To understand critical issues facing the U.S. economy — soaring inflation, worker shortages and perhaps a looming recession — researchers must understand human behavior. They need to know how everyday Americans will react when pump prices double or shelves go bare.
That’s why it’s somewhat alarming to learn that academia in general — and economics in particular — has quietly become the province of an insular elite, a group likely to have had little exposure to the travails of America’s vast middle class.
In 1970, just 1 in 5 U.S.-born PhD graduates in economics had a parent with a graduate degree. Now? Two-thirds of them do, according to a new analysis from the Peterson Institute for International Economics. The trends are similar for other fields (and for foreign-born students), but economics is off the charts.
The new analysis comes from Anna Stansbury of the Massachusetts Institute of Technology and University of Michigan graduate student Robert Schultz, who got their hands on detailed data on U.S. PhD recipients going back more than 50 years.
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To an outsider, the long path to a professorship can seem frustratingly opaque, particularly in economics. PhD programs tend to require a hidden curriculum of classes in subjects such as mathematics that are not technically required for economics majors. If you discover economics late in your college career and don’t have expert guidance, it might already be too late to get on the PhD track. Similar hidden hurdles lurk in the job market and academic publishing.
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Stansbury said she also wonders if courses like Econ 101 might put off students from low-income backgrounds. “I also worry that some of the terminology that’s used, like ‘unskilled’ or ‘low ability’ to describe people who are in low-paid jobs or with little formal education, is offensive,” Stansbury said. “And I can see that this would be disproportionately so to people who are coming from backgrounds where these words are describing family members and friends.”
This study is one of the first to describe academia’s struggles with economic diversity, but its racial diversity issues have been well documented.
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