OK, so

[ThreeMartini]

Advice is something you ask for when you already know the answer, but wish you didn't.

--Can't remember where I picked this up--

[The DaveR]

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You know their biggest name faculty member personally.

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SL is by no means their biggest name faculty, at least in terms of departmental pull.

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Given he's their most recent Clark Medal winner and therefore one of the most attractive targets that other universities will try to poach (in addition to the fact that he's one of maybe 5 "name" economists to non-economists in the world), he's someone the department will go out of their way to please.

[unbluffable]

i haven't read any replies

don't do it. academia will drag you down into a neverending spiral. it's for some people, but not for you. you should go into business, explore the world, meet people and establish yourself. the sooner you get work experience the better. some of the most brilliant people i know didn't go to college, maybe successful people didn't learn how to read until later in life (a french businessman whose name escapes me atm). you need to go out and make money and make connections NOW.

[The DaveR]

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2.5 Do you like math/physics problem sets? Have a look at Dynamic Macroenomic Theory and the Exercises supplement (Sargent will teach from this in the second quarter) and see if you like that sort of thing. Since economics and physics share a lot of machinery, you'll come out of school pretty well equipped to work on anything technical (and/or with all the physics PhDs in finance).


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Pretty sure Sargent moved to NYU.

[disjunction]

I would go for the PhD. It will be hard to get this opportunity again, and you haven't defined a clear alternative that this will prevent you from pursuing.

You will have less time for poker and outside pursuits than you think. But you can always leave the program. And any time you do put in will make you smarter.

I am in a Computer Science department, me and some other students have started to pay a little bit of attention to econ issues. The "difficult math" that econ people use, including game theory, always gives us a case of the giggles. (haha, sorry, I can be as immature as the rest of twoplustwo)

[jws43yale]

Dean, if you truly enjoy economic then I think grad school is the way to go. As you are well aware, an Econ PhD from UChicago ranks right up there among the best 5 degrees you can possibly have. If you know you are smart enough to make it through the program and interested in the subject matter, I think it would be great.

From what I hear you may be busy your first year but after that you would have time to continue building your net worth through poker. When you finish, you would still have the ability to start your own business through your savings, but would have greatly increased your ability to raise money with your new credentials. Furthermore, not that you could not already get a good job, but this degree would guarantee you a lucrative fallback at anytime.

Last, I fell like you will have your choice of opportunities in the private sector. I had a Seminar professor this last semester who only teaches one class a year, but after getting an econ PhD from Yale worked for GE and then as Chief Economist of Wachovia Bank. I get the feeling that because a majority of those getting PhD's in Econ plan to go into Academia that there is a huge demand for those type of people in the private sector.

Thing is I don't think you can go wrong at least giving it a try. You will still have you ideas and net worth 2-3 years from now if it does not work out, but like you said you will probably never get this chance agian if 2-3 years from now your ideas have not worked out.

[odellthurman]

OP - Quit being so narcissistic. Think about ways to live a life that will help others. You'll die happier.

[The DaveR]

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I had a Seminar professor this last semester who only teaches one class a year, but after getting an econ PhD from Yale worked for GE and then as Chief Economist of Wachovia Bank. I get the feeling that because a majority of those getting PhD's in Econ plan to go into Academia that there is a huge demand for those type of people in the private sector.

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Everyone, being the Chief Economist at a bank is being a sell-side analyst who writes research reports. Remember all of the stuff in the late 90s about tech analysts on Wall St hyping new IPOs? Chief Economists work in that part of the bank.

Also, in my experience, PhD economists are not in particularly high demand.

[Triumph36]

Dean -

you sound really unsure if you're capable of doing this first year. UChicago is extremely tough and Hyde Park is an isolating, depressing place. Still, if you don't want to pass up opportunities - here's your chance.

[disjunction]

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Also, in my experience, PhD economists are not in particularly high demand.

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If he chooses a thesis based on a relevant real-world application, I would be shocked if he did not find himself in high demand.