Masters Degree in Economics
The production and allocation of resources and the structures and methods used to manage their distribution is the focus of a masters degree in economics. Economists study the how and why of what individuals and groups purchase and how to meet the needs of the consumers. A masters in economics will enable you to study and evaluate various consumer behaviors and predict future business and marketing trends on both a local and global scale.
Economics masters devote a great deal of time to the study of statistics in order to evaluate supply and demand data and infer patterns of behavior. The information gleaned from these studies are used to determine public policy, influence business development and add value to consumer practices. Determining ways to supply the wants and meet the needs of consumers through statistical analysis and economic modeling is the primary job of the economics master.
Although economics is based in large part on mathematic and statistical models, it is a social science. Successful economists are able to spot trends in human behavior and how they effect employment, distribution and consumption of available resources and services.
The Value of a Master in Economics
Everything from how a bank will determine who gets a loan to what the cost of a particular commodity will be is influenced by economic theory. Industries, banks and governments all invest a great deal of time in the study of various economic theories in order to determine the likely path of economic growth and influence it positively. Businesses regularly hire economic specialists to analyze volumes of consumer data in order to improve their bottom line and enhance customer satisfaction. On a global scale, economics determines such diverse outcomes as the cost of health care, how natural resources will be managed and public assistance policy.
Fiscal policy makers, government regulators, those who design monetary standards and corporations all use economics to determine the most lucrative path to achieving their goals and fulfilling the needs of the marketplace.
Earning a Masters Degree in Economics
The curriculum for a master of economics is challenging. Both micro and macro economics are studied in depth, as well as business development, economic analysis and statistics, supply chain economics, information economics and resource economics. You will also study various theories of economic development and monetary theory. International economics, banking systems and the organizational frameworks of a variety of real-world and theoretical economic systems are studied. Socialism, capitalism and other forms of government are based partly on various economic models; comparative analysis of these forms of government and how they manipulate and are manipulated by the supply and demand needs of society lead to a better understanding of why people act the way they do in the pursuit of their needs and desires.
Analytical and critical reasoning skills are highly developed in economic specialists. They are in demand for positions with government offices as well as private businesses in order to improve understanding of supply and demand and determine how to best manage resources for optimal results.