Best Applied Economics Programs

Applied economics is a field that emphasizes the practical application of economic theory and quantitative methods to real-world problems. This sub-discipline is essential for addressing the complexities of modern economies, including issues related to policy, development, markets, and industry-specific challenges. Several prestigious universities around the world offer exceptional programs in applied economics, which provide students with the necessary tools and skills to analyze and solve economic problems effectively. Among these institutions are Johns Hopkins University, Washington State University, Oregon State University, and the University of Houston, each of which offers distinctive programs aimed at equipping students with a deep understanding of economic theory, econometrics, and practical applications of economics.

Johns Hopkins University (JHU), located in Washington, D.C., offers a highly regarded Master of Arts (MA) in Applied Economics. This program is designed for professionals and graduate students who wish to pursue a part-time course of study while continuing their careers. The flexibility of evening classes at the university's Washington, D.C. Center makes it an ideal option for individuals working in government, business, or non-profit sectors. The MA program at JHU is focused on developing students' skills in economic reasoning and the use of econometrics to model and analyze economic issues. Students learn to formulate economic models, estimate them using advanced quantitative techniques, and apply these models to real-world problems. As part of its academic rigor, the program emphasizes econometric methods and statistical techniques, ensuring that students develop a strong proficiency in quantitative analysis.

The Department of Economics at Johns Hopkins University is highly ranked, placing 4th in the Faculty Scholarly Productivity Index, as reported by The Chronicle of Higher Education in 2006. This ranking reflects the department's commitment to academic excellence, faculty productivity, and the high quality of research output. The program is ideal for students who wish to gain practical expertise in applied economics while benefiting from the university’s world-class faculty and research-driven environment. The strong reputation of the Department of Economics enhances the career prospects of its graduates, who often go on to successful careers in government agencies, think tanks, international organizations, or private consulting firms.

Similarly, Washington State University (WSU) offers a robust MA in Applied Economics program through its School of Economic Sciences. The program is designed to equip students with the knowledge and skills necessary to apply economic theory and quantitative methods to a wide range of real-world problems, from environmental issues to policy analysis. WSU’s program is particularly notable for its emphasis on applied econometric modeling, an area in which the university has developed a strong tradition of excellence. The program covers a broad array of topics, including economic theory, econometrics, and applications of economic models to specific fields such as agriculture, trade, and regional development.

At Washington State University, students can choose between two options for completing their degree: the thesis option and the non-thesis option. The thesis option is designed for students who wish to pursue research-based careers or doctoral study, allowing them to develop a more in-depth understanding of a specific economic topic. The non-thesis option is suited for students looking to enter the workforce more quickly and is geared towards those who prefer to focus on the practical application of economics. Both tracks are designed to be completed within two years, providing a fast-paced yet comprehensive education in applied economics. Graduates of WSU’s program are well-prepared for careers in government agencies, private industry, and academia, and the program's focus on econometrics ensures that students develop strong quantitative and research skills.

Oregon State University (OSU) offers another prominent program in applied economics, providing graduate-level degrees including MA, MS, and PhD in Applied Economics. OSU’s graduate program is designed to provide students with the academic foundation needed for advanced research in economics as well as the practical knowledge required to apply economic theory in various fields. The university is ranked highly among research institutions, placing 81st in total research expenditures in 2002 according to the National Science Foundation, which highlights its strong emphasis on research and academic rigor.

The prerequisites for OSU’s Master's program include intermediate courses in microeconomic theory, macroeconomic theory, linear algebra, calculus, and statistics. This ensures that students enter the program with a solid grounding in both economic theory and the quantitative methods that are essential for advanced economic analysis. The Doctoral program builds on these foundational elements and is aimed at those who wish to pursue academic careers or high-level policy research. OSU's focus on applied economics prepares students for a wide range of careers in areas such as natural resource economics, agricultural economics, environmental economics, and policy analysis. The university’s faculty members are renowned for their research in areas such as agricultural policy, trade, and environmental economics, providing students with the opportunity to engage with cutting-edge research and real-world applications of economics.

The University of Houston offers a highly regarded MA in Applied Economics, which is designed for students interested in developing expertise in economic modeling, forecasting, and specialized areas such as energy economics and health economics. The University of Houston's program is particularly attractive to students interested in the intersection of economics and energy markets, given Houston’s status as a global hub for the energy sector. Students in the program benefit from courses in economic modeling and forecasting, which provide them with the skills necessary to analyze trends in economic data and make informed predictions about future economic conditions.

Additionally, the program offers specialized courses in energy economics, which are particularly relevant given the importance of the energy industry to the global economy. Students also have the opportunity to study health economics, which has become an increasingly important area of research and policy focus in recent years. The Department of Economics at the University of Houston is recognized for its strong faculty and its connections to institutions such as the National Bureau of Economic Research (NBER), the Hoover Institution, and the Centre for Economic Policy Research (CEPR). These affiliations provide students with access to cutting-edge research and the opportunity to collaborate with leading economists in their fields. Graduates of the program are well-equipped to work in both public and private sectors, and they are prepared for careers in economic consultancy, government agencies, energy companies, and healthcare organizations.

These four universities—Johns Hopkins University, Washington State University, Oregon State University, and the University of Houston—offer some of the best and most comprehensive Master’s programs in Applied Economics. Each program provides students with the skills and knowledge needed to address real-world economic issues, whether through quantitative modeling, policy analysis, or sector-specific applications such as energy or health economics. Graduates of these programs are highly sought after by employers in a range of sectors, from government to industry to academia, and they are well-prepared to make significant contributions to economic research and policy. Whether through rigorous econometric analysis, specialized industry knowledge, or a comprehensive understanding of economic theory, these programs ensure that students receive the education and training necessary to succeed in the dynamic and fast-paced field of applied economics.