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The Agricultural Economics Department is part of the Institute of Agriculture and Natural Resources (IANR) and the College of Agriculture and Natural Resources (CASNR). The faculty has appointments in the College of Agricultural Sciences and Natural Resources (CASNR), the Agricultural Research Division (ARD), and/or the Cooperative Extension Division (CED). The Department was established in 1909 as the Department of Agronomy and Farm Management. In 1911 it was renamed as the Department of Farm Management and then in 1919 became the Department of Rural Economics. Since 1949 the Department has been known as the Department of Agricultural Economics. By 1920 the Department offered 13 courses for undergraduates and graduate students. The first master’s student graduated in 1921 and the first Ph.D. student graduated in 1964. The extension component of the Department, started in 1917, also has a long tradition of service to the state.