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ECON 391Equilibrium in Market Economies

Units
0.50
Faculty
Arts
Subject
Economics

When it runs

  1. F24
  2. W25
  3. S25
  4. F25
  5. W26
  6. S26
  7. F26
  8. W27
  9. S27

Ran in 5 of the last 7 terms. Winter 2027: scheduled, 2 lecture sections. Spring 2027: schedule not out yet.

Central to the study of economics is the concept of an equilibrium in which the actions of individuals are not only individually optimal, but are also consistent with each other; such as when the total amount of a good that individuals wish to purchase equals the total amount available. This course introduces students to the notion of equilibrium for a market and market economy. The properties of such equilibria are explored, both in terms of model logic (existence, uniqueness) as well as in terms of the desirability of the equilibrium outcomes (efficiency, welfare). Partial equilibrium (in a single market) as well as general equilibrium (in all markets at once) are covered for models with endowments, production, uncertainty, and time.

Prerequisites

  • Must have completed the following:
    • ECON290 - Models of Choice in Competitive Markets (0.50)

Antirequisites

None listed.

Leads to

Fall 2026 sections

Enrolment from UW Open Data, which can trail Quest by up to two days. Instructors and rooms: Schedule of Classes.
SectionClassEnrolledMeets
LEC 001348972 / 100MW 14:30–15:50

Winter 2027 sections

Enrolment from UW Open Data, which can trail Quest by up to two days. Instructors and rooms: Schedule of Classes.
SectionClassEnrolledMeets
LEC 00133700 / 110MW 10:00–11:20
LEC 701128440 / 9999Online or by arrangement

Reviewed on UW Flow

46% liked it33% easy70% useful

From 13 ratings and 8 comments on UW Flow. The most helpful comments, quoted as written, without names. Read them all on UW Flow.

  • the grading scheme saved my grade ngl. 40% of your grade is participation (assignments and clicker questions). midterms and final were fair. prof is goated

    May 2025 · liked itOn UW FlowRemove this

  • this course was taught by Jean Guillaume Forand. Based on what I have heard, the only way you will be able to do well in this course if you have it with Jean. I know people who have taken it with Lutz-Alexander Busch. If you have it with him, DROP IT and retake it in another term with Jean.

    Dec 2024 · liked itOn UW FlowRemove this

  • I think if you read the course notes you will do fine. There are also assignments to help your understanding, which will be useful. I would review the course notes and make summaries before exams to really understand the concepts, it helps a lot.

    Apr 2024 · liked itOn UW FlowRemove this

  • This course was the first course I ever dropped, because I absolutely did not believe in my ability to pass. Made me rule out economics for grad school

    Apr 2024 · didn’t like itOn UW FlowRemove this

  • Very natural flow to the course and easy to see how the content is developed from Econ 290 concepts. Midterms are quite predictable in the type of questions asked. Since the assignments are marked on an attempt based basis, it can be easy to overlook harder or more applied questions but I think they are interesting in helping understand the ways the theory can be used in creative ways.

    Dec 2023 · liked itOn UW FlowRemove this

Discussed on r/uwaterloo

65 posts and comments in 58 threads mention ECON 391, May 2016 to December 2024. Quoted word for word, newest first; each reply sits under the post and the comment that started its branch. Search r/uwaterloo for newer posts.

Fall 2024

Winter 2024

Fall 2023

4b courseload? 1 point, 7 comments

u/richard--b: “… Wanted to get some input on how my courseload looks next term AFM 423 (topic in financial econometrics) Econ 421 (econometric theory) Econ 391 (equilibrium in market economics) Econ 306 (macroeconomics) Math 138 (calc 2) Not much I can change tbh, since I need most if not all of …”

u/Econ2023_2024: “You need to take Econ 391 before taking Econ 306”

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Spring 2023

Fall 2022

Spring 2022

Winter 2022

Check it elsewhere for Fall 2026

Calendar versions

Undergraduate Calendar