Joseph A. Ziegler, Head of the Department, Business Administration Building,
575-ECON
DISTINGUISHED PROFESSOR MURRAY; PROFESSORS BRITTON, CURINGTON, DIXON, GAY, MARKET, McKINNON, TU, ZIEGLER; ADJUNCT PROFESSOR MILLAR; PROFESSORS EMERITI KANE, SPRIGGS, WHITE (L.); ASSOCIATE PROFESSORS FERRIER, SONSTEGAARD; ASSOCIATE PROFESSOR EMERITUS McCAIN; ASSISTANT PROFESSORS BARNETT, DURHAM, LINVILL, SCHULMAN
Degrees Conferred: M.A., Ph.D. (ECON)
Areas of Concentration: Within the Master of Arts program two options are available. The pre-Ph.D. option is a traditional program designed for students who may wish eventually to pursue the Doctor of Philosophy degree. The business economics option is designed for students who seek advanced training in applied economics and business preparatory to entering industry or governmental employment.
Prerequisites to Degree Programs: Applicants for graduate studies in economics must meet the requirements of the Graduate School and be accepted by the Department of Economics. Generally, the requirements are (1) a bachelor's degree from an accredited institution with a satisfactory grade-point average, and (2) a satisfactory score on the Graduate Record Examinations.
Students from all academic backgrounds are encouraged to apply. Students who have had few economic courses at the undergraduate level may be required to enroll in several undergraduate courses at the beginning of their course of study at the University of Arkansas. In order to take graduate courses in economics, students, as a general rule, must have had courses in intermediate microeconomics and macroeconomics, basic statistics, calculus, and linear algebra. Students who have not had these courses will be asked to take them at the beginning of their program of study.
Master of Arts
Pre-Ph.D. Option
Prerequisites to Degree Program, Pre-Ph.D. Option: The requirements for this option are (1) intermediate economic theory, (2) 2 semesters of calculus, (3) basic statistics, and (4) linear algebra.
Requirements for the Master of Arts Degree, Pre-Ph.D. Option: This program is designed primarily for students who plan eventually to pursue the Doctor of Philosophy at the University of Arkansas or elsewhere. Therefore, the program stresses the acquisition of knowledge of economic theory and the development of research skills. Candidates for this degree must complete a minimum of 30 semester hours of course work, including the thesis requirement, and register for the graduate seminar each semester they are on campus.
Core Requirements: 21 hours
ECON 5563--History of Economic Thought
ECON 5613--Econometrics I
ECON 5623--Econometrics II
ECON 6233--Microeconomic Theory II
ECON 6243--Macroeconomic Theory II
STAT 3013--Introduction to Probability and Statistics
Seminars: Students are required to register for ECON 643V or 644V for one-hour credit each semester they are on campus.
Electives: 6 hours (Must be approved by the Economics Department Head.)
Thesis: 6 hours
The thesis requirement may be waived and substituted with 6 additional hours of course work; however, 3 of these hours must be an independent study project (ECON 636V) that involves the writing of a research paper.
Comprehensive Exam: A comprehensive exam is required.
Business Economics Option
Prerequisites to Degree Program, Business Economics Option: The requirements for this option are (1) intermediate theory, (2) 1 semester of calculus, (3) basic statistics, and (4) linear algebra.
Requirements for the Master of Arts Degree, Business Economics: This program is designed for students seeking advanced training as preparation for entering into public or private employment. Therefore, the program stresses the development of skills in areas of applied economics and business administration in addition to economic theory. Candidates for this degree must complete a minimum of 39 semester hours of course work with a cumulative grade-point average of at least 3.00 and register for the graduate seminar each semester they are on campus.
Economics Core Requirements: 18 hours
ECON 5333--Managerial Economics
ECON 5613--Econometrics I
ECON 5623--Econometrics II
ECON 6233--Microeconomic Theory II
ECON 6243--Macroeconomic Theory II
ECON 636V--Special Problems in Economics
Business Admin. Core Requirements: 12 hours
1. 9 hours in finance, accounting, or marketing2
2. 3 hours in complementary field:
Finance concentration--3 hours in accounting
Accounting concentration--3 hours in finance
Marketing concentration--3 hours in accounting or finance
Seminars: Students are required to register for ECON 643V or 644V for one-hour credit each semester they are on campus.
Electives: 9 hours (Must be approved by the Economics Department Head.)
Comprehensive Exam: A comprehensive exam is required.
2It is recognized that some students may not have the necessary background in these areas to take graduate-level courses. Deficiencies will be made up by taking additional course work.
Doctor of Philosophy
Prerequisites to Degree Program: Students may first earn a master's degree and then enter the doctoral program, or students may enter the doctoral program immediately upon completion of the bachelor's degree. The requirements for this program include (1) intermediate theory, (2) 2 semesters of calculus, (3) basic statistics, and (4) linear algebra.
Requirements for the Doctor of Philosophy Degree: The doctoral program consists of (1) core requirements, (2) fields of specialized study, (3) electives, and (4) the dissertation.
Core Requirements: All doctoral candidates must satisfactorily complete the following 27 semester hours of core requirements, which include courses in economic theory, history of economic thought, mathematical economics, econometrics, and statistics. In addition, they must register for the graduate seminar each semester they are in residence.
1. Economics (12 hours)
ECON 5563--History of Economic
Thought
ECON 6243--Macroeconomic Theory II
ECON 6233--Microeconomic Theory II
ECON 643V--Seminar in Economic
Theory & Research I
2. Quantitative Methods (15 hours)
STAT 3013--Introduction to Probability
and Statistics
ECON 5613--Econometrics I
ECON 5623--Econometrics II
ECON 644V--Seminar in Economic
Theory & Research II
Seminars: Doctoral students are required to register for ECON 643V or 644V each semester they are in residence. Normally they will register for one hour of credit. However, at one point in their program, usually the last year of course work, they must register for three hours of credit.
FIELDS OF SPECIALIZED STUDY
The student must select two fields of specialization, one of which may be complementary to economics, (e.g., finance or statistics). Complementary fields must be approved by the Economics Department Head.
Field requirements are satisfied by successfully completing course work (usually 6 to 9 hours) and passing the comprehensive examination. In some cases course work may be satisfied by independent study under supervision of a member of the faculty.
SPECIAL COMMENT ON COURSE REQUIREMENTS
The foregoing requirements are for students who enter the doctoral program directly from undergraduate school. Students whose qualifications exceed the baccalaureate will be evaluated individually in accordance with standards established by the Graduate School and the College of Business Administration. Students who have earned a master's degree in economics at the University of Arkansas or elsewhere will probably have substantially shorter programs. However, there is a minimum requirement of 24 hours of course work (5000-level and above) beyond that required for a master's degree. Doctoral candidates must have a cumulative grade-point average of 3.25 on all graduate course work.
DISSERTATION
The dissertation represents a demonstration of a candidate's ability to select, define, organize, and complete a major research project. It should demonstrate that the student has technical mastery of the field, is capable of doing independent scholarly research, and is able to formulate conclusions which enlarge the body of economic knowledge.
Dissertation requirements include (1) a defense of proposal, and (2) presentation of an acceptable doctoral dissertation.
Examinations for the Doctor of Philosophy
QUALIFYING EXAMINATION
A student must pass a written qualifying examination on material included in the core area (excluding ECON 643V and ECON 644V). This will be done as early in a student's program as possible.
COMPREHENSIVE EXAMINATION
A student becomes eligible to take comprehensive examinations after completing all required course work. He or she must pass written examinations in economic theory, quantitative methods, and in the two areas of specialization. An oral examination will be administered after the written examinations have been successfully completed. The oral examination may be waived upon the recommendation of the faculty who grades the written examinations.
Candidates who fail any or all parts of the comprehensive on the first attempt will normally be allowed a second attempt. A failure on the second attempt may result in the student being required to engage in additional course work before being allowed a third attempt, or in the student being terminated from the program
FINAL EXAMINATION
The final examination is normally an oral defense of the student's dissertation.
Courses: Economics (ECON)
Graduate standing is prerequisite to all courses numbered 5000 and above.
4733 Quantitative Economic Analysis (Fa) The use of mathematics to formulate and derive economic relationships. Prerequisite: ECON 2013 and 2023, or 2143.
5123 Workshop in Economic Education (Irregular) Overview of basic economic facts, principles with emphasis on means of employing them in curriculum of elementary, secondary schools. Not open to majors in Economics and Business Administration. (Same as EDFD 5123.) Degree credit in Education only.
5143 Applied Principles of Economic Develop-ment (Irregular) Theories of economic development; factors affecting economic development, including directed efforts by public, private groups. Degree credit in Education only. Not open to students with degree programs in Economics, Agricultural Economics or Business Administration. Prerequisite: 6 hours economics or economic education.
5163 Introduction to Economic Theory and Analysis (Fa, Sp, Su) Introduction to economic theory primarily for first year M.B.A. students. Surveys the analytic tools of both micro- and macroeconomics that are necessary for business decision making and study of contemporary economic and social problems such as inflation, unemployment, poverty, and international trade deficits. Prerequisite: graduate standing.
5333 Managerial Economics (Fa, Sp, Su) Application of economic theory to business decisions. Prerequisites: ECON 5163, CISQ 5103, FINN 5203, MATH 2043, MATH 2053, or equivalent.
5433 Macroeconomic Theory I (Fa, Su) Theoretical development of macroeconomic models that include and explain the natural rate of unemployment hypothesis and rational expectations, consumer behavior, demand for money, market clearing models, investment, and fiscal policy.
5533 Microeconomic Theory I (Fa, Su) Introductory microeconomic theory at the graduate level. Mathematical formulation of the consumer choice, producer behavior, and market equilibrium problems at the level of introductory calculus. Discussion of monopoly, oligopoly, public goods, and externalities.
5563 History of Economic Thought (Fa) Seminar in development of economic ideas, theories; causes and development of schools of thought emphasized.
5613 Econometrics I (Fa) Use of economic theory and statistical methods to estimate economic models. The single equation model are examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags. An introduction to the simultaneous systems model is presented. Two 80 min. lecture periods weekly. (Same as AGEC 5613.) Prerequisite: MATH 2043 and knowledge of matrix methods, which may be acquired as a corequisite, AGEC 1103 or ECON 2023, introductory statistics course.
5623 Econometrics II (Sp) Use of economic theory and statistical methods to develop and estimate simultaneous-equation models of an economy. Emphasis given to the problem of identification and the methods of estimating systems models. Frontier topics are introduced. Prerequisite: ECON 5433 and ECON 5533; ECON 5613 or AGEC 5613.
5633 Social Control of Business The analysis of private control and public regulation of product market. Emphasizes ideology, theory, and practice of regulation. Prerequisite: ECON 5163 or equivalent.
5853 International Economics Policy (Sp) An intensive analysis of the operation of the international economy with emphasis on issues of current policy interest. Prerequisite: ECON 5163 or equivalent.
600V Master's Thesis (1-6) (Fa, Sp, Su) Prerequisite: consent.
6233 Microeconomic Theory II (Sp) Advanced treatment of the central microeconomic issues using basic real analysis. Formal discussion of duality, general equilibrium, welfare economics, choice under uncertainty, and game theory.
6243 Macroeconomic Theory II (Fa) Further development of macroeconomic models to include uncertainty and asset pricing theory. Application of macroeconomic models to explain real world situations.
636V Special Problems in Economics (1-6) (Fa, Sp, Su) Independent reading and investigation in economics. By arrangement, 1 to 6 hours of credit.
643V Seminar in Economic Theory and Research I (1-3) (Fa)
644V Seminar in Economic Theory and Research II (1-3) (Sp) Independent research and group discussion.
6533 Seminary in Economic Problems (Irregular) Individual research and group discussion.
6833 Seminar in International Economics (Fa) A rigorous survey of theories and empirical evidence in international economics covering the determinants of trade and investment, commercial policy, balance of payments adjustments, and the workings of the international monetary system. Prerequisite: ECON 5433 and 5533 or equivalent.
700V Doctoral Dissertation (1-18) (Fa, Sp, Su) Prerequisite: candidacy and consent.
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