Halloween is a highly commercialized holiday in the US, with people of all ages celebrating and spending. Expected Halloween spending of US consumers in 2012 almost equals government expenditures of Kenya. According to surveys conducted annually by the National Retail Federation, in last five years total spending on Halloween in the US grew from $4.96 billion in 2006 to an expected $8 billion in 2012. After a significant drop in spending in 2009, consumers managed to bring it back up to the level of a previous year in 2010.

Google’s California headquarters is one of the more unusual places where you might find economists hard at work. While economists did not have a place at Google when it launched in 1998, by 2002 Google had begun to hire economists in advisory roles as the demand for Google’s ad space grew in size and complexity.

“You can’t be an economist without noticing all the interesting things about how the economy works, it is natural to be interested in it and I have had the privilege to be able to study it” said Alvin A. Roth answering questions during the unexpected 4am call from Sweden. Together with Lloyd S. Shapley, Roth was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel – more commonly known as the Nobel Prize in Economics – “for the theory of stable allocations and practice of market design”. During the award speech the field was described as being  “…about economic engineering, [and] how to design certain markets where the traditional market mechanism is expected to not work well.”

Data published on OECD.Stats Extracts gives an overview of the absolute numbers of graduates from tertiary type-A and advanced research programs for all standard fields of education.  According to the International Standard Classification of Education (ISCED), economics and economic history fall under the category of Social and Behavioral Science (business and related disciplines are not included). The graph presented above includes aggregated data for countries with the largest number of graduates in social and behavioral science* for the year 2010. The number of graduates from the US significantly out numbers graduates from other OECD countries, leading in every other discipline as well. Unfortunately, there is no information available on the exact percentage of economists among the graduates.

Considering the remarkable technological progress and the spread of social media in the last few years, it can be challenging to teach and involve students when using an old-fashioned lecture style. Shelving overhead projectors and boring PowerPoint slides, some professors have converted to “education 2.0”, integrating new tools and applications into their class format.

After our tour of economics conferences this summer, the INOMICS team was impressed by the number of young economists at these events. Anecdotally, many delegates have the impression that there is a trend towards younger academics at even long-established, annual events, as well as more female delegates than were present in the past. Perhaps the time of economics conferences as the preserve of distinguished, yet silver-haired, bearded men is coming to a close.

On November 16, 2006 the world lost one of the most influential economists of the twentieth century. Today, July 31, 2012, Milton Friedman would have celebrated his 100th birthday, which makes it perhaps a fitting time to stop for a moment and recall some of his contributions to the field.

‘Open Access’ has been a bit of a buzzword in academic circles over the last couple of years. Its rise to popularity has come from a combination of factors including the increased price to access academic journals, as well as increased access to the internet, which has had the effect of speeding up the rate at which information travels.

Source: Survey on Research Funding for the Social Sciences in Europe, Ramon Marimon, Igor Guardiancich, Mike Mariathasan, Eva Rossi, European University Institute, 2011

The China Economic Review from last month ran an interesting piece by John van Fleet about the 150,000+ Haigui (海归) currently studying in the USA (Haigui, literally “Sea Turtles” is the name given to Chinese students studying abroad). Van Fleet discusses not only the challenges of interaction between international and domestic students, but also the economic impact for both host and origin country.

With English being considered the “must-have language”, is there a need for economists to learn a foreign language, or does it concern only those who work or want to work in the business field in a non-English speaking country?

What happens to economics students once they complete their first degree? Here is a snapshot of economics graduates’ activities detailing their occupation six months after graduation.

A few weeks ago I came across an interview on TechCrunch with Brian Kibby, the president of McGraw-Hill Higher Education, discussing his positive outlook on the future of e-books, e-content and generally the future of what he calls ‘super adaptive learning.’ Contrary to what one might expect from a textbook publisher, Kibby explains in the interview that he expects to see a significant increase in the adoption of e-materials within the next year and full adoption within three years. Optimistic?

In between the common subdisciplines of economics like international or financial economics, lie many much smaller specializations, for example the economics of language. The term “economics of language“ is defined by François Grin, to be “the paradigm of mainstream theoretical economics and uses the concepts and tools of economics in the study of relationships featuring linguistic variables, it focuses principally, but non exclusively, on those relationships in which economic variables also play a part”.

The Tilburg University Economics Ranking Sandbox For anyone that doesn’t know it, the Tilburg University Economics Ranking, which ranks economics departments based on contributions to articles published in any one of 62 (mostly English-language) economics-related journals, is well worth a look.

The cost of education varies enormously depending on what one studies and where. In the last few years, there has been plenty of hype about the ‘Higher Education Bubble,’ brought to the attention of the media by the Economist last year. This phenomena seems to be particularly prominent in the business-oriented fields worldwide and as an overarching situation in the US.

Just two days ago Time magazine released a list of the 100 most influential people in the world. Among other prominent figures included in the list is Hans Rosling, a doctor and statistician, who became famous after his “TED talk” in 2006. In the video released by BBC four years later, Hans Rosling presented statistical data about 200 years of world development in the most creative and clear way the world had ever seen. The video got over 5 000 000 views on You Tube. A complicated subject, feared among generations of students, was transformed into a mind-blowing show. This video will show you how.

The move from high school to university or college can be a daunting one, often made more difficult by the question ‘what am I going to study.’ This is naturally influenced by personal interests, past experiences, parents, friends, and teachers, but when it comes down to it, it is the student that has to decide what is interesting for them. I have taken a troll around the Internet to see what people have to say in favour of studying economics and come up with some interesting answer.

Unemployment For College Majors

Source: Survey of the labor market for new PH.D. hires in economics 2011 – 12, Sam M. Walton College of Business, University of Arkansas:

The financial sector in the UK is and will continue to be a major driver of economic growth, and the long term prospects are good both for the sector and for jobseekers. In fact, a recent report from Oxford Economics predicts that the Financial Sector will be the main driver of British economic growth over the next two decades. In the short term, though, stagnation and hesitation among big financial companies is being mirrored by a sense of opportunism in smaller ones. The result is a greater diversity of opportunities in the financial sector, and a different landscape of employment prospects for professionals at all stages of their careers in finance.

Every year, Max Bazerman, a Harvard Business School professor runs the exact same experiment with his students. In short form, he auctions off a $20 bill but places strict rules on how the betting can take place regulating who pays, and who wins.

A big part of ASSA Annual Meeting (check out our post on 2012 ASSA Annual Meeting held in Chicago) is the role that it plays in the life of a PhD economist searching for their first job. Although some graduates choose less conventional ways of approaching the Job Market, for most graduating PhDs, the meeting is where they meet with potential employers, strut their stuff, present their Job Market Papers (JMP) and hope to the high heavens for a fly-out, and, after that, an offer – preferably at their number one choice. If all goes well this process should be over by early March with a good majority of top 50 schools’ graduates having at least one job offer on the table.

New Ph.D Hires in Economics: Expected and Actual Offers for the 2010-11 Academic Year