DEPARTMENT OF ECONOMICS (ECON) Joseph A. Ziegler Degrees Conferred:
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 | Seminars: Electives:
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: Master of Arts, 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 Business Admin. Core Requirements: 12 hours Finance concentration--3 hours in accounting Accounting concentration--3 hours in finance Seminars: Electives: Comprehensive Exam:
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) 2. Quantitative Methods (15 hours) Seminars: 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. Disseration 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. ECON4733 Quantitative Economic Analysis (FA) The use of mathematics to formulate and derive economic relationships. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143. ECON512V Workshop in Economic Education (1-3) (IR) Overview of basic economic facts and principles with emphasis on means of employing them in the curriculum of elementary and secondary schools. Not open to majors in business and economics. Offered for degree credit in Education only. (Same as EDFD 512) May be repeated for 3 hours. ECON5143 Applied Principles of Economic Development (IR) 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: six hours of economics or economic education. ECON5163 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. ECON5333 Managerial Economics (FA, SP, SU) Application of economic theory to business decisions. Prerequisite: ECON 5163 and CISQ 5103 and FINN 5203 and MATH 2043 and MATH 2053. ECON5433 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. ECON5533 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. ECON5563 History of Economic Thought (FA) Seminar in development of economic ideas, theories; causes and development of schools of thought emphasized. ECON5613 Econometrics (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 and (AGEC 1103 or ECON 2023) and an introductory statistics course. ECON5623 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. (Same as AGEC 5623) Prerequisite: ECON 5433 and ECON 5533 and (ECON 5613 or AGEC 5613). ECON5853 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. ECON600V Master's Thesis (1-6) (FA, SP, SU) ECON6233 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. ECON6243 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. ECON636V Special Problems in Economics (1-6) (FA, SP, SU) Independent reading and investigation in economics. ECON643V Seminar in Economic Theory and Research I (1-3) (FA) ECON644V Seminar in Economic Theory and Research II (1-3) (SP) Independent research and group discussion. ECON6833 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 ECON 5533. ECON700V Doctoral Dissertation (1-18) (FA, SP, SU) Prerequisite: candidacy. |