Master of Science in Economics
The Economics programme studies the functioning of economy as a whole. Whereas Business Economics focuses mostly on the functional domains of businesses, Economics deals with macroeconomic analysis, focusing on the behaviour of, and interaction between consumers, businesses, financial institutions and the government, in an international context.
What
The Economics programme studies the functioning of economy as a whole. In so doing, the programme takes into account all economic actors and their mutual interaction: households, companies, financial institutions, government and foreign nations. The Master’s programme provides advanced insights into economic theories, models and techniques for you to use when analysing and assessing complex social issues with regard to the interactions and behaviours between economic actors. You will study how these different actors each make economic choices (e.g. consumption, production, labour, investment, import and export, …), what the consequences are for society, and how problems in that context can best be solved. You will learn how to set up an academic research project in this context, and how to convert your research results into policy recommendations. All the topics that are dealt with – e.g. economic growth, prosperity, income generation, income distribution, money, inflation, monetary policy, employment and unemployment, efficient government policy, social security, taxes and government debt, international economic relations, globalization, the problems of developing countries, environmental pollution, poverty, etc... - are all socially relevant.
For whom
The admission requirements depend on previous degrees (type of degree, country of issue etc.) or additional experience.
Structure
The programme consists of four parts.
The compulsory courses lay the theoretical foundations for methodological and empirical skills. The common part for all students of this programme deepens your knowledge in three advanced courses in micro-economics, macro-economics and econometrics. You already have an educational background that covered the basics of these courses but here we have a deeper focus on the formal analysis and the tools that you need.
- Micro-economics: you study the behavioural implications, dual approach and the general equilibrium of consumer and producer behaviour. This also includes an introduction to the game theory and you will explore the problem of asymmetrical information.
- Macroeconomics: you learn to understand and master the key developments in macroeconomics during the last 40 years. The focus is on modern growth theory, new classical macroeconomics and modern business cycle analysis.
- Econometrics: we broaden your knowledge of the econometric techniques for time series analysis.
In the major you follow more specific courses where you apply the theoretical foundations of the compulsory courses. We offer two different majors, this might seem a limited choice but this is well-considered. First of all, these are the subject areas that are most relevant for economists in general and, secondly, these are the subject areas for which we have the deepest expertise. You can choose three courses from one of the following majors: Economic Policy, Financial Institutions and Markets. The Financial Institutions and Markets major is aimed at students who aspire to a job in the financial sector. You study the different financial assets and their risk-return characteristics from the perspective of the institutional investor. Good investment decisions require knowledge of the most important financial markets (stocks, bonds, corporate securities, exchange rates, commodities, emerging markets) and the evolution of economic variables such as government budget, interest rates and inflation. In addition, you will explore the main issues and the complex interactions in the management of banks, and identify important trends within the banks’ changing regulatory environment. In doing so, you will study all aspects with which a central bank is faced when conducting its monetary policy, in particular the ECB. The Economic Policy major is aimed at students looking for a job that determines economic policy, in the broadest sense of the word (not only government, but also social partners, central bank, international institutions, financial institutions, ...). You study the role of government in economy: efficient allocation, government intervention and failure, inequality and poverty, social choice, and optimal taxation. We will teach you how to use policy change to deal with welfare states’ topical problems. You also learn to master the aspects central banks are facing when conducting their monetary policy (in particular the ECB). In addition, environmental and energy policy is covered extensively, with a main focus on optimal use of scarce resources and the related concepts of cost-efficiency, cost-effectiveness and information problems. Finally, you will discover the effects of fiscal policy on key macroeconomic variables such as economic growth and employment. Finally, the Master’s dissertation is a very important element of your training. It is the ultimate occasion to prove that you are able to apply the acquired knowledge to address a problem independently.
The master dissertation is the ultimate occasion to prove that you are able to apply the acquired knowledge to address a problem independently.
You can tailor your curriculum by choosing an elective course. You have several options for the elective course:
- You choose another course from your major to specialise even more in this subject area
- You choose a course from the other major in order to widen your horizon
- You choose an elective course from a broad range of general courses
- You do an internship
If you want to combine your master’s degree with a teacher’s degree, then there is the option of following an ‘Educatieve master’ instead of the above described master. The Master's Programme in Teaching however is a Dutch taught programme. More information can be found on www.ugent.be/educatievemaster.
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Quality Assurance
At Ghent University, we strive to educate people who dare to think about the challenges of tomorrow. For that purpose, we provide education that is embedded in six strategic objectives: Think Broadly, Keep Researching, Cultivate Talent, Contribute, Extend Horizons, Opt for Quality.
Ghent University continuously focuses on quality assurance and quality culture. The Ghent University's quality assurance system offers information on each study programme’s unique selling points, and on its strengths and weaknesses with regard to quality assurance.
More information:
Unique Selling Points
- Multiperspectivism: We train our students to be critical economists who keep track of the economic evolutions. We learn our students the necessary skills to work creatively and in a problem solving way.
- Talent development: Our students have a certain freedom to compose their study programme to become economists with a broad vision.
- Knowledge creation: The programme sets great store by a gradual construction of knowledge. Our students are constantly urged into critical introspection. Our programme’s graduates are masters with a thorough analytical and quantitative specialisation.
- Programme: In the programme the core domains of economics are considered of significant importance, the specialisations set clear goals, and international exchange is possible.
- Integration theory and practice: The programme pays special attention to group assignments during which economic issues analysed. By means of those assignments we sharpen the students’ critical mindset and problem solving thinking and we keep our finger on the economic pulse.
Strengths
- Preparation: In order to start off the first academic year well-prepared students can take part in our summer courses and in the introductory week.
- Motivated team of teachers: The programme is supported by committed teachers from different economic disciplines. Our teachers combine their research expertise with a passion for education and an enthusiasm to keep dedicating themselves to the quality of their classes.
- Possibility of hands-on experience: Our permanent emphasis on exercises, cases and group works enables us to apply the theoretical knowledge on economic issues to concrete cases, both from the Belgian as the international practice. By means of the projects and the master’s dissertation we want to involve the students permanently in the scientific research into economics.
- Evaluation: Our students appreciate that they are well-informed about the way in which they are evaluated and about the content of the evaluations because they know exactly what to expect.
- Approachability: Being a small programme, we dedicate ourselves to a direct and intensive contact between our teachers and our students.
Weaknesses
- Internationalisation: We want to encourage our students even more to gain international experience, for instance, by organising double degrees in the master programme.
- Monitor painstakingly the master’s dissertation process: The programme values the conduct of empirical research by students and encourages them to do so. That is why we want to dedicate ourselves even more to the students’ quantitative empirical competences.
- Feedback: The students are right to indicate that they receive too little feedback on their assignments. That is why teachers confer more with each other on the assignments’ timing, what the expectations are, and how the students will receive feedback.