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Abstract
The authors analyze the various factors that highly recognized economists cite as reasons for pursuing a career in economics. They obtained data for 62 of the 67 Nobel Laureates in economics and included another 22 prominent economists who have made significant contributions in economic research. The authors’ basic quest was to discover how these economists first became interested in the subject, but the authors found little uniformity in the responses: No more than 33 percent of the economists indicated the same factor as contributing to their initial interest in economics. Approximately half of the economists entered college without an interest in the subject. The authors’ findings are presented with the intent of informing academic economists and other educators seeking to improve recruitment and mentoring efforts of top students.
Acknowledgments
The authors thank Michael Salemi, the editors, and three anonymous referees for helpful comments. This article is based on a paper that was presented at the National Conference on Teaching Economics at Stanford University on June 1–3, 2011.
Notes
1. Later, we note that many eminent economists found economics to be a useful outlet of mathematical ability, yet some others were drawn by the humanitarian side. It is quite possible that the latter economists would have been discouraged by a degree that seemed formal and math-heavy.
2. Rank is based upon midcareer median salaries of 120 majors. See http://www.payscale.com/best-colleges/degrees.asp.
3. However, it is important to note that Harvard does not offer an undergraduate business major, and it is likely that many Harvard students major in economics simply because a general business major is not available.
4. The median salary for an economics major is high, in part, because it is so popular at top universities. Evidence suggests that economics majors are far more likely to graduate from a top university than, for example, English or education majors.
5. Direct correspondence was (obviously) impossible for deceased economists. In these cases, we searched for biographical information but were occasionally unable to find pertinent information. A few other economists were unreachable or denied response.
6. An exact definition of what constitutes eminence in economics is open to debate. Although our sample does include a subjective component, the vast majority of subjects are recognized worldwide for their contributions to the field as evidenced by receipt of a Nobel Prize. Nobel winners for which first-person answers to our research questions eluded our search include Trygve Haavelmo, Merton Miller, Robert Mundell, Christopher Pissarides, and Michael Spence.
7. Several of our e-mail correspondents referred us to autobiographical references that addressed our questions in depth.
8. Among those with only one category cited, 41 percent reported that an urge to make a difference was the driving force. This underscores the importance of emphasizing this characteristic to prospective students.
9. Irma Adelman, e-mail message, December 3, 2008.
10. Alan S. Blinder, e-mail message, December 2, 2008.
11. Of the 84 eminent economists, only two discuss an education that they felt was inferior. James Buchanan (Breit and Hirsch Citation2009, 139) admits that he learned “little or no economics” in his undergraduate years, despite majoring in the subject. John Hicks (Karier Citation2010, 77) laments a “second-class degree,” apparently a result of a lack of inspiration and a late decision to change majors.
12. Similarly, Milton Friedman (Nobelprize.org 1976) was inspired by economics professors and was offered a scholarship to the University of Chicago's economics department due to a professor's recommendation. Although it is not clear whether Friedman's initial interest in economics was ignited by these professors, it is apparent that they had a profound impact on his decision to become an academic economist.
13. Frederic Mishkin, e-mail message, December 2, 2008.
14. Vernon Smith, e-mail message, December 2, 2008.
15. Krugman's penchant for the science fiction genre would later manifest itself in his paper, “The Theory of Interstellar Trade,” his cult classic widely disseminated first in mimeograph and later via the Internet and finally published decades later (Krugman Citation2010).
16. The actual frequency of eminent economists with a strong math background is likely much higher. These economists were not directly asked if they had developed a strong math background early in life. Instead, they simply mentioned their math abilities in their biography or in an explanation of why and how they joined the profession.
17. It is important to note that these economists are self-reporting incentives for joining the profession. It is quite possible that many of these economists considered the monetary ramifications when studying the subject but did not report this factor. It is also possible that the poor financial offerings from other careers eliminated these options from consideration, thus increasing the likelihood of a career in economics.
18. Adequate information on the timeframe of economic interest is available for only 70 economists, whereas data on variables for entry include 84 economists.
19. There are, admittedly, some negative consequences of teaching an introductory economics course with a more expansive list of topics.