The Landscape is Changing

Earlier I retweeted an article from Bloomberg on part of the changing landscape for new economics Ph.D's.

With the current AEA meetings happening now in Philly in snow or shine, it discussed the new opportunities available to economists.

The American Economic Association’s annual meeting kicks off today and EBay won’t be the only technology company aiming to tap more brainpower at what doubles as the discipline’s premier job fair. In the past few years, Google Inc. (GOOG), Amazon.com Inc. (AMZN) and Microsoft Corp. (MSFT) have amassed teams of in-house economists to make sense of the oceans of data they’re collecting.

The trend has also been a boon for researchers handed some of the world’s richest and largely unexamined treasure troves of human behavior.

“It used to be that if you got a Ph.D. in economics, you went to government, you went to academics, you went to a consulting firm, or you went to Wall Street,” said Greg Rosston, deputy director of the Stanford Institute for Economic Policy Research and a lecturer at the university near Palo Alto, California. “Now there’s another option.”

"Another option"- While most Ph.D. economists are looking for academic jobs, it is nice to know the private-sector has opportunities for those who do not want the ivory tower. The problems which companies like Amazon and Google are working on and the data they have to help would have been unimaginable just a few years ago. Now, it is here.

It is an exciting time for data-driven economics. The econ point of view is the key to understanding these new questions and companies are starting to take notice. This is part of the reason my school, the Barcelona GSE, has added a new Master in Data Science.

 

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