Production Economics
An M.S. with a specialization in Production Economics prepares the student to deal with questions of profitability, risk and stewardship in management of biological systems. In the U.S. and other countries with large scale commercial agriculture, M.S. graduates specialized in production economics often work in the input supply sector, for processors, in financial institutions, as consultants, as instructors in community colleges or technical schools and in the agricultural extension service. In developing countries, production economics M.S. graduates commonly work for non-governmental organizations (NGOs), for government agricultural services or in supporting research.
A Production Economics M.S. prepares a student for a career that requires a solid understanding of how money is made in agricultural production while at the same time managing risk and safeguarding the environment. This career might deal with farmers as an input supplier's representative or a bank's loan officer. It might be in a developing country working on an interdisciplinary team seeking profitable and sustainable approaches to making agriculture more profitable. In short, the production economics specialization prepares students for any career that requires an understanding of the economics and management of biological systems, but does not require more advanced skills.
The student should note that success in production economics related careers requires background knowledge in agricultural technology, and in the institutions, organizations and social structures that are the framework for technological implementation. Thus, courses in farm management, agricultural finance, marketing and policy should be taken concurrently. Students are encouraged to take courses in other departments to reinforce their capacity in communication and their knowledge of technical issues.
Ph.D.s with a specialization in Agricultural Production Economics work in many of the same organizations that employ M.S. degree staff, but they are usually involved more in advanced research. This might be doing research in the private or public sectors, in universities teaching others or in disseminating research results. In addition to being an area of Ph.D. specialization, many students with specializations in agricultural finance, resource economics, marketing, trade or policy also take courses in the production area.
Suggested Courses for the Master of Science Program: |
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| AGEC 506 | Ag Marketing and Price Analysis |
| AGEC 524 | Agricultural Finance |
| AGEC 600 | Agricultural Finance |
| AGEC 612 | Agricultural Production Economics I |
| AGEC 640 | Agricultural Policy |
Required for the Production Economics specialty area in the Ph.D. Program: |
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| AGEC 612 | Ag Production Economics I |
| AGEC 613 | Introduction to the Economics of Risk |
Plus one of the following: |
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| AGEC 612 | Ag Production Economics I |
| AGEC 640 | Agricultural Policy |
| AGEC 643 | Theory of Economic Development |
| ECON 621 | Applied Industrial Organization, or |
| ECON 676 | Econ of Uncertainty and Information I |