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Undergraduate Calendar
Winter 2018

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ECONOMICS: COURSES

All courses listed will not necessarily be offered each year. All courses are one-term courses and are offered three hours a week unless otherwise indicated.

41-110. Introduction to Economics I
An introduction to microeconomics intended to provide students with the tools necessary to begin to understand and evaluate how resources are allocated in a market economy. Specific topics include how markets function, theories of the business firm, of consumer behaviour and of income distribution. The economic roles of labour unions and government are also covered. The theories are applied to contemporary Canadian economic problems.

41-111. Introduction to Economics II
This course is an introduction to macroeconomics. The emphasis is upon measuring and explaining what determines economic aggregates such as the total national product (GDP) and the level of prices and employment. The role of money and financial institutions, the impact of international trade and the policy options available to governments for coping with inflation and unemployment are discussed in detail.

41-200. Life Choices and Economics
The course is designed for Arts and Social Sciences students. It will introduce them to key concepts and methods in Microeconomics. The application and understanding of economic analysis as applied to individual decision-making and public policy will be emphasized. The course provides a non-technical and intuitive way for students to master an understanding of real world problems. (May not be taken for credit in any program within the School of Business, or Faculty of Engineering. Science students may take the course only as a Social Sciences option.) (Antirequisite: 41-110.)

41-201. Life Choices and Economics II
The course is designed for Arts and Social Sciences students. It will introduce them to key concepts and methods in Macroeconomics. Key Macroeconomic concepts, such as unemployment, inflation, international trade, and investment will be examined. The course will be a non-technical look at the Canadian and world economies. (May not be taken for credit in any program within the School of Business, or Faculty of Engineering. Science students may take the course only as a Social Sciences option.) (Antirequisite: 41-111.)
    41-210. Games and Behaviour
    The course is designed for Arts, Social Science and Business students. It is intended to introduce them to key concepts and methods in game theory. The application and understanding of behavioral analysis as applied to individual decision making and public policy will be emphasized. The course provides a non-technical and intuitive way for students to master an understanding of real world problems and decision making. Students will learn about strategies for conflict resolutions, co-operation, social interaction, voting strategies, individual and business behaviour. (May not be taken for credit in Economics or joint programs with Economics, Science or the Faculty of Engineering.)
      41-212. Intermediate Statistical Methods
      An application of statistical methods to economic theory. (Prerequisite: one of 02-250, 65-250, 65-205, or 73-105.) (Credit will not be given for more than one of 41-212, 65-251, or any equivalent intermediate statistics course from another area.)

      41-221. Intermediate Microeconomics I
      The theory of markets, the theory of consumer behaviour and demand; the firm, production, cost, and supply. (Prerequisite: 41-110.)

      41-222. Intermediate Microeconomics II
      Extensions of the theory of consumer and firm behaviour; pricing under different market structures; distribution; general equilibrium and economic welfare. (Prerequisite: 41-221.)

      41-231. Intermediate Macroeconomics I
      A theoretical and policy oriented treatment of the determination of employment, output, interest rates, and the price level; stabilization policies and their effectiveness. (Prerequisites: 41-111.)

      41-232. Intermediate Macroeconomics II
      Effectiveness of stabilization policies in open economies; causes and cures of inflation; simple growth models. (Prerequisite: 41-231.)

      41-241. Microeconomics for the Real World
      This course will focus on the application of techniques of economics to the analysis of practical problems in a variety of fields (public health, natural resources, political science, industrial relations, business administration, and others). The course will emphasize more applied, as opposed to theoretical, aspects of microeconomics. (May not be taken for credit in Economics programs or Combined Major Programs with Economics.) (Prerequisites: 41-110 or 41-200) (Antirequisite: 41-221)

      41-251. Macroeconomics for the Real World
      This course will focus on the application of techniques of economics to the analysis of practical problems in areas of current interest like globalization, inequality, protectionism and government spending and taxes. The course will emphasize more policy, as opposed to theoretical, aspects of macroeconomics. (May not be taken for credit in Economics or combined major programs with Economics). (Prerequisite 41-111 or 41-201) (Anti-requisite: 41-231).

      41-266. Selected Issues in Economics
      (Prerequisites: 41-110 and 41-111.)

      41-290. Health Economics
      This course will explore the unique economic features of health care with emphasis on international models of delivery, determinants of the demand and supply of health services, and public versus private health care systems. The Canadian experience will be considered with a focus on demographic patterns and legislation. (Pre-requisites: 41-110, 41-111; plus any university-level course in statistics.)

      41-306. Mathematical Economics I
      Economic applications of differential calculus and linear algebra, with an emphasis on problem solving and employing software used widely by economists. Topics include input-output analysis, optimization of linear microeconomic models, computer methods for comparative static exercises to analyze closed- and open-economy macroeconomic models, and unconstrained and constrained optimization of non-linear microeconomic models.(Prerequisites: 62-140 (or 62-139), 62-120 (or 62-125 or 62-126), 41-221,and 41-231.)

      41-310. Environmental and Resource Economics
      An examination of economic behaviour in renewable and non-renewable resource markets and an economic treatment of policy issues related to environmental quality and common property resources. (Prerequisite: 41-221, or the combination of 41-110 and one of 62-130, 62-139 or 62-140.)

      41-313. Introduction to Econometric Methods I
      Development of the classical regression model and problems associated with this model such as multicollinearity, heteroscedasticity, and autocorrelation. (Some familiarity with linear algebra and calculus will be beneficial.) (Prerequisites: (a) 41-212 or 65-251; (b) one of 62-130, 62-139 or 62-140; and, (c) one of 62-120, 62-125 or 62-126.)

      41-331. The Economics of Legal Procedures, Crime, and Punishment
      The application of microeconomic principles in the analysis of legal procedures, crime, and punishment. Economic models of filing suit, bargaining, and going to trial will be discussed. Traditional and economic models of criminal activity will be compared and contrasted, along with the economics of civil and criminal punishment. Additional topics from other areas of law may be included. (Prerequisite: 41-221.)

      41-335. Money and Banking
      The banking system and other financial institutions; money demand and money supply; money and the level of economic activity; money and inflation; issues in monetary policy. (Prerequisite: 41-231.)

      41-341. Economic Growth and Development Theory
      Modern theories of growth and development with emphasis upon less developed countries. (Prerequisites: 41-221 and 41-231, or consent of instructor.)

      41-350. Labour Theory
      Wage theories, wage structure, unemployment, labour supply and related topics. (Prerequisite: 41-221.)

      41-353. Labour Institutions
      Canadian and American labour movements, collective bargaining, union philosophy and labour legislation in Canada and the United States. (Prerequisite: 41-221 or consent of instructor.)

      41-373. International Economics: Trade Theory and Policy
      A survey of traditional and contemporary theories of international trade and trade policy. (Prerequisite: 41-221.)

      41-374. International Economics: Exchange Rates and Balance of Payments
      Theory of exchange rate determination and balance of payments adjustment; macroeconomic policy in an open economy; current problems of the international monetary system. (Prerequisite: 41-231.)

      41-380. Game Theory
      The study of strategic interactions among decision makers. Equilibrium concepts, such as Nash equilibrium, sub-game perfect equilibrium, etc, will be introduced and their applications to economic, political and biological decision making will be discussed. (Prerequisite: 41-221 or the combination of 41-110 and one of 62-139 or 62-140.)

      41-385. Public Sector Economics: Expenditure
      Theory of the role of government in the economy; public expenditure theories and practice; public choice and government decision-making; government grants. (Prerequisites: 41-221.)

      41-406. Mathematical Economics II
      Topics will include general equilibrium theory, dynamic analysis, oligopoly, behaviour under uncertainty, and growth theory. (Prerequisites: 41-222, 41-232, 41-306, and 62-141.)

      41-407. Senior Research Workshop
      This course is intended to develop independent research and presentation skills. Students will be assigned a topic (or topics). Students will be expected to conduct a literature survey, collect data, present data in a descriptive format, formulate and carry out formal econometric tests. Students will be assessed on the basis of classroom presentations classroom discussion and written assignments. (Prerequisites: 41-313, 41-423 and 41-433.) (This course is open to students who are enrolled in an Honours Economics program.)

      41-414. Introduction to Econometric Methods II
      A continuation of 41-313. (Prerequisite: 41-313.)

      41-416. Urban and Regional Economics
      Economics of cities and urban problems; effects on production and trade; urban problems such as poverty, congestion, pollution and crime.

      41-423. Advanced Microeconomics I
      The use of mathematical techniques and economic analysis with special emphasis on consumer theory, producer theory, and theory of markets. (Prerequisites: 41-221, 41-222, 41-306, or consent of instructor.) (Students may not obtain credit for both 41-323 and 41-423.)

      41-424. Advanced Microeconomics II
      Selected topics in microeconomic theory. (Prerequisite: 41-423.)

      41-430. Economics Analysis of Law
      The application of microeconomic principles to the study of property, contract, and tort law. The economic principles underlying property rights, torts, and contracts are surveyed. Selected problems in property, tort, and contract law are considered. Additional topics from other areas of law may be included. (Prerequisite: 41-221.)

      41-433. Advanced Macroeconomics I
      Modern interpretations of macroeconomics, including inflation, unemployment, and policy implications. (Prerequisites:
      41-232 and 41-306)

      41-434. Advanced Macroeconomics II
      Selected topics in macroeconomic theory. (Prerequisite:
      41-433.)

      41-460. Cost-Benefit Analysis
      The techniques and application of cost-benefit analysis to public sector policies and projects. Topics include the welfare foundations or cost-benefit analysis, investment decision rules, the choice of a social discount rate, risk and uncertainty, shadow pricing of inputs and outputs, public sector pricing and the assessment of the value of intangibles such as time, life and noise. (Prerequisite: 41-221, or the combination of 41-110 and one of 62-130 or 62-140.)

      41-486. Public Sector Economics: Finance
      Government taxation, user charges, borrowing, and the public debt in theory and practice; use of taxation as fiscal policy; and intergovernmental tax relations. (Prerequisites: 41-222.)

      41-499. Selected Topics in Economics
      (May be repeated for credit with consent of an advisor in Economics.) (Prerequisite: consent of the instructor.)