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FULL-TIME UNDERGRADUATE CALENDAR

McMaster Undergraduate Calendar 2011-2012 Course Listings Economics

Economics {150}
Kenneth Taylor Hall, Room 426, ext. 22765

http://www.economics.mcmaster.ca

Faculty as of January 15, 2011

Chair

William Scarth

Associate Chair

Jeffrey Racine

Professors

Martin Dooley/B.A. (Indiana), M.S., Ph.D. (Wisconsin-Madison)
Jeremiah E. Hurley/B.A. (John Carroll), M.A., Ph.D. (Wisconsin-Madison)
Stephen R.G. Jones/B.A. (Cambridge), Ph.D. (California-Berkeley)
John E. Leach/B.A. (Alberta), M.A., Ph.D. (Queen's)
Wayne Lewchuk/(Labour Studies) M.A. (Toronto), Ph.D. (Cambridge)
Lonnie J. Magee/B. Math. (Waterloo), M.A., Ph.D. (Western Ontario)
Kenneth H. Norrie/B.A. (Saskatchewan), M.Phil., Ph.D. (Yale)
A. Abigail Payne/B.A. (Denison), J.D. (Cornell), Ph.D. (Princeton)
Jeffrey S. Racine/B.A., M.A. (McMaster), Ph.D. (Western Ontario)/Senator William McMaster Chair in Econometrics
William M. Scarth/B.A. (Queen's), M.A. (Essex), Ph.D. (Toronto)
Byron G. Spencer/B.A. (Queen's), Ph.D. (Rice)
Arthur Sweetman/B.Eng. (McGill), M.A, Ph.D. (McMaster)/Ontario Research Chair in Labour Markets for Health Professionals
Michael R. Veall/B.A. (McMaster), M.A. (Western Ontario), Ph.D. (M.I.T.)

Adjunct Professor

Robert Dimand/B.A. (McGill), M.A., M.Phil., Ph.D. (Yale)
John Haisken DeNew/B.A. (Carleton), M.A. (Toronto), Ph.D. (Munich)

Associate Professors

Paul Contoyannis/B.Sc., M.Sc., Ph.D. (University of York)
Katherine Cuff/M.A. (York), B.A., Ph.D. (Queen's)/Canada Research Chair in Public Economic Theory
Philip DeCicca/B.A. (Cornell), M.P.A. (Syracuse), Ph.D. (Michigan)
Michel Grignon/M.A. (ENSAE), Ph.D. (EHESS)
Seungjin Han/B.Econ. (Korea University), M.A. (McGill University), Ph.D. (Toronto)
Alok Johri/B.A. (Delhi), M.A. (Delhi School of Economics), Ph.D. (Boston)
Marc-André Letendre/B.A.A. (HEC Montréal), M.A., Ph.D. (Queen's)

Adjunct Associate Professor

Neil J. Buckley/B.Arts Sc., M.A., Ph.D. (McMaster)
Thomas F. Crossley/B.Sc. (Queen's), M.A., Ph.D. (McMaster)
Paul Grootendorst/B.A. (Victoria), M.A. (Queen's), Ph.D. (McMaster)

Assistant Professors

Svetlana Demidova/M.Sc. (Moscow State), M.A. (New Economic School, Russia), Ph.D. (Pennsylvania State)
Hannah Holmes/M.A.(McMaster)
Maxim Ivanov/M.Sc. (Tomsk), M.A. (New Economic School, Russia), Ph.D. (Pennsylvania State)
Peter J. McCabe/A.B. (Boston College), Ph.D. (Northwestern)
Bridget O'Shaughnessy/M.A.(York)
Shintaro Yamaguchi/Ph.D. (Wisconsin-Madison)

Adjunct Assistant Professors

Sule Alan/B.Sc. (Middle East Technical), M.A. (York), Ph.D. (McMaster)
Emile Tompa/B.A. (York), M.B.A. (British Columbia), M.A. (Toronto), Ph.D. (McMaster)

Associate Members

Dean C. Mountain/(Business) B.A. (McMaster), M.A., Ph.D. (Western Ontario)
Gregory L. Stoddart/(Clinical Epidemiology and Biostatistics) B.A. (Western Ontario), Ph.D. (British Columbia)
Jean-Eric Tarride/(Health Economics), Ph.D. (Concordia)

Department Notes:

  1. Not all the Economics courses listed in this Calendar are taught every year. Students are advised to consult the timetable published by the Office of the Registrar, or the Department handbook for information on current offerings.
  2. Students with credit in ECON 2X03 who transfer into Economics from other programs may substitute ECON 2X03 for ECON 2G03.
  3. Students who complete ECON 2I03 are well placed to enrol in the Canadian Securities Course (a correspondence course operated by the Canadian Securities Institute which represents the licensing requirement for individuals training to become investment advisors).
  4. Some, but not all, graduate programs in Economics require ECON 3G03, 4T03 and 4TT3.  For this reason, students interested in an M.A. in Econimics are advised to consult a departmental advisor for more detailed information.
  5. MATH 1M03 is required for any student planning to transfer into Commerce and strongly recommended for any student with a minor in Business or Finance.  MATH 1M03 is required for ECON 3G033W03, 4T03 and 4TT3 and is strongly recommended for students planning any graduate study in economics. 

Courses  If no prerequisite is listed, the course is open

ECON 1B03      INTRODUCTORY MICROECONOMICS

An introduction to the method and theory of microeconomics, and their application to the analysis of contemporary economic problems.

Three lectures; one term
Antirequisite(s): ARTS&SCI 2E03
ECON 1B03 and 1BB3 can be taken in either order or concurrently.
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ECON 1BB3      INTRODUCTORY MACROECONOMICS

An introduction to the method and theory of macroeconomics, and their application to the analysis of contemporary economic problems.

Three lectures; one term
Antirequisite(s): ARTS&SCI 2E03
ECON 1B03 and 1BB3 can be taken in either order or concurrently.
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ECON 2A03      ECONOMICS OF LABOUR-MARKET ISSUES

This course applies economic analysis to issues of importance in the labour market. Topics vary and may include: women in the Canadian labour market; discrimination in hiring and promotion; unemployment; job loss and workplace closing; work sharing.

Three lectures; one term
Prerequisite(s): ECON 1B03 and 1BB3; or ARTS&SCI 2E03
Cross-List(s): LABR ST 3A03
Not open to students with credit or registration in ECON 3D03.
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ECON 2B03      ANALYSIS OF ECONOMIC DATA

Application of statistical concepts to the analysis of economic data, with attention to Canadian sources. Regression analysis and the use of spreadsheets are included. Topics may also include index numbers.

Three lectures; one term
Prerequisite(s): ECON 1B03, 1BB3 (or ARTS&SCI 2E03); and one of MATH 1F03, 1K03, Grade 12 Calculus and Vectors U (or Grade 12 Advanced Functions and Introductory Calculus U); and STATS 1L03 or Grade 12 Mathematics of Data Management U
Antirequisite(s): COMMERCE 2QA3, EARTH SC 2MB3, ENVIR SC 2MB3, GEO 2S03, 3S03, GEOG 2MB3, HTH SCI 1F03, SOC SCI 2J03, STATS 1A03, 1CC3
Not open to students with credit or registration in ARTS&SCI 2R06, CHEM ENG 4C03, HTH SCI 2A03, POL SCI 3N06, PSYCH 2RA3, 2RB3, 2RR3, PNB 2XE3, 3XE3, SOCIOL 3H06, STATS 2B03, 2D03, 2MB3, 3N03, 3Y03, or if COMMERCE 2QA3 is a program requirement.
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ECON 2CC3      HEALTH ECONOMICS AND ITS APPLICATION TO HEALTH POLICY

Economic analysis of health and health care, with a special emphasis on policy issues in the Canadian health care system.

Three hours (lectures and discussion); one term
Prerequisite(s): Registration in Level II or above
Cross-List(s): HLTH AGE 2C03
Antirequisite(s): HEALTHST 2C03
Not open to students registered in an Economics program or with credit or registration in ECON 2G03, 2X03 or 3Z03. Students excluded from ECON 2CC3 or those wishing to do further work in Health Economics are referred to ECON 3Z03. May not be used to satisfy Economics unit requirements by students in Economics programs or a minor in Economics.
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ECON 2D03      ECONOMIC ISSUES

Applications of economics to important public issues, from a general interest perspective. Since topics vary from year to year, interested students should consult the Economics Department for further details. Students may be involved in academic placements within the community.

Three lectures; one term
Prerequisite(s): ECON 1B03 and 1BB3 (or ARTS&SCI 2E03)
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ECON 2F03      THE POLITICAL ECONOMY OF DEVELOPMENT

Topics include trade and economic protection, financial development and investment, income distribution, and the role of globalization and international political competition.

Three lectures; one term
Prerequisite(s): ECON 1B03 and 1BB3 (or ARTS&SCI 2E03)
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ECON 2G03      INTERMEDIATE MICROECONOMICS I

Elements of production and cost; price and output determination under competitive and non-competitive market structures; the role of taxes and subsidies.

Three lectures; one term
Prerequisite(s): ECON 1B03 (or ARTS&SCI 2E03); and credit or registration in one of MATH 1F03, 1M03, Grade 12 Calculus and Vectors U (or Grade 12 Advanced Functions and Introductory Calculus U) or equivalent.  Completion of one of these mathematics courses is strongly recommended prior to registration in ECON 2G03.
Antirequisite(s): ECON 2X03
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ECON 2GG3      INTERMEDIATE MICROECONOMICS II

Theory of consumer choice and applications to intertemporal choice and labour supply decisions; theory of exchange, welfare economics and general equilibrium analysis.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03; and one of MATH 1F03, 1M03, Grade 12 Calculus and Vectors U (or Grade 12 Advanced Functions and Introductory Calculus U) or equivalent
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ECON 2H03      INTERMEDIATE MACROECONOMICS I

Determinants of national income, employment, the rate of interest and the price level; introduction to the open economy.

Three lectures; one term
Prerequisite(s): ECON 1BB3 (or ARTS&SCI 2E03); and one of MATH 1K03 or Grade 12 Advanced Functions U.  Students without credit in one of MATH 1F03, 1M03, Grade 12 Calculus and Vectors U (or Grade 12 Advanced Functions and Introductory Calculus U) or equivalent are strongly advised to register in MATH 1F03 or 1M03, concurrently with ECON 2H03.
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ECON 2HH3      INTERMEDIATE MACROECONOMICS II

Selected topics from macroeconomics policies, issues in unemployment and inflation in open and closed economies, components of aggregate demand and supply and economic growth.

Three lectures; one term
Prerequisite(s): ECON 2H03
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ECON 2I03      FINANCIAL ECONOMICS

Detailed investigation of the financial sector. Topics include the role of capital markets in facilitating investment and growth, bond markets, stock markets, financial statements and taxation.

Three lectures; one term
Prerequisite(s): ECON 1B03 and 1BB3 (or ARTS&SCI 2E03)
Not open to students with credit or registration in COMMERCE 2FA3.
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ECON 2J03      ENVIRONMENTAL ECONOMICS

Allocation of environmental services: efficiency and market failure; measuring environmental benefits; environmental regulation in Canada and elsewhere: taxes, tradable permits and other instruments; further topics.

Three lectures; one term
Prerequisite(s): ECON 1B03 (or ARTS&SCI 2E03)
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ECON 2K03      ECONOMIC HISTORY OF CANADA

A survey of the changing structure of the Canadian economy from the colonial period to the present; early significance of primary production for export markets; emerging domestic markets and industrialization; government's role in promoting the development of the national economy.

Three lectures; one term
Prerequisite(s): ECON 1B03 and 1BB3 (or ARTS&SCI 2E03)
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ECON 2N03      PUBLIC POLICY TOWARD BUSINESS

The economic effects of federal competition policy and the regulation of business by all levels of government.

Three lectures; one term
Prerequisite(s): ECON 1B03 (or ARTS&SCI 2E03)
Antirequisite(s): ECON 3N03
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ECON 2P03      ECONOMICS OF PROFESSIONAL SPORTS

The application of economic principles to team and individual professional sports. Theory of sports leagues, demand for sports, the market for athletes, broadcasting rights, competition policy issues, the public finance aspects of stadium financing.

Three lectures; one term
Prerequisite(s): ECON 1B03 (or ARTS&SCI 2E03)
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ECON 2T03      ECONOMICS OF TRADE UNIONISM AND LABOUR
Topics include the economics of the labour market, of trade unionism, of work, the impact of trade unions on the labour market, economic theories of strikes and trade unions and the state.
Three lectures; one term
Prerequisite(s): ECON 1B03 and 1BB3 (or ARTS&SCI 2E03)
Cross-List(s): LABR ST 3B03
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ECON 2X03      APPLIED BUSINESS ECONOMICS

The economic analysis of the strategy of managerial decision-making. The role of technology, costs, government intervention and market structure on output and pricing decisions.

Three lectures; one term
Prerequisite(s): ECON 1B03 (or ARTS&SCI 2E03); and credit or registration in one of MATH 1F03, 1M03, Grade 12 Calculus and Vectors U (or Grade 12 Advanced Functions and Introductory Calculus U).  Completion of one of these mathematics courses is strongly recommended prior to registration in ECON 2X03.
Antirequisite(s): ECON 2G03
Open to students registered in Commerce programs only.
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ECON 3B03      PUBLIC SECTOR ECONOMICS: EXPENDITURES

Theory and practice of public finance. Topics are selected from growth of the public sector, market failure, theory of public goods, incentive mechanisms, logic of group decisions and the political process, theory of benefit-cost analysis, intergovernmental fiscal relations, government budgeting.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03
Antirequisite(s): ECON 3C06
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ECON 3C03      PUBLIC SECTOR ECONOMICS: TAXATION
Theory and practice of public finance: analysis and comparison of the efficiency, equity and distribution effects of the taxation of income, wealth and expenditure, analysis of social insurance, intergovernmental fiscal relations.
Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03
Antirequisite(s): ECON 3C06
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ECON 3D03      LABOUR ECONOMICS

Introduction to the economics of the labour market; demand for labour by the firm and industry; supply of labour by the individual; investment in human capital.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03
Not open to students with credit or registration in ECON 2A03.
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ECON 3F03      METHODS OF INQUIRY IN ECONOMICS

This course develops skills for investigating a research question in economics, through workshops (eg. writing, library, internet, data), and the subsequent application of the skills to an economic issue.

Three hours; one term
Prerequisite(s): ECON 2B03; and either registration in Level III or Level IV of an Honours Economics program or a grade of at least B- in ECON 2GG3 and 2HH3 and registration in an Economics program
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ECON 3G03      INTRODUCTION TO ADVANCED ECONOMIC THEORY

An introduction to the application of mathematics in economic theory.

Three lectures; one term
Prerequisite(s): One of Grade 12 Mathematics of Data Management U, MATH 1B03 or STATS 1L03; and MATH 1M03 or equivalent; and a grade of at least B- in each of ECON 2GG3 and 2HH3 and registration in an Economics program.
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ECON 3H03      INTERNATIONAL MONETARY ECONOMICS

Macroeconomic problems of an open economy with special reference to Canada; the international financial system and proposals for its reform.

Three hours (lectures and seminars); one term
Prerequisite(s): ECON 2H03
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ECON 3HH3      INTERNATIONAL TRADE

Real theory of international trade; interregional and international specialization; effect of commercial and industrial policies.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03
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ECON 3I03      ECONOMIC HISTORY OF THE UNITED STATES

Economic analysis of the development of the U.S. economy. Topics include the colonial economy, slavery, transportation, income distribution, foreign trade, technical and institutional change and the Great Depression.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03. ECON 2H03 is recommended
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ECON 3K03      TOPICS IN MONETARY ECONOMICS

Analysis of monetary theory and policy. Topics include money demand and supply, money and inflation, rational expectations, monetary policy and asset market analysis.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03; and ECON 2H03
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ECON 3LL3      HISTORY OF ECONOMIC THEORY

Economic thought from earliest times, with emphasis on the major schools from Adam Smith to Alfred Marshall, selected modern trends and controversies.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03; and ECON 2H03
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ECON 3M03      INTRODUCTION TO GAME THEORY

An introduction to the theory of games, including strategic, extensive and coalitional games. Applications in economics, political science and evolutionary biology are discussed.

Three lectures; one term
Prerequisite(s): ECON 1B03 (or ARTS&SCI 2E03); and MATH 1K03 (or equivalent)
Not open to students with credit in ECON 3Y03 if the topic was Introduction to Game Theory.
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ECON 3Q03      THE ECONOMICS OF AGING

Topics include the macroeconomics of population aging and its impact on national pension and health plans and the microeconomics of retirement and income security.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03; and ECON 2H03
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ECON 3R03      THE HISTORY OF ECONOMIC GROWTH
The study of the growth of per capita incomes from 1000 to 2000 A.D.  Institutional change, trade and science and technology are emphasized.
Three hours (lectures and discussion); one term
Prerequisite(s): ECON 2H03
Not open to students with credit in ECON 3Y03 if the topic was "History of Economic Growth".
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ECON 3S03      INDUSTRIAL ORGANIZATION

A study of the structure, conduct and performance of industrial markets.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03
Antirequisite(s): ECON 3N06
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ECON 3T03      TOPICS IN ECONOMIC DEVELOPMENT

Topics may include the measurement of structural change, dual economies, agriculture and production, technical and institutional change, and health and nutrition.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03
Antirequisite(s): ECON 3J06
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ECON 3U03      ECONOMETRICS I

Elaboration of regression techniques developed in ECON 2B03. Problems of inference and interpretation in the analysis of economic data. Introduction to forecasting in economics.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03; and ECON 2H03; and ECON 2B03 or one of CHEM ENG 4C03, COMMERCE 2QA3, ENVIR SC 2MB3, GEO 2S03, GEOG 2LL3, 2MB3, 2N03, POL SCI 2F06, 3N06, PSYCH 2G03, 2R03, 2RA3, 2RB3, 2RR3, SOC SCI 2J03, SOCIOL 2Y03, 3H06, STATS 1A03, 1CC3, 2D03, 2R06 or another course that is approved by a departmental counselor as equivalent to ECON 2B03
Not open to students with credit in ECON 3O06, STATS 2MA3, 2MB3, 3D03, or 3DD3 or credit or registration in ECON 4G03.
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ECON 3W03      NATURAL RESOURCES
Competitive and socially optimal management of nonrenewable resources; market failure as illustrated by mineral cartels, fisheries and forestry, including analysis of bioeconomic models.
Three hours (lectures and seminars); one term
Prerequisite(s): MATH 1M03 and one of ECON 2G03, 2J03, 2X03; or permission of the instructor
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ECON 3Y03      SELECTED TOPICS
Topics will vary from year to year depending on student interests and faculty availability. Students should consult the Department on topics to be offered.
Three hours; one term
Prerequisite(s): ECON 2G03 or 2X03; and ECON 2H03
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ECON 3Z03      HEALTH ECONOMICS

Analysis of allocation of resources in health care. Topics include markets for health care, insurance, biomedical research, technology assessment, organization and public policy.

Three lectures; one term
Prerequisite(s): One of ECON 2CC3, 2G03, 2X03, HLTH AGE 2C03 (HEALTHST 2C03). ECON 2B03 or another course in statistics is recommended.
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ECON 4A03      HONOURS SEMINAR IN ECONOMICS

Students prepare, present and discuss papers under supervision of a faculty member. Several sections will normally be offered. Topics for each section will be announced in January.

Three hours (seminars); one term
Prerequisite(s): ECON 2GG3, 2HH3, 3F03; and ECON 3U03 or 3O06; and either registration in an Honours Economics program or a grade of at least B- in ECON 2GG3 and 2HH3 and registration in an Economics program.
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ECON 4B03      SELECTED TOPICS

Topics will vary from year to year depending on student interests and faculty availability. Students should consult the Department on topics to be offered.

Three hours; one term
Prerequisite(s): Permission of the Department
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ECON 4G03      ECONOMETRICS II

Development of regression models appropriate to economics. Illustrations from applied micro- and macroeconomics.

Three lectures; one term
Prerequisite(s): ECON 2G03 or 2X03; and ECON 2H03; and at least B- in ECON 3O06 or 3U03 or another course that is approved by a departmental counselor
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ECON 4M06      DIRECTED RESEARCH I

A reading and/or research program supervised by a Department member. A major paper is required. Interested students should consult the Department concerning admission.

Prerequisite(s): Permission of the Department
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ECON 4N03      DIRECTED RESEARCH II

As per ECON 4M06.

Prerequisite(s): Permission of the Department

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ECON 4T03      ADVANCED ECONOMIC THEORY I

Mathematically oriented approaches to the analysis of the behaviour of individual consumers, workers and firms.

Three lectures; one term
Prerequisite(s): A grade of at least C in one of ECON 3G03, MATH 2Q04, 2X03 (or 2A03); and a grade of at least B- in ECON 2GG3 and 2HH3 and registration in an Economics program.
Antirequisite(s): ECON 3A03
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ECON 4TT3      ADVANCED ECONOMIC THEORY II

Analysis of dynamic macroeconomic models including models of endogenous growth and other selected topics.

Three lectures; one term
Prerequisite(s): A grade of at least C- in one of ECON 3G03, MATH 2Q04, 2X03 (or 2A03); and a grade of at least B- in ECON 2GG3 and 2HH3 and registration in an Economics program.
Antirequisite(s): ECON 3AA3
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