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Areas of Study

Applied Economics

The applied economics group consists of four units: economic policy, public policy, environmental economics and technology, and contemporary economy.


  1. The economic policy unit involves four fields: international economics, development economics, industrial economics, and labor economics. A special feature of this unit is its strong policy orientation. In each field the actual economy is analyzed empirically and policy implications are discussed.
    1. International economics focuses on the analysis of international transactions of goods and services. Topics include patterns of trade and trade policy, exchange rates, and balance of payments.
    2. Development economics examines development policies, the economics of developing countries, and mechanisms of the economic development process.
    3. Industrial economics includes industrial organization and corporate economics. Here, microeconomic theory is often used to analyze market structures and corporate organization and strategies.
    4. Labor economics analyzes labor market phenomena using microeconomic theory and econometrics.
  2. The public policy unit focuses on the economic role of government. This unit consists of public finance, public policy, local finance and public economics.
    1. Public finance deals comprehensively with a range of public economic problems, thereby serving as the foundation for undergraduate economics education. Public policy and local finance extend the public finance stream by examining, repectively, policy implications and characteristics of local financial markets.
    2. The public policy unit offers a special opportunity for study in the School of International and Public Policy, with which we have a special arrangement. For example, in the highly successful Asian Public Policy Program, an English language program offered annually, 15 international students attend lectures and receive close guidance in their research. A number of collaborative papers have resulted from this program.
  3. The environmental economics and technology unit provides opportunities for investigating the economics of environment, natural resources and technology theoretically and empirically. These research fields are drawing increased attention and helping extend the applications and methods of modern economics.
    1. In environmental economics trends and issues in the relationship between environment and economy, including threats, opportunities and policies, are analyzed.
    2. In resource economics issues surrounding the use of various natural resources, such as resource policies and conflicts betweeen resource extraction and environmental protection, are examined.
    3. In economics of technological change, classes deal with economic analysis of innovation, which has considerable influence on modern economic activities. In addition to the economic evaluation of technology, research and development strategies, organization and policy, case studies are carried out on the communication and pharmaceutical industries.
  4. The contemporary economy unit deals with topics concerning the market economy and modern society.
    1. The first field of this unit deals with international and domestic economies. Many guest lecturers from the business sector are invited to give talks, providing first-hand information from the real world.
    2. The second field comprises subjects that focus on health and welfare economics, which is carried out through cooperative arrangements with three other universities.
    3. The third field is financial economics, involving theoretical and applied research on asset pricing, derivatives, and international finance.

The applied economics group uses economic theory to analyze actual economic issues and examine policy implications. As such it is a field with a strong policy orientation, attracting scholars seeking opportunities and solutions as they work with the local, national and global economic realities.