OFFICERS OF INSTRUCTION
Professors Emeriti
Phillips, William Gregory; B.A., M.A., Ph.D. (Toronto)-1950.
Professors
Gillen, William John; B.A. (Assumption), M.A. (Toronto)-1959.
Strick, John Charles; B.A. (Manitoba), M.A. (Assumption), Ph.D. (Alberta)-1965.
Guccione, Antonio; Laurea (Palermo), Ph.D. (California)-1967.
Fortune, J. Neill; B.Sc.A. (Toronto), M.A. (Western Ontario), Ph.D.
(Indiana)-1969.
Gencay, Ramazan; B.Sc. (Middle East Tech. U., Ankara), M.A. (Guelph),
Ph.D. (Houston)-1991.
Associate Professors
Burrell, Peter R.; B.A. (Assumption), M.A. (Pennsylvania)-1965.
Kolinski, Ralph; B.S. (Marquette), M.A., Ph.D. (Wayne State)-1966.
Mendels, Roger P.; B.Comm., M.A. (McGill), M.Sc., Ph.D. (Wisconsin)-1969.
Meyer, Benjamin S.; B.A. (City College of New York), M.A., Ph.D. (State
U. of New York, Buffalo)-1970.
Sydor, L.P.; B.A. (Western Ontario), Ph.D. (Princeton)-1972.
Charette, Michael F.; B.A., M.A. (Windsor), Ph.D. (Western Ontario)-1976.
Bajic, Vladimir; B.A., M.A. (Belgrade), M.A. (Williams College), Ph.D.
(Toronto)-1984.
Meng, Ronald; B.Sc. (Trent), M.A., Ph.D. (Carleton)-1987.
Anglin, Paul; B.Sc. (Toronto), M.A., Ph.D. (Western Ontario) 1988.
Fan, Yanqin; B.Sc. (Jilin), M.A., Ph.D. (Western Ontario)-1989.
Wen, Quan; B.Sc. (Jilin), M.A., Ph.D. (Western Ontario)-1991.
Suh, Sang Chul; B.A. (Korea), M.A. (Taiwan), Ph.D. (Rochester)-1994.
4.6.1 PROGRAM REGULATIONS
Particular Admission Requirements: For Honours Economics, OAC Calculus
(or equivalent) is required. Students lacking Calculus may be admitted
but must make up the deficiency. Honours Economics and Mathematics requires
OAC Calculus and Algebra and Geometry (or equivalent). Finite Mathematics
also is recommended .
4.6.2 PROGRAMS OF STUDY
Only the basic program requirements are set out in this Calendar. All
students majoring in economics should consult with an Economics advisor
and obtain a copy of Guide to Course Selection for Economics Majors/Honours
which provides important additional information. Copies may be obtained
from the Economics office.
The critical requirement for majoring or honouring in Economics is the
inclusion of Economics 41 110 and 41 111 in the first year of the program.
Similarly Economics 41 221, 41 222, 41 231, and 41 232 should be included
in the second year of the program.
Students intending to specialize in Economics in an honours program
should satisfy the Mathematics requirements as early as possible in the
program.
Economics Major
Total courses: thirty.
Major requirements: eleven courses, including 41 110, 41 111,
41 212, 41 221, 41 222, 41 231, 41 232, and four 300 or 400 level
courses. (With the approval of a program advisor, equivalent statistics
courses may be substituted for 41 212.)
Other requirements:
(a) 02 250 or 65 253;
(b) eight courses from outside Social Science with at least two from
Arts/Languages and two from two from Sciences;
(c) four courses from any area of study including Economics;
(d) six courses from any area of study excluding Economics.
Honours Economics
Total courses: forty.
Major requirements: twenty three courses, including 41 110, 41
111, 41 212 (or 65 251), 41 221, 41 222, 41 231, 41 232, 41 313, 41 314,
41 323, 41 333, 41 424, 41 434, and ten additional courses, at least eight
of which must be at the 300 or 400 level. (Honours students considering
graduate studies in economics are advised to select both 65 250 and 65
251. Students should consult a program advisor to determine which courses
are most appropriate.)
Other requirements:
(a) 62 140, 62 141, and either 65 253 or 65 250. (Mathematics 62 120
is highly recommended and is a prerequisite for fourth year Econometrics
41 413/414.)
(b) two courses from Arts/Languages;
(c) four courses in Political Science and/or Business Administration;
(d) four courses from Arts, Languages, Social Science, or Science,
excluding Economics;
(e) four courses from any area of study, excluding Economics.
Note: Given the important role Mathematics and Statistics play
in Economics, selection of particular Mathematics and Statistics courses
should depend upon both the student's educational and career objectives
and his or her strength in Mathematics. In order to avoid later problems
students should consult the Guide to Course Selection referred to above.
Early discussion with an advisor designated to assist students with course
selections in this area is strongly advised.
Combined Honours Programs
Total courses: forty:
Major requirements Economics: fifteen Economics courses including
41 110, 41 111, 41 212, 41 221, 41 222, 41 231, 41 232, and eight additional
300 or 400 level Economics courses.
Major requirements Other Subject: as prescribed by that area
of study.
Other requirements: 65 253 (or an equivalent), plus additional
options to a total of forty.
Economics Minor
A minor shall consist of 41 110, 41 111, 41 221, 41 231, and two additional
Economics courses.
4.6.3 COURSE DESCRIPTIONS
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
Building upon microeconomics (41 110), 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. (Prerequisite:
41 110.)
41 117. Introductory Economics: Theory, Practice and Policy
Selected topics in micro and macroeconomics, with emphasis on
practical applications, problems, and public policy. This course is designed
primarily for Engineering students. (Prerequisites: Mathematics 62 140
and 62 141, or equivalent.) (3 lecture hours, 1 tutorial hour a week.)
(Students who have taken 41 117 may not obtain credit in 41 110, but may
take 41 111 with permission of an advisor in Economics.)
41 212. Intermediate Statistical Methods
An application of statistical methods to economic theory. (Prerequisite:
02 250 or 65 253.) (Credit will not be given for more than one of 41 212
and any equivalent 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.)
41 230. Law and Economics
Examination of the interrelationships between economic and legal considerations
and factors in selected areas of the economy. (Prerequisites: 41 110 and
41 111.)
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: 41 110 and 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.)
41 263. Economic History of Canada (Prerequisites: 41 110 and 41 111.)
41 266. Selected Topics in Economic History
(Prerequisites: 41 110 and 41 111.)
41 268. Selected Current Economic Problems and Policies in the Canadian
Economy
(Prerequisites: 41 110 and 41 111.)
41 280. Economics of Communications
The economic structure and operation of the communications industry
with emphasis on telecommunications, television and film. (This course
is offered in Communication Studies as 40 280.) (Prerequisite: 41 110.)
41 283. Canadian Public Finance
Government finance in Canada at the federal, provincial and municipal
levels of government; includes government expenditure, taxation, budgeting,
public sector development. (Prerequisite: 41 110.) (Credit may not be obtained
for both 41 283 and 41 385.)
41 284. Government Fiscal Policy and Financial Affairs
Government expenditure and revenue policies for economic stabilization
and growth, inter governmental financial relations, with emphasis on the
Canadian setting. (Prerequisites: 41 110 and 41 111.) (Credit may not be
obtained for both 41 284 and 41 386.)
41 303. Mathematical Economics: Linear Models
Input output analysis and other linear economic models. (Prerequisites:
41 221, 41 231, and 62 120, or consent of the instructor.)
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: 02 250 or 65 253, and 41 212.)
41 314. Introduction to Econometric Methods II
A continuation of 41 313. (Prerequisite: 41 313.)
41 321. Corporation Finance and Investments I
(a) The promotion and financing of business enterprises, financial
controls and dividend policies; (b) the principles of investments, individual
and institutional; social importance. (Prerequisite: 41 221 or consent
of instructor.) (Not open to students in the Faculty of Business Administration,
nor to those who have taken equivalent Business courses.)
41 322. Corporation Finance and Investments II
A continuation of 41 321. (Prerequisite: 41 321.)
41 323. 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, 62 140, and 62 141 or consent of instructor.)
41 333. Advanced Macroeconomics I
Modern interpretations of macroeconomics, including inflation, unemployment,
and policy implications. (Prerequisites: 41 231, 41 232, 62 140, and 62
141, or consent of instructor.)
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.)
41 342. Economic Growth and Development Policy
Policy oriented application of economic theory to problems of developing
countries. (Prerequisite: 41 341.)
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. (Prerequisites: 41 221 and 41 222.)
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.)
41 385. 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 and 41 222.)
41 386. 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: 41 221 and 41 222.)
41 387. The Economics of Government Regulation
Economic theory and practice of government regulation, with emphasis
on the regulation of public utility industries. Includes examination of
goals and procedures of regulation; regulation of pricing, entry, rate
of return, etc. (Prerequisites: 41 221 and 41 222.)
41 390. Comparative Economic Systems
The organization, operation and performance of economic systems in
theory and practice. (Prerequisites: 41 221 and 41 231, or consent of instructor.)
41 406. Mathematical Economics
Various topics, such as general equilibrium theory, dynamic analysis,
oligopoly, behaviour under uncertainty, and growth theory. (Prerequisites:
41 222, 41 232, 62 140, and 62 141.)
41 413. Advanced Econometrics I
Further development of the classical regression model. Topics covered
include simultaneous equations systems and methods for estimating such
systems, including generalized least squares and two stage least squares
and three stage least squares. (Prerequisites: 41 313 and 41 314, or consent
of instructor.)
41 414. Advanced Econometrics II
A continuation of Economics 41 413. (Prerequisite: 41 413 or consent
of instructor.)
41 416. Economic Research in Regional Problems
Theoretical development and empirical implementation of interregional
income determination systems; regional input output models; growth models.
(Prerequisite: consent of instructor.)
41 417. Economic Research in Urban Problems
Spatial structure of urban areas; urban residential equilibrium and
growth; central place theory; the local public sector. (Prerequisite: consent
of instructor.)
41 420. Industrial Organization Theory
A theoretical analysis of firms' behaviour in many different markets.
(Prerequisites: 41 221 and 41 222.)
41 421. Industrial Organization Policy
A survey and evaluation of anti combines legislation and enforcement
in Canada. Comparisons with Great Britain and United States. (Prerequisite:
41 420.)
41 423. Advanced Microeconomics II
Selected topics in microeconomic theory. (Prerequisite: 41 323.)
41 433. Advanced Macroeconomics II
Selected topics in macroeconomic theory. (Prerequisite: 41 333.)
41 440. Selected Topics in International and Development Economics
(Prerequisite: consent of instructor.)
41 450. Advanced Labour Theory
Macroeconomic topics in labour theory. (Prerequisites: 41 221, 41 222,
41 231, and 41 232.)
41 453. Comparative Labour Institutions
Foreign labour movements, international labour organizations, and other
related topics. (Prerequisite: 41 353 or consent of instructor.)
41 461. History of Economic Theory I
An examination of the development of economic theory in the works of
the classical economists, Adam Smith, David Ricardo, and John Stuart Mill.
(Prerequisites: 41 221 and 41 231.)
41 462. History of Economic Theory II
An examination of the development of economic theory in the late nineteenth
and the twentieth centuries. (Prerequisite: 41 461.)
41 499. Selected Topics in Economics
(May be repeated for credit with consent of an advisor in Economics.)
(Prerequisite: consent of the instructor.)
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