Economics - Shiksha.com

6/4/2020 2020-2021 Undergraduate Calendar-Economics

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Last updated: February 25, 2020 @ 10:05AM Economics

Chair

Lester Kwong

Professors Emeriti Mohammed Dore, Zisimos Koustas, Isidore J. Masse, Roberta E. Robb, Lewis A. Soroka

Professors

Robert W. Dimand, Diane P. Dupont, Joseph Kushner, Felice F. Martinello, Tomson Ogwang

Associate Professors Katerina Koka, Lester Kwong, Jean-Francois Lamarche, David R. F. Love, Ivan Medovikov, Ling Sun,

William Veloce, Anthony J. Ward

Assistant Professors Xue Bai, Miguel Cardoso, Cornelius Christian, Andrew Dickens, Andreas Marcel Oestreich

Lecturer

Qian Liu

Director, Co-op, Career and Experiential Education Cara Krezek

General Information

Administrative Assistant

TBA

905-688-5550, extension 4697 Plaza 451

brocku.ca/economics

Economics is divided into two parts: Microeconomics and Macroeconomics. Microeconomics focuseson the operation of the market system under alternative scenarios about competition. It studies theeconomic decisions of individuals, households and firms and shows how those decisions interact toproduce market outcomes. Microeconomics then examines the efficiency of the market outcomes andthe extent to which they benefit society. Macroeconomics examines the functioning of the broadereconomy and some of its key sectors. Its main focus is on economic performance as measured byemployment, unemployment, and the gap between aggregate economic activity and its potential.Through this analysis, macroeconomics identifies factors that help an economy achieve sustainedincreases in its standard of living. Macroeconomics also pays special attention to monetaryphenomena, inflation, interest rates, and the exchange rate.

The analytical tools developed in micro and macro economics are applied to many different subjectareas within economics such as industrial organization, labour economics, international trade,economic development, taxation, and government expenditure. Other fields, such as money andbanking and international payments, apply economic tools to the study of financial markets. Theanalyses yield insights and predictions that are used to develop public policy on a wide range of issues.

The Economics (Honours) program provides a rigorous examination of economics. It prepares studentsfor positions in all sectors of the economy and it is the recommended program for students considering



graduate studies in economics. The Bachelor of Arts (BA) with Major Economics program also providesan in-depth study of economics, but it allows for more choice and breadth since it does not requiresome of the more technical senior level Economics courses. The pass Economics program covers thecore topics in economics and allows students to complete a BA after completing only 15 credits.

Co-op Program

The Economics Co-op program combines academic and work terms over a period of four and one-halfacademic years. Students spend two years in an academic setting studying the functional areas ofeconomics prior to taking the first work placement. In addition to the current fees for courses inacademic study terms, students are assessed an annual administrative fee (see the Schedule of Fees).

All students in the Co-operative Education program are required to read, sign and adhere to the termsof the Student Regulations Waiver and Co-op Student Manuals (brocku.ca/co-op/current-students/co-op-student-manuals) as articulated by the Co-op Programs Office. In addition, eligibility to continue inthe co-op option is based on the student's major average and non-major average, and the ability todemonstrate the motivation and potential to pursue a professional career.

Each four-month co-operative education work term must be registered. Once students are registered ina co-op work term, they are expected to fulfill their commitment. If the placement accepted is for morethan one four-month work term, students are committed to complete all terms. Students may notwithdraw from or terminate a work term without permission from the Director, Co-op Program Office.

Eligibility to continue in the Economics Co-op program is based on the student's major and non-majoraverages. A student with a minimum 70 percent major average and a minimum 60 percent non-majoraverage may continue. A student with a major average lower than 70 percent will not be permitted tocontinue in the Economics Co-op program, but may continue in the non-co-op Economics stream. If astudent subsequently raises his/her major average to 70 percent, the student may be readmitted only ifapproved by the Co-op Admissions Committee.

The Economics Co-op program designation will be awarded to those students who have honoursstanding and who have successfully completed a minimum of twelve months of Co-op work experience.

For further information, see the Co-op Programs section of the Calendar and contact the Department ofEconomics.

Economics and Labour Studies-George Brown College

This program involves courses offered through Brock University and George Brown College. This four-year program combines courses and training in applied labour studies settings at George BrownCollege with a degree at Brock. The program caters to individuals who wish to have a career in a widevariety of areas including unionized environments, occupational health and safety, politics, or humanresources. The program allows students to gain both solid applied skills in these areas, and a strongtheoretical knowledge about a variety of these topics. Students who successfully complete therequirements for this program will be granted both a Bachelor of Arts (Honours) Economics and LabourStudies degree from Brock, and two certificates from George Brown College 1) a certificate inContemporary Labour Perspectives from the George Brown School of Labour, and 2) a Post-GraduateCertificate in Human Resources Management. Gaining both a degree and these certificates wouldordinarily involve attending college after gaining a university degree, but the Brock and George Brownprogram combines the two in a single integrated package. Applicants must have a minimum 70 percentoverall average to be considered for admission to the program. Completion of the Brock LeadershipSkills Certificate program is considered an asset. Successful applicants must maintain a minimum 70percent overall average during Year 2 and meet other program requirements to continue in theprogram. Enrolment in this program is limited. Admission to the program is not guaranteed byattainment of the minimum requirements. Application forms for the Economics and Labour Studiesprogram are available at brocku.ca/social-sciences/collaborative-programs



Please consult the Labour Studies entry for a listing of program requirements.

Program Notes

1. ECON 1P91 and 1P92 may be taken concurrently or in either order.2. In 20 credit degree programs a maximum of eight credits may be numbered 1(alpha)00 to

1(alpha)99; at least three credits must be numbered 2(alpha)90 or above; at least three creditsmust be numbered 3(alpha)90 or above; and the remaining credits must be numbered 2(alpha)00or above.

In this 20 credit BA with Major degree program a maximum of eight credits may be numbered1(alpha)00 to 1(alpha)99; at least four and one-half credits must be numbered 2(alpha)90 orabove; at least one and one-half credits must be numbered 3(alpha)90 or above; and theremaining credits must be numbered 2(alpha)00 or above.

In 15 credit degree programs a maximum of eight credits may be numbered 1(alpha)00 to1(alpha)99; at least three credits must be numbered 2(alpha)90 or above; and the remainingcredits must be numbered 2(alpha)00 or above.

In some circumstances, in order to meet university degree and program requirements, more than15 or 20 credits may be taken.

Honours Program

Economics

Year 1

· ECON 1P91 and 1P92 (see program note 1)· one of ECON 1P94, MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit· one Sciences context credit· one elective credit Year 2

· ECON 2P21, 2P22, 2P30 and 2P90· one ECON credit· two elective credits Year 3

· ECON 3P10, 3P21, 3P22, 3P90 and 3Q91· one ECON credit numbered 2(alpha)90 or above· one and one-half elective credits Year 4

· One of ECON 3P92, 4P05, 4P06, 4P07· ECON 4P13 and 4P14· one and one-half ECON credits numbered 2(alpha)90 or above· one-half ECON credit numbered 3(alpha)90 or above· one and one-half elective credits



Applied Economic Analysis Co-op (Honours)

Year 4 · Year 4 is now closed

Year 5

Fall Term: · One-half ECON credit numbered 2(alpha)90 or above

· one-half ECON credit numbered 3(alpha)90 or above· one and one-half elective credits Economics Co-op (Honours only)

Students admitted to the Economics Co-op program must follow an approved program pattern. Themost common pattern is listed below. For other approved patterns, consult the Co-op Office.

Year 1

· ECON 1P91 and 1P92· one of ECON 1P94, MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit· one Sciences context credit· one elective credit Year 2

· ECON 0N90, 2P21, 2P22, 2P30 and 2P90· one ECON credit· two elective credits Year 3

Fall Term: · ECON 3P21, 3P22, 3P90 and 3Q91

· one-half elective credit Winter Term:

· ECON 0N01 and 2C01 Spring/Summer Sessions:

· One ECON credit numbered 2(alpha)90 or above· one and one-half elective credits Year 4

Fall Term: · ECON 0N02 and 2C02

Winter Term:

· One of ECON 3P92, 4P05, 4P06, 4P07· ECON 4P13 and 4P14· one-half ECON credit numbered 2(alpha)90 or above



· one-half elective credit Spring/Summer Sessions:

· ECON 0N03 and 2C03 Year 5

Fall Term: · ECON 3P10

· one ECON credit numbered 2(alpha)90 or above· one-half ECON credit numbered 3(alpha)90 or above· one-half elective credit Business Economics (Honours only)

Consult Business Economics entry for a listing of program requirements.

International Political Economy (Honours only)

Consult International Political Economy entry for a listing of program requirements.

BA with Major

Year 1



· ECON 3P10, 3P21 and 3P22· one-half ECON credit· one ECON credit numbered 2(alpha)90 or above· two elective credits Year 4

· One and one-half ECON credits numbered 2(alpha)90 or above· one and one-half ECON credits numbered 3(alpha)90 or above· two elective credits Pass Program

Year 1





· ECON 3P10, 3P21 and 3P22· one-half ECON credit· two ECON credits numbered 2(alpha)90 or above· one elective credit Combined Major Program

Students may take a combined major in Economics and a second discipline. Students should consultthe department about other possible programs. For requirements in other disciplines, the studentsshould consult the relevant department/centre. It should be noted that not all departments/centresprovide a combined major option.

Economics and Business (Honours only)

Year 1

· ECON 1P91 and 1P92 (see program note 1)· ACTG 1P91· MGMT 1P93 and 1P96· one of MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit or one Sciences context credit· one-half non-business elective credit Year 2

· ECON 2P21 or 2P23· ECON 2P22 and 2P30· ECON 2P90 or 2P91· ACTG 2P12· MKTG 2P91· OBHR 2P91· one-half ECON credit· the Humanities context credit or Sciences context credit (not taken in year 1) Year 3

· ECON 3P21, 3P22, 3P90 and 3Q91



· ENTR 2P91 or ITIS 1P97· FNCE 2P91· one-half ECON credit· one and one-half non-business elective credit Year 4

· ECON 4P13 and 4P14· one credit from ETHC 3P82, FNCE 3P93, MKTG 3P24, OPER 2P91, OBHR 3P97· one ECON credit numbered 2(alpha)90 or above· one ECON credit numbered 3(alpha)90 or above· one elective credit Economics and Computer Science (Honours only)

Consult the Computer Science entry for a listing of program requirements.

Economics and Geography

Honours

Year 1

· ECON 1P91 and 1P92 (see program note 1)· GEOG 1F90· one of ECON 1P94, MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit· one Sciences context credit Year 2

· ECON 2P21, 2P22 and 2P30· GEOG 2P07 and 2P21· one credit from GEOG 2P01, 2P03, 2P06, 2P13, 2P30, 2P33, 2P66, 2P94· one-half ECON credit· one elective credit Year 3

· ECON 2P90, 3P21, 3P22 and 3Q91· GEOG 3P21 and 3P57· one-half GEOG credit numbered 2(alpha)90 to 3(alpha)99 from Group A (see Geography

department)· one-half GEOG credit numbered 2(alpha)90 to 3(alpha)99 from Group A, C or D (see Geography

department)· one elective credit Year 4

· ECON 3P90, 4P13 and 4P14· GEOG 4F99· one-half ECON credit numbered 2(alpha)90 or above



· one-half GEOG credit numbered 3(alpha)90 or above from Group A (see Geography department)· one-half GEOG credit numbered 3(alpha)90 or above from Group A, C or D (see Geography

department)· one elective credit Pass

Year 1

· ECON 1P91 and 1P92 (see program note 1)· GEOG 1F90· one of ECON 1P94, MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit· one Sciences context credit Year 2

· ECON 2P21, 2P22 and 2P30· GEOG 2P07 and 2P21· one credit from GEOG 2P01, 2P03, 2P06, 2P13, 2P30, 2P33, 2P66, 2P94· one-half ECON credit· one elective credit Year 3

· ECON 2P90, 3P21 and 3P22· GEOG 3P21 and 3P57· one-half ECON credit numbered 2(alpha)90 or above· one-half GEOG credit numbered 2(alpha)90 to 3(alpha)99 from Group A (see Geography

department)· one-half GEOG credit numbered 2(alpha)90 to 3(alpha)99 from Group A, C or D (see Geography

department)· one elective credit Economics and Labour Studies

Honours

Year 1

· ECON 1P91 and 1P92 (see program note 1)· one LABR credit numbered 1(alpha)90 to 1(alpha)99· one of ECON 1P94, MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit· one Sciences context credit Year 2

· ECON 2P21, 2P22, 2P30 and 2P90· LABR 2P15 and 2P93· one LABR credit numbered 2(alpha)00 or above



· one elective credit Year 3

· ECON 3P21, 3P22, 3P24 and 3Q91· two LABR credits numbered 2(alpha)90 or above· one elective credit Year 4

· ECON 3P25, 3P90, 4P13 and 4P14· one credit from LABR 4P21, 4P31, 4P41· one-half LABR credit numbered 2(alpha)00 or above· one-half LABR credit numbered 3(alpha)90 or above· one elective credit Pass

Year 1

· ECON 1P91 and 1P92 (see program note 1)· one LABR credit numbered 1(alpha)90 to 1(alpha)99· one of ECON 1P94, MATH 1P01, 1P05, 1P97· MATH 1P98· one Humanities context credit· one Sciences context credit Year 2

· ECON 2P21, 2P22, 2P30 and 2P90· LABR 2P15 and 2P93· one LABR credit numbered 2(alpha)00 or above· one elective credit Year 3

· ECON 3P21, 3P22, 3P24 and 3P25· two LABR credits numbered 2(alpha)90 or above· one elective credit Economics and Mathematics (Honours only)

Year 1

· ECON 1P91 and 1P92 (see program note 1)· MATH 1P01 and 1P02 or MATH 1P05 and 1P06· MATH 1P11 and 1P40· one Humanities context credit· one Sciences context credit Year 2

· ECON 2P21 and 2P22· one ECON credit· MATH 2P03, 2P12, 2P81 and 2P82



· one-half MATH credit· one-half elective credit Year 3

· ECON 3P21, 3P22 and 3P90· one-half ECON credit numbered 2(alpha)90 or above· MATH 2P91, 3P81, 3P82 and 3P85· one elective credit Year 4

· ECON 4P13 and 4P14· one-half ECON credit numbered 2(alpha)90 or above· one-half ECON credit numbered 3(alpha)90 or above· MATH 3P72, 3P73, 4P81 and 4P82· one elective credit Minor in Economics

Students in other disciplines can obtain a Minor in Economics within their degree program bycompleting the following courses with a minimum 60 percent overall average:

· ECON 1P91, 1P92 and 2P22· ECON 2P21 or 2P23· ECON 2P90 or 2P91· one and one-half ECON credits Brock/Colleges Articulation Agreement

Economics and Labour Studies-George Brown College

Consult the Labour Studies entry for a listing of program requirements

Course Descriptions

Note that not all courses are offered in every session. Refer to the applicable term timetable fordetails.

# Indicates a cross listed course

* Indicates a primary offering of a cross listed course

Prerequisites and Restrictions

Students must check to ensure that prerequisites are met. Students may be deregistered, at therequest of the instructor, from any course for which prerequisites and/or restrictions have not been met.

ECONOMICS COURSES

ECON 1P91 Principles of Microeconomics

Introduction to microeconomics. Topics include nature of economics, price system, demand, productionand cost, markets and pricing, factor pricing and distribution of income.



Lectures, tutorial, 4 hours per week. Note: may be taken concurrently with, before or after ECON 1P92.

ECON 1P92

Principles of Macroeconomics Introduction to macroeconomics. Topics include nature of economics, determination and control of

national income, money, banking and monetary policy, macroeconomic policy and balance ofpayments.

Lectures, tutorial, 4 hours per week. Note: may be taken concurrently with, before or after ECON 1P91.

ECON 1P94

Introductory Mathematics for Economics Introduction to the application and techniques of mathematics in economics and business. Topics

include linear and non-linear functions, systems of equations, limits, differentiation, curvature,optimization, marginal analysis, comparative statics, integration, growth, geometric and power seriesand an introduction to computer algebra systems using examples from Economics.

Lectures, tutorial, 4 hours per week. Restriction: not open to MATH (single or combined) majors.

Students will not receive earned credit in ECON 1P94 if MATH 1P97 has been successfully completed.

ECON 1P95 Using Big Data to Solve Economic and Social Problems

Analyzing and providing solutions to current social and economic problems using statistical and dataanalysis techniques such as regression, quasi-experimental methods, and machine learning. Topicsinclude income and social mobility, equality of opportunity, education, innovation and entrepreneurship,health care, judicial decisions, and climate change.

Lectures, lab, 4 hours per week.

ECON 2P10 United States Economic History

United States economic development from the colonial era to the late 20th century. Topics include theeffect of British mercantilist policy on the colonial economy, westward expansion, financial developmentunder central and free banking, comparison of Northern and Southern agriculture, slavery andemancipation, industrialization and industrial organization, transportation, impact of wars, the changingrole of women and the interaction of government and market.

Lectures, 3 hours per week. Prerequisite(s): ECON 1P91 and 1P92 or permission of the instructor.

Completion of this course will replace previous assigned grade and credit obtained in HIST 2P10.

ECON 2P11 European Economic History

The pre-industrial economy of the Middle Ages, the commercial expansion of Europe in the 16thcentury, the 17th century depression and the Industrial and Agricultural revolutions of the late 18th and19th centuries. Technical progress, capital accumulation, growth of demand and new forms of economicorganization as sources of economic change. The spread of industrialization between countries, therole of Europe in the world economy and the changing economic role of the state.



ECON 2P15 The Economics of Unions

(also offered as LABR 2P15)



Labour unions in the marketplace. How unions affect, and are affected by, the labour and productmarkets. Topics include the effects of unions on wages, fringe benefits, turnover, inequality, productivityand the profitability of firms; union behaviour; who belongs to unions and why; collective bargaining;strikes; interest arbitration; public-sector unionism.

Lectures, 3 hours per week. Prerequisite(s): ECON 1P91 and 1P92.

ECON 2P17

Economic Development The economic factors affecting the growth of developing countries. Topics include growth models,

inequality and poverty, education, urbanization, agriculture, international trade and the historicalemergence of today's underdeveloped nations.


ECON 2P19

Canadian Economic History Growth and change in the Canadian economy, from earliest European contact to the 20th century.

Theories of growth, and of technical, institutional and demographic change. Topics include early fish, furand timber trades, agriculture, the development of the West and the National Policy.



ECON 2P21 Intermediate Microeconomics I

Topics include the theory of the consumer and producer, willingness to pay, index numbers, thestructure of a perfectly competitive industry and an introduction to imperfectly competitive markets.Applications are emphasized.

Lectures, tutorial, 4 hours per week. Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors until

date specified in Registration guide. Prerequisite(s): ECON 1P91; one of ECON 1P94, MATH 1P01, 1P05, 1P97.

Completion of this course will replace previous assigned grade and credit obtained in ECON 2P23.

ECON 2P22 Intermediate Macroeconomics I

Main determinants of aggregate output and national income in an open economy. Topics include moneyand interest, effects of fiscal and monetary policies, and trade and capital flows under differentexchange rate regimes. Extension of the macroeconomic model to include the price level. Study ofaggregate demand and aggregate supply.


date specified in Registration guide. Prerequisite(s): ECON 1P92.

ECON 2P23

Managerial Economics Application of microeconomic concepts to business decision making. Topics include sales taxes and

subsidies, consumer theory, production theory and various market structures such as discriminatingmonopoly, oligopoly and dominant firms.

Lectures, tutorial, 4 hours per week. Restriction: not open to ECON (single or combined), ECAN, BBE and INPE majors.

Prerequisite(s): ECON 1P91; one of ECON 1P94, MATH 1P01, 1P05, 1P97.



Note: this course is primarily designed for students in the Business Administration program. Completion of this course will replace previous assigned grade and credit obtained in ECON 2P21.

ECON 2P25

Economics of Education Introduction to theoretical and empirical analysis of education. Topics may include basic theory of

investments in education (human capital theory); the signaling versus human capital debate; returns toeducation; early childhood education effects on cognitive, non-cognitive, and labour market outcomes;teacher labour markets; on-line education; and effects of class sizes and teachers’ qualifications andexperience.

Lectures, 3 hours per week. Restriction: open to students with a minimum of 4.0 overall credits.

ECON 2P28

Economics of the Environment (also offered as TOUR 2P28)

Economic perspectives on environmental and natural resource issues. Topics may include valuingenvironment improvements, population growth issues, sustainable development, forestry and fisherymanagement, ozone depletion and climate change.

Lectures, 3 hours per week. Restriction: open to TMGT and TREN majors until date specified in Registration guide. Students must

have a minimum of 4.0 overall credits. Completion of this course will replace previous assigned grade and credit obtained in TMGT (TREN)

2P28.

ECON 2P29 Sustainable Development

(also offered as TOUR 2P29) Aspects of sustainable development. Topics may include energy, transportation and climate, water

availability, trade and globalization, agriculture and food availability, boundary and governance issues,cities and population growth, and resource depletion.


Note: offered as a blended format. Completion of this course will replace previous assigned grade and credit obtained in TMGT (TREN)

2P29.

ECON 2P30 Foundations of Economic Analysis

Topics may include propositional logic, proofs, elementary set theory, sets in Euclidean space andunivariate functions.


date specified in Registration guide. Not open to MATH (single or combined) majors. Prerequisite(s): ECON 1P91, 1P92 and MATH 1P98; one of ECON 1P94, MATH 1P01, 1P05, 1P97.

Students will not receive earned credit in ECON 2P30 if ECON 3P91 has been successfully completed.

ECON 2P32 Economics of Violence

Economic causes and consequences of violent conflict, from large-scale violence (war, revolution) toconflict between individuals (civil disobedience, domestic abuse). Economic principles and real-worldevidence to analyze fundamental questions such as "How can we prevent violence?"




ECON 2P34

Economics of Illicit Drugs Economic analysis of illicit drugs, Including effects on demand, supply, prices and other market

outcomes. Market structure, drug pricing, and price discrimination in comparison to the legal drugmarket. Public policy issues such as legalization, costs of addiction, enforcement and punishment.


ECON 2P41

Economics of Tourism and Leisure Activities (also offered as TOUR 2P41)

Introduction to the economic analysis of the tourism industry. Determinants of the demand and supplyfor tourism and recreation; impact of tourism, recreation and leisure on regional and nationaleconomies. Topics may include ecotourism and the impact of government policies on tourism andrecreation.

Lectures, 3 hours per week. Restriction: open to TMGT and TREN majors until date specified in Registration guide. Students must

have a minimum of 4.0 credits. Not open to ECON (single or combined), ECAN, BBE, INPE majors andECON minors.

Note: major credit will not be granted to BBE, ECAN, ECON (single and combined) and INPE majors. Completion of this course will replace previous assigned grade and credit obtained in TMGT (TREN)

2P41.

ECON 2P42 Economics of Professional Sport

Economics of professional sport industries. Topics include the cost and market structures ofprofessional sport, government subsidies for stadiums and arenas, team objectives, competitivebalance and revenue sharing, player salaries and labour markets, and introduction to sports analytics.

Lectures, 3 hours per week. Prerequisite(s): ECON 1P91.

ECON 2P46 Economics of China

Economic development of the People’s Republic of China, emphasizing the recent reform period(1980s to the present). Topics mayinclude China’s economic structure, institutions, standards of living,income distribution, foreign trade and investment, stateversus private ownership, urban and ruralreforms, and population policies.


ECON 2P54

Canadian Economic Issues Canadian economic and business problems and policies. Topics may include stabilization, competition,

taxation, foreign trade and exchange rate policies. Lectures, 3 hours per week.

Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors untildate specified in Registration guide.

Prerequisite(s): ECON 1P91 and 1P92.

ECON 2P65 Health Economics

(also offered as HLSC 2P65) Basic economic theory as it applies to health. Examination of international public health issues. Topics



may include cost-benefit analysis, insurance, infectious and non-infectious disease, pharmaceuticalindustry, addictive substances, Aboriginal health, poverty and homelessness, and the future ofCanada's healthcare system.


Note: offered as a blended format.

ECON 2P90 Introduction to Econometrics

Probability, random variables and density functions; correlation analysis; estimation and hypothesistesting in the classical linear regression model. Practical applications to different areas of economicsand business.

Lectures, lab, 4.5 hours per week. Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors until

date specified in Registration guide. Not open to MATH (single or combined) majors. Prerequisite(s): ECON 1P91 and 1P92; MATH 1F92 or 1P98.


ECON 2P91 Business Econometrics with Applications

Multiple regression analysis with applications to forecasting and business decisions. Lectures, lab, 4.5 hours per week.

Restriction: not open to ECON (single or combined), ECAN, BBE and INPE majors. Prerequisite(s): ECON 1P91, 1P92, MATH 1P97 and 1P98.


ECON 2V60-2V69 Topics in Canadian Economic Policy

Study of a particular area or theme in Canadian economic policy.

ECON 3P01 History of Economic Thought I

Development of economic analysis to 1870, including mercantilism, the classical school of politicaleconomy and Marx.

Lectures, 3 hours per week. Prerequisite(s): ECON 2P21 or 2P23.

ECON 3P02

History of Economic Thought II The development of economic analysis since 1870, including marginalism, Keynes and the founders of

modern economies. Lectures, 3 hours per week.

Prerequisite(s): ECON 1P92; ECON 2P21 or 2P23. Note: ECON 3P01 is recommended.

ECON 3P03

Money and Banking I Overview of financial markets, understanding interest rates, portfolio choice, the capital asset pricing

model, the behaviour, risk and term structure of interest rates. Economic analysis of banking structure,the banking firm and the management of financial institutions. The stock market, portfolio choice, thecapital asset pricing model.

Lectures, 3 hours per week. Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors until

date specified in Registration guide.



Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22.

ECON 3P04 Money and Banking II

Central banking, the conduct and the transmission mechanism of monetary policy. The foreign currencymarket. The demand and supply of money. Money and inflation.


date specified in Registration guide. Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22.

Note: ECON 3P03 is recommended.

ECON 3P06 Industrial Organization

Markets and the economic environment affecting strategic pricing and non-pricing behaviour of firms.Topics include the determinants of market structure, oligopoly pricing including game theory, predatorypricing, resale price maintenance, limit pricing, price fixing, advertising and research and development.


ECON 3P10

Research Methods in Economics Locating economic data and published research, planning the project and defining a hypothesis,

reasoning and argument in economics, uses and abuses of theory and quantitative methods, selectionof appropriate methods, presentation of the findings.

Lectures, seminar, lab, 4 hours per week. Restriction: open to ECON (single or combined), ECAN, BBE and INPE majors until date specified in

Registration guide. Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; ECON 2P90 or 2P91.

ECON 3P13

Economics of the Multinational Enterprise Economic theory of and public policy towards the multinational enterprise. Topics include theories of

foreign direct investment, macroeconomic and microeconomic effects of direct investment in hostcountries, home country issues, industry studies, public policy towards multinationals.


ECON 3P14

Public Sector Economics: Expenditure The role and nature of the government sector; economics of public expenditure with reference to equity

and efficiency considerations; techniques of public expenditure analysis; intergovernmental fiscalrelations and economics of public debt.


ECON 3P15

Public Sector Economics: Taxation Introduction to the theory of taxation; economic consequences of federal and provincial taxes; theory of

optimum taxation; analysis of Canadian tax system. Lectures, 3 hours per week.

Prerequisite(s): ECON 2P21 or 2P23.

ECON 3P18



Urban Economics Theories of location, city formation and urban spatial structure. Topics include housing, transportation,

poverty, financing of municipal governments and the economics of city size. Social welfare implicationsof problems and policies.


ECON 3P21

Intermediate Microeconomics II Topics may include models of market structure such as monopoly, duopoly, oligopoly and monopolistic

competition; demand and supply of factors of production under perfect and imperfect markets.Introduction to the general equilibrium model and welfare theory emphasizing applications.


date specified in Registration guide. Prerequisite(s): ECON 2P21 or 2P23.

ECON 3P22

Intermediate Macroeconomics II Topics include economic growth theory, money demand and supply, inflation, unemployment, and the

effectiveness of monetary and fiscal policy in an open economy. Lectures, 3 hours per week.

Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors untildate specified in Registration guide.

Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22.

ECON 3P24 Labour Economics

(also offered as LABR 3P24) Economics of the labour market. Topics include the demand for labour, the supply of labour and

investment in human capital. Policy applications. Lectures, 3 hours per week.

Prerequisite(s): ECON 2P21 or 2P23.

ECON 3P25 Topics in Labour Economics

(also offered as LABR 3P25) Topics vary from year to year and may include unemployment and the impact of unemployment

insurance in the labour market, discrimination in the labour market, labour migration and the economicimpact of immigration, economics of the family, the distribution of income and wealth in Canada, theeconomic impact of unions on wages and non-wage outcomes, issues in retirement and pensions.


ECON 3P27

Economics of Natural Resources Economic analysis of the extraction of non-renewable resources (such as oil or minerals) and the

harvest of renewable resources (such as water, fish or forests). Development of socially optimalextraction or harvesting rules. Examination of recent government resource policies.


ECON 3P28

Environmental Economics



Economic analysis of environmental degradation. The theory of externalities applied to environmentalpolicy design for air, water, soil and toxic pollutants. International and distributional impacts.


ECON 3P29

Energy Economics Operation of the energy industry in North America and globally. Economics of exploration, development,

production, marketing and transportation of energy. Demand for energy. Impact of governmentregulations and deregulation.


ECON 3P60

Directed Studies in Economics Topics not covered in the Department's regular course offerings.

Restriction: permission of the Department. Note: topics must be chosen in consultation with a faculty member willing to supervise the directed

studies prior to registration.

ECON 3P73 Game Theory

(also offered as MATH 3P73) Representation of Games. Strategies and payoff functions. Static and dynamic games of complete or

incomplete information. Equilibria concepts: Nash, Bayesian Nash and Perfect Bayesian Nashequilibria. Convexity concepts, fixed points for correspondences and minimax. Core and Shapley valueof a game. Refinements and Applications.

Lectures, 3 hours per week; lab/tutorial, 1 hour per week. Prerequisite(s): one of ECON 3P91, 3Q91, MATH 2P91 (2P72).

ECON 3P90

Econometrics Estimation and application of the multiple regression model in applied economic context. Generalized

Least Squares estimation in the presence of heteroskedasticity and serial correlation. Estimation withlimited dependent variables. Non-linear regression models and the method of maximum likelihood.Introduction to qualitative response models such as Logit and Probit. Introduction to different types ofeconomic data.

Lectures, lab, 4 hours per week. Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors until

date specified in Registration guide. Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; one of ECON 2P90, 2P91, MATH 2P81 and 2P82;

one of ECON 1P94, MATH 1P01, 1P05, 1P97 or permission of the instructor.

ECON 3P91 Mathematical Economics

Quantitative techniques used in economic theory and business problems. Topics may include sets andrelations, matrix algebra, differential calculus, multivariate optimization without constraints andconstrained optimization.

Lectures, tutorial, 4 hours per week. Restriction: not open to MATH (single, combined or general studies) majors.

Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; one of ECON 1P94, MATH 1P01, 1P05, 1P97.

ECON 3P92 Forecasting Using Time Series Data



Forecasting methods used in business and economics. Includes time series graphics, datatransformations and adjustments, simple forecasting methods, time series decomposition, exponentialsmoothing, time series regression models, residual diagnostics, forecast evaluation and predictionintervals.

Lectures, lab, 4 hours per week Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors until

date specified in Registration guide. Prerequisite(s): ECON 2P90 or 2P91.


ECON 3P93 International Trade

The pure theory of international trade and commercial policy. Topics include the gains from trade,specialization, determinants of trade flows and impacts of tariffs and quotas.


ECON 3P94 International Payments

Adjustment in the balance of payments and the role of international monetary institutions. Internationalcapital flows, interest rate arbitrage and exchange rates. International asset portfolio diversification.

Lectures, 3 hours per week. Prerequisite(s): ECON 2P21 or 2P23; ECON 3P22.

ECON 3P97

Cost-Benefit Analysis Analysis of welfare economics and its application to project evaluation. Emphasis on measurement of

non-market activities such as benefits from environmental improvements and valuation of unemployedresources.


ECON 3Q90 Computational Economics

Introduction to modern computer-based numerical methods for the analysis of economic models.Discussion of problems not readily solved using standard analytics. Computational techniques, withactual applications providing experience as alternatives. Topics include numerical equation solving,function evaluation, root finding, optimization or simulation of games, dynamic general equilibrium,models with uncertainty.

Lectures, 3 hours per week. Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21.

ECON 3Q91

Mathematical Methods in Economics Topics may include relations, cardinality, vectors and matrices, and multivariate functions including

unconstrained and constrained optimization. Lectures, tutorial, 4 hours per week.

Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors untildate specified in Registration guide. Not open to MATH (single or combined) majors.

Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22 and 2P30.

ECON 3Q96 Financial Econometrics

Statistical and mathematical methods commonly used in the empirical analysis of financial markets.



Emphasis on univariate and multivariate modelling and forecasting for public equities, debt, andderivatives markets, as well as the quantitative management of financial risks.

Lectures, lab, 4 hours. Restriction: open to ECON (single or combined), ECAN, BBE, INPE majors and ECON minors until

date specified in Registration guide. Prerequisite(s): ECON 2P21 or 2P23; one of ECON 2P90 (minimum 75 percent), 2P91 (minimum 75

percent), MATH 2P81 and 2P82; one of ECON 1P94 (minimum 75 percent), MATH 1P01, 1P05, 1P97or permission of the instructor.

ECON 3V60-3V69

Field Courses in Economics Application of economic analysis to special topics.

ECON 4F10

Applied Economics Honours Seminar Advanced research methods in economics including research design, inference and argument, and

issues in economic methodology. Applied econometric modeling to capture and explain the stylizedfacts of aggregate variables (macro analysis), decision making behaviour (micro analysis) and policyanalysis.

Lectures, seminar, 3 hours per week. Restriction: open to ECON (single or combined), ECAN, BBE and INPE majors until date specified in

Registration guide. Prerequisite(s): ECON 3P10 (minimum 70 percent), 3P21, 3P22 and 3P90 (minimum 70 percent) or

permission of the instructor.

ECON 4F90 Honours Essay

Program of reading and research under the supervision of a Faculty member. Restriction: open to ECON (single or combined) majors with approval to year 4 (honours).

Note: for more information students should consult the ECON 4F90 co-ordinator.

ECON 4P05 Empirical Methods: Time Series

Empirical methods for the study of time series data. Topics may include the analysis of stationary andnonstationary data, tests of unit roots, ARIMA modelling, cointegration, dynamic regression models,vector autoregressions and advanced forecasting methods.



ECON 4P06

Empirical Methods: Microeconometrics Builds a theoretical distinction between correlation and causation, and introduces regression-based

methodologies used to identify causal relationships. Topics may include omitted variable bias andaverage treatment effects, fixed effects, instrumental variables, differences in differences, andregression discontinuity design applied to economic and public policy questions from the fields oflabour, development and public economics.


data specified in Registration guide. Prerequisite(s): ECON 2P30 or 3P91; ECON 3P90.

Not open to students with credit in ECON 3P95 taken in 2017-2018 Fall/Winter and 2018-2019Fall/Winter.



ECON 4P07

Empirical Methods: Machine Learning in Economics and Business Introduction to "modern" statistical learning and predictive modeling from statistical, theoretical, and

computational perspectives; with applications. Topics may include linear and local (neighbour-based)regression methods, logistic regression and discriminant analysis methods of classification, crossvalidation and bootstrap resampling methods, model selection and regularization, classification trees,and support vector machines.



ECON 4P13

Advanced Macroeconomics Advanced macro theory supplemented with readings and discussions of recent literature.


date specified in Registration guide. Prerequisite(s): ECON 2P22 (minimum 70 percent), 3P22 (minimum 70 percent), 3P90 (minimum 70

percent) and 3Q91 (minimum 70 percent) or permission of the instructor.

ECON 4P14 Advanced Microeconomics

Advanced micro theory. Topics may include theory of consumer behaviour, theory of the firm, imperfectcompetition, general equilibrium and welfare economics, behaviour under uncertainty, risk andasymmetric information.


date specified in Registration guide. Prerequisite(s): ECON 2P21 or 2P23 (minimum 70 percent); ECON 3P21 (minimum 70 percent) and

3Q91 (minimum 70 percent) or permission of the instructor.

ECON 4P16 International Money and Finance

Monetary approach to the balance of payments and exchange rate determination under rationalexpectations and other expectations regimes. Economic shocks, exchange rate volatility and efficiencyof exchange rate markets. Capital flows and optimal currency areas.

Lectures, 3 hours per week. Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21 and 3P22.

ECON 4P17

Economic Growth Classical and modern theories of economic growth and their empirical applications. Roles of population

growth, education, human capital, investment and technological change on economic growth.Endogenous growth models and persistence of economic inequality across countries.


ECON 4P26

Monetary Economics Advanced treatment of money demand including both theory and econometrics. Relationships between

money and inflation, and money and economic growth. Rational expectations, efficient capital marketsand monetary policy.




ECON 4P34

Games, Information and Uncertainty in Economics Analysis of strategy under varying information structures amongst rational agents. Applications may

include business competition, education, conflict, contests, auctions, contracts and labour markets. Lectures, 3 hours per week.

Prerequisite(s): ECON 2P30 and 3P21.

ECON 4P60 Directed Research in Economics

Guided research and writing on topics not covered in the Department's regular course offerings. Restriction: open to ECON (single or combined), ECAN, BBE and INPE majors with a minimum of 14.0

overall credits and permission of the Department. Note: students will be required to submit a major research paper. Topics must be chosen in consultation

with the faculty member(s) willing to supervise the directed research prior to registration.

CO-OP COURSES

ECON 0N01 Work Placement I

First co-op work placement (4 months) with an approved employer. Restriction: open to ECAN, ECON and BBE Co-op students.

ECON 0N02

Work Placement II Second co-op work placement (4 months) with an approved employer.

Restriction: open to ECAN, ECON and BBE Co-op students.

ECON 0N03 Work Placement III

Third co-op work placement (4 months) with an approved employer. Restriction: open to ECAN, ECON and BBE Co-op students.

ECON 0N04

Work Placement IV Optional co-op work placement (4 months) with an approved employer.

Restriction: open to ECAN, ECON and BBE Co-op students.

ECON 0N05 Work Placement V

Optional co-op work placement (4 months) with an approved employer. Restriction: open to ECAN, ECON and BBE Co-op students.

ECON 0N90

Co-op Professional Preparation Provides students with the tools, resources and skills to maximize co-op employment and professional

development opportunities. Lectures, presentations, site visits, 1.5 hours per week.

Restriction: open to ECON and BBE Co-op students.

ECON 2C01



Co-op Reflective Learning and Integration I Provide student with the opportunity to apply what they've learned in their academic studies through

career-oriented work experiences at employer sites. Restriction: open to BBE, ECAN and ECON Co-op students.

Prerequisite(s): ECON 0N90. Corequisite(s): ECON 0N01. Note: students will be required to prepare learning objectives, participate in a site visit, write a work

term report and receive a successful work term performance evaluation.

ECON 2C02 Co-op Reflective Learning and Integration II

Provide student with the opportunity to apply what they've learned in their academic studies throughcareer-oriented work experiences at employer sites.

Restriction: open to BBE, ECAN and ECON Co-op students. Prerequisite(s): ECON 0N90.

Corequisite(s): ECON 0N02. Note: students will be required to prepare learning objectives, participate in a site visit, write a work


ECON 2C03 Co-op Reflective Learning and Integration III





ECON 2C04 Co-op Reflective Learning and Integration IV





ECON 2C05 Co-op Reflective Learning and Integration V


Restriction: open to BBE, ECAN and ECON C-op students. Prerequisite(s): ECON 0N90.



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