The Rise of PhDs in Economics: Easier Pathways and Lost Academic Standards

Introduction

The number of PhDs in economics has grown significantly over the years, surpassing those in fields like mathematics, physics, and chemistry. But why is this the case? Is it due to higher pay, or are there other factors at play? This article delves into the reasons behind this phenomenon and explores the nuances of academic standards and the ease of achieving a PhD in economics.

Why Are There More Economics PhDs?

One of the primary reasons for the higher number of economics PhDs is the relative ease of obtaining this advanced degree compared to other scientific disciplines. Unlike chemistry, physics, and mathematics, which require a deep understanding and the production of accurate, verifiable results, economics often allows for more subjective interpretation and less stringent standards. This can be seen in the example of Robert Reich, who, due to the subjective nature of economics, is still celebrated and influential despite not consistently producing right answers.

Academic Standards in Economics

Economics as a discipline is frequently compared to other behavioral sciences like psychology and sociology. In both of these areas, the ability to secure academic credentials and social importance often hinges on aligning with powerful political sponsors rather than achieving academic excellence or producing groundbreaking research. This lack of rigorous academic standards can lead to a higher number of PhDs being awarded, as the stringent criteria for success are not always as demanding.

Why It’s Easier to Get a PhD in Economics

The ease of obtaining a PhD in economics can be attributed to several factors:

Subjective Interpretation: Unlike hard sciences, economics often involves subjective interpretation. This subjectivity leaves room for a variety of opinions, making it easier to satisfy the criteria for a PhD. Many economic theories and models are open to interpretation, leading to more lenient standards for research and publication. Soft Metrics: In physics and chemistry, the success of research is often measured by hard metrics such as experimental accuracy and reproducibility. In economics, success is sometimes measured by the alignment of ideas with the political narratives and agendas of influential figures, rather than objective outcomes. Political Alignment: Political sponsorship plays a significant role in economics. Researchers who align their ideas with the current political climate can find more institutional support and funding, leading to a greater number of PhDs being awarded.

Impact on Academic Excellence

The relative ease of obtaining a PhD in economics has significant implications for academic excellence and the overall quality of research in the field. With fewer barriers to entry, the threshold for academic achievement may drop, leading to a dilution of the value of the PhD and the research it represents.

Challenges and Future Directions

While the increased number of PhDs in economics can lead to a rich diversity of perspectives, it also raises questions about the integrity of the research and the reliance on political alignment rather than academic rigor. Moving forward, it is crucial for the economics community to address these challenges:

Re-evaluation of Qualification Criteria: The standards for awarding PhDs should be revised to ensure that they reflect the true quality of scholarship and research. Encouraging Evidence-Based Research: Emphasizing the need for empirical evidence and reproducible results can help restore the rigor of economic research. Promoting Independence: Researchers should strive to maintain independence from political influence, ensuring that their work is based on evidence rather than conformity to political narratives.

Conclusion

The high number of PhDs in economics is indicative of the relative ease of obtaining this degree and the lower rigors of some academic standards. While this phenomenon has its benefits, it also poses challenges to the integrity and quality of economic research. By re-evaluating our criteria and fostering a culture of evidence-based research, we can ensure that the field of economics remains a force for academic excellence and positive societal impact.