Economists, Economic Debates and Policymaking

Update:

Key Economists of the 20^th Century

 Irving Fisher

http://www.bloomberg.com/news/2012-11-27/irving-fisher-the-first-celebrity-finance-professor.html

Contributions of Friedman and Hayek (a very Keynesian perspective from Robert Solow)

http://www.tnr.com/article/books-and-arts/magazine/110196/hayek-friedman-and-the-illusions-conservative-economics

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Microeconomists in the limelight

http://www.economist.com/news/finance-and-economics/21567079-meet-economists-who-are-making-markets-work-better-micro-stars-macro-effects

(Note: Preston McAfee of Caltech, profiled in the above article, received his PhD in Economics from Purdue U.)

Can minimum wage laws actually be beneficial?

http://www.economist.com/news/finance-and-economics/21567072-evidence-mounting-moderate-minimum-wages-can-do-more-good-harm

Should underwater mortgage principals be restructured?

http://www.washingtonpost.com/business/economy/economists-obama-administration-at-odds-over-role-of-mortgage-debt-in-slow-recovery/2012/11/22/dc83f25e-2e87-11e2-89d4-040c9330702a_story.html

Argentina’s Sovereign Debt Saga - Legal Overreach?

Weekend Reading - Nov 18

Tom Friedman on Job Market Skill Mismatches:

http://www.nytimes.com/2012/11/18/opinion/sunday/Friedman-You-Got-the-Skills.html

Ranking Presidents by Their Economic Performance

http://www.nytimes.com/interactive/2012/03/23/business/among-the-best-presidents-or-the-worst-in-economic-terms.html

Nassim Nicholas Taleb on Volatility

http://online.wsj.com/article/SB10001424127887324735104578120953311383448.html

Eurozone Structural Adjustments

http://www.economist.com/news/briefing/21566639-europes-peripheral-economies-have-already-undergone-lot-restructuring-without-action

Labor Mobility and Factor Price Equalization

http://www.economist.com/news/finance-and-economics/21566629-liberalising-migration-could-deliver-huge-boost-global-output-border-follies

Interesting Items - Nov 12

Washington Post’s Robert Samuelson on the growth of the US welfare state

http://www.washingtonpost.com/opinions/robert-samuelson-its-the-welfare-state-stupid/2012/11/11/e392868a-2ab0-11e2-bab2-eda299503684_story.html

US – The Top Oil Producer in 2020?

http://online.wsj.com/article/SB10001424127887323894704578114492856065064.html

Fixing Finance

http://www.project-syndicate.org/commentary/monopoly--competition--and-innovation-by-raghuram-rajan

Japan – Another Recession?

http://www.nytimes.com/2012/11/13/business/global/japanese-economy-contracts-suggesting-return-to-recession.html

WSJ's David Wessel on the US Fiscal Cliff

Something Every Business School Student Should Read

CLAYTON M. CHRISTENSEN on the Capitalist’s Dilemma

http://www.nytimes.com/2012/11/04/business/a-capitalists-dilemma-whoever-becomes-president.html

An interesting quote from the above piece:

“The answer is that efficiency innovations are liberating capital, and in the United States this capital is being reinvested into still more efficiency innovations. In contrast, America is generating many fewer empowering innovations than in the past. We need to reset the balance between empowering and efficiency innovations.”

Economics Graduate School Info [UPDATED]

Is a Master’s Degree in Economics Useful?

• Completion of a master’s degree provides further evidence of your abilities to prospective employers (in a good master’s degree program, you are competing with other top students and the grad curriculum is more rigorous than the undergrad curriculum). Signaling your quality is especially important if your undergraduate degree is from a small/regional/less-prestigious college or university. In an environment of widespread grade inflation at the undergraduate level, a master’s degree allows you to differentiate yourself.
• Applied master’s degree programs can be quite fun – they tend to emphasis applications and data analysis. They train you to pursue careers in the business/financial/policy world.
• Your career prospects are tremendously improved. For instance, many of the high paying jobs at the numerous Washington DC area federal government agencies (BEA, CBO, BLS, etc.) require a master’s degree. See job postings at https://www.usajobs.gov/
• A master’s degree program will provide additional preparation for anyone intent on pursuing a PhD degree – it prepares you to enter and complete a decent PhD program (at top 50 programs the average dropout/failure rate is around 50% at the end of first-year prelim exams; failure rate in U of Chicago’s PhD prelim exams was/is famously around 75%). There is a very big difference between PhD courses at top research universities and undergraduate economics courses
• Many students who enter doctoral programs with just an undergrad degree often find out that a PhD degree is not the best fit for them within a year or two of starting the program. Those who have completed a master's degree program are often clearer about their career/academic goals. First year core PhD courses are quite hard, especially at major research institutions. The Math requirements are quite significant (it is not just Calculus III and Linear Algebra; mathematical modeling capability and ability to prove theorems (real analysis) are essential). 
• At the PhD level, economics is highly hierarchical – there are enormous differences between earnings/careers prospects of graduates from top 20-30 institutions and everyone else. There is a tremendous drop-off in career prospects for PhD’s from second and third-tier universities – most (there are always the rare exceptions) are quite unlikely to find employment at elite universities or at elite think tanks/research institutes. A dirty little secret of the economics profession is that there are far too many PhD’s relative to decent-paying academic jobs (often, a good master's degree can land you with a better paying industry job; PhD academics teaching at small colleges/regional universities [they are often just passionate about teaching and not too focused on remuneration] do not earn as much). A PhD degree holder in the Accounting or Finance area (where the supply is very tightly controlled/limited) will often earn, on average, twice as much as what a PhD degree holder in the Economics area will earn.

• Subjective Evaluations and Stratification in Graduate Education 

  https://www.nber.org/system/files/working_papers/w30677/w30677.pdf

• In the self-selected pool of applicants, Ivy Plus graduates are twice as likely to be admitted to a top 10 graduate program and are much more likely to obtain an assistant professor position at a top 10 program upon PhD completion. Given that Ivy Plus students must pass a stringent selection process to gain admission to their undergraduate program, we cannot reject the hypothesis that admission committees use information efficiently and fairly. However, this also implies that there may be a return to attending a selective undergraduate program in order to be pooled with highly skilled individuals.

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There are numerous grad school options available to holders of an undergraduate degree in Economics. Several broad tracks are highlighted below:

I) Policy Oriented Programs (less quantitatively oriented; more policy focused)

Options include degree programs in public policy, development economics and international affairs.
List of Graduate Programs in Development Economics
http://www.cgdev.org/page/university-development-programs
List of Graduate Programs in International Affairs
https://www.foreignaffairs.com/graduateschoolforum
Public Policy Program Rankings
https://www.usnews.com/best-graduate-schools/top-public-affairs-schools/public-affairs-rankings

 

II) Finance/Fintech/Quantitative Finance 

Master of Science in Finance – UIC 
https://business.uic.edu/graduate-programs/graduate-degrees/master-science-finance/
Master of Science in Finance (MSF) – UIUC 
https://giesbusiness.illinois.edu/msf
Master of Science in Quantitative Finance - Rutgers
https://www.business.rutgers.edu/masters-quantitative-finance
MASTER OF SCIENCE IN FINANCE – The University of Texas at Austin
https://www.mccombs.utexas.edu/graduate/ms-programs/ms-finance/
MASTER OF ANALYTICAL FINANCE – Emory University
https://goizueta.emory.edu/masters-in-finance/academics
MASTER OF SCIENCE IN FINTECH – Case Western Reserve University
https://weatherhead.case.edu/degrees/masters/ms-fintech/
MS IN MATHEMATICAL FINANCE & FINANCIAL TECHNOLOGY – Boston University
https://www.bu.edu/questrom/degree-programs/ms-in-mathematical-finance/
MASTER OF SCIENCE IN FINTECH – UCF
https://www.ucf.edu/degree/fintech-ms/
Financial Engineering/Computational Finance – Masters Programs 
https://www.quantnet.com/pages/mfe-programs-rankings/

 

III) Data Science/Data Analytics

Master’s in Data Science

https://www.discoverdatascience.org/programs/masters-in-data-science/

Statistics and data science degrees: Overhyped or the real deal?
https://theconversation.com/statistics-and-data-science-degrees-overhyped-or-the-real-deal-102958

 

IV) MBA Programs - FT's Global MBA Rankings
https://rankings.ft.com/home/masters-in-business-administration

V) Law School - Rankings

https://www.usnews.com/best-graduate-schools/top-law-schools/law-rankings

VI) Combo Degree Programs

JD/MA in Economics – USC

https://catalogue.usc.edu/preview_program.php?catoid=12&poid=13085
JD/MA in Economics – University of Toronto
https://www.law.utoronto.ca/academic-programs/jd-program/combined-programs/jdma-economics
JD/MS in Finance – Vanderbilt University
https://law.vanderbilt.edu/prospective-students/dual-degree-programs.php
JD (Virginia)/Master's in Economic Law at Sciences Po (Paris)
https://www.law.virginia.edu/academics/jd-masters-economic-law-sciences-po-paris
JD/MA in Economics – University of Kansas
https://law.ku.edu/academics/degrees/joint-degrees/jd-economics
JD/MA in Economics – University of Missouri
https://law.missouri.edu/academics/dual-degrees/economics/

JD/Masters in Applied Economics and Finance – UC Hastings
https://www.uchastings.edu/academics/multiple-degrees/jd-masters-applied-econ-and-finance/

Master of Global Affairs (MGA) from Toronto and Master of Public Administration (MPA) from the London School of Economics
https://munkschool.utoronto.ca/mga/dual-degree-with-lse
UCL – International Master's in Economy, State and Society
https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/economy-state-and-society-politics-and-international-economy-ma-international

VII) MA/MS in Economics (typically requires solid quantitative background)

It is generally recommended that students obtain a solid mathematical foundation prior to starting a Master’s program in Economics. Completion of as many of the following courses as possible is recommended: Calculus II, Calculus III, Linear Algebra, Differential Equations, Mathematical Probability and Statistics, and Real Analysis. At a minimum, Calculus II should be completed prior to starting a decent Master's degree program.

US Programs - Masters in Economics
University of Wisconsin – Master’s in Economics
https://econ.wisc.edu/masters/
University of Wisconsin - Master of Science in Financial Economics 
https://msfe.wisc.edu
University of Illinois – Master’s in Policy Economics
http://www.mspe.illinois.edu
University of Michigan – Master’s in Applied Economics
https://lsa.umich.edu/econ/mae.html
M.S. Program in Applied Economics and Finance – UC Santa Cruz
http://economics.ucsc.edu/academics/graduate-program/masters/index.html
MA in Economics – Duke University
http://econ.duke.edu/masters-programs
MA in Economics – NYU 
http://as.nyu.edu/econ/graduate/ma.html
USC - Master of Science in Applied Economics and Econometrics
https://dornsife.usc.edu/econ/masters/
Columbia University - MA Economics
https://econ.columbia.edu/masters/
University of Arizona - Master’s in Econometrics and Quantitative Economics
https://eller.arizona.edu/programs/masters/econometrics
Texas A&M - MS Economics
https://econ.tamu.edu/about-the-program/
UCLA - Masters in Applied Economics
https://master.econ.ucla.edu
MA in Economics – Fordham University (New York)
https://www.fordham.edu/info/20940/master_of_arts_in_economics
MA in Economics – Hunter College – City University of New York
http://econ.hunter.cuny.edu/economics-program/ma-in-economics/
Masters Degree Programs – The New School for Social Research (New York)
https://www.newschool.edu/nssr/economics-degree-programs/
Msc in Applied Economics – Boston College
http://www.bc.edu/schools/advstudies/graduate/master-of-science-in-applied-economics.html
MA in International Economics and Finance – Brandeis University
https://www.brandeis.edu/global/academics/ma/index.html
Masters in Applied Economics – Georgetown University
http://econ.georgetown.edu/programs/masters/318180.html
University of San Francisco MA in Economics 
http://www.usfca.edu/artsci/econg/
UT Austin Master’s Degree Program 
https://ma.eco.utexas.edu/
Master’s Degree Programs in Economics offered by Boston University
http://www.bu.edu/econ/gradprgms/ma/
Masters in Applied Economics, - Johns Hopkins University, D.C.
http://advanced.jhu.edu/academic/applied-economics/
MS in Economics – Tufts University 
http://ase.tufts.edu/econ/graduate/
Masters in Applied Economics – Florida State University 
http://coss.fsu.edu/maep/
Master’s in Applied Economics – University of Houston
https://uh.edu/class/economics/graduate/master/
Master’s in Applied Economics – University of Cincinnati
https://business.uc.edu/academics/specialized-masters/applied-economics.html
Master’s in Applied Economics – Lehigh University
https://business.lehigh.edu/academics/graduate/masters-programs/ms-applied-economics

 

Hybrid/Online Programs

Master’s in Data, Economics, and Development Policy - MIT
https://economics.mit.edu/masters
MASTER OF SCIENCE IN ECONOMICS – Purdue University
https://krannert.purdue.edu/academics/Economics/program-ms/home.php
MS in Applied Economics - Johns Hopkins University
https://advanced.jhu.edu/academics/graduate/ms-applied-economics/

 

INTERNATIONAL - Masters Degree Programs in Economics

Canadian Programs
MA in Economics – Simon Fraser University
http://www.sfu.ca/economics/graduate_studies/graduate-degrees-and-programs/ma-program.html.html
MA in Economics – University of British Columbia
http://www.economics.ubc.ca/graduate/prospective-students/ma-program/overview/
MA in Economics – University of Toronto
http://www.economics.utoronto.ca/index.php/index/graduate/ma
MA in Economics – York University
http://www.yorku.ca/gradecon/ma/index.html
MA in Economics – McGill University
https://www.mcgill.ca/study/2013-2014/faculties/arts/graduate/programs/
 
European Programs
Surrey - MSc in International Economics, Finance and Development
MSc Economics and International Financial Economics – Warwick
MSc Econometrics and Mathematical Economics – LSE
MPhil in Development Studies – Oxford University
Masters in Economics, University College – London
MSc Economics programs at University of Nottingham
MSc Economics/Econometrics – University of Manchester
Masters Programs - Barcelona Graduate School of Economics
Masters in Applied Economics, Paris School of Economics
University of Copenhagen – Masters in Economics
MA in Economics of Development – Erasmus University
Masters in Quantitative Economics and Finance – University of St. Gallen

 

Development Studies/International Affairs/Public Policy

Oxford
http://www.ox.ac.uk/admissions/graduate/courses/msc-economics-development
LSE
http://www.lse.ac.uk/internationalDevelopment/study/MScDevelopmentStudies.aspx
University of London
https://www.soas.ac.uk/economics/programmes/mscdevecon/
Yale
http://www.yale.edu/ide/
Boston University
https://www.bu.edu/econ/masters/ma-in-global-development-economics/
University of Southern California
https://dornsife.usc.edu/econ/ma-in-econ-development/
University of San Francisco
http://www.usfca.edu/artsci/idec/
Williams College
http://cde.williams.edu/
Vanderbilt University
http://as.vanderbilt.edu/gped/
School of Advanced International Studies - Johns Hopkins University
https://sais.jhu.edu/academics/degree-programs/master-degrees
SIPA – Columbia University
https://sipa.columbia.edu/academics/programs/master-international-affairs
Elliott School of International Affairs – George Washington University
https://elliott.gwu.edu/international-economic-policy
Georgetown University
https://econ.georgetown.edu/academics/masters-programs-in-economics/masters-in-political-economy/
Graduate Institute of International and Development Studies (Geneva)
http://graduateinstitute.ch/home.html
Lee Kuan Yew School of Public Policy - National University of Singapore
http://lkyspp.nus.edu.sg/
LLM in Law and Economics – George Mason University
https://www.law.gmu.edu/academics/degrees/llm_law_econ/