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ECO Economics Courses


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. Topics include price determination; industrial organization; employment, income, and inflation; international trade and finance. Emphasis on application of economic analysis to current problems. 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 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%)


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: ECO100Y (63%/CGPA 2.50)/ECO105Y (80%)
Co-requisite: MAT133Y/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 (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 (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/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 (60%)/137Y (55%)
Recommended Co-requisite: APM 233Y


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


ECO232H1
Indian Economy since 1951


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 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%)


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)


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 42 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 two courses 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. in world development. International migration, economic policies, institutions; capital flows and technological transfer.
Prerequisite: ECO200Y/206Y, plus four other courses
Recommended preparation: ECO230Y/328Y


ECO310Y1
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, 261H)


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/137Y


ECO313H1
Environmental Economics and Policies 26L

This course demonstrates the way that a rigorous application of micro-economic techniques can inform our responses to various environmental problems. Topics may include: managing fisheries or biodiversity, and regulating pollution.
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/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


ECO322Y1
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


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 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, 261H)


ECO325H1
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, 261H)
Recommended preparation: APM233Y


ECO326H1
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, 261H); MAT133Y (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/225Y/229H


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, (364H, 365H)
Prerequisite: ECO200Y/206Y, 202Y/208Y
Co-requisite: ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


ECO330H1
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


ECO332H1
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


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/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
Co-requisite: ECO220Y/227Y/STA(250H, 255H)/(257H, 261H)


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 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.
Prerequisite: ECO200Y/206Y/(ECO230Y, POL208Y)


ECO348H1
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, 261H)


ECO350Y1/351H1/352H1
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


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/225Y/229H


ECO360Y1
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)


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)


ECO410H1
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, 261H)


ECO411H1
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, 261H); ECO327Y/357Y recommended


ECO414H1
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


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 and labour 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/or permission of instructor


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


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


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, 239Y, 315H/337H/357Y
(MAT357Y may be taken as a co-requisite)


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: Standing in at least 8 courses and permission of instructor


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


ECO456H1
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: ECO336Y


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.
Prerequisite: ECO328Y, permission of instructor


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