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What do you want to do with your phd? I worry that if the only reason you enter a phd program is to show off or impress people, you may not be willing to stick it out during the first year. I would hate for anyone to ruin their chances of doing something they really love (a field other than economics), because they dropped out of econ grad the first year.
By about my junior year as an undergrad I realized I wanted to get a phd, but I decided to enter the "real world" for a few years because I'd been in school since I was 5 and thought it may build some character to try something else, especially since I knew I'd be back in school at some point.
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