Unemployment Rate for PhD Economists = 0%
Economics has long been called the dismal science. The general economic outlook today is indeed dismal, but that doesn't mean job prospects in the field are. "There is no unemployment among Ph.D.s in economics," declares John Siegfried, a Vanderbilt University professor.
Just do the math, and you'll see why: In the current academic year, the American Economics Association has listed approximately 2,200 job openings worldwide—but U.S. universities will grant only 950 Ph.D.s in economics.
Universities themselves may cut back, but economists remain in demand in government, business, and nonprofits and as consultants or policy analysts. "Depending on the program, about half the graduates stay in academics, and the other half go into the private sector, government, or places like the World Bank or International Monetary Fund," says William Collins, director of graduate studies in economics at Vanderbilt.
Some of the most famous economics Ph.D.s straddle both worlds; think of Fed Chairman Ben Bernanke, New York Times columnist and Nobel Prize winner Paul Krugman, and Obama advisers Christina Romer (who will chair the White House Council of Economic Advisers) and Laura D'Andrea Tyson.
~US News and World Report article "For Economists, a Moment in the Sun"
Economics Ph.D. program rankings
HT: Tom Hemphill