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I'm sure you know more about this as a Canadian, but isn't it true that you guys must have an MA before you can do a PhD in economics?
With all due respect, I think asquare might be overestimating the opportunity cost of time. Say the starting salary for a BA holder is 40,000 per year, then to break even you'll need to make an extra 40,000*r = 1,600 per year (say r = 0.04). Can getting in a better school increase your future annual salary by that much? Yes. Does getting an MA improve your chance of getting in a better school? Absolutely!
Moreover isn't it true that most of us here share the sentiment that you don't go into the academia to make money? Well if money is not the issue, then I can't seem to think of any other significant opportunity costs of time, at least not so significant that the benefit of a stronger profile can't offset.
As for taking adv econ classes, I generally agree with everybody that you probably won't learn much in these classes. On the other hand, it's an opportunity to prove yourself to your future recommenders. Anyway I'm not encouraging you to do it, I'm just presenting an alternative point of view.
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