<p>Please forgive me if the answers to the following questions are "obvious"; I'm just not very familiar with graduate school.</p>
<p>My dream career is that of an economist. I'm not sure if an economist should know a bit about law and business in addition to their econ/math background.</p>
<p>Does a Ph.D in economics teach enough law and business so that an MBA or a JD are not necessary?
i.e. Is the legal/finance knowledge learned from the Ph.D sufficient for work as an economist? Or would I need to learn law and finance, at least through books during my spare time, to be as (potentially)awesome as Greg Mankiw or Alan Krueger?</p>
<p>I'm also kind of scared of the job prospects of an economist.
Do you guys think that I should get another degree, a professional one (JD etc.), given that I want to support my low income parents and from what you know about the "dangers" of attempting the career of an economist (or anything in academia/research for that matter)?</p>
<p>You need to think about the opportunity cost of getting two advanced degrees. That’s six or seven years, if not more, that you’ll be living either on borrowed money or, at best, a small doctoral stipend.</p>
<p>Graduate work is highly specialized. Getting a Ph.D in economics will not get you even the rudiments of what’s in a law or management degree. You can certainly take a class or two in each discipline, but that’s not equal to a JD or MBA.</p>
<p>Also, don’t get a JD just because you think they make money. Lots of law school horror stories right now.</p>
<p>Oh no, I don’t want the JD because I think it’ll make money. I even chose to pursue the career of an economist/academic instead of a lawyer because of the horror stories.</p>
<p>I just feel that if I want to work in government, I should get a law degree. Am I being too crazeh? Is knowing the Constitution enough to work in government/as an economics professor?</p>
<p>You don’t need a law degree to work in government. 
You just need the skills applicable to the given position.</p>
<p>Also, pursue internships and/or student employment opportunities - they’re a great way to get your foot in the door with the Feds.</p>
<p>Alright! Thank you so much for the advice. :D</p>