Ph.D. in Economics
Ph.D. Economics Overview
To date, there has been very little differentiation in the structure of Ph.D. programs in economics. This is surprising given the evidence suggesting that many prospective students are discouraged from pursuing a Ph.D. in economics due to the high time cost and academic orientation of the traditional doctoral model. Moreover, there are an abundance of excellent employment opportunities in non-academic settings for which traditional economic programs do not specifically train students.
The average time to completion for Ph.D. programs in economics increased from 5.7 years in 1977 to 6.8 years in 1996. This trend reflects the increasingly complex set of technical skills that are required to conduct cutting-edge scholarly research. Yet in spite of this upward trend in time investment, many new Ph.D. economists express dissatisfaction with the training they received in traditional, academically-oriented programs because it is inapplicable to careers outside of academia (see The Journal of Economic Perspectives, Summer 1999, pp. 115-56). The traditional orientation has persisted even though more than forty percent of all new Ph.D. recipients in economics establish careers outside of higher education.
Our Ph.D. program differs from conventional doctoral programs in that we specifically train students for careers as applied economists in business, financial and non-academic research organizations, government agencies, and academic departments with a strong focus on public policy. While our program contains elements of traditional programs, it has an increased emphasis on the application of theory and econometrics as they are used in business and policy settings. Moreover, our students are formally trained in the management and analysis of large, complex databases that are extensively used in their fields of specialization.
The Department of Economics offers the Master of Arts in Applied Economics, the Doctor of Philosophy in Economics and an innovative, combined program that leads to both a Master of Arts and a Doctor of Philosophy in Economics. The M.A. and Ph.D. curricula are distinct, high-quality, terminal professionally oriented degree programs. The two programs are closely integrated, however, and mutually support our innovative combined M.A./Ph.D. degree track. The department’s faculty has an established national reputation for scholarship in applied microeconomic research; its graduate programs are specially focused on developing the theoretical and econometric tools required to formulate and interpret quality empirical research, and the data handling and communication skills that are required to conduct and disseminate the outcomes of that research.
The Ph.D. in economics is offered to superior applicants who seek careers in business and financial institutions, in nonacademic research organizations, in agencies of federal, state and local governments, and in academic departments with a strong focus on public policy and applied microeconomics. The program aims to develop in students the theoretical, quantitative and statistical skills that are required to perform and interpret economic analyses on a wide range of policy-oriented issues. The program focuses on applied microeconomics and offers a highly structured curriculum that represents an innovative alternative to more traditional doctoral programs in economics that are generally broader in scope and more flexible in structure. Our doctoral program focuses on the fields of labor, health, and public (including the economics of education, science and technology policy, and urban economics) economics.
Students with a completed master’s degree in Economics may enter the Ph.D. program directly. All other students enter the PhD. program by applying to the combined M.A./Ph.D. program in Economics. The latter path provides students with the opportunity to begin earning a high-quality, innovative terminal M.A. degree before deciding whether to pursue doctoral training. Students may also enter the M.A. program and apply to the combined M.A./Ph.D. program at any time while completing their M.A. degree.