This the question I find myself facing. Sure, I would be doctor, and that has benefits. If I were ever in a situation were someone yelled "Is there a doctor in the house?!" I could reply "Yes! A doctor of economics!
" The downside of course would be the 5-6 years I would spend getting it.
In economics, there is the concept of opportunity cost. What is your next best option? In my case, I have been thinking about financial engineering. I feel that my chances of getting into a solid FE (or CF or MF) program are better than for similarly ranked PhD programs. At most the program would take 2 years. The starting salaries are more than I would make with a PhD. By my calculations, I would need to expect more than $1 million of intangible value from a PhD to make it worth my while.
Is it worth it? I had to work with a colossal douche bag this summer who is currently a PhD student at an Ivy League university. He bragged that while all of his friends had gone on to such banalities as homeownership, he was living the good life researching intrafirm job mobility. Is this were I want to be in 5 years? No.
Could it be that the only people who go into economics fundamentally misunderstand the concept of opportunity cost? This study
lends support to that idea. It sounds like a very dry joke, but I may end up saying that after a careful cost benefit analysis, I decided not to go into economics. Better than being a bearded roadapple bragging about his holy vow of poverty.
-Miguel Sanchez 10:52 EST |