The Department of Economics at Memorial University was established in 1967. Prior to that, economics was part of a broader department that included several related disciplines, including history, political science, and geography. This multidisciplinary unit eventually became the Department of Social Studies, which encompassed commerce, political science, sociology and anthropology, as well as economics.

Initially, the economics curriculum consisted of just two courses: Economics 1, Introduction to Economic Principles—which covered the key theories of Adam Smith, Ricardo, and Mill, along with references to Nicholson, Taussig, Keynes, Mitchell, and other modern economists—and Economics 2, Money and Banking. These courses were designed as electives for other programs and were required for students in Engineering and Household Sciences. The sole instructor was Moses O. Morgan, a Political Scientist by training. Morgan later held several senior administrative positions, including Head of Social Studies, Dean of Arts and Science, Vice-President (Academic), and ultimately, President of Memorial University.

First Faculty Appointment

The first full-time Professor of Economics at Memorial University was appointed in 1954: Gordon Kenneth Goundrey, a native of British Columbia who specialized in economic development, particularly in relation to natural resources. Goundrey quickly developed an economics curriculum robust enough to support a Major program. Within a year of his arrival, the number of economics courses offered increased from three to nine—all of which he taught. At the time, these were full-year courses, as the semester system was not introduced until 1970.

After three years single-handedly teaching the economics curriculum, Goundrey was recruited in 1957 by Premier Smallwood to serve as Director of Economic Research. He left Newfoundland two years later but returned in 1971 to lead the newly established Department of Economics. Goundrey eventually left Memorial again to work with the Commonwealth Secretariat and later the United Nations, where he ultimately served as Assistant Secretary-General for Special Political Questions. Despite his departures, his leadership had a lasting impact on the department. In addition to his earlier role on the Royal Commission on Forestry (1954–55), he served as the sole commissioner for the Royal Commission on Mineral Revenues, which issued its report in 1974. That work helped establish a departmental focus on natural resource development—a priority that continues to this day.

Dr. Parzival Copes succeeded Goundrey as Professor of Economics in 1957. Like his predecessor, Copes was a native of British Columbia and shared a focus on economic development, particularly in relation to natural resources. He quickly established his expertise with a report commissioned by the Newfoundland Board of Trade, titled St. John's and Newfoundland: An Economic Survey. Copes was a key figure in the establishment of the Institute of Social and Economic Research (ISER) in 1961 and became its first Director of Economic Research.

Expansion Period

Under his leadership, the Department of Economics expanded significantly. A junior professor was appointed in 1959, and an Honours program was introduced that same year. In 1962, a Master’s program in economics was launched. By 1963, the department had grown to include six full-time faculty members.

The graduate program was suspended in the mid-1970s but was later reintroduced in 1995 with a renewed focus on natural resource economics and public finance. At its height, the program enrolled around 15 students annually—a notable increase from the five or six students enrolled in the late 1990s and early 2000s—although the numbers have declined in the past few years due to lasting effects of the COVID-19 pandemic and changes in federal immigration policies.

During this period, Copes initiated a series of studies on the economics of the Newfoundland fishery. Based on his research, he concluded that the industry would be unable to sustain employment for the large portion of the population then dependent on it. Although his findings were not well received by the public at the time, subsequent developments have largely validated his analysis. Copes left Memorial in 1964 to become the founding Head of the Department of Economics and Commerce at the newly established Simon Fraser University. However, he continued his research on the Newfoundland fishery for several years after his departure.

Following Copes’ departure, Memorial University—like many other Canadian universities—experienced a surge in enrollment due to the baby-boomer generation. The Department of Economics continued to grow, both in faculty size and student numbers, eventually stabilizing at just over a dozen full-time faculty members. The introduction of the trimester system in 1970 prompted a redesign of the undergraduate program, resulting in a structure that remains largely in place today.

While the economics program initially offered only a Bachelor of Arts, beginning in 1997–98, undergraduate students also gained the option to pursue a Bachelor of Science. In 1998–99, students were further offered the opportunity to complete a Joint Major with Applied Mathematics, Pure Mathematics, Statistics, or Computer Science. In 2000–01, the Department introduced the Economics Co-operative Education Option (ECEO), designed to provide students with relevant work experience and a source of income while completing their degrees.

Since its launch, the ECEO has placed students in a range of organizations, including provincial and federal government departments, non-governmental organizations, professional associations, private-sector firms, and Memorial University itself. From the early 1990s to present, the Department has taught between 2,500 and 2,600 students annually.

Comparative Advantage

The Department has maintained a strong research focus on natural resource development. In particular, Bill Schrank, Noel Roy, and Eugene Tsoa have made significant contributions to the field of fisheries economics, with a specific emphasis on Newfoundland. In recognition of their scholarly impact, both Schrank and Roy were named Professors Emeritus. As oil and gas emerged as key sectors of the provincial economy, Wade Locke developed a specialization in energy economics.

The Department has also established a strong research presence in public sector economics, with notable contributions from Doug May, Wade Locke, and Jim Feehan. In more recent years, faculty members including Michael Wernerheim, Anastasia Lintner, Nikita Lyssenko, and Nahid Masoudi have advanced the department’s work in the growing field of environmental economics.

Established in 2013, the CARE (Collaborative Applied Research in Economics) initiative significantly enhanced the research culture and enthusiasm for applied economic research within the Department of Economics. CARE promotes research focused on regional economic issues, aiming to foster a deeper understanding of local economies and their broader social impacts. A key objective of the initiative is to involve students in research activities, thereby developing their skills, encouraging continued academic engagement, and contributing to the region’s knowledge capital.

CARE is administered through the Department of Economics at Memorial University by Wade Locke, Scott Lynch, and Doug May. Its founding partners included the Atlantic Canada Opportunities Agency, Husky Energy, the Government of Newfoundland and Labrador, and Memorial University. At its launch, CARE received $945,000 in funding for a three-year pilot project. In 2016, an application was submitted for a three-year extension, which proposed an additional $1 million in research funding for the department.

To date, CARE has supported around 40 research projects. Funding decisions are driven by faculty interests and their willingness to engage in specific topics, ensuring that projects are aligned with both academic expertise and regional relevance.

Modern Era

In 2015, the Department became the home of the Stephen Jarislowsky Chair in Cultural and Economic Transformation with the appointment of Tony Fang, who is a former graduate student in economics at Memorial University. The Department also expanded its impact in environmental and natural resource economics with the appointment of Nahid Masoudi in 2015 and in the economics of education with the appointment of Lynn Gambin, a former undergraduate student in economics at Memorial University, in 2016.

Since then, the Department of Economics has changed rapidly. Several retirements and departures of longstanding faculty members have resulted in four new hires in as many years, beginning with Derek Messacar in 2022, Jean-Gabriel Lauzier and Blair Long in 2024, and Sihui Ong in 2025. These appointments bring renewed focus on core topics in applied macroeconomics and microeconomic theory as well as field topics that have been traditionally well-represented by the Department including environmental economics, labour economics, public finance and international trade.

_{Written by Noel Roy with contributions from Derek Messacar.}