We thank Alan Krueger for comments on an earlier version of the paper.
The Economic Reward for Studying Economics
Version of Record online: 26 MAR 2007
Volume 41, Issue 3, pages 365–377, July 2003
How to Cite
Black, D. A., Sanders, S. and Taylor, L. (2003), The Economic Reward for Studying Economics. Economic Inquiry, 41: 365–377. doi: 10.1093/ei/cbg014
- Issue online: 26 MAR 2007
- Version of Record online: 26 MAR 2007
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.