Economics and Education

Graduate students attend a lecture at TC

Addressing Important Issues

Our faculty includes renowned scholars studying higher education, K-12 educational institutions, educational markets and privatization, and international education and economic development, among other areas.

Students meet with a faculty member in Econ and Ed

Welcome to the Economics & Education program

The program in Economics and Education at Teachers College is a dynamic program that has maintained its position of leadership in this rapidly growing field. Economic concepts and analytic methods are increasingly influential in education policy and administration, and graduates who can combine quantitative skills with substantive expertise are in high demand. Our program prepares students to apply the economic approach, as well as its methodological tools, to contemporary education policy issues both domestically and globally. 

Economics and Education Virtual Information Session

Fall 2023 webinar for prospective students that p remiered on Thursday, November 9, 2023 at 9:30 am.  Come hear about our program from faculty, students, and staff! 

Choose Your Degree

Master of arts, master of education, doctor of philosophy.

Our 33-credit Master of Arts (M.A.) in Economics and Education is designed to equip education professionals and policy-makers with the skills required to interpret and synthesize education-related research, to design and implement effective educational policy, and to assess the consequences of education policy, both domestically and in international settings.

The program can be completed in 1.5 years of study (fall, spring, fall) though students often take four semesters to take full advantage of program offerings and the educational environment of Teachers College.

Our 60-credit Master of Education (Ed.M) program is intended for individuals who already have a graduate degree in a related field, who would like to build upon that foundation with additional training in Economics and Education. Courses in the program provide a serious analytical benchmark for the analysis of financial and economic issues in education, in the United States and other countries.

The program allows a student to specialize in a number of areas including economic growth, immigration, higher education, privatization, and international education, but provides a foundation in economics and educational policy through courses that address these topics.

Our 75-credit Doctor of Philosophy (Ph.D.) program is intended for individuals who want to acquire advanced training in the theory, methods, and practices in the economics of education. It is a highly selective program to prepare individuals for leadership roles in teaching, research, or administrative settings.

phd economics education

Columbia Workshop in Economics and Education for AY2023-2024

Professor Alex Eble as the Host Faculty Selected Thursdays from 12:00pm-1:50pm 

The Columbia Workshop in Economics and Education offers a series of presentations and papers reflecting the state of the art in the field of economics of education. Guests from universities, international organizations, think tanks and other institutions will present their latest research or policy-oriented work in the field of economics of education. Faculty and students affiliated with the economics and education program at Teachers College, Columbia University will also present their own work. Students will receive a series of guidance through writing referee reports, meeting with the speakers, and in-course teaching about research production and presentation.

Alumni Profiles

Economics and Education Program Teachers College, Columbia University, M.A. 2018

Content Director Hanover Research

My passion in life has always been to affect change in the education system. As an undergraduate, I studied mathematics and economics, while also having the opportunity to intern as at an education policy non-profit and teach high school Mathematics at a public school. My early interests in education and professional experiences motivated me to pursue a career where I could use economics to better understand how to affect this change in education I spoke about so frequently.  Stumbling upon the Economics and Education program in a search for greater opportunities to make an impact in education, I knew instantly it was the program for me. My experiences with my fellow classmates and incredible faculty gave me a solid knowledge of education policy, a deeper understanding of economic theories, and molded me into the professional I am today. As a master's student, I had multiple opportunities to apply the concepts I was learning about in my work as a Resident Researcher and the non-profit New Visions for Public Schools.

I am currently a Content Director for Hanover Research outside of Washington, D.C., where I lead strategic relationships with domestic and international higher education clients to help them solve critical issues within their institutions. I design and implement projects with a team of researchers to help institutions answer their most pressing questions, often utilizing economic theories, content knowledge, and research principles I learned in the Economics and Education program. I utilize multiple methodologies to go about answering the questions ranging from secondary research to qualitative, quantitative, and survey methodologies.

I am still connected to Teachers College in a number of ways and will forever be thankful for the opportunities afforded to me thanks to Teachers College and the Economics and Education program. During my tenure at Teachers College, I created wonderful relationships with my cohort and continue to stay in touch to this day.

phd economics education

Economics and Education Program Teachers College, Columbia University, M.A. 2017   Advisor on Youth Employment and Vocational Education and Training The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)   My firm belief in the transformative power of education is rooted in my own educational journey. I finished my undergraduate studies at RIT Kosovo where I studied Economics and Management. The strong interest in education and economics sparked after taking courses on economic and social development. Living in a post-war country which is still in the development process, I have always wanted to give my contribution to the development of my country. And what a better way to help societal positive changes than through education! However, to make a positive contribution I was aware that I should first invest in my own education and professional development and use the knowledge and skills towards my cause. I was fortunate enough to receive a fully funded scholarship supported by the USAID and Ministry of Education in Kosovo which enabled me to receive my Master’s in one of the most renowned universities in the world. The knowledge, skills, and education that I received from TC changed the trajectory of my professional career and is helping me do my share in paving the way for prosperity in Kosovo.

My time at TC was the highlight of my educational journey. The Economics and Education program trained me to apply economic concepts and tools to address issues in education. The curriculum of the program helped me build technical competence in the basic tools of educational management and policy making. Courses that I took during my studies involved statistical analysis, and evaluation of education and social programs that helped me gain understanding of the importance of evidence-based reforms in effectively tackling issues in the education sector. While at TC, I also had the opportunity to learn from truly inspirational professors and had the privilege to meet a host of thoughtful and engaged individuals with deep expertise and passion for education. I left TC with many life-long friends, colleagues, and enriching experiences.

After I completed my studies at TC, I immediately came back to Kosovo to bring back the knowledge and skills in my country. I started to work as an Education Consultant with a local NGO where I had the opportunity to conduct several research projects about the education sector in Kosovo, including analyzing the impact of teacher quality and in-school resources on Kosovar students’ performance in  PISA 2015, identifying some of the challenges in the management of the pre-university education in Kosovo, and understanding the challenges of the Vocational Education and Training (VET) system in Kosovo, with the purpose of supporting the Ministry of Education, schools, teachers, and other relevant stakeholders in their continuous effort to improve the quality of education delivery.  

Currently, I work as an advisor with the Youth, Employment, and Skills Project in Kosovo – a project commissioned by German Federal Ministry for Economic Cooperation and Development, which aims to enhance the employability of young people by improving the quality of VET and strengthening matching mechanisms between labor market supply and demand. In this role, I am able to design labor market measures that facilitate labor market integration for youth. As a strong advocate of social inclusion and equality, I focus my work mostly in the labor market integration for women and minorities.

Jete Aliu

Economics and Education Program Teachers College, Columbia University, M.A. 2019

Program Officer – Research

Ewing Marion Kauffman Foundation - Kansas City, MO

The relationship between education and economic development first captured my attention in an undergraduate capstone course called State and Society . I had yet to decide what to do after graduation but was certain I wanted to continue learning about the role of education policy, human capital, and innovation in stimulating economic growth. I knew I should go to graduate school but had no idea what type of degree or field of study would be best. I ended up spending several years in Asia, teaching health and English in rural Thailand and starting a teacher training and job placement company in Shanghai, China, while I looked for the right graduate program.

I still remember exactly where I was when I discovered the Economics and Education program at Teacher’s College. While working in Asia, I had become increasingly interested in the gap between education policy and the functional skills needed to grow the local economy. I was curious if and how policy interventions could distribute the knowledge and skills among the local population and effectively close these gaps. After discovering the Economics and Education program, I stopped searching for other graduate programs and focused all my energy on applying to TC.

The knowledge and skills that I acquired during my two years in the Economics and Education program jumpstarted my career. Each professor has their own expertise, which exposed me to a blend of literature and theory across a variety of disciplines. In addition, the courses in statistics and data science provided me with tools to conduct quantitative analyses, which I previously had no experience.

The most impactful aspect of the Economics and Education program, in my experience, was the networking. Within a few months of my first semester, I received a TC email regarding a job at the New York City Department of Education. The department director was a former TC graduate. Despite being in my first semester at TC and having no prior quantitative experience, the director knew I was enrolled in statistics courses and trusted the TC program enough to offer me a position as a data manager. It was the best job I had ever been offered.

After graduating, a TC professor suggested that I look into working at the Kauffman Foundation. Being from Kansas City, I was familiar with Kauffman’s work in entrepreneurship and education but did not know any of the current staff. This professor happened to have a strong professional relationship with a few associates at Kauffman and offered to email them a recommendation. The introduction led to a full-time job as a research economist, where I currently manage a research grant portfolio and conduct data analysis on entrepreneurship.

My ability to perform the functions of my job is directly attributable to the knowledge and skills that I have acquired through the Economics and Education program. As I map my career path for the foreseeable future, I continue to reference the positive impact of my experiences at TC.

phd economics education

Economics and Education Program Teachers College, Columbia University, M.Ed. 2019

Head of Research and Development EDUCA

My passion for education started when I took a course in Development Economics during my undergraduate studies in Economics, and all my doubts to become a public official disappeared. Just thinking about solutions to the most urgent social problems of the Dominican Republic made me feel overly excited and motivated. During this course, it was obvious that education was the greatest threat for the social development of the Dominican Republic. Hence, I decided to take another more specialized course in the topic: Education Economics. There, I understood the high need for more and better evidenced-based education policy in the country, and that I could contribute with that. That moment was precious. Finally, I found my passion in life!

I worked very hard to enter to the Economics & Education program at TC. It was my number one option, and definitely exceed my expectations. It was a marvelous experience to learn from leading faculty members in the field. In addition, TC has a remarkably diverse and large number of programs, and therefore, of courses. I took advantage of that, and I enrolled in courses from different fields, including data mining, management, and monitoring & evaluation. Furthermore, TC offers a  wide range  of a  variety of events and the opportunity to participate in student associations, which are excellent ways to discover the newest trends in education, get to know new colleagues and friends, and discuss ideas. Actually, in those TC events, I discovered my interest in the use of Artificial Intelligence and ICT in education.

After graduating, I returned to my county, Dominican Republic. It was relatively easy to find job offers. Currently, I am the Head of Research and Development at EDUCA, a think tank in the Dominican Republic that researches and advocates for policies that ensure an inclusive and equitable quality education. Moreover, I have worked as Research Consultant at World Bank and United Nations Population Fund, conducting studies about teenage pregnancy in the Dominican Republic.

phd economics education

Economics and Education Program Teachers College, Columbia University, Ph.D. 2020

Assistant Professor McCombs School of Business The University of Texas at Austin    

I started working in economics of education topics when I was still an Engineering undergraduate student at Pontificia Universidad Catolica de Chile. Given the context of the Chilean education system and reforms that were happening at the time, I was very interested in studying the potential impact of different policies on outcomes such as school segregation and educational opportunities.

After working at the Poverty Action Lab (J-PAL) in Chile for a year, and completing my Masters in Social Policy in London, I decided to pursue a doctorate in Economics of Education. I was interested in a rigorous program that had a clear focus on education and social policy topics more broadly, so the PhD at Teachers College was a good fit.

During my time as a PhD student at TC, I was able to pursue and develop my interest in causal inference methodologies, combining it with important economic of education questions, particularly focused on educational opportunities and school segregation. I had the opportunity to colaborate with faculty both at Teachers College as well as Columbia at large, which was a great advantage for my own development.

I am currently an Assistant Professor in the Statistic Group at the McCombs School of Business at The University of Texas at Austin. My research is focused on developing new methods for causal inference and expanding on current ones, to improve the evidence we can obtain from both observational studies and experiments. My work also primarly focuses on using these methods for building new evidence on pressing educational policy questions.

phd economics education

Economics and Education Program Teachers College, Columbia University, Ph.D. 2018

Assistant Professor of Statistics and Public Policy

Babson College

My interest in education piqued when I started working as a data analyst for the Boston Public Schools. There, I ran engagement surveys for parents, students, and teachers and analyzed the results. I found it fascinating that there were large gaps in parent engagement between high- and low- achieving schools, and desired to dive more into the subject through research.

I initially searched for graduate programs in education, but I soon realized that economic inequality was a significant determinant of family engagement. I widened my search for economics programs, and found TC’s Economics and Education program to be firmly what I wanted to study. I soon enrolled in the M.A. program, but proceeded to continue in the Ph.D. program.

During my doctoral experience, Professor Peter Bergman told me about his interest in studying how families respond to information and its effects on student outcomes. Soon, I was working with Peter on projects directly related to my subject of interest. My dissertation even focused on the role of parents as a determinant of educational inequality.

This led me to a tenure-track position at Babson College, where my studies currently help me pursue policy-oriented research using advanced quantitative methods. Since I am employed in a quantitative methods department in a school of management, I am seen by my peers as the expert on statistical analysis of education policy issues. Recently, I was tasked with studying the effect of the institution’s instructor evaluation on teaching behavior. The skills I learned in the Economics and Education program gave me much insight into answering such real-world problems.

Eric Chan

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Admissions Information

Application requirements, fund your degree.

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  • Major Code: ECON
  • Points/Credits: 33
  • Entry Terms: Fall Only

Application Deadlines

  • Spring: N/A
  • Summer/Fall (Priority): January 15
  • Summer/Fall (Final): April 1

Supplemental Application Requirements/Comments *

  • Online Degree Application , including Statement of Purpose and Resume
  • Transcripts and/or Course-by-Course Evaluations for all Undergraduate/Graduate Coursework Completed
  • Results from an accepted English Proficiency Exam (if applicable)
  • $75 Application Fee
  • Two (2) Letters of Recommendation
  • Points/Credits: 60
  • Points/Credits: 75
  • Summer/Fall (Priority): December 1
  • Summer/Fall (Final): December 1
  • Three (3) Letters of Recommendation
  • GRE General Test (Optional for students applying for 2024)
  • Academic Writing Sample (Optional)

Program Director : Professor Alex Eble

Teachers College, Columbia University 212 Zankel, Suite B

Contact Person: Katherine Y. Chung, Program Manager

Phone: (212) 678-3677 Fax: (212) 678-3677

Email: kc2610@tc.columbia.edu

Economics of Education (PhD)

This course is a PhD level introduction to the economics of education. It introduces microeconomic theories of returns to education and frontier econometric methods that are employed in investigating issues in education. The course pays attention to causal inference and predictions about the impact of education policies. Primary focus is on early childhood and K-12 education in the US. Must be a PhD student to enroll.

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Recent PhD in Economic Education alumna Amanda Jennings (center) with UD alumna Donna Fontana (left) and Carlos Asarta (right). Fontana’s recent gift established the Financial Literacy Fund.

Graduate Programs Doctor of Philosophy (Ph.D.) in Economic Education

This Ph.D. program is on moratorium and no longer accepting new students. This page is for students admitted to the program prior to Fall 2021.

An Interdisciplinary Program for Leaders in Economic Education

The doctorate in economic education is designed to train the next generation of leaders in this fast-growing field. It is a joint program of Lerner’s economics department and the School of Education.

The field of economic education focuses on developing and evaluating economic and financial literacy programs and curricula in the K-12 school system, universities and a wide variety of outreach programs.

Traditionally, professionals and scholars in this field have been trained in either economics or education, with little or no formal training in the other area. This is no longer adequate. The increasing complexity and importance of economics in today’s world requires scholars and leaders who have a deeper understanding of both disciplines.

The program draws on the strengths of the University of Delaware’s economics and education graduate programs and on UD’s nationally-recognized Center for Economic Education and Entrepreneurship.

Program Highlights

The curriculum is evenly balanced between coursework in economics and education. The elective options allow you to specialize in one area or the other, depending on your interests and strengths.

The program can be completed in four years following a B.A., although the typical student takes five years to complete the degree. Students with substantial prior graduate training in economics or education can complete the program in three years.

Program Coordinator: Elizabeth Farley-Ripple (Education) and Thomas Bridges (Economics)

Student Spotlight

Erin Yetter

Erin Yetter

Erin Yetter, the first ever graduate of UD’s doctorate in economic education program, won the Journal of Economics Teaching’s 2016 Best Paper Award for her paper, “Using the Berenstain Bears to Teach Economics in the Elementary Classroom.” She works as an economic education specialist with the Federal Reserve Bank of St. Louis, Louisville Branch where she writes curriculum materials, conducts professional development for teachers and continues to research student learning of economic concepts.

Program Faculty

Carlos Asarta portrait

Program Requirements

Graduate students are required to be registered for courses every semester, including the semester in which their degree is conferred, unless they are on an approved Leave of Absence. The program requires a minimum of 45 graduate-level credits.

Economic Theory & Statistical Methods Competency Courses

All students must demonstrate graduate-level competence in economic theory and in statistical methods by completing the following UD courses or by seeking waivers for previously completed coursework. The Department of Economics has sole authority to award waivers for economics courses and the School of Education has sole authority to award waivers for education courses.

  • ECON 801 – Microeconomics
  • ECON 802 – Macroeconomics
  • ECON 803 – Applied Econometrics I
  • ECON 804 – Applied Econometrics II
  • EDUC 856 – Introduction to Statistical Inference

Required Courses

As indicated above, some students will also take additional courses in economic theory and in statistical methods.

  • EDUC 805 – Proseminar in Education I
  • EDUC 806 – Proseminar in Education II
  • EDUC 850 – Qualitative Research in Educational Settings
  • EDUC 812, 826, 865, 873 or 874
  • EDUC 840 – Research Colloquium in Education
  • 2 EDUC electives
  • ECON 820 – Economics of Education Policy
  • ECON 829 – Economic Education Curricula
  • 2 ECON electives
  • Free elective
  • ECON/EDUC 964 and 969, dissertation (9 credits)

Sample Student Schedules

  • Sample schedule for students with no course waivers
  • Sample schedule for students with maximum course waivers  (ECON801, 802, 803, 804, EDUC 856)

Career Opportunities

As a graduate of our program, you will have a wide range of professional and academic employment opportunities, including:

  • University departments of economics and education
  • Councils and centers for economic education (approximately 200 nationally, most affiliated with universities)
  • Education units within regional Federal Reserve banks and other private sector businesses and foundations with an interest in economic and financial education
  • School districts and state departments of education
  • Education consulting and evaluation firms

Where Our Graduates Work

The doctorate in economic education is a relatively new program at the University of Delaware. Our first graduate completed her doctorate in 2013. She is currently employed as an economic education specialist with the Louisville Branch of the Federal Reserve Bank of St. Louis. Our second graduate completed her degree in 2016 and is on the faculty of the Department of Economics at Michigan State University. A recent 2017 graduate is currently employed in UD’s Center for Economic Education and Entrepreneurship.

Alumni Profile

Lauren ahlstrom.

“The Ph.D. in Economic Education program at UD was a great fit. My coursework and experiences at UD combined my love of economics with my passion for education and provided me with a strong foundation of skills as a scholar in my field. When I was beginning to write the literature review for my dissertation, a professor on my committee gave me some excellent advice. She encouraged me to think of the literature review like a funnel that should begin with a general overview of the research, moving to a narrower focus. As a result, I explored research outside of my primary field of economic education, which gave me a much broader perspective and understanding of the questions I was studying.”

Laura Ahlstrom

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phd economics education

Economics of Education

The Education Program studies the effect of education on individuals’ earnings and other outcomes, as well as the effect of educational inputs and education policies on student achievement.

Program Director

Caroline Hoxby_180x250

Caroline M. Hoxby is the Scott and Donya Bommer Professor of Economics at Stanford University and a Senior Fellow of the Hoover Institution and the Stanford Institute for Economic Policy Research. Her research spans the field of education economics, including K-12 as well as college. She has been an NBER affiliate since 1994.

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Doctoral Program

The Ph.D. program is a full time program leading to a Doctoral Degree in Economics.  Students specialize in various fields within Economics by enrolling in field courses and attending field specific lunches and seminars.  Students gain economic breadth by taking additional distribution courses outside of their selected fields of interest.

General requirements

Students  are required to complete 1 quarter of teaching experience. Teaching experience includes teaching assistantships within the Economics department or another department .

University's residency requirement

135 units of full-tuition residency are required for PhD students. After that, a student should have completed all course work and must request Terminal Graduate Registration (TGR) status.

Department degree requirements and student checklist

1. core course requirement.

Required: Core Microeconomics (202-203-204) Core Macroeconomics (210-211-212) Econometrics (270-271-272).  The Business School graduate microeconomics class series may be substituted for the Econ Micro Core.  Students wishing to waive out of any of the first year core, based on previous coverage of at least 90% of the material,  must submit a waiver request to the DGS at least two weeks prior to the start of the quarter.  A separate waiver request must be submitted for each course you are requesting to waive.  The waiver request must include a transcript and a syllabus from the prior course(s) taken.  

2.  Field Requirements

Required:  Two of the Following Fields Chosen as Major Fields (click on link for specific field requirements).  Field sequences must be passed with an overall grade average of B or better.  Individual courses require a letter grade of B- or better to pass unless otherwise noted.

Research fields and field requirements :

  • Behavioral & Experimental
  • Development Economics
  • Econometric Methods with Causal Inference
  • Econometrics
  • Economic History
  • Environmental, Resource and Energy Economics
  • Industrial Organization
  • International Trade & Finance
  • Labor Economics
  • Market Design
  • Microeconomic Theory
  • Macroeconomics
  • Political Economy
  • Public Economics

3.  Distribution

Required:  Four other graduate-level courses must be completed. One of these must be from the area of economic history (unless that field has already been selected above). These courses must be distributed in such a way that at least two fields not selected above are represented.  Distribution courses must be passed with a grade of B or better.

4.  Field Seminars/Workshops

Required:  Three quarters of two different field seminars or six quarters of the same field seminar from the list below.   

Department of Educational Administration

  • Higher, Adult, and Lifelong Education
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  • Master’s Degree in Student Affairs Administration
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  • Graduate Certificate in Teaching and Learning
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  • Master of Arts in K-12 Educational Administration
  • Ed.D. in Educational Leadership
  • Ph.D. in K-12 Educational Administration
  • Urban Education Graduate Certificate
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The Doctoral Specialization in the Economics of Education is administered by faculty from the Education Policy Unit in the Department of Educational Administration. Students in the program take a series of doctoral-level courses in economics and education policy to provide them with expertise in econometric methods, economic theory and education policy to produce high-quality research on topics in the intersection of economics and education.

Focus on education issues

The foci of the doctoral specialization, both substantive and methodological, is built around work in the economics of education. Education issues include teacher quality, school finance, school choice and the effects of many other factors on student achievement, as well as methodological questions about the estimation of effects in correlational, quasi-experimental and experimental studies.

Who is eligible?

Enrollment in the specialization is open to students enrolled in any doctoral program at Michigan State University. While there are no formal prerequisites, students are expected to have completed undergraduate coursework in statistics, multivariate calculus and linear algebra. Specific courses may have additional requirements or prerequisites. Students who are unsure if they meet these expectations should contact the program coordinator before enrolling.

Course Requirements

Students must complete the following with a 3.5 grade-point average in courses across the specialization (18 credits):

  • Both of the following courses with a grade of 3.0 or higher in each course: (6 credits): EC 820A – Econometrics IA (3 credits) EC 820B – Econometrics IB (3 credits)
  • One additional 3-credit graduate-level advanced statistics or econometrics course as determined by the student’s guidance committee.
  • One of the following courses (3 credits): AFRE 805 – Microeconomic Analysis (3 credits) EC 812A – Microeconomics I (3 credits)
  • Both of the following courses (6 credits): EAD 948 – Advanced Economics of Education (3 credits) EAD 949 – Advanced Seminar in Education Policy (3 credits)
  • Complete a substantial research paper on a topic in the economics of education as approved by the student’s guidance committee.

Completion Requirements

Upon completion of all coursework and paper requirements, students must initiate an Economics of Education Completion form , used to notify the program administrators that the student has met all of the program requirements.

The student initiates the process. They should fill out the form which is then routed by the student to their guidance committee chair/director. The student and guidance committee member must sign the form, confirming completion of the requirements. The form is then routed to the Economics of Education Coordinator for their signature. Once all signatures are collected, the form should be sent to the Program Assistant at [email protected].

If the student has completed all of the requirements, they must apply to graduate from the specialization. The Graduation Application is now available at student.msu.edu . After clicking on the Academic Progress tile, you will see a link to Apply for Graduation in the left-hand navigation under the Graduation heading. Application for graduation can occur at the time the specialization requirements are complete or at the same time as the student’s doctoral degree.

Application Process

Applicants must be admitted to a doctoral program at Michigan State University. To apply for a specialization in Economics of Education, submit the Intent to Enroll form linked below. Once signed by the applicant and their advisor/guidance committee chairperson, the Intent to Enroll form must be sent to [email protected] or can be mailed to Economics of Education Doctoral Specialization Program, Erickson Hall, 620 Farm Lane, Room 402, E. Lansing, MI 48824.

Professor Scott Imberman

Mailing Address: 486 W Circle Dr. 110 Marshall-Adams Hall Michigan State University East Lansing, MI 48824

Office Location: 25D Marshall-Adams Hall

Phone:  517-355-4667

Email:   [email protected]

PhD Graduate Education at Northeastern University logo

The PhD in Economics is a small and focused program, with students concentrating in one of two areas of specialization: Industrial Organization, Competition Policy, and Regulatory Economics and Labor Economics. The program is applied in nature and is designed for students who are considering work in the government and private sectors as well as academic jobs.

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Fewer than ten students enter the PhD in Economics program each year. Students may concentrate in either Industrial Organization, Competition Policy, and Regulatory Economics; or Labor Economics. Each field is covered in two semester courses at the PhD level. Admission from the Bachelor’s level requires taking the MA core courses and two additional elective courses plus the PhD requirements.

The field of Industrial Organization, Competition Policy, and Regulatory Economics analyzes and evaluates the performance of markets and devises appropriate policy responses when markets are not performing well. By developing techniques for examining the structure, conduct, and performance of markets, it bridges economic theory and the real world. In addition, it helps to develop and implement antitrust and regulatory policies to remedy failures of those markets.

The field of L abor Economics analyzes the neoclassical labor market, covering such topics as the supply of labor from the perspective of the individual and the family, human capital, the demand for labor, market equilibrium, and the determination and distribution of wages and earnings. Theoretical and empirical issues surrounding current topics in labor economics are examined, and may include discrimination, efficiency wage theory, labor legislation, life cycle analysis and the use of microdata (panel studies), search behavior, intergenerational earnings mobility, and employment and training policies.

Learn more about the PhD program in Economics from the College of Social Sciences and Humanities .

The Economics department faculty engage in research in a wide range of academic and applied areas including industrial organization, competition policy, labor economics, development economics, network science, innovation policy, health, applied game theory, monetary policy, banking, technological change, law and economics, and education.  They serve as mentors and advisors, and collaborate alongside students to solve the most pressing global challenges facing established and emerging markets.

  • Students may enter the program from a Bachelor’s or Master’s level
  • Students concentrate in Industrial Organization, Competition Policy, and Regulatory Economics or Labor Economics
  • The department is home to the administrative office of the Industrial Organization Society

Our graduates pursue careers within academia and beyond.

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  • City University of New York (CUNY), Queen’s College
  • The Brattle Group
  • Ernst and Young
  • Federal Trade Commission
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Application Materials

Application.

  • Application fee – US $100
  • Personal statement
  • Unofficial transcripts from all institutions attended
  • English proficiency for international applicants
  • Three letters of recommendation
  • Scores from the Graduate Record Examination (GRE) – Optional

Admissions deadline for Fall term: December 1

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PhD Program

Year after year, our top-ranked PhD program sets the standard for graduate economics training across the country. Graduate students work closely with our world-class faculty to develop their own research and prepare to make impactful contributions to the field.

Our doctoral program enrolls 20-24 full-time students each year and students complete their degree in five to six years. Students undertake core coursework in microeconomic theory, macroeconomics, and econometrics, and are expected to complete two major and two minor fields in economics. Beyond the classroom, doctoral students work in close collaboration with faculty to develop their research capabilities, gaining hands-on experience in both theoretical and empirical projects.

How to apply

Students are admitted to the program once per year for entry in the fall. The online application opens on September 15 and closes on December 15.

Meet our students

Our PhD graduates go on to teach in leading economics departments, business schools, and schools of public policy, or pursue influential careers with organizations and businesses around the world. 

Columbia | Economics

Ph.D. in Economics

The Ph.D. program in the Department of Economics at Columbia University trains students to do cutting edge research in economics.  Students in our program do research in all major areas of economics including microeconomics, macroeconomics, econometrics, international economics, labor economics, public finance, industrial organization, development economics, and urban economics.  Our department provides strong training both in theoretical economics and in applied and empirical economics.  The Ph.D. program is primarily designed for students that are interested in pursuing a career in teaching and research within academia but is also useful for student interested in certain positions within governments, research organizations, or private businesses.

The first two years of our Ph.D. program is largely devoted to rigorous coursework. After the second year, however, students devote most of their time to their own research under the supervision of faculty advisors. Students in our program generally complete their Ph.D. in 5 or 6 years.

Admission to the Ph.D. program is highly selective.  We receive approximately 1,000 applications each year for an incoming class of roughly 25 students.  We place a high value on attracting the very best minds, and recruiting members of groups who will both enhance the diversity of research in the field and contribute to the diversity of the university’s academic and professional community.

The Ph.D. program has a long and illustrious history.  Alumni of the program include some of the most distinguished economists of the last century – including Nobel Prize winners Kenneth J. Arrow, Milton Friedman, Simon Smith Kuznets, and William S. Vickrey.

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The Ph.D. Program in the Department of Economics at Harvard is addressed to students of high promise who wish to prepare themselves in teaching and research in academia or for responsible positions in government, research organizations, or business enterprises. Students are expected to devote themselves full-time to their programs of study.

The program prepares students for productive and stimulating careers as economists. Courses and seminars offered by the department foster an intellectually active and stimulating environment. Each week, the department sponsors more than 15 different seminars on such topics as environmental economics, economic growth and development, monetary and fiscal policy, international economics, industrial organization, law and economics, behavioral economics, labor economics, and economic history. Top scholars from both domestic and international communities are often invited speakers at the seminars.  The Harvard community outside of the department functions as a strong and diverse resource. Students in the department are free to pursue research interests with scholars throughout the University. Faculty of the Harvard Law School, Kennedy School of Government, and Harvard Business School, for example, are available to students for consultation, instruction, and research guidance. As a member of the Harvard community, students in the department can register for courses in the various schools and have access to the enormous library resources available through the University. There are over 90 separate library units at Harvard, with the total collections of books and pamphlets numbering over 13 million.  Both the department and the wider University draw some of the brightest students from around the world, which makes for a student body that is culturally diverse and likely unequaled in the range of intellectual interests of its members. These factors combine to add an important dimension to the educational process. Students are able to learn from one another, collaborate on research projects and publications, and form bonds that are not broken by distance once the degree is completed and professional responsibilities lead them in different directions.

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Doctor of Philosophy in Economics

Program description.

The PhD in Economics degree program provides a cutting-edge education in economic theories and the development of a rigorous toolkit of mathematical and econometric techniques. Students also gain extensive exposure to various research areas in economics that allow them to think critically about how to approach the analysis of economic problems and contribute to the knowledge base of the discipline. The program is particularly strong in the areas of public economics, applied microeconomics, macroeconomics, data analysis, and the economics of conflict.

Career Opportunities

Graduates of the program seek positions such as: academic, data analyst, economist in financial institutions, management firms, and consulting firms both in private and domestic sector, academics and researcher and government positions (the Federal Reserve banks, Bureau of Labor Statistics, Census Bureau, Social Security Administration and Federal Trade Commission.)

Application Requirements

Degree requirements:  Bachelor’s degree from an accredited college or university.

GPA:  Minimum GPA of 3.25 in upper-division and graduate course work in economics and related courses.

Test score required:  Yes

The minimum quantitative score is 158 with students averaging 163 on the quantitative score and 150 of the verbal score. The program does not accept GMAT scores as a substitute for GRE scores.

Letters of recommendation:  3

Applicants must submit three letters of recommendation from individuals who can judge the candidate’s probability of success in graduate school. Use the electronic request form in the graduate application to submit the letters. Contact the graduate academic program department if you have any questions.

Admissions essay required:  Yes

A one-page essay outlining the applicant’s background, reasons for choosing UT Dallas, prior educational experiences, and personal objectives.

Deadlines:  University  deadlines  apply.

Contact Information

Judy Du Graduate Program Administrator Email: [email protected] Phone: 972-883-4964 Office: GR 2.808

Degree Information Dr. Seth Giertz Director of Graduate Studies Email: [email protected] Phone: 972-883-6234 Office: GR 2.244

EPPS Advising The University of Texas at Dallas 800 W Campbell Rd, GR 31 Richardson, TX 75080-3021 [email protected]

epps.utdallas.edu/

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Applied Economics

Wharton’s highly selective phd program in applied economics offers students many resources not available at other institutions, such as 1:1 faculty to student ratio, five years of funding, and minimal teaching requirements..

Combining the faculties of the departments of Real Estate and Business Economics & Public Policy, Wharton’s Applied Economics program leverages the breadth and depth of its faculty to prepare students for careers doing frontier theoretical and empirical research. Students can focus on a variety of research areas, including Behavioral Economics, Development and International Economics, Energy and Environmental Economics, Health Economics, Industrial Organization and Regulation, Labor Economics, Law and Economics, Market Design, Public Economics, Risk and Insurance, Urban Economics and Real Estate. You can find the list of Applied Economics Faculty here.  Students may also develop an inter-disciplinary focus by taking courses and working with faculty in some of the other departments at Wharton such as Finance, Health Care Management, Management, and Marketing.

For more information on courses, please visit the University Graduate Catalog .

Sample Schedule

The course of study for the Ph.D. in Applied Economics requires the completion of 15 graduate course units. The common core consists of 3 theory courses and 3 statistics/econometrics courses. Students are also expected to master two field areas by passing two courses in each (total of 4 courses units). The remaining course units necessary to achieve 15 are split between the mandatory graduate student research seminars and other electives.

ADMISSIONS AND FINANCIAL AID

Students will apply for admission to the Wharton Program in Applied Economics, and may, if they wish, indicate a preferred field of study in their application. All else equal, the admissions committee may consider field choice in determining admission. Fellowship support will be in accordance with usual Wharton and University guidelines.

CORE REQUIREMENTS

Students will be required to master core materials in economic theory covering the topics of household decision-making, production theory, theory of markets and market failure, game theory, decision-making under uncertainty, and resource allocation in dynamic economies. The following courses will satisfy the three-course economic theory requirement:

Microeconomic Theory I: ECON 7010 Microeconomic Theory II: ECON 7110 Macroeconomic Theory: ECON 7200 or 7210 or FNCE 9240

Students will be required to master core materials in applied econometrics covering the topics of statistical inference, linear regression analysis, panel regression analysis, and estimation of models using discrete dependent variables. The following courses will satisfy the three-course econometric/statistics requirement:

Econometrics: ECON 7300, FNCE 9260, ECON 8310 or ECON 7310, BEPP 9110 and BEPP 9310

FIELD REQUIREMENTS

In addition to the core theory and econometrics materials, students will be required to master two applied fields by passing two courses in each field. Students will be free to offer their own field as a substitute with approval of the graduate group chair and (when relevant) an appropriate advisor from another Wharton graduate group.

• Development Economics BEPP 9410: Development Economics • Industrial Economics and Business Regulation: BEPP 9870: Industrial Organization and Competition Policy HCMG 9020: Special Topics of Health Services Research: Industrial Organization of Health Care ECON 8450: Empirical Methods in Industrial Organization • Market Design BEPP 9710: Market Design • Public Economics and Political Economy: BEPP 9330: Public Economics: Social Insurance & Government Expenditures HCMG 9030: Public Policy ECON 8410: Public Economics I ECON 8411: Public Economics II • Urban Economics and Real Estate: REAL 9450: Urban and Real Estate Economics REAL 9460: Advanced Topics in Urban Economics REAL 9470: Advanced Real Estate and Urban Economics • Behavioral Economics: BEPP 9040: Experimental Economics: Methods and Applications OIDD 9000: Foundation of Decision Processes OIDD 9040: Experimental Economics

In addition, all students must take elective courses to achieve the necessary 15 Course Credits to be eligible for Dissertation Status.

During the second and third year of the program students will be required to attend and actively participate in the graduate student research seminar. Students will also be responsible for presenting a paper of original research to the seminar before entering dissertation status. All students will also be required to attend the faculty Applied Economics Workshop during the 2nd and 3rd years.

BEPP 9000: Research Seminar BEPP 9620: Applied Economics Seminar

QUALIFYING EXAM

At the end of first year (usually in last week of May or first week of June), students are expected to take and pass the qualifying exam for Microeconomic Theory and the qualifying exam for Econometrics. These exams are written and graded by the Wharton Applied Economics PhD Committee. If a student fails in one qualifying exam, another opportunity to take that exam will be given at the end of the second year.

Students can also request a waiver for one or both exams if they perform well in the courses associated with each exam. A satisfactory performance for Microeconomic Theory, for example, corresponds to having at least a B- or better in each micro course, and an average of B or better.

FACULTY ADVISORS

Students are required to select or are assigned two faculty advisors in the beginning of the second year in the program. Because the student will not have had all of the major field courses at that time, it is possible that a student will later decide to change advisors; such an eventuality will be considered a normal outcome. In addition, since students will not have had all of the major field course work by June of their first year, they should “read ahead” in their chosen fields to begin identifying a research topic for the Second Year Paper. Students are expected to initiate meetings with faculty members to discuss possible research topics, and these meetings should begin as early as possible after the student enters the program and are part of the process of getting to know the faculty and learning about the field.

CANDIDACY PAPER

The Program in Applied Economics provides students with several opportunities to conduct research. All students are required to write a candidacy paper in their second year to be submitted in the summer of the second year in the program. This paper should demonstrate the student’s ability to conduct PhD quality research. This is often used as the Master’s Thesis submission- and, as the title implies, it is one of the requirements for admission to Doctoral candidacy.

The deadline for submission of the Candidacy Paper is strictly enforced, and failure to complete and submit the paper by the deadline (July 15 of the end of the student’s second year in the program) is grounds for dismissal from the program. The paper must be submitted to the faculty members who are the student’s principal advisors for the project, as well as to the Doctoral Coordinator. A copy of the candidacy paper, together with letters from two faculty members noting approval of it, must be in each student’s file in the Program office prior to the start of the student’s fifth term (typically the start of the third year). Failure to fulfill this requirement may result in the student being dropped from the program.

The main objective of the candidacy paper is to demonstrate the student’s ability to do original research. Often the Candidacy Paper is submitted for publication, and it can also serve as the foundation for PhD research, possibly as a dissertation essay. The Candidacy Paper must be solely authored by the student, not co-authored with the faculty advisor.

Milestones on the road to the candidacy paper are as follows:

September of 2nd year in the program Fall semester, 2nd year Spring semester, 2nd year Faculty advisors selected Candidacy Paper proposal Work on Candidacy paper Submit final version of Candidacy Paper

ADMISSION TO CANDIDACY Before admission to candidacy, the student is required to:

  • Complete all required coursework, including all core courses, with at least a B + or better in each course and with an average GPA of B+ or better. (For some courses, a passing grade on a qualifying exam can substitute for a grade below B.)
  • Pass both qualifying exams or request exam waivers.
  • Submit a satisfactory candidacy paper

THE PHD DISSERTATION The best ways to find a dissertation topic is to talk to the program faculty and read the literature. Discussions with faculty can range from “cold calls,” where the student asks the faculty member for topic suggestions, to more proactive visits where the student discusses potential topic ideas that have come up in course work or research seminars. Students should also take a close look at recent dissertations written by students in their major field as well as dissertations written by students from other Wharton departments.

There are two primary models for the organization of dissertations. The “single study” traditional dissertation, and the essay approach. In the latter approach, two or three essays are generally found acceptable by the student’s dissertation committee, depending on length and quality. Dissertation essays are more prevalent for a number of reasons, including most importantly, (a) the Candidacy Paper may be permitted to constitute a substantial part of one essay, (b) an essay can be used as an interview paper (see discussion below), and (c) if properly structured, an essay can often be converted into a paper to be submitted to a journal. Whether two or three essays are appropriate depends on the length and complexity of the research undertaken and is determined by the student’s dissertation committee.

Dissertation essays may be co-authored, although the extent to which this is appropriate will depend on each student’s topic, doctoral committee, and faculty advisor. A circumstance where a co -authored essay might be appropriate could arise from a joint research project with a faculty member. However, the student’s dissertation must include at least one essay that is solely authored by the student. The dissertation process must begin with the selection of a principal advisor or co-advisors. Each student is responsible for this selection, and then the student works with the advisor(s) to select the dissertation topic and begin exploratory research. The student and advisor then work together to select committee members. Committee members can be approached to join the committee by either the student or the principal advisor(s). The student should work with the advisor(s) to arrange a mutually agreeable procedure. The student should review the Wharton Doctoral Programs Policies and Procedures, to be sure that the committee structure satisfies the overall requirements of the Wharton Doctoral Program.

Important: the PhD Dissertation proposal must be defended before the end of the fourth year in the program. Failure to defend can result in dismissal from the program.

GOING ON THE JOB MARKET The ultimate objective of the Wharton Doctoral Program is to prepare our students for a teaching and research career, ideally at a college or university. Because the placement process for academic jobs is lengthy, students should become familiar with it well in advance of the “job market year.” The program provides full support for students going on the job market, and a series of meetings and timelines are provided to the students during the fourth and fifth years in the program.

PROGRAM ADMINISTRATION The program will be administered by the graduate group in Applied Economics. Primary appointments in the Departments of Business Economics and Public Policy and Real Estate will be automatic members of the graduate group and comprise the initial membership of the graduate group. The graduate group can extend membership to other Wharton and University faculty as they consider appropriate. The graduate group will decide on its preferred administrative structure. Currently, the chairs of the departments of Real Estate and Business Economics and Public Policy are responsible for jointly appointing a PhD Coordinator that will serve a two-year term, with the option to renew it for another two years. The PhD Coordinator is also the representative for the group to the Doctoral Executive Committee.

STUDENT INVOLVEMENT Students are expected to spend full-time on their coursework and research during the first two years of the program. In subsequent years, students are expected to work with faculty, preferably as research assistants or co-authors, thereby gaining the experience required to be successful researchers. Students are also required to TA a core course (any alternatives will need to be approved by the PhD Coordinator) each in their 3rd year and 4th year of the program as a funding requirement. Other activities that further the student’s research careers are encouraged, subject to the approval of the doctoral coordinator (this includes teaching assistant positions). Failure to communicate with the doctoral coordinator about a research assistant or teaching job may result in cancellation of your scholarship.

Get the Details.

Visit the Applied Economics site for details on program requirements and courses. Read faculty and student research and bios to see what you can do with an Applied Economics PhD.

Eduardo Azevedo

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Economic Analysis & Policy

Our doctoral program in the field of economic analysis and policy prepares students for research careers in economics. The program offers rigorous training and has several distinct advantages:

Low Student-to-Faculty Ratio

First, enrollment in the program is small. This encourages close faculty-student contact and allows students to become involved in research very early. Students work first as assistants on faculty research projects and, as their interests and skills develop, on their own research. Students often begin their publishing careers before completing their degrees.

Flexible and Innovative Program

Second, the program is flexible and innovative; students can draw on both the school’s and the university’s distinguished faculty. In addition to the faculty in the economics group at Stanford GSB and in the university’s economics department, students have access to faculty in political and behavioral sciences; accounting and finance; mathematics, statistics, and computer science; and many other disciplines.

A Top-Ranked School

Third, the program is part of a top-ranked professional school. This setting allows students to gain a deeper understanding of the actual processes of business decision-making and public policy formulation.

Preparation and Qualifications

Students who enroll in this program have a substantial background in economics and mathematics. They are expected to have, minimally, mathematical skills at the level of one year of advanced calculus and one course each in linear algebra, analysis, probability, optimization, and statistics.

The faculty selects students based on predicted performance in the program. Evidence of substantial background or ability in the use of mathematical reasoning and statistical methods is important. Most successful applicants had quantitative undergraduate majors in economics, mathematics, or related sciences.

In addition to evidence of ability and letters of recommendation, the faculty considers carefully the applicant’s statement of purpose for pursuing the PhD degree. The successful applicant usually has clearly defined career goals that are compatible with those of the program.

Acceptance into the program is extremely competitive. Admitted applicants compare very favorably with students enrolled in the top economics departments of major universities.

Economic Analysis & Policy Faculty

Mohammad akbarpour, claudia allende santa cruz, susan athey, lanier benkard, jeremy i. bulow, modibo khane camara, sebastian di tella, rebecca diamond, yossi feinberg, guido w. imbens, charles i. jones, michael ostrovsky, garth saloner, yuliy sannikov, kathryn shaw, andrzej skrzypacz, paulo somaini, juan carlos suárez serrato, takuo sugaya, christopher tonetti, shoshana vasserman, ali yurukoglu, weijie zhong, emeriti faculty, alain c. enthoven, robert j. flanagan, david m. kreps, peter c. reiss, john roberts, a. michael spence, robert wilson, recent publications in economic analysis & policy, an economic framework for vaccine prioritization, pricing power in advertising markets: theory and evidence, career: a foundation model for labor sequence data, recent insights by stanford business, a.i. can help “personalize” policies to reach the right people, stanford gsb faculty share their holiday reading lists, 10 of our favorite stories about careers and success of 2023, placement director.

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Kelsey Carlston, Ph.D.

Assistant professor of economics.

Dr. Carlston began as an Assistant Professor of Economics at Gonzaga University in 2022. Her research is primarily on the causes and consequences of intergenerational economic mobility. She is currently using several large administrative datasets to study...

Kelsey Carlston

Contact Information

Education & Curriculum Vitae

Ph.D., Economics, University of Utah

M.Sc., Economics, University of Utah

B.S., Statistics, Virginia Tech

B.A., Economics, Virginia Tech

Courses Taught

ECON 355: Regression Analysis

ECON 201: Principles of Microeconomics

Dr. Carlston began as an Assistant Professor of Economics at Gonzaga University in 2022. Her research is primarily on the causes and consequences of intergenerational economic mobility. She is currently using several large administrative datasets to study the health consequences of intergenerational mobility in a research project funded with a Diversity Supplement from the NIH’s National Institute on Aging. Additionally, she researches economic history, particularly the economic outcomes for miners in the early 20 th century.

Dr. Carlston brings her interest in inequality and mobility into the classroom by teaching her courses with a pluralistic approach to economics. She hopes to teach a critical approach to the discipline to her students to foster awareness in her students as they bring what they learn to their careers.

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‘Beyond frustrating’ for Palestinian refugee denied UK PhD visa

Amena el ashkar was hoping to study a phd in international relations at the london school of economics but her visa was rejected.

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London School of Economics and Political Science

A Palestinian refugee denied a visa to study a PhD in the UK has told of her frustration at having to put her career on hold as a result of “injustice” from the Home Office.

Amena El Ashkar was offered a full scholarship to undertake a doctorate in international relations at the London School of Economics (LSE), but her student visa was rejected by the UK government without any reason or explanation in December 2022. She had previously completed a master’s degree at SOAS University of London after being awarded a Chevening scholarship by the Foreign Office.

James Cleverley, the home secretary, has since issued an “unqualified apology” after a subsequent judicial review was mishandled, and a judge found the government’s action to have been “unlawful”.

While she waits for a new decision on her visa application, which is expected at the end of the month, Ms El Ashkar is working as a research assistant in Qatar on a temporary contract.

“I’ve been living in this situation for the past two years, and it’s beyond frustrating,” she told Times Higher Education .

“I’ve lost a lot of job opportunities while still waiting for an answer before getting a refusal, finally. So not getting an answer, not knowing why this is happening, not knowing if I’m going to get the chance to eventually go to get my PhD.

“The injustice and unfairness of the entire situation makes me more angry and also sad.”

Ms El Ashkar, who is a stateless Palestinian refugee, was previously told that the Home Office had denied her visa because it would “harm the public interest” .

“I was born and raised in a refugee camp in Lebanon, and anything that I wanted to do I had to make double, triple the effort in order to get it,” she added.

“While I was at SOAS doing my master’s degree, many of the students that were with me were much younger, and I was just wondering how life was easier for them to get where they had gotten to while for me it took me so much time.”

Campus resource: What universities can do to assist refugees

While the cohort of LSE students she was meant to be a part of are set to graduate from their four-year programme next year, Ms El Ashkar is still waiting and hoping to start her studies .

“They’re going to start off their careers far sooner than I would, and that’s really frustrating,” she added.

Ms El Ashkar welcomed the support she has received from the academic community: following an outcry, an open letter urging LSE to advocate on her behalf has been signed by almost 1,000 supporters.

Although frustrating, she said her experience with immigration problems in the UK was nothing new for academics like her , who have had difficulty studying in the US, Canada and Australia.

“I think that the UK is just going along with that kind of policy towards academics coming from the southern world or from Third World countries or from the Arab world,” she added.

A Home Office spokesperson said: “It is longstanding government policy that we do not routinely comment on individual cases.”

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The Key to Better Math Education? Explaining Money.

An orange tip jar filled with money circumscribed by a blue circle with geometric markings.

By Peter Coy

Opinion Writer

I offer to pay you $200 in one year if you give me $190 today. Good deal or bad deal?

It’s the kind of math problem you might encounter in real life, as opposed to, say, whether the cosecant of a 30-degree angle is 1 or 2. You can imagine students perking up and paying attention when they realize that they need to know algebra to avoid being cheated on a loan.

Math and personal finance make a perfect fit. Students grasp concepts such as exponential growth and regression to the mean much better when they see how those subjects apply to their daily financial lives.

A survey in 2022 funded by the Bill and Melinda Gates Foundation found that 61 percent of parents of students said math education should be “relevant to the real world” but that only 21 percent said it was.

The drive for relevance goes beyond K-12 education. Some of America’s top universities are incorporating personal finance into their curriculums.

Harvard has a personal finance course in the economics department that’s taught by John Campbell, a past president of the American Finance Association. “Traditionally personal finance was regarded as a very sort of hands-on skill that you might teach to people who were going to a technical high school,” he told me. “There is, I would say, a modern movement to reconceive of personal finance as a subject with actually a lot more intellectual content.”

Last year Stanford hired Annamaria Lusardi, an expert in financial literacy, from George Washington University. In October she and other faculty members held a conference on teaching personal finance that included presenters from Dartmouth College, Loyola University in New Orleans, Pennsylvania State University, the University of Pennsylvania’s Wharton School and the Yale School of Management.

The question I opened this newsletter with comes from a finance-infused high school math curriculum, FiCycle, that was developed by a New York-based nonprofit, the Financial Life Cycle Education Corp.

It’s a good example in that answering it takes real algebra, the kind that makes a lot of students’ eyes glaze over. To know whether lending me $190 makes sense, you have to know the best alternative use of your money over the coming year. Let’s say it’s a savings account that pays 2 percent in annual interest.

You need to calculate the value to you today of receiving $200 a year from now. So you divide $200 by 1.02, with the 0.02 representing 2 percent interest. The answer is $196.08. That’s more than $190, so you should take me up on my offer. (You can ignore inflation because it affects your two options equally.)

In most high schools, personal finance classes are light on math, and math classes are light on personal finance. The FiCycle curriculum has plenty of each.

“The personal finance component is incredibly motivating for our high school students,” Philip Dituri, the director of education at Financial Life Cycle Education, who has a doctorate in math education, told me.

Dituri recalled one student who said she loved the FiCycle curriculum but hated algebra. “I thought, ‘Do I tell her it’s the exact same math?’”

Financial Life Cycle Education was founded in 2014 by Andrew Davidson, who runs a company that applies analytical tools to investment management. He has a bachelor’s degree in math and physics and an M.B.A. in finance.

Davidson told me that he kept calculus out of the curriculum to make it accessible to a wide range of students. “We think our course works for non-STEM students” but also for students in STEM disciplines such as finance, accounting, insurance and investment management, he said.

There is a national standard for personal finance education that was put together by the Council for Economic Education and the Jump$tart Coalition for Personal Financial Literacy. It emphasizes how to manage one’s finances. FiCycle focuses more on the underlying concepts. It’s about “how and why individuals and households transfer consumption over time,” Financial Life Cycle Education says .

I don’t want to put too much emphasis on FiCycle because it’s still small. Davidson said it’s being used in about 70 schools in about 20 states. The important thing is the idea that it’s promoting, which is that students learn math better through personal finance and personal finance better through math.

At Harvard, Campbell said, about a quarter of his students are the first in their families to attend college. “They want to bring expertise back to their families,” he said. “They’re some of the best students in the course because they’re interested in everything.”

I’ll have more to say in a future newsletter about other ways to promote sound personal finance, especially among disadvantaged populations.

Outlook: Carl Weinberg

Inflation in the eurozone currency area hasn’t fallen as quickly as was expected, making an interest-rate cut by the European Central Bank this spring less likely, Carl Weinberg, the chief economist of High Frequency Economics, wrote in a note to clients on Friday. He wrote that he nevertheless expects the bank’s governing council to make a “dovish pivot” in its comments after its meeting this Thursday.

Quote of the Day

“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct or more uncertain in its success than to take the lead in the introduction of a new order of things.”

— Niccolò Machiavelli, “The Prince” (1532)

Peter Coy has covered business for more than 40 years. Email him at [email protected]  or follow him on Twitter. @ petercoy

Purdue Mitchell E. Daniels, Jr. School of Business logo

Daniels School launches new economics undergraduate degree - QBE prepares students for a world in which ‘every company is a tech company’

Headshot of Kelly Blanchard

Kelly Blanchard Associate Dean for Student Experience and Undergraduate Programs Clinical Associate Professor of Economics

A new undergraduate degree program at Purdue’s Mitchell E. Daniels, Jr. School of Business brings together economic theory, business acumen, and statistical techniques to best prepare graduates to lead in the application of data to solve business problems.

The Bachelor of Science in Quantitative Business Economics (QBE) will welcome students in fall 2024. The new major has two main foci: business economics and quantitative data analytics, says Andres Vargas, director of undergraduate programs in economics at the Daniels School.

“It’s a combination of economic theory and advanced statistical tools, which allows graduates to make informed business decisions using data,” Vargas says.

Data analysis is a top in-demand skill for the foreseeable future, says Kelly Blanchard, the business school’s associate dean for student experience and undergraduate programs.

“It’s not enough anymore to say that STEM is a part of business,” Blanchard says. “Every company is a technology company in some way or another.

“Students who graduate from the QBE program are going to find that not only are they skilled in critical thinking, data analysis and technology, but they’re going to be able to solve a variety of problems across a range of areas, everything from human resources to marketing to finance problems,” she says.

Required courses in the QBE plan of study include data visualization and inference, econometrics, and advanced data analysis and machine learning.

All QBE students will tackle a capstone project toward the end of their program. They will partner with companies to solve a defined business problem using their new skill sets.

The new major is one of several exciting developments within the Daniels School’s economics department. The school now offers a minor in behavioral economics, and faculty associated with the new Center for Behavioral Economics, Experiments and Public Policy make research contributions in the field of behavioral and experimental economics to address important public policy and management questions.

Learn more about the Daniels School’s economics department .

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    Harvard has a personal finance course in the economics department that's taught by John Campbell, a past president of the American Finance Association. ... Financial Life Cycle Education was ...

  27. Daniels School launches new economics undergraduate degree

    Kelly Blanchard Associate Dean for Student Experience and Undergraduate Programs Clinical Associate Professor of Economics. A new undergraduate degree program at Purdue's Mitchell E. Daniels, Jr. School of Business brings together economic theory, business acumen, and statistical techniques to best prepare graduates to lead in the application of data to solve business problems.