Economics Faculty
P. Nagarajan, Professor Emeritus
J. Sentance, Associate Professor, Chair
W. Rankaduwa, Professor
M.B. Ali, Associate Professor
Y. Jia, Assistant Professor
A. Spears, Lecturer
L. Clark, Adjunct Professor
R. Neill, Adjunct Professor
Major in Economics
Minor in Economics
Economic Courses
Requirements for a Major in Economics
Students wishing to major in Economics must complete fifty-four semester hours in Economics, Mathematics and Computer Science according to the program described below. All courses are valued at three semester hours.
One of :
221 Canadian Economic History
311 History of Economic Thought (I)
312 History of Economic Thought (II)
PLUS: Six (6) additional elective courses in economics, at least three of which must be at the 300 or 400 level.
Mathematics
Information Technology
Recommendation
Students planning to follow graduate studies in Economics are advised to plan their courses with the Department. Such students should include the following two courses as part of their six electives in Economics: 231 Mathematical Economics and 411 Econometrics. The Department further recommends that students who wish to go on to graduate studies choose Mathematics 151 and Mathematics 152, rather than Mathematics 112, as a stronger base for additional Mathematics courses. Students should also consider including Mathematics 261 (Linear Algebra) in their program of studies.
Requirements for a Minor in Economics
Students wishing to minor in Economics must complete twenty-one semester hours in Economics distributed as follows: Economics 101 and 102, and five other courses including at least one of the intermediate theory courses (Economics 203 or 204). At least two courses at the 300 level or above. Students should plan their program in consultation with the Department.
NOTE: The offerings listed below are not necessarily available each year. At best it may be possible to offer certain courses every other year. The courses offered in the current year will be published so that students will have the exact information available.
101 INTRODUCTORY MICROECONOMICS
This course provides an introduction to the economic analysis of consumer and producer behavior. Of particular concern is the role of the market in the allocation of resources and the distribution of income, and how these outcomes are affected by imperfections in the market system and by government policy.
PREREQUISITE: None
Three hours a week.
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102 INTRODUCTORY MACROECONOMICS
An introduction to the development, tools and application of macroeconomic analysis in the Canadian economy. Topics discussed will include inflation, unemployment, monetary policy, fiscal policy as well as others.
PREREQUISITE: None
Three hours a week.
203 INTERMEDIATE MICROECONOMICS
The theories of consumer and producer behaviour developed in Economics 101 are elaborated upon through the application of classical utility and indifference curve and production isoquant approaches. The role of market structure and the workings of factor markets are further examined.
PREREQUISITE: Economics 101
Three hours a week.
204 INTERMEDIATE MACROECONOMICS
This course explores the national economy in terms of the determination of national output, the general price level, the rate of interest, and employment. It then analyzes the effectiveness of monetary and fiscal policy in achieving specific goals and combination of goals.
PREREQUISITE: Economics 102
Three hours a week.
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211 INTRODUCTION TO RESOURCE ECONOMICS
In this course questions concerning the use of natural resources are analyzed using the techniques of microeconomic theory. Issues relating to scarcity and conservation, market failure, inter-temporal allocation of resources, property rights, common property resources, and the environment are discussed from both a Canadian and international perspectives.
PREREQUISITE: Economics 101 or permission of the instructor.
Three hours a week.
212 REGIONAL ECONOMICS
This course analyzes the problems of regional economic development in terms of factors affecting the location of an economic activity, land use, and migration. Regional disparities and the strategies of the Government of Canada and the provincial governments to reduce them from both historical and contemporary perspectives are also discussed.
PREREQUISITE: Economics 101 or 102 or permission of the instructor.
Three hours a week.
215 ENVIRONMENTAL ECONOMICS
This course is an introduction to the field of environmental economics. Students analyse the types of incentives provided by the economic system that lead to environmental degradation as well as improvement. It presents a critical analysis of traditional economic models and introduces alternative ecological models, along with a discussion of such topics as externalities, valuation of ecological assets, and policy development.
PREREQUISITE: Economics 101 or permission of the instructor.
Three hours per week.
221 CANADIAN ECONOMIC HISTORY
This course surveys the history of Canada's economic development, emphasizing the interplay of Canada's resource base, the international economy, and the trade policies of France, England and the United States. Topics include exploitation of the staples trades, industrialization, expansion to the west, the Depression, and our legacy of foreign investment.
PREREQUISITE: Economics 101 and 102 or permission of the instructor.
Three hours a week.
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222 PUBLIC SECTOR ECONOMICS
This course examines the broad nature and function of the public sector, with emphasis on the rationale for the existence of the public sector in a market economy and its impact on resource allocation, distribution of income and economic performance. Topics include anatomy of market failure, types of government intervention to correct market failure, the public good, externalities, and an overview of the growth of the public sector in Canada.
PREREQUISITE: Economics 101 and 102, or permission of the instructor.
Three hours a week
231 MATHEMATICAL ECONOMICS
This is an introduction to the use of mathematics in theoretical economic analysis. Topics to be considered include utility maximization, efficient production, price and income determination, the adjustment to and stability of equilibrium, inflation, and the impact of government spending and taxation programs.
PREREQUISITE: Economics 101 and 102, Mathematics 111 and 112. Non-economic majors without Economics 101-102 but possessing a strong background in mathematics may be admitted with the instructor's permission
Three hours a week.
242 THE ECONOMICS OF TOURISM
This course uses economic tools to analyze the role of tourism at the provincial, regional, national and international levels. Input/output analysis is used to compute local multipliers as they relate to the PEI economy. The role of the hospitality industry is also explored.
PREREQUISITE: Economics 101 or 102 or permission of the instructor.
Three hours a week.
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251 MONEY AND FINANCIAL INSTITUTIONS
This course analyzes the nature and role of money in the economy. It examines commercial banking, central banking, money and capital markets, and other financial intermediaries. Elements of business finance are discussed with particular emphasis on the role of public financial institutions. Also included are financing foreign trade, consumer finance, an examination of public finance, and monetary policy.
PREREQUISITE: Economics 101 and 102
Three hours a week.
283 AGRICULTURAL ECONOMICS
This course introduces students to agricultural economics and the role of agriculture in the economy. It reviews the structure of the food and fibre system from the farm and its suppliers to marketing and consumers. The role of agriculture in development, problems in agricultural trade, and alternatives in market structures and management are among the topics covered.
PREREQUISITE: Economics 101 and 102 or permission of the instructor.
Three hours a week.
285 SPECIAL TOPICS
A lecture course in which contemporary topics or economic issues are explored and analysed in an introductory/general manner.
291 MANAGERIAL ECONOMICS
Managerial economics is the study of those economic principles and techniques needed in the evaluation, planning and management of economic projects in such fields as natural resources, agriculture, international and regional development. Optimization techniques, process programming, demand, cost and price analysis, and the study of alternative management regimes and optimizing goals are among the topics to be studied.
PREREQUISITE: Economics 101
Three hours a week.
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303 ECONOMIC METHODOLOGY
This course provides a critical analysis of various methodologies used by economists. It introduces students to research in economics by focusing attention on competing economic paradigms and the problem of empirical verification of economic hypotheses.
PREREQUISITE: Economics 203 and 204, Mathematics 221.
Three hours a week
304 CANADIAN ECONOMIC PROBLEMS
This course examines selected contemporary problems of the Canadian economy by focusing on the formulation and analysis of economic policies designed tod eal with these problems.
PREREQUISITE: Economics 101 and 102 or permission of the instructor.
Three hours a week.
311 HISTORY OF ECONOMIC THOUGHT I
This course traces economics ideas from the Greek philosophers to the end of the classical school in the mid-nineteenth century, in particular the works of Plato, Aristotle, St. Thomas Aquinas, the English Mercantilists, the French physiocrats, Adam Smith, Thomas Malthus, David Ricardo, and J.S. Mill. A continuing theme is the relationship between the development of economic ideas and the structure of the society in which the economist lived.
Cross-listed with History Department (cf. History 461).
PREREQUISITE: Economics 101 and 102 or permission of the instructor.
Three hours a week
312 HISTORY OF ECONOMIC THOUGHT II
This course traces the evolution of modern economic ideas beginning with Karl Marx. It considers Socialist, Neoclassical, Institutional and Keynesian Schools of Economic thought.
Cross-listed with History Department (cf. History 462).
PREREQUISITE: Economics 101 and 102 or permission of the instructor.
Three hours a week.
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324 LABOUR ECONOMICS
From a theoretical perspective this course examines the workings of the labour market under different supply and demand conditions. Topics discussed include labour force participation, human capital investment, unemployment, discrimination and the effects of government policies such as the minimum wage, unemployment insurance, welfare and pay equity legislation.
PREREQUISITE: Economics 203 or instructor's permission
Three hours a week.
331 INTERNATIONAL TRADE
This course examines the causes and economic consequences of international trade. Topics covered include theories of international trade, aggregate national gains from trade, effects of trade on the distribution of income, tariffs and non-tariff trade barriers, the basic theory of international factor movements, and commercial policy.
PREREQUISITE: Economics 203
Three hours a week.
332 INTERNATIONAL MONETARY ECONOMICS
This course focuses on theories of balance of payments adjustment mechanisms and the efficiency of foreign exchange markets. Topics covered include modeling the open economy; the effects of incomes, prices, interest rates and exchange rates on international trade and capital flows; exchange rate regimes, capital mobility and macroeconomic policy coordination; the role of international institutions; and problems of international liquidity.
PREREQUISITE: Economics 204
Three hours a week.
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341 ECONOMIC DEVELOPMENT THEORY
This course provides a broad theoretical framework for understanding the development problems of developing countries. Topics covered include theories of economic growth and development, sources of economic growth, patterns of economic development, the role of capital and saving in economic development, inward-looking and outward-looking development, and the problem of industrilization in developing countries.
PREREQUISITE: Economics 204
Three hours a week.
342 ECONOMIC DEVELOPMENT POLICY
This course focuses on development strategies and policies for the developing world and related controversies concerning IMF-style stabilization packages. The emphasis is on international aspects of economic development, neo-structuralist policy prescriptions, and empirical aspects of the problem of financing economic development. Selected country case studies are analyzed, particularly from Sub-Saharan Africa and Latin America.
PREREQUISITE: Economics 341
Three hours a week
352 APPLIED RESOURCE ECONOMICS
This course in applied economics deals with the management of natural resources, with special emphasis on water, fishery and forestry resources. It explains the use of cost-benefit analysis and linear programming in optimizing resource use. It also examines the dynamics of project analysis, the role or projections, and the discount rate.
PREREQUISITE: Economics 211 or permission of the instructor.
Three hours a week.
381 WOMEN, ECONOMICS AND THE ECONOMY
This course examines the treatment of women by the discipline of economics from both mainstream and feminist perspectives. It includes a review of the feminist critique of traditional economics, as well as an examination of the economic literature pertaining to women and women's activities. Topics include women in the workforce and the economic analysis of fertility, marriage and divorce, and household production.
Cross-listed with Women's Studies (cf. Women's Studies 381).
PREREQUISITE: Economics 101 or 102 or permission of the instructor. For WS students, WS 101 or 102, or permission of the instructor
Three hours a week.
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385 SPECIAL TOPICS
A lecture course in which contemporary topics or economic issues are explored and analysed in an introductory/general manner.
403 ADVANCED MICROECONOMICS
This course extends and analyzes topics developed in Economics 203 at an advanced level. These include demand, production and cost theories, competing theories of the firm, factor pricing, and general equilibrium.
PREREQUISITE: Economics 203
Three hours a week.
404 ADVANCED MACROECONOMICS
This course examines recent developments and controversies in macroeconomic theory concerning the macro dynamics of unemployment, inflation, and the rate of growth of output. The emphasis is on substantive disagreements among Keynesian, Monetarist, and New Classical economists concerning the effectiveness of macroeconomic policy to affect unemployment and inflation rates.
PREREQUISITE: Economics 204
Three hours a week.
405 FINANCIAL ECONOMICS
This course provides an understanding of the economic analysis of the financial system beyond the introductory level. It places particular emphasis on the structure, operation and the role of financial markets, such as money markets, capital markets and derivative markets, and the characteristics of various financial securities traded in these markets. The main topics covered in the course include economic theories of saving and investment behaviour, asset demand and supply under uncertainty, decision making by investors in the presence of uncertainty, portfolio analysis, managing risk, and the models of asset pricing.
PREREQUISITES: EC 203, EC 204, and EC 251, or permission of the instructor
Three hours a week.
411 INTRODUCTION TO ECONOMETRICS This course concentrates on effective procedures for the statistical estimation and testing of key parameters in economic models. Remedies are developed for problems associated with model specification. Multicollinearity, serial correlation, heteroscedasticity, simultaneous equations, and forecasting.
PREREQUISITE: Economics 203 and 204, Mathematics 221, and either Mathematics 112 or 151.
Three hours a week
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412 PUBLIC FINANCE
This course deals with the role of the public sector in attaining an efficient allocation of resources and an equitable distribution of income in a market economy. It focuses on theories of public expenditure and taxation, and emphasizes criteria for the evaluation and selection of public expenditure and tax programs. Special attention is given to Canadian fiscal problems and current policy issues in this area.
PREREQUISITE: Economics 203 and 204.
Three hours a week.
421-422 DIRECTED STUDIES IN ECONOMICS
These are courses in Economics on a variety of topics for students who have qualified for advanced study. Readings and/or research will be undertaken in a variety of specialized areas. The topics offered must be approved by the Chair of the Department and the Dean of the Faculty. (See Academic Regulation 9 for Regulations Governing Directed Studies.)
485 SPECIAL TOPICS
A lecture course in which contemporary topics or economic issues are explored and analysed in an introductory/general manner.
NOTE: The Department encourages students to select "Economic Papers on Island Topics" which may be eligible for a prize from the Prince Edward Island Department of Industry/ACOA Awards.
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