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The Economic Reward for Studying Economics

Author

Listed:
  • 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.

Suggested Citation

  • Dan A. Black & Seth Sanders & Lowell Taylor, 2003. "The Economic Reward for Studying Economics," Economic Inquiry, Western Economic Association International, vol. 41(3), pages 365-377, July.
    • Handle: RePEc:oup:ecinqu:v:41:y:2003:i:3:p:365-377
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    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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