How Much Do Academic Economists Really Make?

[YoungEconomist]

Salary information is fairly easy to obtain on the internet. For example, many websites will lay out the average salary for various economists (think tank economists, economic consultants, academic economists, etc). However, I feel that the professor salary figures may be misleading, but then again maybe I don't know what I'm talking about.

I imagine many professors are earning more than what the school is paying them. Anybody know of any resources which discuss the average academic economist's total income (besides the money just paid by the school)? Or does anybody have some idea of what is realistic in terms of additional income that professors make? For example, do profs make additional money over the summer via grants? Do profs make additional money for refereeing journals? What percentage of profs are working part-time in consulting, think tanks, other organizations, policy work, etc?

I guess I am wondering if maybe some of the websites unintentionally exaggerate the difference between professor salaries, and say economic consultant salaries. Like one website says the average econ consultant with a PhD makes about $127,000 per year, while the average associate prof makes about $77,000 per year.

[SquareSquare]

Do profs make additional money for refereeing journals?

No.

I guess I am wondering if maybe some of the websites unintentionally exaggerate the difference between professor salaries, and say economic consultant salaries. Like one website says the average econ consultant with a PhD makes about $127,000 per year, while the average associate prof makes about $77,000 per year.

Can you give a specific source? For professors their stated salary is usually for academic year, with some limited support during the summer (like teaching, grants). I don't think there's a reason why academic economists should be earning similar to consultants... those poor guys gotta travel all the time, a lot of time-pressure to finish projects, pressure to attract projects at a more senior level... just pressure in general, too.

Academic economists can be stressed out (if they want to be), but their formal obligations are pretty limited. Imo.

[Zavera]

Economic consultants in Labor and I/O can make 200-500k

[YoungEconomist]

Originally Posted by SquareSquare

Academic economists can be stressed out (if they want to be), but their formal obligations are pretty limited. Imo.

I'm gonna have to disagree. I imagine that academics get stressed as well. There is a good deal of pressure to publish and I imagine it can be very stressful at times.

[YoungEconomist]

Originally Posted by Zavera

Economic consultants in Labor and I/O can make 200-500k

Are you sure? What is your source?

[Zavera]

Originally Posted by YoungEconomist

Are you sure? What is your source?

We have this one guy who only cares about the money, so he asked all of our profs how much they can make in consulting during our field meetings. The I/O was like "Ohh a lot, 120K min, sometimes 200K-500K"

The labor people said about the same thing but then added that consulting sucked and research ruled. Ohh lord

I should mention that they never said this is the average, they just said they "can" make this or that.

[YoungEconomist]

Originally Posted by Zavera

The labor people said about the same thing but then added that consulting sucked and research ruled. Ohh lord

Buy economic consultants do research.

[VA_LAC]

Are there any real statistics for this. Most of this discuss seems to be "I know a guy who knows a guy who said..."

[YoungEconomist]

Originally Posted by VA_LAC

Are there any real statistics for this. Most of this discuss seems to be "I know a guy who knows a guy who said..."

Like I said, the stats I've seen say the average economic consultant with a PhD earns about $127,000 a year.

[KingOfConvenience]

I'm not sure that includes bonuses and other perks.