Economics

The Master of Arts in Economics and Master of Science in Economics degrees emphasize practical economic applications. Students enrolled in these programs combine core training in microeconomic and macroeconomic theory and quantitative methods with economics courses covering a wide range of topics. Graduate students acquire the skills and knowledge to apply economic theory and tools to address interesting problems. The School of Economics creates numerous opportunities for students to expand their horizons by involving them in ongoing research projects, partnering them with public and private sector institutions, and connecting them with innovative internship experiences.

Graduates from both programs acquire strong analytical, quantitative, and communication skills, which prepare them for Ph.D. programs in Economics and related fields and employment with government agencies, consulting firms, businesses, and non-profits. The M.A. and M.S. in Economics especially prepare students for positions requiring advanced analytical skills, knowledge of economic systems and methods, and experience conducting economic analyses of policy issues. The main difference between the two programs is the M.S. provides advanced technical and quantitative training, while the M.A. provides the opportunity for exploring more electives.

The Master of Science in Economics especially prepares students for positions requiring advanced analytical skills, knowledge of economic systems and methods, and experience conducting economic analyses of policy issues.

Admission Requirements:

Acceptance into the School of Economics graduate programs is competitive. An undergraduate degree in economics or a related field is desirable, but is not essential for admission to this program. The School of Economics is much more concerned with the applicant’s capacity for graduate study, quantitative reasoning and the quality of previous work. The successful applicant has a strong academic record, high scores on the GRE, and outstanding recommendations. Graduate degrees in the School of Economics require some training in economics and quantitative methods; students are required to complete the following prerequisites before entering the graduate program.

Required:

Intermediate Microeconomic Theory (UMaine equivalent ECO 350)
Intermediate Macroeconomic Theory (UMaine equivalent ECO 321)
Statistics (UMaine equivalent STS 215 or 232)
Calculus I (UMaine equivalent MAT 126)

Strongly Recommended (not required):

Calculus II (UMaine equivalent MAT 127)
Calculus III (UMaine equivalent MAT 228)
Linear Algebra (UMaine equivalent MAT 262)
Mathematical Economics (UMaine equivalent ECO 480)
Econometrics (UMaine equivalent ECO 485)
Computer Programming experience (e.g., R, Matlab, Python)

Other general admission criteria are described in the general section of this catalog.

Degree Requirements

Successful completion of 30 credit hours of course work is required for both the M.A. and M.S. degrees in Economics. Students must also pass an oral examination before the completion of their program. Both programs have both thesis and non-thesis options. The thesis option is more demanding and intensive, but offers students an opportunity to complete an independent research project under the guidance of an economics faculty member. The non-thesis option is designed for students who wish to obtain greater breadth in their coursework and job experience through internships.

The core courses for these Master of Economics degrees provide the student with the tools and problem-solving skills applicable to the economic analysis of a wide variety of public policy issues. Elective courses allow students flexibility in designing programs to meet their needs.

The following outlines the degree requirements for the the M.A. and M.S. degree programs with Thesis and Non-Thesis options.

DEGREE REQUIREMENTS	M.A.		M.S.
DEGREE REQUIREMENTS	Thesis	Non-Thesis	Thesis	Non-Thesis
ECO 511 - Macroeconomic Theory	3	3	3	3
ECO 514 - Microeconomic Theory	3	3	3	3
ECO 530 - Econometrics	3	3	3	3
ECO 531 - Advanced Econometrics and Applications			3	3
ECO 532 - Applied Time Series Econometrics			3	3
ECO 597 - Independent Study		3
ECO 699 - Graduate Thesis	6		6
ECO elective courses	9	12	3	9
Additional elective courses (can be non-ECO)	6	6	6	6
Total Credits	30	30	30	30

Elective coursework, independent studies, and thesis work are developed in consultation with the student’s advisory committee. The areas of interest, background, and future needs of the student will be considered in planning the program of study.

Student Support

The School of Economics awards graduate assistantships to qualified students on a competitive basis. Graduate assistantships may be awarded for assistance with either research or teaching. Efforts are made to match the student’s interests and background with the needs of the School. Scholarship funding is also available. The faculty nominates top-ranking applicants for these awards; funding support includes a stipend, tuition costs, and subsidized health insurance coverage. Additional funds are provided to students on a competitive basis to cover research expenses. Graduate assistantships require 20 hours of work per week. For details on funding opportunities contact the Graduate Coordinator of the School of Economics via the website at http://www.umaine.edu/soe/

Dual Degree in Global Policy and Economics

The School of Policy and International Affairs and the School of Economics offer an interdisciplinary dual degree program in Global Policy and Economics (via the Economics M.A., M.S., or Resource Economics and Policy M.S.).

The dual-degree program is intended for students interested in the application of economics and policy in an international setting. The course of study is normally three years. It leads to two master’s degrees: one in Global Policy (with a concentration in either International Trade and Commerce or International Environmental Policy) and one in one of our Economics or Resource Economics and Policy degrees.

Students are required to complete the requirements for a master’s degree in one of the economic sciences (Economics; Resource Economics and Policy) and the requirements for either the Trade and Commerce or International Environmental Policy concentrations within the Global Policy degree.

Six hours of each degree can be counted as electives for the other (i.e., a total of 12 credits can be double counted); as a result, a total of only 51 hours is required to complete both degrees (rather than the 63 usually required for two completely independent masters degrees).

Thesis / Internship options for the dual degree:

1. For thesis students in the Economics program: a thesis is written for the economics degree; an internship is completed for the Global Policy degree.

2. For non-thesis students in the Economics program: six credit hours in coursework replace the thesis requirement for the economics degree; an internship is completed for the Global Policy degree.

3. A separate thesis may be written for the economics degree and for the Global Policy degree.

Students in the dual-degree program will have two graduate coordinators, one from SPIA and one from SOE. Graduate advising committees, whether thesis or non-thesis, must comply with the rules outlined for each graduate degree. Two separate programs of study, one for each degree, must be developed and approved by the respective unit’s committee (SPIA and SOE) and the respective graduate program coordinators by the end of the second semester of the student’s tenure in the program. The student may choose to have 2 separate committees with separate SPIA and SOE chairs or one integrated SPIA/SOE committee with two co-chairs (one from SPIA and one from SOE).

The programs of study will be designed to meet the requirements of BOTH degrees in which they are enrolled. However, the dual degree program gives the student and his or her committee additional flexibility to devise a program that supports their specific needs.

Graduate Faculty

The School of Economics Graduate Faculty includes faculty with economics, engineering, law, psychology, public policy and human ecology expertise.

Mario Teisl, Ph.D. (University of Maryland), Professor and Director. Information economics, food safety, environmental and social marketing, and environmental economics.

Kathleen Bell, Ph.D. (University of Maryland), Professor and Interim Director of the School of Economics. Environmental economics, public economics, and spatial economics.

Christine Beitl, (University of Georgia) Cooperating Assistant Professor of Anthropology, Ph.D. Ecological and Environmental Anthropology. Intersections of socio-political, ecological, and economic systems.

James Breece, Ph.D. (Boston College), Associate Professor. Macroeconomics, international trade, economic forecasting.

Andrew Crawley, (University of Glamorgan) Assistant Professor in Regional Economic Development. Economic impact, economic modeling.

Adam Daigneault, (The Ohio State University) Cooperating Assistant Professor of Forest, Conservation, and Recreation Policy. freshwater management, climate change mitigation and adaptation, invasive species control, valuing ecosystem services

Angela Daley, (Dalhousie University) Assistant Professor of Health Economics and Policy. Health and labor economics, poverty and inequality, social policy, children and families, rural and remote communities including aboriginal people

Keith S. Evans, (Iowa State University) Associate Professor. Search; learning; Information sharing; fishery management; nonmarket valuation; applied econometrics

Todd Gabe, Ph.D. (Ohio State University), Professor. Regional and community economic development and public finance.

Sharon Klein, Ph.D. (Carnegie Mellon University), Associate Professor. Renewable energy, energy economics and policy, environmental impacts of electricity generation, energy generation, and energy storage.

Jonathan Malacarne, (University of California-Davis) Assistant Professor. Development Economics, Agricultural Economics.

James McConnon, Ph.D. (Iowa State University), Professor. Regional and community economic development, innovation, and small business management.

Caroline Noblet, Ph.D. (University of Maine), Associate Professor. Environmental economics and psychology.

Jonathan Rubin, Ph.D. (University of California-Davis), Professor. Environmental regulation and design, economics of alternative transportation fuels and vehicles, economics of greenhouse gas reductions.

Philip Trostel, Ph.D. (Texas A & M University), Professor. Human capital and savings, public economics, and labor economics.

Tim Waring, Ph.D. (University of California-Davis), Associate Professor. Sustainability, cultural evolution, and human culture and cooperation.

Tommy Wiesen, (University of Georgia), Assistant Professor. Macroeconomics, Time Series Analysis, Econometric Methods, Financial Economics.