2001/2002 Calendar
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ECO Economics Courses

| Course Winter Timetable |


SSC199Y1
First Year Seminar 52T

Undergraduate seminar that focuses on specific ideas, questions, phenomena or controversies, taught by a regular Faculty member deeply engaged in the discipline. Open only to newly admitted first year students. It may serve as a distribution requirement course; see page 44.


NOTE
Enrolment in most Economics courses above the 100-level and, therefore, in all Economics Programs, is based on grades in ECO 100Y or ECO 105Y and, in some cases, MAT 133Y or MAT 135Y or MAT 137Y. Additional information is contained in the Calendar Supplement and the Departmental Handbook. Not all courses are offered each year.


ECO100Y1
Introduction to Economics 52L, 26T

An introduction to economic analysis and its applications: price determination; the role of competition; international trade and finance; the theory of production and employment; the role of money and the banking system; monetary and fiscal policy. NOTE graphical and quantitative analysis are used extensively.
Exclusion: ECO105Y


ECO105Y1
Principles of Economics for Non-Specialists 52L, 26T

An introduction to the principles and methods of economics. Lecture topics include: economic growth, the importance of productivity, international trade, competitive markets, macroeconomic issues and more specific topics such as rent controls, OPEC, the international debt crisis, trade restrictions, the national debt and sustainable development. Students who intend to complete a minor, major, or specialist program in Economics are advised to take ECO100Y.
Exclusion: ECO100Y


ECO200Y1
Microeconomic Theory 52L, 26T

Theory of markets and prices. Determination of prices through the interaction of the basic economic units, the household as consumer and as supplier of inputs and the business firm as producer and as employer of inputs. The pricing system as the mechanism by which social decisions are made in a market economy.
Exclusion: ECO206Y
Prerequisite: ECO100Y(63%/CGPA 2.50)/ECO105Y(80%)


ECO201Y1
European Economic History, 1250 - 1750 52L

The development of the west European economy from the apogee of the Commercial Revolution era and the ensuing economic crises of the later - early 14th centuries to the eve of the modern Industrial Revolution, focusing on Italy, Spain, Portugal, France, Germany, the Low Countries and England. Major topics: feudalism, serfdom and other barriers to economic growth; demographic, monetary and other macroeconomic forces; the development of market economies; structural changes in and interactions among the agrarian, commercial, financial, and industrial sectors; overseas expansion and colonization; the role of Church, state, warfare, and social/political institutions; Mercantilism.
Prerequisite: ECO100Y(63%/CGPA 2.50)/ECO105Y(80%)


ECO202Y1
Macroeconomic Theory and Policy 52L, 26T

Theory of output, employment and the price level; techniques for achieving economic stability; central banking and Canadian financial institutions and markets; foreign exchange markets and the exchange rate.
Exclusion: ECO208Y
Prerequisite: ECO100 (63%/CGPA 2.50)/ECO105Y(80%)
Co-requisite: MAT133Y/135Y/137Y


ECO206Y1
Microeconomic Theory 52L, 26T

This course deals more rigorously and more mathematically with the topics included in ECO200Y and is intended primarily for students in certain Specialist programs.
Exclusion: ECO200Y
Prerequisite: ECO100Y(70%); MAT133Y(63%)/135Y(60%)/137Y(55%)


ECO208Y1
Macroeconomic Theory 52L, 26T

This course deals more rigorously and more mathematically with the topics included in ECO 202Y and is intended primarily for students in certain Specialist programs.
Exclusion: ECO202Y
Prerequisite: ECO100Y(70%); MAT133Y(63%)/135Y(60%)/137Y(55%)


ECO210H1
Mathematical Methods for Economic Theory 26L

An introduction to mathematical methods commonly used in economic theory. Topics include unconstrained multivariate optimization, multivariate optimization subject to equality or inequality constraints, difference and differential equations.
Exclusion: APM233Y, MAT233Y, MAT237Y
Prerequisite: MAT133Y(63%)/135Y(60%)/137Y(55%)


ECO220Y1
Quantitative Methods in Economics 52L, 26T

Statistical analysis; elementary probability theory, sampling distributions, tests of hypotheses, estimation and multiple regression analysis. Applications in economic and business problems. Elementary calculus and matrix algebra are used.
Exclusion: ECO227Y, GGR270Y, PSY(201H, 202H), SOC300Y, STA(220H, 221H), (250H, 255H/257H, 261H)
Prerequisite: ECO100Y(63%/CGPA 2.50)/ECO105Y(80%); MAT133Y/135Y/137Y


ECO227Y1
Quantitative Methods in Economics 52L, 26T

This course deals more rigorously with the topics included in ECO 220Y and is intended primarily for students in certain Specialist programs and other students planning to take ECO 327Y/357Y.
Exclusion: ECO220Y, GGR270Y, PSY(201H, 202H), SOC300Y, STA(220H, 221H), (250H, 255H/257H, 261H)
Prerequisite: ECO100Y(70%); MAT133Y(63%)/135Y(60%)/137Y(55%)
Recommended Co-requisite: APM 233Y/ECO210H


ECO230Y1
International Economic Institutions and Policy 52L

The key concepts of international trade are reviewed with an eye to understanding contemporary trade issues and recommending policy initiatives. Attention is given to empirical assessment of alternative trade theories and to broader international relations issues.
Exclusion: ECO328Y
Prerequisite: ECO100Y(63%/CGPA 2.50)/ECO105Y(80%/CGPA 2.50)


ECO236H1
Public Finance and Public Policy in Canada 26L

Analysis of selected current policy issues using the tools of public economics. Topics may include economics of selected expenditure areas (health, education, welfare), federal-provincial fiscal relations (transfers, allocation of taxes); aspects of tax policy at all levels of government (income, sales, property taxes); public pensions.
Exclusion: ECO236Y
Prerequisite: ECO100Y(63%/CGPA 2.50)/ECO105Y(80%)


ECO239Y1
Labour Markets and Policies 52L, 26T

Application of economic analysis to current issues in labour policy: immigration, retirement, education, unemployment, earnings differentials, employment and pay equity, labour unions, minimum wage, income policies.
Exclusion: ECO339Y
Prerequisite: ECO100Y(63%/CGPA 2.50)/ECO105Y(80%/CGPA 2.50)


WDW244Y1
Introduction to Employment Relations

(See "Woodsworth College")


ECO250Y1/251H1/252H1
Special Topics in Economics 52S/26S

A seminar may be offered in a different subject each year. Students require permission of the instructor in addition to the minimum prerequisite published for each seminar. (See the Undergraduate Secretary for details)
Prerequisite: TBA


ECO299Y1
Research Opportunity Program

Credit course for supervised participation in faculty research project. See page 44 for details.


ECO302Y1
Comparative Economic Institutions in History 52S

Market and non-market types of economic institutions. Diverse ways of organizing factors of production: land, labour, and capital in primitive, ancient and modern societies. Special attention to the work of Karl Polanyi in this area.
Prerequisite: ECO200Y/206Y, plus one course in Economic History or equivalent in related fields


ECO303Y1
The Economic History of Modern Europe, 1750-1914 (formerly ECO203Y) 52L

The economic development of modern Europe, focusing on urban industrialization in the Netherlands, Great Britain, France, Germany, and Russia, up to World War I. Major topics: technological, institutional, and social factors in economic growth; demographic and monetary forces; structural changes in and interactions among the agrarian, commercial, financial, and industrial sectors; international trade and capital flows; the role of the state; the role of economic theory and ideology; theories of post-1850 imperialism.
Exclusion: ECO203Y
Prerequisite: ECO200Y/206Y, plus 7 other courses


ECO306Y1
The United States in the World Economy 52L

U.S. economic history from European settlement to the late 20th century. Interrelationships of the U.S. and world developments, international migration, economic policies, institutions, capital flows and technological transfer.
Prerequisite: ECO200Y/206Y
Recommended preparation: ECO230Y/328Y


ECO310Y1
Industrial Organization and Public Policy 52L

Analysis of firm behaviour in imperfectly competitive markets and how well those markets function. The impact of market power; limited information; transaction costs; barriers to entry; strategic behaviour of competitors; externalities and contractual agreements on firm and market performance; evaluation of competition policy and government regulation.
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


MGT310Y1
Managerial Economics

(See "Commerce")


ECO312H1
Economics of Public Regulation 26L

The nature and purpose of economic regulation. The efficiency and equity aspects of the regulation of public utilities. Optimal pricing, rate-of-return regulation, entry and exit limitations, social regulation. Regulatory reform. Institutions of regulation in Canada.
Prerequisite: ECO200Y/206Y; MAT133Y/135Y/137Y


ECO313H1
Environmental Economics and Policies 26L

This course demonstrates the way that a rigorous application of microeconomic techniques can inform our responses to various environmental problems. Topics may include: air and water pollution and renewable resource management.
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO314H1
Energy and Resource Economics 26L

The use of economic tools in analyzing problems of resource management, sharply rising and falling prices for many resources especially energy, embargoes on oil shipments, and the social profitability of energy exports. Development of conservation and the principles of finite resources; world events and Canadian policy within the framework of microeconomic analysis.
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO319H1
Regional Economics 26L

Theories of regional economic growth and development. Models of general equilibrium among regions. Regional policy instruments and their interactions across regions. Regional economic unions. Discussion of Canada's economic regions.
Prerequisite: ECO200Y/206Y, 202Y/208Y; MAT133Y/135Y/137Y


ECO320H1
Economic Analysis of Law 26L

The practical application of microeconomic theory to common legal problems: torts, contracts, property and crime, and the limitations of economic analysis. No previous familiarity with the law is assumed. (This is an economic analysis of legal issues, not a course in law.)
Prerequisite: ECO200Y/206Y


ECO321Y1
Canadian Economic History since 1500

(formerly ECO221Y) 52L
Canadian economic growth and development as viewed through the staples thesis of Harold Innis. Reference to United States economic history throughout the course.
Exclusion: ECO221Y, 222Y, 323Y
Prerequisite: ECO200Y/206Y


ECO323Y1
Canadian Economic Development Since Confederation

(formerly ECO222Y) 52L
Development of the Canadian economy; effect on Canada of the development of the United States and of the international economy.
Exclusion: ECO221Y, 222Y, 321Y
Prerequisite: ECO200Y/206Y


ECO324Y1
Economic Development 52L

Economic development theory and policy related to the economic transformation of the developing countries, including industrial and agricultural sector strategies, international trade policy, public sector activities and the importance of productivity growth.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO325H1
Advanced Economic Theory - Macro 26L, 13T

To develop the economic foundations of macroeconomic theory and analytic skills in constructing and solving macroeconomic models. Topics may include: dynamic choice, neoclassical growth theory, uncertainty and rational expectations, business cycles, as well as fiscal and monetary policy.
Prerequisite: ECO208Y/202Y(70%), ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)
Recommended preparation: APM233Y/ECO210H/MAT223H/MAT235Y


ECO326H1
Advanced Economic Theory - Micro 26L, 13T

Game theory and applications. Topics include: consumer and firm strategic decision-making, welfare economics, uncertainty and information, industrial organization. Emphasis on modeling and quantitative analysis.
Prerequisite: ECO206Y/200Y(70%), ECO220Y/227Y/STA(250H, 255H)/(257H, 261H); MAT133Y(63%)/135Y(60%)/137Y(55%)


ECO327Y1
Applied Econometrics 52L, 26T

The development and application of statistical techniques in estimating economic models and testing economic theory. The implications and treatment of special statistical problems that arise in estimating economic relationships.
Prerequisite: ECO200Y/206Y, ECO227Y/220Y(70%)/STA(250H, 255H)/(257H, 261H)
Recommended preparation: APM233Y/MAT223H/ECO210H


ECO328Y1
International Economics 52L, 26T

The operation of the international economy and the economic interdependence among nations, in terms of international monetary relationships, commodity trade and factor movements.
Exclusion: ECO230Y
Prerequisite: ECO200Y/206Y, 202Y/208Y


ECO332H1
Economics of the Family 26L

This course uses microeconomics to study the behaviour of the family, including marriage, divorce, intra-family allocations, investment in children and gender roles.
Prerequisite: ECO200Y/206Y; MAT133Y/135Y/137Y


ECO333Y1
Urban Economics 52L

Spatial economic theory and urban public policy: firms and individuals in partial and general equilibrium, land development and land-use controls, urban transportation, efficiency and equity in spending and taxing.
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO334Y1
Economics of Housing and Real Estate Markets 52L

The operation of the housing and other real estate markets and the markets for real estate finance; the impact of government intervention on income distribution, efficiency, and resource allocation in these markets.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO335Y1
The Economy of Modern China and Japan 52L

Introduction to earlier periods; 20th- century China and Japan as case studies in development economics.
Prerequisite: ECO200Y/206Y


ECO336Y1
Public Economics 52L

Theory of public goods, externalities, and growth of government: analysis of equity, incidence and incentive effects of taxes. An analytical treatment of the public sector.
Exclusion: ECO236Y, 345H
Prerequisite: ECO200Y/206Y, MAT133Y/135Y/137Y


ECO338H1
Economics of Education 26L

Application of microeconomic theory to conceptual and policy issues in education. Topics include the economic benefits and costs of education; investment in human capital and the returns to educational expenditures; the role of government in education; educational financing and planning.
Prerequisite: ECO200Y/206Y, MAT133Y/135Y/137Y


ECO339Y1
Economics of Labour 52L, 26T

The operation of labour markets; determinants of supply and demand for labour; wage differentials; discrimination; investment in schooling and training; unemployment; economics of unions.
Exclusion: ECO239Y, 361Y
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO340H1
Economics of Income Distribution 26L

The personal distribution of income and wealth; distributive justice; measurement of inequality and poverty. The distributional effects of the tax system, government spending, economic regulation (including policies such as pay and employment equity), and macroeconomic policies.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO342Y1
Twentieth Century Economic History 52L

Economic development of Europe and certain overseas areas, particularly Japan and the East Asian economies. Special attention to globalization before 1914, problems of the interwar years, the Great Depression of the 1930's, the period since 1945, international trade, the balance of payments and exchange rate mechanisms, growth performance of the major industrial countries.
Prerequisite: ECO200Y/206Y/(ECO230Y, POL208Y)


ECO350Y1/351H1/352H1Special Topics in Economics 52S/26S
A seminar may be offered in a different subject each year. Students require permission of the instructor in addition to the minimum prerequisite published for each seminar. (See the Undergraduate Secretary for details)

Prerequisite: TBA


ECO353Y1/354H1/355H1
Special Topics in Economic History 52S/26S

A seminar may be offered in a different subject each year. Students require permission of the instructor in addition to the minimum prerequisite published for each seminar. (See the Undergraduate Secretary for details)
Prerequisite: TBA


ECO357Y1
Econometric Theory 52L

Development and use of statistical techniques in building models economic theory. This course is intended for those planning to take graduate courses in econometrics.
Prerequisite: ECO100Y(63%/CGPA 2.50), ECO227Y/STA(250H, 255H)/(257H, 261H); APM233Y/MAT223H/ECO210H


ECO360Y1
Economic Growth and Technological Change 52L

With emphasis on the United States, Japan and Canada, this course examines theories of capitalism; Long Wave Cycle, the importance of productivity growth and Solow's residual, the economics of technological change, the Japanese/U.S. trade interface, the economic slowdown since 1973 and the current Canadian productivity challenge.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H)


ECO369Y1
Health Economics 52L

The provision of health care provides many special problems of informational asymmetry, regulation, insurance and redistribution. The course considers the demand and supply side problems. Alternative reform proposals for health care are explored.
Prerequisite:ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO370Y1
Economics of Organizations 52L

An introduction to the economic analysis of organizations and, in particular, the firm. An investigation of how markets can solve the twin problems of coordinating activities and motivating individuals; and, when markets are less successful, how organizations and special contractual relationships emerge as alternative institutions for allocating resources.
Prerequisite:ECO200Y/206Y; ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO398H0/399Y0
Independent Experiential Study Project

An instructor-supervised group project in an off-campus setting. See page 44 for details.
NOTE: Many 400-level courses are offered as joint undergraduate and graduate courses. Students interested in any of these courses should consult with the instructor before enroling.


JPE400Y1
The Political Economy of Development 52S

An integration of economics and political science to explore both the domestic and international obstacles to development in the contemporary Third World and the efficacy of the development strategies actually followed. (Given by the Departments of Economics and Political Science)
Prerequisite: ECO100Y; at least one course in the politics of a developing area


JPE402Y1
Perspectives of Political Economy 52S

Lectures relate questions of economic organization to philosophical interpretations of community and citizenship. Philosophers include Plato, Aristotle, Calvin, Smith, Kant, Hegel, Habermas, Rawls and Hayek. Seminars interpret critical moments in 20th century economic history from the standpoint of philosophy. Does philosophy clarify or obscure the meaning of economic history? (Given by the Departments of Economics and Political Science)
Prerequisite: ECO100Y; at least one course in the politics of a developing area


ECO416H1
Macroeconometric Models for Policy Analysis and Forecasting 26L, 13T

The construction and operation of macroeconometric models. The use of models for conducting policy simulations and for generating quantitative forecasts of economic activity.
Prerequisite: ECO325H
Co-requisite: ECO327Y/357Y


ECO418H1
Empirical Applications of Economic Theory 26L

Problems and methods in the analysis of economic data using economic theory. Specification and estimation of microeconomic relationships and their aggregate counterparts. Examples taken from consumption behaviour, demand systems, investment behaviour, production and cost functions, financial modelling, labour and development economics.
Prerequisite: ECO206Y, 327Y/357Y


ECO419H1
International Macroeconomics 26L

Contemporary issues in international monetary economics and marcroeconomic policy formulation in open economies like Canada. A study of forces determining interest rates and exchange rates, inflation and unemployment; analysis of government policy in relation to financial markets.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H), and permission of instructor
NOTE: In 2001-2002 a section of this course may be offered via the Internet. For more information contact the Undergraduate Secretary, Department of Economics.


ECO420Y1/421H1/422H1
Special Topics in Economics 52S/26S

Seminars or workshops may be offered in one or more subjects each year. Students must meet the prerequisites announced by the Department. (See the Undergraduate Secretary for details.)
Prerequisite: TBA, and permission of instructor


ECO423H1
Topics in North American Economic History 26L

Themes are incentives, contracts, and the impetus for change within North America. Topics covered: the staples growth thesis, slavery, indentured servitude, apprenticeships, technical change, the evolution of production, the rise of the factory, fertility and convergence.
Prerequisite: ECO200Y/206Y, 220Y/227Y, or permission of the instructor


ECO424H1
Topics in Development Economics 26L

Economic analysis of topics in economic development, such as patterns of growth, issues of poverty and inequality, land reform, tax design and price reform. Focus on application of theory, especially statistical analysis relating to conduct of economic policy in developing countries.
Prerequisite: ECO206Y, 327Y, or permission of the instructor


ECO425H1
Economics and Demographics 26S

A research-oriented course exploring the interrelationships between economics and demographic change, both historical and projected, with attention to the microeconomic foundations, macroeconomic performance, and policy in areas such as fertility, migration, education, labour markets, housing, crime, recreation, leisure, marketing, health, retirement and pensions. The Canadian experience, with some international comparisons.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)
Co-requisite: ECO327Y/357Y/STA302H/352Y


ECO426H1
Economics inside Organizations 26L

An examination of selected research on compensation, incentive issues, cooperation and allocation of authority in hierarchical organizations.
Exclusion: MGT310Y
Prerequisite: ECO200Y/206Y, 220Y/227Y (with a minimum grade of 75% in each), or permission of the instructor


ECO429Y1
History of Economic Thought (formerly ECO322Y) 52L

Development of analytical economics from the 18th century with emphasis on Adam Smith, the British Classical School (David Ricardo, T.R. Malthus, and J.S. Mill), Karl Marx, the Marginalists and their successors to 1939.
Prerequisite: ECO200Y/206Y; ECO202Y/208Y


ECO430Y1/431H1
Reading Course or Thesis

TBA
Intended for advanced Specialist students who have exhausted course offerings in a particular area. Open only when a faculty member is available and willing to supervise. Students must obtain the approval of the Associate Chairman for Undergraduate Studies before enrolling.


ECO432Y1
Mathematical Economics 52L

This course deals with advanced and contemporary topics in economic theory. Intended for students with considerable interest and competence in Mathematics.
Prerequisite: ECO206Y/326H, 208Y/325H; MAT223H/224H/ECO210H, MAT239Y, 315H/337H/357Y (MAT357Y may be taken as a co-requisite)


ECO451H1
Macroeconomic Growth 26L

An introduction to modern theories of the determinants of macroeconomic growth that examines the important question of why some countries are rich and others are poor. Topics include: investigation of empirical literature pertaining to international comparisons of recent and past rates of economic growth across countries.
Prerequisite: ECO327Y
Co-requisite: ECO325H


ECO452H1
The Modernization of the European Economy, 1750-1939 26S

National economic development primarily in Great Britain, France, Germany, and Russia, with focus on industrialization, agricultural change, banking and finance, state economic policies; international trade and factor movements, poverty and income distribution.
Exclusion: ECO452Y
Prerequisite: ECO200Y/206Y, 202Y/208Y


ECO453Y1
Topics in European Economic and Social History, 1250 - 1600 52S

Selected seminar topics in late-medieval, early-modern European economic and social history, including: demography, money and banking, international trade, overseas expansion, regional commerce, industry, agriculture, serfdom, feudal institutions, Church and state, warfare, and economic philosophies.
Prerequisite: Standing in at least 8 courses and permission of instructor


ECO457Y1
The International Economy, 1870 - 1970 52S

Topics vary with the interest and backgrounds of the participants: subjects normally include international monetary arrangements; patterns of international trade, competition and payments; migration and capital flows; imperialism and dependency; international fluctuations; the effects of the world wars on the international economy and the evolution of international economic institutions.
Prerequisite: A grade of "B" in ECO 328Y or 342Y, plus a grade of "B" in one other ECO course at the 300-level


ECO458H1
Topics in International Trade Policy 26S

This course blends international trade and industrial organization concepts in examining the cases for government trade policy as well as the case for (or against) regional trade agreements. We examine NAFTA as well as specific sectors. An important part of the course is the individual project presented in class.
Prerequisite: ECO 230Y/328Y and permission of instructor
Recommended preparation: ECO 200Y/206Y, ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO459H1
International Trade Regulation 26L

The theory and political economy of international trade, with examination of specific trade institutions: Bretton Woods, WTO, NAFTA, tariff administration, most-favoured nation treatment, antidumping regulation, subsidies and countervailing duties, agriculture, trade in services, trade-related intellectual property, trade and environment, trade and developing countries.
Prerequisite: ECO328Y, permission of instructor


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