UG LEVEL SYLLABUS FOR HONOURS COURSE IN ECONOMICS

Under CBCS (Choice Based Credit System) and Continuous Assessment

& Grading Pattern (CAGP)

SE Core Course (14) Ability Skill Elective Discipline Elective Generic

M Enhancement Enhanceme Specific DSE (4) (GE) (4)
Compulsory nt Course
Course (AECC) (SEC) (2)
(2)
C-1: Introductory AECC-1: GE-1: Principle
Microeconomics Eng/Hind/MIL of
I Communication Microeconomics
C-2: Introductory
Macroeconomics -I
II C-3: Intermediate AECC-2: GE-2: Principle
Microeconomics-I Environmental of
C-4: Mathematical Science Macroeconomics
Methods for Economics- -I
I
III C-5: Intermediate Macro SEC1: Data GE-3:
Economics-I Analysis Development
C-6: Mathematical Economics
Methods for Economics-
II
C-7: Statistical Methods
for Economics
IV C-8: Intermediate SEC-2: GE-4:
Microeconomics-II Field International
C-9: Intermediate Macro study and Economics
Economics-II its
C-10: Introductory importanc
Econometrics e
V C-11: Indian Economy-I DSE-1: Public
Finance
C-12: Development DSE-2: Applied
Economics-I Econometrics/
Money and
Financial Markets
VI C-13: Indian Economy-II DSE-3: International
Economics
DSE-4:
C-14: Development Environmental
Economics-II Economics/
Comparative
Economic
Development (1850-
1950)

1
 UG Syllabus Structure for B.A. Honours Course
Department of Economics: Bodoland University

SEMESTER-I
Course Code Course Title Respective Course Designing/Remarks
AECC-1 English-I (Communication) Contents will be done by English
department
CC-1 Introductory Microeconomics
CC-2 Introductory Macroeconomics
GE-1 Principle of Microeconomics-I For the major students of other disciplines

AECC-2 Environmental Science Contents will be done by Academic Branch

CC-3 Intermediate Microeconomics-I
CC-4 Mathematical Methods for
Economics-I
GE-2 Principle of Macroeconomics-I For the major students of other disciplines

SEMESTER-III
SEC-1 Data Analysis
CC-5 Intermediate Macro Economics-I
CC-6 Mathematical Methods for
Economics-II
CC-7 Statistical Methods for
Economics
GE-3 Development Economics For the major students of other disciplines
SEMESTER-IV
SEC-2 Extension Education
CC-8 Intermediate Microeconomics-II
CC-9 Intermediate Macro Economics-
II
CC-10 Introductory Econometrics
GE-4 International Economics For the major students of other disciplines
SEMESTER-V
CC-11 Indian Economy-I
CC-12 Development Economics-I
DSE-1 Public Finance
DSE-2 Applied Econometrics/ Students need to choose any one of the give
Money and Financial Markets two papers
SEMESTER-VI
CC-13 Indian Economy-II
CC-1 4 Development Economics-II
DSE-3 International Economics
DSE-4 Environmental Economics/ Students need to choose any one of the give
Comparative Economic two papers
Development (1850-1950)

2
 Outline of the Courses

Course Course Title Credit Points Remarks

Code
Core Courses
CC-1 Introductory Microeconomics 6
CC-2 Introductory Macroeconomics 6
CC-3 Intermediate Microeconomics-I 6
CC-4 Mathematical Methods for Economics-I 6
CC-5 Intermediate Macro Economics-I 6
CC-6 Mathematical Methods for Economics-II 6
CC-7 Statistical Methods for Economics 6
CC-8 Intermediate Microeconomics-II 6
CC-9 Intermediate Macro Economics-II 6
CC-10 Introductory Econometrics 6
CC-11 Indian Economy-I 6
CC-12 Development Economics-I 6
CC-13 Indian Economy-II 6
CC-14 Development Economics-II 6
Generic Elective (GE)
GE-1 Principle of Microeconomics-I 6
GE-2 Principle of Macroeconomics-I 6

GE-3 Development Economics 6

GE-4 International Economics 6
Skill Enhancement Course (SEC)
SEC-1 Data Analysis 2
SEC-2 Extension Education 2
Discipline Specific Elective (DSE)
DSE-1 Public Finance 6
DSE-2 Applied Econometrics/ Money and Financial 6
Markets
DSE-3 International Economics 6
DSE-4 Environmental Economics/ Comparative 6
Economic Development (1850-1950)

3
 SEMESTER-I

C-I: Introductory Microeconomics

Unit 1: INTRODUCTION
Basic concepts- dependent and independent variables- exogenous and endogenous variable -
The Economic Problem- Scarcity and Choice; Concepts of Equilibrium - Stable and Unstable,
Static, Comparative Static, Dynamic, The Basic Market Model.

Unit 2: CONSUMER BEHAVIOUR AND DEMAND

Utility: Cardinal versus Ordinal; Indifference Curve - Assumptions and Properties; optimal
choice Consumer’s Equilibrium; Price Effect-Income Effect, Substitution Effect; Engel’s Curve;
Derivation of the Demand Curve; Giffen Paradox; Merits and Limitations of Indifference Curve
Analysis; Consumer’s Surplus and Applications and Limitations of the Concept

.Unit 3: THEORY OF PRODUCTION AND COST

Organisation of Production; Production Function and its related concepts; Total, Average and
Marginal Products and the Law of Variable Proportions; Production with two variable inputs-
Isoquant; Factor Elasticity of Substitution; Returns to Scale; Least cost input combination;
Expansion Path; Contract Curve and the derivation of Production Possibility Curve; Cost of
Production; Types of Costs- Money Cost, Real Cost, Explicit Cost, Implicit Cost, Sunk Cost,
Opportunity Cost, Private Cost, Social Cost

Unit 4: OUTPUT DECISIONS AND PROFIT MAXIMIZATION

Revenue: TR, AR, MR; Relation between AR, MR, Elasticity of Demand; Comparing Costs and
Revenues to maximize Profit

Recommended books:
1. Karl E. Case, Ray C. Fair, Principles of Economics, Pearson Education Asia
2. Dominick Salvatore, Micro Economics- Theory and Applications, Oxford University
Press
3. Koutsoyiannis. A, Modern Micro Economics, ELBS/ Macmillan
4. Sampat Mukherjee, Modern Economic Theory, New Age International Publishers
5. Rahul A. Shastri, Micro Economic Theory, University Press (India) Limited
6. D. N. Dwivedi, Micro Economic Theory and Applications, Pearson Education
7. R. K. Sharma and Shashi K. Gupta, Management Accounting- Principles and
Practice, Kalyani Publishers
8. G S Maddala and Ellen Miller, Micro Economic Theory and Application, Tata
Mc Graw- HillM
9. N. Gregory Mankiw (2007), Principal of Economics 6th Edn.thompson
10.Hall R. Varian (2010). Intermediate Micro Economics: A Modern Approach.

4
C-2: Introductory Macroeconomics
Unit 1: Macroeconomics and National Income Accounting
Basic issues studied in Macroeconomics; Definitions of related aggregates of National Income;
Methods of estimating National Income; real versus nominal GDP; Circular flow in a two sector
economy; GNP as a measure of Economic Welfare and Quality of Life.

Unit 2: The Classical System

Classical Theory and Say’s Law of Market; Classicalists Quantity Theory of Money; The
Classical Full Employment Model. Keynes’ objections to classical theory, Simple Keynesian
model of Income Determination

Unit 3: The Simple Keynesian Model in a Closed Economy

Keyne’s Effective Demand; Keynesian Consumption Function; Technical Attributes of
Consumption function; Simple Keynesian model of Income determination.

Unit 4: Liquidity Preference

Liquidity Preference; Classicalist’s view on the Demand for Money; Keyne’s Motive of the
Demand for Money; Liquidity Trap situation

Recommended Books:
1. Dornbusch, Fisher, Startz (2005): Macroeconomics, Tata Mcgraw-Hill; Publishing Company
Ltd New Delhi
2.Suraj B.Gupta: Monetary Economics, S.Chand and Company Ltd.
3. W.Beckerman: An Introduction to National Income Analysis, Universal Book Stall, New
Delhi,
4.Raghabendra Jha : Contemporary Macroeconomic Theory and Policy, Wiley Eastern Ltd.,
5. Dudley Dillard: The Economics of John Maynard Keynes,Vikas Publishing House Ltd.
6. Eugene A. Diulio: Theory and Problems of Macroeconomics, Schaum's Outline Series,
Mcgraw Hill Book Company, 1983
7. Rana and Verma: Macroeconomic Analysis, Vishal Publications, Jalandhar, 1998

GE-I: Principle of Microeconomics-I

Unit 1: INTRODUCTION
Basic concepts- dependent and independent variables- exogenous and endogenous variable -
The Economic Problem- Scarcity and Choice; Concepts of Equilibrium - Stable and Unstable,
Static, Comparative Static, Dynamic, The Basic Market Model.

Unit 2: CONSUMER BEHAVIOUR AND DEMAND

Utility: Cardinal versus Ordinal; Indifference Curve - Assumptions and Properties; optimal
choice Consumer’s Equilibrium; Price Effect-Income Effect, Substitution Effect; Engel’s Curve;

5
Derivation of the Demand Curve; Giffen Paradox; Merits and Limitations of Indifference Curve
Analysis; Consumer’s Surplus and Applications and Limitations of the Concept

.Unit 3: THEORY OF PRODUCTION AND COST

Organisation of Production; Production Function and its related concepts; Total, Average and
Marginal Products and the Law of Variable Proportions; Production with two variable inputs-
Isoquant; Factor Elasticity of Substitution; Returns to Scale; Least cost input combination;
Expansion Path; Contract Curve and the derivation of Production Possibility Curve; Cost of
Production; Types of Costs- Money Cost, Real Cost, Explicit Cost, Implicit Cost, Sunk Cost,
Opportunity Cost, Average and Marginal Cost Curves.

Recommended books:
1. Karl E. Case, Ray C. Fair, Principles of Economics, Pearson Education Asia
2. Dominick Salvatore, Micro Economics- Theory and Applications, Oxford University
Press
3. Koutsoyiannis. A, Modern Micro Economics, ELBS/ Macmillan
4. Sampat Mukherjee, Modern Economic Theory, New Age International Publishers
5. Rahul A. Shastri, Micro Economic Theory, University Press (India) Limited
6. D. N. Dwivedi, Micro Economic Theory and Applications, Pearson Education
7. R. K. Sharma and Shashi K. Gupta, Management Accounting- Principles and
Practice, Kalyani Publishers
8. G S Maddala and Ellen Miller, Micro Economic Theory and Application, Tata
Mc Graw- HillM
9. N. Gregory Mankiw (2007), Principal of Economics 6th Edn.thompson
10.Hall R. Varian (2010). Intermediate Micro Economics: A Modern Approach.

6
 SEMESTER-II

C-3: Intermediate Microeconomics-I

Unit-1: Consumer Theory

Preference; utility; budget constraint; choice; demand; Slutsky equation; buying and selling;
choice under risk and intertemporal choice; revealed preference

Unit-2: Production, Costs and Perfect Competition

Technology; isoquants; production with one and more variable inputs; returns to scale; short run
and long run costs; cost curves in the short run and long run; review of perfect competition.

Unit-3: Determination of Factor Pricing

Pricing of Factors under Perfect Competition–Factor Share and Technical Progress- Backward
Bending Supply Curve of Labour–Monopsony. Principal agent problem-Monopoly &
Competitive solution. Hidden action & hidden information and monopoly solution. Signaling

Readings:
1. Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and
Company/Affiliated East-West Press (India), 8th edition, 2010. The workbook by Varian and
Bergstrom may be used for problems.
2. C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage
Learning (India), 2010.
1. B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw- Hill
(India), 2009.

C-4: MATHEMATICAL METHODS IN ECONOMICS-I

1. Preliminaries
Logic and proof techniques; sets and set operations; relations; functions and their properties;
number systems.
2. Functions of one real variable
Graphs; elementary types of functions: quadratic, polynomial, power, exponential, logarithmic;
sequences and series: convergence, algebraic properties and applications; continuous functions:
characterizations, properties with respect to various operations and applications; differentiable
functions: characterizations, properties with respect to various operations and applications;
second and higher order derivatives: properties and applications.
3. Single-variable optimization
Geometric properties of functions: convex functions, their characterizations and applications;
local and global optima: geometric characterizations, characterizations using calculus and
applications.
4. Integration of functions
5. Difference equations
Readings:
K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson Educational Asia:
Delhi, 2002.
7
GE-2: Principle of Macroeconomics-1

Unit 1: Macroeconomics and National Income Accounting

Basic issues studied in Macroeconomics; Definitions of related aggregates of National Income;
Methods of estimating National Income; real versus nominal GDP; Circular flow in a two sector
economy; GNP as a measure of Economic Welfare and Quality of Life.

Unit 2: The Classical System

Classical Theory and Say’s Law of Market; Classicalists Quantity Theory of Money; The
Classical Full Employment Model. Keynes’ objections to classical theory, Simple Keynesian
model of Income Determination

Unit 3: The Simple Keynesian Model in a Closed Economy

Keyne’s Effective Demand; Keynesian Consumption Function; Technical Attributes of
Consumption function; Simple Keynesian model of Income determination.

Recommended Books:
1. Dornbusch, Fisher, Startz (2005): Macroeconomics, Tata Mcgraw-Hill; Publishing Company
Ltd New Delhi
2.Suraj B.Gupta: Monetary Economics, S.Chand and Company Ltd.
3. W.Beckerman: An Introduction to National Income Analysis, Universal Book Stall, New
Delhi,
4.Raghabendra Jha : Contemporary Macroeconomic Theory and Policy, Wiley Eastern Ltd.,
5. Dudley Dillard: The Economics of John Maynard Keynes,Vikas Publishing House Ltd.
6. Eugene A. Diulio: Theory and Problems of Macroeconomics, Schaum's Outline Series,
Mcgraw Hill Book Company, 1983
7. Rana and Verma: Macroeconomic Analysis, Vishal Publications, Jalandhar, 1998

8
 SEMESTER-III

C-5: Intermediate Macroeconomics-I

1. Aggregate Demand and Aggregate Supply Curves

Derivation of aggregate demand and aggregate and supply curves; interaction of aggregate
demand and supply.
2. Inflation, Unemployment and Expectations
Phillips curve; adaptive and rational expectations; policy ineffectiveness debate
3. Open Economy Models
Short-run open economy models; Mundell-Fleming model; exchange rate determination
purchasing power parity; asset market approach; Dornbusch's overshooting model; monetary
approach to balance of payments; international financial markets.

Readings:
Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010
N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010
Olivier Blanchard, Macroeconomics, Pearson Education, Inc., 5th edition, 2009.
Steven M. Sheffrin, Rational Expectations, Cambridge University Press, 2nd edition, 1996
Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, 7th edition, 2011
Errol D‘Souza, Macroeconomics, Pearson Education, 2009
Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics, Pearson
Education Asia, 9th edition, 2012.

C-6: MATHEMATICAL METHODS IN ECONOMICS-II

Unit-1: Differential equations

Unit-2: Linear algebra

Vector spaces: algebraic and geometric properties, scalar products, norms, orthogonality; linear
transformations: properties, matrix representations and elementary operations; systems of linear
equations: properties of their solution sets; determinants: characterization, properties and
applications.
Unit-3: Functions of several real variables
Geometric representations: graphs and level curves; differentiable functions: characterizations,
properties with respect to various operations and applications; second order derivatives:
properties and applications; the implicit function theorem, and application to comparative statics
problems; homogeneous and homothetic functions: characterizations and applications.
9
Unit-4: Multi-variable optimization
Convex sets; geometric properties of functions: convex functions, their characterizations,
properties and applications; further geometric properties of functions: quasiconvex functions,
their characterizations, properties and applications; unconstrained optimization: geometric
characterizations, characterizations using calculus and applications; constrained optimization
with equality constraints: geometric characterizations, lagrange characterization using calculus
and applications; properties of value function: envelope theorem and applications.

Readings:
1. K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson Educational
Asia: Delhi, 2002.
2. Mathematics for economist: Srinath Baruah

C-7: Statistical Methods for Economics

1. Introduction and Overview

The distinction between populations and samples and between population parameters and sample
statistics; the use of measures of location and variation to describe and summarize data;
2. Elementary Probability Theory
Sample spaces and events; probability axioms and properties; counting techniques; conditional
probability and Bayes’ rule; independence.

3. Random Variables and Probability Distributions

Defining random variables; probability distributions; expected values of random variables and of
functions of random variables; properties of commonly used discrete and continuous
distributions (uniform, binomial, normal, poisson and exponential random variables).
4. Random Sampling and Jointly Distributed Random Variables
Density and distribution functions for jointly distributed random variables; computing expected
values; covariance and correlation coefficients
5. Sampling
Principal steps in a sample survey; methods of sampling; the role of sampling theory; properties
of random samples.
6. Point and Interval Estimation
Estimation of population parameters using methods of moments and maximum likelihood
procedures; properties of estimators; confidence intervals for population parameters
Readings:
1. Jay L. Devore, Probability and Statistics for Engineers, Cengage Learning, 2010.
2. John E. Freund, Mathematical Statistics, Prentice Hall, 1992.

10
3. Richard J. Larsen and Morris L. Marx, an Introduction to Mathematical Statistics and its
Applications, Prentice Hall, 2011.
4. William G. Cochran, Sampling Techniques, John Wiley, 2007.

SEC-1:Data Analysis

Unit-1: Collection of Data, secondary data and primary data, different sources of secondary data,
different methods of primary data collection, preparation of questionnaire and schedule.

Unit-2: Measure of central tendency-mean, median, mode; measure of dispersion-range, quartile

deviation, standard deviation, measurement of growth rate.

Unit-3: Correlation, Coefficient of Correlation, Rank correlation, Regression analysis.

Unit-4: Data entry and analysis in SPSS and Excel; diagrammatic presentation.

Reference Books:

Gupta, SP Statistical Methods¸ Sultan Chand and Sons, New Delhi.

Gujrati, D. N. (2004), Basic Econometrics, Fourth Edition, Tata Mc Graw-Hill Publishing

Company Limited, New Delhi.

Gupta, S.C. and Kapoor, VK , Fundamentals of Mathematical Statistics, Sultan Chand and Sons,
New Delhi.

Gupta, S.C. and Kapoor, VK , Fundamentals of Applied Statistics, Sultan Chand and Sons, New
Delhi.

GE-3: Development Economics

Unit 1:

Economic Growth and Development: Concept. Indicators of Economic Development

Unit-2

Vicious circle of poverty-Lewis theory of unlimited supplies of labour-Theory of Big Push,

Theories of Balanced and Unbalanced Growth

Unit-3:

External resources-Foreign AID-types of Foreign AID, importance of foreign AID-Its danger,

FDI-meaning-advantages-disadvantages

11
Unit-4:

Rostow’s stages of economic growth and Harrod-Domar growth model

Readings
1. Debraj Ray, Development Economics, Oxford University Press, 2009.
2. Partha Dasgupta, Economics, A Very Short Introduction, Oxford University Press, 2007.
3. M Todaro. Development Economics-Oxford university press
4. Development Economics-Misra & Puri, Himalaya Publishing House, Delhi

12
 SEMESTER-IV

C-8: Intermediate Microeconomics-II

1. General Equilibrium, Efficiency and Welfare

Equilibrium and efficiency under pure exchange and production; overall efficiency and welfare
economics.
2. Market Structure and Game Theory
Monopoly; pricing with market power; price discrimination; peak-load pricing; two-part tariff;
monopolistic competition and oligopoly; game theory and competitive strategy.
3. Market Failure
Externalities; public goods and markets with asymmetric information
Readings:
1. Hal R. Varian, Intermediate Microeconomics, a Modern Approach, 8th edition, W.W. Norton
and Company/Affiliated East-West Press (India), 2010.The workbook by Varian and Bergstrom
could be used for problems.
2. C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning
(India), 2010

C-9: Intermediate Macroeconomics-II

1. Economic Growth
Harrod-Domar model; Solow model; golden rule; technological progress and elements of
endogenous growth.
2. Microeconomic Foundations
a. Consumption: Keynesian consumption function; Fisher‘s theory of optimal intertemporal
choice; life-cycle and permanent income hypotheses; rational expectations and random-walk of
consumption expenditure.
b. Investment: determinants of business fixed investment; residential investment and inventory
investment.
c. Demand for money.
3. Fiscal and Monetary Policy
Active or passive; monetary policy objectives and targets; rules versus discretion: time
consistency; the government budget constraint; government debt and Ricardian equivalence.
13
4. Schools of Macroeconomic Thoughts
Classical; Keynesians; New-Classical and New-Keynesians
Readings:
1. Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010.
2. N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010.
3. Olivier Blanchard, Macroeconomics, Pearson Education, Inc., 5th edition, 2009.
4. Charles I. Jones, Introduction to Economic Growth, W.W. Norton & Company, 2nd edition,
2002.
5. Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, 7th edition,
2011.
6. Errol. D‘Souza, Macroeconomics, Pearson Education, 2009.
7. Robert J. Gordon, Macroeconomics, Prentice-Hall India Limited, 2011.

C-10: Introductory Econometrics

1. Nature and Scope of Econometrics

2. Statistical Concepts
Normal distribution; chi-sq, t- and F-distributions; estimation of parameters; properties of
estimators; testing of hypotheses: defining statistical hypotheses; distributions of test statistics;
testing hypotheses related to population parameters; Type I and Type II errors; power of a test;
tests for comparing parameters from two samples.
3. Simple Linear Regression Model: Two Variable Case:
Estimation of model by method of ordinary least squares; properties of estimators; goodness of
fit; tests of hypotheses; scaling and units of measurement; confidence intervals; Gauss-Markov
theorem; forecasting.
4. Multiple Linear Regression Model
Estimation of parameters; properties of OLS estimators; goodness of fit - R2 and adjusted R2;
partial regression coefficients; testing hypotheses – individual and joint; functional forms of
regression models; qualitative (dummy) independent variables
Readings
1. Jay L. Devore, Probability and Statistics for Engineers, Cengage Learning, 2010
2. John E. Freund, Mathematical Statistics, Prentice Hall, 1992.
3. Richard J. Larsen and Morris L. Marx, An Introduction to Mathematical Statistics and its
Applications, Prentice Hall, 2011.

14
4. D. N. Gujarati and D.C. Porter, Essentials of Econometrics, McGraw Hill, 4th edition,
International Edition, 2009.
5. Christopher Dougherty, Introduction to Econometrics, Oxford University Press, 3rd edition,
Indian edition, 2007

SEC-2: Field Study and its importance

Unit-1

Importance of field Study, selection of topic, objectives, review of literature of the relevant topic
and research ethics.

Unit-2

Data collection, field survey, pilot survey, complete enumeration (census) and sample survey,
preparation of questionnaire, schedule, etc.

Unit-3

Report writing, References and Bibliography.

NB: Students are asked to collect data from field and write a short report (within 5000 words) on
the selected topic.

Reference book:

1. C R Kothari & Gauarav Garg (2019) Research Methodology: Methods and Techniques, 4th edition,
New Age International Publishers.
2. S C Gupta (20) Fundamental of statistics, 7th revised enlarge edition Himalaya
Publishing House.

GE-4: International Economics

1. Introduction
What is international economics about? An overview of world trade.
2. Theories of International Trade
The Ricardian, specific factors, and Heckscher-Ohlin models; new trade theories; the
international location of production; firms in the global economy — outsourcing and
multinational enterprises.
3. Trade Policy
Instruments of trade policy; political economy of trade policy; controversies in trade
policy.
4. International Macroeconomic Policy
Fixed versus flexible exchange rates; international monetary systems; financial
globalization and financial crises.
Readings:
1. Paul Krugman, Maurice Obstfeld, and Marc Melitz, International Economics: Theory and
Policy, Addison-Wesley (Pearson Education Indian Edition), 9th edition, 2012.
2. Dominick Salvatore, International Economics: Trade and Finance, John Wiley
International Student Edition, 10th edition, 2011.
15
 SEMESTER-V

C-11: Indian Economy-I

1. Economic Development since Independence

Major features of the economy at independence; growth and development under different policy
regimes—goals, constraints, institutions and policy framework; an assessment of performance—
sustainability and regional contrasts; structural change, savings and investment.
2. Population and Human Development
Demographic trends and issues; education; health and malnutrition

3. Growth and Distribution

Trends and policies in poverty; inequality and unemployment
4. International Comparisons
Readings:
1. Jean Dreze and Amartya Sen, Jean Dreze and Amartya Sen, 2013. An Uncertain Glory:
India and its Contradictions, Princeton University Press.
2. Pulapre Balakrishnan, 2007, The Recovery of India: Economic Growth in the Nehru Era,
Economic and Political Weekly, November.
3. Rakesh Mohan, 2008, ―Growth Record of Indian Economy: 1950-2008. A Story of
Sustained Savings and Investment, Economic and Political Weekly, May.
4. S.L. Shetty, 2007, ―India‘s Savings Performance since the Advent of Planning, in K.L.
Krishna and A. Vaidyanathan, editors, Institutions and Markets in India’s Development.
5. Himanshu, 2010, Towards New Poverty Lines for India, Economic and Political Weekly,
January.
6. Jean Dreze and Angus Deaton, 2009, Food and Nutrition in India: Facts and Interpretations,
Economic and Political Weekly, February.
7. Himanshu. 2011, ―Employment Trends in India: A Re-examination, Economic and
Political Weekly, and September

16
C-12: Development Economics-I

Unit 1:

Economic Growth and Development: Concept. Indicators of Economic Development

Unit 2:

Capital- meaning-characters and role. Labour-meaning-characters and technology in Economic

Development

Unit 3:

Population, population composition, Human Capital and its formation and Economic
Development

Unit4:

Vicious circle of poverty-Lewis theory of unlimited supplies of labour-Theory of Big Push,

Theories of Balanced and Unbalanced Growth

Recommended Readings:

1. Todaro, MP, Development Economics, Pearson.

2. R.K Lekhi: Development & Environmental Economics
3. Thirlwal, AP, Growth & Development, Palgrave.

5. World Bank, World Development Reports, OUP. UNDP, Human Development

Reports. OUP 7. Robert Putnam, Making Democracy Work: Civic Traditions in Modern
Italy, Princeton University Press, 1994

DSE-1: Public Finance

1. Public Economic Theory

a. Fiscal functions: an overview.
b. Public Goods: definition, models of efficient allocation, pure and impure public goods,
free riding.
c. Externalities: the problem and its solutions, taxes versus regulation, property rights, the
Coase theorem.
d. Taxation: its economic effects; dead weight loss and distortion, efficiency and equity
considerations, tax incidence, optimal taxation.
2. Indian Public Finances
a. Tax System: structure and reforms b. Budget, deficits and public debt
b. Fiscal federalism in India

Readings:
1. J. Hindriks, G. Myles: Intermediate Public Economics, MIT Press, 2006.

17
2. H. Rosen, T. Gayer: Public Finance, 9th ed., McGraw-Hill/Irwin, 2009.
3. Joseph E. Stiglitz, Economics of the Public Sector, W.W. Norton & Company, 3rd edition,
2000.
4. R.A. Musgrave and P.B. Musgrave, Public Finance in Theory & Practice, McGraw Hill
Publications, 5th edition, 1989.
5. John Cullis and Philip Jones, Public Finance and Public Choice, Oxford University Press, 1st
edition, 1998.
6. Harvey Rosen, Public Finance, McGraw Hill Publications, 7th edition, 2005
7. Mahesh Purohit, Value Added Tax: Experiences of India and Other Countries,
2007.
8. Kaushik Basu and A. Maertens (ed.), The New Oxford Companion to Economics in India,
Oxford University Press, 2013.
9. M.M. Sury, Government Budgeting in India, 1990.

DSE-2: APPLIED ECONOMETRICS

1. Stages in Empirical Econometric Research

2. Regression Diagnostics and Specification
Misspecification; functional forms; model selection.
3. Advanced Topics in Regression Analysis
Selected Topics:
Dynamic Econometric Models: distributed lag models; autoregressive models;
instrumental variable estimation; simultaneous equation models.
4. Panel Data Models
Methods of estimation; fixed effects model; random effects model.
5. Introduction to Econometric Software Package
GRETL; E-VIEWS; STATA (any one).
Readings:
1. Jeffrey M. Wooldridge, Econometrics, CENGAGE learning, India Edition, 2009.
2. Dimitrios Asteriou and Stephen Hall, Applied Econometrics: A Modern
Approach, Palgrave Macmillan, 2007.
3. Damodar Gujarati, Econometrics by Example, Palgrave Macmillan, 2011.

18
19
 SEMESTER-VI

C-13:Indian Economy-II
1. Macroeconomic Policies and Their Impact
Fiscal Policy; trade and investment policy; financial and monetary policies; labour regulation
2. Policies and Performance in Agriculture
Growth; productivity; agrarian structure and technology; capital formation; trade; pricing and
procurement
3. Policies and Performance in Industry
Growth; productivity; diversification; small scale industries; public sector; competition policy;
foreign investment.
4. Trends and Performance in Services
Readings:
1. Shankar Acharya, 2010, ―Macroeconomic Performance and Policies 2000-8,‖ in Shankar
Acharya and Rakesh Mohan, editors, India’s Economy: Performances and Challenges:
Development and Participation, Oxford University Press.
2. Rakesh Mohan, 2010, ―India‘s Financial Sector and Monetary Policy Reforms,‖ in Shankar
Acharya and Rakesh Mohan, editors, India’s Economy: Performances and Challenges:
Development and Participation, Oxford University Press.
3. Pulapre Balakrishnan, Ramesh Golait and Pankaj Kumar, 2008, ―Agricultural
Growth in India Since 1991, RBI DEAP Study no. 27.
4. B.N. Goldar and S.C. Aggarwal, 2005, ―Trade Liberalisation and Price-Cost
Margin in Indian Industries, The Developing Economics, September.
1. P. Goldberg, A. Khandelwal, N. Pavcnik and P. Topalova, 2009, ―Trade Liberalisation
and New Imported Inputs, American Economic Review, Papers and Proceedings, May.

C-14: Development Economics-II

Unit- : I
Introduction to planning: types of planning, rationale/objectives of economic planning in a
developing economy, planning process.

Unit-2:
External resources-Foreign AID-types of Foreign AID, importance of foreign AID-Its danger,
FDI-meaning-advantages-disadvantages.

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Unit-3:

Rostow’s stages of economic growth and Harrod-Domar growth model

Unit-4:

Concept and Measurement of human Development –Human development Index (HDI) for
various states in India

Selected Readings:

1. Todaro, M.P, : Development Economics, McGraw Hill

2. Thirlwal, A.P, : Development Economics, Pearson
3. Misrha & Puri, : Economics of Development & Planning, HPH
4. Lekhi, R, K. : The Economics of Development & Planning

DSE-3: International Economics

1. Introduction
What is international economics about? An overview of world trade.
2. Theories of International Trade
The Ricardian, specific factors, and Heckscher-Ohlin models; new trade theories; the
international location of production; firms in the global economy — outsourcing and
multinational enterprises.
3. Trade Policy
Instruments of trade policy; political economy of trade policy; controversies in trade
policy.
4. International Macroeconomic Policy
Fixed versus flexible exchange rates; international monetary systems; financial
globalization and financial crises.
Readings:
1. Paul Krugman, Maurice Obstfeld, and Marc Melitz, International Economics: Theory and
Policy, Addison-Wesley (Pearson Education Indian Edition), 9th edition, 2012.
2. Dominick Salvatore, International Economics: Trade and Finance, John Wiley
International Student Edition, 10th edition, 2011.

DSE-4:Environmental Economics

1. Introduction
What is environmental economics; review of microeconomics and welfare economics.
2. The Theory of Externalities
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Pareto optimality and market failure in the presence of externalities; property rights and the
coase theorem
3. The Design and Implementation of Environmental Policy
Overview; pigouvian taxes and effluent fees; tradable permits; choice between taxes and quotas
under uncertainty; implementation of environmental policy
4. International Environmental Problems
Trans-boundary environmental problems; economics of climate change; trade and environment
5. Measuring the Benefits of Environmental Improvements
Non-Market values and measurement methods; risk assessment and perception
6. Sustainable Development
Concepts; component, measurement
Readings:
1. Charles Kolstad, Intermediate Environmental Economics, Oxford University Press, 2nd
edition, 2010
2. Robert N. Stavins (ed.), Economics of the Environment: Selected Readings, W.W. Norton, 5th
edition 2005.
3. Roger Perman, Yue Ma, James Mc Gilvray and Michael Common, Natural Resource and
Environmental Economics, Pearson Education/Addison Wesley, 3rd edition, 2003.
4. Maureen L. Cropper and Wallace E. Oates, 1992, ―Environmental Economics: A Survey,
Journal of Economic Literature, Volume 30:675-740.

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