Economics

Economics program description.

NOTE: See the beginning of Section H for abbreviations, course numbers and coding.

ECON1013Principles of Microeconomics3 ch (3C)

Economics studies the way individuals and groups make choices, how those choices are affected by incentives, and whether the resulting social arrangements can be improved by government intervention. Economics divides itself into two halves: micro and macro. Microeconomics focuses on smaller chunks of reality than macroeconomics. It focuses on individuals, firms, and products and seeks to understand (among other things) how prices and wages are determined, the effects of taxation, price ceilings (or price floors) and quotas. Key concepts provide a tool kit to analyze individual and group behaviour and the effects of the public policy. Students with credit in ECON 1001, or ECON 1014 or ECON 1073 may not take this course for credit. 

ECON1014Principles of Microeconomics: Critical Perspectives 3 ch (3C) [W]

This course is an alternative introduction to microeconomics. The aim is to be less comprehensive than ECON 1013, but to go deeper into the core topics to provide a more thorough critical perspective. In the process, the political and philosophical ideas underlying conventional economic conclusions are examined. The limitations of conventional economic reasoning, and the biases that may exist, are exposed. Students with credit in ECON 1001, or ECON 1013 or ECON 1073 may not take this course for credit. 

ECON1023Principles of Macroeconomics3 ch (3C)

Economics divides itself into two halves: micro and macro.  Macroeconomics is the study of larger chunks of reality than microeconomics, aggregates such as a country’s gross national product, its rate of inflation, and its unemployment rate. The standard (‘neoclassical’) model is constructed to explain interest rates and exchange rates, and helps us understand how the government can stabilize the economy, and the limitations of government policy, in an increasingly globalized world. This model also helps us understand why some countries are rich and others are poor. Students with credit in ECON 1002, or ECON 1024 or ECON 1073 may not take this course for credit. 

ECON1024Principles of Macroeconomics: Critical Perspectives3 ch (3C) [W]

This course is an alternative introduction to macroeconomics. As in ECON 1023, the standard 'neoclassical’ model is presented and explained.  While this model has long been criticized by heterodox economists – those in other schools of thought than the neoclassical school – there was until recently a consensus within the neoclassical school itself. The 2007 financial meltdown, and the subsequent Great Recession, has changed that. This course exposes students to the ongoing debates, their historical roots, and their political implications. Students with credit in ECON 1002, or ECON 1023 or ECON 1073 may not take this course for credit.

ECON1073Economics for Engineers3 ch (3C)

An introductory course designed for students in engineering and computer science programs. Topics covered include price, production and cost theory; aggregate supply, aggregate demand; money and banking; public finance; and international economics. Open only to engineering and computer science students. Students who take this course may not take any other first year economics course for credit. 

 

ECON2008The Chinese Economy in Transition (O)3 ch (3C)

This course surveys the working of the contemporary Chinese economy in its various aspects. Topics to be covered include the background to China’s economic reform and its process, China’s economic transition, factors contributing to China’s fast economic growth, economic institutions, economic policy, and economic issues in contemporary China.

ECON2009Understanding Economics through Film (O)3 ch (3C) [W]

This course develops a vocabulary and a set of tools to analyse films, and utilizes the motion picture to establish the context for teaching economics concepts. Plots and subplots of selected films are used to illustrate problems and issues that are amenable to economic analysis. Through a combination of readings, lectures, discussion and films, students will develop a set of skills characterized as an economic way of thinking. The course is designed for undergraduates with no previous economic training. 

ECON2203Introduction to Economic Governance 3 ch (3C) [W]

This course introduces students to the role and functions of the public sector in the economic system. Topics include the rationale for government activities, the emergence of public/private collaborative initiatives, the impact of specific government programs, overall fiscal policy and government stabilization programs, policies designed to stimulate economic growth, and policies designed to protect the environment. These policies are considered in the context of intergovernmental fiscal relations and the inherent potential for conflict between different levels of government. 

ECON3013Intermediate Microeconomics3 ch (3C)

Microeconomics has two main purposes. First, it is a foundation course in the study of economics; it provides the essential building blocks for higher level economics and finance courses. Second, microeconomics can be directly applied to help solve the day-to-day decisions of business managers; issues such as pricing, production, advertising, and strategic interaction. It achieves this through extensive use of real-world examples and short case studies.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or, ECON 1014), or ECON 1073.

ECON3015The Economics of Strategic Thinking3 ch (3C)

Strategic thinking is the art of outdoing an adversary, knowing that the adversary is trying to do the same to you. All of us must practice strategic thinking at work as well as in everyday life. As a business manager, political adviser, lawyer and in the day-to-day pursuits of life (such as buying a car) you will be trying to win the competition. This unit is about the basic principles students can adopt in the attempt to become a better competitive strategist in business and daily life. The unit draws these principles from the fields of business, politics, law, sports, warfare, fiction and modern art forms such as the movies.

Prerequisite: First-year microeconomics (ECON 1001, ECON 1013, ECON 1014, ECON 1073), or permission of the instructor. 

ECON3016Introduction to Development Economics 3 ch (3C)

This course introduces students to the models and concepts relevant to understanding major challenges and economic policy analysis in developing and transitional economics. The course examines the similarities and differences of economic issues in developed, developing, and transitional economies.

Prerequisites: ECON 1013 and ECON 1023.

ECON3017Canadian Economic Development 3 ch (3C)

This course examines the growth and development of the Canadian economy in relation to the endownment with natural resources, changing market conditions, institutions and technology. These concepts are applied to the evolution and role of public policy in Canada and the roots of regionalism in Canada.

Prerequisites: Some background in Economics, preferably ECON 1013 and ECON 1023.

ECON3023Intermediate Macroeconomics3 ch (3C)

Macroeconomics seeks to understand the way in which national economies function, and the way they interact with each other at the international level. Key questions are: the determination of a country's standard of living and rate of growth; the causes of recessions, unemployment, and inflation; the determinants of exchange rates and the benefits (or costs) of currency unions; and the determinants of interest rates. This course is an essential building block for higher level study in economics and finance, and is indispensable for understanding stock markets and financial investment. 

Prerequisite: 3 ch of first-year macroeconomics (ECON 1002, or ECON 1023, or ECON 1024), or ECON 1073.

ECON3055Public Policy Analysis3 ch (3C)

Introduces public policy analysis from an economic perspective. It covers both microeconomic policy (how and why governments intervene in the marketplace, and the criteria for such intervention)and macroeconomic policy (whether actual stabilization policies are effective). It develops the necessary tools to discuss public policy, and applies them to various sub-fields (such as labour, taxation, government, spending, trade, monopoly, fisheries, etc). The discussion is located in the Canadian context: the assignment of government functions in our Constitution, and fiscal federalism.

Prerequisites: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014) and 3 ch of first-year macroeconomics (ECON 1002, or ECON 1023, or ECON 1024), or ECON 1073.

ECON3103Introduction to Money and Banking3 ch (3C)

Introduces theory of money, history of monetary systems, deposit creation, central and commercial banking, monetary policy and foreign exchange.

Prerequisite: 3 ch of first-year macroeconomics (ECON or ECON 1002, or ECON 1023, or ECON 1024), or ECON 1073

ECON3203Public Finance Analysis3 ch (3C)

Analyzes federal, provincial, and local expenditure and taxation by governments. Both theory and evidence (with an emphasis on Canadian institutions) are emphasized.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073.

ECON3204The Taxation of Personal Income: Principles and Practice (O)3 ch (3C)

The taxation of personal income in Canada. Topics include the concept of taxable income; capital gains; dividends; deduction vs credits; tax rates; economic efficiency and equity; alternative forms  of taxation. This course also examines the Canadian tax treatment of personal income  in detail.

Prerequisite: First-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014 or ECON 1073), or permission of the instructor.

ECON3205The Taxation of Business Income: Principles and Practice (O)3 ch

The taxation of corporate income in Canada. Topics include the structure of the corporate tax system; the concept of integration; typical tax planning strategies. Taxation of partnerships and trusts will be discussed briefly. This course also discusses the Canadian tax system in detail.

Prerequisite: ECON 3204.

ECON3401International Economics: Trade3 ch (3C)

Introduces the theory of international trade. Topics include mercantilism, comparative advantage, gains from trade, terms of trade, factor endowment and industrial organization models of trade, income distribution effects of trade, international movements of capital and labour, protectionism, trade agreements and economic development.

Prerequisites: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014) and 3 ch of first-year macroeconomics (ECON 1002, or ECON 1023, or ECON 1024), or ECON 1073. ECON 3013 recommended.

ECON3412International Economics: Finance3 ch (3C)

Introduces the financing of trade and capital flows among nations. Topics include balance of payments, foreign exchange markets and exchange rates, macroeconomic policy under fixed and flexible exchange rates, and international monetary systems.

Prerequisites: 3 ch of first-year microeconomics (ECON 1001, ECON 1013, or ECON 1014) and 3 ch of first-year macroeconomics (ECON 1002, ECON 1023, or ECON 1024), or ECON 1073; ECON 3023 recommended. 

ECON3504Regional Economic Theory and Policy3 ch (3C)

Concerned with the general theory of regional economic disparities and economic development, and the role of governments (federal and provincial) in alleviating disparities. Emphasizes current problems and policies pertaining to Atlantic Canada.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073.

ECON3505Information Technology and the Canadian Economy3 ch (3C) [W]

Blends economic analysis, economic history and public policy to spotlight the role of economics in the context of the revolution in information technology. Topics include: the structural evolution of the Canadian and regional economies, the emergence of knowledge based industries, the economic costs and benefits of education, the demographic and skill composition of Canada's labour force, the economics of technological change and the contemporary role of the information technology, the impact of information technological developments on human rights, the role of the private and public sectors in the new transnational global economy.

Prerequisite: First-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014 or ECON 1073), or permission of the instructor. 

ECON3601Business Statistics (Cross-Listed: ADM 2623)3 ch (3C)

Introduces the methods of data presentation and analysis, and their applications to business problems, including measures of data description, probability concepts and distributions, and statistical design theory. Also considers sampling theorem, hypothesis testing using different techniques.

Prerequisites: 3 ch, MATH 1823, and ECON 1833 or equivalents. Students may not receive credit for both ECON 3601 and ADM 2632. 

ECON3602Management Science (Cross-Listed: ADM 2624)3 ch (3C)

Presents a variety of applications of optimization models to business problems such as allocation, blending, and scheduling. Introduces concepts production planning, inventory control, network models and sequencing.

Prerequisite: ADM 2623. Students may not receive credit for both ECON 3602 and ADM 2624

ECON3628Advanced Statistics for Finance (Cross-Listed: ADM 3628)3 ch (3C)

Examines theory behind statistical techniques such as analysis of variance, simple and multiple regression, non-parametric methods of estimation and hypothesis testing, and time series analysis. Examines the applications of these techniques to problems in finance and other areas of business administration. 

Prerequisite: ADM 2623. Students may not receive credit for both ECON 3628 and ADM 3628

ECON3665Mathematical Economics I: Economic Analysis3 ch (3C)

Emphasis is on use of mathematical tools in economic theory.

Prerequisites: Both first-year microeconomics (ECON 1001, or ECON 1013 or ECON 1014) and first-year macroeconomics (ECON 1002, or ECON 1023 or ECON 1024) or ECON 1073, plus Mathematics requirement for Honours and "A" Majors. 

ECON3702Cost-Benefit Analysis3 ch (3C) [W]

Principles of cost-benefit analysis including consideration of welfare economics, the treatment of intangibles, non-efficiency considerations, time discounting, evaluation criteria, uncertainty and risk.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073.

ECON3705Canada and the New Global Economy3 ch (3C) [W]

This course examines the Canadian economy in the context of the new global economy of the 21st century. Economic theory, economic history and public policy will be the backdrop for a discussion of the trilogy of interactive economic forces that define the new global economy- globalization, trade liberalization and the information technology and communications revolution.

Prerequisite: First-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014 or ECON 1073).

ECON3724Economics of Human Resources3 ch (3C)

How do employers recruit the best employees for the job? How important is money relative to other factors when it comes to hiring and keeping employees? Should good performance on the job be rewarded or should bad performance be penalized? The purpose of this unit is to provide the student with the economic tools of analysis to answer these questions as well as many other important questions in the area of human resource management. Topics include education and training decisions, hiring and turnover, compensation and worker incentives, measuring performance, promotions as a motivator, and team-based production. The analysis of the main issues will be reinforced and complemented with reference to a series of firm-level case studies. 

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073

ECON3744Recreation Economics (O)3 ch (3C)

Discusses applications of economic principles to outdoor recreation planning and policy decisions. Management and allocation issues are addressed with emphasis on approaches which make outdoor recreation as socially beneficial as possible at the lowest possible cost.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073.

ECON3755Environmental Economics3 ch

Examines interaction of ecological and economic systems. Considers population growth and food supply, non-renewable resources, and population.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073, or permission of the instructor. 

ECON3766Economics of Climate Change (A)3 ch (3C)

Climate change is posing a significant challenge to world economies. This course focuses on valuing the consequences of climate change and assessing the costs of mitigation and adaptation. The efficiency of alternative policy instruments such as carbon taxes, tradable emissions permits, voluntary initiatives, and others are assessed. Existing instruments, such as carbon taxes in British Columbia and carbon credit trading on the Chicago Climate Exchange are reviewed and critiqued. The potential contribution of these instruments to the overall achievement of Kyoto Protocol targets set by various countries is examined.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073, or permission of the instructor.

ECON3775The Economics of Canadian Immigration3 ch (3C) [W]

An analysis of the role of international migration on the course of Canadian economic development.

Prerequisites: Both first-year microeconomics (ECON 1001, or ECON 1013 or ECON 1014) and first-year macroeconomics (ECON 1002, or ECON 1023 or ECON 1024) or ECON 1073.

ECON3801Economics of Transportation I3 ch (3C)

Examines the role played by transportation in the location of economic activity and other aspects of economics development.

Prerequisites: Both first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014) and first-year macroeconomics (ECON 1002, or ECON 1023 or ECON 1024) or ECON 1073.

ECON3815Introduction to Health Economics3 ch (3C)

The course discusses applications of economic principles and empirical analysis to health and health policy. It considers such matters as the demand for health care, and the supply of health services – both through health practitioners and hospitals; the economic effects of health insurance, health economic evaluation techniques, and public policy formulation. Emphasis is on Canadian health programs and policies.

Prerequisite: 3 ch of first-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014), or ECON 1073.

ECON3845Introduction to Law and Economics3 ch (3C) [W]

This course applies the tools of economic analysis to the study of legal rules and institutions. Topics and case studies in three core areas of the law - property, contracts, and crime and punishment - are used to illustrate and develop two related ideas. The first is that economic principles have guided significant developments in the evolution of the law in many areas, and an understanding of these economic principles will lead to a better understanding of the law as it is currently practiced. The second is that economic analysis can be used to assess and critique current law from a social perspective, leading to improved public policy evaluation and formation in all areas of civil and criminal law.

Prerequisite: First-year microeconomics (ECON 1001, or ECON 1013, or ECON 1014 or ECON 1073), or permission of the instructor. 

ECON3865Energy Economics3 ch (3C)

Applies economic theory to energy issues. Demand for energy and supply of energy are explored in terms of non-renewable and renewable energy resources. Markets for energy resources are discussed. Specific attention is directed to petroleum markets and OPEC behaviour. Public policy issues associated with the energy sector such as the environment and sustainability are addressed. 

Prerequisite: Any first year economics course.

ECON3905Contemporary Issues in the Canadian Economy3 ch (3C) [W]

Examines a variety of contemporary economic issues, including inflation, unemployment, economic growth, regional disparity, monetary and fiscal policies, the new international economic order, bilateral and multilateral trade agreements.

Prerequisite: Any first year economics course.

ECON4013Advanced Microeconomics3 ch (3C)

Focuses on advanced theory of choice. Topics include choice under uncertainty, the theory of the firm, oligopoly theories, game theory, general equilibrium, and the distribution of income.

Prerequisites: ECON 3013 and ECON 3665 or an equivalent to ECON 3665

ECON4023Advanced Macroeconomics3 ch (3C)

Emphasizes core neo-classical theories as well as Keynesian and post-Keynesian models.

Prerequisites: ECON 3665 (or equivalent) and ECON 3023

ECON4625Econometrics I3 ch (3C)

Introduction to basic econometric techniques for estimating and testing economic models. Topics include: review of basic statistics, the nature of econometric models and economic data, regression analysis, hypothesis testing, and applications. Emphasis is on intuition and applications.

Prerequisites: Any first year economics course and 6 ch Introductory Statistics (e.g. ECON 3601/ADM 2623 and ECON 3628/ADM 3628).

ECON4665Mathematical Economics II3 ch (3C)

Economic applications of optimizing techniques are considered primarily in the context of linear models.

Prerequisites: ECON 3665, or MATH 2003 and MATH 2013, and ECON 3013

ECON4673Introduction to Game Theory (O) (Cross-Listed: MATH 3373)3 ch (3C)

Strategic games, n-person games in normal form, dominated strategies, Nash equilibrium, mixed strategies and mixed strategy equilibrium, games with perfect information, games
with imperfect information, Bayesian games, extensive games. The course introduces basic non-cooperative game theory and analytical tools for decision makers (consumers,
firms, politicians, governments). It is suitable for Mathematics, Economics, Management Science, Political Science, Social Science and Science students or any student with a minor in such disciplines, in particular those in the Mathematics/Statistics-Economics option.

Prerequisites: MATH 1823 and MATH 1833; or MATH 1003 and MATH 1013; or MATH 1053 and MATH 1063; or ECON 3013; or permission of the instructor.

ECON5013Topics in Microeconomic Theory3 ch (3C)

Considers the advanced theory of production and consumer demand, expected utility theory, theory of the market, elements of game theory, general equilibrium and welfare.

Prerequisites: ECON 3013 and ECON 4013.

 

ECON5023Topics in Macroeconomics3 ch (3C)

Examines neoclassical, Keynes and Keynesian models, and static, dynamic, equilibrium and disequilibrium models.

Prerequisites: ECON 4013 and ECON 4023

ECON5285Public Policy Research3 ch (3C)

This course provides practical experience in public policy analysis through supervised research. Students will complete research projects assigned by the instructor. These projects are policy-oriented and are chosen in consultation with sponsoring agencies. A formal presentation of the results is required at the end of the course.

Prerequisites: ECON 3013 and ECON 3023 or permission of the instructor. 

ECON5515Regional Economics3 ch (3C)

Examines the history and evolution of the New Brunswick and Atlantic economics applying economic theory and measurement approaches intended to describe the determinants of growth and the process of economic adjustment. 

Prerequisite: Some background in economics.

 

ECON5565Economic Geography3 ch (3C)
The course explores processes driving spatial patterns of economic activity at the global, national, regional, and local scales. Topic areas include economic globalization, spatial distribution of industrial sectors, multinational corporations, international trade, and regional economic development. The course looks a historical and contemporary skills in upper-income as well as low-and middle-income countries.
ECON5616International Money and Finance: Theory and Policy3 ch (3C)

The course covers topics in open economy macroeconomics to help students to become critical reader of popular and ongoing debates about the global economy. Topics include international capital flows; exchange rate regimes; theories of speculative attacks and currency crises; causes and consequences of financial crises; predictions of financial crises; stabilization and adjustment; debt crises; international monetary integration; and scope and functions of international monetary agencies.

Prerequisites: ECON 3013 and ECON 3023 or equivalent courses.

ECON5625Econometrics II3 ch (3C)

Review of matrix algebra. Errors in variables, instrumental variables, simultaneous equations, qualitative and limited dependent variables, dynamic models, model selection criterion, causality, unit roots, single equation cointegration methods. Emphasis is on practical application of simultaneous methods.

Prerequisite: ECON 4625 or permission of the instructor. 

ECON5645Applied Econometrics3 ch (3C)

This course builds on the material covered in ECON 4625, Econometrics I. There are two main objectives to the course: first, to extend the classical model to consider a variety of related topics that are central to data analysis in the social sciences, including discrete and limited dependent variables, lagged dependent variables, panel data, and simultaneous equations; and second, to develop the application of the theory to empirical analysis by considering a variety of real-world examples.

Prerequisite: ECON 4625

ECON5724Economics of Human Resources3 ch (3C)

Attention given to the economics of the education process, the theory and implications of innovation, the effects of education and technological change on the distribution of income, and the role of education and technological change in economic growth.

Prerequisites: ECON 3013 and ECON 3023.

ECON5755Environmental Economics II3 ch (3C)

Applies economic theory to real-world environmental issues. The theory of environmental externalities is first explored. Then various applications are introduced such as environmental valuation techniques, computable general equilibrium modeling, and environmental accounting procedures. Such environmental issues as deforestation, urban air pollution, and water pollution will be covered.

Prerequisite: ECON 3755 or permission of the instructor. 

ECON5805Transportation Economics I (A) 3 ch (3C)

This course focuses on basic tools of economic analysis to determine demand and supply in transportation markets. Considerable attention is devoted to the derivation of market and aggregate demand for transportation services as well as to cost functions as determinants of supply of transportation services. Efficient pricing of transportation services is analysed. Investment criteria are reviewed to determine the efficient pricing. Market failures and imperfections of transportation markets are examined.

 Prerequisites: ECON 3013 and ECON 3023

ECON5815Health Economics3 ch (3C)

The course discusses and analyses the health economics literature. A set of topics will be selected by the instructor for consideration. Likely topics will include demand theory and measurement as applied to health care markets, production and supply theory (in the context of health markets), health economic evaluation methods, managed competition approaches to health care, and public policy analysis. Other topics may be introduced in accordance with the instructor's priorities, or the specific interests of the students. ECON 3013, ECON 3023 or the permission of the instructor. 

Prerequisites: ECON 3013 and ECON 3023 or permission of the instructor.
ECON5825Industrial Organization: Theory3 ch (3C)

Covers welfare economics of competition and monopoly, determinants of industrial structure, theories of industrial pricing, rationalization, technological innovation, and foreign ownership.

Prerequisite: ECON 3013, or at discretion of instructor. 

ECON5835Industrial Organization: Policy3 ch (3C)

Economics of regulation and intervention, anti-combines policy, policy issues concerning the control of mergers, monopoly, predatory pricing, collusion, resale price maintenance.

Prerequisite: ECON 5825, or at discretion of instructor. 

ECON5989Topics in Economics I3 ch (R 1S)

Directed study/reading programs. Workshops or seminars will be held as required. Students should apply to the Department of Economics in September or January for permission to take one of these courses. 

ECON5999Topics in Economics II3 ch (R 1S)

Directed study/reading programs. Workshops or seminars will be held as required. Students should apply to the Department of Economics in September or January for permission to take one of these courses.