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The Economic Reward for Studying Economics

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  • Dan A. Black
  • Seth Sanders
  • Lowell Taylor

Abstract

Undergraduate advisors in economics departments suggest that the study of economics is good preparation for a variety of careers, including economics, consulting, analysis, and administration, and they argue that economics is a solid prelaw or pre-MBA major. In this article we provide some empirical evidence about each of these contentions. We find that among college graduates who do not earn advanced degrees, economics majors generally earn more than similar individuals with other majors. We show also that among individuals who pursue graduate degree programs in business and law, economics majors earn more than undergraduate majors in most other academic disciplines. (JEL J31) Copyright 2003, Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 41 (2003)
Issue (Month): 3 (July)
Pages: 365-377

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Handle: RePEc:oup:ecinqu:v:41:y:2003:i:3:p:365-377

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Cited by:
  1. Freeman, James A. & Hirsch, Barry T., 2008. "College majors and the knowledge content of jobs," Economics of Education Review, Elsevier, vol. 27(5), pages 517-535, October.
  2. Sloane, Peter J. & O'Leary, Nigel C., 2004. "The Return to a University Education in Great Britain," IZA Discussion Papers 1199, Institute for the Study of Labor (IZA).
  3. Philip R. P. Coelho & Tung Liu, 2012. "The Returns to College Education," Working Papers 201202, Ball State University, Department of Economics, revised Aug 2012.
  4. Benito Arruñada & Xosé H. Vázquez, 2009. "Behavioral assumptions and management ability," Economics Working Papers 1157, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2010.
  5. Akbari, Ather H. & Aydede, Yigit, 2013. "Economic Benefits of Studying Economics in Canada: A Comparison of Wages of Economics Majors with those in Other Disciplines Circa 2005," CLSSRN working papers clsrn_admin-2013-6, Vancouver School of Economics, revised 25 Feb 2013.
  6. Grove, Wayne A. & Hussey, Andrew, 2014. "Returns to MBA quality: Pecuniary and non-pecuniary returns to peers, faculty, and institution quality," Labour Economics, Elsevier, vol. 26(C), pages 43-54.
  7. Heisz, Andrew, 2003. "Cohort Effects in Annual Earnings by Field of Study Among British Columbia University Graduates," Analytical Studies Branch Research Paper Series 2003200e, Statistics Canada, Analytical Studies Branch.
  8. John Jerrim & Anna Vignoles & Ross Finnie, 2012. "University access for disadvantaged children: A comparison across English speaking countries," DoQSS Working Papers 12-11, Department of Quantitative Social Science - Institute of Education, University of London.
  9. Robin L. Bartlett & Marianne A. Ferber & Carole A. Green, 2009. "Political Orientation and the Decision to Major in Economics: Some Preliminary Observations," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(1), pages 13-31.
  10. Hamermesh, Daniel S. & Donald, Stephen G., 2008. "The effect of college curriculum on earnings: An affinity identifier for non-ignorable non-response bias," Journal of Econometrics, Elsevier, vol. 144(2), pages 479-491, June.

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