<p>So I love math and I am also good at it (so far). And I like both physics and economics, though physics a slight bit more than economics. And I know I want to go to grad school to get a PhD in something or another.</p>
<p>Everyone I have talked to have told me to forget physics and just double major in math+econ due to the greater potential for wealth accumulation. I don't mind doing this, as long as I get reassurance that by majoring with this combo I can definitely get a much bigger salary with hard work than I otherwise would with math+physics. </p>
<p>But if in fact there is no real potential for a much larger income with a math+econ combo, then I would rather go with math+physics, since physics to me is just a tiny bit more interesting.</p>
<p>So my question: **Can I get a more lucrative career with a math+econ double major than with a math+physics double major, and if so how (for instance what would I have to go to grad school for, or what kind of careers will help, etc)? **</p>
<p>Why would you want to get a PhD if you are concerned with making a fair amount of money? It'd be more advisable to major in Econ, Math, and/or Physics and start working right out of undergrad.</p>
<p>I would expect the top salaries of economics majors to be higher than the top salaries of physics majors, but the mean salaries shouldn't be too far apart. On the other hand, physics and economics usually entail vastly different career paths. Would you rather spend the rest of your life reading the economy section of a major newspaper or experimenting with a particle accelerator?</p>
<p>If you don't have strong feelings one way or another, why don't you take math, physics and economics in your first year at college and then see how it goes?</p>
<ol>
<li><p>I love learning.</p></li>
<li><p>PhD's get better job placement and salaries anyway.</p></li>
<li><p>I like the idea of staying in academia and gaining professorship. But I want to know whether economics professors get more $$ since they are able to consult/advice major firms in the private sector and also the government in the public sector, whereas physics and math professors don't really consult much.</p></li>
</ol>
<p>I second the comment about the PhD. My introductory economics professors said something along the lines of "Usually a higher degree means a higher starting salary -- except in economics. If you find yourself an economics major and want to earn a lot of money, do not get a PhD."</p>
<p>If money is your ultimate goal, a major in economics and a MBA probably entail the most earning potential.</p>
<p>Edit: I just read your last post. If you want to earn a top salary, do not go into academia. 90% of college professors earn less than $120K a year.</p>
<p>Oh crap. I didn't know that. At salary.com it says the 90th percentile for physics professors makes $223,196, and I knew they probably messed something up.</p>
<p>According to the Department of Labor 90% of "postsecondary physics teachers" earn $125,730 or less. The 90th percentile for postsecondary economics teachers is $135,380.</p>
<p>At my college the median salary of a full professor is $99K, the top salary $150K. The median income of all ranked faculty (assistant professors, associate professors, full professors) is $82K. You could look at the websites of various colleges and see if you can find similar data.</p>
<p>Yeah, you're statistics sound much more realistic. I found some info for Harvard for the year of 2004, and it stated that the average full professor at Harvard got $157K, whereas it stated the national average was $100K: The</a> Harvard Crimson :: News :: Faculty Salaries Beat Average .</p>
<p>Yeah, so I still don't really know what I'm going to do. The only problem I have with economics is that I feel it is so inexact, whereas physics is precise and in some sense, poetic. But then there are so few opportunities for physicists as far as money is of concern, whereas economists can teach, research, and consult for $$. I guess I'm going to have to think a little more.</p>
<p>If you like learning as you said you did, why are you worried about the money?</p>
<p>Im a a pure math major, with plans to obtain a Phd in the same area. I could careless what I make when I graduate, im doing this because of my immense passion for pure/theoretical math. A career path into Academia sounds like my ideal job so i can dedicate time to keep improving myself. While on the private sector, you will just be a zombie for a company who will squeeze all the knowledge out of you without caring for your further development in the field.</p>
<p>Physics and exactness... :D Sometimes in physics the correct power of 10 is about as close as you can get to the exact answer, whereas in economics changing interest rates by 1/4 of a percent can have a big impact. Physics and economics are just approached differently: In physics you start with exact formulas and as you get into higher-level courses you will see that not everything can easily be calculated. In economics on the other hand concepts are usually introduced qualitatively and the quantitative methods are developed later.</p>
<p>"Economics is the only field in which two people can get a Nobel Prize for saying the opposite thing" is true, but is not strong enough. Better:</p>
<p>"Economics is the only field in which two people can share a Nobel Prize for saying opposing things." Specifically, Myrdal and Hayek shared one.</p>
<p>--Roberto Alazar </p>
<p>Perhaps that will clarify what I meant by "exactness." </p>
<p>Another joke I've heard is the following:</p>
<p>Why did God put economists on Earth?
Answer: To make weather forecasters look good.</p>
<p>Good thread, because I was thinking of asking a same question too! I'm also a math major (finished w/ my first year), and thinking of double majoring in physics, but right now econ also sounds interesting (don't know why, since I've never taken an econ class before). Right now I'm planning to take an introductory econ class next year. But do you guys also have a recommended book? (Some say Freakonomics is a good start)</p>
<p>Theres far too many topics I find interesting but the sad reality is I cant n-major in the n subjects I find interesting.</p>
<p>I took AP Econ Macro/Micro back in High School and it was an awesome subject.
In college I have taken Computer Programing I-II-III and Data Structures and I love that subject as well, probably will just get a minor in it.
Physics I-II was interesting.</p>
<p>Like I said, its impossible to pursue every topic you find interesting. Find the one you like the most, and excel at it.</p>
<p>Just out of curiosity: how much economics have you studied so far? Are you familiar with the distinction between positive and normative economics? Much of the perceived controversy within the field stems from a misunderstanding of the normative approach. </p>
<p>If you do physics on the same scale as economics, I doubt it would be more exact. Physics can accurately describe the path of a particle in an almost-perfect vacuum. Add air and you can only predict the general direction of the path because the "random" movements of the air molecules can have a large cumulative impact on the given particle. Do you think physics could accurately describe the impact of an air blast caused by throwing a door shut on the air distribution in an entire neighborhood, under real conditions (cars, pedestrians, wind etc)? That's what economics is doing! </p>
<p>Why do you have to decide between a physics and an economics major by mid-July?</p>
<p>^Well, I don't have to decide by mid-July per se, but my college requires I pick my classes for next fall by that time period and thus I would like to know in what field, either physics or econ, I should major in conjunction with math. And the fact that my parents (especially my dad) are still pushing me to premed isn't helping. I'm so confused. I wish I had another year to decide.</p>