science

Master of Economics

Master of Economics is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Master of Economics rather than just read about it. In short: The Master of Economics (MEcon or MEc) is a postgraduate master's degree in economics comprising training in economic theory, econometrics, and/or applied economics. The degree is also offered as a specialized MS or MSc, MA or MCom In Economics; variants are the Master in Economic Sciences (MEconSc), and the Master of Applied Economics.

Key takeaways

Master of Economics belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Master of Economics to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Master of Economics from memory before moving on to harder problems.

Reference excerpt

The Master of Economics (MEcon or MEc)

is a postgraduate master's degree in economics comprising training in economic theory, econometrics, and/or applied economics. The degree is also offered as a specialized MS or MSc, MA or MCom In Economics; variants are the Master in Economic Sciences (MEconSc), and the Master of Applied Economics.

Structure The degree may be offered as a terminal degree or as additional preparation for doctoral study, and is sometimes offered as a professional degree, such as the emerging MPS in Applied Economics.

The program emphases and curricula will differ correspondingly. The course of study for the master's degree lasts from one to two years. A thesis is often required, particularly for terminal degrees. Many universities (in the United States) do not offer the master's degree directly; rather, the degree is routinely awarded as a master's degree "en route", after completion of a designated phase of the PhD program in economics. Entry requirements are undergraduate work in (calculus-based) economics, at least at the "intermediate" level, and often as a major, and a sufficient level of mathematical training (including courses in probability and statistics; often (multivariable) calculus and linear algebra; and sometimes mathematical analysis.)

Curriculum

Typically, the curriculum is structured around core topics, with any optional coursework complementary to the program focus. The core modules are usually in microeconomic theory, macroeconomic theory and econometrics. At this level, the topics covered are microfoundations and dynamic stochastic general equilibrium, and allow for heterogeneity, relaxing the idea of a representative agent. Sometimes, topics from heterodox economics are introduced. Econometrics extends the undergraduate domain to multiple linear regression and multivariate time series, and introduces simultaneous equation methods and generalized linear models. Game theory and computational economics are often included. Some (doctoral) programs include core work in economic history. Theory-focused degrees will tend to cover these core topics more mathematically, and emphasize econometric theory as opposed to econometric techniques and software; these will also require a separate course in mathematical economics. Note though that regardless of focus, most programs "now place a marked emphasis on the primacy of mathematics", and many universities thus also require "Quantitative Techniques for Economics", or "Math for Economics" especially where mathematical economics is not a core course. The optional or additional coursework will depend on the program's emphasis. In theory-focused degrees, and those preparing students for doctoral work, this coursework is often in these same core topics, but in greater depth. In terminal or applied or career-focused degrees, options may include public finance, labour-, financial-, development-, industrial-, health- or agricultural economics. These degrees may also allow for a specialization in one of these areas, and may be named correspondingly (for example Master's in Financial Economics, Masters in International Economics, Masters in Development Economics, Master's in Sustainable Economic Development and Masters in Agricultural Economics.) Recently, the more general Master of Applied Economics, combines economic theory with selections from finance and data analytics, including machine learning and data science.

See also Bachelor of Economics Category:Economics schools Civilekonom; Civiløkonom; Siviløkonom; Cand.oecon. Economics education Economist § Professions European Joint Master degree in Economics QEM EMLE Humanistic economics Master of Finance Outline of economics

References

External links and references Discussion

Graduate Degrees in Economics, The American Economic Association Masters degrees in economics: How to be a leader of the future, The Independent Is an M.A. in Economics a Waste of Time?, economics.about.com (archived) Getting an MBA vs. a Master's in Finance or Economics, mbapodcaster.com Applying to graduate school in economics, davidson.edu Books to Study Before Going to Graduate School in Economics Archived 2011-07-07 at the Wayback Machine, economics.about.com Lists of programs

Alphabetical List of U.S. Programs

Worked examples

Example 1 — a first encounter with Master of Economics

Start with the simplest possible case. Write down what Master of Economics claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Master of Economics before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Master of Economics ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Master of Economics

In research: Master of Economics appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Master of Economics in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Master of Economics is common in secondary-school and first-year university syllabi. It links to neighbouring topics Business qualifications, Economics education, Master's degrees, so understanding it makes those chapters shorter.
In everyday life: Look for Master of Economics outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study Master of Economics in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Master of Economics means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Master of Economics out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Master of Economics in simple terms?

The Master of Economics (MEcon or MEc) is a postgraduate master's degree in economics comprising training in economic theory, econometrics, and/or applied economics. The degree is also offered as a specialized MS or MSc, MA or MCom In Economics; variants are the Master in Economic Sciences (MEconSc…

Why does Master of Economics matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Master of Economics?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Master of Economics.