Social and Applied Economics, MS (SOCAPECON-MS)

CIP Code: 450603

Program Description

The Department of Economics offers a professionally oriented graduate program that leads to a Master of Science in Social and Applied Economics. This program is designed to develop professional economists who can solve contemporary economic problems with a unique set of skills created by a curriculum that combines applied economics with social economics. In doing so, the program bridges the gap between research and the application of research for use in a wide variety of business and government professions. Students are encouraged to develop and evaluate new approaches to economic problem solving. The curriculum stresses research and is complemented by our faculty's teaching and research emphasis on the interplay of theory and applications.

Program Admission Requirements

An applicant for graduate study in the Social and Applied Economics Program is required to meet the general requirements of the Graduate School and also be accepted by the Graduate Studies Committee of the Department of Economics. Students need not have an undergraduate degree in economics to enter this program, however, must have completed the following undergraduate course prerequisites:

Calculus for Social Sciences or Business
Basic Business Statistics or equivalent
Principles of Microeconomics
Principles of Macroeconomics

Prerequisites may be waived for students with equivalent coursework by the program coordinator.

The student's undergraduate grade point average (GPA) and, if applicable, graduate GPA will be considered for admission. The Graduate Record Examination (GRE) general test is required. Students selecting the dual degree with the MBA may substitute the GMAT for the GRE.

Both full- and part-time students are accepted for admission to the program.

Undergraduate economics majors with at least Junior standing and at least 30 credit hours remaining until completion of their Bachelor's degree are eligible to apply for a combined B.A. or B.S.B - M.S. program. This is an accelerated path to the M.S. in Social and Applied Economics. Students will take two graduate level economics electives during their senior year which will count both toward their bachelor's degree in economics and toward their M.S. in Social and Applied Economics.

Program Learning Objectives

Students enrolled in this program will learn to:

use economic models in domestic and global contexts to analyze individual decision making, how prices and quantities are determined in product and factor markets, and macroeconomic outcomes
analyze the performance and functioning of government, markets and institutions in the context of social, economic and ecological problems
use critical thinking skills to examine different economic models, evaluating their assumptions and implications
identify salient developments in the world economy, in both present-day and historical contexts
demonstrate the use of mathematical and statistical skills in the analysis of complex economic problems and to make use of those skills in their future careers
communicate economic thought and analysis in both written and oral contexts to varied audiences

Program Learning Outcomes

As a result of their learning experience, graduates of this program can:

apply Economic Models to Real-World Contexts: Analyze individual decision-making, market outcomes, and macroeconomic conditions using economic models in domestic and global contexts
evaluate Economic Institutions and Policies: Assess the performance and functioning of governments, markets, and institutions in addressing social, economic, and ecological challenges
utilize Quantitative and Analytical Skills: Employ mathematical, statistical, and critical thinking skills to analyze complex economic problems and generate data-driven insights
interpret Economic Trends and Historical Developments: Identify and analyze key developments in the world economy, both historically and in the present, to understand their implications for policy and decision-making
communicate Economic Analysis Effectively: Convey economic thought and research findings clearly in both written and oral formats to diverse audiences, including academic, professional, and public stakeholders

For More Information

Program Requirements:

Candidates for the Master of Science degree in Social and Applied Economics must successfully complete a minimum of 30 semester credit hours in courses numbered 6000 or above, exclusive of prerequisite survey courses. Of the total 30 hours, 27 must be taken in the department. Students must achieve a cumulative grade point average of 3.00 in all graduate courses. No more than six semester credit hours of C grades may be applied toward the degree. As many as six graduate credit hours may be transferred into the M.S. in Social and Applied Economics by petition to the Graduate Studies Committee in the School of Finance, Accountancy, Management Information Systems, and Economics and subject to approval by the Graduate School.

All candidates will complete the Economics Problems Seminar (EC 7800 ) which serves as the Capstone Course. This course is designed to draw on the program’s in-depth study of economics including a firm understanding of economic research methods necessary to be a practicing economist.

I. Required Courses (Semester Hours): 24 Hours

EC 7090 - Econometrics and its Applications Credit Hour(s): 3
EC 7120 - Time Series Analysis and Economic Forecasting Credit Hour(s): 3
EC 7150 - Applied Microeconomics Credit Hour(s): 3
EC 7170 - Applied Macroeconomics Analysis Credit Hour(s): 3
EC 7240 - Development of Economic Thought Credit Hour(s): 3
EC 7250 - Economic, Social and Ecological Systems Credit Hour(s): 3
EC 7260 - Contemporary Political Economy Credit Hour(s): 3
EC 7800 - Economic Problems Seminar Credit Hour(s): 3

II. Electives: 6 Hours

6000- or 7000-level EC courses. Approval of Program Director and Graduate Studies Committee is required for electives taken outside of the Department of Economics.