10.36172/EKONOMISTI.2023.XIX.02.TAMILA.ARNANIA.KEPULADZE.GIORGI.KEPULADZE

Expanded Summary

The spread of scientific-technological innovations and the intellectualization of many areas of human activity significantly changes the structure of the labor market and increases the demand for highly qualified personnel who is able to deep professional knowledge, the skills of research-analytical work and rational planning, who are capable of creative and systematic thinking, assimilation of new competencies, and professional self-development. Such professionals due their work can contribute to the sustainable economic development, to support the increasing competitiveness, and to achieve the prosperity of the country.

The training of highly intelligent specialists with creative thinking, research and analytical skills, who are able to make a significant contribution to the creation and dissemination of new knowledge and technologies, usually takes place at the third level of higher education. As international experience and foreign studies show, such training of highly intelligent specialists is becoming more focused on the requirements of the labor market.

The importance of training, employment and career growth of people with a doctorate degree is also shown by the fact that special questionnaires have been developed and distributed for such studies. Among such questionnaires can be named, for example, „Istat Survey on the Occupational Outcomes of PhD graduates“, „National Science Foundation’s Survey of Earned Doctorates“, „Survey of doctorate recipients“, „Survey of earned doctorates“, etc.

If we take into account the fact that the number of people with PhD degree in the world is increasing, studying the issue of their employment and career growth acquires special importance. From this point of view, doctors of economics have an important place and role among people with the doctor degree.

The study of the role and place occupied by economics PhDs in the labor market is related to the questions: How much the PhD holders in economics are demanded in the labor market; Who are the current and potential employers of people with a doctorate degree in economics, that is, From whom does the demand for a workforce with a doctorate academic degree originate? What knowledge, skills and experience are needed by the current and potential employer or What professional qualities are needed by the employer, etc.

In order to answer these questions, we turned to the study and analysis of the accumulated experience and conducted research in the international scientific space, and based on this, we tried to determine the place and role of Doctors on economics in the labor market.

Employment of PhD holders in economics is an issue that is being investigated by various organizations. Among these organizations, first of all, are highlighted universities.

From this point of view, we can mention such universities as, for example, European University Institute: Florence, Italy; Montana State University: Bozeman, US; Vanderbilt University: Nashville, Tennessee, US; London School of Economics, London, UK, etc.

In addition to universities, such studies are also carried out by various research organizations, like IZA (Institute for the Study of Labor), ILO (International Labour Organization), OECD (Organization for Economic Cooperation and Development), AEA (American Economic Association), NABE (The National Association of Business Economics), etc. The employment and career development of PhD holders in economics is studied by the doctoral students as well.

It is clear that such studies are associated with costs and are financed by different foundations, for example, National Science Foundation (NSF), Deutsche Post Foundation, etc. as well as universities that run doctoral programs, research institutes, university graduates and other stakeholders.

Where do economics PhDs work? According to research by the American Economic Association (AEA), new PhDs in economics are primarily employed by universities and colleges. In addition, new PhDs in economics are also employed in research institutions, the Federal Reserve System, international agencies, policy and evaluation departments of state institutions, private banks, investment organizations, and other commercial structures. Recently, there has been a trend that the level of employment of economics doctors in the academic field is decreasing and their employment in business and government services is increasing.

The national and gender characteristics of the employment of economics doctors were revealed. In particular, foreign citizen-doctorates who graduated from American universities are more often employed in the academic field in their home country, doctors-male hold higher positions and they have higher wages than doctors-female.

The labor market of economics doctors in both Georgia and Western countries has the similarity that graduates of economics doctoral programs are mainly employed in the academic field. But in the Western countries, unlike in Georgia, there is a demand for PhDs in economics not only from undergraduate programs in economics and/or business administration, but also from MBA programs, humanities, engineering, medicine, etc. from the side of the direction. Additionally, in Western countries there is an increasing demand for graduates of doctoral programs in economics from the state and various commercial structures.

Key words: Doctor of economics, Labor market, Employment, Career