Economics is about human action and the coordination mechanisms in complex social systems. Economic thinking thus extends beyond the economic mainstream and mathematical formalism. Understanding economic processes rather requires a paradigm that deals with the world as it is. This is exactly what the Austrian School of National Economics does, and this is why its exciting insights form the intellectual backbone of this master’s program. Sapere aude! Today’s banks look to the Austrian School. This strong community is growing and globally connected.
Entrepreneurial Economics is the first European English-language master’s program based on the Austrian School of Economics. The program guides you through the development of economic thought up to the frontier of modern knowledge. This way you will gain truly extensive economic knowledge. This will broaden your horizons, train you to think analytically and outside the box, and, last but not least, offer you a better understanding of the complex environment in which entrepreneurs operate.
Make a leap in your management career at University of Applied Sciences Europe (UE)! How? With an accredited M.Sc. in Entrepreneurial Economics at one of the 25 best internationally oriented universities in the world.
The University of Applied Sciences Europe is state accredited, has been awarded on multiple occasions and is worldwide leading in international approach.
At our university you study in small groups. This guarantees you individual support and personal contact to the professors. All our lecturers are experts in their industry.
You will notice our practical approach from the first semester. A variety of courses allows you to determine the content of your studies yourself. UE offers modern equipment like beamers in all rooms, macpools and more.
An internship and/or a semester aboroad is mandatory and projects and excursions give you the opportunity to create a network for your career. Create your story, inspire the world!
The graduates of this program are highly qualified for various professions in the private sector. With their deep understanding of the economy the graduates of this program have a particular strategic competency and are therefore suitable for numerous tasks within consultancy firms, strategy departments, and medium-sized businesses, who all seek independent-minded people.
Such strategic competencies are especially important in the area of change management, a field that is nowadays often addressed using “Embedded Entrepreneurial Teams”. Economists with a profound knowledge of the financial and banking system are also sought after in the finance sector. The graduates of this program are well-prepared to start a career in any of these areas because they are able to critically discuss various opinions and provide strong and convincing arguments. In general, however, the graduates with a master´s degree in Entrepreneurial Economics and Management should consider themselves as entrepreneurs on their own behalves with personal business goals and ideas that they can put into practice.
Entrepreneurial Economics is a hybrid program. It combines economics with business management studies and managerial training. It has been developed to shape students into professionals with entrepreneurial mindsets who combine theoretical and practical thinking. The combination of economic understanding and management skills is an ideal preparation for the job market.
The program is equally ambitious academically. We bring students up to date on the latest research by the Austrian School, while at the same time discussing the ideas of other schools, thus preparing students for academic debates.
The school of thought Austrian Economics – rooted in the Vienna of the late 19th century – provides until today the most comprehensive approach to the social sciences. Humans are generally being regarded as individual entrepreneurs who influence their living conditions trough target-oriented actions.
This paradigm sharply contrasts with the model of the “homo oeconomicus”, which is central to mainstream economics. The homo oeconomicus allows for a mathematization of economics, but at the same time overemphasizes equilibrium thought, thus leaving no room for entrepreneurial actions. The Austrian School, in contrast, makes the „homo agens“ the centerpiece of analysis and thus assumes a process-oriented view. Instead of mathematical formalization the conceptual analysis of human action becomes the dominant scientific principle. Using this approach the Austrian School develops a holistic and philosophical understanding of economics.
The main goal of this program is to convey this economic understanding to students so as to shape entrepreneurial personalities who are able to think both theoretically and application-oriented. In assuming the Austrian perspective entrepreneurial spirit is stimulated immensely, since this perspective is directly linked to independent thinking and a liberal social philosophy. Beyond that, this study program comprises an application-oriented part that focuses on the relevant methods of business management and thus offers the best possible preparation for a professional career. The degree of practice orientation can be further increased if a student decides to do an internship instead of a research project or if he decides to write the master´s thesis in cooperation with a company. Also, special leadership trainings as well as extracurricular studies are offered so as to further support the development of entrepreneurial personalities.
Also from an academic point of view this program is highly ambitious. It intentionally refuses to adopt the methodological imperative that characterizes modern mainstream economics, but rather takes students to the research frontier in Austrian Economics. At the same time, however, the program does not limit itself to explaining the Austrian perspective, but also teaches competing ideas and approaches, such as, for example, the neoclassical or the Keynesian view. Thereby, the students gain a unique methodological expertise and learn to understand the originality of the respective approaches. With such knowledge they are well prepared to pursue a Ph.D., as science generally commences with an understanding of the controversies that govern the debate. In addition, having completed this program, the students also possess economic knowledge that is significantly superior to the formal training of mainstream economists.
In order to prepare you further for the tasks of managing companies operating globally, an International Experience is integrated into your studies. To complete the International Experience sucessfully one can choose between different elements on a mudular principle, which could be in the form of a Summer / Winter School, a semester abroad, an internship or student emplyee scheme. You will find out more information during our information events.
The lectures for the Master’s courses during the semester take place on Wednesday afternoon until Friday and Saturday afternoon, respectively. Thereby, part-time work and studying are getting compatible.
Nevertheless, it is still a full-time study course which means that preparation and follow-up work necessarily accrue.
“It is high time to rethink dominant maths-based economics. Economics is not a natural science. It primarily concerns human action and social organization. The market is an entrepreneurial process and Austrian economics is entrepreneurial economics. The University of Applied Sciences Europe's study programmes offer an insight into this philosophical approach.“
Dr. Jürgen Stark
Former Chief Economist of the European Central Bank (ECB)
“Austrian Economics is an eye-opener. It allows you to understand how the economy really works. You will suddenly see why the recent financial crisis had to come and why its aftermath has been so difficult.“
Prof. Dr. Thomas Mayer
Flossbach von Storch AG Research Institute
Former Chief Economist of Deutsche Bank
“Austrian Economics is economics at its best: a systematic, coherent, and encompassing theory of human action, grounded in a realist anthropology, rooted in classical economics and the best traditions of economic thinking, and without any econometric or mathematical mumbo-jumbo. It's the kind of economics that helps you understand the world and prepares you well for any career in business, academia, politics, or public administration. The UE's master programme in Entrepreneurial Economics & Management offers this kind of economics, in one of the most exciting cities of the world. Sounds like a great deal.“
Prof. Dr. Jörg Guido Hülsmann
University of Angers
Senior Fellow of the Ludwig-von-Mises Institute
“The University of Applied Sciences Europe offers a deeply convincing program for students of Entrepreneurial Economics: A manager should be educated to think outside the box in an integrated field of managerial cooperation. Empirical evidence shows that the Austrian approach, rather than mathematical model-based Economics, can better explain the evolutionary character of economic development. Students who are trained as all-encompassing Managers, who are capable of holistic reasoning, are extremely well prepared for their future entrepreneurial life. There is no denying the fact: UE is indeed the best academic location to accumulate superior knowledge in this entrepreneurial spirit.“
Prof. Dr. Wolf Schäfer
President of the Hayek Society
“There is a need for innovative study programs that encourage entrepreneurial thinking. Our universities focus too much on educating managers, instead of go-getters. I am thrilled, that the UE is offering such a unique combination of a theory based master designed to prepare students for the real world. The Entrepreneurial Economics Master is an exciting example how our education system could and should change.”
Dr. Hubertus Porschen
Chairmen of The Young Entrepreneurs of Germany
“Neoclassical economics with its mathematical and unrealistic approach is a dead end road. More and more students and professionals turn away from its unrealistic assumptions and aggregations in disgust. What they are looking for is an approach that helps them to understand how the real world works. The economics of the 21st century is dynamic, realistic and based on the action of real, creative people. It is an economics based in praxeology: the general theory of human action. It is Austrian Economics. It is a wonderful news that there is now also a Master of Austrian Economics in Germany in English. This Master will play an important part in the paradigm shift that is under way.“
Prof. Dr. Philipp Bagus
Universidad Rey Juan Carlos, Madrid
As a private university, University of Applied Sciences Europe is funded not by the state, but by tuition fees. For this reason, studying at UE costs more than at a public university. But it’s worth it: UE graduates meet essential requirements of business, and this sets them apart from the graduates of many public universities. Your employment and earnings prospects are greatly improved.
All costs are included in the monthly tuition fee. This also includes the costs of the Leadership Assessment Center. No additional costs will be incurred, such as a matriculation fee, exam fees, master thesis fee or similar, as long as the course is completed within the standard study period.
We are happy to provide you with information on funding your studies and on any available scholarships. Find out useful information on this website.
In cooperation with Students for Liberty UE offers a 50 % Liberty scholarship for one selected individual. Moreover, all members of Students for Liberty get a 10% discount on their study fees for any program at UE.
You can apply a year in advance for your desired starting semester.
Students must meet the following requirements to qualify for the master’s degree program:
- a final grade of “Good” (GPA: 2.5) or better (alternatively, a letter of recommendation from your previous university)
- a focus on economics, mathematics, or philosophy within your previous studies (alternatively, you may attend preliminary courses)
The Master of Science (M.Sc.) degree generally enables you to go on to do Ph.D. studies leading to a doctorate. However, the specific entrance requirements and the terms of admission for such programs are determined by the degree-granting institutions.