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Robert Smith. Economists have a yearly job market that works a little bit like speed dating. About 1, economics graduate students converged on the chilly Chicago streets in early January. Some of them ran through those streets, trying to get to the next hotel on time. At some point in time, the economics profession decided it was going to create a job market unlike any other. They were going to create a system that is the most efficient job market imaginable.
They're hiring a ton of economists these days.Nobel-prize winning economist on Trump's policies
And Julian pulls up a huge bag of Amazon swag and dumps it on the table. SHU: My foot hurts. I know you're a radio show, but - you can't see this, but basically I have a cut on my right Twenty-two interviews. Julian has gone on more interviews in one weekend than I think I've gone on in my entire life. MA: Yeah, and Julian himself is a little different. When we first met him at the beginning of the weekend he was, like, raring to go, confident. And he said his strategy was basically to get as many job offers as he could.
Now he seems a little more philosophical. SHU: Because sometimes it's just you figuring out that you don't want this job or this job doesn't want you because you're just not a good fit for each other. And I think managing that expectation is really important. After you walk out and both people go, oh, that was great, like, that's good.
You leave the interview and everyone goes, oh, that was bad, that's also good because you've agreed that this was not something that you want to do. I honestly expected that by the time we had flown back to New York City Julian would be calling us about his job offers. But it did not go down that way. Something was about to throw the economics job market into turmoil. And it was much worse than a snowstorm or tray of bad clams.
Coming up after this. MA: We kept checking in with Julian to see how it was going. And pretty quickly, he got offers for second-round interviews.
We are just finishing up our search for an entry level economist to join our which NPR's Planet Money called Speed Dating for Economists. We visit a job market created by economists, for economists. It's a hyper-efficient, optimized system, tested by game theorists, tweaked by a. It's like speed dating for economists. And sometimes you've got to run to the next interview. SHU: All right, so here we're, like, four minutes late.
University of Oklahoma brought him to campus so he could meet the faculty. Took him out to a nice Italian dinner. MA: But then the market dried up. Fifteen days after we saw Julian in Chicago, the new president of the United States Donald Trump put a freeze on all federal hiring. He sent his special secret love wink to the Census Bureau. And then they all said to him, hey, we just can't hire anyone right now.
SHU: And so I continued waiting, waiting, waiting, waiting. And the back - in the back of my head, I'm still freaking out. He didn't want to go to the university and have to face everyone. SHU: Around this time, other people had been getting job offers. And I just didn't really want to talk to anyone. And I think, they have a job.
Economists Take Cues From Speed Dating With Job Search System
I don't have a job, all right. He had to network. He'd been talking on and off with someone from the College Board. That's the company that runs the SATs. MA: And the College Board wasn't in Chicago this year, but they did have an opening for an economist. And Julian worked hi connections.
And in March, Julian got the phone call. He was offered a job as an economist in the Philadelphia office of the College Board. SHU: So you missed me last night. So I was jumping around and sort of screaming.
You know, I was like, ah ph I have a job offer, right? It's like this - this is like, I'm just really excited. SMITH: I feel like we should've seen this coming, like, that this is one of those romantic comedies where the hero is doing all of this dating online.
But then, of course, at the end, finds his soulmate, you know, at the supermarket or something. MA: Laughter It's tempting to try and draw some lessons here, right? But Julian is an economist. He's into big data, and he'd be the first to say his experience is just one data point. He's got lots of friends and colleagues who got jobs through their three days in Chicago. For most people, it worked great. Hey, for most people, it works great.
But I'm hoping this whole thing provides a good lesson.
Npr speed dating for economists
You know, maybe the last economics lesson for Julian to bring into his new career that, you know, even the most efficiently designed market has tiny cracks.
It doesn't work for everyone.
And you're not going to get a Nobel Prize for saying it, but sometimes you need a little luck, a little nudging to make a market work. We'll keep on making jokes with our good friends. Don't ever think you're alone, you know it's not true. Never say you're a ghost 'cause your life is like gold. We like the same things We would love to hear from you. Hear what you think you about the show.
I know, I know - more equations, more equations. I am Radio Smith. They have a new episode out about what they are looking forward to, and more importantly, what they are dreading from the suburb movie season.
You can find that on npr. I'm Robert Smith.
This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. Accessibility links Skip to main content Keyboard shortcuts for audio player. Don't Tell Me! NPR Shop. It's a hyper-efficient, optimized system, tested by game theorists, tweaked by a Nobel Prize winner, but it requires comfortable shoes. Planet Money. Episode Speed Dating For Economists. May 5, PM ET. Facebook Twitter Flipboard Email.
SHU: I'm at the right hotel. This is good. SHU: Laughter. You're a little sensitive. I mean, it's just my livelihood at stake. SHU: I'll have to find a job.
SHU: In my dream, eternity.
Episode 513: Dear Economist, I Need A Date
MA: He's applied to universities, private companies, private consulting firms. MA: Some big tech names. SHU: Can we start moving?
MA: First stop, Embassy Suites across the river. SHU: Of course I am.
Are you? It's terribly cold. MA: We jaywalk across a couple lanes of traffic, over the bridge, everything calm, on schedule.
SHU: Oh, no, I walked it. SHU: I pre-walked it. MA: We make it to the Embassy Suites on time. SHU: There's going to be a line for this elevator. Should we wait for the next one?
We visit a job market created by economists, for economists. It's a hyper-efficient, optimized system, tested by game theorists, tweaked. # Speed Dating For Economists. By NPR. We visit a job market created by economists, for economists. It's a hyper-efficient, optimized system, tested by. finishthetrail.com . Right now hopeful young economists are sprinting around Atlanta from hotel room to hotel room looking for jobs.
SHU: All right. SHU: Mathy answer. SHU: Yeah, it's a small Ph. I can - they said they only have four students this year. SHU: I've got to catch that. It's his first real job interview - brand new suit. SHU: Yeah, I've known how to tie a tie for a while.
Is it not clear that I don't know how to tie a tie? There are so many job seekers here, they have to wait in line for the elevator to go up to their interviews. So Julian takes this opportunity to check his notes. His first interview is with the University of Oklahoma. So I kind of know who they are. Jaeho Kim is into metrics, so if he asks me All of the big university programs are hiring professors, but there is all sorts of demand for new economists at government agencies like the Census, at companies like Uber and Amazon.
And this gives even small employers a chance to nab the top talent. HOOVER: And if I can ask an intelligent question - and it shows you, wow, these guys are serious economists, and they're serious scholars - that you might have thought, well, you know, they're in a cow town. And we can impress, too. The University of Oklahoma hiring committee will have to spend three days in the same hotel room, interview after interview.
John Cawley, a professor from Cornell, remembers when the hiring market was held in Philly. And so, yeah, there's job candidates who just could not interview.
They have a system that looks a lot like speed dating. Economists think they've found a way to make the job market run more smoothly. And as Robert Smith from PLANET MONEY reports, the economics profession is trying it out. SMITH: I've been trying to keep up with Julian Shu. Marketplace Morning Report” gets you up to speed on what you missed when you were sleeping, kicking off each weekday with a global business update from . An Economic Encyclopedia of Friending, Following, Texting, and Connecting Jarice finishthetrail.com search-for finishthetrail.com //10/21/online-dating- relationships/.
And this year, they lucked out in Chicago - no snow. Julian managed to run to just about every interview on time when he didn't get lost.
So this is Stetson.
I actually am not sure where I am going. It is a lifetime of interview experience in just one weekend. In fact, Troy's mom, Christine, is on ski patrol at the ski resort that same night. But when Michelle and Troy they see her walking in their direction, they snuck away.
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Don't Tell Me! NPR Shop. A Wisconsin ski resort is offering speed dating on a chairlift. Online matchmaking emphasizes appearance over shared interests and connection. So now a ski resort in Wisconsin is trying a new tack: speed dating on a chairlift. Facebook Twitter Flipboard Email.