Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: Should you do an economics PhD (or master's)?, published by david reinstein on April 19, 2022 on The Effective Altruism Forum.
David Reinstein: all opinions are mine unless noted. Extensive input from Phil Trammell and an Anonymous Contributor (quoted extensively, henceforth “AC”). Thanks to Pete Wildeford and David Moss for feedback. I intend to continue to update and improve this post in situ (or linking out a ‘permanently updated' version).
Overview and some takeaways
Should I do an economics PhD (or master's)'? What do I need to learn to work at an EA org? How can I level up on this stuff and prove value?
These were the most frequent questions I got at the 2022 EAGx Boston conference. I mainly discussed this with undergraduate students, but also with people at career pivot points.[1]
My overall view, epistemic basis/confidence, key points
Main ‘pros’: Much of EA is based in economics, and economics speaks to most of the important cause areas and debates in EA, as well as to the important empirical questions. Conditional on going for a PhD, I believe economics will be one of the stronger choices for the sort of people reading this post. A PhD in economics, and much of the associated training (over ~2 years of coursework and ~3-5 years of ‘writing’) helps you towards a range of career paths with potential for strong impact (and a comfortable life) both within and outside EA organizations. Being a PhD student in the right place and time (and mental state) can be very stimulating, productive, creative, and connection-building.[2] You are typically given a lot of freedom in the research phase, as long as your work meets the general approval and framework of your advisor(s) and what the gatekeepers think is important, credible and ‘is economics’.
Typically, you don’t have to pay for a PhD, you will get money to support yourself, and PhD stipends are often OK.
Important considerations:
Economics is broad (in its methods and focus-area paths). Often differences in approaches among economists (pure theory, applied econometrics, macro, etc.) are greater than the difference between some economists and some (e.g.) political scientists or psychologists.
Important impact paths that an economics PhD may help with include:
Applied work ‘informed by expertise and credibility',
Deep work formally/mathematically addressing fundamental questions of global priorities and social welfare,
Theoretical, computational, and empirical work considering markets and/or the global economy, informing (e.g.) animal welfare policies or the development of technology,
Empirical work assessing the impact of interventions, or considering assessing human behavior, choices, attitudes and preferences.
There are a range of relevant career paths
Academia and academically-leaning think-tanks;
doing EA-relevant research
as well as potentially transforming academia and the scholarly debate ‘from the inside’,
Working in governments or NGOs (many require/prefer PhDs),
Working at EA-aligned organizations like Rethink Priorities, Global Priorities Institute, Open Philanthropy, maybe MIRI . note a lot of differences across these,
For-profit and entrepreneurial options; possibly impactful for out-of-the-bun thinkers/doers.
Main ‘cons and caveats’:
For many/most paths you could learn most/all of the relevant skills and approaches, and background without getting a PhD,[3]
In some key areas economics might not be as strong or relevant as other fields (statistics and data science for robust empirical work and predictions, decision science and cognitive science for AI alignment work),
The economics PhD program makes you jump some time-consuming hoops that are likely not going to be relevant to your applied career path,[4]
People around you will not mainly be value-aligned; beware value drift towards academic prestige an...