Queen's University : Courses of Instruction

ECON-110/1.0	ECON-111*/0.5	ECON-112*/0.5	ECON-212*/0.5	ECON-222*/0.5	ECON-223*/0.5	ECON-225*/0.5	ECON-231*/0.5
ECON-232*/0.5	ECON-238*/0.5	ECON-239*/0.5	ECON-240*/0.5	ECON-241*/0.5	ECON-243*/0.5	ECON-250*/0.5	ECON-255*/0.5
ECON-261*/0.5	ECON-262*/0.5	ECON-280*/0.5	ECON-290*/0.5	ECON-310*/0.5	ECON-320*/0.5	ECON-322*/0.5	ECON-325*/0.5
ECON-331*/0.5	ECON-332*/0.5	ECON-348*/0.5	ECON-351*/0.5	ECON-360*/0.5	ECON-361*/0.5	ECON-370*/0.5	ECON-371*/0.5
ECON-390*/0.5	ECON-391*/0.5	ECON-411*/0.5	ECON-421*/0.5	ECON-422*/0.5	ECON-423*/0.5	ECON-425*/0.5	ECON-426*/0.5
ECON-430*/0.5	ECON-435*/0.5	ECON-437*/0.5	ECON-440*/0.5	ECON-442*/0.5	ECON-443*/0.5	ECON-445*/0.5	ECON-450*/0.5
ECON-452*/0.5	ECON-455*/0.5	ECON-480*/0.5	ECON-481*/0.5	ECON-482*/0.5	ECON-483*/0.5	ECON-484*/0.5	ECON-485*/0.5
ECON-486*/0.5	ECON-487*/0.5	ECON-488*/0.5	ECON-489*/0.5	ECON-490*/0.5	ECON-491*/0.5	ECON-492*/0.5	ECON-493*/0.5
ECON-494*/0.5	ECON-495*/0.5	ECON-496*/0.5	ECON-497*/0.5	ECON-498*/0.5	ECON-499*/0.5	ECON-590/1.0

AVAILABILITY
The Department of Economics does not offer all of the courses listed in the Calendar�every year. For the most up-to-date information on the availability of courses offered in the current year, check QCARD or the�departmental website, or consult with the departmental undergraduate office.

ECON-110/1.0

Principles of Economics

An introduction to economic analysis of a modern mixed economy, including the roles of government. The microeconomics part of the course analyzes the behaviour of individual consumers and producers and the functioning of the market price system. The macroeconomics part examines the functioning of the economy as a whole, including the determination of national income, the price level, interest rates, the money supply, and the balance of payments.

EXCLUSIONS�� ECON 111*, ECON 112*.

ECON-111*/0.5

Introductory Microeconomics

An introduction to microeconomic analysis of a modern mixed economy. The course analyzes the behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system. ECON 111* and ECON 112* are together equivalent to ECON 110.

Also offered as a distance course. Consult Continuing and Distance Studies.

Also offered�at the Bader International Study Centre, Herstmonceux.

EXCLUSION�� ECON 110.

ECON-112*/0.5

Introductory Macroeconomics

An introduction to macroeconomic analysis of the economy as a whole, including the determination of national income, the price level, interest rates, the money supply, and the balance of payments. The principles of monetary and fiscal policy are also examined. ECON 111* and ECON 112* are together equivalent to ECON 110.

Also offered as a distance course. Consult Continuing and Distance Studies.

Also offered�at the Bader International Study Centre, Herstmonceux.

EXCLUSION�� ECON 110.

ECON-212*/0.5

Microeconomic Theory I

Theory of markets and prices: decision-making by individuals and firms, equilibrium conditions under various market structures, and issues of individual and social welfare. This course presumes a knowledge of calculus at the first-year university level.

NOTE�� A minimum grade of 65 per cent in this course is required as a prerequisite for ECON 310*.

PREREQUISITE�� ECON 110, or ECON 111* and ECON 112*, or permission of the Department.

COREQUISITE�� MATH 126 or MATH 121 or equivalent.

ECON-222*/0.5

Macroeconomic Theory I

A study of the basic models of national income determination and financial markets. The course includes application to policy problems such as inflation, unemployment and balance of payments disequilibria.

NOTE�� A minimum grade of 65 per cent in this course is required as a prerequisite for ECON 320*.

PREREQUISITE�� ECON 110, or ECON 111* and ECON 112*, or permission of the Department.

COREQUISITE�� MATH 126 or MATH 121 or equivalent.

ECON-223*/0.5

Macroeconomic Policy

Current topics in macroeconomic policy which may include: unemployment and policies to reduce it, government budget deficits, supply-side controversies, financial deregulation, policy coordination, and management of exchange rates. Comparison of policies in Canada, the United States, and other OECD countries. Not offered every year. PREREQUISITE�� ECON 110 or ECON 112*.

ECON-225*/0.5

The Economics of the European Union

This course will focus on two major topics: a) the process of economic integration towards a common market in Europe; and b) the coordination of macroeconomic policy within Europe, the operation of the European Monetary System and the movement towards European Union.

Offered only at the Bader International Study Centre, Herstmonceux.

PREREQUISITE�� ECON 110 or ECON 112*.

ECON-231*/0.5

Emergence of the Modern Industrial Economy

An examination of the origins of modern economic growth concentrating on the industrial revolution in Britain and the prior developments leading up to it. Some attention is directed to the early followers of the changes initiated in Britain. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-232*/0.5

The Diffusion of Modern Economic Growth

The spread of industrialization and economic development in Europe and areas beyond in the late 19th and early 20th centuries. The geographic focus may differ from year to year but Germany, Russia and Japan are usually included. PREREQUISITE�� ECON 110 or ECON 112*.

ECON-238*/0.5

Economies in Transition

An empirical and analytical examination of the experience since 1989 of formerly communist countries of Central Europe and the successor states of the Soviet Union in the transition from centrally-planned economies to market economies.�Not offered every year. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-239*/0.5

Economic Development

A survey of the various economic theories and models elaborating the process of development. The course considers the meaning of economic development; the fundamental analytics of economic growth; the barriers to growth; balanced and unbalanced strategies of growth; population, employment and technology problems; foreign-trade and foreign aid issues. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-240*/0.5

Canadian Tax Policy

The incentive effects of taxes on the allocation of resources in the economy and their impact on the distribution of wealth in Canada. Reviews Canadian tax policy and evaluates the effects of various federal and provincial taxes on the behaviour of households and firms. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-241*/0.5

Economic Aspects of Selected Social Issues

An application of economic analysis to a selection of public policy issues. The topics covered will vary from year to year but examples include regulation of agricultural and industrial markets, health economics, trade policy, natural resource policy, property rights and the 'external' effects of private activities. This course should be of special interest to students of law, political studies and sociology as well as economics. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-243*/0.5

The Economics of Health Care

An economic analysis of modern health care institutions, organizations, and markets, both generically and in the Canadian context.�A discussion of current Canadian health policy debates and various policy options and reform proposals. PREREQUISITE�� ECON 110 or�ECON 111*.

ECON-250*/0.5

Introduction to Statistics

Statistical methods as used in economics. This course introduces statistical hypothesis testing and covers basic methods as far as linear regression analysis.

NOTE�� A minimum grade of 65 per cent in this course is required as a prerequisite for ECON 351*.

PREREQUISITE�� ECON 110, or ECON 111* and ECON 112*, or permission of the Department.

COREQUISITE�� MATH 126 or MATH 121 or equivalent.

EXCLUSIONS�� BIOL 243*, CHEE 209*, COMM 162*, GPHY 247*, KNPE 251* (or PHED 251*), POLS 385*, PSYC 202*, SOCY 211*, STAT�261*, STAT 263*, STAT 267*, STAT 367*.

ECON-255*/0.5

Introduction to Mathematical Economics

An introduction to the use of mathematics in economic analysis. The first part of the course will concentrate on techniques for constrained and unconstrained optimization, as applied to problems of firm and consumer behaviour. This will lead to the interpretation of Lagrange multipliers as shadow prices. The second part of the course will show how matrix algebra may be used to study problems of production and allocation in interdependent economies. PREREQUISITES�� ECON 110, or ECON 111* and ECON 112*; MATH 126 or MATH 121 or equivalent.

ECON-261*/0.5

Canadian Industrial Relations

An analysis of the Canadian industrial relations system in an economic setting. The socio-economic institutional framework of the industrial and collective bargaining system in Canada provides the background for an analysis of some major emerging issues, such as white collar unionism, unions in the public sector, the public interest in emergency disputes, and the impact of technological change. Not offered every year. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-262*/0.5

Labour Markets and Gender Differences

A Canadian perspective on labour market theories, trends, policies and the analysis of differences by gender in labour demand, labour supply, and wages. PREREQUISITE�� ECON 110 or ECON 111*, or permission of the Department.

ECON-280*/0.5

Population and Economic Change

An examination of the interrelationships between changes in the size, composition and distribution of population and changes in the economy. Application is made of some elementary concepts of economic theory and some basic techniques of demographic analysis are introduced. Illustrations are drawn from both the Canadian and the international settings. Not offered every year. PREREQUISITE�� ECON 110 or ECON 111*.

ECON-290*/0.5

Environmental Economics and Assessment

An examination of the economic principles and practices for using environmental resources such as air, water, and natural environments. The economically optimal use of these resources is contrasted with actual uses in modern economies. Government policies are examined in theory and in practice. Cost benefit analysis is presented as a technique for evaluating public sector projects using environmental resources. PREREQUISITE�� ECON 110 or ECON 111*, or permission of the Department.

ECON-310*/0.5

Microeconomic Theory II

A rigorous examination of the central core of microeconomic theory. Consumer demand, the theory of production, product and factor markets, general equilibrium and some aspects of welfare economics are covered. The emphasis is on techniques of analysis. PREREQUISITES�� ECON 212* with a minimum grade of 65 per cent; ECON 255*; MATH 121 or MATH 126 or equivalent.

ECON-320*/0.5

Macroeconomic Theory II

An advanced study of the determinants of aggregate demand and the structure of Keynesian and new classical models. Policy issues covered include crowding out, choice of monetary policy instruments, and monetary policy and the exchange rate. PREREQUISITES�� ECON 222* with a minimum grade of 65 per cent; ECON 255*; MATH 121 or MATH 126 or equivalent.

ECON-322*/0.5

Financial Markets and Risk Management

An in-depth coverage of portfolio selection theory, performance evaluation and derivative pricing theory. Portfolio risk management and hedging are introduced. Discussions on widely used derivative products including futures and options. Students will be exposed to the most recent developments in financial markets. Not offered every year. PREREQUISITES�� ECON 212*, ECON 250* or equivalent; MATH 121 or MATH 126 or equivalent.

EXCLUSION COMM 321*.

ECON-325*/0.5

International Trade Policy

An introduction to the theory of comparative advantage followed by a study of trade policies in developed and developing countries including tariffs and quotas, licensing arrangements, anti-dumping and safeguard mechanisms, domestic content rules and other non-tariff barriers, and multilateral arrangements. PREREQUISITE�� ECON 212*.

ECON-331*/0.5

Economic History of North America to 1865

Uses the methods of economic analysis to examine the main features of the development of Canada before Confederation and the United States through the Civil War. Not offered every year. PREREQUISITE�� ECON 212* or ECON 222* or permission of the Department.

ECON-332*/0.5

Economic History of North America since 1865

The development of the economies of Canada from Confederation and the U.S. since the Civil War. A comparative approach to the development of the two economies is taken. Not offered every year. PREREQUISITE�� ECON 212* or ECON 222* or permission of the Department.

ECON-348*/0.5

Law and Economics

3L;1T

Costs and benefits of legal rules. Among the topics covered are: the justification, acquisition, scope and taking by the state of property rights, the enforcement of and remedies for breach of contract, the assignment of liability in traffic accidents and harm from dangerous products, the costs of litigation and the optimal severity of punishment for crime with special reference to the death penalty. Not offered every year. PREREQUISITE�� ECON 212*.

ECON-351*/0.5

Introductory Econometrics

Estimation and inference in the context of the single-equation linear regression model, dealing exclusively with least squares methods of estimation. The course emphasizes the intuitive understanding and practical application of these basic tools of regression analysis, as distinct from their formal theoretical development. PREREQUISITE�� ECON 250* or equivalent with a minimum grade of 65 per cent; MATH 126 or MATH 121 or equivalent.

EXCLUSION�� STAT 361*.

ECON-360*/0.5

Labour Economics

An analytical course covering topics in labour supply analysis, the economics of human capital, labour demand, the operation of labour markets, the economic behaviour and effect of unions, and selected aspects of wage structure. Not offered every year. PREREQUISITE�� ECON 212*.

ECON-361*/0.5

Income Distribution and Problems of Inequality

A review of theories of the principal determinants of the distribution of income and wealth including labour supply, life-cycle savings, ability and investment in human capital, discrimination, intergenerational transfer mechanisms. Also examined are the distributional aspects of government tax transfer and social security programs. Not offered every year. PREREQUISITE�� ECON 212*.

ECON-370*/0.5

Urban and Regional Economics

Topics vary from year to year, reflecting the interests of students and the instructor. One-third of the course is devoted to spatial theory and two-thirds to the application of economic theory to such problems as optimal city size, urban public finance, pollution and aesthetics, and housing, transportation and poverty problems in the urban setting. Not offered every year. PREREQUISITE�� ECON 212*.

ECON-371*/0.5

Economics of Regulation

Examines regulated industries such as electrical utilities, communication, transportation and agriculture. Addresses traditional questions relating to pricing rules and some recent work in political economy that attempts to explain why society has adopted the particular form of intervention that has occurred. Not offered every year. PREREQUISITE�� ECON 212*.

ECON-390*/0.5

Natural Resource Economics

The study of the exploitation and conservation of natural resources such as fisheries, forestry, minerals and energy, and the implications for public policy using tools of economic analysis. Issues relating to the quality of the environment and role of natural resources in the growth and development of the economy are also emphasized. PREREQUISITE�� ECON 212*.

ECON-391*/0.5

Topics in Environmental Economics

This course provides a solid understanding of the economic causes and consequences of environmental problems and suggests practical solutions. Microeconomic analysis is used to help address a range of issues related to the environment. Likely topics include global environmental problems, sustainable development, environmental law, strategic models of regulation, environmental ethics, and bioeconomic models. Not offered every year. PREREQUISITE�� ECON 212*.

ECON-411*/0.5

Topics in Microeconomic Theory

Content varies from year to year. Game theory, risk, and externalities are among the topics covered in recent years. PREREQUISITE�� ECON 310*.

ECON-421*/0.5

Topics in Macroeconomic Theory

An advanced discussion of selected topics in macroeconomic theory, policy, and evidence. Analysis uses: two-period models; linear, rational expectations models; overlapping generations models; and the neoclassical growth model. These methods are applied to such topics as: asset-pricing; hyperinflation; exchange-rate overshooting; Ricardian equivalence; international evidence on sources of economic growth. Detailed reference is made to empirical evidence. PREREQUISITES�� ECON 310* and ECON 320*, or ECON 320* and permission of the Department.

ECON-422*/0.5

Monetary Economics

Topics in monetary theory and policy, depending upon the interests of the instructor and students. Examples include the foundations of monetary theory; money supply and demand; portfolio choice; monetary aspects of the balance of payments; money and economic growth; financial markets; the term structure of interest rates. PREREQUISITES�� ECON 310* and ECON 320*, or ECON 320* and permission of the Department.

ECON-423*/0.5

Topics in Financial Economics

Selected topics in financial economics. Topics may include: the microeconomics of banking; pricing of financial instruments; risk management and financial markets infrastructure; financial choices under uncertainty and general equilibrium. Students are directed to the undergraduate website for a detailed description yearly. PREREQUISITES�� ECON 310*, ECON 322*.

COREQUISITE�� ECON 351*.

ECON-425*/0.5

International Trade Theory and Policy

A rigorous treatment of the major issues in international trade theory, using mainly geometrical tools. There is also emphasis on empirical testing of various hypotheses. The major topics covered are the determinants of international trade patterns, commercial policy issues, trade and economic growth and regional integration. PREREQUISITE�� ECON 310*.

ECON-426*/0.5

International Macroeconomics

The study of international capital flows, sovereign debt, and international risk-sharing; real exchange rates and international goods pricing; topics in international finance such as exchange-rate modeling and speculative attacks; and policy topics such as fiscal and monetary policy effects and exchange-rate regime choice. Not offered every year. PREREQUISITES�� ECON 310* and ECON 320*, or ECON 320* and permission of the Department.

ECON-430*/0.5

Issues in Economic History

An advanced course in economic history that explores a selection of topics debated in the literature. An emphasis is placed on the use of economic analysis to deal with historical issues. The topics vary from year to year and usually concern mainly, but not exclusively, North America. Not offered every year. PREREQUISITES�� ECON 212*, ECON 222*, ECON 250* or equivalent, and at least 0.5 prior credit in economic history.

ECON-435*/0.5

Development Economics

Microeconomic issues: land, labor, credit, and insurance markets; duality; alternate views of the role and evolution of non-market institutions in the development process. Macroeconomic issues: urban migration; inequality and development; population growth and technical change; internal factor accumulation versus TFP growth. Offered concurrently with ECON 835*. PREREQUISITES�� ECON 239*, ECON 310*, and permission of the Department.

COREQUISITE�� ECON 351*.

ECON-437*/0.5

Cost-Benefit Analysis

A course covering the techniques and applications of cost-benefit analysis and project evaluation. Topics include the foundations of cost-benefit analysis; investment decision rules; the social discount rate; risk and uncertainty; and the shadow pricing of inputs. Objectives such as income distribution and macro-economic goals are also considered. Offered concurrently with ECON 837*. PREREQUISITES�� ECON 255*, ECON 310*,�and permission of the Department.

ECON-440*/0.5

Public Economics

The study of public goods, redistribution of income, and taxation, with emphasis on efficiency and equality as criteria for decision-making in the public sector. PREREQUISITE�� ECON 310*.

ECON-442*/0.5

Topics in Public Economics

Selected topics in the theory of public economics and related policy questions. Content varies from year to year. Topics may include: the role of asymmetric information in public economics, tax policy, design of redistributive programs, fiscal federalism, and selected aspects of Canadian public policy. Students are directed to the undergraduate website�at http://www.econ.queensu.ca/pub/undergrad/400.php#442 for a detailed description. PREREQUISITE�� ECON 310*.

ECON-443*/0.5

Issues in Microeconomic Policy

Selected topics in microeconomic policy. Topics may include: climate change, health economics, national security (defense economics), globalization and/or regional development, and demographic change. Students are directed to the undergraduate website at http://www.econ.queensu.ca/pub/undergrad/400.php#443 for a detailed description. PREREQUISITE�� ECON 310*.

ECON-445*/0.5

Industrial Organization and Public Policy

An analysis of industry structure, conduct and performance in the Canadian economy, including the major features and current issues of competition policy. PREREQUISITE�� ECON 310* or permission of the Department.

ECON-450*/0.5

Advanced Econometrics

Estimation methods, including least squares and maximum likelihood; specification testing, including t, F, likelihood ratio and Lagrange multiplier tests; serial correlation and heteroskedasticity; dynamic models and simultaneous equation models. Extensive use of calculus and linear algebra. Offered concurrently with ECON 852*. PREREQUISITES�� ECON 351*, ECON 452*, and permission of the Department.

ECON-452*/0.5

Applied Econometrics

Emphasizes problems in specifying and estimating econometric models, methods available for detecting and handling these problems, and economic applications. Extensive use of matrix algebra. PREREQUISITES�� ECON 255*, and ECON 351* or STAT 361*.

ECON-455*/0.5

Mathematical Economics

Applications of mathematics in economic analysis. Topics covered will generally include a review of optimization techniques as applied to consumer and producer theory, comparative statics, the envelope theorem, duality theory, welfare economics and general equilibrium theory. Optimization techniques to be covered will include nonlinear and dynamic programming. Offered concurrently with ECON 855*. PREREQUISITES�� ECON 255*, ECON 310*,�and permission of the Department.

ECON-480*/0.5

Seminars in Microeconomics

Series of seminar courses, topics in microeconomics. Evaluation based on presentations, formal/infomral participation and written papers.� Offerings vary from year to year with staff availability.�Topics announced in advance of course selection and available on the Undergraduate webpage. PREREQUISITE Admission to Honours with a concentration in Economics or Applied Economics.