Comments on: The Disadvantage of a PhD in Economics http://andheblogs.andyrush.net/the-disadvantage-of-a-phd-in-economics/ Fri, 10 Feb 2012 03:21:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Andy Rush http://andheblogs.andyrush.net/the-disadvantage-of-a-phd-in-economics/comment-page-1/#comment-289 Andy Rush Mon, 20 Feb 2006 15:22:52 +0000 http://andheblogs.andyrush.net/?p=138#comment-289 I may have been too hasty to ascribe accounting talents on Ken Lay. Let's try this approach - would there be any signals, such as the ones the Fortune magazine reporter announced ("Is Enron Overpriced") that would begin some internal investigation by Lay, or would he not ask any questions because his stock portfolio was doing so well. I may have been too hasty to ascribe accounting talents on Ken Lay. Let’s try this approach – would there be any signals, such as the ones the Fortune magazine reporter announced (“Is Enron Overpriced”) that would begin some internal investigation by Lay, or would he not ask any questions because his stock portfolio was doing so well.

]]> By: rrycroft http://andheblogs.andyrush.net/the-disadvantage-of-a-phd-in-economics/comment-page-1/#comment-287 rrycroft Sat, 18 Feb 2006 04:11:37 +0000 http://andheblogs.andyrush.net/?p=138#comment-287 I have not seen the movie and have not been following this story closely. I have no idea whether Ken Lay is guility or innocent. But, speaking as a PhD in economics, there is absolutely no reason why a PhD in economics should know anything substantial about accounting. Economics is not the "study of business" nor is it a training ground for people who want to run businesses. It is a methodology for doing research on a wide variety of topics. The operations of large corporations might be one of those topics among millions more. I will bet 90% of economists have never studied a bit of accounting, and 95% of them do not need to know any accounting to do their jobs. I am trying to think of an analogy here. It is like saying all instructional technology specialists know how to do the electrical wiring that provides the power to a large mainframe supercomputer. It is all computers, isn't it? Obviously not. I have not seen the movie and have not been following this story closely. I have no idea whether Ken Lay is guility or innocent. But, speaking as a PhD in economics, there is absolutely no reason why a PhD in economics should know anything substantial about accounting. Economics is not the “study of business” nor is it a training ground for people who want to run businesses. It is a methodology for doing research on a wide variety of topics. The operations of large corporations might be one of those topics among millions more. I will bet 90% of economists have never studied a bit of accounting, and 95% of them do not need to know any accounting to do their jobs.

I am trying to think of an analogy here. It is like saying all instructional technology specialists know how to do the electrical wiring that provides the power to a large mainframe supercomputer. It is all computers, isn’t it? Obviously not.

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