Mount Allison University Campus

Academic Calendar 2020-2021

Table of Contents

Economics

Every society must in some way determine what goods and services its members will produce, and to what extent each person can claim a portion of this flow of output. Our Canadian society relies primarily, although not completely, upon a system of variable money prices, a market economy, to resolve the questions of production and distribution.

Much of the study of economics consists of examining the operation of market economies to discover regularities of behaviour, ultimately in the expectation that through better understanding society will be able to remedy undesirable results and achieve better ones. Such a study logically includes looking at the historical evolution of modern economies (economic history), the evolution of thinking about economic systems (economic thought), the operation of markets (microeconomics), the aggregate flows of output (macroeconomics), the operation of the money system (money and banking), economic relationships with other societies (international economics) and so on. Instruction on such topics emphasizes understanding.

To achieve understanding means moving into the seemingly abstract realm of theory, analysis and technical terms. Little attention is paid to description or factual memorization. Students planning to concentrate on economics will find mathematics a valuable complementary study. Those who dislike mathematics or who do poorly in it usually encounter difficulties in economics.

Disciplinary B.A. Programs

MINOR in Economics is 24 credits earned as follows:

6from ECON 1001 and 1011
18from Economics, including 6 from the 3/4000 level, chosen in consultation with the Program Advisor

MAJOR in Economics is 60 credits earned as follows:

21from ECON 1001, 1011, 2001, 2011, 2101, 2111, 2701
3from ECON 1701, MATH 2311
3from MATH 1111, 1151
6from COMM 2101, COMP 1631, MATH 1121, 2221
18from Economics at the 3/4000 level
9from complementary courses, chosen in consultation with the Program Advisor

Note:

  1. COMM 3411, 3501, 4141, 4501, and 4521 may be designated as Economics electives for students taking a Major, Minor or Honours in Economics or the Major or Honours in Philosophy, Politics, and Economics.

  2. ECON 3201, 3211, 3301, 3601, 3711, 3921, 4501, 4521, 4611, 4621, 4711, 4721, 4801, 4811, 4821, 4990, and COMP 3851 are Commerce electives for students taking a Bachelor of Commerce or a Major or Minor in Commerce.

  3. Students considering upper level courses in Economics are encouraged to complete MATH 1111 and MATH 1121 early in their degree programs.

Note:  See also the Interdisciplinary Minor in International Economics and Business

HONOURS PROGRAM

Honours in Economics may be completed in both Arts and Commerce Degree Programs. For Honours under the B.A. please see the section below; for Honours under the B.Comm. please see section 11.5.9. Students who plan to pursue graduate studies in Economics are advised to include Economics 4711, 4721, 4801, 4811, 4821 and courses in Calculus, Linear Algebra (Mathematics 2221) and Statistics (Mathematics 3311, 3321) from the Mathematics Department. Other courses in Mathematics are also valuable. Students should seek advice from a member of the Department of Economics when deciding on a program of study.

HONOURS in Economics is 72 credits earned as follows:

51credits as in the first five lines of the Major, plus:
12from ECON 4001, 4011, 4711, 4721, 4801, 4811, 4821, 4990
9from Economics at the 3/4000 level, or PHIL 2611, 3631, or Mathematics and Computer Science (except MATH 1011, 1251 and 2321; and COMP 1631) chosen in consultation with the Economics Program Advisor

Interdisciplinary B.A. Program

B.A. HONOURS in Economics and Mathematics is 81 credits earned as follows:

21from ECON 1001, 1011, 2001, 2011, 2101, 2111, 2701
18from MATH 1111, 1121, 2111, 2121, 2211, 2221
3from ECON 1701, MATH 2311
3from COMP 1631
6from MATH 3111, 3211
12from ECON 4711, 4721, 4801, 4811, 4821
6from ECON at the 3/4000 levels which may include ECON 4990
12from MATH at the 3/4000 level

ECONOMICS COURSES

Note:  The listing of a course in the Calendar is not a guarantee that the course is offered every year.

Note:  Students must obtain a grade of at least C- in all courses used to fulfill prerequisite requirements. Otherwise, written permission of the appropriate Department Head or Program Co-ordinator must be obtained.

Principles of Microeconomics

This course introduces the study of Economics and the nature of microeconomic problems including the behaviour of consumers and firms in different markets, and the results of their actions as manifested in production, costs, and prices, market efficiency, and market failure. [Note 1: Students should normally have completed a university preparatory level course in Mathematics.] (Format: Lecture 3 Hours, Tutorial 1 Hour) (Exclusion: ECON 1000)

Principles of Macroeconomics

This course introduces the study of Economics and the nature of macroeconomic problems such as the determinants of the level of national income, employment, and the accompanying stabilization problems and policies. Topics also include money and banking, international trade, exchange rates, and the problems of inflation. [Note 1: Students should normally have completed a university preparatory level course in Mathematics.] (Format: Lecture 3 Hours, Tutorial 1 Hour) (Exclusion: ECON 1000)

Observational Data Analysis

This course introduces students to statistical concepts used in the examination of data generated in uncontrolled environments with particular emphasis on investigating social and economic phenomena. Topics include data collection, descriptive statistics, probability concepts, statistical estimation, and hypothesis testing. (Format: Lecture 3 Hours)

Special Topic in Economics

This course either focuses on topics not covered by the current course offerings in a department or program or offers the opportunity to pilot a course that is being considered for inclusion in the regular program. [Note 1: Prerequisite set by Department/Program when the topic and level are announced. Note 2: When a Department or Program intends to offer a course under this designation, it must submit course information, normally at least three months in advance, to the Dean. Note 3: Students may register for ECON 1991 more than once, provided the subject matter differs.] (Format: Variable)

Intermediate Microeconomics I: Exchange And Consumer Decisions

Prereq: ECON 1001; or permission of the Department
This course presents microeconomic theory and its applications relating to consumer decisions. Topics covered include: scope and method of microeconomics; demand and consumer behaviour; choices under uncertainty; intertemporal decisions making; asymmetric information; externalities and public goods; and exchange equilibrium and economic efficiency. (Format: Lecture 3 Hours) (Exclusion: Any version of ECON 2001 previously offered with a different title)

Intermediate Microeconomics Ii: Markets And Producer Decisions

Prereq: ECON 1001; or permission of the Department
This course presents microeconomic theory and its applications relating to producer decisions. Topics include: the theory of production and cost; profit maximization and competitive supply; pricing with market power; monopoly and monopsony; monopolistic competition and oligopoly; game theory and strategic interactions; markets for inputs and income distribution; markets and asymmetric information; analysis of markets and effects of government policies; and the theory of the firm and team production. (Format: Lecture 3 Hours) (Exclusion: any version of ECON 2011 previously offered with a different title)

Intermediate Macroeconomics I

Prereq: ECON 1011; or permission of the Department
This course presents theories of national income, employment, inflation, balance of payments, and stabilization policy within the framework of macroeconomic models of an open economy. It focuses on short-run macroeconomic analysis and policy. (Format: Lecture 3 Hours)

Intermediate Macroeconomics II

Prereq: ECON 2101; or permission of the Department
This course is a continuation of macroeconomic analysis in the context of the long-run. Topics include long-run consumption functions, investment and real business cycles, economic growth and productivity, and the monetary theories of the classical economists, Keynes, and Friedman. (Format: Lecture 3 Hours)

Economic Issues in Canadian Public Policy I

Prereq: 6 credits from Social Sciences; or permission of the Department
This course introduces analytical methods used by social scientists examining Canadian social and economic policy by studying issues that arise perennially. Topics may include: unemployment and government policy, Canada and the global economy, social security reform, regionalism, education policy, health policy, and inflation. (Format: Lecture 3 Hours) (Exclusion: Any version of ECON 2301 previously offered with a different title)

Economic Issues in Canadian Public Policy II

Prereq: 6 credits from Social Sciences; or permission of the Department
This course provides a critical study of current debates on economic and social policy in Canada. (Format: Lecture 3 Hours) (Exclusion: Any version of ECON 2311 previously offered with a different title)

Introduction to Econometrics

Prereq: ECON 1001; ECON 1011; 3 credits from ECON 1701, MATH 2311; or permission of the Department
This course introduces statistical tools for handling data generated in uncontrolled environments and the techniques involved in their use. Topics include estimation and inference of single- and multi-variable regression models, large sample techniques, dummy variables, heteroskedasticity, and an introduction to times series. (Format: Lecture 3 Hours) (Exclusion: Any version of ECON 2701 previously offered with a different title)

Special Topic in Economics

This course either focuses on topics not covered by the current course offerings in a department or program or offers the opportunity to pilot a course that is being considered for inclusion in the regular program. [Note 1: Prerequisite set by Department/Program when the topic and level are announced. Note 2: When a Department or Program intends to offer a course under this designation, it must submit course information, normally at least three months in advance, to the Dean. Note 3: Students may register for ECON 2991 more than once, provided the subject matter differs.] (Format: Variable)

Law and Economics

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course introduces the economic analysis of law, the role of economics in legal debates, and the role of law in economic exchange. It examines economic aspects of social and legal issues and policies in regional, national and international contexts. Topics may include: property, contracts, torts, environmental law, and the economics of crime and punishment. (Format: Lecture 3 Hours)

Health Economics

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course introduces economic issues in the health care system. It examines applications of economic principles and empirical analysis to the study of health and health policies in Canadian and International contexts. Topics may include: the demand for health care, the supply of health services through health practitioners and hospitals, the economic effects of health insurance, pharmaceutical markets, economic evaluation techniques for health, health technology assessment and public policy formulation. (Format: Lecture 3 Hours)

Money, Banking, and the Canadian Financial System: Microeconomic Perpectives

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course covers microeconomic aspects of the Canadian financial system. One main focus of the course is on financial instruments, the markets in which they are traded, and the economic role that these markets play. The other main focus is on Canadian financial institutions, the activities in which they engage, and the economic roles they play. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Money, Banking, and the Canadian Financial System: Macroeconomic Perpectives

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course covers macroeconomic aspects of the Canadian financial system. These include central banking, and the conduct and mechanics of monetary policy. The international financial system is also covered. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Introduction to Game Theory

Prereq: 6 credits from ECON 1001, 1011; or 3 credits from MATH 1111, 1151; or permission of the Department
This course introduces the basic tools and methods of Game Theory. Game Theory is a mathematically oriented approach to understanding the strategic interaction of self-interested agents. Emphasis is on non-cooperative games. Topics include backwards induction, iterative deletion of dominated strategies, Nash equilibrium, repeated games, some equilibrium refinements, evolutionary game theory, and Bayesian Nash equilibria. [Note 1: This course is cross-listed as MATH 3301 and therefore may count as 3 credits in either discipline. Note 2: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce] (Format: Lecture 3 hours, Laboratory 1 Hour)

Survey Research Methods

Prereq: 6 credits from Social Sciences; 3 credits from ECON 1701, MATH 2311, PSYC 2011, GENS 2431, BIOL 3701; or permission of the Department
This course introduces students in social science disciplines to survey research methods. This involves the complete survey development process, including the development and administration of a survey questionnaire, sample selection, statistical analysis, and collaboration with survey developers and parties interested in the survey administration. It also covers presentation techniques (Format: Lecture 3 Hours) (Exclusion: ECON 4981 Data Analysis I; ECON 4981 Data Analysis II; ECON 4981 Data and Research)

Economic Growth and Technological Change

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course covers economic theories of economic growth and technological change and their application in the study of the historical evolution of the world economy. Historical sections of the course selectively cover materials on Canada, the US, Europe, Asia, and the developing world. (Format: Lecture 3 Hours)

Principles of Cost-Benefit Analysis

Prereq: ECON 2001; or permission of the Department
This course examines the use of economic theory in the assessment of public sector regulations and projects. Topics include the measurement of social costs and social benefits, shadow pricing, and the choice of discount rate. The course relies heavily on concrete examples such as transportation infrastructure, medical services, environmental protection and hydro development. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Labour Management Relations

Prereq: ECON 1001; ECON 1011; or permission of the Department
An introduction to the history and institutions of the North American industrial relations system. Topics include: labour management techniques used by firms; unions and union strategies; government regulation of pay and working conditions; and the structure of collective bargaining. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Labour Economics

Prereq: ECON 2001; or permission of the Department
This course introduces labour economics. Topics include the demand and supply of labour, the Canadian labour market and income distribution, unemployment, poverty, and discrimination in Canada. (Format: Lecture 3 Hours)

Environmental Economics

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course presents the application of economic analysis in the study of environmental problems. It examines when and why markets often fail to allocate sufficient resources to environmental conservation, and critically assess different policy instruments available to correct for the fundamental "market failure". Using the analytical methods, it examines the following types of policies: measures to control air and water pollution, the disposal of hazardous wastes, the protection of endangered species, and the control of cross border pollution, including the Canadian "Green Plan". (Format: Lecture 3 Hours)

Natural Resource Economics

Prereq: ECON 2001; 3 credits from MATH 1111, 1151; or permission of the Department
This course examines the application of economic analysis to questions of management, use, and conservation of natural resources. It exposes students to economic theories used in the study of renewable and non-renewable resource industries. It pays particular attention to resource industries important to the Atlantic Canadian economy (the fishery, forestry, agriculture, mining, and energy). (Format: Lecture 3 Hours)

International Trade

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course examines issues such as the pure economic theory of international trade and important institutions (the FTA, NAFTA, the EC, GATT, etc.), plus problems and policies associated with trade in goods and services. It also examines issues such as free trade and protectionism and the gains and losses resulting from globalization. (Format: Lecture 3 Hours)

International Finance

Prereq: ECON 1001; ECON 1011; or permission of the Department
This course examines the financial side of international trade. The focus is on exchange rates, the balance of international payments, alternative means of adjustment to shocks in the international economy, and international monetary arrangements. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Special Topic in Economics

This course either focuses on topics not covered by the current course offerings in a department or program or offers the opportunity to pilot a course that is being considered for inclusion in the regular program. [Note 1: Prerequisite set by Department/Program when the topic and level are announced. Note 2: When a Department or Program intends to offer a course under this designation, it must submit course information, normally at least three months in advance, to the Dean. Note 3: Students may register for ECON 3991 more than once, provided the subject matter differs.] (Format: Variable)

Modes of Classical Economic Thought

Prereq: ECON 1001; ECON 1011; 6 credits from ECON 2001, 2011, 2101, 2111, or 6 credits from ECON at the 3/4000 level, or 6 credits from PHIL 3000, 3221, 3231, 3250, 3301, 3311, 3311, 4111, 4211, or 6 credits from POLS 3001, 3011, 4000, 4011; or permission of the Department
This course focuses on the work of classical economists (especially Adam Smith, David Ricardo, and Thomas Malthus) and the economic theories of Karl Marx. (Format: Lecture 3 Hours)

Modes of Economic Thought

Prereq: ECON 1001; ECON 1011; 6 credits from ECON 2001, 2011, 2101, 2111, or 6 credits from ECON at the 3/4000 level, or 6 credits from PHIL 3000, 3221, 3231, 3250, 3301, 3311, 4111, 4211, or 6 credits from POLS 3001, 3011, 4000, 4011; or permission of the Department
This course examines the historical origins of neo-classical, Austrian and Keynesian economic thought. (Format: Lecture 3 Hours)

Public Finance: Taxation and Fiscal Federalism

Prereq: ECON 2001; ECON 2011; or permission of the Department
This course examines positive and normative approaches to taxation and fiscal federalism with special emphasis on issues in Canadian Public Finance. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Normative Economics

Prereq: 12 credits from ECON 2001, 2011, 2101, 2111; or 3 credits from ECON at the 2/3/4000 level and 6 credits from ECON at the 3/4000 level; or permission of the Department
This course examines the criteria for making judgments on economic performance. It introduces and evaluates notions of efficiency, fairness, and distributive justice in economic outcomes. Topics include the measurement of economic inequality and poverty, value judgments in cost-benefit analysis, consistent collective decision making, and effective means of income redistribution. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Economic Growth and Development: Japan and East Asia

Prereq: 6 credits from ECON 1001, 2111; or ECON 3501; or permission of the Department
This course focuses on the economic performance of the economies of Japan, China, and other areas of eastern Asia, emphasizing historical and major current events. (Format: Lecture 3 Hours) (Exclusion: ECON 3531)

International Development

Prereq: 6 credits from ECON 1001, 2111; or ECON 3501; or permission of the Department
This course focuses on differences in the patterns of economic development in the world economy. It examines the developing world, national and international policies designed to improve the global distribution of income, and the economic development policies of the World Bank, the International Monetary Fund, and the United Nations. (Format: Lecture 3 Hours) (Exclusion: ECON 3551)

Industrial Organization: Theory

Prereq: ECON 2001; ECON 2011; 3 credits from MATH 1111, 1151; or permission of the Department
This course provides an overview of central theories of industrial organization, examining market power, the theory of the firm, and strategic behaviour, within classic and dynamic oligopoly theoretical frameworks. It makes explicit use of game theoretic techniques where appropriate. Topics may include: collusive and competitive behaviour, non-linear pricing, commitment and repeated games, and entry deterrence. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours) (Exclusion: ECON 3611)

Industrial Organization: Policy

Prereq: ECON 2001; ECON 2011; 3 credits from MATH 1111, 1151; or permission of the Department
This course examines the economics of vertical and horizontal constraints. It provides an introduction to regulatory economics and Canadian and International competition policy. Topics may include policy issues concerning the control of mergers, monopoly, predatory pricing, collusion, resale price maintenance, exclusive dealing, tying, and other contractual agreements, including restrictions on contracting agents. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours) (Exclusion: ECON 3621)

Econometric Theory

Prereq: 6 credits from ECON 2701, MATH 2221; or 9 credits from MATH 2221, 3311, 4311; or permission of the Department
This provides a rigorous treatment of the linear regression model, with special attention paid to the statistical theory underlying estimation and inference. It also covers model design, functional form selection, bias, error structure, and consistent estimation. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture/Lab 3 Hours) (Exclusion: ECON 4700)

Applied Econometrics

Prereq: ECON 4711; or permission of the Department
This course provides an introduction to applied econometrics through the carrying out of an independent research project. It introduces students to methods used in applied econometrics such as instrumental variables, panel estimation techniques, nonlinear models, and forecasting methods. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture/Lab 3 Hours) (Exclusion: ECON 4700)

Advanced Microeconomic Theory

Prereq: ECON 2001; ECON 2011: ECON 2101; ECON 2111; MATH 1121; or permission of the Department
The course develops tools and techniques for analyzing problems in microeconomics. These include modern theories of the consumer and of the firm, general equilibrium, and welfare theorems. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce. Note 2: Although not required, the Economics Department recommends that students complete MATH 2111 and MATH 2221 prior to undertaking ECON 4801. Note 3: Honours students who wish to pursue graduate studies in economics are strongly advised to take this course.] (Format: Lecture 3 Hours) (Exclusion: Any version of ECON 4801 previously offered with a different title)

Advanced Macroeconomic Theory

Prereq: ECON 4801; or permission of the Department
This course introduces many of the models that form the foundation of modern macroeconomics, including growth, network, and search-and-matching models. The core organizing principle of the course is the concept of general equilibrium, emphasizing tools and techniques for deriving equilibrium properties of the models. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce. Note 2: Although not required, the Economics Department recommends that students complete MATH 2111 and MATH 2221 prior to undertaking ECON 4801. Note 3: Honours students who wish to pursue graduate studies in economics are strongly advised to take this course.] (Format: Lecture 3 Hours) (Exclusion: Any version of ECON 4811 previously offered with a different title)

Uncertainty and Strategy in Economics

Prereq: ECON 2001; ECON 2011; ECON 2101; ECON 2111; or permission of the Department
The course examines the roles played by uncertainty and asymmetric information in the allocation of resources. It also uses tools of probability theory to examine strategic interaction. Honours students who wish to pursue graduate studies in economics are strongly advised to take this course. [Note 1: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Lecture 3 Hours)

Independent Study in Economics

This course permits senior students, under the direction of faculty members, to pursue their interest in areas not covered, or not covered in depth, by other courses through a program of independent study. [Note 1: Permission of the Department/Program Advisor. Students must obtain consent of an instructor who is willing to be a supervisor and must register for the course prior to the last day for change of registration in the term during which the course is being taken. Note 2: A program on Independent Study cannot duplicate subject matter covered through regular course offerings. Note 3: Students may register for ECON 4950/51 more than once, provided the subject matter differs.] (Format: Independent Study)

Independent Study in Economics

This course permits senior students, under the direction of faculty members, to pursue their interest in areas not covered, or not covered in depth, by other courses through a program of independent study. [Note 1: Permission of the Department/Program Advisor. Students must obtain consent of an instructor who is willing to be a supervisor and must register for the course prior to the last day for change of registration in the term during which the course is being taken. Note 2: A program on Independent Study cannot duplicate subject matter covered through regular course offerings. Note 3: Students may register for ECON 4950/51 more than once, provided the subject matter differs.] (Format: Independent Study)

Honours Thesis

A student fulfilling requirements for an Honours degree may elect to undertake a research and writing project of acceptable scope and quality under the supervision of faculty members in Economics. The student must submit a formal proposal to the Department prior to registration. [Note 1: Written permission of the Department required. Note 2: Counts as a Commerce elective for students taking a Bachelor of Commerce or a Major or Minor in Commerce.] (Format: Independent Study/Thesis)

Special Topic in Economics

This course either focuses on topics not covered by the current course offerings in a department or program or offers the opportunity to pilot a course that is being considered for inclusion in the regular program. [Note 1: Prerequisite set by Department/Program when the topic and level are announced. Note 2: When a Department or Program intends to offer a course under this designation, it must submit course information, normally at least three months in advance, to the Dean. Note 3: Students may register for ECON 4991 more than once, provided the subject matter differs.] (Format: Variable)