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Eventhough a Ph.D. in economics is a research degree for the most part, I don't recommend it to anyone who doesn't have a passion for teaching (unless you want to end up in the private industry or international organizations only). I think a master's in economics is an awesome preparation for a career in industry. There really is a lotta money out there in the private sector and who's better prepared to earn it than someone with a master's degree in economics. If you like research, you still will have what it takes to do just that with a master's. Having said that, however, if you do enjoy teaching economics (in addition to enjoying economic research) go for the Ph.D. On the other hand, if you are not sure which subfield of economics to focus on, using the master's in economics keeps your options more open. GOOD LUCK, buddy!
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