The following article first appeared in the INOMICS Handbook 2021. Download the INOMICS Handbook On a visit to the London School of Economics in November 2008, the Queen asked her hosts why no one had seen the financial crisis coming. It took the professors nine months to come up with an excuse, put forth in a letter in July 2009:

This article was produced in cooperation with the Economics Network, the largest and longest-established academic organisation devoted to improving the teaching and learning of economics in higher education. Learn more about the Economics Network here. When you enter the job market for teaching economics, the institutions that you are applying for may well have different characteristics. Therefore, you may need to tailor your application to the type of institution and the role specifications in the job advert.

Now in their sixth year, the INOMICS Awards remain unique in their celebration of institutions committed to the career development of economists worldwide.

For as long as we can remember, Mother Nature has been serving mankind as our major root source of livelihood. From the land that provides the nutrients for our crops, to the stone for our roads and buildings, to the oil for transport in our globalized world, we rely on these natural resources to maintain our modern way of life.

As you develop your career in higher education economics, you will likely be carrying out research within a field in economics. But you will also likely be involved in delivering and developing teaching within your department. As a result, you may be interested in developing and disseminating an understanding of what students should learn and how they learn.

Online learning is not a novelty anymore. During the coronavirus pandemic and subsequent lockdown, many institutions were forced to invest in their online program offerings - or simply adjust their courses to be online-friendly. But sometimes it’s nice to learn without having to fully commit to a long program. Other times, learning from a different source can help new concepts make sense, or can refresh the memory.

As an academic economist, it is likely that you will be engaged in both research and teaching. As you develop your skills, it will be important to think about what makes good teaching, and how the discussion about pedagogy in economics education develops over time. Knowledge and appreciation of the debates in pedagogy may also be important as you apply for external certification, such as an Advance HE fellowship. You may even want to develop and write for publication about economics pedagogy. There are a range of journals and conferences for those interested in higher education pedagogy. 

Esteemed economist, Berkeley Professor, and friend of INOMICS, Edward Miguel generously took time out of his busy schedule to take part in the fourth INOMICS Handbook Questionnaire. Opposite him in his customary role of quizmaster was Professor Marcel Fratzscher, president of the DIW Berlin, and one of Germany’s leading voices in macroeconomics. Observing tradition, and as a nod to those involved, the encounter has been dubbed ‘Fratzscher v Miguel’.  What took place was both in-depth and personal, the conversation ranging from the beauty of Hawaii and gender bias in economics, all the way to wealth taxes and COVID-19. For anyone connected to economics, especially those starting out, this one is not to be missed.  

Humanity’s evolving nature has propelled it up the food chain, from prey to planetary predator. Just 60,000 years ago, homo sapiens roamed the earth, insignificant and insecure, their existence of little consequence. Life, as Thomas Hobbes put it, was ‘nasty, brutish, and short’. Fast forward to the present and man’s mark is unmistakable, the dawn of the ‘anthropocene’ testament to mesmerizing advances in technology - and a masochistic disregard for our ecosystems.

Economics PhDs are aware of the transferable skills they should master to land a job in industry. But what about the reverse: is prior industry experience valuable for a PhD program?

Production is interaction of man and nature  Karl Polanyi, The Great Transformation

“I am an economist,” I once proudly mentioned at a party, in a round of small talk. “Oh, so you do a lot of money counting and financial reporting?” was the reply I heard, like so many economics graduates before me. “Nah, let’s leave that to the business and finance professionals,” I answered. But what do real economists do exactly?

A historic tragedy like the war in Ukraine calls for historic measures of outreach and solidarity. There is an urgent demand for humanitarian aid and safe passage for the hundreds of thousands of refugees already created by the war. This includes thousands of students at Ukranian universities who have had to flee the conflict.

Having helped so many economists take their next career step, we at INOMICS know full well how rewarding working in economics can be. When you find that solution you've been looking for, or contribute some research that actually seems to get read and make a difference, it can be the best feeling in the world. But this won't happen unless you work on yourself and the skills that are essential for becoming a successful economist in general.