- This is being seen as a strategic move to stake a claim as the top university of the country
- Standford has build an all-star lineup for economists in the last few years:
- Alvin Roth, Nobel Laureate from Harvard
- Raj Chetty, from Harvard – best economist under 40
- Matthew Gentzkow, from Chicago Booth – best economist under 40
- Shift seen in the study of Economics: it’s more about the ability to crunch extensive sets of data to glean insights about topics as varied as how incomes differ across society and how industries organize themselves – toward “empirical microeconomics,” the analysis of how things work in the real world, often arranging complex experiments or exploiting large sets of data.
- Reputation of a school depends more on the ability to train the Ph.D.s who scholarship is widely cited and reshapes important economic debates, or who become influential policy makers who advise presidents and lead central banks
- Last 10 people to serve as chairman of the White House Council of Economic Advisers have all had a Ph.D. from either Harvard or M.I.T.
- More cross-departmental collaboration these days as economists share ideas, research and resources with, for example, computer science and statistics departments – and the fact that there are exciting opportunities with data and methods and machine learning in Bay Area puts Stanford in a very good position