Why get a Ph.D. in Economics?

One take from Andrea Waddle, a first year University of Pennsylvania graduate student, talks about a passion for international development fostered from living in Bolivia. But many other fields study economic development (Sociology, History, Anthropology, and Political Science). Dani Rodrik, a Harvard Economist, chose Economics over Political science based on this epiphany (link)

“One day in the library, I picked up copies of the flagship publications of the two disciplines--the American Political Science Review and the American Economic Review--and put them side by side. One was written in English, the other in Greek. I thought that if I did a PhD in economics, I would be able to read both journals, but that if I did a PhD in political science, it would be goodbye economics.”

I think a similar thought went through my head. Although there is a large opportunity cost to learning all the Greek (i.e. Math) associated with Economics. Is it worth it? Perhaps to help people the best route is a Masters in Public Policy. Chris Blattman, a student of Rodrik’s compares, masters programs with Ph.D.

I agree with Blattman, if you want to be a professor get a PhD. If not try a masters program and see what you think.