Economics ECON
Instruction offered by members of the Department of Economics in the Faculty of Social Sciences.
Department Head - E.A. Wilman
Junior Courses
Economics 201 H(3-1T)
Principles of Microeconomics
Principles of consumption, production, exchange: market and firm equilibrium under different competitive conditions. These principles are applied to various contemporary problems in the Canadian economy, such as the changing structure of agriculture, foreign ownership and control, and pollution.
Economics 203 H(3-1T)
Principles of Macroeconomics
National income determination, the monetary and banking system, and elementary fiscal and monetary policies. Contemporary problems of unemployment, inflation, economic growth, business cycles and the international economy.
Corequisites: Prerequisite or Corequisite: Economics 201 or consent of the Department.
Economics 209 H(3-1T)
(Engineering 209)
Engineering Economics
The basic tools and methodology of engineering economic studies. Topics include investment decisions, theory of replacement, economies of scale, externalities, social decision making and government regulation. Examples are drawn from engineering projects.
Prerequisites: Registration in the Faculty of Engineering with second year standing or higher. If not registered in the Faculty of Engineering, consent of the Department of Economics.
Senior Courses
Economics 301 H(3-0)
Intermediate Economic Theory - Microeconomics I
Demand, production and costs in a market economy. Pricing in perfectly and imperfectly competitive markets.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 303 H(3-0)
Intermediate Economic Theory - Macroeconomics I
Introduction to the analysis of macroeconomic issues including the causes of recessions and unemployment, the determination of exchange rates, and the effects of government policies.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 305 H(3-1T)
Computational Optimization and Economic Applications I
The use of linear optimization methods to structure and solve numerical resource allocation problems. Topics include model formulation, solution techniques, microcomputing software and duality. Numerous practical applications to economic, management and energy problems, including cost-benefit analysis.
Prerequisites: Economics 201 or consent of the Department.
Economics 307 H(3-1T)
Computational Optimization and Economic Applications II
Extensions of methods and models of linear optimization, including nonlinear optimization, with applications to economic, management, and energy problems.
Prerequisites: Economics 305 or consent of the Department.
Economics 309 H(3-0)
Microeconomics for Economics and Society
Microeconomic concepts, including consumer behaviour, firm behaviour, competitive markets, factor markets, general equilibrium, market failure, welfare economics, and social choice with an emphasis on public policy applications.
Prerequisites: Economics 201 or consent of the Department.
Note: Credit for both Economics 309 and either 357 or 529 will not be allowed.
Note: Designed for students majoring in Economics and Society and for students not majoring in Economics.
Economics 311 H(3-1)
Computer Applications in Economics
Use of spreadsheets for economics applications, including project evaluation with financial-economic functions, oil and gas prospect evaluation, investment portfolio management with database functions, database retrieval, and various topics in micro- and macro-economics.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 313 H(3-0)
Macroeconomics for Economics and Society
Analyzes the behaviour of macroeconomic variables such as Gross Domestic Product, interest rates, inflation, unemployment, balance of payments and the foreign exchange rate. Emphasis will be on monetary and fiscal policy applications.
Prerequisites: Economics 201 and 203 or consent of the Department.
Note: Credit for both Economics 313 and either 359 or 531 will not be allowed.
Note: Designed for students majoring in Economics and Society and for students not majoring in Economics.
Economics 321 H(3-0)
The Global Trading System
Introduction to the theory of international trade; provides a basis for examining Canadian trade policy, and regional and world trade institutions such as the WTO and NAFTA. Topics include: tariffs, non-tariff barriers and enhancements, countervail and anti-dumping action, multinational enterprises and international joint ventures.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 323 H(3-0)
Natural Gas Markets
Operation of the natural gas industry in North America. Economics of exploration, development, production, marketing and transportation of natural gas. Impact of government regulations and deregulation.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 325 H(3-0)
Petroleum in the North American Economy
The operation of the crude petroleum industry in North America, with particular reference to the exploration decision, market structure, and particular policy questions such as conservation, special taxation provisions, and regional income effects.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 327 H(3-0)
Petroleum in the World Economy
The structure of the world petroleum industry, with particular reference to industry pricing policies, producer company - producer country bargaining, and consuming - country energy policies, including North American import policies.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 337 H(3-0)
Development Economics
An introduction to developing economies: the meaning, significance and purpose of economic development, major theories of economic development, economic problems of developing countries.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 339 H(3-0)
Canadian Economic Development
The growth and development of the Canadian economy in relation to the endowment of natural resources, changing market conditions and technology, and Canadian public policy.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 341 H(3-0)
Money and Banking
Operation of financial markets and institutions: the principles of money creation, interest rate determination, and central banking.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 345 H(3-0)
Economic Analysis of Law
An introduction to the relationship between law and economics. Economic theory will be used to analyse property and tort law.
Prerequisites: Economics 201 or consent of the Department.
Economics 349 H(3-0)
The Economics of Social Problems
Contribution that economic analysis can make to the understanding of selected current social issues such as poverty, aging, crime, drug abuse and discrimination.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 355 H(3-0)
Canadian Public Finance
Examination of the institutions behind and economic rationale for Canadian government policy relating to public expenditures and taxation. Topics include the history and present structure of government spending and taxation, tax expenditures, the budgetary process, inter-jurisdictional issues, and program design.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 357 H(3-0)
Intermediate Economic Theory - Microeconomics II
Extensions of microeconomic topics such as factor markets, general equilibrium, and welfare economics.
Prerequisites: Economics 301 and Mathematics 249 or 251; or consent of the Department.
Note: Credit for both Economics 357 and either 309 or 529 will not be allowed.
Economics 359 H(3-0)
Intermediate Economic Theory - Macroeconomics II
Extensions of macroeconomic topics such as theories of aggregate consumption and investment, interest rate theory, the demand for money, expectations in macro models and growth theory.
Prerequisites: Economics 303 and Mathematics 249 or 251; or consent of the Department.
Note: Credit for both Economics 359 and either 313 or 531 will not be allowed.
Economics 365 H(3-0)
Regional Economics
The nature of economic regions. Choosing regions for development, regional income estimation and social accounting, inter-regional flow analysis, location theory, theory of regional growth and planning.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 367 H(3-0)
Agricultural Economics
Introduction to the major economic forces affecting the agri-food sector, including technological change, price variability, environmental sustainability and international competition. Issues include government support mechanisms, international trade restrictions, industrialization of agriculture, economics of food safety and security, sustainable resource use and environmental conflict.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 371 H(3-0)
Economic Analysis of Transportation
Modal choice by passengers, location choice by firms, capital investment choice. Cost, demand, and market structure related to the determination of transportation rates. Cost/Benefit analysis of transportation projects. Analysis will be related to contemporary aspects of ocean shipping, air, rail, trucking, pipelines and urban transportation.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 373 H(3-0)
Game Theory and Strategic Thinking for the Social Sciences
An introduction to the principles of game theory utilizing a non-mathematical and intuitive approach. The principles of strategic thinking are illustrated by application and examples in economics and other social sciences. The course objective is to develop the ability of students to reason strategically and to understand how game theory can be used to explain social interaction.
Economics 377 H(3-0)
Economics of the Environment
An examination of the factors that inhibit an efficient allocation of the environment in a market economy. The types of economic policies that can be initiated to prevent environmental decay are studied. Economic theory and policy are applied to a variety of environmental problems, such as air and water pollution, solid waste disposal, and conservation.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 379 H(3-0)
The Economics of Health
Theories and evidence regarding demand for health and health care, consumer and physician behaviour, asymmetric information in health care markets, and economic evaluation of health care programs.
Prerequisites: Economics 201/203 or consent of the Department.
Economics 387 H(3-0)
Introduction to Mathematical Economics I
Essential mathematical background for studying Economics: basic techniques of linear algebra and calculus, including unconstrained and constrained optimization, and their applications to resource allocation problems.
Prerequisites: Economics 201/203; and Mathematics 211; and Mathematics 249 or 251 or 253; or consent of the Department.
Corequisites: Prerequisites or Corequisites: Economics 301/303 or consent of the Department.
Note: Credit for both Economics 387 and either 304 or 521 will not be allowed.
Economics 389 H(3-0)
Introduction to Mathematical Economics II
Further essential mathematical background for studying Economics, including exponential and logarithmic functions, eigenvalues and eigenvectors, quadratic forms, integration, and basic methods of dynamic analysis, and their applications to resource allocation problems.
Prerequisites: Economics 387 or consent of the Department.
Note: Credit for both Economics 389 and 304 will not be allowed.
Economics 395 H(3-0)
Use of Statistics in Economics
The use of statistical principles in economics. Topics include: the gathering of economic data; basic data manipulation and hypothesis testing; and the statistical estimation of economic relationships using a standard software package. The two-variable linear regression model is introduced.
Prerequisites: Economics 201/203 and Statistics 211 or 213; or consent of the Department.
Note: Credit for both Economics 395 and 315 will not be allowed.
Economics 397 H(3-0)
Intermediate Economic Theory: Business Applications
Provides students with the opportunity to extend and apply key concepts introduced in Economics 301 and 357. The objective is to provide students with the opportunity to develop expertise in the application and utilization of theory, as well as gain a greater appreciation for the strengths and limitations of microeconomic analysis.
Prerequisites: Economics 357.
Economics 399 H(3-0)
Selected Topics in Economics I
A decimalized course in which topics will vary from year to year. Consult the timetable or the Department for the topics available in a given year.
Prerequisites: Economics 201/203 or consent of the Department.
MAY BE REPEATED FOR CREDIT
Economics 401 H(3-0)
Public Sector Economics: Expenditures
Theory of government spending. Topics include the nature of public goods and externalities, the pricing of public services, causes of growth of public expenditures, expenditure incidence, social insurance, social decision procedures, and political and bureaucratic influences.
Prerequisites: Economics 303 and 357; or consent of the Department.
Economics 403 H(3-0)
Public Sector Economics: Taxation
Theory of taxation. Topics include the rationale for and the incentive effects of taxation, efficiency and equity aspects of taxation, partial and general equilibrium tax incidence, open economy effects, choice of governing instruments, and tax reform.
Prerequisites: Economics 303 and 357; or consent of the Department.
Economics 405 H(3-0)
Political Economy of Public Policy
Introduction to the economic foundations of political economy and economic models of public sector policy formation. Potential topics are the role of institutions in policy design, theories of bureaucracy, political business cycles, the formation and behaviour of interest groups, and the strategic use of government debt.
Prerequisites: Economics 303 and 357; or consent of the Department.
Economics 415 H(3-0)
Seminar in Contemporary Policy Issues I
An examination of selected problems and policies, with special emphasis on microeconomic issues.
Prerequisites: Economics 303; and 315 or 395; or consent of the Department.
Corequisites: Prerequisite or Corequisite: Economics 357.
Economics 417 H(3-0)
Seminar in Contemporary Policy Issues II
An examination of selected problems and policies, with special emphasis on macroeconomic issues.
Prerequisites: Economics 301; and 315 or 395; or consent of the Department.
Corequisites: Prerequisite or Corequisite: Economics 359.
Economics 419 H(3-0)
Introduction to Econometrics II
Econometric techniques emphasizing estimation of sets of interdependent economic relationships. Topics include construction of economic models, simultaneous equation problems, alternate estimation procedures, simulation models, econometric theory in matrix form, use of computer packages and solution of practical econometric problems.
Prerequisites: Economics 315 or 395; Mathematics 211; Economics 301 and 303; or consent of the Department.
Economics 423 H(3-0)
International Macroeconomics
Foreign exchange markets, and international macroeconomic connections with trade in assets as well as goods and services. Topics include: alternative exchange rate regimes; monetary and fiscal policy responses to problems of unemployment and inflation; balance of payments adjustment mechanisms; international debt; and Euro-dollar markets.
Prerequisites: Economics 303 or 313 or consent of the Department.
Economics 425 H(3-0)
International Trade
The general equilibrium treatment of the gains from trade, comparative advantage and trade patterns provides a basis for examining topics such as: trade policy under imperfect competition, trade policy and the environment, trade policy and economic growth, and preferential trading arrangements.
Prerequisites: Economics 309 or 357 or consent of the Department, or Corequisite: Economics 357. Completion of Economics 321 is recommended but not necessary.
Economics 431 H(3-0)
The Canadian Labour Market
Economic analysis of migration, labour force participation, education, fertility, manpower policy, and the measurement and treatment of unemployment.
Prerequisites: Economics 301 or 309; and 303 or 313; or consent of the Department.
Economics 433 H(3-0)
Wage Determination
Wage and income determination; policies dealing with employment discrimination; and income redistribution.
Prerequisites: Economics 301 or 309 or consent of the Department.
Economics 441 H(3-0)
Financial Markets and Institutions
A financial practitioner's approach to the study of the structure, function, and management of financial markets and institutions. Extensive coverage of the money and capital markets, banking regulation and supervision, and the role of investment banks and venture capital in the economy. Explores modern financial institution management (particularly using financial derivatives).
Prerequisites: Economics 303 and 341; or consent of the Department.
Economics 443 H(3-0)
The Economics of Financial Markets
An introduction to the basic functions and structure of financial markets, and an analysis of the economic aspects of pricing decisions in securities markets. Institutional features, theoretical pricing and trading strategies in bond, stock, options, forward and futures markets will be examined.
Prerequisites: Economics 341 and 357; or consent of the Department.
Economics 453 H(3-0)
Cost-Benefit Analysis
Theoretical basis for social cost-benefit analysis, appraisal techniques for investment projects and public policies, and selected applications.
Prerequisites: Economics 357 or consent of the Department.
Economics 465 H(3-0)
Industrial Development of Alberta
Structure, growth and development of the provincial economy; evaluation of industrial projects and policy alternatives.
Prerequisites: Economics 301 or 309; and 303 or 313; or consent of the Department.
Economics 471 H(3-0)
Industrial Organization
Behaviour of firms in imperfectly competitive markets. Topics include the theory of strategic competition; dynamic price competition and tacit collusion; product differentiation, product selection, and preemption; entry deterrence and capacity competition; information, reputation, and predation; the economics of research and development; international trade and imperfectly competitive markets.
Prerequisites: Economics 357 or consent of the Department.
Economics 475 H(3-0)
Economics of Natural Resources I
Application of economic theory to the problems of natural resource pricing, allocation and conservation. Rent theory, location theory, intertemporal maximization. Natural resource policy formulation. Contemporary Canadian resource problems.
Prerequisites: Economics 357 or consent of the Department.
Economics 477 H(3-0)
Regulatory Economics
An introduction to economic regulation, its rationale, form and effects with a focus on the economic theory of regulation and on the practice, structure, and evolution of Canadian regulatory institutions.
Prerequisites: Economics 471 or consent of the Department.
Economics 479 H(3-1)
Experimental Economics
Introduces students to the use of and insights gained from experiments in economic research. Develops many of the concepts from Economics 301/357, shedding new light on the assumptions of rationality, the design of markets, and the implementation of market institutions. Covers not only experimental methods, but also reviews some of the most important papers in the field. As part of the course, students will be participating in a variety of in-class experiments.
Prerequisites: Economics 315 or 395; and 357.
Economics 481 H(3-0)
Behavioural Economics
Major factors underlying economic behaviour including: various views of the role of rationality in economic analysis and in the economic decision making of individuals and institutions; determinants of individual preferences and decision making procedures; the experimental analysis of economic behaviour; inter-relations between the operation of the economic system and feelings of subjective well-being.
Prerequisites: Economics 357 or consent of the Department.
Economics 483 H(3-0)
History of Economic Thought
Traces the evolution of economic ideas from the earliest times up to and including the contributions of the classical economists and Marx. Emphasis will be on understanding these contributions both in terms of their historical context and their relationship to present-day theories and controversies.
Prerequisites: Economics 301 or 309; and 303 or 313; or consent of the Department.
Economics 491 H(3-0)
Comparative Economic Systems
A comparative study of theories of the organization of economic systems with reference to the economic institutions of contemporary economies. Selected examples of the mixed capitalist system, command economies and transitional systems embodying markets and economic planning.
Prerequisites: Economics 301 or 309; and 303 or 313; or consent of the Department.
Economics 492 F(3-0)
Applied Energy Economics I
An examination of selected problems in applied energy economics.
Prerequisites: Successful completion of all other required courses in the Applied Energy Economics program, with the exception of Economics 494, or consent of the Department.
Note: Normally only available to students registered in the Applied Energy Economics program.
Economics 494 F(3-0)
Applied Energy Economics II
Participation in ongoing projects in applied energy economics at the Canadian Energy Research Institute (CERI).
Prerequisites: Successful completion of all other required courses in the Applied Energy Economics program with the exception of Economics 492, or consent of the Department.
Note: Normally only available to students registered in the Applied Energy Economics program.
Economics 495 H(3-0)
Econometrics I
Introduction to the techniques used in quantifying economic relationships. Econometric principles of estimation and hypothesis testing will be applied to the various economic models. The use of a standard econometric software package is emphasized.
Prerequisites: Economics 301 and 303 and 395; and Mathematics 249 or 251; or consent of the Department.
Note: Credit for both Economics 495 and 419 will not be allowed.
Economics 497 H(3-0)
Econometrics II
A more in-depth theoretical and empirical treatment of econometrics. Topics include: time series analysis, limited dependent variable estimation and simultaneous equation estimation.
Prerequisites: Economics 357 and 359 and 495; and Mathematics 211; or consent of the Department.
Economics 499 H(3-0)
Selected Topics in Economics II
A decimalized course in which topics will vary from year to year. Consult the timetable or the Department for the topics available in a given year.
Prerequisites: Economics 301 or 309; and Economics 303 or 313; or consent of the Department.
MAY BE REPEATED FOR CREDIT
Economics 521 H(3-0)
Quantitative Economic Analysis
Mathematical techniques of economic analysis. Required of and normally restricted to Master of Economics students.
Prerequisites: Consent of the Department.
Note: Credit for both Economics 521 and 387 will not be allowed.
Economics 523 H(3-0)
Econometrics
Introduction to statistical techniques as they are used in Economics. Topics include: estimation and testing of hypotheses, single and simultaneous equation regression analysis, least squares and maximum likelihood estimation, and solution of practical econometric problems. Matrix notation is employed. Required of and normally restricted to Master of Economics students.
Prerequisites: Statistics 213 or equivalent; or consent of the Department.
Corequisites: Prerequisite or Corequisite: Economics 521.
Note: Credit for both Economics 523 and either 315 or 395 will not be allowed.
Economics 527 H(3-0)
World Oil Economics
Analysis of the world oil industry in the post war period.
Prerequisites: Economics 301 or 309; and 303 or 313; or consent of the Department.
Economics 529 H(3-0)
Microeconomics with Applications
Intermediate microeconomic theory and welfare economics with special emphasis on applications. Topics include: demand theory and measurement; production and cost theory and measurement; market structure and pricing behaviour; pricing practices; regulation; antitrust law; and capital budgeting. Normally restricted to Master of Economics students.
Prerequisites: Consent of the Department. It is recommended that Economics 521 be taken prior to or concurrently with Economics 529.
Note: Credit for both Economics 529 and either 309 or 357 will not be allowed.
Economics 531 H(3-0)
Macroeconomics with Applications
Intermediate macroeconomic theory with special emphasis on applications. Topics include: basic theories concerning employment, output, interest rates, the price level, business cycles and growth; contemporary thought on macro problems such as unemployment, inflation, and balance of payments disequilibrium; and Canadian macroeconomic policy issues. Normally restricted to Master of Economics students.
Prerequisites: Consent of the Department. It is recommended that Economics 521 be taken prior to Economics 531.
Note: Credit for both Economics 531 and either 313 or 359 will not be allowed.
Economics 537 H(3-0)
Theory and Policy of Economic Development
Classical and Marxian theories of economic development, and theories of dual economy, balanced and unbalanced growth, population, choice of techniques, etc. A critical examination of the current national and international policies affecting economic development of developing countries will also be undertaken.
Prerequisites: Economics 359 or consent of the Department.
Corequisites: Prerequisite or Corequisite: Economics 357.
Economics 541 H(3-0)
Monetary Theory
A survey of recent work in monetary theory with primary emphasis on financial issues.
Prerequisites: Economics 341 and 357 and 359; or consent of the Department.
Corequisites: Prerequisite or Corequisite: Economics 315 or 395.
Economics 557 H(3-0)
Topics in Economic Theory I
Topics in microeconomic theory such as welfare economics and general equilibrium theory.
Prerequisites: Economics 357 and 389; or consent of the Department.
Economics 559 H(3-0)
Topics in Economic Theory II
Topics in macroeconomic theory such as consumption and growth.
Prerequisites: Economics 315 or 359; and 359 and 389; or consent of the Department.
Economics 571 H(3-0)
Competition Policy
The law and economics of competition policy. An examination of the economics, jurisprudence and history of competition policy towards mergers, price fixing, vertical restraints, and monopolization, primarily in Canada and the United States.
Prerequisites: Economics 471.
Economics 575 H(3-0)
Economics of Natural Resources II
A variety of topics in the area of Natural Resource Economics. Resource production and exhaustion, resources management and conservation, and substitutions between natural resources may be examined.
Prerequisites: Economics 475 or consent of the Department.
Economics 599 H(3-0)
Selected Topics in Economics III
A decimalized course in which topics will vary from year to year. Consult the timetable or the Department for the topics available in a given year.
Prerequisites: Economics 357 and 359; or consent of the Department.
MAY BE REPEATED FOR CREDIT
Graduate Courses
Students are required to have departmental consent before registering in any of the following courses:
Economics 601 H(3-0)
Applied Economics
Provides students with an opportunity to apply microeconomic and macroeconomic theories to issues that are of interest to professional economists.
601.01. History of Economic Thought
601.02. Financial Economics
601.03. Cost-Benefit Analysis
601.04. Public Economics
Prerequisites: Economics 529 and 531; or consent of the Department.
Note: Restricted to Master of Economics students.
Economics 607 H(3-0)
Advanced Computational Optimization and Economic Applications II
Prerequisites: Economics 605.
Economics 617 H(3-0)
Advanced Econometrics II
Prerequisites: Economics 615 or consent of the Department.
Economics 679 H(3-0)
(Medical Science 679)
Health Economics I
Applies basic concepts from economics to the examination of health and health care policy issues, such as why we have the kind of health care system we have, various aspects of health care reform, promotion of health, and evaluation in interventions.
Prerequisites: Consent of the Department.
In addition to the numbered and titled courses shown above, the Department offers a selection of advanced level graduate courses specifically designed to meet the needs of individuals or small groups of students. These courses are numbered in the series 800.01 to 899.99. Such offerings are, of course, conditional upon the availability of staff resources.