Most of this speaks for itself… I particularly like the following suggestions.
- Get in the habit of always writing something every week for idea generation. It should be short, and done in a structured way — Akerlof gives suggestions below.
- Have 10 (or more!) ideas always on the backburner — “5 won’t work, 4 have probably been done…”
- Have an agenda. Have your own opinions, follow your interests, don’t let the Faculty set your research agenda.
- Have economic models in your mind as you observe, so that you can be a more careful observer. Use models and real-world observation to drive your research.
The following is excerpted from lecture notes that are part of a Macroeconomic Theory course taught by George Akerlof.
I am quite worried that the First Year Graduate Classes in Economics are much too narrow and carry the wrong message about what economists tend to do.
I think that economics is a much more eclectic and opportunistic field than what would be indicated by the standard Graduate Curriculum. What further, and especially, worries me is that we do not give you sufficient opportunity and encouragement to come up with your own ideas and opinions.
So there will be an informal section of my part of the course that is devoted to your own ideas and opinions.
First, I want each of you to keep a log of your opinions about economics and about economic issues that you find interesting. I want you to make at least one log entry per week. It should typically be about one page.
- Find a theoretical idea that you like, or that you dislike. Explain why you like it or dislike it. If you like it, you can explain how it could be used further. If you dislike it, you can explain how it is abused. You might further explain how you could do better.
- Look through the economics literature or elsewhere and try to find an interesting use of data. You can say what makes that use of data interesting. Don’t take something from another class unless you personally have something original to say.
- Look through some data and see whether anything interesting is happening in that data. If so, then you can explain why that data is interesting.
- You could engage in a very hard task. Try to think of an ideal data set that you would like to have, and explain how you would use it to answer some question.
… before you panic, that I have suggested that you re-write The General Theory in your first term of graduate school, let me give you four ways in which you can fulfill this assignment. I think that every one of you can do an excellent job at this.
What I want to encourage in all of you is that you should have your own opinions and your own subjects of interest, and that as students you should not let the Faculty be setting your agenda. I want you to have an agenda, or to develop, an agenda of your own.
I want you to write the logs for six separate reasons.
First, I think that this will make this a better course. I want to erase the opinion in your minds that a good program for economic research is one that attempts to re-write The General Theory …
Second, insofar as I can, I want to develop in your mind a critical aspect. I would be very happy if everyone here developed into a Paul Krugman or Robert Barro.
Third, pragmatically, the major problem in the PhD program is that people find the courses so daunting that they fail to apply themselves to the development of ideas. And they find it difficult later to find a thesis topic. I want to develop in you habits of mind that will make it easier to find a thesis topic. I want you to be thinking about what is and what is not a good idea for a research paper.
Fourth, I view it my duty to try to indicate to you how I personally think about economics and research in economics. This is in fact how I work. I always have a list of possible projects that I might work on. And my major intellectual activity is to actively work on generating this list. I want you to have your list of the ten ideas that you would work on. The reason that you need ten is that you will decide you do not like five of them and the other 4 have probably already been done, so you need to generate a lot of different ideas.
Fifth, I think that it is important that economists adopt a methodology that is much closer to the natural sciences. That is that we should derive our theories more from careful observation. I think that the best work is that which begins by observing the real world, and then constructing theories that explain how it works.
Good logs report such observations.
Sixth, the graduate economics program is in many ways an attempt to alter your identity. I do not think that you can do very good research in economics unless you also have your own identity. I want you to preserve and also to actively construct your own identity.
The other ingredient of this course is the models.
The typical economics paper makes a model of some phenomenon, which may also be empirically simulated or tested. By going over in some detail the key models of macroeconomics, and also by having you generate your own ideas, this course duplicates in toto what is needed to be a research economist.
So the modeling that is presented here can be of some use as a starter for being a research economist. As observers, you should have as large a tool-kit of models as possible. That way you can make your observations fit the facts.