Welcome to the ‘Master of
Science in Economics and Institutions’ webpage.
This page contains information about this University of Marburg study programme, ‘virtually’ introduces you to the Department of Economics, and can assist in your application process. The webpage also will be a useful resource during your studies in Marburg and will help you stay in contact with the Department of Economics after your graduation.
The Master of Science (M.Sc.) in Economics and Institutions programme provides rigorous training in all major fields of economics, with a special emphasis on institutions. Nobel prize winner Douglass North (1991) defines institutions as ‘humanely devised constraints that structure political, economic and social interaction.’ Institutions provide societies and individuals with a level of organization and security that is welfare enhancing both in good times and, perhaps especially, during times of uncertainty and crisis. Douglass North observes: ‘Throughout history, institutions have been devised by human beings to create order and reduce uncertainty in exchange.’ North assigns institutions a crucial role in the economy: ‘Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline.’
(Douglass North, 1991: Institutions. Journal of Economic Perspectives, Vol. 5, No. 1, 97-112.)
As highlighted by these quotes, institutions play a major role in our economy. Learning how the economy works and how it can be governed thus requires an understanding of economic institutions. To this end, the Master’s programme employs modern theoretical and empirical methods from the field of economics. Completion of the programme will prepare you for a career as a professional economist in government or business or provide you with a solid basis for an academic career.
Since its launch in autumn 2008, students from five continents (Africa, Asia, Europe, North America, and South America) and from more than 22 different countries have come to the historical university city of Marburg to enrol in the M.Sc. in Economics and Institutions. As all courses are taught in the English language, the programme is particularly well suited for an international group of students. Class size is small, averaging about 25 students, which creates a personal and intense working atmosphere. These conditions encourage students to actively participate in class and to take part in debates on economic theory and policy issues.
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