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Bachelor of Arts - Economics

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  • Objectives
    Studying Economics provides students with valuable skills that will serve them well in many careers. A BA degree in Economics allows graduates to pursue varied careers in areas such as economic forecasting, economic policy analysis, financial markets and institutions, and public policy. The undergraduate degree in economics also provides a basis for entry into graduate work in Economics, Finance, Business Administration, Law, Political Science, and Public Administration.
  • Academic Title
    Bachelor of Arts - Economics
  • Course description
    I. B.A. (Honours Economics)

    The Honours B.A. program in Economics consists of 90 credits. In order to register in the Honours program students must have completed at least 12 credits in ECO or EMA(Quantitative Methods) courses. In order to graduate with an Honours B.A. degree in Economics, students must maintain an average of at least 70% in all ECO and EMA courses. Requirements of the program are:
    Quantitative Methods     9 credits
    Mathematics     6 credits
    Required courses in Economics     30 credits
    Elective courses in Economics**     21 credits
    Free Electives*     24 credits
    Total     90 credits


    * For students in higher credit programs, the number of credits in this category are adjusted accordingly. At least 12 credits in this category must be earned outside of the Department of Economics.
    ** Up to 9 of the total required credits in this category can be met, with departmental approval, by a selection of courses in cognate areas.
    Quantitative Methods
    EMA141     Statistics for Economics II
    EMA261     Econometrics I
    EMA361     Econometrics II

    Mathematics
    MAT191     Enriched Calculus I
    or
    MAT193     Calculus I for Business and Economics
    MAT192     Enriched Calculus II
    or
    MAT195     Calculus II for Business and Economics

    Required courses in Economics
    ECO102     Principles of Economics: Microeconomics
    ECO103     Principles of Economics: Macroeconomics
    ECO208     Intermediate Microeconomics I
    ECO209     Intermediate Microeconomics II
    ECO212     Intermediate Macroeconomics I
    ECO213     Intermediate Macroeconomics II
    ECO342     Advanced Macroeconomics
    ECO343     Advanced Microeconomics
    ECO360     Advanced Topics in Applied Economics
    ECO370     Honours Thesis OR
    ECO340     Practicum in Applied Economic Analysis and Policy

    For those Economics Honours students who intend to proceed to graduate school, the following additional courses in Mathematics are strongly recommended:
    MAT106     Advanced Calculus I
    MAT107     Advanced Calculus II
    MAT108     Matrix Algebra
    MAT109     Linear Algebra
    MAT213     Introduction to Probability
    MAT214     Introduction to Mathematical Statistics

    As well, it is strongly recommended that these students take additional courses in Mathematics as electives. Students should also consider a Minor in Mathematics.

    II. B.A. (Major Economics)

    The Major B.A. program in Economics consists of 90 credits. Requirements of the program are:
    Mathematics and Quantitative Methods     9 credits
    Required courses in Economics     15 credits
    Elective courses in Economics*     21 credits
    Free Electives**     45 credits
    Total     90 credits

    *Up to 9 of the total required credits in this category can be met, with departmental approval, by a selection of courses in cognate areas.
    **For students in higher credit programs, the number of credits in this category are adjusted accordingly. At least 15 credits in this category must be earned outside of the Department of Economics.
    Mathematics and Quantitative Methods (9 credits)
    MAT191     Enriched Calculus I
    or
    MAT193     Calculus I for Business and Economics
    EMA141     Statistics for Economics II
    EMA261     Econometrics I

    Required Courses in Economics (15 credits)
    ECO102     Principles of Economics: Microeconomics
    ECO103     Principles of Economics: Macroeconomics
    ECO208     Intermediate Microeconomics I
    ECO212     Intermediate Macroeconomics I
    ECO340     Practicum in Applied Economic Analysis and Policy

    Elective Courses in Economics (21 credits)
    Students are encouraged to develop specialization of interests by choosing specific grouping of elective courses in Economics in consultation with faculty member(s) of the department. Some examples are provided below.

    Business Economics specialization:
    ECO200     Money and Banking
    ECO204     Labour Economics
    ECO205     Industrial Organization
    ECO217     International Economics
    ECO270     Public Economics
    ECO308     Managerial Economics
    ECO318     International Monetary Economics
    Plus one other course

    Public Policy specialization:
    ECO126     Economics of Crime and Criminal Justice
    ECO204     Labour Economics
    ECO217     International Economics
    ECO237     Economics of the Environment
    ECO270     Public Economics
    ECO336     Contemporary Economic Issues
    Plus one other course

    International Economics
    specialization:
    ECO217     International Economics
    ECO220     Economic Development I
    ECO320     Economic Development II
    ECO251     History of Economic Thought I
    ECO280     Contemporary Perspectives in Political Economy
    Plus one other course

    Economic Theory and Philosophy specialization:
    ECO115     The Making of Economic Society
    ECO209     Intermediate Microeconomics II
    ECO213     Intermediate Macroeconomics II
    ECO251     History of Economic Thought I
    ECO280     Contemporary Perspectives in Political Economy
    EMA361     Economics II
    Plus one other course

    Concentrations in Economics
    Students wishing to develop expertise in specific areas of Economics can elect to follow a concentration according to the following:
    Concentration in Business Economics
    Any six of the following:
    ECO200     Money and Banking
    ECO204     Labour Economics
    ECO205     Industrial Organization
    ECO217     International Economics
    ECO270     Public Economics
    ECO308     Managerial Economics
    ECO245     Game Theory

    With departmental approval, students can satisfy up to 6 of the 18 credit requirement from courses in Business

    Concentration in Public Policy
    Any six of the following
    ECO126     Economics of Crime and Criminal Justice
    ECO204     Labour Economics
    ECO217     International Economics
    ECO237     Economics of the Environment
    ECO270     Public Economics
    ECO336     Contemporary Economic Issues
    ECO337     Ecological Economics

    With departmental approval, students can satisfy up to 6 of the 18 credit requirement from courses in other disciplines

    Concentration in Global Economy
    Any six of the following:
    ECO175     Economic Geography
    ECO217     International Economics
    ECO220     Economic Development I
    ECO320     Economic Development II
    ECO237     Economics of the Environment
    ECO280     Contemporary Perspectives in Political Economy
    ECO337     Ecological Economics

    With departmental approval, students can satisfy up to 6 of the 18 credit requirement from courses in other disciplines

    III. Minor in Economics

    A minor in Economics consists of any 24 credits* in Economics including ECO102 and ECO103. Students considering a minor in Economics should consult the Chairperson of the Department. If Economics is required as a Cognate in another program, economics courses so taken will also be counted towards the minor. The course BMA141: Statistical Analysis for Business Decisions II can be included within the required 24 credits.
    *Up to 3 of the total required credits in this category can be met, with departmental approval, by a selection of courses in cognate areas such as Business Administration, Mathematics, Computer Science, and Political Studies.

    ECONOMICS COURSES

    ECO102ab     Principles of Economics: Microeconomics     3-3-0
    A general introduction to the study of Economics and the nature of economic problems. Of primary concern is the behaviour of individual consumers and firms in particular markets, and the results of their actions as they appear in production, sales, costs, prices, wages, interest and profits.

    ECO103ab     Principles of Economics: Macroeconomics     3-3-0
    A general introduction to the study of Economics and the nature of economic problems. The course is largely concerned with the determinants of the level of national income, employment and the accompanying stabilization problems — all in a Canadian context.

    ECO109ab     Introduction to Economic Policy     3-3-0
    Economics is studied for its policy implications. This course will take the basic micro and macroeconomic models from ECO102 and ECO103 and elaborate on them, examining problems, policies, institutions, and controversies in public policy regarding the economy in Canada from both an analytical and a historical perspective.
    Prerequisites: ECO102, ECO103

    ECO115ab     The Making of Economic Society     3-3-0
    A non-technical introduction to the history of the development of the modern market economy, from its beginnings in Medieval Europe up to the Twenty-first Century. An exploration of the economic events, resources, institutions, ideas and technologies that have shaped the evolution of Western civilization and led to the westernization of the global economy.
    Note: Not open to students with credit in ECO 122.

    ECO118a     Canadian Economic Development I     3-3-0
    A study of historical factors which have determined Canada’s present economic structure, from the first penetration of European civilization into what is now the territory of Canada, to the dawn of the 20th century. Topics include the staple export industries (e.g. fur, fish, lumber, wheat, minerals, newsprint, energy), agriculture, changes in technology, state administration and policy, foreign investment.
    Prerequisites: none. Not open to students with credit in Eco 120.

    ECO119b     Canadian Economic Development II     3-3-0
    A study of historical factors of the 20th century which have shaped the development of the modern Canadian economy including staple industries, agriculture, energy, crown corporations and other financial and political institutions, federal-provincial relations, regionalism, industrial organization, technical change, foreign investment and transnational firms, international trade, and globalization.
    Prerequisites: none. Not open to students with credit in Eco 120.

    ECO126ab     Economics of Crime and Criminal Justice     3-3-0
    This course discusses the economic elements underlying the behaviour of criminals, victims, and law enforcement agencies. Major topics covered include the supply of crime by criminals, the demand for crime prevention by victims, and public policy issues like crime control, and the allocation of criminal justice resources.

    ECO175ab     Economic Geography     3-3-0
    The production of, and trade in, goods and services vary by city, region, and country. In recent years, these spatial variations have widened in some cases, and narrowed in others. But common to all are the drivers-of-change. These include major geo-political events, the adoption of innovative cost-saving practices, and the creation and evolution of entrepreneurial networks and industrial clusters. This course will explore the key elements of these dynamics, and explore the ongoing debate about the appropriate role of government in an increasingly-globalized world.
    This course is cross-listed with ESG 175.

    ECO200ab     Money and Banking     3-3-0
    Nature and functions of money and credit, financial institutions, commercial and central banking in the Canadian economy. Aims, instruments, and effectiveness of monetary policy.
    Prerequisite: ECO103

    ECO204ab     Labour Economics     3-3-0
    An analysis of the demand for and the supply of labor, wage differentials, and wage structures, as well as an analysis of the effects of unions, and the rationale for current supply-side or passive employment policies in Canada and other OECD countries.
    Prerequisites: ECO102, ECO103

    ECO205ab     Industrial Organization     3-3-0
    An analysis of the behavior of firms in the market place. The conduct and performance of firms based on the efficiency and profitability criteria. Behavior of firms facing different market structures in terms of their pricing strategies, quantity decision, and product choice under a strategic environment are analyzed using examples of the structure of certain industries. The policy/regulatory environment faced by firms in the global market, the impact of Canadian public policy on industry structure and firm performance are also discussed.
    Prerequisites: ECO102

    ECO206ab     Agricultural Economics     3-3-0
    Application of microeconomics principles to the problems of agricultural production and resource use, agricultural supply and demand analysis, price determination, market structure and income distribution in competitive and imperfectly competitive markets.
    Prerequisites: ECO102, ECO103

    ECO208a     Intermediate Microeconomics I     3-3-0
    Consumer theory, production and cost theory, output and price determination by market structures, introduction to game theory, general equilibrium analysis, choice under uncertainty and imperfect information.
    Prerequisites: ECO102, and MAT191 or MAT193 or equivalent.

    ECO209b     Intermediate microeconomics II     3-3-0
    Consumer Theory, Decision Theory under Risk and Uncertainty, Information, and Microeconomic applications.
    Prerequisites ECO208, MAT195

    ECO210ab     Economics and the Law     3-3-0
    An introduction to the application of economic principles and methodology to a variety of legal problems with particular emphasis on the theory of property rights and the allocation of resources. Problems under imperfect information, such as the principal agent problem, the “market for lemons,” job market signalling and screening, are also discussed.
    Prerequisite: ECO 102

    ECO212a     Intermediate Macroeconomics I     3-3-0
    This course examines business cycles, monetary and fiscal stabilization policies, unemployment and labour market frictions, inflation, exchange rate determination, exchange rate systems, and introduction to economic growth.
    Prerequisites: ECO103 and MAT191 or MAT193 or equivalent.

    ECO213b     Intermediate Macroeconomics II     3-3-0
    An examination of economic growth, the microeconomic foundations of the basic aggregate demand and aggregate supply model, and various issues in macroeconomic policy. Topics to be covered include economic growth, consumption, investment, money demand and supply, the labour market, and fiscal, monetary, and exchange rate policies.
    Prerequisites: ECO212, MAT195

    ECO217ab     International Economics     3-3-0
    The course provides an introduction to international economics. The first half of the course examines trade theory and policy, including the Classical and modern theories of international trade, policies restricting trade, and international trade liberalization. The second half of the course examines international monetary economics, including foreign exchange markets, exchange rate determination, and open-economy macroeconomic policy.
    Prerequisites: ECO 102 and ECO 103

    ECO220ab     Economic Development I     3-3-0
    An introduction to the concept of economic development and models of economic growth. An analysis of domestic problems facing developing countries: poverty and inequality, population growth, education, rural development, unemployment, the environment, and the reform of financial systems.
    Note: Not open to students who have taken ECO 330 and/or ECO 331
    Prerequisites: ECO 102, ECO 103

    ECO237ab     Economics of the Environment     3-3-0
    Application of concepts and methods of economic analysis to environmental problems. Pros and cons of selected policies for environmental protection. Economic growth and environmental decay. Private vs. social costs of environmental decay.
    Prerequisites: ECO102, ECO103

    ECO245ab     Game Theory with Applications to Economics     3-3-0
    Game Theory studies the causes and consequences of the actions of decision-makers who are aware that their choices affect each other. The theory includes: non-cooperative games, cooperation and reputation, and dynamic games. Applications include: bargaining, auctions, industrial organization, asymmetric information, and social choice theory (the economics of democratic institutions).
    Prerequisites ECO208

    ECO251a     History of Economic Thought I     3-3-0
    An introductory analysis of the methodological foundations of the more prominent schools of thought within mainstream Economics. This is a seminar course, and students are required to prepare one or more essays.
    Prerequisite: ECO102, ECO103

    ECO260ab     Topics of Applied Economics     3-3-0
    Content of this course varies year by year. The topics are determined by the instructor of the course. A writing component is emphasized in this course.
    Prerequisite: ECO102, ECO103

    ECO270ab     Public Economics     3-3-0
    This course examines key policy issues related to government expenditure and taxation. Topics covered include the rationale for government provision of goods in a market economy, public choice, fiscal federalism, cost-benefit analysis, and an analysis of tax incidence and efficiency.
    Prerequisites: ECO102

    ECO280ab     Contemporary Perspectives in Political Economy     3-3-0
    This course develops core contemporary perspectives in political economy within an international context. This course is neither a course in politics nor a course in economics, but rather a course that stresses the interaction of the two disciplines.
    Prerequisites: ECO102 and ECO103

    ECO308ab     Managerial Economics     3-3-0
    An introduction to the principal topics in managerial economics. These include decision- making under uncertainty, demand analysis and estimation, cost analysis and estimation, and pricing theory and practices.
    Prerequisites: ECO208, EMA141

    ECO310     Economics Internship     3-0-0
    The Economics Internship provides an opportunity for a continuing student to gain valuable experience working alongside professional economists. The internship is subject to acceptance and supervision by the Department of Economics and by the participating institution. The participating institution can be located outside of the Lennoxville/ Sherbrooke community, and thus may require the student to reside in another city. The internship takes place over some or all of the summer months. Funding for the internship is provided in the sum of $5000.

    ECO320ab     Economic Development II     3-3-0
    An analysis of international issues facing developing countries: international trade and trade policy, foreign investment and foreign aid, the balance of payments, and third world debt. The techniques of evaluating development projects.
    Note: Not open to students who have taken ECO 330 and/or ECO 331
    Prerequisites: ECO208, ECO212

    ECO336ab     Contemporary Economic Issues     3-3-0
    Application of tools of economic analysis to selected issues and problems in Canada.
    Prerequisites: ECO102 and ECO103

    ECO337ab     Ecological Economics     3-3-0
    This course explores the principles underlying a truly sustainable ecological economy in a “full world”. Topics such as sustainability, the nature of work, quality in production and consumption, ecological cost, peak oil, inequality, the scale and distribution of economic activity, and the purpose of economic activity and economic development, re entertained. Seminar course in which student presentations feature prominently. Intended for students who have completed at least 45 credits at the university, including at least 12 in economics.
    Prerequisites: ECO102 and ECO103

    ECO340ab     Practicum in Applied Economic Analysis and Policy     3-0-0
    Under the supervision of a faculty member of the Department of Economics, small groups of students in the final year of the Major or Honours program will complete two mini projects on recent economic issues and present their research in a seminar. Students will also meet regularly throughout the semester to discuss economic events and issues and participate in discussions with professional economists.
    Prerequisites: ECO208, ECO212, and EMA261

    ECO342ab     Advanced Macroeconomics     3-3-0
    Selected topics in theoretical and applied macroeconomics, including growth theory, real business cycles, new Keynesian models of fluctuations, consumption, investment, unemployment, monetary policy, and fiscal policy. Tutorial.
    Prerequisites: ECO213, EMA261 (EMA 261 can be taken concurrently)

    ECO343ab     Advanced Microeconomics     3-3-0
    A selection of core topics from Microeconomics, including unconstrained and constrained optimization, direct and indirect utility functions, duality in consumption and production, the expenditure function, ordinary and compensated demand functions, the Slutsky equation, the Envelope Theorem, Roy’s Identity, Hotelling’s Lemma, and the Expected Utility Hypothesis.
    Prerequisite: ECO209, EMA 261 (EMA 261 can be taken concurrently)

    ECO344     Independent Study     3-0-0
    Individual study and research under the guidance of an advisor.
    Prerequisites: Permission of the Department and instructor. ECO208, ECO212

    ECO345     Independent Study     3-0-0
    Individual study and research under the guidance of an advisor.
    Prerequisites: Permission of the Department and instructor. ECO208, ECO212

    ECO351b     History of Economic Thought II     3-3-0
    An advanced analysis of the methodological foundations of the more prominent schools of thought within mainstream Economics. This is a seminar course, and students are required to prepare one or more essays.
    Prerequisite: ECO102 and ECO103, and ECO251

    ECO360a     Advanced Topics in Applied Economics     3-3-0
    Content of this course varies year by year. The topics are determined by the instructor of the course. a writing component is emphasized in this course.
    Prerequisite: ECO208, ECO212, EMA 261 (EMA 261 can be taken concurrently)

    ECO370ab     Honours Thesis     3-0-0
    Continuation of ECO360. Under the supervision of a faculty member of the Department of Economics, the student in the final year of his Honours program will complete the research agenda developed in ECO360. The student will present the research results in a seminar to be scheduled in the last two weeks of class.
    Prerequisite: ECO 360

    Mathematics

    EMA140ab     Statistics for Economics I     3-3-0
    This course is cross-listed with BMA140 and is not open to students with credit for BMA140. Topics include: data summarization: frequency distributions, measures of central tendency and variability; probability; introduction to statistical decision analysis; discrete probability distributions: binomial, Poisson and hypergeometric probability distributions; continuous probability distributions: normal, uniform and exponential probability distributions.
    Prerequisite: MAT 195ab or equivalent (can be taken concurrently)
    Note: this course may not be taken for credit by Science students.

    EMA141ab     Statistics for Economics II     3-3-0
    This course is cross-listed with BMA141 and is not open to students with credit for BMA141. Topics include: Sampling methods and sampling distributions; statistical inference; estimation and hypothesis testing; simple linear regression and correlation; multiple and curvilinear regression; chi-square tests for independence and goodness of- fit; introduction to analysis of variance; non parametric tests.
    Prerequisite: EMA140 or equivalent
    Note: this course may not be taken for credit by Science students.

    EMA261ab     Econometrics I     3-3-0
    An introduction to econometrics. Topics include the classical assumptions, ordinary and generalized least squares estimation, hypothesis testing, the statistical implications of violating of the classical assumptions, common remedial measures, and the distributed lag and auto regressive models.
    Prerequisite: ECO102, ECO103, BMA141, EMA141 or equivalent

    EMA262ab     Mathematical Economics I     3-3-0
    The application of matrix algebra and multivariate calculus to model-building and problem-solving in Economics.
    Prerequisites: ECO102, ECO103, and any one of MAT 192 or MAT195

    EMA361ab     Econometrics II     3-3-0
    Ordinary and generalized least squares estimation, and hypothesis testing, using matrix algebra. Additional topics include simultaneous-equation estimation, the identification problem, two-stage least squares estimation, a stationary series, the unit-root test, spurious regression, the Granger causality test, co integration, and the error-correction model.
    Prerequisites: EMA261, ECO208, ECO212

    EMA362ab     Mathematical Economics II     3-3-0
    The application of differential and difference equations, and mathematical programming, to model-building and problem-solving in Economics.
    Prerequisites: EMA261, ECO208, ECO212

    Cognate Courses

    A number of cognate courses may be taken in such areas as Business Administration, Mathematics, Computer Science, Environmental Studies and Geography, and Political Studies. Consult the Chairman of the Department for the full range of possibilities.

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