The political management of Covid-19 is making an indelible impression on this generation. Our nation's leading academics, business owners and politicians are engaging in wild public debate with most agreeing the full economic impact may take years to overcome.
Their arguments are based on applied economic theories, research and forecasting. Once the domain of closed-door negotiation rooms, applied economic concepts and knowledge have been rapidly thrust into the public discourse.
'Applied economics' refers to the application of economic theory and empirical studies to real-world situations – such as the Covid-19 global pandemic. Analysts draw upon economic theory and empirical studies to predict possible outcomes and make better-informed economic decisions.
Professor Gigi Foster believes that the next generation of well-trained economists can have more influence than ever.
"In the past, limitations in data and methods constrained our ability to put economic theories to the test," she says.
"With the recent proliferation in data and advances in methods and computing power, these limitations are greatly reduced. The next generation of well-trained economists who are prepared to think pragmatically and grapple with real data have more usefulness, more sense, and hence more influence than ever."
UNSW Business School's newly designed Master of Applied Economics has been developed to provide professional economists with practical skills underpinned by a broad and advanced knowledge base to prepare for the future of economics.
The program includes an economics practicum, where students work with a public and a private organisation. During the practicum students apply what they have learned in a real-world situation, build practical business and leadership capabilities, and develop their professional network.
The highly flexible postgraduate coursework program is designed to fit around a student's existing commitments, such as work or family, delivered face-to-face and online. The two-year program can be completed in as little as a year with recognition of prior learning or studied part-time over four years.
Applications for the Master of Applied Economics are now open. For comprehensive program information, including course fees and starting dates, visit UNSW Degree Finder.