I think he is referring to abject failure. As he points out, failure to get a PhD, simply results in a MA or MS. As for the work schedule, that 80 hours a week

I think he is referring to abject failure. As he points out, failure to get a PhD, simply results in a MA or MS. As for the work schedule, that 80 hours a week may be a case for a tenure track professor, but the bulk of economists are employed by the government. In government work, you rarely work beyond normal hours and getting a masters, let alone a PhD will automatically bump you up the GS payscale (GS11 for masters and GS14 for PhD, if I recall), to the point where you can get six figures simply working a 9 to 5 with ridiculous vacation and retirement benefits. http://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/2012/general-schedule/dcb.pdf http://www.opm.gov/policy-data-oversight/pay-leave/salaries-...