Master of Economics

• Describe and explain the fundamental principles influencing markets and managing organizations;
• Evaluate the impact of a variety of cultural and environmental factors on economic policy and business decisions; and
• Interpret and critically evaluate articles in the economics research literature.

• Explain and critically analyse factors that influence economic decision making in firms and government;
• Identify strategic issues and solutions in relation to economic problems and activity within firms and government; and
• Apply knowledge of theory to analyse real and hypothetical problems in different markets both domestically and internationally.

• Apply basic mathematical techniques to analyse business data;
• Evaluate the applicability of various theories and techniques to either economic policy or business decision making related problems;
• Employ a range of tools of analysis pertinent to the evaluation of evidence in economic policy and business sectors, including statistical reasoning, and the use of econometric and/or mathematical computer software;
• Use evidence based research techniques to support policy or business decisions; and
• Apply ethical principles and core economic ideas to address real world issues and problems.

• Describe the core areas of economics and relate to those areas economic principles, theories and models;
• Analyse and evaluate the key hypotheses, forecasts and options in either economic policy or business decision making; and
• Critically analyse economic policy or business decision making problems and apply relevant models and theories to generate effective solutions.

Year 1

Two core economics subjects:

One of the following econometrics subjects:

Five elective subjects:

Year 2

The second year of the Master of Economics consists of eight semester-length subjects comprising two core economics subjects, a quantitative subject, three elective subjects and the (double subject) Research Report.

Two core economics subjects:

One of the following econometrics subjects:

Research report and workshop

Three elective subjects:

1. The Selection Committee will evaluate the applicant’s ability to pursue successfully the course using the following criteria:

• An undergraduate or postgraduate degree with a strong analytical or mathematical component and with at least H2B (70% average);
• The applicant’s submitted statement of intent in seeking entry; and
• Performance on the GRE unless the applicant has met one of the approved conditions for GRE exemption.

Students who meet the following requirements may be admitted directly into year two of the program:

• An honours degree in economics or relevant postgraduate degree with at least H2B (70% average), or equivalent; and
• Completion of subjects which satisfy the prerequisites for both the core and quantitative second year subjects in the Master of Economics.

2. The Selection Committee may conduct interviews and tests and may call for referee reports or employer references to elucidate any of the matters referred to above.

Please note: Analytical/mathematical content requirement of previous degrees.

An application based on a background in Economics would require the equivalent of a major in Economics, with at least H2A (75%) average, including calculus-based economics subjects plus an econometrics subject, or their equivalent. Applicants from a non-economics background require an undergraduate major of a mathematical/analytical nature with at least H2A (75%) average.

For the purpose of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this course are articulated in the Course Description, Course Objectives and Generic Skills of this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

• Receptive to alternate ideas through a review of the literature and through class participation and assessment;
• Ethical in their approach to research and work practices;
• Advanced in their use, critical evaluation and testing of economics models and in forecasting and assessing business and government policy options;
• Adept in statistical reasoning through completion of core quantitative subjects in the degree;
• Skilled in undertaking independent research in economics and econometrics;
• Advanced in problem solving through their understanding of macroeconomic and microeconomic issues and able to apply economic theory and statistical techniques to economic policy and business decision making;
• Critically analytical through the evaluation of ideas, views and evidence contained in the economic and econometric research literatures;
• Skilled in working effectively with computer software for the analysis of data;
• Adept at retrieval, summary and interpretation of economic and econometric information through class exercises and assessment;
• Able to apply and synthesise economic and econometric ideas, theory, models and evidence to domestic and international economic issues;
• Independent and effective in communication of ideas; and
• Collaborate and be effective in team work.

• Critical evaluation of ideas, views and evidence in support of an argument or proposition;
• Problem solving in economics and business decision making through the application of appropriate economic theories, principles, and the econometric analysis of data;
• Written and oral communication of economic related ideas, theories and solutions to peers and the wider community;
• Ability to synthesize ideas, theories and data in developing solutions to economic problems;
• Statistical reasoning through completion of core quantitative subjects in the degree;
• Ethical approaches to research and practice through a knowledge of economic best practice;
• Research including the retrieval of information from a variety of sources;
• Receptiveness to ideas and independence in thinking; and
• Teamwork through collaborative exercises in tutorials and assessment.

Students can only commence this program in Semester 1 of any year.

Assessment

Students must pass all subjects to qualify for the Master of Economics; 100 points in the first year and 100 points in the second year. Progression to the second year of the program from the first requires that students maintain at least an H2B (70%) average, including subjects which satisfy the prerequisites for both the core economics subjects and the quantitative requirement of the second year of the Master of Economics. Students averaging H2A (75-79%) or H1 (80-100%) will be awarded the Master of Economics (Honours) degree.