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Economics
ECON 1013 Principles of Macroeconomics 3 ch (3C)
Economics studies the way individuals and groups make choices, how those choices are
affected by incentives, and whether the resulting social arrangements can be improved by
government intervention. Economics divides itself into two halves: micro and macro.
Microeconomics focuses on smaller chunks of reality than macroeconomics. It focuses on
individuals, firms, and products and seeks to understand (among other things) how prices and
wages are determined, the effects of taxation, price ceilings (or price floors) and quotas. Key
concepts provide a tool kit to analyze individual and group behaviour and the effects of the
public policy. Students with credit in ECON 1001, 1014 or 1073 may not take this course for
credit.
ECON 1014 Principles of Microeconomics: Critical Perspectives 3 ch (3C) [W]
This course is an alternative introduction to microeconomics. The aim is to be less
comprehensive than ECON 1013, but to go deeper into the core topics to provide a more
thorough critical perspective. In the process, the political and philosophical ideas underlying
conventional economic conclusions are examined. The limitations of conventional economic
reasoning, and the biases that may exist, are exposed. Students with credit in ECON
1001, 1013 or 1073 may not take this course for credit.
ECON 1023 Principles of Macroeconomics 3 ch (3C)
Economics divides itself into two halves: micro and macro. Macroeconomics is the study of
larger chunks of reality than microeconomics, aggregates such as a country’s gross national
product, its rate of inflation, and its unemployment rate. The standard (‘neoclassical’) model is
constructed to explain interest rates and exchange rates, and helps us understand how the
government can stabilize the economy, and the limitations of government policy, in an
increasingly globalized world. This model also helps us understand why some countries are rich
and others are poor. Students with credit in ECON 1002, 1024 or 1073 may not take this course
for credit.
ECON 1024 Principles of Macroeconomics: Critical Perspectives 3 ch (3C) [W]
This course is an alternative introduction to macroeconomics. As in ECON 1023, the standard
'neoclassical’ model is presented and explained. While this model has long been criticized by
heterodox economists – those in other schools of thought than the neoclassical school – there
was until recently a consensus within the neoclassical school itself. The 2007 financial
meltdown, and the subsequent Great Recession, has changed that. This course exposes
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students to the ongoing debates, their historical roots, and their political implications. Students
with credit in ECON 1002, 1023 or 1073 may not take this course for credit.
ECON 1073 Economics for Engineers 3 ch (3C)
An introductory course designed for students in engineering and computer science programs.
Topics covered include price, production and cost theory; aggregate supply, aggregate demand;
money and banking; public finance; and international economics. Open only to engineering and
computer science students. Students who take this course may not take any other first year
economics course for credit.
ECON 2008 The Chinese Economy in Transition (O) 3 ch (3C)
This course surveys the working of the contemporary Chinese economy in its various aspects.
Topics to be covered include the background to China’s economic reform and its process,
China’s economic transition, factors contributing to China’s fast economic growth, economic
institutions, economic policy, and economic issues in contemporary China. Normally taught on
location.
ECON 2009 Understanding Economics through Film (O) 3 ch (3C) [W]
This course develops a vocabulary and a set of tools to analyse films, and utilizes the motion
picture to establish the context for teaching economics concepts. Plots and subplots of selected
films are used to illustrate problems and issues that are amenable to economic analysis.
Through a combination of readings, lectures, discussion and films, students will develop a set of
skills characterized as an economic way of thinking. The course is designed for undergraduates
with no previous economic training.
ECON 2203 Introduction to Public Finance 3 ch (3C) [W]
Emphasis is on public expenditure policies, intergovernmental fiscal relations, and fiscal policy.
ECON 3013 Intermediate Microeconomics 3 ch (3C)
Microeconomics has two main purposes. First, it is a foundation course in the study of
economics; it provides the essential building blocks for higher level economics and finance
courses. Second, microeconomics can be directly applied to help solve the day-to-day decisions
of business managers; issues such as pricing, production, advertising, and strategic interaction.
It achieves this through extensive use of real-world examples and short case studies.
Prerequisite: 3 ch of first-year microeconomics (ECON 1001, 1013, or, 1014), or ECON 1073.
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ECON 3015 The Economics of Strategic Thinking 3 ch (3C)
Strategic thinking is the art of outdoing an adversary, knowing that the adversary is trying to do
the same to you. All of us must practice strategic thinking at work as well as in everyday life. As
a business manager, political adviser, lawyer and in the day-to-day pursuits of life (such as
buying a car) you will be trying to win the competition. This unit is about the basic principles
students can adopt in the attempt to become a better competitive strategist in business and
daily life. The unit draws these principles from the fields of business, politics, law, sports,
warfare, fiction and modern art forms such as the movies. Prerequisite: First-year
microeconomics [ ECON 1001, 1013, 1014, 1073], or permission of the instructor.
ECON 3023 Intermediate Macroeconomics 3 ch (3C)
Macroeconomics seeks to understand the way in which national economies function, and they
way they interact with each other at the international level. Key questions are: the
determination of a country's standard of living and rate of growth; the causes of recessions,
unemployment, and inflation; the determinants of exchange rates and the benefits (or costs) of
currency unions; and the determinants of interest rates. This course is an essential building
block for higher level study in economics and finance, and is indispensable for understanding
stock markets and financial investment. Prerequisite: 3 ch of first-year macroeconomics (ECON
1002, 1023, or 1024), ECON 1073.
ECON 3055 Public Policy Analysis 3 ch (3C)
Introduces public policy analysis from an economic perspective. It covers
both microeconomic policy (how and why governments intervene in the marketplace, and the
criteria for such intervention)and macroeconomic policy (whether actual stabilization policies
are effective). It develops the necessary tools to discuss public policy, and applies them to
various sub-fields (such as labour, taxation, government, spending, trade, monopoly, fisheries,
etc). The discussion is located in the Canadian context: the assignment of government functions
in our Constitution, and fiscal federalism. Prerequisite(s): 3 ch of first-year microeconomics
(ECON 1001, 1013, or 1014) and 3 ch of first-year macroeconomics (ECON 1002, 1023,
or1024), ECON 1073.
ECON 3103 Introduction to Money and Banking 3 ch (3C)
Introduces theory of money, history of monetary systems, deposit creation, central and
commercial banking, monetary policy and foreign exchange. Prerequisite: 3 ch of first-year
macroeconomics (ECON 1002, 1023, or 1024), or ECON 1073.
ECON 3203 Public Finance Analysis 3 ch (3C)
Analyzes federal, provincial, and local expenditure and taxation by governments. Both theory
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and evidence (with an emphasis on Canadian institutions) are emphasized. Prerequisite(s): 3 ch
of first-year microeconomics (ECON 1001, 1013, or 1014), or ECON 1073.
ECON 3204 The Taxation of Personal Income: Principles and Practice (O) 3 ch (3C)
The taxation of personal income in Canada. Topics include the concept of taxable income;
capital gains; dividends; deduction vs credits; tax rates; economic efficiency and equity; form
alternative s of taxation. The Canadian tax treatment of personal income is examined in detail.
Prerequisite: First-year microeconomics [ECON 1001, 1013, 1014 or 1073], or permission of the
instructor.
ECON 3205 The Taxation of Business Income: Principles and Practice (O) 3 ch
The taxation of corporate income in Canada. Topics include the structure of the corporate tax
system; the concept of integration; typical tax planning strategies. Taxation of partnerships and
trusts will be discussed briefly. The Canadian tax system is examined in detail. Prerequisite: ECON 3204 .
ECON 3401 International Economics: Trade 3 ch (3C)
Introduces the theory of international trade. Topics include mercantilism, comparative
advantage, gains from trade, terms of trade, factor endowment and industrial organization
models of trade, income distribution effects of trade, international movements of capital and
labour, protectionism, trade agreements and economic development. Prerequisite: 3 ch of firstyear microeconomics (ECON 1001, 1013, or 1014) and 3 ch of first-year macroeconomics (ECON
1002, 1023, or1024), or ECON 1073. ECON 3013 recommended.
ECON 3412 International Economics: Finance 3 ch (3C)
Introduces the financing of trade and capital flows among nations. Topics include balance of
payments, foreign exchange markets and exchange rates, macroeconomic policy under fixed
and flexible exchange rates, and international monetary systems. Prerequisite: 3 ch of first-year
microeconomics (ECON 1001, 1013, or 1014) and 3 ch of first-year macroeconomics (ECON
1002, 1023, or1024), or ECON 1073; ECON 3023 recommended.
ECON 3504 Regional Economic Theory and Policy 3 ch (3C)
Concerned with the general theory of regional economic disparities and economic
development, and the role of governments (federal and provincial) in alleviating disparities.
Emphasizes current problems and policies pertaining to Atlantic Canada. Prerequisite: 3 ch of
first-year microeconomics (ECON 1001, 1013, or 1014), or ECON 1073.
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ECON 3505 Information Technology and the Canadian Economy 3 ch (3C) [W]
Blends economic analysis, economic history and public policy to spotlight the role of economics
in the context of the revolution in information technology. Topics include: the structural
evolution of the Canadian and regional economies, the emergence of knowledge based
industries, the economic costs and benefits of education, the demographic and skill
composition of Canada's labour force, the economics of technological change and the
contemporary role of the information technology, the impact of information technological
developments on human rights, the role of the private and public sectors in the new
transnational global economy. Prerequisite: First-year microeconomics [ECON
1001, 1013, 1014 or 1073], or permission of the instructor.
ECON 3601 Business Statistics (Cross-Listed: ADM 2623) 3 ch (3C)
Introduces the methods of data presentation and analysis, and their applications to business
problems, including measures of data description, probability concepts and distributions, and
statistical design theory. Also considers sampling theorem, hypothesis testing using different
techniques. Prerequisites: 33 ch, MATH 1823 , and 1833 or equivalents. Students may not
receive credit for both ECON 3601 and ADM 2632 .
ECON 3602 Management Science (Cross-Listed: ADM 2624) 3 ch (3C)
Presents a variety of applications of optimization models to business problems such as
allocation, blending, and scheduling. Introduces concepts production planning, inventory
control, network models and sequencing. Prerequisites: ADM 2623 . Students may not receive
credit for both ECON 3602 and ADM 2624 .
ECON 3628 Advanced Statistics for Finance (Cross-Listed: ADM 3628) 3 ch (3C)
Examines theory behind statistical techniques such as analysis of variance, simple and multiple
regression, non parametric methods of estimation and hypothesis testing, and time series
analysis. Examines the applications of these techniques to problems in finance and other areas
of business administration. Prerequisite: ADM 2623 . Students may not receive credit for both
ECON 3628 and ADM 3628 .
ECON 3665 Mathematical Economics I: Economics Analysis 3 ch (3C)
Emphasis is on use of mathematical tools in economic theory. Prerequisite: Both first-year
microeconomics (1001, or 1013 or 1014) and first-year macroeconomics (1002,
or 1023 or 1024) or ECON 1073, plus Mathematics requirement for Honours and "A" Majors.
ECON 3702 Cost Benefit Analysis 3 ch (3C) [W]
Principles of cost-benefit analysis including consideration of welfare economics, the treatment
of intangibles, non-efficiency considerations, time discounting, evaluation criteria, uncertainty
and risk. Prerequisite: 3 ch of first-year microeconomics (ECON 1001, 1013, or 1014), or ECON
1073.
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ECON 3705 Canada and the New Global Economy 3 ch (3C) [W]
This course will examine the Canadian economy in the context of the new global economy of
the 21st century. Economic theory, economic history and public policy will be the backdrop for
a discussion of the trilogy of interactive economic forces that define the new global economyglobalization, trade liberalization and the information technology and communications
revolution. Prerequisite: First-year microeconomics [ECON 1001, 1013, 1014 or 1073].
ECON 3724 Economics of Human Resources 3 ch (3C)
How do employers recruit the best employees for the job? How important is money relative to
other factors when it comes to hiring and keeping employees? Should good performance on
the job be rewarded or should bad performance be penalized? The purpose of this unit is to
provide the student with the economic tools of analysis to answer these questions as well as
many other important questions in the area of human resource management. Topics include
education and training decisions, hiring and turnover, compensation and worker incentives,
measuring performance, promotions as a motivator, and team-based production. The analysis
of the main issues will be reinforced and complemented with reference to a series of firm-level
case studies. Prerequisite: 3 ch of first-year microeconomics (ECON 1001, 1013, or 1014),
or ECON 1073.
ECON 3744 Recreation Economics (O) 3 ch (3C)
Discusses applications of economic principles to outdoor recreation planning and policy
decisions. Management and allocation issues are addressed with emphasis on approaches
which make outdoor recreation as socially beneficial as possible at the lowest possible cost.
Prerequisite: 3 ch of first-year microeconomics (ECON 1001, 1013, or 1014), or ECON 1073.
ECON 3755 Environmental Economics 3 ch
Examines interaction of ecological and economic systems. Considers population growth and
food supply, non-renewable resources, and population. Prerequisite: 3 ch of first-year
microeconomics (ECON 1001, 1013, or 1014), or ECON 1073, or permission of the instructor.
ECON 3766 Economics of Climate Change (A) 3 ch (3C)
Climate change is posing a significant challenge to world economies. This course focuses on
valuing the consequences of climate change and assessing the costs of mitigation and
adaptation. The efficiency of alternative policy instruments such as carbon taxes, tradable
emissions permits, voluntary initiatives, and others are assessed. Existing instruments, such as
carbon taxes in British Columbia and carbon credit trading on the Chicago Climate Exchange are
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reviewed and critiqued. The potential contribution of these instruments to the overall
achievement of Kyoto Protocol targets set by various countries is examined. Prerequisites: 3 ch
of first-year microeconomics (ECON 1001, 1013, or 1014), or ECON 1073, or permission of the
instructor.
ECON 3775 The Economics of Canadian Immigration 3 ch (3C) [W]
An analysis of the role of international migration on the course of Canadian economic
development. Prerequisites: Both first-year microeconomics (1001, or 1013 or 1014) and firstyear macreconomics (1002, or 1023 or 1024) or ECON 1073.
ECON 3766 Economics of Climate Change (A) 3 ch (3C)
Climate change is posing a significant challenge to world economies. This course focuses on
valuing the consequences of climate change and assessing the costs of mitigation and
adaptation. The efficiency of alternative policy instruments such as carbon taxes, tradable
emissions permits, voluntary initiatives, and others are assessed. Existing instruments, such as
carbon taxes in British Columbia and carbon credit trading on the Chicago Climate Exchange are
reviewed and critiqued. The potential contribution of these instruments to the overall
achievement of Kyoto Protocol targets set by various countries is examined. Prerequisites: 3 ch
of first-year microeconomics (ECON 1001, 1013, or 1014), or ECON 1073, or permission of the
instructor.
ECON 3775 The Economics of Canadian Immigration 3 ch (3C) [W]
An analysis of the role of international migration on the course of Canadian economic
development. Prerequisites: Both first-year microeconomics (1001, or 1013 or 1014) and firstyear macreconomics (1002, or 1023 or 1024) or ECON 1073.
ECON 3801 Economics of Transportation I 3 ch (3C)
Examines the role played by transportation in the location of economic activity and other
aspects of economics development. Prerequisites: Both first-year microeconomics (1001,
or 1013, or 1014) and first-year macroeconomics (1002, or 1023 or 1024) or ECON 1073.
ECON 3815 Introduction to Health Economics 3 ch (3C)
The course discusses applications of economic principles and empirical analysis to health and
health policy. It considers such matters as the demand for health care, and the supply of health
services – both through health practitioners and hospitals; the economic effects of health
insurance, health economic evaluation techniques, and public policy formulation. Emphasis is
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on Canadian health programs and policies. Prerequisite: 3 ch of first-year microeconomics
(ECON 1001, 1013, or 1014), or ECON 1073.
ECON 3845 Introduction to Law and Economics 3 ch (3C) [W]
This course applies the tools of economic analysis to the study of legal rules and institutions.
Topics and case studies in three core areas of the law - property, contracts, and crime and
punishment - are used to illustrate and develop two related ideas. The first is that economic
principles have guided significant developments in the evolution of the law in many areas, and
an understanding of these economic principles will lead to a better understanding of the law as
it is currently practiced. The second is that economic analysis can be used to assess and critique
current law from a social perspective, leading to improved public policy evaluation and
formation in all areas of civil and criminal law. Prerequisite: First-year microeconomics [ECON
1001, 1013, 1014 or 1073], or permission of the instructor.
ECON 3865 Energy Economics 3 ch (3C)
Applies economic theory to energy issues. Demand for energy and supply of energy are
explored in terms of non-renewable and renewable energy resources. Markets for energy
resources are discussed. Specific attention is directed to petroleum markets and OPEC
behaviour. Public policy issues associated with the energy sector such as the environment and
sustainability are addressed. Prerequisite(s): Any first year economics course.
ECON 3905 Contemporary Issues in the Canadian Economy 3 ch (3C) [W]
Examines a variety of contemporary economic issues, including inflation, unemployment,
economic growth, regional disparity, monetary and fiscal policies, the new international
economic order, bilateral and multilateral trade agreements. Prerequisites: Any First Year
Economics Course.
ECON 4013 Advanced Microeconomics 3 ch (3C)
Focuses on advanced theory of choice. Topics include choice under uncertainty, the theory of
the firm, oligopoly theories, game theory, general equilibrium, and the distribution of income.
Prerequisites: ECON 3013 and ECON 3665 or ECON 3013 and an equivalent to ECON 3665 .
ECON 4023 Advanced Macroeconomics 3 ch (3C)
Emphasizes core neo-classical theories as well as Keynesian and post-Keynesian models.
Prerequisites: ECON 3665 (or equivalent) and ECON 3023 .
ECON 4625 Econometrics I 3 ch (3C)
Introduction to basic econometric techniques for estimating and testing economic models.
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Topics include: review of basic statistics, the nature of econometric models and economic data,
regression analysis, hypothesis testing, and applications. Emphasis is on intuition and
applications. Prerequisites: Any first year economics course and 6 ch Introductory Statistics
(e.g. ECON 3601 / ADM 2623 , ECON 3628 / ADM 3628 ).
ECON 4665 Mathematical Economics II 3 ch (3C)
Economic applications of optimizing techniques are considered primarily in the context of linear
models. Prerequisites: ECON 3665 , or MATH 2003 and 2013 , and ECON 3013 .
ECON 4673 Introduction to Game Theory (O) (Cross-Listed: MATH 3373) 3 ch (3C)
Strategic games, n-person games in normal form, dominated strategies, Nash equilibrium,
mixed strategies and mixed strategy equilibrium, games with perfect information, games
with imperfect information, Bayesian games, extensive games. The course introduces basic
non-cooperative game theory and analytical tools for decision makers (consumers,
firms, politicians, governments). It is suitable for Mathematics, Economics, Management
Science, Political Science, Social Science and Science students or any student with a minor in
such disciplines, in particular those in the Mathematics/Statistics-Economics option.
Prerequisites: MATH 1823 and MATH 1833; or MATH 1003 and MATH 1013; or MATH
1053 and MATH 1063; or ECON 3013; or permission of the instructor.
ECON 5013 Topics in Mircroeconomic Theory 3 ch (3C)
Considers the advanced theory of production and consumer demand, expected utility theory,
theory of the market, elements of game theory, general equilibrium and welfare.
Prerequisites: ECON 3013 and ECON 4013.
ECON 5023 Topics in Macroeconomics 3 ch (3C)
Examines neoclassical, Keynes and Keynesian models, and static, dynamic, equilibrium and
disequilibrium models. Prerequisites: ECON 4013 and ECON 4023 .
ECON 5285 Public Policy Research 3 ch (3C)
This course provides practical experience in public policy analysis through supervised research.
Students will complete research projects assigned by the instructor. These projects are policyoriented and are chosen in consultation with sponsoring agencies. A formal presentation of the
results is required at the end of the course. Prerequisites: ECON 3013 , ECON 3023 or
permission of the instructor.
ECON 5515 General Regional Economic Theory 3 ch (3C)
Examines the history and evolution of location theory from the standpoint of individual
producers in urban centers. Prerequisite: Some background in Economics.
ECON 5625 Econometrics II 3 ch (3C)
Review of matrix algebra. Errors in variables, instrumental variables, simultaneous equations,
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qualitative and limited dependent variables, dynamic models, model selection criterion,
causality, unit roots, single equation cointegration methods. Emphasis is on practical
application of simultaneous methods. Prerequisite: ECON 4625 or permission of the instructor.
ECON 5645 Applied Econometrics 3 ch (3C)
This course builds on the material covered in ECON 4625 Econometrics I. There are two main
objectives to the course: first, to extend the classical model to consider a variety of related
topics that are central to data analysis in the social sciences, including discrete and limited
dependent variables, lagged dependent variables, panel data, and simultaneous equations; and
second, to develop the application of the theory to empirical analysis by considering a variety of
real-world examples. Prerequisite: ECON 4625 .
ECON 5724 Economics of Human Resources 3 ch (3C)
Attention given to the economics of the education process, the theory and implications of
innovation, the effects of education and technological change on the distribution of income,
and the role of education and technological change in economic growth. Prerequisites: ECON
3013 and 3023 .
ECON 5755 Environmental Economics II 3 ch (3C)
Applies economic theory to real-world environmental issues. The theory of environmental
externalities is first explored. Then various applications are introduced such as environmental
valuation techniques, computable general equilibrium modeling, and environmental accounting
procedures. Such environmental issues as deforestation, urban air pollution, and water
pollution will be covered. Prerequisite(s): ECON 3755 or permission of the instructor.
ECON 5805 Transportation Economics I (A) 3 ch (3C)
This course focuses on basic tools of economic analysis to determine demand and supply in
transportation markets. Considerable attention is devoted to the derivation of market and
aggregate demand for transportation services as well as to cost functions as determinants of
supply of transportation services. Efficient pricing of transportation services is analysed.
Investment criteria are reviewed to determine the efficient pricing. Market failures and
imperfections of transportation markets are examined. Prerequisites: ECON 3013 and ECON
3023 .
ECON 5815 Health Economics 3 ch (3C)
The course discusses and analyses the health economics literature. A set of topics will be
selected by the instructor for consideration. Likely topics will include demand theory and
measurement as applied to health care markets, production and supply theory (in the context
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of health markets), health economic evaluation methods, managed competition approaches to
health care, and public policy analysis. Other topics may be introduced in accordance with the
instructor's priorities, or the specific interests of the students. ECON 3013 , ECON 3023 or the
permission of the instructor.
ECON 5825 Industrial Organization Theory 3 ch (3C)
Covers welfare economics of competition and monopoly, determinants of industrial structure,
theories of industrial pricing, rationalization, technological innovation, and foreign ownership.
Prerequisites: ECON 3013 , or at discretion of instructor.
ECON 5835 Industrial Organization: Policy 3 ch (3C)
Economics of regulation and intervention, anti-combines policy, policy issues concerning the
control of mergers, monopoly, predatory pricing, collusion, resale price maintenance.
Prerequisite: ECON 5825 , or at discretion of instructor.
ECON 5989 Topics in Economics I 3 ch (R 1S)
Directed study/reading programs. Workshops or seminars will be held as required. Students
should apply to the Department of Economics in September or January for permission to take
one of these courses.
ECON 5999 Topics in Economics II 3 ch (R 1S)
Directed study/reading programs. Workshops or seminars will be held as required. Students
should apply to the Department of Economics in September or January for permission to take
one of these courses.
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