Overview
“THINK ECONOMICS”
With the rapid and incessant economic, social and environmental changes at present, executives are faced with decision-making challenges on various matters within the organization, requiring the knowledge and ability to apply several bodies of knowledge that will lead to the organization’s management practices which enable the different aspects of operation to achieve the targets set efficiently and effectively. Knowledge in economics is one of the important tools that will greatly help with the said management under the merits of virtuous and ethical operations which will in turn assist in the sustainable social and economic development of the country as a whole. Consequently, the School of Development Economics recognizes the need for the production of personnel to support the country’s development in accordance with such guidelines and has thus launched a special project of “Master of Economics in Executive Economics” (2011), focusing on the application of economics theories and concepts for decision-making in both public- and private-sector organizations to produce executives with broad visions and clear understanding of the economic environment who are capable of analyzing both the economic and business situations competently. They must also be highly advanced executives in the modern business world.
The School of Development Economics organizes annual meetings regularly to review program development and improvement and to obtain valuable opinions and suggestions from knowledgeable persons and stakeholders in various areas such as program structure improvement, modification of major subjects, discontinuation of subjects that are not consistent with the current socio-economic conditions, etc. Furthermore, new subjects are added to prepare the master’s degree holders for Thailand entering the ASEAN Economic Community and to be in consistence with the Institute’s vision on becoming a “World Class University”.
In 2016, the School of Development Economics’s Master of Economics in Executive Economics Program underwent a revision and the name was changed to “Master of Economics in Economics and Management Program” (revised program, B.E. 2559). The revision was based on feedback from the program’s stakeholders and approved by the Academic Council Committee, No. 1/2559, on February 24, 2016, and by the National Institute of Development Administration (NIDA) Council, No. 2/2559 (Special), on March 9, 2016.
Program Philosophy
“To produce graduates as executives with a deep understanding of the economic condition who can utilize the knowledge in economics to manage ethically and in compliance with good governance principles for the benefit of society and the nation”
Program Objectives
- To create a program that provides the necessary knowledge in economics for professional executives in both the public and private sectors, including business owners, to expand the economics dimension of decision-making.
- To create executives who understand the economic condition, economic policy and the economist’s way of thinking.
- To create a program that focuses more on applying economics concepts to actual utilizations than on just studying economics theories.
Expected Learning Outcomes
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- Have a good Understanding of and an ability to apply economic principles for management decisions.
- Possess analytical skill sufficient to understand economic environment and policies for decision-making and problem-solving, using up-to-date analytical tools.
- Possess research skills througe life long learning process and acquire ever-evolving knowledge and technology
- Possess thought leadership and accountability, as well as ability to work as a team leader and as a team member
- Communicate effectively in written, verbal and graphic forms.
- Comply with good governance principle and have social responsibility
Course Description
MEM covers a study period of 1 year and 8 months. Classes take place on Saturday – Sunday. The course will focus on the economic principles needed for decision-making and organizational management. The course will cover economic theories, case studies, analysis of materials, discussion, and field trips
Program Structure
Course Description
Basic Course
EX 5001 Essentials of Economics
Students will learn essential and fundamental concepts in economics which will enable them to understand and analyze relevant issues. Key ideas and important terminology in both microeconomics and macroeconomics will be introduced. Additionally, current economic issues will be discussed.
EX 5002 Data Analysis for Executive Decision
This course is an introduction to quantitative and qualitative tools for economic and business data analysis. The course covers topics including primary data collection, interview, questionnaire design, focus group conduct, brainstorming, sources of secondary data, descriptive statistics, graphical analysis, and calculation and interpretation of mean and variance.
Core Courses
EX 6001 Analysis of Open Economy
Students will learn the macroeconomic analysis of an open economy. This course focuses on the interaction between household and business and the effectiveness of government policy in the open market economy. Long run growth and short run fluctuations of a nation in an increasingly connected world are explored. Also, current challenges in global economic issues are investigated.
EX 6002 Managerial Economics
Managerial Economics is the application of economic theory and methodology to managerial decision making problems within various organizational settings such as a firm or a government agency. The course focuses on demand analysis and estimation, production and cost analysis under different market conditions, forecasting and decision making under uncertainty. Students taking this course should have some background in economics and basic algebra
EX 6003 Economic Policy
This course is a study of the foundation of economic policy formulation. The course recognizes the importance of free market economy, discusses market failures, market imperfections and identifies conditions for government interventions in the economy. Economic policies are designed to achieve the three key economic objectives, they are, efficiency, stability and distribution criteria. A variety of policy issues will be discussed, such as, tax policy, social security policy, poverty policy, education policy or policies on natural resources and environment. In addition, policy analysis tools, such as, cost benefit analysis will be illustrated.
Major Courses
EX 7001 Competitiveness Analysis and Organisation Strategy
This course covers the concept of competitiveness analysis in both country and organizational level. The techniques of the internal and external environmental analysis will be explored to enable students to analyze the strengths and weaknesses of the firm or the country and to determine suitable strategies for responding to the opportunities and threats of those. The concept of business and industry life cycle, value chain management, business-level, corporate-level and international-level strategy formulation are discussed. The applications of data analysis and case study involving competitive advantage creation in an organization are examined.
EX 7002 Financial and Risk Management
This course covers the concepts of financial management and builds on an understanding of financial planning and investment, the cost of capital and the sources of fund, risks and rewards, risk management of the organization and management of financial risk, as well as other important issues involved in a firm’s financial decisions.
EX 7003 Project Planning and Analysis
This course covers the study the project cycles, project planning, project implementation, and project analysis covering both public and private investment projects. The project analysis includes various aspects such as demand and market analyses, technological analyses, financial and economic analyses, environmental and social analyses, project feasibilities, costs and benefits analyses, economic viabilities, discount rates, market prices and shadow prices, official exchange rates and shadow exchange rates, a valuation of non-market goods and services, strategic plans, business plans, and project appraisal reports.
EX 8000 Selected Topics in Economics and Management
This course aims to discuss some selected current issues in economics and management and enable students to understand and analyze those issues with economics foundation.
Elective Courses
EX 7004 Economic Indicators
This course is an introduction to the analysis of economic data, variables, and key economic indicators as needed for the understanding of the structure and the analysis of the present situation of the economy and economic forecast.
EX 7005 Human Resource for Competitiveness
This course covers the study of investment in human capital as part of human resource development planning which targets at raising the worker productivity as well as the return to the business firms in the short term and increasing national competitiveness in the long term. Role of state and private policy on human resource development will be examined. Applications of microeconomic principles to personnel management decision-making including hiring, training, promotion, compensation, and early retirement are enclose
EX 7006 Economics of Globalisation
This course applies the theoretical concepts of international trade and finance for economic decision making under globalization and the stage of economic development. Economic rationales of trade and investment liberalization; freer movements of goods, services, and factors of production are explored. A dynamic responsiveness of the real sector to excessively fluctuations of both internal and external forces such as international capital mobility, labors, exchange rates, and technology changes, toward sustainable development of the nation are also discussed.
EX 7007 Innovation and Creative Economy
This course aims providing the importance of innovation adoption and management in different types of organizations that include types of innovation, innovative pricing, digital economy and network externality, innovative vision and strategic position. In the boarder context, innovative-driven structure such as creative entrepreneurship, innovative cluster, market structure for innovation, intellectual property rights and public policies for promoting innovation will be discussed.
EX 8800-8900 Directed Study
The course covers some specific issues in economics and management, which are current and benefit to the students’ research interests.
Independent Study and Thesis
EX 9000 Independent Study
This course will provide students the opportunity to pursue in-depth independent study of an economics and management issue, theme, or problem. Student will be in consultation with a faculty member to develop a research. The completed project displays the student’s abilities as an effective writer, knowledge of audience, and thorough familiarity with the selected topic area.
EX 9000 Thesis
Equivalent to coursework not less than 1 semester
MEM will offer you
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- Economic analysis
- Analysis of public and private investments
- Analysis of impacts from government policies
- Economic research skills
- Ability to disseminate knowledge on economics
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Qualification
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- Holding a Bachelor’s degree in any field accredited by the Office of the Higher Education Commission (OHEC)
- Being 30 years old or more or having at least four years of work experience.
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Learning Methedology
