Master of Arts in Austrian Economics

Program Overview

Master of Arts in Austrian Economics Degree

Major requirement minimum (18 core, 6 elective)
24 semester credit hours

Thesis requirement
6 semester credit hours

Total program requirements = 30 semester credit hours

 

Program Description & Outcomes

The Master of Arts in Austrian Economics degree program prepares graduates for careers in public, non- profit, and private organizations in which economic insights are essential and in which they can develop, implement, and provide understanding of the economic consequences of policy and business activities. Upon completion, a student will have demonstrated he or she can:

 

  1. Explain praxeology, the science of human action based on purposeful behavior;

  2. Interpret the history of major authors in the economic field and their contributions and retrogressions;

  3. Evaluate the background and decision-making process of economic institutions;

  4. Analyze the specific actions and policies that cause current and past episodes of inflation, recession, and unemployment in the real-world economy, in order to formulate proposed policy improvements;

  5. Interpret economic research using quantitative and qualitative skills, to support economic decision making; and

  6. Formulate persuasive positions and arguments in written and oral communications.

 

Master of Arts in Austrian Economics
Program Outline

 

COURSE NO.

CORE COURSES

SEMESTER CREDIT HOURS

ECON 501

Microeconomics

3 hours

ECON 502

Monetary Economics

3 hours

ECON 503

Quantitative Economics: Uses and Limitations

3 hours

ECON 504

Macroeconomics

3 hours

ECON 505

History of Economic Thought I

3 hours

ECON 506

History of Economic Thought II

3 hours

ECON 650

Thesis requirement*

6 hours

 

ELECTIVE COURSES (PICK TWO)

 

ECON 601

Comparative Economic Systems

3 hours

ECON 602

History of Economic Regulation and Financial Crises

3 hours

ECON 603ST

Current Topics in Rothbardian Economics

3 hours

TOTAL REQUIRED HOURS

30 hours

Course Descriptions

  • A study in the explanation and the determination of consumer goods’ prices and factor pricing (i.e., wages and rents), and the role of the entrepreneur in the pricing process and the organization of firms.

  • An examination of advanced topics in money and banking. Topics include the non-neutrality of money, the historical and legal treatment of money and banking, and the effects of different money and banking systems.

  • A study of the statistical, empirical, and mathematical methods used in economics as well as their limitations.

  • Investigation of topics in capital theory, fiscal policy, and aggregation. Topics include the inter-temporal character of the capital structure, the structure of interest rates, capital markets, and an analysis of business cycles to include credit creation, the liquidation process, and the role of financial markets in cycles and an examination of money production, taxing, spending, and debt issue by the governments.

  • An exploration of the development of economic thought from the ancient Greeks through the birth of the Austrian school.

  • Covers the advent of and contributions by Austrian school of economists from Carl Menger to present.

  • Students work with a faculty advisor to write a thesis proposal, draft and revise an original thesis, and complete and defend a thesis suitable for publication in a peer-reviewed journal. (See additional details below)

  • A study of the world’s economies including comparisons of different international systems, with particular attention paid to the outcomes of each, including an analysis of market critiques.

  • History of post-1800 financial crises with an emphasis on the forces behind and justifications for progressivism, Prohibition, regulation, and antitrust laws.

  • A hybrid (online and in-residence components) intensive study of Misesian and Rothbardian economic analysis, along with the applications of that research in related fields. Topics to vary. Students are responsible for all travel costs to and from Mises Institute for the in-residence portion of this course.

*denotes elective

The Mises Graduate School Thesis

To complete the Mises Graduate School Thesis requirement, students will:

  1. Develop an original contribution or criticism to current economic thought

  2. Assess Austrian-related and mainstream literature for strengths and weaknesses

  3. Compile academic and data sources

  4. Propose evidence-based reasoning for the contribution/criticism.

To obtain approval to enroll in ECON 650: Thesis Requirement, a student should first submit a description of 250 words or less of the thesis topic to the designated full-time faculty member for feedback and approval. Once approved, a student then completes the Master’s Thesis Proposal Submission Form and submits a formal Thesis Proposal. After submission, the Academic Vice President reviews the proposal and thesis advisor request. If approved, the Registrar facilitates the completion of the Thesis Prospectus form demonstrating topic approval by the Academic Vice President, Provost, Thesis Advisor, and student. While enrolled in the six semester credit hours of thesis, the student should communicate regularly with the thesis advisor at mutually-agreed-upon and clearly stated intervals, submit drafts, portions of drafts, or otherwise demonstrate progress weekly via email, and complete and defend a thesis suitable for publication in a peer-reviewed journal within the terms taken for thesis credit.

A thesis should be between forty to sixty pages double-spaced, 12-point font, APA style, and with a minimum of thirty peer-reviewed citations. After the thesis advisor approves the student’s final draft, the paper is submitted on Canvas® via the TurnitIn® application to verify originality. A student earns a “P” grade by satisfactorily presenting his or her thesis to the thesis committee, led by the thesis advisor. This virtual presentation should be approximately twenty minutes in length including ten minutes for questions and answers.