A PhD in economics program typically takes five to seven years to finish. During this time, aspirants will take classes and research papers contributing to their dissertation. This dissertation is usually a written piece that answers a specific question or presents a new theory or way of looking at something which could be useful to other researchers.
An Overview of the PhD in Economics Degree
If you’re new to the field of PhD (Doctor of Philosophy) in economics, you might be surprised to learn how many different paths are available for a career. In fact, there are a variety of sub-fields and specialties that can feel more like they belong in other disciplines.
- Many people in the field focus on economic theory, where you look at existing economic models and try to improve them. For example, if a model has never considered the effects of climate change, an economist working in this area could create a model that does consider these effects and see how that changes the outcomes.
- Other areas of specialization include quantitative methods (using mathematical tools like regression analysis to understand better what’s happening), econometrics (using data from other fields to test economic theories or answer different questions), development (studying developing countries and what causes their economies to grow), or policy evaluation (trying to determine which policies have the most positive effect on the economy).
- Whatever path you choose, it’s important to remember that your career isn’t determined by your degree; any PhD (Doctor of Philosophy) will give you the tools you need to enter one of these fields, but it’s up to you whether or not you want to start exploring right away. Your goal is probably more relevant than your degree.
- So what’s it like? Can someone studying PhD degree in economics have any life outside of it? What do you do with a Bachelor’s and Master’s in this subject?
Can someone studying economics have any life outside of it?
The first thing people think of when they hear the word Economics is money. The second is probably the economy, which is something that economists study.
The truth is, Most aspirants are business majors who chose to study PhD (Doctor of Philosophy) in economics to help them understand the world in which they live better (and to help them get jobs in business).
Perspectives of a PhD in Economics In India:
What do you want to be when you grow up? If you’re a kid, your answer might be that you want to be a fireman or an astronaut. But what if your goal is to get an advanced degree and pursue a career in academia? What kind of job could you have after getting a PhD in Economics In India?
In a nutshell, economists do research and teach. While the specific focus of their research may vary depending on their field of study, all PhD (Doctor of Philosophy) in Economics will learn to apply the methods of economic reasoning to real-world problems. They’ll study how human behavior affects the economy and how government policies can affect the lives of real people. Because economics is a social science, there are different fields of specialization within the discipline.
But let’s say you want to teach other people what you’ve learned about economics. How does one get into academia? To earn an Economics PhD, students must complete coursework, write and defend a dissertation based on original research, pass oral exams in front of their peers and mentors, and teach classes.
PhD in Economics aspirants will get classroom experience teaching undergraduate courses while they’re earning their master’s degree. A PhD (Doctor of Philosophy) student might also have opportunities to conduct independent research with professors or at other institutions through fellowships and assistantships.
What does a PhD in Economics Offer?
- A PhD in economics offers an opportunity to learn about some of the most complex economic issues and create solutions for them, with the end goal being to make an impact on society. With this degree, you have the chance to move between many different fields—academia, government, nonprofits and the private sector—and you will be expected to apply your understanding of the economy to come up with innovative solutions.
- The path toward a PhD (Doctor of Philosophy) in economics is a long one, taking at least five years of graduate school. During this time, you will need to take part in both coursework and research.
- Coursework will generally revolve around microeconomics topics (focusing on how individuals and firms make decisions) and macroeconomics (decisions made by governments or central banks). At the same time, research will be directed toward an area that interests you.
- The most common paths include working with data or creating new ways to analyze economic phenomena. You may also choose to specialize in certain areas such as finance or labor economics.
What does a PhD in Economics In India consist?
The subject matter of a PhD in Economics In India covers the full range of human behavior under the lens of economic theory. The PhD (Doctor of Philosophy) admission program involves systematically studying one or more economic disciplines, including microeconomics, macroeconomics, financial economics, industrial organization, international trade and development economics.
The PhD program consists of two parts:
- Core coursework – this is done in a single year and comprises a core curriculum. Consisting of seven courses (one each from three different disciplines). The coursework is designed to provide students with the knowledge and skills required for an academic career in high-level research.
- A thesis – this is submitted at the end of the second year with an oral defense during which you present your research project to your supervisor, committee members from other departments at CUED (e.g., statistics or econometrics) and your peers.
Subjects of Research in a PhD in Economics In India
The subjects you study will depend on your personal interests and what you find interesting. It is also important to consider whether your studies will be relevant to the real world.
Economics – this is the broadest subject, covering everything from microeconomics. (the study of individuals and firms) through to macroeconomics (the study of aggregate demand, supply and output). You might also want to do a research project on a particular topic in economics.
Econometrics – this is the branch of economics that deals with mathematical modelling. You could also do a statistics-based project or research paper on a topic in econometrics.
Finance includes financial markets such as money and interest rates, banking, corporate finance and international finance. You might also want to do an independent research project on one particular aspect of finance or business practice in general.
International Economics – this covers trade and finance between countries; migration; development; trade policy; economic growth and development; environmental economics; industrial organization; public policy evaluation and public choice theory.