Silverstein, Merril, Stephen J. Conroy, Haitao Wang, Roseann Giarrusso and Vern Bengtson (2002).
“Reciprocity in Parent-Child Relations Over the Adult Life Course,” Journal of Gerontology: Social
Sciences, 57B(1), January, S3 -13. (PDF file not available . . . go directly to journal site.)
Here is a chart from the Census Bureau
(1993) which demonstrates the value of an economics major compared to 10 other majors. (Note that economics ranks second, behind engineering!)
If you would like more in-depth analysis, click here to download an article by Daniel Hecker (Monthly Labor Review, December 1995 in Adobe PDF format) which compares earnings by major for several different majors. Hecker finds median earnings for economics majors rank 2nd highest (out of 30 possible) among women and 7th highest among men.
According to an article written by Michael Nieswiadomy entitled LSAT Scores of Economics Majors in the Journal of Economic Education, 1998, "Among the 14 majors that had more than 2,000 students taking the exam, economics students received the highest average score in both [1991-1992 and 1994-1995] years [of the study]".
Where can I find additional information about economics majors and the field of economics?
South-Western Publishers has an excellent Careers in Economics site which provides background information on becoming an economics major, career opportunities, and average salary information.
National Association for Business Economists is a national organization which may provide information about working in private industry as an economist (usually at the Masters or Ph.D. level). NABE provides a special NABE Career Center page, which includes a link to a brochure entitled, "Careers in Business Economics," which is quite informative.
Job Openings for Economists or "JOE" is an on-line job listing for economists coordinated by the American Economics Association. Most of these jobs require a Masters or Ph.D. in economics, but some--especially some of the government jobs--may only require a Bachelor's degree.
Before doing anything else, check the job market in your prospective field to see what current/future conditions are--in terms of salaries, hiring practices, etc.
Consult reliable sources (e.g. Peterson's Guide) to determine the rankings of graduate programs.
Prepare to apply to some of the very best, some average programs and even a few less-desireable programs just in case. Generally speaking, you should
attend the highest-rated program you possibly can. As the saying goes, "Pedigree is everything!"
Prepare to take the relevant entrance exam(s) in advance to provide an opportunity for preparation.
Ask professors in advance to see if they can write letters of recommendation for you (see next section).
Exam scores, grades and letters of recommendation (usually in that order) are the most important ways to distinguish yourself among other prospective
One of the best ways in which to distinguish yourself among graduate school applicants is to participate in research projects. I encourage you
to participate in USD's Student Research and Internship Conference in the Spring. Recent award winners can be found by clicking
Consider approaching faculty members in your area to discuss publishing or presenting a paper at a conference.
Federal Budget Information
(Go to most recent budget and look at the "Analytical Perspectives" section. Usually around
Chapter 12, you may find very interesting and useful information on Federal Borrowing and Debt.)
Monetary Trends from Federal Reserve Bank of Saint Louis
including interest rate time series and other monetary data.
Selected Interest Rates (From Federal
Reserve Board of Governors, Series "H.15 Weekly"). The Following Rates Are Found in This Series and
Have Been Listed Below in Order of Generally Increasing Risk and Hence Rate:
Discount Rate--Discount Window Borrowing Rate (Rate Fed Charges to Member Banks),
Federal Funds Rate (Rate Commercial Banks Charge Each Other for Loans),
T-Bills--Treasury Maturities (Secondary Bond Market Determines Rate),
Prime Rate--Bank Prime Loan (Rate Commercial Banks Charge to Their Best or 'Prime' Customers for Short-Term
See also Selected Interest Rates H.15 Daily Update to get a daily snapshot.
An interesting article from the Levy Institute
on the minimum wage price floor and whether it binds or not. (For a counter-argument, read "Who Minimum Wage Increases Bite: An Analysis Using Monthly Data from the SIPP and the CPS," by Burkhauser, Couch and Wittenburg in Southern Economic Journal, 67(1), July, 2000, 16-40.)
Mortgage Payments Worksheet that I created in Excel Spreadsheet format, using basic amortization schedule formulas. Try it for fun . . . but always consult your mortgage lender before making any important decisions!