I remember seeing an analysis about a decade ago when I was deciding on grad school.
And if I recall correctly, Economics was basically the only field where it made financial sense to get a PhD, taking into account opportunity cost etc.
And if I recall correctly, Economics was basically the only field where it made financial sense to get a PhD, taking into account opportunity cost etc.
There are definitely some parts of economics you want to avoid though. If you're interested in anything that fits in the "Freakanomics" classification, the job market is going to be challenging, and I'd personally not recommend getting a PhD if that is your area of interest. I chaired a search for a labor economics faculty position a couple years ago and found their job market to be absolutely brutal. Many, many top candidates with good publications were applying as postdocs. Some of them, in spite of their outstanding publications, could not find academic jobs even after completing the postdoc. I don't think any of them will be living in poverty. A tough job market nonetheless.