How do you know if a PhD is the right thing for you ...

[486hunter]

Originally Posted by YoungEconomist

I also think that people should do it for the "right reasons." In my opinion, the right reason to become an academic is often a fairly selfish one, that is, "I want to be an academic because I am fascinated with economics, and I don't care if anyone else gives a rats behind about my research. I'm doing this for me. If others find an interest in what I do, or if I make some important contributions to the world and the field, then it's all the better." Interestingly, I heard Steven Levitt say something similar on his interview with Charlie Rose. Basically Levitt said you should study economics for very personal reasons, because it's unlikely that your work will "change the world." Put differently, I agree representative_agent that studying economics in the hopes of "changing the world" or "making an impact" will likely be setting yourself up for failure.

Very well put. Even though I expect my research to be applied and "relevant to public policy", I certainly don't have the expectation that my research will have a major impact on the world. If it does, terrific. But if one's goal is to make an impact on the world, academia might not be the best route to take. For me, I love doing research and learning from the research of others. If you like to devise analytic strategies that will inform our knowledge of public problems or economic behavior, I think a Ph.D.may be for you. Though naturally this seems more like a necessary but not a sufficient condition.

[YoungEconomist]

Originally Posted by Golden Rule

I would suggest not having rational expectations, i.e. don't act like the people in your models (unless you're a behavioral economist) Ex-ante, the next paper I write is always going to be awesome, gain a ton of respect, and be the first step towards my research agenda that might change the world. Ex-post, when it doesn't work out, well, that paper was still a good learning experience, one I can build on so that my next paper is going to be amazing!!

I find it's hard to be productive when I allow myself to be conscious of any possibility of failure -- if I do, then failure becomes a self-fulfilling prophecy.

This is probably solid advice. I truly believe that confidence, frame of mind, etc make a difference in achieving success.

By the way, if the econ thing doesn't work out, you could probably become a psychologist, motivational speaker, or self-help guru/author (or some combination of all 3).

On a different note, I find it hard to convince myself that certain things are guaranteed, such as passing prelims or getting a top 50 placement with tenure.

Maybe I'm just somewhat of a pessimistic when it comes to school. Although to be clear, if I am a pessimist in regards to school, I'm definitely a "defensive pessimist" meaning that I work hard because I'm afraid I won't do well on a class or on a test. For a fuller explanation of "defensive pessimism" see this Are you a defensive Pessimist? Take this quiz to find out! (although I doubt I am as "anxious" as there "prototype"). I'd actually be interested to see what others consider themselves (I'll probably make a poll later). Golden Rule, you're probably a "strategic optimist" huh?

Originally Posted by 486hunter

Very well put. Even though I expect my research to be applied and "relevant to public policy", I certainly don't have the expectation that my research will have a major impact on the world. If it does, terrific. But if one's goal is to make an impact on the world, academia might not be the best route to take. For me, I love doing research and learning from the research of others. If you like to devise analytic strategies that will inform our knowledge of public problems or economic behavior, I think a Ph.D.may be for you. Though naturally this seems more like a necessary but not a sufficient condition.

Yeah, if I become an academic I'll probably take the approach you describe above.

[kuejai]

I guess I'm an odd ball here. I hate going to school, but I want PhD, so I can work in an international organization like IMF, UN, or World Bank, etc. My goal, which is probably not realistic, is to work in developing countries and help these people improve their quality of life such as educating them or helping them start a small business. I also have to admit that I like money also. It would be nice to get pay well after having to pay so much for tuition.

[asianeconomist]

Originally Posted by israelecon

hmmmmmmmm.....i guess you subscribe to the "pain avoider" school of thought as opposed to the "pleasure seeking" school.

Good one !

[mosfro]

i want a phd so I can do info-mercials selling random products that are endorsed by expert "Dr. mosfro"...i need a doctorate in something and since I like econ, i might as well pursue that....

I'll be the economist wearing a lab-coat convincing you to take so-and-so weight loss drug....

*these claims have not been validated by the fda

[C152dude]

I just want to be called doctor, but I hate blood....

[asianeconomist]

Originally Posted by kuejai

I also have to admit that I like money also.

Why does it seem that generally everybody cannot mention this without instigating a certain degree of guilt. (Nothing intended towards the OP). Are economist's supposed to be oblivious about personal finance as they immerse themselves in research.

[YoungEconomist]

Originally Posted by asianeconomist

Why does it seem that generally everybody cannot mention this without instigating a certain degree of guilt. (Nothing intended towards the OP).

Seriously, I don't understand this at all. Especially for a group of economists.

I mean, some academic disciplines seem more likely to subscribe to the theory that "money is the root of all evil" and it makes more sense that they would have this outlook, but why people on this forum? I suspect it has something to do with the large number of future academics on here that may not care about money as much, and therefore they expect others to have similar preferences (which again, doesn't make much sense for a group of aspiring economists, because we generally point out that individuals' preferences are very heterogenous).

Originally Posted by asianeconomist

Are economist's supposed to be oblivious about personal finance as they immerse themselves in research.

I agree that I see this attitude on here a lot, and I really don't understand it.

This irritates me, because I am not sure if I want to be an academic, and instead am strongly considering some of the more lucrative private sector options. However, whenever I mention this on TM, I always hear, "Well, you should really think about dropping the PhD in Econ thing, and instead get an MBA or something." Or I hear, "If you only care about money, don't get a PhD." When I hear these comments, I think wtf? First of all, something like 50% of Econ PhDs don't go into academia. Second, why would someone assume that I only care about money, just because I don't want to be an academic? It's as though some of you can't think of any reason why someone would be interested in an Econ PhD, unless they were also interested in becoming a professor. Could it be that I have a strong desire to get a PhD in Econ, while at the same time not be that sure that I want to be a professor?

Interestingly enough, today I went to a seminar from a woman who graduated with a PhD in Economics from MIT. One of the first things she said was, "As an undergrad, I thought I wanted to be on faculty somewhere, but after my first quarter at MIT, I knew that it wasn't for me." If this woman had posted this on TM, I'm sure she would be bombarded with many statements about how she shouldn't pursue a PhD in Econ, etc. Funny thing is, she got her PhD at MIT in 4 years, which means that she's probably smarter and definitely more credible than most of us on this forum. By the way, she's works in the private sector.

What's wrong with someone loving economics, while at the same time wanting to earn a big paycheck? Especially considering that an Economics PhD can be very lucrative.

Besides, there are no gaurantees in academia. Are you guys telling me that you would regret getting an Econ PhD if you couldn't get tenure? If so, maybe I'm not the one who should be rethinking how bad I want the PhD.

[Clodo]

Originally Posted by kuejai

I guess I'm an odd ball here. I hate going to school, but I want PhD, so I can work in an international organization like IMF, UN, or World Bank, etc. My goal, which is probably not realistic, is to work in developing countries and help these people improve their quality of life such as educating them or helping them start a small business. I also have to admit that I like money also. It would be nice to get pay well after having to pay so much for tuition.

Well hi everyone!!
I feel quite the same as you kuejai. I like economics and research, but unlike many in this forum, these are not my "passions". In fact, I dont want to spend my life as an academic researcher; I would rather prefere to work in the WB, IMF, which means doing a PhD before that.
During the next couples of weeks, although I have already accepted an offer form the EUI in Florence, I have to make my mind wether to follow this track or going back to the private sector. The fact is I love outdoor life, and from my experience, in this latter sector outdoor life is cut off up to minimums.
Anyway, Im havng a hard time deciding what to do. Although no one has to stay in the PhD if he/she realizes that that is not what she wanted, its still a difficult decision.

[thescienceboy]

Originally Posted by Clodo

Well hi everyone!!
I feel quite the same as you kuejai. I like economics and research, but unlike many in this forum, these are not my "passions". In fact, I dont want to spend my life as an academic researcher; I would rather prefere to work in the WB, IMF, which means doing a PhD before that.
During the next couples of weeks, although I have already accepted an offer form the EUI in Florence, I have to make my mind wether to follow this track or going back to the private sector. The fact is I love outdoor life, and from my experience, in this latter sector outdoor life is cut off up to minimums.
Anyway, Im havng a hard time deciding what to do. Although no one has to stay in the PhD if he/she realizes that that is not what she wanted, its still a difficult decision.

I'm just wondering how someone can come up with original ideas in his/her job market papers without being passionated about economics?