A & S Calendar 1998-99: ECO ECONOMICS

Arts & Science Calendar 1998-99: Table of Contents: Programs and Courses

ECO ECONOMICS

Introduction

Economics is a social science that encompasses a particular range of human behaviour and has a strong influence on the structure, well-being, and development of a society.

Much of human activity is directed towards the satisfaction of material wants. In many areas of the world, the greater part of human effort must be directed towards meeting the most elemental demands for food, clothing, and shelter. Even in technologically advanced societies, where these basic requirements can be met with comparative ease, the desire for more goods and services never appears to be fully satisfied. In consequence, every society - regardless of whether it is capitalist, socialist, or communist in political orientation - is both competitive and cooperative. It is competitive because its members contend with one another to satisfy their individual wants from a limited supply of productive resources. It is cooperative because the greatest supply of goods is available when the activity of producing them is coordinated and organized. Economics deals with any issue arising out of the conflict between the demand for goods and services, and a limited supply of resources to satisfy those demands.

Undergraduate training in economics is intended to familiarize students with the discipline of economic thinking, and to equip them for intelligent appraisal of contemporary economic problems. It is also intended to make students aware of the nature of economic science, and of the directions in which economic theory is moving.

Economic theory now makes considerable use of mathematics in some of its enquiries. A student who chooses to specialize in economics should take at least one basic course in mathematics. More such courses may be taken, and several economics courses draw on mathematical analysis.

Because of advances in economic theory, an undergraduate degree is not sufficient to become a professional economist. For this or other reasons, graduate work may be necessary. Students who wish to do graduate work should seek advice from the Department concerning their choice of courses.

The Department publishes an Undergraduate Handbook. Copies may be obtained from the Department at 150 St. George Street. Some Economics Specialist Programs list advisors whom students are encouraged to consult.

Undergraduate Secretary: R. Innes

Enquiries: 150 St. George St., South Wing (978-4603)

Faculty Members

Professors Emeriti
A.A. Breton, BA, Ph D, FRSC	D.C. MacGregor, BA, FRSC
N.K. Choudhry, MS, Ph D	D. Pokorny, MA, Ph D
J.H. Crispo, B Com, Ph D	A.E. Safarian, BA, Ph D, FRSC
J.H. Dales, MA, Ph D, FRSC	J.A. Sawyer, MA, Ph D
H.C. Eastman, MA, Ph D, FRSC	S. Triantis, MA, LL B, Ph D
M.J. Gordon, MA, Ph D	M.H. Watkins, B Com
D.G. Hartle, MA, Ph D, FRSC (N) (obiit)	A.M. Watson, B Com, MA
Y. Kotowitz, BA, Ph D	J.W.L. Winder, B Com, MA, Ph D
A.M. Kruger, BA, Ph D
Professor and Acting Chair of the Department
N.T. Gallini, MA, Ph D
Professor and Associate Chair, Graduate Affairs
A.J. Hosios, M Eng, MA, Ph D (E)
Professor and Associate Chair, Undergraduate Affairs
D.M. Nowlan, MA, Ph D (N)
University Professors
L. Epstein, MA, Ph D, FRSC	S. Hollander, B Sc (Econ), MA, Ph D, FRSC
Professors
V.A. Aivazian, BS, Ph D (E)	M. Krashinsky, SB, M Phil, Ph D (S)
G. Anderson, M Sc, Ph D (E)	G.F. Mathewson, B Com, Ph D
M.K. Berkowitz, MBA, Ph D	A. Melino, BA, Ph D (E)
R.A. Berry, BA, Ph D (S)	N.M. Meltz, MA, Ph D
R.M. Bird, MA, Ph D, FRSC (N)	J.M. Mintz, MA, Ph D
J.D. Bossons, AM, Ph D	D.E. Moggridge, MA, Ph D (T)
J.L. Carr, MA, Ph D	J.H.A. Munro, MA, Ph D
F.R. Casas, M Sc, Ph D	P. Pauly, VW, Dr Rer Pol
J.S. Cohen, MA, Ph D (S)	J.E. Pesando, MA, Ph D
M.G.S. Denny, B Sc, Ph D	M. Peters, MBA, Ph D
D.N. Dewees, B Sc, LL B, Ph D	D.J. Poirier, MA, M Sc, Ph D
S.M. Eddie, B Sc, Ph D (E)	K.J. Rea, MA, Ph D
J.E. Floyd, MA, Ph D (E)	S.A. Rea, AB, Ph D (E)
D.K. Foot, AM, Ph D (N)	F.J. Reid, M Sc, Ph D (E)
M.A. Fuss, MA, Ph D	A. Rotstein, BA, Ph D
M. Gunderson, MA, Ph D	L.B. Smith, B Com, AM, Ph D
W. Haque, MA, M Sc, Ph D	D.A.A. Stager, AM, Ph D (N)
M.J. Hare, B Com (E,T)	D. Trefler, MA, Ph D
G.K. Helleiner, MA, Ph D, FRSC	L. Waverman, B Com, MA, Ph D
S. Horton, MA, Ph D (S)	T.A. Wilson, AM, Ph D, FRSC (U)
S. Howson, MA, Ph D (S)	R. Winter, MA, Ph D
J.A. Hynes, AB (E)	M. Wooders, BA, Ph D (E)
G.V. Jump, BA, Ph D
Associate Professors
M. Baker, MA, Ph D (S)	C. Pitchik, M Sc, Ph D (E)
H.D. Benjamin, MA, Ph D	A. Siow, BA, Ph D
L. Brandt, BS, Ph D	A.J. Yatchew, MA, Ph D
M. Faig, MA, Ph D (E)	X. Zhu, MS, Ph D (E)
I.E. Parker, MA, Ph D (I,S)
Assistant Professors
M. Boileau, M Sc, Ph D (S)	H. Lloyd-Ellis, MA. Ph D (S)
K. Clay, BA, Ph D (E)	M. Marinacci, BA, Ph D
R.H. Dehejia, AM, Ph D	A.A. Payne, BA, Ph D (S)
G. Hamilton, MA, Ph D (E)	M. Smart, MA, Ph D
W. Hejazi, MA, Ph D (S)	M.A. Turner, AM, Ph D
Special Lecturers
J.D. Han, MA, Ph D	C.B. Jutlah, BA, Ph D
G. Indart, MA, Ph D	J. Parkinson, Ph D
M. Jolly, M Sc, Ph D	P.M.V. Yu, MS, Ph D
Adjunct Professor
D.P. Dungan, MA, Ph D

ECONOMICS PROGRAMS

ECONOMIC HISTORY (B.A.)

Consult Department of Economics.

Enrolment in the Economic History Programs is limited to students with 63% in ECO 100Y, or who have passed ECO 100Y and have a CGPA of 2.50, or who have 80% in ECO 105Y.

Specialist program (Hon.B.A.): S05451 (13 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y/105Y; MAT 133Y/137Y
Higher Years:
1. ECO 200Y/206Y, 202Y/208Y, ECO 220Y/227Y/STA (250H, 255H/257H)
2. Five Economic History courses from: ECO 201Y, 302Y, 303Y, 306Y, 321Y/323Y, 322Y, 335Y, 342Y, 423H, 452H, 453Y, 457Y
3. Two additional ECO courses
4. One course in History

NOTE: At least four 300+ series courses, including one 400-series course, must be completed for this program.

Major program (B.A.): M05451 (6 full courses or their equivalent)
First Year: ECO 100Y/105Y
Higher Years:
1. ECO 201Y/303Y, 321Y/323Y
2. Three additional Economic History courses, including at least one 300+ series course, from: ECO 201Y/303Y, 302Y, 306Y, 322Y, 335Y, 342Y, 423H, 452H, 453Y, 457Y

Minor program (B.A.): R05451 (4 full courses or their equivalent)
1. ECO 100Y/105Y
2. Three additional Economic History courses, including at least one 300+ series course from: ECO 201Y, 302Y, 303Y, 306Y, 321Y/323Y, 322Y, 335Y, 342Y, 423H, 452H, 453Y, 457Y

ECONOMICS (B.A.)

Enrolment in Economics courses and programs is based on grades in ECO 100Y and, in some cases, MAT 133Y. Consult Calendar Supplement and Departmental Handbook for details.

Enrolment in the Specialist Program is limited to students with 70% in ECO 100Y, and 60% in MAT 133Y or 55% in MAT 137Y.

Specialist program (Hon.B.A.): S14781 (13 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y; MAT 133Y/137Y
Higher Years:
1. ECO 206Y, 208Y, ECO 227Y/STA (250H, 257H), ECO 322Y, 325H, 326H/432Y, 327Y/357Y
2. One Economic History course from the following:

ECO 201Y/302Y/303Y/306Y/321Y/323Y/335Y/342Y/423H/452H/453Y/457Y
3. Four additional 300+ series ECO courses, including at least one 400-series course

Enrolment in the Major Program is limited to students with 63% in ECO 100Y, or 80% in ECO 105Y, or who have passed ECO 100Y and have a CGPA of 2.50.

Major program (B.A.): M14781 (7 full courses or their equivalent)
First Year: ECO 100Y/105Y; MAT 133Y/137Y
Higher Years:
1. ECO 200Y/206Y, 202Y/208Y, ECO 220Y/227Y/STA (250H, 255H/257H)
2. Two additional 300+ series ECO courses, one of which must include ECO 200Y/202Y/206Y/208Y as a prerequisite

Enrolment in the Minor Program is limited to students with 63% in ECO 100Y, or 80% in ECO 105Y, or who have passed ECO 100Y and have a CGPA of 2.50.

Minor program (B.A.): R14781 (4 full courses or their equivalent)
1. ECO 100Y/105Y
2. ECO 200Y/202Y/206Y/208Y
3. Two additional ECO courses, including at least one 300+ series course

ECONOMICS (COMMERCE and FINANCE) (B.Com.)

— See Section 3, COMMERCE

ECONOMICS and the DIVISION of the ENVIRONMENT

— See DIVISION of the ENVIRONMENT

ECONOMICS (QUANTITATIVE METHODS) (Hon.B.Sc.)

Enrolment in this program is limited to students with 70% in ECO 100Y and 55% in MAT 137Y.

Specialist program: S171011 (12 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y; MAT 137Y/157Y
Higher Years:
1. APM 236H/261H/CSC 228H/238H
2. ECO 206Y, 208Y, 325H, 326H/432Y, 327Y/357Y
3. MAT 223H, 235Y/237Y
4. STA (250H, 257H)/ECO 227Y
5. One course from Group A and two courses from A or B (for a total of three):

NOTE: At least four 300+ series courses, including one 400-series course, must be completed for this program. Group A: APM 236H/261H, 361H, 366H; ECO 416H, 418H, CSC 148H, 260H/270H, 228H, 238H, 336H/350H, 340H, 354H, 364H, 378H; MAT 314H, 338H; STA 322H, 352Y, 422H, 452H, 457H
Group B: Any 300+ series ECO course

ECONOMICS AND COMPUTER SCIENCE (Hon.B. Sc.)

— See

COMPUTER SCIENCE

ECONOMICS AND GEOGRAPHY (Hon.B.A.)

Consult Professor A.M. Davis, Undergraduate Coordinator, Department of Geography.

Enrolment in this Program is limited to students with 63% in ECO 100Y, or 80% in ECO 105Y, or who have passed ECO 100Y and have a CGPA of 2.50.

Specialist program: S23261 (15 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y/105Y; MAT 133Y/137Y; GGR 110Y/124Y
Higher Years:
1. ECO 200Y/206Y, 202Y/208Y, 333Y
2. Two full courses from: ECO 303Y, 306Y, 313H, 319H, 321Y/323Y, 334Y, 335Y, 336Y, 340H, 342Y, 410H, 414H, 417H, 423H, 425H
3. GGR 220Y; 391H; 491Y/two of GGR 417H, 431H, 450H, 459H, 499H, JGF 470H
4. One of GGR 207H, 272H, 273H, 327H, 371H, 373H, 462H, 473H
5. Two full courses from: GGR 233Y, 247H, 249H, 252H, 254H, 256H, 323H, 324H, 326H, 330H, 331H, 332H, 333H, 334H, 343H, 344H, 357H, 436H, JGI 346H, 360H, other choices from 3. and 4. above
6. ECO 220Y/227Y/GGR 270Y/STA (250H, 255H/257H)
7. One additional ECO/GGR course if ECO 220Y/227Y or GGR 270Y is chosen, or two if STA (250H, 255H/257H) are chosen

ECONOMICS AND MATHEMATICS (Hon.B.Sc.)

Consult Professor N.A. Derzko, Department of Mathematics, or Associate Chair, Department of Economics.

Enrolment in this Program is limited to students with 70% in ECO 100Y and 55% in MAT 137Y.

Specialist program: S25991 (13 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y; MAT 137Y/157Y
Second Year: ECO 206Y, 208Y, ECO 227Y/STA (250H, 257H); MAT (223H, 237Y, 246Y)/257Y

Second or Third Year: APM 261H; MAT 244H/267H
Third Year: MAT 314H/338H/357Y (MAT 357Y may be taken in Fourth Year)

Third or Fourth Year:
1. APM 456H; ECO 325H/326H
2. Two 300+series ECO courses
3. One course from: MAT 300Y/314H/334H/338H/344H/363H/364H/any 400-series MAT course/another 300+level STA course, subject to the approval of the advisors

ECONOMICS AND PHILOSOPHY (Hon.B.A.)

Consult Professor B.F. Brown, Undergraduate Secretary, Department of Philosophy.

Enrolment in this Program is limited to students with 63% in ECO 100Y, or 80% in ECO 105Y, or who have passed ECO 100Y and have a CGPA of 2.50.

Specialist program: S11831 (15 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y/105Y; MAT 133Y/137Y
Higher Years:
1. ECO 200Y/206Y, 202Y/208Y, ECO 220Y/227Y/STA (250H, 255H/257H), ECO 322Y
2. Two additional ECO courses
3. Seven courses in Philosophy; it is strongly recommended that five be chosen according to the profile specified in the Philosophy Specialist Program, with at least two being 300+ series courses.

NOTE: At least four 300+ series courses, including one 400-series course, must be completed for this program.

ECONOMICS AND POLITICAL SCIENCE (Hon.B.A.)

Consult Director of Undergraduate Studies, Department of Political Science.

Enrolment in this Program is limited to students with 63% in ECO 100Y, or 80% in ECO 105Y, or who have passed ECO 100Y and have a CGPA of at least 2.50. Students should also have met the requirements of the Political Science Department.

Specialist program: S07511 (15 full courses or their equivalent, including at least one 400-series course)

NOTE: The 15 courses must include 8 in ECO two of which must be 300+ series, and 7 in POL or JPE, including one 300+ series course and one 400-series course. At least one POL course must be in the area of Canadian Politics.
First Year: ECO 100Y/105Y; MAT 133Y/137Y; POL 102Y/103Y/108Y/214Y
Higher Years:
1. POL 200Y
2. ECO 200Y/206Y, 202Y/208Y, ECO 220Y/227Y/STA (250H, 255H/257H), ECO 322Y
3. ECO 201Y/303Y/306Y/321Y/323Y/335Y/342Y
4. One additional ECO course
5. One full course from any of the following three fields in Political Science (see Departmental Handbook for breakdown of courses into fields): Comparative Politics (Developing) Comparative Politics (Industrial) International Relations
6. One full course from: JPE 400Y/POL 409H/418Y/426H/435H/442Y/454Y/474H/475H/488H/489H
7. Three additional courses in POL or JPE

ECONOMICS AND SOCIOLOGY (Hon.B.A.)

Consult Undergraduate Secretary, Department of Economics.

Enrolment in this Program is limited to students with 63% in ECO 100Y, or 80% in ECO 105Y, or who have passed ECO 100Y and have a CGPA of 2.50. Students must have 65% in SOC 101Y, and 70% in each of SOC 200Y and 203Y. Students must have completed 8 full courses and be enrolled in the Sociology Major program.

Specialist program: S01751 (15 full courses or their equivalent, including at least one 400-series course)
First Year: ECO 100Y/105Y; MAT 133Y/137Y; SOC 101Y
Higher Years:
1. ECO 200Y/206Y, 202Y/208Y, ECO 220Y/227Y/SOC 300Y/STA (250H, 255H/257H)
2. SOC 200Y, 203Y, 389Y, 401Y, 405Y
3. Two of the following pairs of courses: ECO 321Y/323Y & SOC 220Y; ECO 310Y & SOC 317Y; ECO 333Y & SOC 205Y; ECO 339Y & SOC 207Y/370Y; ECO 340H plus a second ECO half-course & SOC 301Y; ECO 425H plus a second ECO half-course & SOC 312Y

NOTE: At least four 300+ series courses, including one 400-level course, must be completed for this program.

ECONOMICS AND STATISTICS (Hon.B.Sc.)

Consult Professor D.J. Poirier, Department of Economics.

Enrolment in this Program is limited to students with 70% in ECO 100Y and 55% in MAT 137Y.

Specialist program: S10811 (14 full courses or their equivalent, including at least one 400-series course)
First Year: CSC 148H/260H; ECO 100Y; MAT 137Y/157Y
Second Year: ECO 206Y, 208Y; MAT 223H, 237Y; ECO 227Y/STA (250H, 257H)
Third Year:
1. ECO 325H, 326H, 357Y; STA 347H
2. One 300+ series ECO course
3. STA 352Y
Forth Year:
1. ECO 416H/418H
2. A 300+ series ECO half-course
3. STA 437H, 457H; one STA half-course from STA 348H/422H/442H 4 One additional half-course from ACT 335H/MAT 244H/267H/a 300+ series ECO or STA half-course

ECONOMICS COURSES

(see Section 4 for Key to Course Descriptions)

For Distribution Requirement purposes, all ECO courses are classified as SOCIAL SCIENCE courses.

SSC199Y
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 breadth requirement course; see First Year Seminars: 199Y.

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. Additional information is contained in the Calendar Supplement and the Departmental Handbook. Not all courses are offered each year.

ECO100Y
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

ECO105Y
Principles of Economics for Non-Specialists 52L,26T

An introduction to the principles and methods of economics. Topics include the theory of markets and prices; employment, income and inflation; money and banking; international trade and finance. Students who intend to complete a minor, major, or specialist program in Economics are advised to take ECO100Y.
Exclusion: ECO100Y

ECO200Y
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%)

ECO201Y
European Economic History, 1300 - 1750 52L

The development of the west European economy from the crises of the early 14th century to the eve of the modern Industrial Revolution, focusing on Italy, Spain, Portugal, France, Germany, the Low Countries and England. Major topics: barriers to economic growth; feudalism and serfdom; demographic and monetary forces; 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%)

ECO202Y
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: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%)
Co-requisite: MAT133Y/137Y

ECO206Y
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 (60%)/137Y(55%)

ECO208Y
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 (60%)/137Y (55%)

ECO220Y
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)
Prerequisite: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%); MAT133Y/137Y

ECO227Y
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)
Prerequisite: ECO100Y (70%); MAT133Y (60%)/137Y (55%)

Recommended Co-requisite: APM 233Y

ECO230Y
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, (364H, 365H)
Prerequisite: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%/CGPA 2.50)

ECO236H
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 and provincial-local fiscal relations (transfers, allocation of taxes), or aspects of tax policy at all levels of government (income, sales, property taxes).
Exclusion: ECO236Y
Prerequisite: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%)

ECO239Y
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)

WDW244Y
Introduction to Employment Relations (See "Woodsworth College")

ECO250Y/251H/252H
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

ECO299Y
Research Opportunity Program

Credit course for supervised participation in faculty research project. See Research Opportunity Program for details.

ECO302Y
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: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%), plus two courses in Economic History or equivalent in related fields

NOTE: In 1999-2000 the prerequisites will be ECO200Y/206Y

ECO303Y
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: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%), plus 7 other courses, including one 200-level course in ECO or HIS

NOTE: In 1999-2000 the prerequisites will be: ECO200Y/206Y

ECO306Y
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. in world development. International migration, economic policies, institutions; capital flows and technological transfer.
Prerequisite: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%), plus four other courses in either ECO or HIS, one of which must be in Economics
Recommended preparation: ECO230Y/328Y

NOTE: In 1999-2000 the prerequisites will be: ECO200Y/206Y

ECO310Y
Industrial Organization and Public Policy 52L

The organization of economic activity in markets and non-market institutions. The operation of imperfectly competitive markets. Measures of industrial concentration and other dimensions of market structure; models of firm behaviour in different market settings; case studies of particular industries. Government policies affecting the private sector. Emphasis on competition and competition policy, the regulated industries, the patent system, externalities and market failure.
Exclusion: ECO311H, 366H
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H/257H)

MGT310Y
Managerial Economics (See "Commerce")

ECO312H
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/137Y

ECO313H
Environmental Economics and Policies 26L

Economic analysis of air and water pollution problems, models of the dispersion of pollutants, costs and benefits of pollution control, current regulatory policies.
Prerequisite: ECO200Y/206Y, ECO220Y/227Y/STA(250H, 255H/257H)

ECO314H
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)

ECO315Y
Analysis of Canadian Economic Problems 52L

The application of economic analysis to recent issues in Canadian public policy. Competition policy, foreign trade policy, foreign ownership, natural resources, stabilization policy, regulatory policies and distribution of income, within the context of a federal state and an open economy.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H)

ECO316Y
Contemporary Issues in the Canadian Economy 52L

The analysis of contemporary economic issues from a political economy perspective. Topics include economic crises, foreign ownership, free trade, poverty, Quebec, women, aboriginal peoples.
Prerequisite: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%), plus a 200-level course in ECO or a cognate discipline

ECO319H
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/137Y

ECO320H
Economic Analysis of Law 26L

The practical application of microeconomic theory to common legal problems: torts, contracts and property, 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

ECO321Y
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: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%)

NOTE: In 1999-2000 the prerequisites will be: ECO200Y/206Y

ECO322Y
History of Economic Thought 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

ECO323Y
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: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%)

NOTE 1: In 1999-2000 the prerequisites will be: ECO200Y/206Y

NOTE 2: In 1998/99 a section of this course will be offered via the Internet. For more information contact the Undergraduate Coordinator, Department of Economics.

ECO324Y
Economic Development 52L

Economic and social development of less developed countries. Theory and policy analysis relating to problems of less developed countries; including population, growth, capital formation, human resources, public and private finance, foreign trade, investment and aid.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H)

ECO325H
Advanced Economic Theory – Macro 26L, 13T

To develop both the economic foundations of macroeconomic theory and analytical skills in constructing and solving macroeconomic models of closed and open economies. Topics may include: dynamic choice, neoclassical growth theory, fiscal and monetary policy, uncertainty and rational expectations.
Prerequisite: ECO208Y/202Y (70%), ECO220Y/227Y/STA(250H, 255H/257H)
Recommended preparation: APM233Y

ECO326H
Advanced Economic Theory – Micro 26L, 13T

Selected topics in microeconomic theory such as: consumer and firm decision making, welfare economics, uncertainty and information, game theory and applications. Emphasis on modelling and quantitative analysis.
Prerequisite: ECO206Y/200Y (70%), ECO220Y/227Y/STA(250H, 255H/257H); MAT133Y (60%)/137Y (55%)

ECO327Y
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, 257H)
Recommended preparation: APM233Y/MAT223H/225Y/229H

ECO328Y
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, (364H, 365H)
Prerequisite: ECO200Y/206Y, 202Y/208Y
Co-requisite: ECO220Y/227Y/STA(250H, 255H/257H)

ECO330H
The Transitional Economies of Eastern Europe 39L

Transition to a market economy in Central and Eastern Europe. Central planning, problems of microeconomic and macroeconomic restructuring, taxation, privatization, monetary policy, inflation, foreign debt, establishing a capital market, etc.
Exclusion: ECO330Y
Prerequisite: ECO200Y/206Y, 202Y/208Y

ECO332H
Economic Sociology 26L

Non-market social institutions using economics are studied. These include group behaviour, altruism and free riding, discrimination, the family, nature versus nurture, intergenerational mobility and related issues.
Prerequisite: ECO200Y/206Y; MAT133Y/137Y

ECO333Y
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)

ECO334Y
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)

ECO335Y
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

ECO336Y
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/137Y

ECO338H
Economics of Education 26L

Application of microeconomic theory to issues and public policy in post-secondary education and skill development. Investment in human capital, demand for higher education, institutional productivity, educational planning and financing.
Prerequisite: ECO200Y/206Y
Co-requisite: ECO220Y/227Y/STA(250H, 255H/257H)

ECO339Y
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)

ECO340H
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)

ECO342Y
Twentieth Century Economic History 52L

Economic development of Europe and certain overseas areas, particularly Japan and the former Soviet Union. Special attention to the Great Depression of the 1930's, the period since 1945, international economic interaction among and growth performance of the major industrial countries. (In 1998-99 a section of this course will be offered via the Internet. For more information contact the Undergraduate Coordinator, Department of Economics.)
Prerequisite: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%/CGPA 2.50), plus seven other courses including one 200-level course in ECO or HIS

NOTE: In 1999-2000 the prerequisites will be ECO200Y/206Y; or ECO230Y and POL208Y

ECO348H
Monetary Economics and Stabilization Policy 26L

Theoretical foundations and empirical studies of monetary analysis and policy: the channels relating money, interest rates, prices and economic activity as the basis for assessing the role of monetary policy in stabilization policy.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H)

ECO350Y /351H/352H Special Topics in Economics
52S/26S

ECO357Y
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, 257H); APM233Y /MAT223H/225Y/229H

ECO360Y
Economic Growth and Technological Change 52L

With emphasis on the U.S., Japan and Canada, the course examines theories of capitalism; long wave Kondratieff cycle; sources of long term economic growth; economics of technological change and its costs; economic slowdown since 1973.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H)

ECO369Y
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)

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.

JPE400Y
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

ECO410H
Economics of Transportation 39L

Examination of pricing principles and elucidation of normative pricing policy; modification of traditional cost theory and concepts for transport cost analysis, especially highways and railroads; theory of congestion. Empirical analyses and examples from industrialized and developing economies.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H)

ECO411H
Program Evaluation and Causal Inference 26L

Analyzes the micro-level impact of programs and policy variations using randomized experiments, natural experiments, instrumental variables, and non-parametric methods. Of interest to students of applied econometrics or applied statistics.
Prerequisite: ECO200Y/206Y, 202Y/208Y, ECO220Y/227Y/STA(250H, 255H/257H); ECO327Y/357Y recommended

ECO414H
Economics of Politics 26S

Application of economic concepts and methodology to politics, focusing on the demand for and the supply of publicly provided goods and services and on the mechanisms through which they are reconciled. Special attention is given to the size and growth of governments, bureaucracy and federalism.
Prerequisite: ECO200Y/206Y; MAT133Y

ECO416H
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

ECO417H
Economic Planning 26L

Theory of formulation of economic policies, the advantages of economic planning, planning techniques, difficulties and uncertainties encountered, and problems of plan implementation, especially by national governments in both advanced and less developed countries.
Prerequisite: ECO202Y/208Y
Recommended preparation: ECO324Y

ECO418H
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 and labour economics.
Prerequisite: ECO206Y, 327Y/357Y

ECO419H
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), and/ or permission of instructor

NOTE: In 1998/99 a section of this course will be offered via the Internet. For more information contact the Undergraduate Coordinator, Department of Economics.

ECO420Y /421H/422H
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

ECO423H
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

ECO424H
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: ECO200Y (70%)/206Y, 220Y (70%)/227Y, and/or permission of the instructor
Recommended preparation: ECO327Y

ECO425H
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)
Co-requisite: ECO327Y/357Y/STA302H/352Y

ECO426H
Economics inside Organizations 26L

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

ECO430Y /431H
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.

ECO432Y
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, 239Y, 314H/338H/357Y (MAT357Y may be taken as a co-requisite)

ECO452H
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: Standing in at least 8 courses and permission of instructor

ECO453Y
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

ECO456H
International and Comparative Public Finance 26S

An examination of comparative experience in selected public finance areas such as taxation, federal finance, and the structure of public expenditure, with attention to the interaction between different national jurisdictions, and to the special problems of developing countries.
Prerequisite: Permission of instructor
Recommended preparation: ECO236H/336Y

ECO457Y
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

ECO458H
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)

ECO459H
International Trade Regulation 26L

The theory and political economy of international trade, with examination of specific trade institutions: Bretton Woods, GATT, NAFTA, tariff administration, most-favoured nation treatment, antidumping regulation, subsidies and countervailing duties.
Prerequisite: ECO328Y, permission of instructor

We welcome your comments and enquiries.
Revised: April 6, 1998