How much money do health economists make? Using a 2005 survey of about 1500 members of the International Health Economics Association (iHEA), Cawley and Morrisey (2007) attempt to answer this question in a paper release this month in the Journal of Health Economics.
For academic careers, the study finds the following mean earnings figures:
|Econ Ph.Ds||Other doctoral degrees|
|9 mo.||12 mo.||9 mo.||12 mo.|
The authors also compare their findings with those of other studies:
|Assist. Prof||Assoc. Prof||Professor|
|CM||School of Pub. Health||77,588||102,167||151,653|
|ASPH||School of Pub. Health||77,439||97,387||136,576|
CM stands for Cawley Morrisey; AEA stands for the American Economic Association Universal Academic questionnaire; AACSB stands for the Association to Advance Collegiate Schools of Business; and ASPH stands for the Association of School of Public Health. The study also finds that 82% of health economists earn some consulting income (e.g.: book royalties, witness fees, etc.). The mean consulting income is about $17,000, but this distribution is right-skewed so the median is only $6000.
Finally, the authors look at job offers for recent Economics PhD graduates who specialize in health care.
|9 mo.||12 mo.|
|Arts and Sciences||74,261||78,333|
- Cawley and Morrisey (2007) “The earnings of U.S. health economists,” Journal of Health Economics, vol. 26 (2), pp. 358-372.