ARNOLD KLING
August 14, 2011
The Top Political Contributors
August 11, 2011
Gender and the New Commanding Heights
August 11, 2011
Jamie Galbraith Makes an Assumption
August 11, 2011
Macroeconometrics: The Science of Hubris
August 10, 2011
Real and Nominal Bond Yields
BRYAN CAPLAN
August 14, 2011
The Effect of Thumb Sucking on Income
August 12, 2011
The Voice of Cold, Hard Truth to All Would-Be Educators
August 12, 2011
Ability, Morality, and Prosperity: A Paper and a Report
August 11, 2011
The Theory of Time and Frittering
August 10, 2011
Male Variance and the Remnants of the Gender Gap
DAVID HENDERSON
August 9, 2011
Hayek in "Unbroken", Part Two
August 8, 2011
Hayek in "Unbroken"
August 5, 2011
James Bovard on the Peace Corps
August 4, 2011
Summers Way Off on FDR and 1941
August 3, 2011
The "Amazon" Tax
SHARE
What is the scarce resource that is causing the price of economics professors to rise?
Interest in the subject ;)
Intelligent administrators?
At last economy teachers can answer the question "If you are so smart, why is that you are not rich?"
The supply is limited by the number of Ph.D. programs and the number of degrees each program produces. If the profession acts to limit the number of schools granting PhDs it is acting as a very good monopoly supplier.
By definition, the top few economists are a scarce resource. There is no shortage of generic econ Ph.Ds. Salaries rise across the board because the those who want to be viewed as top schools/departments bid up the stars and the rest of the scale follows. What is the constituency for lower salaries? The english professors don't argue that economists should be paid less, just that english profs should be paid more.
The next Authoritarian publication which increases Student enrollment in the area of Economics. What is the impact of a Nobel Prize winner on Enrollment, especially if cutting edge? lgl
Bob is right, the WSJ is wrong. Demand for the handful of hotshots is always strong, but for the other 95%+ of us (I'm a PhD candidate) you take what you can get, and median salaries (as opposed to mean) are decent but hardly increasing more than cost of life.