I’m a professor too.

This really depends on the field. For any field, you need to think about the outside options (I.e., non academic). If they are good and you would be happy, a phd may be a good move.

In economics, the outside options include government, policy (foundations and think tanks) and the private sector. Many are lucrative and / or rewarding in other ways. Furthermore, unlike in CS there are some roles in economics and policy which you cannot fill without a PhD.

It may be a good move!