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The Ph.D. Circle in Academic Economics

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  • Daniel B. Klein

Abstract

Adam Smith doubted an invisible hand in academia, saying that academia was prone to clubbish foolishness. From economics-department webpages, I collected data on Ph.D. origination of economics faculty. Using a ranking of 200 economics departments world-wide, I find that at the top departments 80-90 percent of faculty got their PhD at a top-35 department. The set of top-35 departments draws 76 percent of faculty from itself. The top-35 dominate the entire profession. Economics is more a monocentric cultural pyramid than a polycentric market.

Suggested Citation

  • Daniel B. Klein, 2005. "The Ph.D. Circle in Academic Economics," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 133-148, April.
    • Handle: RePEc:ejw:journl:v:2:y:2005:i:1:p:133-148
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    1. Hansen, W Lee, 1991. "The Education and Training of Economics Doctorates: Major Findings of the Executive Secretary of the American Economic Association's Commission on Graduate Education in Economics," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1054-1087, September.
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    Cited by:

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    2. Jones, Todd R. & Sloan, Arielle A., 2021. "The Academic Origins of Economics Faculty," IZA Discussion Papers 14965, Institute of Labor Economics (IZA).
    3. Daniel Sutter, 2009. "The Market, the Firm, and the Economics Profession," American Journal of Economics and Sociology, Wiley Blackwell, vol. 68(5), pages 1041-1061, November.
    4. Daniel Sutter & Rex Pjesky, 2007. "Where Would Adam Smith Publish Today? The Near Absence of Math-free Research in Top Journals," Econ Journal Watch, Econ Journal Watch, vol. 4(2), pages 230-240, May.
    5. Edwards, John Richard & Dean, Graeme & Clarke, Frank & Wolnizer, Peter, 2013. "Accounting academic elites: The tale of ARIA," Accounting, Organizations and Society, Elsevier, vol. 38(5), pages 365-381.
    6. Rex J. Pjesky & Daniel Sutter, 2011. "Does the Lack of a Profit Motive Affect Hiring in Academe? Evidence from the Market for Lawyers," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(4), pages 1053-1084, October.
    7. Emily C. Skarbek, 2010. "From Promiscuity to Commitment: Peter Boettke's Approach to Mentoring "Mainline" Economists," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 26(Fall 2010), pages 143-152.

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    More about this item

    Keywords

    Ph.D. origination; self-validation; academia; scholasticism; Adam Smith;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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