Monday, October 05, 2009

No Unemployment for Economics PhDs?

Good news for the dismal science:
Economics has long been called the dismal science. The general economic outlook today is indeed dismal, but that doesn't mean job prospects in the field are. "There is no unemployment among Ph.D.'s in economics," declares John Siegfried, a Vanderbilt University professor. Just do the math, and you'll see why: In the current academic year, the American Economics Association has listed approximately 2,200 job openings worldwide—but U.S. universities will grant only 950 Ph.D.'s in economics.

Universities themselves may cut back, but economists remain in demand in government, business, and nonprofits and as consultants or policy analysts. "Depending on the program, about half the graduates stay in academics, and the other half go into the private sector, government, or places like the World Bank or International Monetary Fund," says William Collins, director of graduate studies in economics at Vanderbilt.
Good news indeed! Now if I can just get that dissertation done...

1 comment:

jeremy h. said...

This may have something to do with the fact that economists understand that *every* market clears... at some price. So they will apply to many jobs (100 is not unusual) and accept lower wages/more work than expected if that is what the market dictates in any given year.

How many of the nearly 10% unemployed have applied to 100 jobs this year and are willing to take pay cuts (or cuts in expected pay)? My guess is very few.