How can you determine which area of economic research to specialize in?

I have reservations about advising young economists like me to identify our passion, as many confuse passion with something innate that you just need to search for within yourself. Instead, I encourage a journey of self-discovery by actively engaging in their studies, and academic projects, dedicating time to explore research papers on various topics, attending economic seminars, listening to economic podcasts and so on. Throughout this exploration, it's crucial to be conscious of their emotional responses; what excites you, what doesn't resonate with you, what ignites your curiosity. In many instances, your favorite subjects or topics you find interesting gradually evolve into your true passion as you invest more time in nurturing it.

In my experience choosing what area of application in economics that one wants to specialise in depends on a fine balance between what one is broadly interested in and what opportunity is available for them to grab. Specialisation is a learnt skill underpinned by the above two attributes. So if, for example, you are broadly interested in population health and wellbeing and encounter an opportunity to train in/do health economics, it’s not a bad idea to give it a go. Same applies to other application areas.

There are several reasons why I choose to specialize in health economics: The healthcare industry is continuously evolving and represents a significant portion of most economies. Specializing in health economics offers opportunities for research, policy development, and consulting. This specialization can lead to a variety of career opportunities. Health economics research can address critical questions related to healthcare costs, quality, access, and efficiency. Economists can contribute to innovative solutions in this field. Health economists can have a significant influence on healthcare policies, helping to shape decisions that affect the allocation of resources and the structure of healthcare systems.

Economics surrounds us, it’s how we think, behave and choose. The choices we make according to the incentives we face and the resources available to us are so intricately intertwined and then combine in the infinite combinations of people making those choices. As it is such a complex area that spans across the sciences and arts there are many aspects of economics that can benefit from the diversity of thought. Various geographies face many challenges especially in a world where a lot of the traditional thinking just doesn’t go far enough. Finding something you like, day in, day out and use that to fill in the gaps. The public sector is a great place to think through major issues and solving them with policy.

Do what you love if you want to love what you do. Instead of thinking about how much money you can make for you, find something that inspires you to learn, grow and be the best you can be.

Be skeptical. The fields of economics advance because economists weren’t satisfied with the work that had already been done, and thought there were better ways to think about it. You cannot be a successful economist by mastering what others teach you: you must advance your field by not being content with what you have been taught.

Do not narrow this exploration - gone is the time when one paradigm dominated economic thought and specialization meant filling in existing gaps through theoretical or empirical work. To go beyond the paradigm, it can be very productive to look at the frontiers of economics and other disciplines - such as the frontier with psychology, that led to the development of behavioral economics; with computing & data science, with impacts on modeling and prediction, the development of models of digital economics; or with biology - where ecology has influenced the evolution . So go browse around academic materials and academic events from other disciplines, with an open & creative mindset.

Consider yourself a rational agent in a knowledge market. Use comparative statics to assess demand for research topics and supply-side factors like data availability. Finding a research gap?

Networking is super important when it comes to making career decisions. By reaching out to people, we can expand our knowledge about different job roles, understand what a typical day looks like in those roles, and learn about the skills and qualifications needed. Plus, these connections can be really helpful throughout our career. They can provide us with opportunities to learn from others, get guidance and mentorship, and even refer us to job openings.

Networking is the 'social capital' that often goes underappreciated in economic research. Engaging with peers and mentors through professional associations or online communities can provide invaluable insights into the nuances of different specialisations.

Starting the job search can be a headache for those students who did not get used to socializing during their university years, and, therefore, neglected to build a solid network of contacts. You may also be interested in: 4 ways to increase your network of contacts from scratch This ability can even help you discover career colleagues with similar tastes and interests, thus generating the possibility of creating an innovative business or project. For such aspirations there are different workshops or events organized by the higher education institutions themselves. Although, without going too far, you can look at the following 3 ways to network: Friends of friends Teachers Congresses

This is the 🔑 - if you want to really specialise and/or research in Economics, the most important attribute is to be open to be mentored. Learn and network and ask experts questions; drop a message or two. Don’t be relutctant!

Treat your career like a portfolio of investments in the knowledge economy. Dabble in projects and courses across various economic domains to spread your intellectual risk and identify high-returns areas.

In economic terms, think of your career as an asset portfolio where specialisation is akin to "putting all your eggs in one basket," while diversification is like holding a mix of different assets. Specialising gives you depth, turning you into a subject-matter expert, but diversifying by exploring adjacent fields adds resilience and adaptability

First of all, be sure you have an impact objective: what do you need to know for changing “what” dynamics…. A purposeless research is a mechanical exercise with no other output than exercising research… it might lead to something useful fire some… but: what are you looking for? What impact you want to generate and push forward? This should be a basic…, so that meaningful research takes place and , particularly, meaningful for you as a researcher

If you are an economics researcher, you may already know econometrics is the branch of economics that focuses on the use of statistical and mathematical methods to analyze economic data and make decisions based on that data. Econometrics allows us to make accurate inferences about the real world. There are several reasons why you should research subjects in econometrics. First of all, econometrics allows you to better understand the economy. Through data analysis, econometrics helps us understand how different economic variables are related and how these variables affect economic behavior. This allows us to make accurate predictions about the future behavior of the economy and make informed decisions accordingly.

Quick Checklist: - Identify interests and passion within economics. - Assess relevance and potential impact of research areas. - Consider data availability and resources. - Evaluate existing gaps and opportunities for contribution. - Seek guidance from mentors and professionals. - Stay updated with current trends and emerging areas. - Consider career prospects and opportunities. - Reflect on strengths and expertise. - Explore interdisciplinary approaches. - Continuously learn and adapt to evolving interests and opportunities.

Consider which area of economics appeals to you the most. Remember that economics is a social science. The social part is what makes it so fascinating. It’s all about behavior and psychology. Which areas do you find behavior most unpredictable or most changing. Those are areas you might find most interesting to conduct research.