Does anyone here have a Ph.D. in Econ? If so,

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why shouldnt i do it?

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Why do you want one? What is your plan for it?

I didn't get mine, but I worked in economic research with a boatload of PhD's.

I was an ABD in Finance and took several of the Econ Ph.D. classes. Your math should, of course, be in excellent shape.

As others have said, it depends on what you want to do. Your choice of school also depends on what you want to do. Read the bios of the faculty and get a sense of what areas of Econ they specialize in. Ideally, you should have an idea of who you want your major professor to be before you accept an offer.

I thought it was interesting and very educational, not only about the field itself but also statistics and how to do (and not do) research. It is very hard to succeed as a researcher if you are cautious, you have to be aggressive in confidently selling your ideas. Often just aggressively pushing the idea that you know what you're talking about is enough, and there are plenty out there who do that. Many of them in fact are mistaken, but good luck telling them that. I have seen professors who devoted their lives believing in an idea that was ultimately incorrect.

That said, you don't have to be a researcher although most institutions will expect you to at pretend that's your goal. Depending on your specialization you can maybe go work on Wall Street, the World Bank, etc.