czelaya said:
1.) Could you elaborate on your 1st comment?
With a physics Ph.D., I can't get hired as a doctor, lawyer, accountant, or civil engineer because of licensing (not to say that it's a bad thing for the world that I can't be hired). However, I can get hired as a software engineer, car salesman, and without too much trouble as a stockbroker, because those either have no licensing or minimal licensing requirements.
Couldn't post docs fulfill those obligations in the form of an accreditation program once you receive a doctoral degree? Much like a residency.
Trouble is that the "accreditation" is a Ph.d. Also there isn't a well defined set of skills, like being a doctor or lawyer.
Really? But economic programs aren't professional licensed programs... are they?
Effectively they are. You get a job based on what peer reviewed publications. The problem with economists (and to a lesser degree physicists) is that it's hard to come up with objective criteria for competence so when you have to make decisions, it can get very subjective, very quickly.
4.) Well it seems that the market is over saturated with PhD's and is primarily due to the to easy access students have to fund their education (well-from my point of view anyway).
And for physics Ph.D.'s people have easy access because it's necessary to have graduate students to do research. The other thing is that I *don't* think that there are too many Ph.D.'s. The problem is an issue of market structure and demand.
However it does seem that society is not kind to researchers. Is it society or the researchers themselves that need to change?
It depends. Personally, if the US isn't kind to researchers, then eventually people will move elsewhere, and that will be bad for the US.
I've always been more drawn to free market oriented views and not been fond of Keynesian or socialist economic schools, respectfully.
I'm a free market Marxist that looks as markets from a physics point of view. You can mathematically prove that assuming A, B, and C with definitions D and E that F must occur. However, reality is messy in that you never have exactly A, B, and C and you have to be careful about definitions D and E because the technical meaning of D might be different from the meaning that most people assign to it.
In all honesty, my adherence to libertarian views is driven from my personal experience and the morals I've cultivated from those experiences.
One trouble with extrapolating from personal views is that economics has a nasty habit of changing. Based on the experience of the Soviet Union in 1960, one could naturally assume (incorrectly) that central planning was the ideal economic system. Similarly the fall of the Soviet Union led people to assume that free market capitalism was the way to go, but that hasn't seem to work that well recently.
The price mechanism is far too powerful of an efficient system to allocating scarce sources.
Under some mathematical situations, and under some definitions of "efficient" then yes it works very well, but because it works in some situations, doesn't mean that it's some universal law that works universally well in all situations. You look at a a market, you figure out how it works, you write some equations, and if you look really closely, you can often figure out a way of making money from that understanding.
The other thing is that "efficiency" isn't a unalloyed good. If you are juggling chain saws then you really want your shoes to have a lot of friction, because it means that you won't slip. We are at the point that many financial transactions happen in milliseconds and that makes people wonder if too much efficiency is a bad thing.
The other thing is that markets don't come into being fully formed, and a *lot* depends on the specific market rules. I know of one situation in which the behavior of the market is obviously impacted by what time the brokers go to lunch, and that has to be taken into account when writing equations that describe that market.
The fact that markets are incredibly complicated is I suppose a good thing, because it means lots of pretty high paying jobs for physicists trying to model them.