Who knew that Dr. Tufte with his kick-back demeanor and smooth hairstyle was on the way to being rich? “How Much Can College Economics Professors Make?”
“According to the Bureau of Labor Statistics, salaries for economics teachers…averaged nearly $140,000 a year -- based on a 52-week year -- in 2003” 52 weeks! That’s an overstatement…the majority of teachers only teach 9 months out of the year which equals about 40-42 weeks.
The demand for economists has definitely made for a good yearly pay for some economists. Some senior economics faculty make “$150,000 to $250,000 for nine months' work.” While some make their fortunes at high paying schools, others stay around at lower paying colleges to for the simple enjoyment of the profession.
“The sheer growth of the field also is playing a role as schools rush to expand their programs. Among the most ambitious is New York's Columbia University, which is enlarging its department from 28 to the equivalent of 41 full-time professors, plus an additional five visiting professors each year. Such growth has helped create a hiring rush at all levels.” This is why some schools are willing to pay the big bucks for economists like Dr. Tufte.
To check out more about his topic, read “The Market for Academic Economists”.