Doing an Econ PhD iff you get into a T5 indicates that you do not love the process of research/grad school. Therefore, doing PhD might not be in your best interest.
I do not have the qualifications to say this with high confidence: if you have a "top 5 or bust" mentality, a PhD in economics probably isn't for you! There are actually a non-trivial number of economists working at good departments or important institutions with PhDs from top 50-100 schools. The President of the SF Fed went to Syracuse! Why do people get so hung up on rankings and miss the fact that careers are built on publications? Whether you get into MIT or an unranked school, this is true...
Wow. You all really brought me to the ground with the castigation.
As far as money is concerned, I couldn't care less (I know people say it but I mean it). However, I think it's always sensible to compute the opportunity cost, which (for me) is pretty damn high. Not solely in terms of money, but in terms of research/career/personal-life/saving-the-world goals.
Also, based on what I've shared, it's easy to think of me as a person looking for accreditation rather than knowledge. You haven't seen me sleeping on the library floors trying to learn economics, so I don't blame you.
I agree with you guys. Research is what matters and should matter. The problem though (and I think all the erudite folks here know this) is that economics in U.S is extremely hierarchical and institutionalised. Even when you have a groundbreaking idea from not-so-reputated state college, the probability that it will get published in AER etc. over somebody with an average idea but from top5 college is quite low. The barriers to entry diminish significantly once you're at a top institution (and this disparity really sucks). I wish there was a way to change this (I would've change this if I could!)
I'd love to hear counterarguments and your ways to better academia for economists.
Also, if anybody is willing to read my S.O.P, let me know. Thanks!
There are currently 1 users browsing this thread. (0 members and 1 guests)