A recent study by the American Economic Association showed that jobs requiring a doctorate in economics increased by 11.2 percent from last year.

That is in contrast to the general trend the majority of people who hold a doctorate in other fields are experiencing. A study by the National Science Foundation found that the number of professions where a doctorate is involved are decreasing.

Don Dutkowsky, an economics professor at Syracuse University’s Maxwell School of Citizenship and Public Affairs, noted that the majority of Ph.D. fields have suffered because universities have recently developed tendency to forgo “tenure track academic jobs” in favor of part-time hires. The AEA study reiterated that point, showing the number of jobs requiring doctorate degrees is shrinking, primarily due to the lack of jobs available in academia.

In contrast, doctorates in economics have thrived due to the expansive job market available in economics both inside and outside of academia, Dutkowsky said.

Alfonso Flores-Lagunes, an economics professor at Maxwell, said that an increase in economic majors has yielded a higher demand for economics instructors, opening up doors for economics doctorates where they are closing in other fields of study. The trend is prevalent at SU, Flores-Lagunes said, adding that the university has experienced a large increase in economics majors in the last few years.

Inside Higher Ed reported in a Dec. 29 article that academic jobs for economics Ph.D.s are up 7.5 percent to 2,642 positions since 2015, while jobs in other sectors have increased 21.2 percent to 1,031. While non-academic jobs show a far greater growth rate, academic jobs still make up the majority of positions for doctorates.

Outside of academia, economics has a strong job presence in both governmental and private sectors. In recent years, a new range of companies has been looking to hire economics doctorate holders, Flores-Lagunes said.

“Technology companies such as Amazon have increased their hiring of economics Ph.D.s, in addition to increases in other areas such as health companies,” Flores-Lagunes said.

SU’s economics Ph.D. program boasts a lists of graduates that have landed jobs in their field, reflective of the reported trend. The eight job placements listed on Maxwell’s website are in a variety of sectors, including the Federal Housing Finance Agency and the United States Census Bureau, as well as several universities, showcasing a mix of both governmental and academic positions.

“Americans that graduate with a Ph.D. in economics are going to get a good job,” Dutkowsky said.

Published on January 17, 2017 at 11:07 pm

Contact James: cjwight@syr.edu