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Economics



Undergraduate Officer
E. Carvalho, HH 217, ext. 3017

Courses not offered in the current academic year are listed at the end of this section.

Note:

  1. Some Economics courses do not have a "term offered" indicated. This information will be available at preregistration and students can confirm the Rterm offeredS with their departmental advisor.
  2. The "normal" number of lectures per week in each course is three; however, each instructor determines how often her/his particular class will meet.
  3. Additional ECON courses may be offered in the Spring term from time to time. Consult departmental listing at time of preregistration.
  4. Due to sabbatical leaves, some courses normally offered may be cancelled in 1994-95. Consult departmental listing at time of preregistration for deletions or additional course offerings.

ECON100S

ECON 101 F,W,S 3C 0.5
Introduction to Microeconomics
An introduction to the central economic problems of society, the functioning of a mixed enterprise system, the economic role of government, the composition of and pricing of national output, pricing of productive factors, and income distribution.

ECON 102 F,W,S 3C 0.5
Introduction to Macroeconomics
An introduction to the determination of national income, unemployment (and inflation), interest rates, the exchange rate, monetary and fiscal policy.

ECON200S

ECON 200 F 3C 0.5
Contemporary Policy Issues
The basic principles of economics used to examine contemporary economic issues and to evaluate current public policy debates.
Prereq: ECON 101, 102

ECON 201 F,W,S 3C 0.5
Microeconomic Theory 1
Theory of consumer choice; the economics of production; price and output under perfect and imperfect competition.
Prereq: ECON 101

ECON 202 F,W,S 3C 0.5
Macroeconomic Theory 1
Theory of the determination of income/ output (GDP), employment, unemployment, prices (inflation), and interest rates; an analysis of monetary and fiscal policy.
Prereq: ECON 101 and 102

ECON 210A F,S 3C 0.5
Political Economy 1: Microeconomics
Technical, ideological and social aspects of production, distribution and employment in the evolution of capitalism. Inter- dependencies in commodity and labour markets, monopoly power, instability, alienation, and the contradictions of capitalist and democratic governance. The 'moral society' and prescriptions for social change.
Prereq: ECON 101 or instructor's consent

ECON 210B F,S 3C 0.5
Political Economy 2: Macroeconomics
Social class, power, institutions, and system-specific and other values in explanation and evaluation of the effects of capitalist governance on aggregate production, employment, income distribution and prices. The state, fiscal and monetary policy and the control of unemployment and inflation. Macro-level insights into the 'moral society' and prescriptions for social change.
Prereq: ECON 102 or instructor's consent

ECON 211 W,S 3C 0.5
Introduction to Mathematical Economics
Application of mathematics to problems in economic theory. Topics include an introduction to matrix algebra, differentiation, partial derivatives, optimization techniques including constrained optimization - all developed within the context of economic theory.
Prereq: ECON 101, 102, OAC Calculus or MATH 104
Students should complete ECON 211 in the second year.

ECON 220 F 3C 0.5
The Principles of Entrepreneurship
The role of entrepreneurship in the economy, especially with respect to competition, innovation and investment; historical experience, theoretical framework, market dynamics, public policy and practical applications.
Prereq: ECON 101, 102

ECON 221 F,S 3C 0.5
Statistics for Economists
An introduction to statistical procedures commonly employed by economists. Topics include descriptive statistics, probability distributions, sampling, statistical estimation, hypothesis testing, and simple regression analysis.
Prereq: ECON 101, 102
See overlapping content note (Grading System, Item 7).

ECON 231 F,W 3C 0.5
Introduction to International Economics
Theory of comparative advantage and the gains from trade; tariff theory; concepts and measurement of balance of payments; exchange rate systems; reform of international monetary system.
Prereq: ECON 101, 102

ECON300S

ECON 301 F,W 3C 0.5
Microeconomic Theory 2
Pricing and employment of inputs; general equilibrium theory; theory of modern welfare economics with some applications. Intertemporal choice.
Prereq: ECON 201, 211

ECON 302 F,W 3C 0.5
Macroeconomic Theory 2
An extension of the tools developed in Macroeconomic Theory 1 to analyse topics such as unemployment and inflation, government spending, finance, consumption, investment, growth, and the open economy.
Prereq: ECON 202, 211

ECON 304 W 3C 0.5
Financial Markets
A discussion of topics in finance and financial markets. Topics may include implementation of monetary policy in Canada; the demand for money; efficiency of financial markets; futures and options markets; pricing of financial assets; immunization and durations; global financial markets.
Prereq: ECON 201, 202
(Recommended: ECON 231 or 332)

ECON 310 F 3C 0.5
History of Canadian Economic Development
A study of the economic development of Canada; development theories, industrial structure and national policies analysed in a Classical- Marxian framework.
Prereq: ECON 101, 102

ECON 311 F,W 3C 0.5
Mathematical Economics
Mathematical treatment of partial and general equilibrium models. Topics usually include some of the following: duality, applications of the envelope theorem, discussion of sufficiency conditions for optimisation problems, programming, and growth models.
Prereq: ECON 201, 202, 211
Strongly recommended for students who intend to do graduate work in Economics
See overlapping content note (Grading System, Item 7).

ECON 321 W,S 3C 0.5
Introduction to Econometrics
An introductory course in the theory and practice of econometrics, focusing on multiple regression analysis and associated topics such as multicollinearity, heteroskedasticity and serial correlation. Simultaneous equation models will also be introduced. Computer assignments make up part of the course.
Prereq: ECON 221
See overlapping content note (Grading System, Item 7).

ECON 331 F,W 3C 0.5
International Trade
An examination of theories of international trade at an intermediate level. Topics include the gains from trade, theories of trade determination (Ricardian, Heckscher-Ohlin, increasing returns to scale), the effects of tariffs, the gains from trade, multinational corporation behaviour and factor mobility.
Prereq: ECON 201

ECON 332 W 3C 0.5
International Finance
An analysis of the main issues in international finance. Topics include international borrowing and lending, intertemporal gains from trade, current account and balance of trade movements, the determination of exchange rates and foreign exchange markets.
Prereq: ECON 201, 202

ECON 333 W 3C 0.5
Interregional Economics
An economic analysis of regional development: theories and policies, with special reference to Canada.
Prereq: ECON 201

ECON 335 W 3C 0.5
Economic Development
The nature of the problem of economic development; theories of economic development; major policy issues in economic development.
Prereq: ECON 201, 202, 231

ECON 341 F,W 3C 0.5
Public Finance 1
The economic rationale of governmental fiscal activity; the structure and economic effects of public expenditures and revenues; the analysis of income, consumption and wealth taxes.
Prereq: ECON 102, 201

ECON 343 F 3C 0.5
Urban Economics
Application of economic analysis to urban areas. Topics include location decisions of households and firms, structure and growth of cities, land and housing market, transportation market, labour market, and public finance - all developed within the context of economic theory. Policy issues will be stressed.
Prereq: ECON 201

ECON 344 F 3C. 0.5
Consumer Theory
Economic principles for consumer analysis; market responsiveness; conditions causing problems; public and private consumption; alternative economic policies.
Prereq: ECON 201

ECON 345 W 3C 0.5
Industrial Organization
An economic analysis of market structure, behaviour and performance with special reference to the Canadian manufacturing sector.
Prereq: ECON 201

ECON 351 F 3C 0.5
Labour Economics
A study of the supply of labour by individuals (and unions) and the demand for labour by firms; topics include the labour market effects of social assistance, unemployment insurance and minimum wages, discrimination in the labour market, efficient wage contracts, the determinants of wage inflation and unemployment.
Prereq: ECON 201, 202

ECON 355 W 3C 0.5
Economics of Energy and Natural Resources
An analysis of the economics of conservation, especially the adequacy of the market mechanism as an allocator of resource use over time. Issues concerning the economic behaviour of Canada's fishery, forest, fuel and nonfuel mineral industries will be considered.
Prereq: ECON 201

ECON 357 F 3C 0.5
Environmental Economics
Application of economic theory to problems of the environment, in particular, air, water, and land pollution. Emphasis is on the theory of the management of common property resources.
Prereq: ECON 201

ECON 361 F,W 3C 0.5
Cost-Benefit Analysis and Project Evaluation
Methods for evaluating private and public projects; decision rules, efficiency conditions and methods of conducting cost-benefit analysis. Application of the technique.
Prereq: ECON 201

ECON 363 W 3C 0.5
Contemporary Canadian Problems
A "topic oriented" seminar course. Problems are selected from a list that includes regulatory economics, poverty, unemployment, industrial policy, safety and others. The format assists the student in gaining analytical skills through work on the selected topics.
Prereq: ECON 201, 202

ECON 365 W 3C 0.5
Economic Development of Modern Europe
A survey of Europe's economic development; case studies of England, France, Germany and Russia. Emphasis on technology, economic institutions, capital formation, standards of living and the role of the State.
Prereq: ECON 101, 102

ECON 371 F 3C 0.5
Business Finance 1
The course explores decisions faced by managers of firms. In particular, decision-makers must determine which long-term real investment opportunities to exploit. Once undertaken, managers must decide how to finance the projects, for example, by debt or equity. The course develops both the conceptual framework and the tools required for these decisions.
Prereq: ECON 101, 102
Antireq: ACC 371

ECON 372 W 3C 0.5
Business Finance 2
This course examines a number of topics relevant to financial practitioners. The topics examined may include options, derivatives securities, futures markets, swaps and hedging.
Prereq: ECON 371
Antireq: ACC 372

ECON 381-389 3S each 0.5
Special Topics
One or more special half courses will be offered at different times as announced by the Department.
Prereq: Consent of instructor

ECON400S

ECON 401 F,W 3C 0.5
Microeconomic Theory 3
The course considers a number of topics in microeconomics. Possible topics include decision theory, the analysis of uncertainty, information theory, principal-agent problems, game theory and social choice theory.
Prereq: ECON 301

ECON 402 W,S 3C 0.5
Macroeconomic Theory 3
The course develops and analyses simple models of the economy that recognize explicitly the dynamic nature of decision making and market interactions. These models will be used to interpret and understand macroeconomic phenomena including money and inflation, unemployment, savings and investment, and the national debt.
Prereq: ECON 302

ECON 403 W 3C 0.5
Economic Analysis, Forecasting, and Public Policy
The course focuses on the problems of forecasting economic activity (as measured by the principal macroeconomic variables), and of designing and implementing policies to control those variables; topics covered include a critical review of current forecasting models, problems associated with lags of the impact of policies.
Prereq: ECON 301, 302, 321

ECON 404 3C 0.5
Topics in Money and Finance
A discussion of topics in monetary policy. Topics may include: foundations of monetary theory; portfolio choice; term structure of interest rates; money supply and money demand; decision-making under uncertainty; capital asset pricing models; financial flow analysis; rational expectations and monetary policy.
Prereq: ECON 301, 302, 304, 371

ECON 410 F 3C 0.5
Economic Thought
A critical survey of the development of Economic Theory from Classical Political Economy to the Keynesian Revolution.
Prereq: ECON 231, 301, 302

ECON 411 F 3C 0.5
Advanced Mathematical Economics
Mathematical formulation of economic theory; introduction to dynamic optimisation and optimal control theory; analysis of stability conditions; introduction to linear and nonlinear programming, game theory.
Prereq: ECON 301, 302, 311

ECON 420 3C 0.5
Economic Development of the United States
A survey of U.S.Economic Development from the beginnings of organized settlement, with special emphasis on the methods and techniques applied by the New Economic Historians since 1958.
Prereq: ECON 201, 202, 321

ECON 421 F 3C 0.5
Econometrics
Advanced treatment of topics covered in ECON 321 through the extensive use of matrix algebra and statistical theory. A review of required matrix algebra and statistical theory will be part of the course. Topics covered will include classical linear models and associated problems such as multicollinearity, functional form, heteroskedasticity and autocorrelation; restricted least squares; generalized least squares; and introduction to simultaneous equations.
Prereq: ECON 211, 321

ECON 422 W 3C 0.5
Topics in Econometrics
An applied topics course involving extensive use of computers, requiring the completion of a term project. While topics covered will vary with the instructor's interests, they will normally be drawn from the following: estimation of stochastic linear regression models; distributed lags and time series models; identification and estimation of simultaneous equations; non-linear estimation; maximum likelihood method; pooling cross-sections and time series; limited dependent variable models; and specification issues.
Prereq: ECON 211, 321

ECON 431 W 3C 0.5
International Economic Policy
Analysis of selected policy problems of open economies from an institutional perspective. Topics include GATT and trade policy, customs unions, multinational firms, exchange rate management and international monetary reform.
Prereq: ECON 301, 302

ECON 441 W 3C 0.5
Public Finance 2
This course will examine topics in public expenditure and taxation theory. Potential topics are: public choice; social choice, the theory of second best; assymetric information, incentive mechanisms for preference revelation; incentive effects of taxation; transfers to individuals and social security; and multi-governmental public finance. Topics covered will vary from year to year.
Prereq: ECON 301, 341

ECON 461 3S 0.5
Comparative Economic Systems
This course concentrates on the criteria which are relevant for comparing different economic systems, how well various forms of economic theory make comparisons, the development of capitalist and socialist economies, together with the analysis of alternative types of price system and planning.
Prereq: ECON 201, 202

ECON 463A/B
Studies in Political Economy
Either ECON 463A or ECON 463B will be offered in the Winter term. Check departmental listing on course offering. See course descriptions below.

ECON 463A F 3S 0.5
Political Economy of Capitalist Development
A study of the main tools and models of modern political economy. Micro and macro tools and concepts, based on the work of Robinson, Sraffa, Kaldor, Pasinetti, Rowthorn, Nell, Sweezy and others are integrated in what can be termed the "Classical Marxian" tradition.
Prereq: Consent of instructor or Undergraduate Officer

ECON 463B F 3C 0.5
The Political Economy of Socialism
An examination of programs for the creation of socialist economy based on the work of Horvat, Nove, Medvedev and others.
Prereq: Consent of instructor or Undergraduate Officer

ECON 471 3C 0.5
Computable General Equilibrium Modelling
Basic concepts and techniques of computable general equilibrium modelling, fixed-point theory and algorithm, data and calibration, system sensitivity, applications in various fields of economics, e.g., taxation, international trade, industrial organization, economic history, economic development, and fixed-price equilibria.
Prereq: ECON 211, 301
(Recommended: ECON 311, 331, or 341)

ECON 472 W 3C 0.5
Senior Honours Seminar
Students required to do research and write a paper on a topic in their area of specialization. Topics selected by honours students not pursuing an area of specialization must be approved by the instructor of the course.

ECON 481 F 3C 0.5
Advanced Microeconomic Theory
The course includes a more advanced treatment of selective topics in microeconomic theory.
Prereq: ECON 311, 401

ECON 482 W 3C 0.5
Advanced Macroeconomic Theory
This course considers a number of advanced topics such as growth, business cycle theory, search theory and co-ordination failures.
Prereq: ECON 311, 402

ECON 483-489 3S 0.5 each
Special Studies
Research and reading courses under the direction of individual instructors.
Admission by consent of instructor. See ECON Undergraduate Officer for course registration.

Courses not offered 1995-96
ECON 210A Political Economy 1: Microeconomics
ECON 210B Political Economy 2: Macroeconomics
ECON 463A Political Economy of Capitalist Development
ECON 463B The Political Economy of Socialism

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