Economics

Chair

Tomson Ogwang

Professors Emeriti

Maurice F. Perkins, Isidore J. Masse, Roberta E. Robb, Lewis A. Soroka

Professors

Robert W. Dimand, Mohammed H. Dore, Diane P. Dupont, Zisimos Koustas, Joseph Kushner, Felice F. Martinello, Tomson Ogwang, Steven J. Renzetti

Associate Professors

Jean-François Lamarche, David R. F. Love, William Veloce, Anthony J. Ward

Assistant Professors

Hasan Imam, Lester Kwong

Adjunct Professor

Adrian Khaleghi Moghadam

Lecturer

Marilyn Cottrell, Robert Koehn, Katerina Koka

Director, Co-operative Programs

Cindy Dunne

General Information

Administrative Assistant

Karen Phillips

905-688-5550, extension 4697

Plaza 427

brocku.ca/economics

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

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

The Applied Economic Analysis (Honours) program is intended for students who are interested in the application of economic tools to issues in the economy and broader society. The program is less technical than Economics (Honours). Instead, it places more emphasis on teaching students how to apply analysis to specific problems and issues. It also emphasizes students' ability to write about economic analyses of policies and make presentations of their work. The Applied program also prepares students for positions in all sectors of the economy and it is the recommended program for students considering graduate work in related fields such as public policy, public administration, regional and urban studies, industrial relations, journalism, law, or business administration.

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

Co-op Program

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

Eligibility to continue in the Applied Economic Analysis Co-op program is based on the student's major and non-major averages. A student with a minimum of 70 percent major average and a minimum 60 percent non-major average may continue. A student with a major average lower than 70 percent will not be permitted to continue in the non-co-op Economics stream. If a student subsequently raises his/her major average to 70 percent, the student may be readmitted only if approved by the Co-op Admissions Committee.

The Applied Economic Analysis Co-op program designation will be awarded to those students who have honours standing and who have successfully completed a minimum of twelve months of Co-op work experience.

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

The Economics Co-op program designation will be awarded to those students who have honours standing 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 of Economics.

Insurance Studies

The Insurance Studies program involves courses offered through Brock and Mohawk College of Applied Arts and Technology. This four-year program combines courses and training in insurance settings at Mohawk College with an Honours degree in Economics at Brock. The program caters to individuals who wish to have a career in the insurance industry. The program allows students to gain both solid applied skills and training, and a strong theoretical knowledge about a variety of topics in Economics. Students who successfully complete the requirements for this program will be granted both an Honours degree from Brock, and a diploma from Mohawk College. Gaining both a degree and this diploma would ordinarily involve attending both institutions consecutively for a total of six years, but the Brock and Mohawk program combines the two in a single integrated package that can be completed in four years. Applicants must have a minimum 70 percent overall average to be considered for admission to the program. Volunteering experience and attainment of the Brock Leadership Skills Certificate programs are considered assets. Successful applicants must maintain a minimum 70 percent overall average during Year 2 and meet other program requirements to continue in the program. Enrolment in this program is limited. Admission to the program is not guaranteed by attainment of the minimum requirements. Application forms and further details concerning the Insurance Studies program are available from the Office of the Dean of Social Sciences.

Economics and Labour Studies-George Brown College

This program involves courses offered through Brock and George Brown College of Applied Arts and Technology. This four-year program combines courses and training in applied labour studies settings at George Brown College with a degree in Economics and Labour Studies at Brock. The program caters to individuals who wish to have a career in a wide variety of areas including unionized environments, occupational health and safety, politics, or human resources. The program allows students to gain both solid applied skills in these areas, and a strong theoretical knowledge about a variety of these topics. Students who successfully complete the requirements for this program will be granted both an Honours degree from Brock, and two certificates from George Brown College 1) a certificate in Contemporary Labour Perspectives from the George Brown School of Labour, and 2) a Post-Graduate Certificate in Human Resources Management. Gaining both a degree and these certificates would ordinarily involve attending college after gaining a university degree, but the Brock and George Brown program combines the two in a single integrated package that can be completed in four years. Applicants must have a minimum 70 percent overall average to be considered for admission to the program. Volunteering experience and attainment of the Brock Leadership Skills Certificate programs are considered assets. Successful applicants must maintain a minimum 70 percent overall average during Year 2 and meet other program requirements to continue in the program. Enrolment in this program is limited. Admission to the program is not guaranteed by attainment of the minimum requirements. Application forms and further details concerning the George Brown Labour Studies program are available from the Office of the Dean of Social Sciences.

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

Economics and Labour Studies-Mohawk College

This program involves courses offered through Brock University and Mohawk College of Applied Arts and Technology. This four-year program combines training in a variety of applied labour studies settings at Mohawk College with an honours degree in Economics and Labour Studies at Brock. Students can obtain both solid applied skills and a strong theoretical foundation in various aspects of labour studies. The program leads to career opportunities in a wide variety of areas including unionized environments, occupational health and safety, politics, and human resources. Obtaining both an honours degree and a college certificate would ordinarily involve at least five years of study, but this Brock-Mohawk program combines the two in a single integrated package that can be completed in four years. Applicants must have a minimum 70 percent overall average to be considered for admission to the program. Volunteering experience and attainment of the Brock Leadership Skills Certificate programs are considered assets. Successful applicants must maintain a minimum 70 percent overall average during Year 2 and meet other program requirements to continue in the program. Enrolment in this program is limited. Admission to the program is not guaranteed by attainment of the minimum requirements. Application forms and further details concerning the Mohawk Labour Studies program are available from the Office of the Dean of Social Sciences.

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

Mathematics is an important analytical tool for economists. All students, but especially those intending to pursue graduate studies, are encouraged to take additional MATH courses. Students should consult the department regarding appropriate choices. (MATH 1P01 or 1P05 satisfies the MATH 1P97 prerequisite that is specified for some ECON courses.)

Computer literacy is required for some Economics courses. Students who are not computer literate should consider taking courses such as APCO 1P01 or 1P93 as elective credits.

Program Notes

Honours Program

Applied Economic Analysis (Honours only)

Year 1

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

Year 2

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

Year 3

	ECON 3P10, 3P21, 3P22 and 3P90
	one ECON credit numbered 2(alpha)90 or above
	two elective credits

Year 4

	ECON 3P95 and 4F10
	one-half ECON credit numbered 2(alpha)90 or above
	one ECON credit numbered 3(alpha)90 or above
	two elective credits

Economics

Year 1

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

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

	ECON 4P13 and 4P14
	one and one-half ECON credits numbered 2(alpha)90 or above
	one ECON credit numbered 3(alpha)90 or above
	one and one-half elective credits

Applied Economic Analysis Co-op (Honours)

Year 1

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

Year 2

	ECON 0N09, 2P21, 2P22, 2P30 and 2P90
	one ECON credit
	two elective credits

Spring/Summer Sessions:

ECON 0N01 and 2C01

Year 3

Fall Term:

	ECON 3P10, 3P21, 3P22 and 3P90
	one-half elective credit

Winter Term:

ECON 0N02 and 2C02

Spring/Summer Sessions:

ECON 0N03 and 2C03

Year 4

	ECON 3P95 and 4F10
	one ECON credit numbered 2(alpha)90 or above
	one-half ECON credit numbered 3(alpha)90 or above
	two elective credits

Spring/Summer Sessions:

ECON 0N04 and 2C04

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. The most common pattern is listed below. For other approved patterns, consult the Co-op Office.

Year 1

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

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:

	ECON 4P13 and 4P14
	one-half ECON credit numbered 2(alpha)90 or above
	one-half ECON credit numbered 3(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.

Pass Program

Year 1

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

Year 2

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

Year 3

	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 consult the department about other possible programs. For requirements in other disciplines, the students should consult the relevant department/centre. It should be noted that not all departments/centres provide a combined major option.

Economics and Business (Honours only)

Year 1

	ECON 1P91 and 1P92 (see program note 1)
	ACTG 1P91 and 2P12
	MGMT 1P93 and 1P96
	one of MATH 1P01, 1P05, 1P97
	MATH 1P98
	one Humanities context credit or one Sciences context credit

Year 2

	ECON 2P21 or 2P23
	ECON 2P22 and 2P30
	ECON 2P90 or 2P91
	FNCE 2P91
	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
	ACTG 2P40
	FNCE 3P93
	MKTG 3P24
	OPER 2P91
	one elective credit (see program note 2)

Year 4

	ECON 4P13 and 4P14
	ETHC 3P82
	MGMT 4P90
	one and one-half ECON credits numbered 2(alpha)90 or above
	one-half ACTG, ENTR, FNCE, ITIS, MGMT, MKTG, OBHR or OPER 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 MATH 1P01, 1P05, 1P97
	MATH 1P98
	one Humanities context credit
	one Sciences context credit

Year 2

	ECON 2P21, 2P22 and 2P30
	GEOG 2P10
	one and one-half credits from GEOG 2P01, 2P02, 2P03, 2P06, 2P07, 2P13
	one-half ECON credit
	one elective credit (see program note 2)

Year 3

	ECON 2P90, 3P21, 3P22 and 3Q91
	GEOG 3P57
	one and one-half GEOG credits numbered 2(alpha)90 to 3(alpha)99 from group A or C (see Geography department)
	one elective credit

Year 4

	ECON 3P90, 4P13 and 4P14
	two GEOG credit numbered 3(alpha)90 or above from group A or C (see Geography department)
	one-half ECON credit numbered 2(alpha)90 or above
	one elective credit

Pass

Year 1

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

Year 2

	ECON 2P21, 2P22 and 2P30
	GEOG 2P10
	one and one-half credits from GEOG 2P01, 2P02, 2P03, 2P06, 2P07, 2P13
	one-half ECON credit
	one elective credit (see program note 2)

Year 3

	ECON 2P90, 3P21 and 3P22
	GEOG 3P57
	one-half ECON credit numbered 2(alpha)90 or above
	one and one-half GEOG credits numbered 2(alpha)90 to 3(alpha)99 from group A or C (see Geography department)
	one elective credit

Economics and Labour Studies

Honours

Year 1

	ECON 1P91 and 1P92 (see program note 1)
	LABR 1F90
	one of MATH 1P01, 1P05, 1P97
	MATH 1P98
	one POLI credit numbered 1(alpha)90 to 1(alpha)99 or SOCI 1F90
	one Humanities context credit or one Sciences context credit

Year 2

	ECON 2P21, 2P22, 2P30 and 2P90
	LABR 2P03, 2P06 and 2P15
	one-half LABR credit
	the Humanities context credit or Sciences context credit not taken in year 1

Year 3

	ECON 3P21, 3P22, 3P24 and 3Q91
	LABR 3P03 and 3P06
	one LABR credit numbered 2(alpha)90 or above
	one elective credit (see program note 2)

Year 4

	ECON 3P25, 3P90, 4P13 and 4P14
	one LABR credit
	one LABR credit numbered 3(alpha)90 or above
	one elective credit (see program note 2)

Pass

Year 1

	ECON 1P91 and 1P92 (see program note 1)
	LABR 1F90
	one of MATH 1P01, 1P05, 1P97
	MATH 1P98
	one POLI credit numbered 1(alpha)90 to 1(alpha)99 or SOCI 1F90
	one Humanities context credit or one Sciences context credit

Year 2

	ECON 2P21, 2P22, 2P30 and 2P90
	LABR 2P03, 2P06 and 2P15
	one-half LABR credit
	the Humanities context credit or Sciences context credit not taken in year 1

Year 3

	ECON 3P21, 3P22, 3P24 and 3P25
	LABR 3P03 and 3P06
	one LABR credit numbered 2(alpha)90 or above
	one elective credit (see program note 2)

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 1P12 and 1P40
	one Humanities context credit
	one Sciences context credit

Year 2

	ECON 2P21 and 2P22
	one ECON credit
	MATH 2P03, 2P72, 2P81 and 2P82
	one-half MATH credit
	one-half elective credit (see program note 2)

Year 3

	ECON 3P21, 3P22 and 3P90
	one-half ECON credit numbered 2(alpha)90 or above
	MATH 2F40, 3P81 and 3P82
	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 by completing the following courses with a minimum 60 percent overall average:

	ECON 1P91, 1P92 and 2P22
	ECON 2P21 or 2P23
	ECON 2P90 or 2P91
	two and one-half ECON credits

Brock/Colleges Articulation Agreement

Insurance Studies-Mohawk College

Year 1

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

Year 2

	ECON 2P21, 2P22, 2P30, 2P90, 3P21 and 3P22
	One ECON credit numbered 2(alpha)00 or above
	one-half ECON credit numbered 2(alpha)90 or above
	one-half non-business elective credit

Year 3

taken at Mohawk College

Year 4

	ECON 3P10, 3P90, 3Q91, 4P13 and 4P14
	one ECON credit numbered 2(alpha)90 or above
	one ECON credit numbered 3(alpha)90 or above
	one-half non-business elective credit

Economics and Labour Studies-George Brown College

Consult the Labour Studies entry for a listing of program requirements

Economics and Labour Studies-Mohawk 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 for details.

# 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 the request 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, production and 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 of payments.

Lectures, tutorial, 4 hours per week.

Note: may be taken concurrently with, before or after ECON 1P91.

*ECON 2P10

United States Economic History

(also offered as HIST 2P10)

United States economic development from the colonial era to the late 20th century. Topics include the effect of British mercantilist policy on the colonial economy, westward expansion, financial development under central and free banking, comparison of Northern and Southern agriculture, slavery and emancipation, industrialization and industrial organization, transportation, impact of wars, the changing role 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.

*ECON 2P11

European Economic History

(also offered as HIST 2P11)

The pre-industrial economy of the Middle Ages, the commercial expansion of Europe in the 16th century, the 17th century depression and the Industrial and Agricultural revolutions of the late 18th and 19th centuries. Technical progress, capital accumulation, growth of demand and new forms of economic organization as sources of economic change. The spread of industrialization between countries, the role of Europe in the world economy and the changing economic role of the state.

Lectures, 3 hours per week.

Prerequisite(s): ECON 1P91 and 1P92 or permission of the instructor.

*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 product markets. Topics include the effects of unions on wages, fringe benefits, turnover, inequality, productivity and 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 historical emergence of today's underdeveloped nations.

Lectures, 3 hours per week.

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

*ECON 2P19

Canadian Economic History

(also offered as HIST 2P19)

Growth and change in Canadian economy, from earliest European contact to the 20th century. Theories of growth, and of technical, institutional and demographic change. Topics include early fish, fur and timber trades, agriculture, the development of the West and the National Policy.

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 ECON 2P09.

ECON 2P21

Intermediate Microeconomics I

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

Lectures, tutorial, 4 hours per week.

Prerequisite(s): ECON 1P91; one of 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 money and interest, effects of fiscal and monetary policies, and trade and capital flows under different exchange rate regimes. Extension of the macroeconomic model to include the price level. Study of aggregate demand and aggregate supply.

Lectures, tutorial, 4 hours per week.

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 discriminating monopoly, oligopoly and dominant firms.

Lectures, tutorial, 4 hours per week.

Restriction: not open to ECON (single or combined) majors.

Prerequisite(s): ECON 1P91; one of 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 2P28

Economics of the Environment

(also offered as TREN 2P28)

Economic perspectives on environmental and natural resource issues. Topics may include valuing environment improvements, population growth issues, sustainable development, forestry and fishery management, ozone depletion and climate change.

Lectures, 3 hours per week.

Restriction: open to TREN majors until date specified in Registration guide. Students must have a minimum of 4.0 overall credits.

ECON 2P30

Foundations of Economic Analysis

Using set theory to characterize economic problems. Multivariate marginal analysis and optimization (constrained and unconstrained) with applications in consumer and producer theory. Comparative statics and introduction to dynamic analysis. Linear algebra with applications in econometrics and multiple equation macroeconomic models.

Lectures, tutorial, 4 hours per week.

Restriction: not open to MATH (single or combined) majors.

Prerequisite(s): ECON 1P91, 1P92 and MATH 1P98; one of MATH 1P01, 1P05, 1P97.

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

*ECON 2P41

Economics of Tourism and Leisure Activities

(also offered as TREN 2P41)

Introduction to the economic analysis of the tourism industry. Determinants of the demand and supply for tourism and recreation; impact of tourism, recreation and leisure on regional and national economies. Topics may include ecotourism and the impact of government policies on tourism and recreation.

Lectures, 3 hours per week.

Restriction: open to TREN majors until date specified in Registration guide. Students must have a minimum of 4.0 credits. Not open to ECON (single or combined) majors, BBE, INPE, ECON minor, or ENEC students.

Note: major credit will not be granted to BBE, ECON, ENEC or INPE majors.

ECON 2P42

Economics of Professional Sport

Economics of professional sport industries. Topics include the cost and market structures of professional sport, the economics of stadiums and arenas, and the economic impact of professional sport teams on a local economy.

Lectures, 3 hours per week.

Prerequisite(s): ECON 1P91.

*ECON 2P54

Canadian Economic Issues

(also offered as LABR 2P54)

Canadian economic and business problems and policies. Topics may include stabilization, competition, taxation, foreign trade and exchange rate policies.

Lectures, 3 hours per week.

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

*ECON 2P65

Health Economics

(also offered as CHSC 2P65 and TREN 2P65)

Topics may include economic factors affecting the delivery of health care; principles of cost-benefit analysis of health-care services; economic analysis of the supply of health care in Canada; government versus private health insurance; public versus private provision of health care; the economics of medical technology; the supply of physician services, pharmaceutical pricing and access.

Lectures, 3 hours per week.

Restriction: open to students with a minimum of 4.0 overall credits.

#ECON 2P86

Women in the Economy

(also offered as CANA 2P86, LABR 2P86, SOCI 2P86 and WISE 2P86)

Women in the Canadian labour market. Topics include allocation of time between the household and the labour market, gender segregation in the work place, how earnings are determined, causes of occupational and earnings difference by gender, role of investment in education and discrimination, recent developments in the labour market and their impact on women and men, and selected policy issues.

Lectures, 3 hours per week.

Restriction: students must have a minimum of 4.0 overall credits.

ECON 2P90

Introduction to Econometrics

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

Lectures, lab, 4.5 hours per week.

Restriction: not open to MATH (single or combined) majors.

Prerequisite(s): ECON 1P91 and 1P92; MATH 1F92 or 1P98.

Completion of this course will replace previous assigned grade and credit obtained in ECON 2P91.

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), BBE and INPE majors.

Prerequisite(s): ECON 1P91, 1P92, MATH 1P97 and 1P98.

Completion of this course will replace previous assigned grade and credit obtained in ECON 2P90.

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 political economy 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, the capital asset pricing model.

Lectures, 3 hours per week.

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 currency market. The demand and supply of money. Money and inflation.

Lectures, 3 hours per week.

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, predatory pricing, resale price maintenance, limit pricing, price fixing, advertising and research and development.

Lectures, 3 hours per week.

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

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, selection of appropriate methods, presentation of the findings.

Lectures, seminar, lab, 4 hours per week.

Restriction: open to ECON (single or combined), BBE and ENEC majors.

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

Completion of this course will replace previous assigned grade and credit obtained in ECON 2P92.

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 host countries, home country issues, industry studies, public policy towards multinationals.

Lectures, 3 hours per week.

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

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 fiscal relations and economics of public debt.

Lectures, 3 hours per week.

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

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 implications of problems and policies.

Lectures, 3 hours per week.

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

ECON 3P19

Regional Economics

Theories of regional income determination; classical and other theories of regional growth; regional business cycles. Canadian regional disparities and nature of "Canadian Economic Union". Regional development policies in Canada, the UK and France.

Lectures, 3 hours per week.

Prerequisite(s): ECON 2P22.

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.

Lectures, 3 hours per week.

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.

Prerequisite(s): 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 economic impact of immigration, economics of the family, the distribution of income and wealth in Canada, the economic impact of unions on wages and non-wage outcomes, issues in retirement and pensions.

Lectures, 3 hours per week.

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

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 optimal extraction or harvesting rules. Examination of recent government resource policies.

Lectures, 3 hours per week.

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

ECON 3P28

Environmental Economics

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

Lectures, 3 hours per week.

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

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 government regulations and deregulation.

Lectures, 3 hours per week.

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

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.

#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 Nash equilibria. Convexity concepts, fixed points for correspondences and minimax. Core and Shapley value of a game. Refinements and Applications.

Lectures, 3 hours per week; lab/tutorial, 1 hour per week.

Prerequisite(s): ECON 3P91 or MATH 2P72.

ECON 3P90

Econometrics

The regression model in applied economics. The classical model and its extensions such as auto correlation and heteroscedasticity. Model specification and introduction to dynamic models. Theory and application of the regression model including a variety of practical examples.

Lectures, lab, 4 hours per week.

Prerequisite(s): ECON 2P21 or 2P23; ECON 2P22; one of ECON 2P90, 2P91, MATH 2P81 and 2P82; one of 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 and relations, matrix algebra, differential calculus, multivariate optimization without constraints and constrained optimization.

Lectures, tutorial, 4 hours per week.

Restriction: not open to MATH (single or combined) majors or general studies students.

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

ECON 3P92

Forecasting in Economics

Forecasting methods in business and economics such as time series extrapolative methods, Box-Jenkins and econometric model-based approaches. Combined forecasting methods and evaluation of forecasts. Practical applications in business and economics.

Lectures, lab, 4 hours per week.

Prerequisite(s): one of ECON 2P90, 2P91, MATH 2P81.

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.

Lectures, 3 hours per week.

Prerequisite(s): ECON 3P21.

ECON 3P94

International Payments

Adjustment in the balance of payments and the role of international monetary institutions. International capital 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 3P95

Topics in Applied Econometrics

Topics may include time series econometrics, simultaneous equation model, unit root problem, trend modelling in economic time series, co-integration, Granger causality testing, vector auto regressions and dummy dependent variable models.

Lectures, lab, 4 hours per week.

Prerequisite(s): ECON 2P30 or 3P91; ECON 3P90.

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 unemployed resources.

Lectures, 3 hours per week.

Prerequisite(s): ECON 3P21.

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, with actual 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 3P21 and 3P91.

ECON 3Q91

Mathematical Methods in Economics

Topics may include propositional logic, theory of proofs, relations, properties of functions, constrained optimization, and techniques for integration and differential equations.

Lectures, tutorial, 4 hours per week.

Restriction: not open to MATH (single or combined) majors

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

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 stylized facts of aggregate variables (macro analysis), decision making behaviour (micro analysis) and policy analysis.

Lectures, seminar, 3 hours per week.

Restriction: open to ECAN, ECON (single or combined), BBE, and INPE majors.

Prerequisite(s): ECON 3P10 (minimum 70 percent), ECON 3P21, ECON 3P22, and ECON 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 4P13

Advanced Macroeconomics

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

Lectures, 3 hours per week.

Prerequisite(s): ECON 2P22 (minimum 70 percent), 3P22 (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, imperfect competition, general equilibrium and welfare economics, behaviour under uncertainty, risk and asymmetric information.

Lectures, 3 hours per week.

Prerequisite(s): ECON 2P21 (minimum 70 percent), 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 rational expectations and other expectations regimes. Economic shocks, exchange rate volatility and efficiency of 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.

Lectures, 3 hours per week.

Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21 and 3P22.

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 markets and monetary policy.

Lectures, 3 hours per week.

Prerequisite(s): ECON 2P30 or 3P91; ECON 3P21 and 3P22.

ECON 4P34

Economics of Information

Economic behaviour under different information structures. Topics may include principle-agent models, non-linear pricing, auctions, herd behaviour and cheap talk.

Lectures, 3 hours per week.

Prerequisite(s): ECON 3P21 and 3P91.

Completion of this course will replace previous assigned grade and credit obtained in ECON 3P98.

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 Training and Development

Framework for the development of learning objectives by students for individual work terms. Includes orientation to the co-op experience, goal setting, career planning, résumé preparation and interview skills preparation.

Lectures, presentations, site visits, 2 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 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 0N02.

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 2C03

Co-op Reflective Learning and Integration III

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 0N03.

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 2C04

Co-op Reflective Learning and Integration IV

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 0N04.

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 2C05

Co-op Reflective Learning and Integration V

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 C-op students.

Prerequisite(s): ECON 0N90.

Corequisite(s): ECON 0N05.

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.