FULL-TIME UNDERGRADUATE CALENDAR 2005-2006

Economics

ECN 104 ECN 105 ECN 110 ECN 129 ECN 130 ECN 204 ECN 205 ECN 210 ECN 220 ECN 230 ECN 301 ECN 320 ECN 321 ECN 329 ECN 330 ECN 340 ECN 440 ECN 501 ECN 502 ECN 503 ECN 504 ECN 505 ECN 506 ECN 507 ECN 509 ECN 510 ECN 511 ECN 529 ECN 600 ECN 603 ECN 605 ECN 606 ECN 607 ECN 609 ECN 612 ECN 614 ECN 627 ECN 629 ECN 700 ECN 702 ECN 703 ECN 707 ECN 710 ECN 715 ECN 720 ECN 721 ECN 722 ECN 801 ECN 802 ECN 803 ECN 808 ECN 815 ECN 820 ECN 821 ECN 900 ECN 104 Introductory Microeconomics This course is concerned with basic concepts of demand and supply, the theory of the firm, and distribution of income. It includes a study of business behaviour and decision making under various market conditions: pure competition, oligopoly, monopolistic competition, monopoly. (PR) Antirequisite: ECN 110. Lect: 3 hrs. back to top ECN 105 Canadian Economic History The aim of this course is to acquaint the student with the major economic events in our history. The course will have two prominent themes. The first of these is the importance of staple production to the national economy. Since, for the most part the choice of which staple to produce at a given time was dictated by international market forces, the development of each staple product, i.e. cod, fur, lumber, is analyzed within an international framework. The second theme of the course is the development of modern industrial sectors since 1850. (LL) Antirequisite: ECN 509. Lect: 3 hrs. back to top ECN 110 The Economics of Markets The course deals with the emergence, concepts, and applications of market economics. It first discusses developments that gave rise to the market system, followed by an analysis of the basic concepts that are essential for understanding markets. These include the concepts of opportunity cost, demand and supply, market structure and market failure. Various market applications to Canadian economic and social issues will be examined, ranging from the economics of big business to the economics of sports, crime, education, and health. (LL) Antirequisite: ECN 104. Lect: 3 hrs. back to top ECN 129 Statistics for Economics I This course is an introduction to descriptive and inferential statistics. Descriptive statistics consists of characterizing data sets by both frequency distributions and measures of central tendency and dispersion. Inferential statistics consists of techniques to make predictions or probabilistic statements about a whole population by studying the properties of a sample drawn from the population. Because inferential statistics depends on the probability theory, some probability laws will be studied, including the Binomial, Normal and t-distributions. (PR). Lect: 3 hrs. back to top ECN 130 Economic Aspects of Immigration In this lower level liberal studies course students will learn to appreciate the complexity of immigration issues and the controversy and heated debate they generate. The students will understand that this complexity arises from the interplay of other issues such as discrimination, humanitarian concerns, the impact on the wages and employment prospects of native-born persons, the use of social assistance programs and contributions to the financing of such programs, as well as the very nature of our society. (LL) Lect: 3 hrs. back to top ECN 204 Introductory Macroeconomics This course centres around an explanation of levels of national income, employment and prices, the business cycle, factors affecting economic growth and international trade. It also includes a critical analysis of monetary and fiscal policies designed to achieve the established goals. (PR) Antirequisite: ECN 210. Lect: 3 hrs. back to top ECN 205 European Economic History This is a survey course of European economic history from the fall of the Roman Empire to World War II. The course is divided into two parts. The first focuses on the economic decline of the Roman Empire and how it set the stage for the manorial economy of the Middle Ages. Also, this section covers the economic revival after the Medieval period up to the middle of the eighteenth century. The second part of the course looks at the Industrial Revolution in England, and its diffusement throughout continental Europe. (LL) Antirequisite: ECN 609. Lect: 3 hrs. back to top ECN 210 Inflation & Unemployment in Canada The course focuses on various economic theories that emerged after the Great Depression which emphasize economic performance and government policy. It examines how the Canadian economy works, and how the major problems of unemployment and inflation can be dealt with. The course also analyzes a range of economic issues-such as poverty and income distribution, deficits and debts, free trade and trading blocks, capital mobility and exchange rate movements-and the role of government. (LL) Antirequisite: ECN 204. Lect: 3 hrs. back to top ECN 220 Evolution of the Global Economy This course is a survey of the economic development of the global economy since 1914, covering such factors as trade, migration, investment and monetary arrangements, and the role played by international institutions. The course will include an analysis of the impact on the international economy of twentieth century developments, such as the Great Depression, the two world wars and the globalization of financial markets. Particular emphasis will be placed on the operation of post-war institutions, such as the I.M.F., G.A.T.T. and the W.T.O., and how they affect the global economy. (PR) Lect: 3 hrs. back to top ECN 230 Mathematics for Economics This course introduces the students to mathematical topics beyond the high school calculus. It reviews differential calculus, then introduces topics such as basic matrix algebra, constrained optimization, comparative statistics for general function modes, and their application in economics. (PR) Corequisite: ECN 204. Prerequisite: ECN 104. Lect: 3 hrs. back to top ECN 301 Intermediate Macroeconomics I This course gives a theoretical and applied treatment of the determination of employment, inflation and GDP. The focus of the course is the Canadian economy in an international setting. The course will make extensive use of the internet, particularly CANSIM in analyzing current Canadian data. While the course concentrates on economic fluctuations in the medium and short term, there will be an extensive discussion of the determinants of long term economic growth. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 320 Introduction to Financial Economics This course is designed to give students an understanding of financial concepts, including the time value of money, discounted cash flows, and risk and returns. It is also designed to give the students an introductory understanding of financial markets and how they are influenced by economic trends. Prerequisites: ECN 104 and ECN 204. Lect: 3 hrs. back to top ECN 321 Introduction to Law & Economics Economic aspects of social and legal issues and policies in regional, national and international contexts: property, contracts, torts, environmental law, and the economics of crime and punishment. (PR) Prerequisite: ECN 104 or Direct Entry. Lect: 3 hrs. back to top ECN 329 Statistics for Economics II This course is a continuation of the topics covered in ECN 129, Statistics for Economics I. It includes such topics as goodness of fit tests, Type 1 and Type II errors, analysis of variance, the assumptions underlying the classical linear regression model, simple regression and multiple regression. (PR). Prerequisites: ECN 129 and ECN 230. Lect: 3 hrs. back to top ECN 330 Economic Systems in the New World Economy Economic activity can be organized in a variety of ways. Even amongst predominantly market economies, there exists a wide spectrum, ranging from those economies that operate with a minimum of government intervention to those with strong guidance from the government. The course investigates most of the various economic systems now in existence and the changes occurring in them. The roles of governance and market failures are explored in both local and global markets. (PR) Prerequisites: ECN 104 and ECN 204. Lect: 3 hrs. back to top ECN 340 The Economics of Human Behaviour This lower level liberal studies course investigates human behaviour from an economic perspective. Among the topics we analyze is the economics of religious behaviour and the afterlife, sexual behaviour, marriage and divorce, crime, mass hysteria and panics, suicide and dying, emotions, and the economics of sports. We also consider other ways of looking at human behaviour. You do not require previous training in economics, and the materials are not technical. (LL) Lect: 3 hrs. back to top ECN 440 Booms, Busts, Panics and Manias This course addresses a historical tendency for the financial and stock markets to exhibit periodic unstable cycles or speculative booms, followed by market downturns, instability or in the extreme, total collapse. These patterns of cyclical behaviour are illuminated by focusing on crises, beginning with the Tulip Mania. The South Seas Bubble, the 1929 Crash, the Bre-X fraud and dot.com collapse are included. Students will be required to play a stock market speculation game for part of their course mark. (LL) Lect: 3 hrs. back to top ECN 501 Industrial Organization The first half of this course examines how industries are organized; how the conduct of firms is influenced by their internal organization and by the structure of the industry of which they are a part; and how an industry’s performance is determined by the conduct of its firms and by the industry’s structure. The second half of this course deals with public policies towards industry: competition policy, economic regulation, public enterprise. (PR) Prerequisite: ECN 504 or Direct Entry. Lect: 3 hrs. back to top ECN 502 Economics of Natural Resources This course deals with the application of basic economic concepts to the problems of natural resources and with Canadian public policy issues in natural resources management. Topics covered in the course include: the resource sector and its impact on the Canadian economy, models of renewable and non-renewable resource use, the scarcity controversy, economic rents and taxation as applied to natural resources, and current issues in Canadian resource management. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 503 Economic Development This course describes the special challenges faced by developing economies. The process of development is explored and explained using both macro and micro economic foundations. After establishing patters of development, the course investigates why some countries lag behind others in key economic indicators such as growth rates and income inequality. Questions regarding human resources, such as health, population and education are also explored in the context of developing countries. Poverty alleviation mechanism are also discussed. (UL) Prerequisites: (ECN 110 and ECN 210) or (ECN 104 and ECN 210) or (ECN 204 and ECN 110) or (ECN 104 and ECN 204). Lect: 3 hrs. back to top ECN 504 Intermediate Microeconomics I A more detailed study of price theory, this course looks at the production decisions of firms and the consumption decisions of households. It gives an introduction to risk and uncertainty. It examines how the decisions of all the independent economic agents are co-ordinated by the price-system in purely competitive markets. The course also gives a variety of applications of micro-economic theory. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 505 Issues in Canadian Labour Markets This course deals with selected contemporary issues in Canadian labour markets. The first part of the course begins with the standard economics of labour supply and demand, as well as the major critiques and alternatives. The course also looks at wage structures, geographic labour mobility, the presence of labour unions, the increasing participation of women, the question of discrimination in labour markets, and the debate over the effects of free trade on employment patterns. (UL) Antirequisite: ECN 605. Lect: 3 hrs. back to top ECN 506 Money and Banking The role of money in the economic system is emphasized along with current monetary theories. Also examined are the purpose, structure and regulations of the chartered banks and other financial institutions. By monitoring developments in the money market, especially changes in key interest rates, students may assess monetary initiatives of the Bank of Canada. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 507 The History of Economic Thought This course deals with the major figures in the development of economic thought from the medieval period to the present. Their ideas are presented in the context of the times in which they lived and analyzed in relation to prevailing economic conditions. The relevance of these ideas to present-day debates is stressed throughout so that in the process the student will acquire a broader understanding of current economic theories and issues. (UL) Prerequisites: (ECN 110 and ECN 210) or (ECN 104 and ECN 204) or (ECN 104 and ECN 210) or (ECN 110 and ECN 204). Lect: 3 hrs. back to top ECN 509 Canadian Economic Development This course uses economic institutions of the past as a theme around which to study Canadian economic development. Particular emphasis is put on studying institutions that controlled market forces to attain social needs. Among the topics investigated are forms of trade, money uses, and land tenure systems. (UL) Antirequisite: ECN 105. Lect: 3 hrs. back to top ECN 510 Environmental Economics This course applies economic analysis to the problems of pollution and the use of natural resources. It examines market processes when externalities in production and consumption are present. The relationship between the environment and the economic system, sources of pollution and methods of pollution abatement are studied. Application of cost-benefit analysis to the problems of environmental goods is evaluated. Examination of the economics of renewable and nonrenewable resources follows. Topics include: resource classification, the theory of optimal usage, resource conservation, and the limits to growth debate. (PR) Prerequisite: ECN 104 or Direct Entry. Antirequisite: ECN 511. Lect: 3 hrs. back to top ECN 511 Economy and Environment This course looks at the relationship between the economy and the environment. It discusses how economics can help identify key issues in environmental problems. Economic concepts are used to shed light on solutions to the problem of pollution, the management of common property resources, and the possibility of “sustainable development”. Issues to be discussed in the course include acid rain, the greenhouse effect, the devastation of tropical rainforests, biodiversity, and environmental ethics. (UL) Antirequisite: ECN 510. Lect: 3 hrs. back to top ECN 529 The Evolution of Radical Economics Most of current mainstream economics is seen as the product of market forces and private, maximizing decision making. This course provides critical alternative views to the market economy. It focuses on the economics of Karl Marx which emphasizes class relationships in understanding economic behaviour and the structure of a capitalist society. Special attention is also paid to the economics of Thorstein Veblen which views the economy as a set of institutions subject to technological changes. (UL) Lect: 3 hrs. back to top ECN 600 Intermediate Macroeconomics II An advanced study of the determinants of aggregate demand and the structure of Keynesian and new classical models. Policy issues covered include effectiveness of stabilization policies in an open economy, crowding out, choice of monetary policy instruments, and monetary policy and the exchange rate. (PR) Prerequisite: ECN 301 or Direct Entry. Lect: 3 hrs. back to top ECN 603 Canada and Global Economic Issues This course deals with the analysis of economic and social issues which confront Canadian citizens and policy makers. The course focuses on how economics can illuminate some of the social and economic issues that Canadians believe are important. The course involves standard economic techniques (micro and macro), to examine selected issues. This is an upper level course and microeconomic theory will be used extensively. Economic concepts will be reviewed as required. (UL) Prerequisite: ECN 110. Lect: 3 hrs. back to top ECN 605 Labour Economics This course aims to introduce students to basic labour economics, with particular reference to the Canadian case. This course draws on contemporary methods to model and analyse key aspects such as labour supply and demand behaviour. These aspects are combined to explore the determination of wages and major policy questions such as minimum wage legislation and unionization. The acquired tools are applied to special topics such as human capital investment, immigration, gender discrimination and unemployment. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Antirequisite: ECN 505. Lect: 3 hrs. back to top ECN 606 International Monetary Economics The world monetary order is examined. Topics include foreign exchange rates, international balance of payments and concepts of imbalance, fixed versus flexible exchange rate regimes along with some historical perspective. Strong emphasis is put on the operation of the International Monetary Fund and the problems of providing adequate finance for developing countries and a satisfactory adjustment system for members of the I.M.F. (PR) Prerequisite: ECN 301 or Direct Entry. Antirequisite: ECN 607. Lect: 3 hrs. back to top ECN 607 Issues in the International Economy This course deals with international financial markets and the ways in which they affect national economies. By studying the operations of these markets it will be shown how significantly they constrain domestic policy-making, not only in a small open economy like Canada’s but increasingly in all other economies as well. Attention is given to issues of current political concern, such as the Third World debt problem, the American trade deficit, the rise of Japan as a major international creditor, and the disintegration of the Communist system in Eastern Europe. (UL) Antirequisite: ECN 606. Lect: 3 hrs. back to top ECN 609 European Economic Development This is a survey course of European economic development from the fall of the Roman Empire to the Great Depression of the 1930s. The theme around which the course is organized is the role of economic institutions such as slavery, land tenure systems, and guilds, directing economic forces to serve social needs. (UL) Antirequisite: ECN 205. Lect: 3 hrs. back to top ECN 612 Feast and Famine: The Economics of Food This course examines economic issues related to food and hunger in contemporary societies. Global as well as local perspectives on the nature of food production and distribution will be explored. Economic concepts and principles will be used to analyze such topics as: Global Food Production and Hunger; Canadian Agriculture and Crisis in Family Farm; Globalization, International Food Trade and the WTO; Food Production and Environment; Potential and Problems of Biotechnology. (UL) Lect: 3 hrs. back to top ECN 614 An Introduction to Game Theory Game theory studies the interactions and conflicts between decision-making agents. This course focuses on its application to economic issues such as market structure, auctions and bargaining. It begins by introducing the concepts of action, strategies, co-operation and non-co-operation, and equilibrium. The assumption of complete information is then relaxed and the application of game theory to situations of incomplete and imperfect information is explored. The course draws on real world examples to illustrate core concepts, such as the Prisoner’s Dilemma and buying votes. These examples borrow from micro, macro and experimental economics. (PR) Prerequisites: (ECN 329 and ECN 504) or (ECN 504 and QMS 202) or Direct Entry. Lect: 3 hrs. back to top ECN 627 Econometrics I This course examines what happens when economic data do not satisfy the assumptions of the Classical Linear Regression Model. It explains why ordinary least squares methods are not appropriate in the presence of, for example, autocorrelation or heteroscedasticity, and how estimation techniques have to be modified to take these problems into account. Extensive use will be made of software packages like T.S.P. (PR) Prerequisites: ECN 301, QMS 442 and ECN 329. Lect: 3 hrs. back to top ECN 629 Soviet Economic Development The central planning, command economy model of resource allocation and income distribution was the blueprint for economic organization in the Soviet Union and Eastern Europe for most of this century. This course investigates the economic development process of these countries and how successful it was in achieving growth and welfare. The recent shift to a market economy will also be studied, mostly as a response to the political and economic failures of past practices and organization. (UL) Prerequisites: (ECN 110, and ECN 210) or (ECN 104 and ECN 210) or (ECN 104 and ECN 204) or (ECN 110 and ECN 204). Lect: 3 hrs. back to top ECN 700 Intermediate Microeconomics II This course extends price theory to the market structures of monopoly and oligopoly, and to the markets for economic resources. It gives an introduction to general equilibrium analysis and to the economics of information. Applications include, for example, the economics of coupons and rebates, and the market for “lemons”. (PR) Prerequisite: ECN 504 or Direct Entry. Lect: 3 hrs. back to top ECN 702 Econometrics II Extends the econometric principles developed in ECN 627. Major topics include: qualitative variables, distributed lag models, single equation forecasting, simultaneous equation systems and two and three stage least squares estimation. Assignments are processed using TSP software. (PR) Prerequisite: ECN 627. Lect: 3 hrs. back to top ECN 703 Public Finance I The public sector’s large role in the economy shows the importance of understanding the principles of public finance. How do we explain the growth of the public sector’s share in the economy during most of the twentieth century? What criteria are relevant in determining the optimal level and scope of government activities? Topics examined include public goods and externalities, natural monopolies, pricing of publicly produced goods, and benefit-cost analysis. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 707 Economics of International Trade The purpose of this course is to introduce the student to the theory and practice of international economics. The factor proportions theory of trade is explained, and the evidence supporting it examined. Major emphasis is placed on the “new international economics” and its implications for Canadian trade policy. The issues surrounding free trade with the United States are examined, as well as the perceived need for interventionist industrial policies. (PR) Prerequisite: ECN 504 or Direct Entry. Lect: 3 hrs. back to top ECN 710 Transportation Economics Addresses current and historical economic issues in both passenger and freight transport for all modes, as well as for urban transportation. The course examines the economics of significant transportation issues from, between and within the developed world. Demand-side issues, such as changing income levels and locational decisions; supply-side issues, such as the need for adequate funding for urban carriers; and constraints, such as regulation and uncertainty arising from political situations are synthesized. Prerequisite: ECN 104 or IND 302 or Direct Entry. Antirequisite: MGT 803. Lect: 3 hrs. back to top ECN 715 Advanced Microeconomics This course deals with the theories of consumption and of production at a more advanced level. It discusses decision making by consumers and firms, in situations of certainty as well as uncertainty and risk. The course introduces the students to welfare economics, and applies microeconomic theory and welfare economics to specific problems and policy issues. (PR) Prerequisites: ECN 504 and ECN 700 or Direct Entry. Lect: 3 hrs. back to top ECN 720 Seminar During this seminar course, students will make oral and written presentations incorporating various elements of their studies. They may choose a topic related either to a country, a region or to a particular economic sector. (PR) Prerequisites: ECN 501, ECN 606, ECN 702 and ECN 707. Lect: 3 hrs. back to top ECN 721 International Financial Markets This course develops a solid understanding of the international financial system and examines managerial decisions made in an international setting. First, current theories of financial price determination and their testable implications are studied in the context of foreign exchange, offshore, derivative securities and international asset portfolio markets. Second, managerial decisions regarding capital financing, investing and risk management are analyzed from the point of view of private individuals, firms and governments. (PR) Prerequisites: ECN 606, ECN 627 and FIN 601. Lect: 3 hrs. back to top ECN 722 The Economics of Sports This upper level liberal studies course examines the economics of professional and collegiate athletics. It begins by reviewing the demand, supply and elasticity and continues by studying the market structures, labour demand and supply. Topics to be covered include the benefits of sports franchises and stadiums, strikes, lockouts, salary discrimination, unions, broadcasting rights, free agency, “scalping”, salary caps, drafts and the paying of collegiate athletes. (UL). Lect: 3 hrs. back to top ECN 801 Principles of Engineering Economics Principles of economic decision analysis applied to private and public sector capital projects. Discounted cash flow methods are studied. Tax impacts of depreciation and interest charges are incorporated into decision rules. Other topics covered include: lease analysis, replacement decisions, sensitivity and break even analysis, inflation impacts and public sector project analysis. (PR) Lect: 3 hrs. back to top ECN 802 The Economies of East Asia The economies of East Asia are among the most dynamic in the world. Japan has long been one of the world’s leading industrial powers, the economies of the newly industrialized countries of Asia (NICs) are rapidly growing in importance, and economic modernization in China is likely to be an important factor in shaping the future world economy. In this course the Asian economies will be analysed in an international context. (UL) Prerequisites: (ECN 110 and ECN 210) or (ECN 104 and ECN 204). Lect: 3 hrs. back to top ECN 803 Public Finance II This course focuses on the problems and theoretical issues of financing government. The major forms of taxation-personal and corporate income taxes, sales and commodity taxes and the property tax-are examined critically. In addition, the main features of Canadian fiscal federalism (intergovernmental transfers, equalization grants and revenue-sharing), are reviewed and appraised. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 808 Economics of Technological Change This course studies the major innovations and their impact on society in terms of the nature of work and employment. Major emphasis is placed on the impact of computer technology. The major theories of innovation are critically examined. (PR) Prerequisites: ECN 104 and ECN 204 or Direct Entry. Lect: 3 hrs. back to top ECN 815 Advanced Macroeconomics This course is intended to give a full coverage of modern macroeconomic theory and its application to stabilization policy. How, if at all, can government fight unemployment and inflation? Should they even try? The effectiveness of fiscal and monetary policies will be discussed from the points of view of Keynesians and Monetarists, and of those macroeconomists who believe that rational expectations on the part of economic agents render both types of stabilization policies ineffective. (PR) Prerequisites: ECN 301 and ECN 600 or Direct Entry. Lect: 3 hrs. back to top ECN 820 Project A written report that reflects an independent research undertaking that is destined to demonstrate competence in a selected area of study. This course is graded on a pass/fail basis. (PR) Prerequisite: ECN 720. Lect: 3 hrs. back to top ECN 821 Country Risk Analysis This course introduces the students to the theory and practice of managing cross-border lending and international investment risk. The course gives a comprehensive coverage of the analysis and reporting of sovereign creditworthiness, political risk, current account analysis, statistical credit-scoring methodologies, loan valuation, portfolio management and regulatory supervision. Several case studies will be used, including the Mexican Peso crisis and the collapse of the markets in South East Asia. (PR) Prerequisites: ECN 702, ECN 707 and ECN 721. Lab: 2 hrs. back to top ECN 900 Internship Work must be program-related and may be entry-level or junior in responsibility and content. Offered in Summer Term only. This course is graded on a pass/fail basis. Lect: 3 hrs. back to top