lucas critique, role models for women in economics, the challenges with maintaining global financial market stability (while still allowing for growth for emerging economies), how economics can contribute to climate policy, and more.

The following article first appeared in the INOMICS Handbook 2023. Download the INOMICS Handbook