Hey guys, I have a question specifically for those who have or have been economics majors in college. I am a 24 y/o Paramedic that enjoys his job. I am seeking to eventually get out of the profession due to low salary and the strenuous demand the sector will feel when the government gets more involved with healthcare. I have an opportunity to get a 3,500 a year scholarship and was wondering if I should go back to school for economics. I have always been very poor in Math I probably couldn’t do much more then Algebra at this time. BUT I am very determined and willing to put in alot of hours to learn. I want a econ degree because I might get into politics and I really would like to open a bank. Anyways what do you guys think? If you were me would to do it?
I wouldn’t worry to hard about covering the whole of mathematics; from what I understand, Algebra might be enough, although Calculus would obviously help. However, I completly understand your lack of interest / willingness to do math; it was always my weakest spot, but I intend on facing it at some point.
Other’s would be more knowledgable, but I bet an internship might help you with econ. What are the details of this scholarship you’re being offered? Name of school, professor, etc. might help other’s give you better suggestions.
I’d definitely recommend avoiding it if you’re weak on math, as economics is by no means light on it at present. I’m not too terrible at Math, but it threw me off eventually. If you want to open a bank or go into politics, why not do something like Business studies, or Accounting & finance, or Economic history, or political science? Perhaps even Finance, although it has some Math in it too, albeit not as advanced as that in Economics. Unless you want to have a good understanding of neoclassical economics, and/or plan on being a professor or some sort of economic analyst, there’s no need for such a degree if you’re weak on the Math, especially when it comes to econometrics. Mathematical economics is primarily calculus, and specifically differentiation. It’s not too difficult, but it gets harder as you progress, and this might be a stumbling block for you.
-Jon
I’ll be going to college for economics too, you might want to check out this site.
Median annual wage and salary earnings of economists were $77,010 in May 2006. The middle 50 percent earned between $55,740 and $103,500. The lowest 10 percent earned less than $42,280, and the highest 10 percent earned more than $136,550.
In the Federal Government, the starting salary for economists having a bachelor’s degree was $35,752 in 2007. Those having a master’s degree could qualify for positions with an annual salary of $43,731. Those with a Ph.D. could begin at $52,912, and some individuals with experience and an advanced degree could start at $63,417. Starting salaries were higher in selected geographical areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $94,098 a year in 2007.
You probably have a much better chance of getting a job if you have a MA or PhD. This is really the only advice I can offer since I’m pretty much in the same position as you are.
Why don’t you go to your local bank and ask a banker what kind of education he has, and how he got into banking? And, of course, no degree is necessary for politics, although it looks nice on your campaign materials.
wow, those were some helpful links. thanks!
Agreed, thanks for the links. I’m thinking of doing a 2 year MSc in Economics if I decide against Finance programmes (the first year is intended for graduates who didn’t do Economics as their main degree subject at Bachelors level) - I might just apply for both. The advice is useful.
-Jon
I received a scholarship into Business school at Whitewater in Wisconsin and I can tell you, business math is like counting toes compared to economics math.
I’m planning on receiving my MBA with a focus in International Business (in about a month I will have become fluent in my sixth language, Farsi).
If the OP decides to go back to college for something related in business, I would think of that as the best possible route.
There are few jobs out there for professional economists, at least as far as I can tell.
Yeah, I don’t think economics is a good idea given his goals and stated weakness in Maths.
-Jon
Why do you want to open a bank?
I would hope a non-fractional reserve bank [:P]
I wanted to get an economics degree, but I know I don’t want to do the math, so I will do political science. That should be beyond easy for me, I’ll just show up for the tests.[:D]
For all these “Should I go back to school?” questions, there’s really only two issues.
Do you want to actually learn? Then read on your own and don’t waste your time at a university.
Do you want a piece of paper that’s a prerequisite for a job? That’s tricky.
If you want to open a bank, you need millions of dollars in capital to get started. As a bank, you don’t get to milk the economic system until you’re “too big to fail” with a net worth over $50B-$100B.
If you want to go into politics, lawyer is usually the preferred choice. However, connections are more valuable than ability.
The most valuable skill is the one you’re weak in. If you want to learn something REALLY useful, study Mathematics or Computer Science.
A full reserve bank? Theres no way that would make any money. I am not a Rothbardian when it comes to banks… I like Hayeks view on Money and Banking better. Fractional reserve bankings occurs naturally in the markets.
fsk, you will learn much more by actually going to school than reading from books. Did you learn how to drive from a book? Did you learn how to read from a book (lol)? Did you learn math from a book? Did you learn how to play soccer/rugby/football/baseball/lacrosse from a book?
Whether or not you like neoclassical and Keynesian economics, you’re far better off learning from neoclassicists and Keynesians than just from books.
Fractional reserve banks are bound to fail in a free market.
I feel I learned more Math and Computer Science from books than from professors. However, under the pressure of a class, there’s more motivation. Actually, when I got to Math grad school, the books weren’t well written and the lectures were incomprehensible, so I didn’t get much out of it.
Learning economics in school is a waste of time, when all the professors are trolls. Try asking an economic professor about the Compound Interest Paradox or “Is taxation theft?” He probably won’t give a coherent answer.
When I first learned about the Black-Scholes formula, my reaction was “This is ****! I claim shenanigans!” I couldn’t get anyone else to understand the inherent contradiction of the put/call parity formula. If your assumptions are wrong, no amound of calculation will get a conclusion that isn’t nonsense.
If you want to learn to think like a troll, go to a university. If you want to learn the truth, read around and think for yourself.
If your goal is to work at a bank or hedge fund, then you need to learn troll economics. If you want to learn real economics, don’t look in a university.
The bottom line is “What’s more important to you? Knowledge or certification (piece of paper)?” If you value knowledge, a university isn’t the optimal place to look. If you value certification, then a university degree will help convince other trolls that you’re worth hiring.
If you’re studying Math or Computer Science, a university may be somewhat beneficial. For other topics, it’s probably a waste. However, you can save time and $$$$ by buying a book and reading it.
Another reason to go to college that you left out is if you have the desire to teach economics at the college level. You need that piece of paper saying ‘phd’ to prove your competence.
Even though I went to the University, most of my learning was done on side-projects.
Granted, unfortunately in this world, having those three letters after your name will help you land a job, regardless of skill or talent.
It would be up to the market to decide if a fractional reserve bank or full reserve bank is desirable. The one thing that does baffle me is, assuming a gold backed currency, would not a fractional reserve bank create fiat?