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Economic Masters ProgramThe core requirements of our program include advanced courses in microeconomic theory, macroeconomic theory, and the history of economic thought. This foundation insures that the individual has the knowledge base required to teach economics or to analyze specific problems or issues. In addition, we require our students to take a minimum of two courses in econometrics, which provides the relevant statistical skills to conduct high level economic research. Master of Science in Economics (ECON) Graduate study in the Department of Economics at Auburn University leads to the Master of Science (MS) degree. Our program prepares students for a career as a professional economist in business, government, or academics, or for advanced doctoral level study in economics or other areas. The program here at Auburn has predominately an applied microeconomic orientation. We stress application of theoretical principles, historical perspectives and empirical analysis to issues involving economic problems and policies. While faculty interests vary under this general umbrella, the department is particularly strong in the areas of industrial organization, regulation, public finance / public choice, and applied econometrics. We believe that our program will be of particular interest to three distinct types of students: (i) those wishing a terminal masters degree, (ii) those wishing to pursue further graduate study in some area other than economics, and (iii) those wishing to pursue the Ph.D. in economics. The optimal program is somewhat different for each of these constituencies, so we have tried to design our MS program with enough flexibility to accommodate all three. This flexibility comes primarily in the second semester of coursework and in the thesis. A student wishing to end his graduate study with a MS in Economics might choose to substitute a forecasting course or a field course of interest for macro II in order to prepare for the kind of quantitative skills today’s businesses demand of their economists. A student, say, planning to attend law school after completing the MS might be less interested in the technical aspects of economics than in the broader topics embraced by the discipline. Unfortunately, it is no longer possible to completely avoid the technical aspects of economics; they are too engrained in the discipline. But armed with the basics from the first semester’s coursework, such a student certainly has the option to branch out into a broad survey of the fields of economics in lieu of the traditional in- depth approach typically taken in the second semester’s coursework. Finally, many students planning to take their Ph.D. in economics feel more comfortable entering a top-notch program after having had a year in an MS program to mature in the discipline. Our program is ideal for such students. It provides the background in academic and technical expertise to allow the student to be successful in the best doctoral programs in the country. It is also possible to design our MS program to serve as the first year of coursework for the Interdepartmental Ph.D. in Economics offered here at Auburn by our Departments of Agricultural Economics and Forestry. Entry Requirements: Applicants must hold a bachelor’s degree from a recognized institution, and they must have a background in the study of economics. This background is typically taken to mean training through the intermediate level in economic theory accompanied by at least introductory level courses in statistics and calculus. Students lacking this background may be required to take more than the 30 hours required for the MS degree. Additionally, all applicants must submit Graduate Record Examination (GRE) scores. Primary emphasis is placed on the verbal and quantitative scores. The Department does not require the Advanced (Subject Area) Test although the applicant may wish to submit it as further evidence of competence. All international applicants must score at least 550 on the Test of English as a Foreign Language (TOEFL) Exam. Admission to graduate work in Economics shall be determined by the Departmental Graduate Committee. Coursework Requirements: The following is the sequence of courses to be taken for the MS in Economics at Auburn University. Fall Semester
Spring Semester
Summer Semester
Those courses marked with a plus (+) sign are highly recommended, especially for those students who plan to pursue a Ph.D. in Economics, but they are not absolutely required. Those students choosing a terminal MS or planning to pursue graduate study in another area may choose to substitute other economics courses taught at the 6000 level (or above) for them as electives. Within the Economics Department, such courses include:
Other economics courses offered for graduate credit in the departments of Agricultural Economics or Forestry, as well as those occasionally offered at the 7000 or 8000 level in the Economics Department, may also be acceptable for credit as elective courses. Additional possible sources for elective courses include graduate courses taught in the College of Business or relevant graduate courses taught throughout the University. Regardless of their source, however, the Departmental Graduate Committee must approve all substitutions of elective courses. Graduation Requirements: Candidates for the MS degree may select either a thesis or a non-thesis option. Normally, we would expect students to pursue the thesis option. Under this option, students are required to complete 24 semester hours of coursework in economics at the graduate level, 6 hours of ECON7990 (Research and Thesis), plus a thesis. An oral defense of the thesis is required. There is no language requirement for the MS. The non-thesis option, participation in which must be approved by the Departmental Graduate Committee, requires 24 hours of coursework in economics at the 7000 level or above, an additional 6 hours of coursework at the 6000 level or above, and passing grades on written comprehensive exams in Macroeconomic Theory, Macroeconomic Theory, and Econometrics. Because of the timing of the additional coursework and the exams, this option is mainly attractive only to those choosing to go on for their Ph.D. with the Agricultural Economics Department at Auburn. III. Tuition and Financial Aid: According to 2003 data, the figures below represent the costs of Tuition and Fees for one semester at Auburn University:
While not in appropriate quantities, some financial aid is available to qualified students. In particular Graduate Teaching Assistantships (GTAs) are available and awarded by the Department. Normally, the assistantships are funded at $7500 for a twelve-month appointment. A full tuition waiver accompanies these assistantships, so their full value ranges from over $11,000 to over $19,000, depending on residency. Applications for financial aid are considered each spring, and awards based on merit are made at that time by the Departmental Graduate Committee. Awardees will be notified in writing. Recipients of GTA funds are required to assist professors in the conduct of large sections of Principles of Economics. Continued receipt of funds required acceptable performance of duties assigned by the professors in charge. Applications for assistantships from the Department of Economics should be submitted to John D. Jackson, Graduate Programs Officer, Department of Economics, Auburn University, Auburn Alabama 36849 (phone: 334-844-4910 or 334-844-2926; e-mail JJACKSON@business.auburn.edu) IV. Faculty: Below is a listing of the current faculty of the Department of Economics. Also listed is their faculty rank, where they received their Ph.D.s, and their major fields of interest. Richard W. Ault, Associate Professor, Ph.D. granted in1983 from the University of Virginia, interests include International Economics, Public Choice, Regulation, and Microeconomics. T. Randolph Beard, Professor, Ph.D. granted in 1988 from Vanderbilt University, interests include Industrial Economics, Microeconomics, Statistical Methods, and Regulation. Richard O. Beil, Associate Professor, Ph.D. granted in 1988 from Texas A&M University, interests include Industrial Organization, Game Theory and Strategic Decision Making, Experimental Economics, and Microeconomics. Steven B. Caudill, Professor, Ph.D. granted in 1982 from the University of Florida, interests include Microeconomics, Econometrics, and Statistics. Roger W. Garrison, Professor, Ph.D. granted in 1981 from the University of Virginia, interests include Monetary Theory, Macroeconomics, Capital and Interest, History of Economic Thought. Daniel M. Gropper, Associate Professor, Ph.D. granted in 1989 from Florida State University, Director of the MBA Program. Interest include Monetary Institutions and Executive Education. John D. Jackson, Professor, Ph.D. granted in 1977 from the Claremont Graduate School, interests include Applied Econometrics, Statistics, Macroeconomic Theory, Applied Microeconomics. David L. Kaserman, Torchmark Professor, Ph.D. granted from the University of Tennessee in 1976, interests include Antitrust, Regulation, Industrial Organization, Applied Microeconomics. James E. Long, Professor and Acting Head, Ph.D. granted in 1974 from Florida State University, interests include Public Finance, Labor Economics, Economics of Discrimination. Richard P. Saba, Associate Professor, Ph.D. granted in 1974 from Texas A&M University, interests include Applied Microeconomics, Forecasting, and Advanced Microeconomic Theory. Michael L. Stern, Assistant Professor, Ph.D. granted in 2003 from Indiana University, interests include Macroeconomics, Growth Theory, and Finance. David O. Whitten, Professor, Ph.D. granted in 1970 from Tulane University, interests include Business History of the US and Economic History of the US. V. Other Resources. Beside an excellent MS program with an outstanding faculty, graduate students in Economics at Auburn University have several additional resources available to them, especially the Library, and the computing facilities. Auburn University is a Research I rated institution. It is not possible to obtain that ranking without an outstanding Library. Ralph Brown Draughon Library contains about 1.8 million volumes, with more than 2 million items on microfilm, and 1,3 million government publications. Auburn is a government documents depository. Included are complete files of most economic journals and government documents. AU Libraries provides users with access to materials through an on-line public access catalogue with most books, journals, newspapers, and government publications that the library holds. This data base also provides on-line access to DSOC (Database for the Social Sciences) which contains references to selected journal articles in economics and related disciplines. Computing Facilities at auburn are excellent. AU Net, Auburn University's campus net-work, is the fiber-optic Ethernet backbone linking computers and net-works in all buildings on campus to the Internet. The campus is connected to the Alabama Supercomputer Network (ASN) and the Internet through three high-speed fiber optic connections. Auburn University is a participant in the Internet2 initiative. AU Resnet connects computers in campus residence halls directly to AU Net. An IBM enterprise server is connected to AU Net. Its academic uses include research, information storage and retrieval, selected instructional uses and special applications. Administrative functions include storage and retrieval of information necessary for daily operations of the University. Solaris, Netware and NT servers provide campus-wide network services including electronic mail, mailing lists, Web resources, Usenet news, user authentication and printing in computing labs, anonymous FTP and workgroup computing for departmental users. About 1,000 computers in labs across campus are available for use by individuals in specific departments. IT maintains 10 computing labs equipped with IBM-compatible micro-computers. The IT labs are connected to AU Net and provide access to network laser printing. IT computing lab software includes database, graphics, word processing and Web browsing. In addition to the general-purpose software, the IT labs provide access to special-purpose software purchased by departments for specific classes. AU Lease is a centrally administered IT program, allowing students to lease a laptop computer. Leased machines are regularly upgraded. The College of Business has its own Novell network which is linked to the university network. The college network consists of three servers, one of which hosts the college mail server. The college supports (through business student fees) a computer lab restricted to use by students taking courses in the College of Business. There are 40 Pentium grade PCs in the lab running Microsoft Windows. Among the programs supported by the college of interest to economics majors are the Microsoft Office Professional suit, SAS, and Limdep. In addition the lab is equipped with a scanner and a high speed laser printer. A mini lab equipped with six Pentium 233 PCs, a HP laser printer, and a scanner is located in the Economics Department. It is (almost exclusively) available to economics graduate students. In addition to all of the College of Business software available in the COB lab, it also supports Mathematica and Eviews. Finally, some students maybe interested in studying economics at Auburn because there is a sense through the department that markets work and that they generally work best in the absence of government interference. In recognition of this perspective, on at least four occasions since its inception in 1990,the John Templeton Honor Roll for Free Enterprise Teaching has included Auburn’s Department of Economics. This award recognizes departments that best exemplify the teaching of values of western civilization and the free market economy.
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