The School of Economics originates from the School of Law and Economics which was established in 1948 and divided into the School of Economics and the School of Law in 1950. The School of Economics consists of two departments: the Department of Economics and the Department of Business Administration. It offers both an undergraduate and a graduate program in economics. Students entering the undergraduate program are expected to follow a course of study leading to the Bacher’s degree in economics which takes four years to complete. The number of students is approximately 235 per academic year. The graduate student’s program consists of two courses. The first is the master’s course which usually requires two years of study. The number of students in this course is 44 per academic year. The second is the doctor’s course which usually requires three years after completing the master’s course. The number of students is 39 per academic year. The Graduate School of Economics offers advanced work in economics and business administration leading to Master and Doctor of Economics degrees. The doctor’s course is designed for students who have received the Master of Economics degree and have succeeded in the entrance examination for the doctor’s course. Professors and associate professors of the School of Economics usually deliver lectures, and outside lectures occasionally are invited, depending on the subject. The Graduate School / School of Economics has special academic programs for the development of joint research work and the exchanges of staff and students based on the agreements between the School of Economics, Nagoya University and 1) the School of Economics, Freiburg University, Germany and 2) University of California, U.S.A.