Young Berkeley Economics Professor Raj Chetty on doing PhD and pursuing research
October 29th, 2007
The following is an excerpt from http://specials.rediff.com/money/2007/oct/25sld3.htm.
My concern is that many bright students who would be leading scientists and researchers choose other careers because of misinformation. In talking with non-academic friends, particularly those in the Indian community, I think there are two misconceptions that need to be corrected. First, one does a PhD not so much to teach but to do research that will have a big impact. Many people view professors as skilled teachers – which is one important aspect of the job – but fail to realise that many of the fundamental discoveries in society that make our quality of life better today than in 1900 are made by academics. So I think that the social value of pursuing a PhD may be underappreciated. Second, academia has the reputation of being a very tough life, particularly financially. But I think the monetary rewards of academia are also often misperceived. This is especially true at top universities for quantitative fields, where salaries compare quite favorably with many specialties in medicine or law. Some people ask, "Why are economists and scientists paid so much to sit and think?" I think of the answer one of my colleagues at Berkeley gives: ‘If Milton Friedman’s research helped us avoid another Great Depression, then he’s paid the bill for all the economists in this generation.’ Now of course not every person is going to do what Milton Friedman did… but if one out of every ten thousand does, it’s worth paying researchers a lot. One of my objectives in the longer run is to try to attract more bright students to top PhD programs. For example, there’s an enormous pool of talent at the IITs in India that I think could be very successful. I’d like to think about ways to encourage some of that group to apply to PhD programs in the US.
Entry Filed under: Pursuing Ph.D: Why, How, Where?