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1、PRINCIPLESOFPROFESSIONALADVANCEMENTARMENA.ALCHIAN*You’vefinishedyourPh.D.ordeal,andtoday(forreasonsI’llexplain).Ihopetheluckilyyou’renowinyourfirstyearasacommentswillbeofsomeinteresttoecon-realmemberofthefaculty.Theexpectedomists,especiallyinthosemomentswhenrelieffromtheburdenofcompleting
2、theeverythingseemsabitconfused,thoughdissertationisquicklyreplacedbythenothopeless.Iwon’tresistthetemptationburdenofpublishing.Butthenyourealizetoreminisceandpontificate,theprivilegeit’sthesamepressureagain.You’veal-oftheemeriti.readyextractedwhatlittletheremighthavebeeninthedissertation.
3、WhatcanyouBACKGROUNDdonext,somethingreallyonyourown?AlthoughIwasofficiallyawardedtheYoumaynotknownow,butinafewPh.D.in1944,whileintheUnitedStatesdecades,predictably,you’llhavemoreAirForce,Iactuallyhadfinishedmydoc-thanyoucancomplete.Unfortunately,bytoralworkby1942,justbeforeentryintothenyo
4、u’llhavelessdesiretopublish.Thethemilitary.Mydissertationwasonthecapitalvalueofanotherpublicationwillpresumedeffectsofageneralcutinwagehavebecomeprettysmall.Soyou’llfindratesacrosstheeconomy.Likemostdis-yourselfpassingideasto,andencourag-sertations,itshouldhavebeenaddresseding,theyoungerm
5、embersofthedepart-tomysupervisorswiththelabel,“Forment,wonderingifthey’llbesofortunateYourEyesOnly,”andthenforgotten-asasyouwereinearlypublishingaarticlemineproperlyhasbeen.Ithadnothingtothatreallyhelpedyourcareer.dowithmysubsequentwork,happily.ButThesereflectionsbyanolder,retired,theUSAF
6、engagementmeantthatbetweenout-of-dateperson-onewhohassuc-thedissertationandthefirstacademicjobceededfarabovethe”expectedvalue”oftherewereseveralyearsinthemilitary,entrantstotheprofession-areasortofwithtimetowonderwhatthepointwasconfessionof”HowIdidit.”Ormoreinbeingwhatiscalledan“economist
7、.”honestly,maybe,“HowitwasdonetoFortunately,Ihadamajorsub-disci-me!”Perhapsitwillinspirehopeinnewplineasrequiredinthe1930s:statistics.Ientrants,particularlywithrespecttopub-hadlearnedafewthingsaboutinference,lications.probability,randomwalks,andstochastic,Iemphasize
