People from elite backgrounds increasingly dominate academia, data shows

To understand critical issues facing the U.S. economy — soaring inflation, worker shortages and perhaps a looming recession — researchers must understand human behavior. They need to know how everyday Americans will react when pump prices double or shelves go bare.

That’s why it’s somewhat alarming to learn that academia in general — and economics in particular — has quietly become the province of an insular elite, a group likely to have had little exposure to the travails of America’s vast middle class.

In 1970, just 1 in 5 U.S.-born PhD graduates in economics had a parent with a graduate degree. Now? Two-thirds of them do, according to a new analysis from the Peterson Institute for International Economics. The trends are similar for other fields (and for foreign-born students), but economics is off the charts.

This partly reflects population trends: Over that same period, the share of parents with graduate degrees and college-age children rose 10 percentage points, to 14 percent, our analysis of Census Bureau data shows. But compared with the typical American, a typical new economist is about five times more likely to have a parent with a graduate degree.

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It shows that the elite dominate even more among the top schools that produce about half of all future economics professors. Among the top 15 programs, 78 percent of new PhDs since 2010 had a parent with a graduate degree while just 6 percent are first-generation college students.