ECON Course Descriptions

Economics (2009-2010)

This course provides an introduction to microeconomic analysis relevant for understanding the Canadian economy. The behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system are the main topics covered.

This course provides an introduction to macroeconomic analysis relevant for understanding the Canadian economy as a whole. The determinants of national output, the unemployment rate, the price level (inflation), interest rates, the money supply and the balance of payments, and the role of government fiscal and monetary policy are the main topics covered.

Theory of consumer choice; the economics of production; price and output under perfect and imperfect competition.

Theory of the determination of income/output (GDP), employment, unemployment, prices (inflation), and interest rates; an analysis of monetary and fiscal policy.

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.

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.

An introduction to statistical procedures commonly employed by economists. Topics include descriptive statistics, probability distributions, sampling, statistical estimation, hypothesis testing, regression analysis and may include computer applications.

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.

A survey of Europe's Economic Development from 1492 to 1780. Case studies of Spain, Venice, the Dutch Republic, England, and France are discussed. Emphasis is on technology, institutions, overseas trade, the role of the State, and the changing balance of international power.

Pricing and employment of inputs; general equilibrium theory; theory of modern welfare economics with some applications. Intertemporal choice.

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.

This course explores the role of money in modern economies. Some of the topics covered will include: the demand for money; the determinants of the price-level, inflation and nominal interest rates; liquidity; bank risk and financial intermediation; private money; central banking and the money supply; government debt and money creation; monetary policy and credibility.

A study of the economic development of Canada; development theories, industrial structure and national policies analysed in a Classical-Marxian framework.

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.

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.

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.

An economic analysis of urban and regional development issues, theories and policies with special reference to Canada. Topics may include locational analysis, migration, inter-regional trade and urban and regional growth.

A political economy analysis of multilateral institutions of international trade and finance. Topics will include discussion of Free Trade Areas and Customs Unions, (NAFTA and EU), the WTO (formerly GATT), the International Monetary System and the IMF, the World Bank and the Bank for International Settlements.

The nature of the problem of economic development; theories of economic development; major policy issues in economic development.

The course focuses on the rationale for government intervention in a market economy. The course begins with a consideration of market successes through the analysis of the first and second theorems of welfare economics. The course then considers market failures through an analysis of distributional issues, public goods, externalities, non-competitive market structures, and asymmetric information. Time permitting, some issues in the public economics of taxation may be covered.

The course focuses on the public economics of taxation. Normative topics include the efficiency and distributional aspects of taxation and positive topics include the incentive effects of taxation and tax incidence. Time permitting, some issues in public expenditure theory may be covered.

Economic principles for marketing, exchange theory and consumer analysis, product or service introductions, public and private policies for advertising, differentiation and quality assurance.

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.

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.

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.

Methods for evaluating private and public projects; decision rules, efficiency conditions and methods of conducting cost-benefit analysis. Application of the technique.

A topic-oriented seminar course. Problems are selected from a list that includes regulatory economics, poverty, unemployment, industrial policy, safety, social policy, government deficits/debt and stabilization policy and others. The format assists the student in gaining analytical skills through work on the selected topics.

A survey of Europe's economic development from the Industrial Revolution to 1939. Case studies of England, France, Germany, Russia and the Soviet Union are discussed. Emphasis is on technology, economic institutions, capital formation, standards of living and the role of the State.

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.

This course examines a number of topics relevant to financial practitioners. The topics examined may include options, derivatives securities, futures markets, swaps and hedging.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

One or more special half courses will be offered at different times as announced by the Department.

The course considers a number of topics in microeconomics. Possible topics include decision theory, the analysis of uncertainty, principal-agent problems, game and information theory, social choice theory and the coordination of economic activity through prices, quantities, command and coercion.

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.

The course focuses on the problems of forecasting economic variables. Topics include the importance of economic forecasting; a survey of major forecasting methods including subjective probability, survey methods, exponential smoothing, econometric models, and time series models; forecast evaluation; and methods for managing forecast systems. Applications will be drawn from microeconomics, macroeconomics, finance, and special issues involving new product demand, population and technology forecasting.

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.

The course covers a broad spectrum of empirical finance, including: the Capital Asset Pricing Model, the Arbitrage Pricing Theory, the predictability of stock returns, tests of the Random-Walk Hypothesis and event analysis. Time permitting the course may also consider more advanced topics such as the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH or Neural Networks.

A critical survey of the development of Economic Theory from Classical Political Economy to the Keynesian Revolution.

Mathematical formulation of economic theory; introduction to dynamic optimisation and optimal control theory; analysis of stability conditions; introduction to linear and nonlinear programming and game theory.

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.

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.

An examination of theories of international trade. Topics include the gains from trade, theories of trade determination (Ricardian, Heckscher-Ohlin, increasing returns to scale), the effects of tariffs, multinational corporation behaviour and factor mobility.

This course discusses economic issues in taxation. Topics may include general equilibrium tax incidence, computable tax models, optimal taxes, development taxation, environmental taxation, tax reforms and fiscal federalism.

Study of how firms compete, and the structure of markets. Emphasis on oligopoly markets and use of game theory. Focus on differentiated goods, price discrimination, barriers to entry, vertical relationships, advertising, strategic behaviour, and empirical industrial organization including estimation of demand and costs. Applications to competition policy emphasizing evaluation of horizontal mergers.

This course explores the theories and models developed to study the health and health-care sectors from an economic viewpoint. The course will focus on the economic tools necessary to evaluate the efficiency of the market for, and the efficient allocation of scarce resources in, health and health care. Examples of possible topics to be covered are the nature of the market, supply and demand of health care, asymmetries of information, externalities, principal-agent relationships, insurance and cost-benefit analysis.

This course focuses on the principal forms of advanced capitalism in the contemporary world. Emphasis is placed on the theoretical understanding of the operating principles of these systems, together with trends towards convergence and divergence. In addition, various transitions to capitalism in eastern Europe, the former Soviet Union, and 'the South' are analysed. Topics such as the extent and significance of globalization, U.S. hegemony, European integration, the formation of regional trading blocks, and international conflict and cooperation also figure prominently.

A survey of the role played by selected economic variables in long-term economic growth and decline. Issues include the impact of technological change, supply shocks, inflation, warfare, climatic change, population growth or contraction, institutions, and the size and role of governments. Period coverage will range from the fall of the Roman Empire to the end of the 18th century.

Basic concepts and techniques of computational economics. Topics may include computable general equilibrium models, data and calibration, system sensitivity, and dynamic extensions. Depending on class backgrounds and interests, applications may cover such areas of economics as taxation, international trade, industrial organization, economic history, development, environment, dynamics, and finance.

Students are required to do research and write a paper on a topic of their choice, supervised by a member of the Economics faculty.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.