The economics thread

[rosh...@gmail.com]

Hi,

There is some interest in pursuing a degree in economics. I open this thread up for questions you might have on the issue.

Sakshi Tomar has gotten through the 2 year MSc in Economics program at LSE while Ritvik Singh has cracked the DSchool entrance and has gone to the Delhi school of economics. I'd ask them to lend their expertise and maybe write about their experiences as well.
I did apply and get through a couple of programs in my year so I'll surely answer/post after September 6th if not before that .

Regards,
Roshan Shankar

[sanya chawla]

Thank you so much Ritvik. It solved a lot of doubts.But I still have a few questions. So how easy it is for us engineers, to get into DSE/ISI? Also ,I have heard a lot about IGIDR, does it focuses again on mathematical economics? And the career options we have after graduating from ISI /IGIDR , are they more based towards Quantitative Research, is it? And, what are your plans after DSE?

Thanks and regards

Sanya 

On Wed, Aug 29, 2012 at 11:20 PM, Ritvik Singh <ritvik...@gmail.com> wrote:

I'll answer in this thread instead (Sanya's query)

A) Why M.A. and not MS?

> I haven't really thought about that. I guess it matters. Roshan would be able to elucidate on that better. I went for it purely because of my interest and wasn't keen on doing a random job meanwhile. Using masters as a cursor to switch my field and build upon that later.

The curriculum/academics here in DSE is quite intense with a strong focus on the mathematical/quantitative aspect. According to many, the pressure is excruciating and it can easily get messed up. Being from a tech background, it does you give you an edge since mainly Eco honours people are in my class and some from Math honours. A couple of misfit engineers here as well (IIT, NIT)

There are many electives that we can opt as per our area of interest from the second semester onwards; specialize or diversify across various areas. The first semester is general. Also, a dissertation course, but that depends.

B) Why not outside India?

> Since I don't have that stellar profile like which is required from students from a non-economics background and didn't plan ahead, I didn't apply for LSE et al. Sakshi would be able to elaborate on that. 

Also, the issue of scholarships/expenses. A couple of people I know didn't go to LSE solely they didn't get EME or a scholarship. This guy, Jasraj, got through the MSc (1 year) which is for students from Econ backgrounds, went to ISI instead. Plus, I'm not sure about a direct PhD convert. Only when I'm sure about the area of interest. It's micro, game theory and econometrics as of now. At one point of time, I wanted to approach it (Econ) through a sociological, philosophical and behavioural point of view. (Random)

C) Why D school and not other colleges (ISI, IGIDR )?

> About the faculty, DSE is known for research in econometrics, development economics and macroeconomics broadly. While ISI is known for mathematical economics, micro and game theory. These are general trends and vary from year to year depending on availability of faculty at that point in time. If you are sure of a PhD or further research in Economics, ISI is a better option. But if you are looking to specialize in certain areas, DSE would be a better option since it offers options. ISI is very restricted in that sense. The batch size in ISI is 30. While DSE, 120. (FYI)

D) Could you also please share with us what career options would be
available after PG from D school?

>  Post PG, there are various options. You can also work in corporate in consulting, analytics etc. You can also work in research organisation in policy, energy and various other sectors as an Economist. Or apply abroad if you've awesome profile. But I guess a MA is not a minting degree used for launching a career like a MBA.

Copy-pasting> Profiles mainly in: 

Business Analytics, Risk Advisory, Marketing and Sales, Research, Consulting, Investment Banking, Macroeconomic Modelling & Forecasting, Media, etc

Companies that come: 

Nomura, Goldman Sachs, American Express, Citibank, Genesis, Proctor & Gamble, Essex Lake Group, Accenture, Merck, HSBC, Genpact, ICICI, Royal Bank of Scotland, Pricewaterhouse Coopers, Deloitte, Hewlett Packard, GMR, India Infrastructure, IBM, Paypal, Encore Group, Kie Square, Target, AbsolutData, CEPA, IFMR, IMRB, RBI, TERI, Centre for Civil Society, and CRY

But yes, people are able to get into top PhD programmes after DSE. I know a couple of research scholars working at the CDE. I'll be able to elaborate on that later. DSE alums are spread out in Princeton, Chicago, Yale, NYU, Brown, Cornell, Wisconsin-Madison, Maryland, Penn-State, Indiana and Washington St. Louis, among others. Some in Stanford GSB as well.

Any other questions, let me know (sorry for the bad grammar)

Regards,

Ritvik

--
Ritvik Singh
Undergraduate Student
Electronics and Communication Engineering
NSIT

--
Sanya Chawla

Computer Engineering department

Netaji Subhas Institute Of Technology

Delhi University

[sanya chawla]

Thank you so much.:-)

On 29 Aug 2012 23:20, "Ritvik Singh" <ritvik...@gmail.com> wrote:

I'll answer in this thread instead (Sanya's query)

A) Why M.A. and not MS?

> I haven't really thought about that. I guess it matters. Roshan would be able to elucidate on that better. I went for it purely because of my interest and wasn't keen on doing a random job meanwhile. Using masters as a cursor to switch my field and build upon that later.

The curriculum/academics here in DSE is quite intense with a strong focus on the mathematical/quantitative aspect. According to many, the pressure is excruciating and it can easily get messed up. Being from a tech background, it does you give you an edge since mainly Eco honours people are in my class and some from Math honours. A couple of misfit engineers here as well (IIT, NIT)

There are many electives that we can opt as per our area of interest from the second semester onwards; specialize or diversify across various areas. The first semester is general. Also, a dissertation course, but that depends.

B) Why not outside India?

> Since I don't have that stellar profile like which is required from students from a non-economics background and didn't plan ahead, I didn't apply for LSE et al. Sakshi would be able to elaborate on that. 

Also, the issue of scholarships/expenses. A couple of people I know didn't go to LSE solely they didn't get EME or a scholarship. This guy, Jasraj, got through the MSc (1 year) which is for students from Econ backgrounds, went to ISI instead. Plus, I'm not sure about a direct PhD convert. Only when I'm sure about the area of interest. It's micro, game theory and econometrics as of now. At one point of time, I wanted to approach it (Econ) through a sociological, philosophical and behavioural point of view. (Random)

C) Why D school and not other colleges (ISI, IGIDR )?

> About the faculty, DSE is known for research in econometrics, development economics and macroeconomics broadly. While ISI is known for mathematical economics, micro and game theory. These are general trends and vary from year to year depending on availability of faculty at that point in time. If you are sure of a PhD or further research in Economics, ISI is a better option. But if you are looking to specialize in certain areas, DSE would be a better option since it offers options. ISI is very restricted in that sense. The batch size in ISI is 30. While DSE, 120. (FYI)

D) Could you also please share with us what career options would be
available after PG from D school?

>  Post PG, there are various options. You can also work in corporate in consulting, analytics etc. You can also work in research organisation in policy, energy and various other sectors as an Economist. Or apply abroad if you've awesome profile. But I guess a MA is not a minting degree used for launching a career like a MBA.

Copy-pasting> Profiles mainly in: 

Business Analytics, Risk Advisory, Marketing and Sales, Research, Consulting, Investment Banking, Macroeconomic Modelling & Forecasting, Media, etc

Companies that come: 

Nomura, Goldman Sachs, American Express, Citibank, Genesis, Proctor & Gamble, Essex Lake Group, Accenture, Merck, HSBC, Genpact, ICICI, Royal Bank of Scotland, Pricewaterhouse Coopers, Deloitte, Hewlett Packard, GMR, India Infrastructure, IBM, Paypal, Encore Group, Kie Square, Target, AbsolutData, CEPA, IFMR, IMRB, RBI, TERI, Centre for Civil Society, and CRY

But yes, people are able to get into top PhD programmes after DSE. I know a couple of research scholars working at the CDE. I'll be able to elaborate on that later. DSE alums are spread out in Princeton, Chicago, Yale, NYU, Brown, Cornell, Wisconsin-Madison, Maryland, Penn-State, Indiana and Washington St. Louis, among others. Some in Stanford GSB as well.

Any other questions, let me know (sorry for the bad grammar)

Regards,

Ritvik

On 28 August 2012 18:50, <rosh...@gmail.com> wrote:

[anumeha bansal]

Hi, 
Can someone shed some light on the kind of internships one should look out for, if they want to opt for economics later? 
Also if there are any research oriented intern opportunities at undergrad level for the same.

--

Anumeha Bansal

Undergraduate Student
Department of Information Technology, 
Netaji Subhas Institute of Technology
Sector-3, Dwarka
New Delhi

[aayush bansal]

Although this thing is not relevant for the given thread, but I will say one should start with the following relevant questions (in order):

1. Why this field? (Try to challenge your thoughts, believes and your myths will be gone.)

2. If this is 'the' field, than learn more about the current work in it. Best way is to pick up standard literature, some journals, conference proceeding. Know more about different groups and what they are working on.

3. Try to start with something small and build/grow over it. As they say, Start with what has been done, then do what is possible and finally you will be doing impossible.

4. You no more need anybody to tell you what, where and how. You are smart enough to figure it out.

If you really love something, it will come to you for sure. Just make sure it is the love and not infatuation. 

[roshan shankar]

I think this was a perfect post and really can't be emphasized enough! This needs to be put up in the group's description I think, as first rules! :)

Post more often! And do share your experiences :):)

[sanya chawla]

Please guide about TISS as well and the various Master programs there. How is the masters in development studies ? How does it compare in terms of placements and faculty?

On Sun, Sep 9, 2012 at 1:50 PM, Ritvik Singh <ritvik...@gmail.com> wrote:

Can someone shed some light on the kind of internships one should look out for, if they want to opt for economics later? Also if there are any research oriented intern opportunities at undergrad level for the same.

>Considering you satiate the first rules and depending on your area of interest, some keywords that Econ students generally throw around:

ICRIER, Planning Commission, RBI Young Scholar, Institute of Economic Growth, CCS, CERPA (Centre for Research, Planning and Action), Centre for Policy Research, Centre de Sciences Humaines, Centre for Policy Alternatives, Centre for Trade and Development (CENTAD); Centre for Innovation, Incubation and Entrepreneurship, IIM-A; FICCI, CII-Research, TERI, International Market Assessment (IMA)

To go a bit off-topic, projects/papers/SOPs matter the most since our college is not that well known and research publications in journals, conferences et al will make the app decent, get started in relevant project work/independent research all around, preferably with professors from DU, IIT-D, ISI, or elsewhere. Since, it is like mainly switching a field and isn't at the intersection of engineering and economics (like Operations Research) getting EME in LSE or other top programs abroad is really tough. For that MSc (2 year) is there, for people with no prior Econ background. Attending summer school/certifications would be advisable?

Rest, Sakshi/Roshan would be able to give some specific/detailed perspective/insight/expertise, apart from, (http://www.nsitonline.in/component/content/article/143-studentexperiences/418-roshan-shankar.html), it'll be much appreciated. :)

[aayush bansal]

Do you guys also consider Statistics or Mathematics? Randomly asking.. I know nothing about this stuff :P

On Mon, Oct 1, 2012 at 3:42 PM, Ritvik Singh <ritvik...@gmail.com> wrote:

Hi,

I don't know much about TISS or IGIDR since I didn't apply there. All I've heard is that it is 'good' (:P). Can't say much about the scope. TISS/IGIDR/JNU. IGIDR has a MPhil in Dev Econ but that requires a masters first I guess. IGIDR has better placements than TISS.

Frankly speaking, development courses are more structured abroad (UK/US) and one has a greater scope of progress after that degree. But it depends on various factors. And, as far as I know, they require a Econ background or relevant work-ex, so you'll have check that out. Every year, 1-2 Delhi university students go for Oxford's MSc in Economics for Development, though the program is very selective and is taken as a pre-cursor for a PhD. Though, after the new visa regulations and everything, the university should be a Russell Group (UK) one to have some reasonable change of getting a visa extension for a job etc.  

Anyway, mine the urch's Econ forums for information regarding universities abroad. For instance, putting a few random (and funny) links here, to get started;

http://www.urch.com/forums/phd-economics/

http://www.urch.com/forums/phd-economics/143481-unanswered-questions-dev-eco.html

http://www.urch.com/forums/phd-economics/132464-lse-admissions-msc-economics.html

http://www.urch.com/forums/phd-economics/141447-question-about-lses-msc-program.html

http://www.urch.com/forums/phd-economics/105296-help-needed.html

http://www.urch.com/forums/phd-economics/142406-applying-top-phd-econ-us-plz-help.html

http://www.urch.com/forums/graduate-admissions/89080-masters-development-studies-oxford-vs-lse.html

http://www.urch.com/forums/phd-economics/119926-how-well-should-real-analysis-be-learned-econ-phd-preparation-4.html

http://www.urch.com/forums/graduate-admissions/94558-oxford-dev-eco-vs-eco-delhi-school-economics.html

http://www.urch.com/forums/graduate-admissions/41396-ma-econ-india.html

http://www.urch.com/forums/phd-economics/125723-evaluating-evaluator-my-chances-jpal-ra-position.html

http://www.urch.com/forums/phd-economics/143081-engineering-student-want-shift-behavioral-economics-help-needed.html

http://www.urch.com/forums/graduate-admissions/109116-lse-grad-admit-funding-issue.html

Regards

Ritvik

[aayush bansal]

I see. How much influence does Psychology have on economics?

On Mon, Oct 1, 2012 at 4:13 PM, Ritvik Singh <ritvik...@gmail.com> wrote:

Hmm. Stats and Maths, more concerned about the application part to economics than the areas themselves. You must've heard about Econometrics? and Stochastic Processes, Time Series. In Maths (or Math Econ), Dynamic Optimization, Real Analysis, Linear Algebra and graduate level Calculus. Since for many decades, there has been a stress to explain Econ through pure mathematical models (micro, game theory) and differentiating itself from the other 'social' sciences like Sociology et al. But overlaps in other branches always remain (Just a broad view). Pure Stats, didn't consider it. Depends on the person.

Pure maths masters/PhD? There must be some huge inclination/interest and aptitude for that. Very few Terence Tao type people in this world :P A bachelors in Maths helps a lot for further graduate study in Econ, though.

[aayush bansal]

I am interested in some text which suggest 'How to be rational when you are irrational while making decisions'. Do you have some in mind?

On Mon, Oct 1, 2012 at 4:24 PM, Ritvik Singh <ritvik...@gmail.com> wrote:

There's a relatively new field. Behavioural Economics which incorporates psychology of judgement under uncertainty and decision-making and the applications in Econ. Daniel Kahneman and Amor Tversky laid the foundation. And, Kahneman got a Nobel for his work on Prospect Theory (2002). Read about Prospect Theory or the book, Thinking Fast and Slow for a general view. 

[aayush bansal]

or how to know if you are rational/not-rational while you make decisions..?

[sanya chawla]

Thank you so much Ritvik. I am in introspecting these days and very confused about the different fields . I have inclination towards Public Policy, but I'm nt sure how beneficial it would be to go for MPP so soon. And I am looking for a mix of Eco/Finance and Policy. In India, IGIDR and DSE are great but options of mainstream economics. IIMB offers Public Policy but I m not too sure about it.

Besides could you also tell me the difference between Development Economics and Public Economics? And also how development economics compares with Public Policy?

Thanks a lot again.

On Tue, Oct 2, 2012 at 3:07 AM, Ritvik Singh <ritvik...@gmail.com> wrote:

Uhm, 

http://www.hss.caltech.edu/~camerer/Ec101/JudgementUncertainty.pdf
http://www.econ.tuwien.ac.at/lotto/papers/Kahneman2.pdf

[Nishant Gupta]

For something related to irrationality, you can read the work of Dan Ariely,
He has authored books on irrationality like 'Predictably Irrational' and 'The Upside of Irrationality'.

http://danariely.com/
https://en.wikipedia.org/wiki/Dan_Ariely

[aayush bansal]

One question: What do they teach in a B-school that when a person graduates from there, (s)he is of a great value to a company?

Please consider it as a honest question. I know nothing as how B-schools work.

On Wed, Oct 3, 2012 at 3:30 PM, Ritvik Singh <ritvik...@gmail.com> wrote:

Sorry, IIMB's. It requires 5 years work-ex, though

On 4 October 2012 01:24, Ritvik Singh <ritvik...@gmail.com> wrote:

I think what you're getting at is IIMA's PGP-PMP? Think about 'Why this field/course?'. Do some research and follow up on the people in that area, like an endless pursuit. 

I've had fluctuating interests as well, how to approach it and scope; exploration phase, that is. It's a game between infatuation and genuine interest, depends on the sociological influence, choice/preferences, what the current situation is and the short-term, long-term payoffs. It gets clearer when you test it out, get to know what excites you and press on. How development economics compares with public policy, in terms of what? Subjective question 

If you're more research oriented, public policy/development/government, Roshan would be able to share some better insights. About Stanford and J-PAL.

I'm more into microeconomic theory (decision theory, social choice, game theory, market mechanism design, auctions, econometrics).

[sanya chawla]

Thank you so much Ritvik. Oh, I didnt know that they require 5 years of experience.

--
Sanya Chawla

Final year student

[S]

Roshan, which econ programs did you get into during your time? And how did you go about applying to them?

Thanks.

[S]

Ritvik,

Do all DSE graduates stand on an equal footing at the end of two years? Or does the undergraduate degree matter (in terms of 1. subject, 2. percentage and 3. institution) during placements/foreign admissions?

Thanks.

On Wednesday, 29 August 2012 23:20:50 UTC+5:30, Ritvik Singh wrote:

I'll answer in this thread instead (Sanya's query)

A) Why M.A. and not MS?

> I haven't really thought about that. I guess it matters. Roshan would be able to elucidate on that better. I went for it purely because of my interest and wasn't keen on doing a random job meanwhile. Using masters as a cursor to switch my field and build upon that later.

The curriculum/academics here in DSE is quite intense with a strong focus on the mathematical/quantitative aspect. According to many, the pressure is excruciating and it can easily get messed up. Being from a tech background, it does you give you an edge since mainly Eco honours people are in my class and some from Math honours. A couple of misfit engineers here as well (IIT, NIT)

There are many electives that we can opt as per our area of interest from the second semester onwards; specialize or diversify across various areas. The first semester is general. Also, a dissertation course, but that depends.

B) Why not outside India?

> Since I don't have that stellar profile like which is required from students from a non-economics background and didn't plan ahead, I didn't apply for LSE et al. Sakshi would be able to elaborate on that. 

Also, the issue of scholarships/expenses. A couple of people I know didn't go to LSE solely they didn't get EME or a scholarship. This guy, Jasraj, got through the MSc (1 year) which is for students from Econ backgrounds, went to ISI instead. Plus, I'm not sure about a direct PhD convert. Only when I'm sure about the area of interest. It's micro, game theory and econometrics as of now. At one point of time, I wanted to approach it (Econ) through a sociological, philosophical and behavioural point of view. (Random)

C) Why D school and not other colleges (ISI, IGIDR )?

> About the faculty, DSE is known for research in econometrics, development economics and macroeconomics broadly. While ISI is known for mathematical economics, micro and game theory. These are general trends and vary from year to year depending on availability of faculty at that point in time. If you are sure of a PhD or further research in Economics, ISI is a better option. But if you are looking to specialize in certain areas, DSE would be a better option since it offers options. ISI is very restricted in that sense. The batch size in ISI is 30. While DSE, 120. (FYI)

D) Could you also please share with us what career options would be
available after PG from D school?

>  Post PG, there are various options. You can also work in corporate in consulting, analytics etc. You can also work in research organisation in policy, energy and various other sectors as an Economist. Or apply abroad if you've awesome profile. But I guess a MA is not a minting degree used for launching a career like a MBA.

Copy-pasting> Profiles mainly in: 

Business Analytics, Risk Advisory, Marketing and Sales, Research, Consulting, Investment Banking, Macroeconomic Modelling & Forecasting, Media, etc

Companies that come: 

Nomura, Goldman Sachs, American Express, Citibank, Genesis, Proctor & Gamble, Essex Lake Group, Accenture, Merck, HSBC, Genpact, ICICI, Royal Bank of Scotland, Pricewaterhouse Coopers, Deloitte, Hewlett Packard, GMR, India Infrastructure, IBM, Paypal, Encore Group, Kie Square, Target, AbsolutData, CEPA, IFMR, IMRB, RBI, TERI, Centre for Civil Society, and CRY

But yes, people are able to get into top PhD programmes after DSE. I know a couple of research scholars working at the CDE. I'll be able to elaborate on that later. DSE alums are spread out in Princeton, Chicago, Yale, NYU, Brown, Cornell, Wisconsin-Madison, Maryland, Penn-State, Indiana and Washington St. Louis, among others. Some in Stanford GSB as well.

Any other questions, let me know (sorry for the bad grammar)

Regards,

Ritvik

On 28 August 2012 18:50, <rosh...@gmail.com> wrote:

Hi,

There is some interest in pursuing a degree in economics. I open this thread up for questions you might have on the issue.

Sakshi Tomar has gotten through the 2 year MSc in Economics program at LSE while Ritvik Singh has cracked the DSchool entrance and has gone to the Delhi school of economics. I'd ask them to lend their expertise and maybe write about their experiences as well.
I did apply and get through a couple of programs in my year so I'll surely answer/post after September 6th if not before that .

Regards,
Roshan Shankar

[saumya sharma]

Hi, 

I am very confused between MSc Eco from LSE and MA Eco from DSE. Can anyone offer advice on which one is better and for what reasons? Really need some help here.

[nsn...@gmail.com]

Saumya,

Go for LSE - no matter what the cost or the debt it causes you to incur - the brand of LSE is comparable to The best--  but even more than that the global exposure you get and your interactions with some of the best minds as well as the kind of responsibilities it prepares you to carry and the kind of positions it opens up-- will make it totally worth your while and a decision you will never regret.

I say this as a alumnus who is a entrepreneur and who has seen a lot of the world and life and interacted with both products of both the schools you mention as well as the folks hiring them.

All the best... Hope that convinced you to go for LSE.

Best regards,

Nalin

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[saumya sharma]

Hi Nalin,

I very much want to go to LSE but I have heard unpleasant things about the job prospects over there, in the UK. I don't want to come back to India and do a job that a DSE graduate could get. Could you shed some light on the job scene in the UK?