Scholarly Comments on Academic Economics

The Ph.D. Circle in Academic Economics

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Abstract

Adam Smith doubted an invisible hand in academia, saying that academia was prone to clubbish foolishness. From economics-department webpages, I collected data on Ph.D. origination of economics faculty. Using a ranking of 200 economics departments world-wide, I find that at the top departments 80-90 percent of faculty got their PhD at a top-35 department. The set of top-35 departments draws 76 percent of faculty from itself. The top-35 dominate the entire profession. Economics is more a monocentric cultural pyramid than a polycentric market.

in

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Volume (Issue)
Pages
133-148
Published
JEL classification
A11, A13, A14
Keywords
Ph.D. origination, self-validation, academia, scholasticism, Adam Smith
Downloads
13,532 article downloads
8,259 complete issue downloads
Total: 21,791

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