Explicitly, an entry-level PhD economist at [place] makes twice as much as an entry-level MS data scientist.
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now--the difference in academic rank corrupts the comparison, but frankly I don't see how economist MPL could be so much greater, especially
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. . . given the general econometric ignorance of ML methods outside of a few weirdos like Athey, Varian, Bajari, etc and their acolytes
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. . . and the total lack of enterprise-scale data training built into most phd programs. In academy, economics is nearly pure Small Data.
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Pretty much all we do well is causal inference and time series. And these are super-important and lacking in the commercial settings . . .
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where I've worked and/or interviewed, but also mostly seems like most employers (excluding Amazon) aren't addressing them anyway. So, idk
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Caveat emptor galore, this is based on broad impressions of the current labor market and anecdata rather than deep or systematic analysis.
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In the absence of understanding any of that, reliance on educational quality signals creates large perceived talent gaps?
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Yeah, that was one of my guesses too. (But do economists actually seem higher-type than data scientists?)
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Yes, to me. I associate "economist" with high-status, high-knowledge, specialty focus.
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I associate "data scientist" with someone who is good at Excel and SQL and crunches many spreadsheets, whether true or not.
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Probably because I think anyone can call themselves a "data scientist" but if you call yourself an "economist", show your PhD or gtfo.
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(This reflects my instinctive reaction, not necessarily my considered stance, obviously)
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Huuuh. Probably about right actually, maybe a hell of a lot of range in DS skill sets + lots at the bottom
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The external DS job posting at [firm] got taken down because of a tsunami of garbage candidates actually
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Hayek didn't see that coming huh? checkmate
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