#econtwitter There have been lots of discussion about stress in grad school & tenure-track. There should be more off-ramps during graduate school and the tenure track. It should be more acceptable to decide that it isn't for you. We shouldn't fall for the sunk cost fallacy. 1/n

Quals are hard. Doing research is harder. The PhD starts after quals. Passing quals doesn't guarantee you a PhD. After quals is when you start learning about how to do research. You might discover academic research isn't for you. That isn't failing. 2/n

There should be more terminal MAs. Folks should be free to not to continue with a PhD if they don't want to do it. Sadly I think this is looked down upon. I don't understand why. Come on economists, we preach revealed preferences and avoiding the sunk cost fallacy. 3/n

After exploring research in the 2nd year one could use the 3rd year to do courses and look for jobs. Transitions are important here. We need to provide off-ramps and smooth transitions out of PhD programs for those that don’t want to continue 4/n.

The same is true for the tenure-track. I loved graduate school (it was hard and miserable at points). But I loved it. I love research. Many of us in TT positions do. I don’t know how you could do this job if you don’t. It’s brutal but I wouldn’t change it for the world. 5/n

However, I’m sure many don’t feel this way. Yet we perceive dropping out of the TT as a failure. It’s not! Folks should do what makes them happy. Maybe I’m naive but people leaving jobs because they do not enjoy them should be celebrated 5/n

We should all be encouraging and supporting each other in what we do, whatever that might be. There are so many fulfilling things one can do with graduate training in economics, whether one completes a Ph.D. or not. There are many doors open. Fin.

Unfin. Students worried that employers will look down on not continuing the PhD: 1) you were admitted into a PhD program (you're super smart); 2) you passed quals - brutal you must be super super smart and determined; 3) you know what you want and act on it - the smartest. Fin.