Economics Syllabus

Unit-1 : Micro Economics

1 Theory of Consumer Behaviour
2 Theory of Production and Costs
3 Decision making under uncertainty Attitude towards Risk
4 Game Theory – Non Cooperative games
5 Market Structures, competitive and non-competitive equilibria and their
efficiency properties
6 Factor Pricing
7 General Equilibrium Analysis
8 Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization
9 Welfare Economics: Fundamental Theorems , Social Welfare Function

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Unit-2 : Macro Economics

1 National Income: Concepts and Measurement
2 Determination of output and employment: Classical & Keynesian Approach
3 Consumption Function
4 Investment Function
5 Multiplier and Accelerator
6 Demand for Money
7 Supply of Money
8 IS – LM Model Approach

9 Inflation and Phillips Curve Analysis
10 Business Cycles
11Monetary and Fiscal Policy
12Rational Expectation Hypothesis and its critique

Unit- 3 : Statistics and Econometrics
1 Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem
2 Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers
3 Sampling methods & Sampling Distribution
4 Statistical Inferences, Hypothesis testing
5 Linear Regression Models and their properties – BLUE
6 Identification Problem
7 Simultaneous Equation Models – recursive and non-recursive
8 Discrete choice models
9 Time Series Analysis

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Unit-4 : Mathematical Economics
1 Sets, functions and continuity, sequence, series
2 Differential Calculus and its Applications
3 Linear Algebra – Matrices, Vector Spaces
4 Static Optimization Problems and their applications
5 Input-Output Model, Linear Programming
6 Difference and Differential equations with applications

Unit-5 : International Economics

1 International Trade: Basic concepts and analytical tools
2 Theories of International Trade
3 International Trade under imperfect competition
4 Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms
5 Exchange Rate: Concepts and Theories
6 Foreign Exchange Market and Arbitrage
7 Gains from Trade, Terms of Trade, Trade Multiplier

8 Tariff and Non-Tariff barriers to trade; Dumping
9 GATT, WTO and Regional Trade Blocks; Trade Policy Issues10 IMF & World Bank

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Unit-6 : Public Economics

1 Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality
2 Regulation of Market – Collusion and Consumers’ Welfare
3 Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation
4 Public expenditure
5 Public Debt and its management
6 Public Budget and Budget Multiplier
7 Fiscal Policy and its implications

Unit-7 : Money and Banking

1 Components of Money Supply
2 Central Bank
3 Commercial Banking
4 Instruments and Working of Monetary Policy
5 Non-banking Financial Institutions
6 Capital Market and its Regulation


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Unit-8 : Growth and Development Economics

1 Economic Growth and Economic Development
2 Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter, Rostow, Balanced & Unbalanced growth, Big Push
3 Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor
4 Technical progress – Disembodied & embodied; endogenous growth
5 Indicators of Economic Development: PQLI, HDI, SDGs
6 Poverty and Inequalities – Concepts and Measurement
7 Social Sector Development: Health, Education, Gender

Unit-9 : Environmental Economics and Demography

1 Environment as a Public Good
2 Market Failure
3 Coase Theorem
4 Cost-Benefit Analysis and Compensation Criteria
5 Valuation of Environmental Goods
6 Theories of Population
7 Concepts and Measures: Fertility, Morbidity, Mortality
8 Age Structure, Demographic Dividend
9 Life Table
10 Migratio

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Unit-10 : Indian Economy
1 Economic Growth in India: Pattern and Structure
2 Agriculture: Pattern & Structure of Growth, Major Challenges, Policy Responses
3 Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses
4 Services: Pattern & Structure of Growth, Major Challenges, Policy Responses
5 Rural Development – Issues, Challenges & Policy Responses
6 Urban Development – Issues, Challenges and Policy Responses.
7 Foreign Trade: Structure and Direction, BOP, Flow of Foreign Capital, Trade Policies
8 Infrastructure Development: Physical and Social; Public-Private Partnerships
9 Reforms in Land, Labour and Capital Markets
10 Centre-State Financial Relations and Finance Commissions of India; FRBM
11 Poverty, Inequality & Unemployment