Economics Department

This course provides an introduction to microeconomic concepts and methodology. Students will learn about basic concepts such as scarcity and opportunity cost, and economic efficiency. The other central themes of the course include theories of supply and demand; the theory of production and costs, the functioning and the performance of competitive markets versus monopolies and oligopolies; labour markets and the markets for public goods. Three credits.

The second half of introductory economics provides an introduction to macroeconomic concepts. The course examines pressing problems and issues in the Canadian economy and the world. Students will learn about alternate economic systems, national income accounting and the components of the national economy; the role of money in the economy; inflation; unemployment; international trade and trade policy; and the role of government in managing the economy. Three credits.

An introduction to the basic concepts of microeconomic theory, this course examines and derives components of the demand-supply model using consumer theory and producer theory. The course focuses on the purely competitive model. Theory is taught and tested with numerical examples and graphs. Prerequisites: ECON 101, 102. Three credits.

This is the first of a two-course sequence on intermediate macroeconomics. Students will learn the structure and behaviour of contemporary national economies with an emphasis on the policies developed to gear them towards the public interest. This course focuses on the Keynesian and classical models of the closed economy for explaining what determines national income, employment, unemployment, prices, inflation, and the interest rate. Prerequisites: ECON 101, 102. Three credits.

Beginning with theories of local and community economic development and welfare, this course provides an economic analysis of community needs and resources (human resources, capital and natural resources, infrastructure). Students will examine interactions within the community and between the community and the outside world, exploring approaches to local and community economic development and planning. Cross-listed as DEVS 211. Prerequisites: ECON 101, 102. Three credits.

Addresses policy issues and challenges in the Canadian economy. Topics include employment and unemployment; poverty and income distribution; higher education; health care and the social welfare safety net; crime and punishment; insurance markets; money, prices and inflation; social security and retirement; representative government, policy preferences and voting. Topics that reflect strong student interest and/or new issues may be added. Prerequisites: ECON 101, 102. Three credits.

This course covers policy issues and problems in the International economy. Topics include: standard international trade theory; barriers to trade (tariffs, quotas, and subsidies); exchange rate policy; immigration and emigration; trade wars; international monetary, economic and political unions; inequality and standards of living; income and purchasing power. Topics that reflect strong student interest and/or new issues may be added. Prerequisites: ECON 101, 102. Three credits.

This course introduces students to quantitative and mathematical tools commonly used in the study of economics and finance. Topics include functions of one or more variables, financial mathematics, differential calculus, matrix and linear algebra. Applications include computing elasticities, micro and macroeconomic equilibria, cost minimization and profit maximization, constrained optimization, interest rates, present value and bond pricing. Prerequisite: ECON 101; completed or concurrent. Three credits.

As an introduction to the relationship between human economic activity and the environment, this course explores the economic concepts used to analyze the causes, consequences, and possible solutions to local and global environmental issues. Topics include market failure; property rights; externalities; public goods; environmental valuation; environmental policies dealing with pollution and global issues such as global warming, ozone depletion, biodiversity, and sustainability. Prerequisite: ECON 101. Three credits.

This course includes topics related to choices about the time individuals do not spend working. It deals with aspects of the economics of leisure and labour supply; the valuation of time; outdoor recreation; the economics of sports; the economics of dating and marriage; the economics of crime and the consumption of addictive goods; the economics of gambling and other addictive behaviour associated with the consumption of leisure, and the economics of the entertainment industry. Prerequisite: ECON 101. Three credits.

An extension of ECON 201, this course covers price determination in monopoly, monopolistic competition, and oligopoly models. Uncertainty and risk, factor pricing, capital investment over time, externalities, and public goods are discussed. The use of micro-economics as a tool in decision-making is illustrated. Prerequisite: ECON 201. Three credits.

This sequel to ECON 202 presents several macroeconomic models for both closed and open economies, in static and dynamic contexts. Topics include interest and exchange rates, investment and saving, the role of expectations, unemployment, inflation, money demand and supply, the government budget, economic growth and macroeconomic policies in the open economy setting. Prerequisite: ECON 202. Three credits.

Starting with an overview of the present state of the world, this course explores economic development strategies and prospects. Topics include perspectives on economic development; poverty and inequality; past and present theories of growth; alternate approaches to economic development; models of development and underdevelopment; population growth; rapid urbanization, rural-urban migration and the informal economy. Cross-listed as DEVS 305. Prerequisites: ECON 101, 102. Three credits.

This course provides an overview of the most pressing issues and problems facing present day developing countries. Topics include education and health in economic development; rural development and agricultural transformation; the environment and its impact on development; development policymaking and the roles of markets, state and civil society; international trade, globalization and development; foreign aid and MNCs; and fiscal policy for development. Cross-listed as DEVS 306. Prerequisite: ECON 101, 102. Three credits.

The course uses basic economic principles to organize students’ understanding of and thinking about money, the functions and structure of financial markets and financial institutions. Topics covered include: the necessity, the nature, and the future of money; the determinants of interest rates; the term structure of interest rates, the pricing of government securities; what banks do and how their operations affect the economy. Prerequisites: ECON 101, 102. Three credits.

The course introduces students to the role of imperfect information in financial markets. Topics covered include: asymmetric information and its consequences; the necessity of regulations of financial institutions and the role of domestic regulators and policy makers; comparative analysis of financial system regulations; financial market instabilities and the elements for the conduct of monetary policy. The course helps students understand the causes of financial instability and crises, and what policy makers can do to alleviate or avoid them. Prerequisite: ECON 335, ECON 202 is recommended. Three credits.

This course develops the simple and multiple classical regression models, interval estimation and hypothesis testing. The problems of estimation, inference, mis-specified structures, multicollinearity, heteroskedascity, and serial correlation are presented. Students will be exposed to STATA or other relevant econometric software. The course requires some proficiency in calculus and basis statistics. Prerequisites: MATH 107 or 127 or ECON 271; STAT 101 or 231 or permission of the instructor. Three credits.

An analysis of the role of government in the economy, focusing on expenditure and with emphasis on the Canadian situation. Starting with an introduction to the public sector, the course covers: the rationale for government participation in the economy; the growth of the public sector over time; the theory of collective decision-making; cost-benefit analysis; fiscal federalism; specific spending programs. Prerequisite: ECON 201. Three credits.

An advanced treatment of micro-economic concepts and topics, such as consumer choice and demand analysis, production technology and cost, market structure and pricing, factor markets and shares, general equilibrium and economic welfare. Prerequisites: ECON 301; MATH 107 or 127 or ECON 271. Three credits.

An advanced treatment of macroeconomic theory and how macroeconomic policy is conducted. The course offers deeper insights into economic growth processes, business cycles, international macroeconomic stabilization policies, and alternative approaches to building macroeconomic models. Students are introduced to the use of two-period models. Prerequisites: ECON 302; MATH 107 or 127 or ECON 271. Three credits.

An introduction to mathematical reasoning in economics and business, this course covers: the methodology of operations research; profit and cost analysis; resource use and production decisions; input-output and macro-analysis; pricing and inventory decisions; capitalization of cash flows and growth; portfolio selection and investment. Prerequisites: MATH 107 or 127 or ECON 271. Three credits.

None

Students are introduced to current research issues in economics, and will read and critically analyze significant historical or recent research papers. They will also be exposed to the art of presenting research findings, as department faculty and visiting speakers will present their latest research. In the past, students have been exposed to topics such as: macroeconomic data revisions; economic impact of climate change; European financial integration; matching models; and the economics of the non-profit sector. Three credits.

Each student works under the supervision of a professor who guides the selection of a thesis topic, the use of resources, the methodological component, and the quality of analysis. Restricted to honours students. Three credits over full year.