A masters refers to the completion of a graduate study program that prepares students to further their knowledge of a specific subject or advance their careers. The majority of masters are granted by state or public universities.

There is evidence of economic writing that dates all the way back to the Mesopotamian era. The development of modern economics is largely due to two groups which were known as the physiocrats and the mercantilists. These groups help develop capitalism in Europe in the 16th century.

Indonesia adopted a high quality education system, which provides the education in three basic levels with the highest level being the university level. Lately the country upgraded five colleges to fully university levels with an aim of accommodating even international students who may wish to study in Indonesia. Higher education programs in Indonesia are accredited by the National Accreditation Board for Higher Education. The nation's capital city is Jakarta.

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