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Originally Posted by DismalScientist
EconChump, I have looked at the situation from that perspective. However, I honestly have neither the time nor the resources to retake the GRE any time soon. Besides, I have always done pretty well in school, but I have usually not done well on standardized tests. So I don't think it makes sense to retake the test unless I am 100% sure that I will get a different score, which I don't think I am.
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I guess I'll shout into the crowd and confirm that a higher GRE score would be worth your time to acquire. (It is far more important for your admissions chances than doing well in any of the classes you are currently taking.)
Regarding the distinction between applied/theoretical economics, I think that the applied economists who have been trained at more theory-intensive schools (i.e. top 20-ish pure economics programs that you stand a chance of being admitted to with a better GRE score) tend to do better applied work.
Even at MIT, which tends to be very into applied work, it is often suggested to those who want to go into labor economics or industrial organization, which are fairly applied, that they major in economic theory so as to solidify their understanding of the classes of models that they plan on applying.
*EDIT: I thought I also might add that preparing for the GRE is very helpful. The first six or seven practice GRE quantitative tests I took, I received less than 760 (though I am not certain that the tests in the test-prep books are graded the same way as the actual exam), mostly due to time constraints. After much practice (I'm talking thirty or forty practice exams), I was able to finish the questions with plenty of time to spare, and I generally got every question right. It's not an easy test, and it's a shame that it counts, but given that it does, it is worth preparing substantially for. (You're good on the verbal section, so I wouldn't worry about that.)