2003/2004 Calendar
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ECO Economics Courses

| Course Winter Timetable |

First Year Seminar 52S

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 40.

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: 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 ECO100Y1.
Exclusion: ECO100Y1

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: ECO206Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%)

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: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%)

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: ECO208Y1,ECO209Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%)
Co-requisite: MAT133Y1/MAT135Y1/MAT137Y1

Microeconomic Theory 52L, 26T

This course deals more rigorously and more mathematically with the topics included in ECO200Y1 and is intended primarily for students in certain Specialist programs.
Exclusion: ECO200Y1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/MAT135Y1(60%)/ MAT137Y1(55%)

Macroeconomic Theory 52L, 26T

This course deals more rigorously and more mathematically with the topics included in ECO202Y1 and is intended primarily for students in certain Specialist programs.
Exclusion: ECO202Y1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/MAT135Y1(60%)/ MAT137Y1(55%)

Macroeconomic Theory and Policy 52L,26T

For Commerce students only.
Macroeconomic issues relevant for commerce students. Analytical tools are used to examine policy issues: Canadian government budgets, Bank of Canada monetary policy, exchange rate policy, foreign trade policy and government regulation of financial intermediaries. This course is only open to students in the B. Com (Commerce and Finance) program.
Prerequisite: ECO100Y1(63%/CGPA2.50)
Co-requisite: MAT133Y1/MAT135Y1/MAT137Y1
Exclusion: ECO202Y1/ECO208Y1

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, differential equations.
Exclusion: MAT235Y1, MAT237Y1
Prerequisite: ECO100Y1(63%/CGPA2.50),ECO105Y1(80%); MAT133Y1(63%)/MAT135Y1(60%)/MAT137Y1(55%)
Co-requisite: ECO200Y1/ECO206Y1

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: ECO227Y1, GGR270Y1, GGR270H1, PSY201H1, PSY202H1, SOC300Y1, STA220H1, STA221H1, STA250H1, STA255H1, STA257H1, STA261H1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%); MAT133Y1/MAT135Y1/MAT137Y1

Quantitative Methods in Economics 52L, 26T

This course deals more rigorously with the topics included in ECO220Y1 and is intended primarily for students in certain Specialist programs and other students planning to take ECO327Y1.
Exclusion: ECO220Y1, GGR270Y1, GGR270H1, PSY201H1, PSY202H1, SOC300Y1, STA220H1, STA221H1, STA250H1, STA255H1, STA257H1, STA261H1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/MAT135Y1(60%)/MAT137Y1(55%)
Recommended Co-requisite: MAT235Y1/(ECO210H1, MAT223H1)

International Economic Institutions and Policy 52L

The key concepts of international trade and finance are reviewed with an eye to understanding contemporary issues and recommending policy initiatives. Attention is given to empirical assessment of alternative trade theories and to broader international relations issues.
Exclusion: ECO328Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%/CGPA 2.50)

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: ECO236Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%)

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: ECO339Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%/CGPA 2.50)

Labour Relations

See “Woodsworth College”

Special Topics in Economics 52S/26S

Courses 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

Research Opportunity Program

Credit course for supervised participation in faculty research project. See page 40 for details.

Comparative Economic Institutions in History (formerly ECO302Y1) 26L

Contrasting ways in which the factors of production - land, labour and capital – are organized in human society. Tribal, feudal, mercantilist and market economies are considered. A conceptual framework related to both market and non-market economies are examined, based on the work of Karl Polanyi.
Prerequisite: ECO200Y1/ECO206Y1
Exclusion: ECO302Y1, ECO354H1

The Economic History of Modern Europe to 1914 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: ECO203Y1
Prerequisite: ECO200Y1/ECO206Y1, plus 7 other courses

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: ECO200Y1/ECO206Y1
Recommended preparation: ECO230Y1/ECO328Y1

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.
Exclusion: ECO380H1
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1; MAT133Y1/ MAT135Y1/MAT137Y1

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: ECO200Y1/ECO206Y1

Canadian Economic History since 1500 52L

Canadian economic growth and development as viewed through the staples thesis of Harold Innis. Reference to United States economic history throughout the course.
Prerequisite: ECO200Y1/ECO206Y1

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

Advanced Economic Theory - Macro 26L, 13T

This course develops the microeconomic foundations of macroeconomic theory and expand students’ analytic skills by 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: ECO208Y1/ECO202Y1(70%)/ECO209Y1(70%), ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1, STA261H1)
Recommended preparation: MAT223H1, MAT235Y1/ECO210H1

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: ECO206Y1/ECO200Y1(70%), ECO220Y1/ECO227Y1/ STA(STA250H1,STA255H1)/(STA257H1,STA261H1); MAT133Y1(63%)/MAT135Y1(60%)/ MAT137Y1(55%)
Recommended preparation: MAT223H1, MAT235Y1/ECO210H1

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: ECO200Y1/ECO206Y1, ECO227Y1/ECO220Y1(70%)/ STA(STA250H1(70%), STA255H1(70%))/(STA257H1, STA261H1)
Recommended preparation: MAT235Y1/(ECO210H1, MAT223H1)

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: ECO230Y1
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1

Topics in Monetary Economics 26L

Theories and techniques in monetary economics, including the equilibrium asset-pricing theory and modelling money as a medium of exchange, the Lucas supply curve, the choice of monetary policy rules versus discretion, and the liquidity effect of open market operations. Emphasis on the interactions between macroeconomic phenomena and individual decisions.
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ ECO227Y1/STA(STA250H1,STA255H1)/(STA257H1,STA261H1), MAT133Y1/MAT135Y1/MAT137Y1
Exclusion: ECO352H1

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: ECO200Y1/ECO206Y1; MAT133Y1/MAT135Y1/MAT137Y1

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: ECO200Y1/ECO206Y1

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1; ECO220Y1/ ECO227Y1/STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO236Y1, 345H1
Prerequisite: ECO200Y1/ECO206Y1, MAT133Y1/MAT135Y1/MAT137Y1

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: ECO200Y1/ECO206Y1, MAT133Y1/MAT135Y1/MAT137Y1

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: ECO239Y1, 361Y1
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO200Y1/ECO206Y1/(ECO230Y1, POL208Y1)

Special Topics in Economics 52S/26S

Courses 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

Special Topics in Economic History 52S/26S

Courses 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

Financial Economics I 26L

An introduction to economics of financial assets and financial markets. Topics: inter-temporal choice, expected utility theory, security valuation, selected asset pricing models, market efficiency, term structure of interest rates and international foreign exchange rate systems - essential materials for an understanding of the role and operation of financial markets.
Exclusion: MGT331Y1, 337Y1
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1,STA255H1)/ (STA257H1/STA261H1)

Financial Economics II 26L

Agency and incomplete information problems inherent in financial transactions; the role of contractual arrangements in overcoming them. Financial constraints on investment decisions of firms; the financial system in economic growth; the legal system in the functioning of financial markets. A look at theoretical and empirical literature covering these issues.
Prerequisite(s): ECO358H1
Exclusion(s): MGT331Y1/337Y1

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1/STA257H1)

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: ECO200Y1/ECO206Y1

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.
Exclusion: ECO381H1, ECO426H1
Prerequisite: ECO200Y1/ECO206Y1; ECO220Y1/ECO227Y1/STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

Managerial Economics I: Competitive Strategy 26L

This course in applied microeconomics is concerned with the functioning of markets and the behaviour of firms within these markets. The focus is on strategic relationships between organizations. This includes competitive relationships among firms in the same market and cooperative relationships between a firm and its suppliers and distributors.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1,STA255H1)/ (STA257H1,STA261H1)
Exclusion: ECO310Y1, MGT310Y1

Managerial Economics II: Personnel Economics 26L

An examination of selected material on compensation and incentives in hierarchical organizations. Topics include recruitment and hiring, training, turnover, downsizing, motivating workers, teams, allocating authority and task assignment.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1,STA255H1)/ (STA257H1,STA261H1)
Exclusion: ECO370Y1/ECO426H1, MGT310Y1

Independent Experiential Study Project

An instructor-supervised group project in an off-campus setting. See page 40 for details.

The Economics of Emerging Technologies in the Information Age 52L

An introduction to economic analysis of new technologies, focussing on biotechnology, software, the internet. An examination of competition in markets where technologies are developed and used; emergence of electronic commerce; impact of intellectual property law and competition policy on innovation; the role of strategic alliances for overcoming coordination problems.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1/STA261H1)

The Economics of Communications Networks 26L

Economic issues in the major communications networks (Internet and telephone). These networks confront stochastic and time varying demands, which create interesting pricing problems. There is an emphasis on the supply side and the role of competition in a dynamic industry with technological convergence.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/STA(STA250H1,STA255H1), (STA257H1,STA261H1)
Exclusion: ECO351H1

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: ECO100Y1; at least one course in the politics of a developing area.

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: ECO325H1
Co-requisite: ECO327Y1

Empirical Applications of Economic Theory 26L

An empirical study of econometric methodologies and their economic application, with emphasis on cross-sectional and panel data. This may include linear panel data model, extremum estimators, discrete choice models and simulation estimators. Examples are explored in labour economics, industrial organization, macroeconomics. Students need familiarity with either STATA, Gauss or Matlab.
Prerequisite: ECO206Y1, ECO327Y1

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1, STA261H1), permission of instructor

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, permission of instructor

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: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/permission of the instructor

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: ECO206Y1, ECO327Y1/permission of the instructor

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: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1, STA261H1)
Co-requisite: ECO327Y1/STA302H1/STA352Y1

Economics inside Organizations 26L

An examination of selected research on compensation, incentive issues, cooperation and allocation of authority in hierarchical organizations.
Exclusion: ECO381H1, ECO370Y1
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1 (with a minimum grade of 70% in each)/permission of the instructor

History of Economic Thought (formerly ECO322Y1) 52L

Development of analytical economics from the 18th century with emphasis on Adam Smith and the British Classical School (David Ricardo, T.R. Malthus, and J.S. Mill), Karl Marx, the Marginalists and their successors to 1939.
Prerequisite: ECO200Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1

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.

Topics in Mathematical Economics (formerly ECO432Y1) 26L

Topics in the economics of information, with particular emphasis on how Bayesian rational people behave under uncertainty. Topics will include comparative statics under uncertainty, Bayesian learning, the value of information and information acquisition, matching theory and search theory.
Prerequisite: ECO206Y1, ECO227Y1/STA(STA257H1,STA261H1), MAT237Y1 and permission of instructor
Exclusion: ECO422H1

The Economics of Modern China (formerly ECO335Y1) 26L

A focus on post-1949 Chinese economy, and the PRC’s economic legacy. Economic development during the Maoist period, particularly post-1979 reforms. China’s experience is compared to Eastern Europe’s and the role of China in the rapidly growing East Asian economy. This a limited enrolment seminar requiring extensive reading.
Prerequisite: ECO206Y1 or permission of instructor
Exclusion: ECO335Y1

Long Term Economic Growth: Historical and Theoretical Perpsectives 26L

Stylized facts about growth and development; how a simple neoclassical growth model explains these observations. New growth models emphasizing institutions, endogenous population growth and technological change; how they explain cross-country income differences in the postwar period; the historical experience in some countries, with a look at Europe and Asia.
Prerequisite: ECO206Y1, ECO208Y1
Exclusion: ECO421H1

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: ECO325H1, ECO327Y1

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: ECO452Y1
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1

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 ECO328Y1/ECO342Y1, plus a grade of “B” in one other ECO course at the 300-level

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: ECO230Y1/ECO328Y1, permission of instructor
Recommended preparation: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/ STA(STA250H1, STA255H1)/(STA257H1, STA261H1)

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: ECO328Y1, permission of instructor

The Economics of Financial Risk Management 26L

The role of risk management in both private and public sectors, a discussion of why firms and government should hedge financial risks; individual and social gains of financial risk management; identification and quantification of financial risks (including Value-at-Risk measures); how derivative securities can be used for financial risk management.
Prerequisite: ECO358H1

The Economics of Intellectual Property 26L

Economics of intellectual property (patents, copyrights, trademarks). Analysis of alternative mechanisms for encouraging innovation, especially intellectual property, prizes and contracts; design of intellectual property rights; emergence of private arrangements (licensing, joint ventures, patent pools, mergers) for organizing intellectual assets of research firms.
Prerequisite: ECO310Y1, ECO326H1

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