The aims of the program are:
- to provide students with a level of training that will enable them to read articles in economic journals and important books in economics
- to provide students with the skills to understand and critique different theoretical models and technical methods.
- to provide students with the research training needed to pursue a Ph.D. in economics
- to provide students with the research training needed to enter either the public or private sectors or take up positions in research and academic institutions.

Admission Requirements

Students may be admitted to the M. A. program if they have a baccalaureate degree in economics from an accredited college or university with an overall grade-point average of at least 2.5 on a 4.0 scale (or the equivalent).  Applicants whose undergraduate grade-point average is less than 2.5 may be considered for admission upon petition to the Department’s Graduate Admission Committee.
Students who have a baccalaureate degree with an overall undergraduate grade-point average of 2.5 or better and who did not major in economic may be admitted to the program upon consultation with the Department’s graduate adviser and upon demonstrating proficiency in the following areas:

Intermediate Macroeconomic Analysis
Intermediate Microeconomic Analysis
Introductory Statistics

Students who do not demonstrate proficiency in these areas may be admitted on a provisional basis, and will be required to complete relevant coursework before they will be permitted to take graduate-level courses.  Work done while on provisional status will not count toward the graduate degree.
All students with less than a 2.5 (4.0 scale) grade-point average prior to admission shall be required to take the general Graduate Record Examinations (GRE) and obtain a score of 1500 or greater.
The deadline for priority admissions for the Fall semester is April 1; and for Winter semester it is November 1.  Qualified students are admitted at anytime.
International students who have studied less than two years (full time) in a U.S. academic program or a comparable program in an English-speaking country are required to obtain one of the following:

1. a score of 550 or above on the Test of English as a Foreign Language (TOEFL).

2. level 109 on the ELS Language Centers Test of English.

3. score of 6.0 or above on the British Council English Language Test.

4. a pass on the Cambridge Certificate of Proficiency in English.
 

Program Application Procedures

Applications for admission of domestic students to the program can be obtained from the Office of Admissions or the Department of Economics. All applications should be returned to the Office of Admissions.

Office of Admissions
120 Administrative Center
University of Missouri-Kansas City
Kansas City, MO 64110-2499
Tel. (816) 235-1111
Fax (816) 235-6502
Home Page: http://www.umkc.edu/sgs

Graduate Advisor, Department of Economics
211 Haag Hall
University of Missouri-Kansas City
Kansas City, MO 64110
Tel. (816) 235-1314
Home Page: http://cas.umkc.edu/econ

Applications for admission of international students to the program can be
obtained from the International Student Affairs Office or the Department:

International Student Affairs Office
120 Administrative Center
University of Missouri-Kansas City
Kansas City, MO 64110
Tel. (816) 235-1113
Fax (816) 235-6502
Home Page:  http://www.umkc.edu/isao

Assistantships and Fellowships

There are a number of assistantships and fellowships available from the Department.  To obtain further information and application forms, contact the graduate advisor at the above address.

Program of Study and Degree Requirements

The department strongly encourages newly accepted students to contact the Graduate Advisor to schedule a session to plan their program of study.  A formal Program of Study form, requiring approval of the Graduate Advisor, Department Chair, and Dean of the College of Arts and Sciences, must be filed one semester prior to graduation.  It is further recommended that each student contact the Graduate Advisor at least once each semester to review their academic progress.

Thirty hours of graduate work is required for the M.A. in economics.  The following core (required) courses (15 hours) and their prerequisites are listed:
 

Economics 521 is waived if students have completed Economics 421 Mathematical Economics, or its equivalent.  In the event students have not had Economics 421 they should take Economics 521.  Calculus is strongly recommended as a prerequisite for Economics 521.

Economics 425 is recommended for all students who have not had it, or something very much like it.

Economics 451 is required for all students who have not had an approved substitute—see graduate advisor.

An additional 15 hours of coursework must be completed.  Up to nine of these hours may be in selected 400-level courses in economics and related disciplines, upon consultation with and approval of the graduate adviser.  Graduate credit toward the M.A. in economics is not given for courses at the 300 level.  No more than six (6) hours of Economics 590 Special Topics may be counted toward graduation.

For students not entering in the Fall semester, it is strongly recommended that Economics 521 Mathematical Economics be taken at the first opportunity.  The prerequisites to graduate courses are very important and must be completed prior to enrollment in courses with prerequisites.

Masters level students may take Doctoral level courses (usually 600 or above) with permission of the Graduate Advisor and the Instructor, but these courses can not count toward the MA degree.

Graduate students in economics must also comply with the general graduate academic regulations as found in the School of Graduate section in the UMKC General Catalog.

Requirements for Retention and Graduation

Students are expected to maintain a high degree of academic excellence.  Students must maintain a minimum of a 3.0 graduate grade-point average.  A student who receives a grade of C+ or lower will receive an academic warning.  Students who receive a grade of C or C- in two classes, or a D+ or lower in one class, will be dropped from the program.  A maximum of three hours of 2.0 (C) in graduate courses will be permitted to count toward graduation.  A 3.0  (B) must be earned in all undergraduate courses approved for graduate credit and in Economics 590 and Economics 599.
Each student is required to fill out a program of study with the graduate advisor before the completion of 15 hours of coursework.  At that time, the graduate committee will consider the student’s performance and make a recommendation with regard to retention of the student.  After being approved by the College of Arts and Sciences graduate office, the program of study is filed with the UMKC Records Office and may be amended upon consultation with the graduate advisor.
The overall minimum grade-point average for graduation is 3.0.

Graduation Requirements - Elective Courses Track

Students are required to complete 15 hours beyond the required courses.  Of these, 9 hours must be at the 500 level.

Graduation Requirements – Project Track

Students are required to complete 15 hours beyond the required courses.  Of these, 9 hours must be at the 500 level.  Students complete a supervised applied research project which counts as part of the 15 hours beyond the required courses.  The number of hours for the project depends on its scope and is determined by the student and his/her project advisor—for more information about the project, see the Graduate Advisor.  Depending on the scope of the project, students are required to take 3 to 6 hours from among the following courses:

Economics 590 Special Topics
Economics 591 Research and Planning Seminar (required)

Course Sequences and Progress Toward the Degree

The maximum number of hours a student can take each semester is 12 and the maximum number during summer school is 6.  If a student wishes to take more than the maximum, he/she must get the approval of the graduate advisor.  It generally takes a student 3 or more semesters to complete his/her courses.

Recommended Sequence for students without Economics 425 or 451

First Year --Fall Semester  -- 9 hours (or 12 hours)

Economics 425 – Intermediate Economic Statistics
Economics 451 – Institutional Economic Theory
Economics 521 – Mathematical Economics
Economics 501 – Advanced Macroeconomic Theory

First Year -- Winter Semester – 9 or 12 hours

Economics 502 – Advanced Microeconomic Theory
Economics 525 – Econometric Methods
Economics 551 – Advanced Institutional Economics
Elective

First Year -- Summer Semester  -- 3 or 6 hours

Elective(s)

Usually no required courses, except possibly Economics 425, are offered during the summer.  This is a time to take electives, including special topics courses.

Second Year – Fall Semester  - 9 to 12 hours.

Economic 501 – Advanced Macroeconomic Theory (if not taken 1st year)
Elective (6 to 9 hours)

Recommended Sequence for students with Economics 425 or 451

First Year --Fall Semester  -- 9 to 12 hours

Economics 521 – Mathematical Economics
Economics 501 – Advanced Macroeconomic Theory
Elective(s) (3 to 6 hours)

First Year -- Winter Semester – 9 to 12 hours

Economics 502 – Advanced Microeconomic Theory
Economics 525 – Econometric Methods
Economics 551 – Advanced Institutional Economics
Elective

First Year - Summer Semester  -3 or 6 hours

Elective(s)

Second Year – Fall Semester  -- 3 to 9 hours

Elective (3 to 9 hours)

Students who are planning to take the Project Track will take the same sequence of courses as above, except that Economics 591 and 590 are integrated at the appropriate time.  Students wanting to do a project need to decide early and tell the Graduate Advisor.

Required Course Descriptions

Economics 425  Intermediate Economic Statistics

An introduction to the empirical side of economics. Estimation theory and the properties of commonly used estimators are covered. Some of the more important topics dealt with are: multiple regression, heteroscedasticity and autocorrelation in regression analysis, analysis of variance and the use of qualitative variables in regression analysis. Hands-on work with computer software designed for econometrics is stressed. No experience with computers necessary.

Economics 451 Institutional Economics

Institutional Economic Theory makes use of and builds on knowledge which has emerged and is emerging from a number of areas including social psychology, sociology, anthropology, economics, and some of the physical and biological sciences.  It will be of assistance to the student in grasping the content and implications of the institutional way of thinking to be reminded from the beginning that it cannot be best understood as a mere modification of conventional economic and social thinking, but rather, represents a significantly different way of thinking about people, the economy, social activities generally, and human economic and social potentials.

Economics 501 Advanced Macroeconomic Analysis

Basic theoretical concepts of national income and statistical tools utilized in its measurement. Aggregate demand and supply as problems of economic dynamics.  The course includes examination of the primary competing theoretical approaches:  neoclassical, Keynesian, new classical, real business cycle, new Keynesian, supply side, Austrian, and Post Keynesian.  Topics covered include growth, money, labor markets, consumption, investment, expectations formation, role of time and uncertainty, equilibrium and disequilibrium analysis, exchange rates, international trade, and optimal currency areas.  Policy implications of the various macroeconomic theories are explored.

 Economics 502 Advanced Microeconomic Analysis

The course covers neoclassical microeconomic theory, including consumer behavior and demand, production and costs, perfect and imperfect competition, and oligopoly.  The material will be presented historically as well as critically.  Thus the contributions of Marshall, Sraffa, Robinson, Chamberlin, Viner, Harrod, Kaldor, and Hicks will be presented in conjunction with the presentation of the modern microeconomic theory.  In addition, the theoretical problems with demand and supply curves, equilibrium, and marginalist pricing will be pointed out and their implications discussed.

Economics 521 Mathematical Economics

An introduction to mathematical methods as applied to the questions addressed by economists.   The principal methods to be applied are matrix algebra and differential calculus in the context of optimization.

Economics 525 Econometric Methods

The major problems encountered in building and testing economic models are treated and alternative solutions to these problems are discussed. Major topics include corrections for heteroscedasticity and autocorrelation, maximum likelihood and BLUE estimation, simultaneous equations methods, probit and logit analysis and distributed lags. Other topics may include ARIMA or other time series analytic methods, three stage least squares and dynamic multipliers or simulation. Work with econometric software is stressed.  No programming experience necessary.

Economics 551 Advanced Institutional Economics
The course examines the evolution and organization of the modern economy, including the contributions and limitations of conventional approaches as they compare to the Institutionalist approach. The course builds on knowledge that has emerged and is emerging from a number of areas including philosophy, social psychology, sociology, anthropology, and even some of the physical sciences.  The content and implications of the institutional way of thinking cannot be best understood as a mere modification of conventional economic and social thinking, but rather, represents a significantly different way of thinking about man, the economy, social activities generally, and human economic and social potentials.

        For further information, contact the UMKC Department of Economics, (816) 235-1314. Or e-mail us, Economics Department.

Graduate Faculty Advisor Fred S. Lee (W 9-11, and by appointment)
leefs@umkc.edu ,Manheim 202D, (816) 235-2543

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Department of Economics
211 Haag Hall
University of Missouri-Kansas City
5100 Rockhill Road
Kansas City, Missouri 64110
Send e-mail to, economics@umkc.edu