Wednesday, August 8, 2007

Graduate Study in Economics

I have been doing a small (re) search about Graduate Study in Economics, offered by various universities across the globe, and I am amazed to find out that most Graduate Programs in the United States are PhD courses. Only 1 out of top 10 universities in economic studies, offers a masters course. However, the scene is different in Europe and India, where there seems to be a healthy mix of PhD and Masters Courses.

What could be the incentives for these universities to offer these types of courses?

  • India has basically mimicked the British Education system.
  • 50-60% of American graduate students are immigrants and US has always encouraged research.
  • The infrastructure and facilities for higher education in India are poor. (I do not have any statistical information to provide). This could be the reason why, in spite of low cost of higher education in India, number of graduate students (including immigrants) is low.
  • The general mentality of the Indian COMMONS is to become a bread winner ASAP. Higher education is still for the privilege few.
  • Research funding in US usually comes in the form of corporates pouring in the dollars hoping to reap the benefits of the research at a later point of time. This does not seem to be happening at a similar scale in India.

The above points cover Graduate study in general but my question still remains specific to graduate study in economics. Why do most US universities offer only PhDs and not Masters in Economics? The answer could lie in the answer to the following questions - What do graduates in economics worldwide do after their graduation ?

I am still (re) searching for this answer.

1 comment:

Rao said...

interesting question - not sure why this is so though ...

some do offer -
eg :
other smaller places offer as well ..

"Research funding in US usually comes in the form of corporates pouring in the dollars"

...corporate funding is rather limit, I would say in Engineering/CS/Economics, its either the military or some other federal inst. like the NIH, NSF etc.