Quotes from Economics Professors in UBC
Last year, 3 students in Vancouver School of Economics, interviewed the professors of the school regarding Economics, their interests in it and their research. Meet Our Faculty, as the page title reads, includes quotes and insights from all those interviews with each professor. I remember going through each of them meticulously. I have always enjoyed reading interviews. I think their informal nature and the question-answer style provides much more insight than a formal lecture. I was specially interested because these interviews give us, students, a much needed insight into how our professors think, how they got interested in Economics and how they do research, questions we should discuss in every class but we seldom do.
Last year when I was reading the interviews, I took notes for myself, so that I could go back to the notes and remind myself of some of the insights and advises given by some of the professors. However, I decided to publish it here because I do not wish to keep it just to myself. I hope, whoever is reading this, benefits from this quotes, because I definitely found more motivation for studying Economics and perhaps becoming a researcher one day!
Here are some of the questions asked and some memorable answers provided:
Why are you interested in Economics:
“Initially, I took economics because I wanted to have a better understanding of the world. It was a science in the sense that it was rigorous, logical and there was empirical evidence. At the same time, it left room for broader questions such as ‘What do people value? How do they behave? What is the role of history in explaining economic outcomes?’ ”
— Mauricio Drelichman
“As economists, we do not really get too hung up on defining what is a moral right or a moral wrong. The work I like takes a more agnostic position on this stuff and then tries to work out what is, in a non-ideological way. Now I’m sure there are lots of biases that end up getting in the way, we’re humans, but we at least have a methodology that tries to steer us away from being driven by them.”
— Patrick Francois
Why study Economics:
“Good question: I think there are two reasons that economics is a valuable field of study. The first is, economics gives you a very good theoretical basis for understanding how the world works in terms of our understanding of models, human incentives, human behaviour and other economic measurements. The classic example of when you open a newspaper having studied econ is a good one; you will definitely understand more and in more depth. My friends who’ve studied economics but then gone on to unrelated careers still tell me they are glad they studied economics for this reason.
The second reason is that studying economics gives you some very useful concrete empirical analysis skills, statistical tools and techniques that are applicable in other disciplines as well. These really help you to understand causal relationships. I remember before I began studying economics I read an article claiming that married people lived longer. While I didn’t go out immediately after and get married, I didn’t really give it a second thought, I just took it for granted. After studying economics you realize that claims like this make you start to think about what lurking variables might be present in given situations — maybe in the marriage example more people who are unmarried go off on crazy adventures that kill some of them, and that might bring that average value down, who knows? In any case economics helps you pick apart these scenarios with more rigour — tools that help a lot in daily life.”
— Thorsten Rogall
“I think people should study economics because it gives them powerful tools to look at the way the world works and gives them insights on the basic forces that govern their everyday interactions with people in everyday life. I think the way the world is moving these skills will be even more valued over time. We already see it in journalism: with examples of people like Nate Silver and websites like fivethirtyeight or Vox or the New York Times we see people becoming more focused on data and being quantitative and fact-driven in the way they study news-related phenomenon.”
— Henry Siu
How it is like to be an academic and researcher:
“I think you pursue this career because you like to think, really think about social issues. I think it’s a lot of fun, in that you can pick the topics you want to, so you have a lot of freedom, which is great! You get to meet a lot of really good students, both undergraduates and graduates, so it’s a very pleasant life. You can also sometimes write stuff that is relevant for public policy, and especially during times such as elections, you can advance the debate by clarifying things that may not be clear to voters.”
— Francesco Trebbi
“I think being in academia means academic freedom. I’m not tied to a political agenda or a company’s search for profits, I’m not restricted by others point of view. I think this freedom really allows you to ask the really important questions, because again you aren’t tied to politics or private enterprise.”
— Siwan Anderson
“Most people who become academics have this curiosity, this need to get some questions answered, and research really allows you to do that. For most people, pursuing your interests is usually a hobby, but for us, that is our livelihood! Another important part of being an academic is maintaining your curiosity, because unless you maintain your enthusiasm and curiosity for the subject you cannot successfully teach students. So being a researcher is about keeping your own curiosity alive, and communicating this curiosity to students.”
— Ashok Kotwal
What is Economics research:
“Research is about the magic of discovery and serendipity. So not going into research with a pre-conceived thesis, rather with an open mind and a fixed research question. Then trying to go through literature and empirical evidence to find out the unbiased truth. To be a researcher you have to have an open mind, and be aware of what has been done and also what is missing.
You cannot go into research with preconceptions because you are very likely to get a smack on the face. You need to be open to the possibility of different options. Additionally, you must learn to switch tracks quickly in order to follow the direction in which your data are taking you. Ideally we start with a conjecture about what is going on and look for ways to explore it with the
data available. We come up with conclusions that may stray very far from our initial conjecture. In fact, as a profession we really do not put a lot of weight on the conclusion. Instead we value how the research is done, its design, and its implementation.”
— Mauricio Drelichman
Advice from Economics professors to Economics students:
Get out your pencil and paper, it’s that simple. Practice. Understand the models and why they are the way they are. Know the math, and above all, make sure you ask lots of questions as they lead to deeper thinking.
You need some mathematical tools to help you as well, because, to a greater degree than other social sciences, economics is tied to mathematics. Above all you need to be concerned with global issues and helping to study and solve them.
I think I would encourage all students to actively participate in all of their classes, whether that means attending lectures, asking questions, attending office hours, or writing good papers. First, this would help them get better grades, and second, they would be noticed by their professors, whom they would need for references for jobs or graduate studies later on!
Another piece of advice I would give to students who asked what courses they should take to get a particular job. My answer was take courses that interested them. For example, when I taught in England, most of my students wanted to go into investment banking, and investment banking firms didn’t care about the courses that students take. They want students with high grades who
are enthusiastic, and who are good at solving problems. In other words, they want people who can think and who are good at what they choose to do.
For honors and masters’ thesis research, building very good relationship with 3/4 professors is very important. These are the professors you have good relationship with and who genuinely cares about your improvement and success, and; can help you to write your thesis.
