Best I can tell, the MA is going to limit your ability to get into the top economic careers (think World Bank, Treasury Dept.) because you don't spend nearly enough time on modeling as you would in an economics/political economy PhD.
I think a lot depends on what you want to do. The various alphabet soup agencies have been more than enthusiastic about my having an MA, as they seem to see it as just the right amount of education before I get "re-educated."
