Department of Economics

1. Exploring the subject matter of Economics

2. Supply and Demand: How Markets Work, Markets and Welfare

3. The Households

4. Production and Cost

5. Market Structure

●       Understand basic microeconomic concepts like demand, supply, production, cost, revenue and profit and the theories explaining their determination.

●       Learn how the various economic agents like consumers, firms behave rationally to optimize their goals given the economic resources.

●       Understand market clearing process with the help of demand supply apparatus and the role of the government.

1. Preliminaries
2. Brief Review of Differential and Integral Calculus
3. Simultaneous Linear Systems and Related Applications of Matrix Algebra
4. Other Topics
5. Single-variable optimization
6. Multi-variable optimization

●       Use various mathematical techniques like differentiation, integration, matrix algebra etc. for understanding basic economic theories.

●       Understand constrained and unconstrained optimization problem for local and global optimization in relation with consumption and production.

1. Introduction to Macroeconomics and National Income Accounting
2. Money
3. Inflation
4. The Closed Economy in the Short Run

●       The concept and measurement of different components of national income and its importance as an indicator of economic welfare.

●       The construction and measurement of aggregate macroeconomic variable like savings, investment, GDP, balance of payment, unemployment, money and inflation.

●       The income determination in the closed economy in short run in Classical and Keynesian system, with essential impacts of fiscal and monetary policy variables, IS-LM model, concept of multipliers.

1.      Basic concepts

2.      Measures of Central tendency

3.      Measures of Dispersion

4.      Measures of Skewness and Kurtosis

5.      Bivariate frequency distribution

6.      ANOVA Tables(concepts only)

7.      Time series

8.      Index Numbers

9.      Vital statistics

●       The computation of central tendency, dispersion, skewness and kurtosis, Correlation and Regression Analysis

●       The concept of ANOVA table; The concept and measurement of time series, index numbers and vital statistics.

1. Consumer Theory Revisited
2. Market Structure: Perfect Competition
3. Imperfect Market Structure: Monopoly
4. Imperfect Market Structure: Monopolistic Competition

●                To use mathematical tools for the analysis of the optimizing behavior of different individual units like consumer, firm;

●                To learn about the concept of risk and how to deal with risk and to reduce risk;

●                To analyse the short run and long run behavior of firm and industry under different market structure such as perfect competition and imperfect competition

1. The classical system
2. The Complete Keynesian model
3. Inflation, Unemployment and Expectations
4. Open Economy Models

●        To derive aggregate demand and aggregate supply curves;

●                     To explain different theories of output and employment determination in a closed economy in short       run  and   medium run;

●                     To use policies in this context;

●                     To introduce the concept of Inflation, its causes and effects, the inflation- unemployment trade-off, different policies regarding inflation;

●                     To learn about various theoretical issues related to open economy;

1. Multi-variable function: some concepts
2. Classical Optimization
3. Linear Programming and Duality
4. Simultaneous Equation Systems
5. Dynamical Methods: algebraic and geometric exposition
6. Game Theory and its Applications

●       Learn to determine micro level market adjustments and macro level scenarios in dynamic models with the help of difference and differential equations.

●       Apply knowledge to solve the problems on theory of consumer and firm, intertemporal choice theory, behaviour under uncertainty and comparative statics,

●       Understand interaction between economic agents in static game theoretic framework.

●       Use of linear programming problem and interdependent industry relations.

1. Introduction, Inference and Error in Surveys
2. Sampling in Survey Research
3. Mode of Data Collection
4. Nonresponse
5. Post-Survey Processing; Estimation (Lepkowski)

●       Process of sampling and data collection

●       Ideas on large scale sample survey methods

●       Practical methods of sample handling which will help them in project work.

1 . Market Structure: Oligopoly and Strategic Behaviour of Firms

2. Market Failure

3.Input Markets

4.General Equilibrium, Efficiency and Welfare

●       Learn outcomes of the variable factor markets.

●       Recognise the reasons for market failure.

●       Learn about general equilibrium and welfare and topics under information economics.

1. Economic Growth
2. Microeconomic Foundations a.Consumption b. Investment c. Demand for money
3.  Schools of Macroeconomic Thoughts

●       To provide the micro-foundations to the various aggregative concepts with alternative theories;

●       To discuss the different schools of Macroeconomic thoughts

1. Introduction and Overview
2. Elementary Probability Theory
3. Random Variables and Probability Distributions
4. Random Sampling and Jointly Distributed Random Variables
5. Sampling
6. Introduction to statistical Inference

●       To introduce random variable, probabaility, probability distributions;

●       To discuss joint distributions of random variables;

●       To discussion on sampling techniques used to collect survey data;

●       To introduce some concepts on statistical inference that include point of interval estimation;

●       To practice sums related to all concepts

1. Introduction
2. Economic Census
3. Sources of demographic data
4. International Statistical System

●       They will know about different types of statistics and how to use them for any research work.

●       Get idea on Indian official Statistics associated with collection, compilation and publication of data set at the national/state and even regional level

1. Classical Statistical Inference
2. Linear Regression
3. Problems in OLS Method
4. Multiple Regression with qualitative information
5. Specification Analysis

●       To discuss the concept of hypothesis testing, estimation;

●       To illustrate the methods of  diagnostic testing of simple and multiple regression models.

●       To discuss the covers consequences of and tests for misspecification of regression models.

1. Basic concepts of development
2. Persistence of Underdevelopment and Strategies of Development
3. Poverty and Inequality
4. Globalization

●       Analyse various demographic concepts and their evolution with the help of different theories and models

●       Discuss different aspects of international trade and know the structure and functions of different international financial and trade organisations.

●       Learn the different measures of poverty and inequality and interpret the linkages between growth and inequality

1. Stages in Empirical Econometric Research
2. Essential steps in Primary data collection
3. Application of Statistics
4. Application of Econometrics
5. Introduction to Econometric Software Package

●       The Linear Econometric Model with deep understanding of the problems of Multicollinearity, Heteroscedasticity, Auto-correlation and Dummy variables.

●       The econometric software package SPSS or E–VIEWS or STATA

1. Nature and Scope of Public Economics
2. Theory of Public Good
3. Taxation
4. Public Expenditure and Public Debt

●       Concept and deep understanding of the theory of public good.

●       Different principles of government taxation and its impact on saving, risk bearing and work effort of economic agents.

●       Different concepts of deficit in government budget and effects of public debt on a society.

1. Role of Health and Education in Human Development
2. Microeconomic Foundations of Health Economics
3. Evaluation of Health Programs
4. Health Sector in India: An Overview
5. Education: Investment in Human Capital
6. Education Sector in India: An Overview

●       The microeconomic foundations of Health economics, like, uncertainty in health insurance market, market failure and public intervention, inequality aspect etc.

●       The evaluation of different health programs.

●       Different aspects of Economics of Education, like,  Rate of return to education as an investment in human capital, quality of education, theories of different types of discriminations in education sector in India etc.

An overview of health and education in India.

1. Economic Development since Independence
2. Population and Human Development
3. Growth and Distribution
4. Macroeconomic Policies and Their Impact

●       Identify the key issues related to Indian agriculture, industry, unemployment and poverty in both pre and post reform periods and their policy relevance.

●       Comprehend the objectives, success and failures of  India’s five year plans and the recent changes in the emphasis

●       Realize and economically interpret the alterations in the government policies related to financial market, public economics and foreign trade

1. International Trade: Ideas and Concepts
2. Theories of International Trade
3. Trade Policy
4. Balance of Payment

●       Compare among various trade restriction policies and their welfare implications

●       Relate international trade with factor income and country size with gains from trade

●       Identify the policies for ensuring internal and external balance in a nation

1. Meaning of Economic Development
2. Poverty and Inequality
3. Political Institutions and the State
4. Individuals, Communities and Collective Outcomes
5. Environment and Sustainable Development
6. Globalization

●       To discuss alternative institutional trajectories and their relationship with economic performance;

●       To elaborate individual behavior with social environment , individual responses to organizational inefficiency;

●       To discuss the concept of sustainable development in consideration with environment

1. Investment Theory and Portfolio Analysis

a.       Deterministic cash-flow streams

b.      Single-period random cash flows

c.       CAPM

1. Options and Derivatives
2. Corporate Finance

●       To discuss the asset returns, portfolio analysis, risk-free assets , capital market ;

●       To explain the contracts , future prices, stock index futures, the principle of arbitrage, and financing in the corporate sector;

●        To develop comprehensive knowledge on the role of finance in the operation of an economy.

The course is aimed at providing students the scope to develop the skill of taking up independent analytical research project where they can learn how to select a real life problem, transform the problem into a research question and to apply an analytical framework based on theories learnt and use quantitative tools and problem designing skill. The students are supposed to come up with a conclusive answer to the research question. Finally a report will have to be submitted by the student. This exercise is expected to enhance analytical skill of the students.

●       Research analysis on contemporary socio-economic issues by applying research methodology.

●       Data presentation, economic analysis and preparation of dissertation using statistical and simple econometric tools.

●       The concise form of presentation and this concept will be helpful in their future academic and job assignments.

Bloom’sTaxonomy

mapping

●         Understand basic microeconomic concepts like demand, supply, production, cost, revenue and profit and the theories explaining their determination.

●         Learn how the various economic agents like consumers, firms behave rationally to optimize their goals given the economic resources.

●         Understand market clearing process with the help of demand supply apparatus and the role of the government.

Identify and Describe

Adapt

Enumerate

●         Use various mathematical techniques like differentiation, integration, matrix algebra etc. for understanding basic economic theories.

●         Understand constrained and unconstrained optimization problem for local and global optimization in relation with consumption and production.

Apply and Determine

Classify, Optimize and Evaluate

●         The concept and measurement of different components of national income and its importance as an indicator of economic welfare.

●         The construction and measurement of aggregate macroeconomic variable like savings, investment, GDP, balance of payment, unemployment, money and inflation.

●         The income determination in the closed economy in short run in Classical and Keynesian system, with essential impacts of fiscal and monetary policy variables, IS-LM model, concept of multipliers.

Study

characterize and Compute

Determine and Explain

●         The computation of central tendency, dispersion, skewness and kurtosis, Correlation and Regression Analysis

●         The concept of ANOVA table; The concept and measurement of time series, index numbers and vital statistics.

Calculate

Recognize and Determine

●         To use mathematical tools for the analysis of the optimizing behavior of different individual units like consumer, firm;

●         To learn about the concept of risk and how to deal with risk and to reduce risk;

●         To analyse the short run and long run behavior of firm and industry under different market structure such as perfect competition and imperfect competition

Apply, Optimize

Identify

Derive, Compare

●         To derive aggregate demand and aggregate supply curves;

●         To explain different theories of output and employment determination in a closed economy in short run  and medium run;

●         To use policies in this context;

●         To introduce the concept of Inflation, its causes and effects, the inflation- unemployment trade-off, different policies regarding inflation;

●         To learn about various theoretical issues related to open economy;

Derive

Explore

Apply

Articulate and Express

Study and Review

●         Learn to determine micro level market adjustments and macro level scenarios in dynamic models with the help of difference and differential equations.

●         Apply knowledge to solve the problems on theory of consumer and firm, intertemporal choice theory, behaviour under uncertainty and comparative statics,

●         Understand interaction between economic agents in static game theoretic framework.

●         Use of linear programming problems and interdependent industry relations.

Enumerate

Explore, Compute

Recognize, Interpret

Enumerate, Solve

●         Learn outcomes of the variable factor markets.

●         Recognise the reasons for market failure.

●         Learn about general equilibrium and welfare and topics under information economics.

Reproduce

Identify

Express

●         To provide the micro-foundations to the various aggregative concepts with alternative theories;

●         To discuss the different schools of Macroeconomic thoughts

Correlate

Interprete

●         To introduce random variable, probabaility, probability distributions;

●         To discuss joint distributions of random variables;

●         To discussion on sampling techniques used to collect survey data;

●         To introduce some concepts on statistical inference that include point of interval estimation;

●         To practice sums related to all concepts

Articulate

Compute

Study and Apply

Identify

Solve

●         To discuss the concept of hypothesis testing, estimation;

●         To illustrate the methods of  diagnostic testing of simple and multiple regression models.

●         To discuss the covers consequences of and tests for misspecification of regression models.

Describe

Explain, Predict

Point out

●         Analyse various demographic concepts and their evolution with the help of different theories and models

●         Discuss different aspects of international trade and know the structure and functions of different international financial and trade organisations.

●         Learn the different measures of poverty and inequality and interpret the linkages between growth and inequality

Diagnose and Explain

Enumerate

Study

●         The Linear Econometric Model with deep understanding of the problems of Multicollinearity, Heteroscedasticity, Auto-correlation and Dummy variables.

●         The econometric software package SPSS or E–VIEWS or STATA

Diagnose and Predict

Adapt and Apply

●         Concept and deep understanding of the theory of public good.

●         Different principles of government taxation and its impact on saving, risk bearing and work effort of economic agents.

●         Different concepts of deficit in government budget and effects of public debt on a society.

Elaborate

Examine

Acquire

●         The microeconomic foundations of Health economics, like, uncertainty in health insurance market, market failure and public intervention, inequality aspect etc.

●         The evaluation of different health programs.

●         Different aspects of Economics of Education, like,  Rate of return to education as an investment in human capital, quality of education, theories of different types of discriminations in education sector in India etc.

●         An overview of health and education in India.

Study

Explain

Classify and Compare

Appraise

●         Identify the key issues related to Indian agriculture, industry, unemployment and poverty in both pre and post reform periods and their policy relevance.

●         Comprehend the objectives, success and failures of  India’s five year plans and the recent changes in the emphasis

●         Realize and economically interpret the alterations in the government policies related to financial market, public economics and foreign trade

Recognize

Elaborate, Assess

Depict, Criticize

●         Compare among various trade restriction policies and their welfare implications

●         Relate international trade with factor income and country size with gains from trade

●         Identify the policies for ensuring internal and external balance in a nation

Investigate

Identify

Review

●         To discuss alternative institutional trajectories and their relationship with economic performance;

●         To elaborate individual behavior with social environment , individual responses to organizational inefficiency;

●         To discuss the concept of sustainable development in consideration with environment

Describe

Illustrate

Associate

●         To discuss the asset returns, portfolio analysis, risk-free assets , capital market ;

●         To explain the contracts , future prices, stock index futures, the principle of arbitrage, and financing in the corporate sector;

●         To develop comprehensive knowledge on the role of finance in the operation of an economy.

Outline

Describe

Articulate

●         Research analysis on contemporary socio-economic issues by applying research methodology.

●         Data presentation, economic analysis and preparation of dissertation using statistical and simple econometric tools.

●         The concise form of presentation and this concept will be helpful in their future academic and job assignments.

Diagnose

Document, Develop

Interpret, Prescribe and Summarize

1. Exploring the subject matter of Economics

2. Supply and Demand: How Markets Work, Markets and Welfare

3. The Households

4. Production and Cost

5. Market Structure

●       Understand basic microeconomic concepts like demand, supply, production, cost, revenue and profit and the theories explaining their determination.

●       Learn how the various economic agents like consumers, firms behave rationally to optimize their goals given the economic resources.

●       Understand market clearing process with the help of demand supply apparatus and the role of the government.

Introduction to Macroeconomics and National Income Accounting

●       Money

●       Inflation

●       The Closed Economy in the Short Run

●       The concept and measurement of different components of national income and its importance as an indicator of economic welfare.

●       The construction and measurement of aggregate macroeconomic variable like savings, investment, GDP, balance of payment, unemployment, money and inflation.

●       The income determination in the closed economy in short run in Classical and Keynesian system, with essential impacts of fiscal and monetary policy variables, IS-LM model, concept of multipliers.

Bloom’sTaxonomy

mapping

●         Understand basic microeconomic concepts like demand, supply, production, cost, revenue and profit and the theories explaining their determination.

●         Learn how the various economic agents like consumers, firms behave rationally to optimize their goals given the economic resources.

●         Understand market clearing process with the help of demand supply apparatus and the role of the government.

Identify and Describe

Adapt

Enumerate

●         The concept and measurement of different components of national income and its importance as an indicator of economic welfare.

●         The construction and measurement of aggregate macroeconomic variable like savings, investment, GDP, balance of payment, unemployment, money and inflation.

●         The income determination in the closed economy in short run in Classical and Keynesian system, with essential impacts of fiscal and monetary policy variables, IS-LM model, concept of multipliers.

Study

characterize and Compute

Determine and Explain