For me, it was a fantastic concept. Your mileage could range.
On his Substack yesterday, Arnold Kling posted yesterday concerning the pitfalls of going to graduate faculty in economics. It’s titled, appropriately, given the content material, “Watch out for Econ Grad Faculty.”
Arnold lists 3 attainable motives for getting a Ph.D. in economics.
Mental Curiosity. You prefer to discover concepts, you wish to higher perceive how the economic system works, and also you wish to give you solutions to puzzles and issues within the subject of economics.
Way of life. You wish to produce economics papers, you need autonomy, and also you need your solely skilled interactions to be with different economics professors.
Different. For instance, you might have considered trying a profession within the subject of policy-making in economics. (daring in authentic)
If somebody had proven me these 3 motives after I was contemplating graduate faculty, and if I had been satisfied that these had been the one attainable motives, I’d have determined to not get a Ph.D.
Let’s think about them one after the other.
Mental curiosity. Of the three, this comes closest for me, though it’s not very shut. I did like the concept of exploring concepts and higher understanding how the economic system works. However I didn’t suppose I had the power to give you solutions to puzzle and issues. The understanding was sufficient for me, and UCLA delivered in spades. Certainly, it was solely whereas I used to be at UCLA, learning beneath Armen Alchian, Sam Peltzman, Ben Klein, Harold Demsetz, Jack Hirshleifer, and George Hilton, and TAing for Chuck Baird, that I began enthusiastic about puzzles and issues extra deeply than I anticipated to do after I utilized. I realized issues that I had by no means puzzled about, particularly from Alchian and Klein, corresponding to why varied actions of corporations which can be a puzzle to somebody schooled solely in excellent competitors, are in line with competitors, broadly understood. That was all a bonus. And Hirshleifer, Demsetz, Peltzman, and Hilton bought me enthusiastic about issues I had by no means considered. Lastly, TAing for Chuck Baird’s undergrad intro course in macroeconomics taught me a ton of macro. All of this studying was a bonus in comparison with what I had anticipated.
Way of life. I had no want at first to provide economics papers. I began wanting to take action at my first job, on the College of Rochester’s Graduate Faculty of Administration (now the Simon Faculty) from 1975 to 1979. That was one thing that developed as I learn the educational literature and noticed holes and in addition learn the favored economics literature and got here to completely different conclusions than those I used to be studying, written by even the good Milton Friedman. I did need and have at all times needed autonomy. However I by no means needed my solely skilled interactions to be with different economics professors. I had good skilled interactions with college students, particularly graduate college students. And I interacted professionally with non-professors when, at age 28, I testified twice earlier than Congressional committees, as soon as earlier than the Home Methods and Means Committee on a chunk I had written after noting a mistake in Milton Friedman’s Newsweek column (and the late Lindley Clark wrote a complete column about my testimony within the Wall Avenue Journal) and as soon as earlier than the Senate Armed Providers Committee. I additionally began doing media work on native TV and radio exhibits in Rochester. I got here on as an expert economist however, in fact, was not interacting with skilled economists.
Different. I by no means needed a profession within the subject of policy-making, however I did need a style of it and had a style of it, first for six months on the Labor Division after which for two years on the Council of Financial Advisers. Once I informed Milton Friedman, who known as himself my “Dutch uncle,” that I had an opportunity to be within the Reagan administration, he informed me to take it and go for under 2 years. I went for two.5 years, which suggests I adopted his recommendation in spirit.
What’s Left Out?
Arnold omitted 3 main issues that I can consider: (1) educating, (2) the suppose tank world, and (3) consulting. I’ve performed all three and loved them, however the one I loved most was educating.
Once I began graduate faculty, I used to be 21. I didn’t know sufficient, and didn’t suppose long-term sufficient, to know what I needed out of it or the place it could lead. However it was a fantastic step. I admit that one motive I had for ending my Ph.D., a motive that wouldn’t apply to most readers, is that by doing so, I’d have a a lot better likelihood of getting a inexperienced card.
As I see it, there are two most important methods for the type of graduate faculty to go to. The primary is to go to the highest-ranked faculty you will get into, notice that you simply gained’t study a lot economics and gained’t discover a lot of what you study attention-grabbing, maintain your nostril for 4 years, after which get a job with the type of faculty that matches you. Former co-blogger Bryan Caplan did this at Princeton after which bought a fantastic job at George Mason College. The second is to go to a faculty corresponding to George Mason College, the place you’ll study quite a lot of economics however gained’t get as many good alternatives on the job market. Even there, although, the alternatives may be good. I’m reminded of that truth yearly after I go to the annual conferences of the Affiliation for Personal Enterprise Training and meet at the very least 10 younger attention-grabbing economists whom I hadn’t heard of or knew solely a bit of about, at the very least 5 of whom bought their Ph.D.s at GMU.
The underside line is that while you determine whether or not to get a Ph.D. in economics, suppose, in addition to you possibly can, about who you might be, what your pursuits and talents are, and how much job you need. All of those are onerous to determine while you’re younger. However don’t limit your self, as Arnold Kling did, to a subset of attainable motives.
Observe: The pic above is of Armen Alchian, who taught me extra economics than every other economist. Numerous my UCLA professors, although, taught me virtually as a lot.