SYLLABUS - Central University of Kashmir Syllabus for MA... · 1 SYLLABUS FOR M.A ECONOMICS (From 2014 Session Onwards) Department of Economics Central University of Kashmir ... Elective

Department of Economics Central University of Kashmir

1

SYLLABUS

FOR

M.A ECONOMICS

(From 2014 Session Onwards)


Srinagar- J & K


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Programme Structure & Syllabus M.A Economics


Programme Structure

Notes: C: Core E: Elective SS: Soft Skill SO: Social Orientation CIA: Continuous Internal Assessment

Course

Code Core Courses

Type of

Course

Teaching

Hours/Week

Credits

Max. Mark

CIA External Total

Fisrt Semester

MEC-C 1411 Micro Economics - I C 4 4 40 60 100

MEC-C 1412 Macro Economics - I C 4 4 40 60 100

MEC-C 1413 Mathematics for Economics C 4 4 40 60 100

MEC-C 1414 Indian Economy C 4 4 40 60 100

SS Soft Skill Electives C 4 4 40 60 100

Second Semester

MEC-C 1421 Micro Economics - II C 4 4 40 60 100

MEC-C 1422 Macro Economics - II C 4 4 40 60 100

MEC-C1423 Statistical Methods C 4 4 40 60 100

MEC-C 1424 International Economics C 4 4 40 60 100

SO Soft Skill Electives C 4 4 40 60 100

Third Semester

MEC-C 1431 Economics of Development C 4 4 40 60 100

MEC-C 1432 Public Economics C 4 4 40 60 100

MEC-C 1433 Basic Econometrics C 4 4 40 60 100

Elective Elective Course I E 4 4 40 60 100

Elective Elective Course II E 4 4 40 60 100

Fourth Semester

MEC-C 1441 Economics of Growth C 4 4 40 60 100

MEC-C 1442 Political Economy C 4 4 40 60 100

MEC-C 1443 Environmental Economics C 4 4 40 60 100

Elective Elective Course III E 4 4 40 60 100

Elective Elective Course IV E 4 4 40 60 100


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Elective Courses

Third Semester

Course Code Elective 1

MEC-E 1431 Theory of Statistics

MEC-E 1432 Financial Economics

MEC-E 1433 Contemporary Indian Economy

MEC-E 1434 Economics of Demography


MEC-E 1435 Mathematical Economics

MEC-E 1436 Economics of Health and Education

MEC-E 1437 Financial Institution and Market

MEC-E 1438 Economics of Infrastructure and Real Estate

Fourth Semester


MEC-E 1441 Advanced Econometrics

MEC-E 1442 Agricultural Economics

MEC-E 1443 International Finance

MEC-E 1444 J&K Economy


MEC-E 1445 Industrial Economics

MEC-E 1446 Computer Application in Economics

MEC-E 1447 Indian Public Finance

MEC-E 1448 Dissertation Work

Note: The electives will be offered depending on the availability of faculties


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Microeconomics I Course code: MEC-C1411

Max. Marks: 60 Unit I: Choice and Demand

Preferences and utility– rational choice; Utility maximization problem; Indirect utility

function; Expenditure function; Income offer curves and Engle’s curves; Income effect and

substitution effect– Slutsky and Hicks; Ordinary demand curve and compensated demand

curve; Revealed preference hypothesis; Market demand and elasticity– market demand

curves; Relationship among elasticities; Linear and constant elasticity demand functions.

Unit II: Uncertainty and Information

Decision making under uncertainty; The expected utility theory of Von Neumann and

Morgenstern; Attitude towards risk; Measures of risk aversion; Insurance; Asymmetric

information– market for lemons and market signalling; Principle-agent problems; Incentives

framework in private and public enterprises; Efficiency wage theory; Moral hazard.

Unit III: Theory of Production

Production function with one variable input and two variable inputs; Cost minimizing input

choices; Some common production functions– Cobb-Douglas and constant elasticity of

substitution production function; Trans log production function; Returns to scale; Duality

theory; Expansion path.

Unit IV: Theory of Costs

Short run and long run costs and their relationship in traditional cost theory; Average

marginal relationships; Modern cost theory; Economies and diseconomies of scale and scope;

Learning curve.

Unit V: Market Structure

Introduction to various forms of market; Price and output under perfect competition– short

run and long run equilibrium of a firm; Short run supply curves; Equilibrium of firm and

industry– short run and long run; Monopoly– short run and long run equilibrium price and

output determination; Various forms of price discrimination; Price and output determination

under monopolistic competition– short run and long run analysis.


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References:

1. Baumol, W.J., Economic Theory & Operations Analysis, Printice Hall, New Delhi.

2. Henderson, J.M & R.E. Quant, Micro Economic Theory: A Mathematical Approach,

McGraw Hall, New Delhi.

3. Salvatore, D. (2003), Micro economics; Theory and Applications. Oxford University

Press, New Delhi.

4. Perloff, J. M. (2001), Microeconomics, Addison Wisely Longman, India.

5. Nicholson, W. (1992), Microeconomic Theory: Basic Principals and Extensions. The

Dryden Press, USA.

6. Koutsoyiannis, A. (1979), Modern Microeconomics, Macmillan Press, London.

7. Layard, P. R. G. and Walters, A.W. (1978), Microeconomic Theory, McGraw Hill,

New York.

8. Sen. A. K. (1999), Microeconomics - Theory and Applications, Oxford University

Press.

9. Pindyck R. S. and Ruboinfeld, D. L. (1999), Microeconomics, Prentice Hall of India.

10. Jeffrey M.P. (2001) 2nd Ed., Microeconomics Addison Wisely Longman, India

Branch.

11. Walter Nicholson (1992) 5th Ed, Microeconomic Theory: Basic Principals and

Extensions, The Driden Press , USA.


6

Macroeconomic Analysis- I

Course code: MEC-C1412

Max. Marks: 60

Unit 1: National Income and Social Accounting

National Product– productive and non- productive activities; The components of final

demand; Equality and distribution of national income, GNP, welfare and quality of life;

Measurable Net Economic Welfare (MEW); Social accounting– concept and importance; The

system of accounts and economic theory; Main features and types of social accounts;

Balance of payment accounting; Matrix presentation of social accounting.

Unit II: Sectoral Demand Functions

Consumption function; Keynes’s law of consumption – implication of the law; Short run and

long run consumption function; Income consumption relationship – absolute income, relative

income, life cycle income and permanent income hypothesis; Investment demand-

neoclassical approach, Keynesian approach (MEC) approach; Accelerator principle;

Keynesian Multiplier– static and dynamic.

Unit III: Inflation and Unemployment

Classical, Keynesian and monetarist approach to inflation; Demand pull and cost push

inflation; Bent Hansen model of demand pull inflation; Structuralist theory of inflation;

Phillips curve – short run and long run; Keynesian views of the output-inflation trade off;

Tobin views on Phillips curve; Natural rate of unemployment hypothesis; NAIRU and

Phillips curve; Strategies to control inflation.

Unit IV: Income Determination Model

Income determination in three sector model; Balanced budget multiplier; Income

determination in the four sector model including foreign spending; Foreign trade multiplier;

Aggregate supply function– Keynesian and classical; Keynesian views of labour market;

Labour supply and variability of money wages.

Unit V: Theories of Trade Cycle

Anatomy and indicators of trade cycle; Multiplier-accelerator interaction theories of trade

cycle– Samuelson, Hicks; Keynes and Kaldor model of trade cycle; Real business cycle

theory; Control of trade cycle.


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References:

1. Ackley G. (1969), Macroeconomics Theory, New York, Macmillan.

2. Blackhouse, R. and A. Salansi (eds.) (2000), Macroeconomics and Real World

(2Vols.) Oxford University Press, London.

3. Branson, W. (1989), Macroeconomic Theory and Policy; 3rd Ed, Harper & Row.

4. Dornbush, R. and S. Fischer (2004), Macroeconomics, 9th Ed, Tata-Mcgraw Hill.

5. Jha, R. (1991), Contemporary Macroeconomic Theory and Policy, Wiley Eastern.

6. Levacic, R and A. Rebman (1986), Macroeconomics; (2nd Ed, Macmillan).

7. Mankiw, N. Gregory (2000), Macroeconomics (4th Ed, Macmillan-Worth).

8. Richard T. Froyen, (2003), Macroeconomics, Pearson Indian Ed.

9. Dernbusch, E and S. Fischer (1981), Macroeconomics Auckland, McGraw Hill

International.

10. Hall, R.E. and J.B. Taylor (1986), Macroeconomics, W.W. Norton, New York.

11. Heijdra and Vander Ploeg. Foundations of Modern Macroeconomics, Oxford

University Press.

12. Romer D.L, Advanced Macroeconomics, McGraw Hill Company Ltd. New York.

13. Rosalind Levacic and Alexander Rebmann, Macroeconomics – An Introduction to

Keynesian – Neoclassical Controversies.

14. Srivastava M.N. Perspective in Monetary Theory.


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Mathematics for Economics Course code: MEC-C1413

Max. Marks: 60 Unit I: Basic Concepts

Concept of variable, constant and parameter; Set theory– sets and set operations; Concept of

relation and function– types of function; Limit and continuity, Equations– linear, quadratic

and simultaneous equation.

Unit II: Differential Calculus

Derivative– rules of differentiation; Partial derivatives; Higher order differentiation; Euler’s

Theorem; Uses of differentiation in economics– constrained optimization, Lagrangian

multiplier, problems of maxima and minima in single and multi-variable functions.

Unit III: Integral Calculus

Concept of integration– simple rules of integration, indefinite and definite integral;

Fundamental theorem of integral; Properties of definite integral; Application of integrals in

economics– consumer’s surplus, producer’s surplus and growth rates.

Unit IV: Differential and Difference Equation

Concepts; Solutions of first order differential and difference equations; Applications of

differential and difference equation– phase diagram, stability conditions, lagged income

determination model, Cobweb model, Samuelson multiplier acceleration interaction model.

Unit V: Matrix Algebra

Concept of matrix– their types, simple operations on matrices; Determinants & their basic

properties; Inverse of matrix; Jacobian, Hessain and higher order Hessian rule; Rank of a

matrix; Solution of a system of linear equations using matrices; Solution of simultaneous

equations through Cramer’s rule.


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References:

1. Allen, R. G. D. (2003), Mathematical Analysis for Economists, The Macmillan Press,

Delhi.

2. Chiang, C. A. (1984), Fundamental Methods of Mathematical Economics, McGraw

Hill.

3. Edward, D. T. (2008), Introduction to Mathematical Economics, Schaum’s outline,

Tata McGraw- Hill, Delhi.

4. Henderson, M. J. (2006), Microeconomics Theory, Tata McGraw- Hill, New Delhi.

5. Yamane, T. (1995), Mathematics for Economists, Prentice Hall of India, New Delhi.

6. Boumal, J. W. (2000), Economic Theory and Operation Analysis, Prentice Hall of

India, Delhi.

7. Gupta, S. C. and Kapoor, V. K. Fundamentals of Mathematical Statistics, Himalaya

publishing House, New Delhi

8. Gupta, S.C. and Kapoor, V. K. (2001), Fundamentals of Applied Statistics,

Himalayan Publishing House, Allahabad.

9. Elhance, D. N. (2009), Fundamentals of Statistic, Kitab Mahal, New Delhi.

10. Srivastava, S. C. and Srivastava, S. (2003), Fundamentals of Statistics, Anmol

Publication, New Delhi.

11. Grewal, P. S. (1990), Methods of Statistical Analysis, Sterling Publishing House, New

Delhi.


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Indian Economy Course code: MEC-C1414

Max. Marks: 60 Unit I: Demographic Features of Indian Economy

Population– size and reason for Population growth; Population policy; Poverty– absolute and

relative; Analysis of poverty in India; Poverty alleviation programmes and their

effectiveness; Unemployment–Nature, extent and types of unemployment in India; Policies

on Unemployment– MGNREGA.

Unit II: Structure of Indian Economy

Growth and structural changes in Indian economy; Performance of different Sectors; Sectoral

contribution to GDP; Regional disparity in income distribution; Appraisal of 10th and 11th

FYP, twelfth five year plan (2012-17).

Unit III: Indian Agriculture and Industry

Institutional and technological changes in Indian agriculture; Trends in agriculture production

and productivity in major crops; New agriculture policy; Public distribution system (PDS),

Food security and sustainable agriculture; Growth and pattern of industrialisation; New

Industrial Policy; Privatisation and disinvestment debate.

Unit IV: Money, Banking and Prices

Analysis of price behaviour in India; Inflation– causes and consequences; Review of

monetary Policy of RBI; Financial sector reforms– banking sector reforms and Narasimham

committee, financial sector legislative reforms commission (FSLRC); Working of SEBI;

Fiscal policy reforms– Tax reforms since 1991; Fiscal consolidation and FRBM Act.

Unit V: External Sector and Economic Reforms Structure of India’s foreign trade– Trends in volume, direction, and composition; Back

ground of economic reforms– trade policy reforms, new trade policy and FTP (2009-14);

Exchange rate policy– exchange rate management in India; Issue of current and capital

account convertibility; Role of FDI and MNCs; Globalisation of Indian economy; WTO and

its impact.


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References:

1. Ahluwalia, I.J. and I.M.D. Little (Eds.) (1999), India’s Economic Reforms and

Development (Essays in honor of Manmohan Singh), Oxford University Press,

New Delhi.

2. Ahluwalia. I.J, (1985), Industrial Growth in India, Oxford University Press, New

Delhi.

3. Appu. P.S.( 1996), Land Reforms in India, Vikas, New Delhi.

4. Bardhan, Pranab; (2003), Poverty Agrarian Structure and Political Economy in

India. Selected Essays – Oxford University Press, New Delhi.

5. Bawa, R.S. and P.S.Raikhy (Ed). (1997), Structural Changes in Indian Economy,

Guru Nanak Dev University Press, Amritsar.

6. Bhagwati, Jagdish (2004), In Defense of Globalization, Oxford University Press.

7. Brahmananda, P.R. and V.R. Panchamukhi (Eds) (2001), Development Experience

in the Indian Economy: Inter-State Perspectives, Bookwell, Delhi.

8. Chelliah, Raja J (1996), Towards Sustainable Growth, Essays in Fiscal and

Financial Sector Reforms in India – Oxford University Press, New Delhi.

9. Chelliah. Raja J. and R. Sudarshan (1999), Income, Poverty and Beyond Human

Development in India Social Science Press, New Delhi.

10. CT Kurien, (1978), Poverty, Planning and Social Transformation in India, Allied

Publishers, Delhi,

11. Datt, Ruddar and Sundaram, K.P.M, Latest edition, Indian Economy, S Chand and

Co, New Delhi.

12. Deepak Lal, (1999), India in the World Economy, Oxford University Press,

13. Dhameeja, N. and K.S. Sastry (1998), Privatisation: Theory and Practice, A.H.

Wheeler – New Delhi.

14. Dhingra, Ishwar C.(2006), Indian Economy, Sultan Chand and Sons, New Delhi.

15. Dr. S Murthy, (1995), Structural Reforms of Indian Economy Atlantic Publishers.

16. Jagdish Bhagwati and TN Srinivasn, (1986), Foreign Trade Regimes and

Economic Development: India, NBER, New York.

17. Jalan, B, The Indian Economy – Problems & Prospects, Viking.

18. KR Gupta (1995), Liberalization and Globalization of Indian Economy, Atlantic

Publishers, New Delhi.

19. Misra, S.K & V.K. Puri, Indian Economy, Himalaya Publishing House, New Delhi.


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20. Mookherjee. D. (1997), Indian Industry, Policies and Performance – Oxford

University Press, New Delhi.

21. Rao Hunumanta, C.H. (2005), Agriculture, Food Security Poverty and

Environment, Essays on Post Reform in India, Oxford University Press, New

Delhi.

22. Uma Kapila (2004), Indian Economy Since Independence, Academic Foundation,

New Delhi.

23. Vijay Johi and I. M.D Little, (1996), India’s Economic Reforms, 1991 – 2001,

Oxford University Press, New Delhi.

24. VM Dandekar and Nilakantha Rath, (1971), Poverty in India, Indian School of

Political Economy, Pune.

25. Sanjeev Kumar, (1996), Foreign Direct Investment in India, BR Publishing

Company Delhi,.


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Microeconomics II Course code: MEC-C1421

Max. Marks: 60 Unit I: Oligopoly- I

Non-collusive oligopoly– Cournot, Bertrand, Kinked demand curve and Stackeleberg

models; Theory of games– zero-sum and non-zero sum games; Nash equilibrium; Prisoner’s

dilemma; Repeated and sequential games; Collusive oligopoly– cartels and price leadership

models.

Unit II: Oligopoly- II

Critical evaluation of marginal analysis; Average cost pricing; Bain’s limit pricing theory and

Sylos-Labini model; Baumol’s static and dynamic models of sales revenue maximization;

Marris’s model of managerial enterprise; Williamson’s model of managerial discretion.

Unit III: Factor Pricing

Neo-classical approach– marginal productivity theory; Factor pricing in imperfect product

and factor markets; Product exhaustion theorems; Elasticity of technical substitution and

factor shares; Technical progress and income distribution; Pricing of fixed factors of

production.

Unit IV: Distribution Theories

Macro theories of distribution– assumption, principles, limitation and comparative analysis of

Ricardo, Marx, Kalecki and Kaldor.

Unit V: General Equilibrium and Welfare Economics

General equilibrium analysis– interdependence of markets; Efficiency in exchange;

Walrasian equilibrium; Walras law; Existence, stability and uniqueness of equilibrium;

Efficiency and equilibrium; Social welfare criteria-Pareto, Kaldor- Hicks and Bergson;

Maximisation of social welfare– grand utility possibility frontier; Determination of welfare

maximizing configuration; Arrow’s impossibility theorem.


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References:

1. Baumol, W.J, Economic Theory & Operations Analysis, Printice Hall, New Delhi.

2. Henderson, J.M & R.E. Quant, Micro Economic Theory: A Mathematical Approach,

McGraw Hall, New Delhi.

3. Salvatore, D. (2003), Micro economics; Theory and Applications, Oxford University

Press, New Delhi.

4. Perloff, J. M. (2001), Microeconomics, Addison Wisely Longman, India.

5. Nicholson, W. (1992), Microeconomic Theory: Basic Principals and Extensions, The

Dryden Press, USA.

6. Koutsoyiannis, A. (1979), Modern Microeconomics. Macmillan Press, London.

7. Layard, P. R. G. and Walters, A.W. (1978), Microeconomic Theory, McGraw Hill.

8. Sen. A. K. (1999), Microeconomics - Theory and Applications, Oxford University

press.

9. Pindyck R. S. and Ruboinfeld, D. L. 1(999), Microeconomics, Prentice Hall of India.

10. Jeffrey M.P. (2001) 2nd Ed., Microeconomics Addison Wisely Longman, India

Branch.

11. Walter Nicholson (1992) 5th Ed, Microeconomic Theory: Basic Principals and

Extensions, The Driden Press , USA.


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Macroeconomics- II

Course code: MEC-C1422

Max. Marks: 60

Unit I: Supply of Money

Model of bank deposit determination; H- theory of money supply; Money multiplier; Budget

and money supply; RBI approach to money supply; Money supply in open economy; Control

of money supply.

Unit II: Demand for Money

Classical approach to demand for money– Fisher’s and Cambridge approach; Keynes’s

liquidity preference approach; Post-Keynesian approaches to demand for money– Baumol’s

approach of transaction demand for money; Tobin portfolio optimization approach;

Friedman’s quantity theory; Patinkin’s real balance effect; Pigou’s effect.

Unit III: Neo- classical and Keynesian Synthesis

IS-LM model; Derivation of IS-LM curves; Factors causing shift in the IS-LM schedule;

Extension of IS-LM model with government sector; Extension of IS-LM with labour market

and flexible price; Monetary and fiscal policy– tools and relative effectiveness.

Unit IV: Macroeconomics in Open Economy

IS-LM model in open economy; LM curve and the balance of trade; Zero capital mobility;

Implication of capital mobility for macroeconomic policy; Mundell-Fleming model; Relative

effectiveness of monetary and fiscal policies under imperfect and perfect capital mobility.

Unit V: Recent Developments in Macroeconomic Theory

Monetarism– central propositions, reformulation of quantity theory of money; New classical

economics– theory of rational expectations and its implication; New Keynesian economics–

central propositions; Sticky price; Efficiency wage models.


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References:

1. Ackley G. (1969), Macroeconomics Theory, New York, Macmillan.

2. Brian Snowdon and Howard R Vane (2005), Modern Macroeconomics – Its

Origins, Development and Current State. Edward Elgar, Cheltenham, UK;

Northampton, M A, USA.

3. Blackhouse, R. and A. Salansi (eds.) (2000), Macroeconomics and Real World

(2Vols.) Oxford University Press, London.

4. Branson, W. (1989), Macroeconomic Theory and Policy; 3rd Ed, Harper & Row.

5. Dornbush, R. and S. Fischer (2004), Macroeconomics, 9th Ed, Tata-Mcgraw Hill.

6. Jha, R. (1991), Contemporary Macroeconomic Theory and Policy, Wiley Eastern.

7. Levacic, R and A. Rebman (1986), Macroeconomics; (2nd Ed, Macmillan).

8. Mankiw, N. Gregory (2000), Macroeconomics (4th Ed, Macmillan-Worth).

9. Richard T. Froyen, (2003), Macroeconomics, Pearson Indian Ed.

10. Dernbusch, E and S. Fischer (1981), Macroeconomics Auckland, McGraw Hill

International.

11. Hall, R.E. and J.B. Taylor (1986), Macroeconomics, W.W. Norton, New York.

12. Heijdra and Vander Ploeg. Foundations of Modern Macroeconomics, Oxford

University Press.

13. Gupta S.B. (1994), Monetary Economics, S Chand and Co, New Delhi.

14. Romer D.L, Advanced Macroeconomics, McGraw Hill Company Ltd. New York.

15. Rosalind Levacic and Alexander Rebmann, Macroeconomics – An Introduction

to Keynesian – Neoclassical Controversies.

16. Richard T Froyen (2005), Macroeconomics, 7th Edition, Pearson Education.

Delhi.

17. Srivastava M.N. Perspective in Monetary Theory.


17

Statistical Methods Course code: MEC-C1423

Max. Marks: 60 Unit I: Sampling and Scaling Techniques

Introduction to basic statistics; Data collection methods; Sampling design– steps in sampling

design, criteria of selecting a sample, characteristics of a good sample design, sampling

techniques; Measurement and scaling; Scaling techniques– rating scales, differential scales,

summated scales and cumulative scales.

Unit II: Correlation and Regression

Correlation- Methods of measuring correlation– Graphical methods and algebraic methods–

Karl Pearson’s coefficient of correlation and Spearman’s rank correlation coefficient;

Properties of correlation coefficient; Partial and multiple correlations; Simple linear

regression, principle of ordinary least squares and regression lines; Multiple regression.

Unit III: Probability and Distribution

Deterministic and non-deterministic experiments; Types of events– classical and empirical

definitions of probability; Laws of addition and multiplication; Conditional probability and

concept of independence; Baye’s theorem and its applications; Mathematical expectation;

Elementary concept of random variable– probability mass and density functions, their

expectations.

Unit IV: Theory of Sampling and Estimation

Concept of estimator and sampling distribution; Central limit theorem; Estimation– types of

estimators and their properties; Difference between point estimation and interval estimation;

Characteristics of good estimator– small and large sample properties; Standard error of an

estimate.

Unit V: Hypothesis Testing

Testing of hypothesis; Level of significance, Confidence limits and critical region; Type I and

Type II error; One tailed and two tailed tests; Important parametric tests– a conceptual

introduction of z– test, t– test, chi– square test, F– test, analysis of variance.


18

References:

1. Chou, Y. (1975), Statistical Analysis, Holt, Reinhart and Winston, New York.

2. Croxton Crowden & Klein (1971) Applied General Statistics, Prentice Hall of India,

New Delhi.

3. Nagar, A.L and R.K, Das (1985), Basic Statistics, Oxford University Press, New Delhi.

4. G. M. Clarke and D. Cooke (1992), A Basic Course in Statistics, 3rd Edition, Arnold.

5. S. C. Gupta (1993), Fundamentals of Applied Statistics, S. Chand and Sons, New

Delhi.

6. Gupta, S.P. (2014), Statistical Methods, 43rd edit, Sulthan Chand & Sons, New Delhi

7. J. E. Freund (1999), Mathematical Statistics, 5th Edition, Prentice-Hall International.

8. Hogg, R.V. and Craig, A.T. (1995), “Introduction to Mathematical Statistics”, Prentice-

Hall International, inc. Engle Wod Cliff, N.J., Fifth Edition.

9. Mood, A.M. Graybill, F.A. and Boes, D.C. (1974), “Introduction to the Theory of

Statistics”, Mcgraw-Hill Book Company, New York, Third Edition.

10. Hogg, R. V. and A. T. Craig (1970), Introduction to Mathematical Statistics (3rd

Edition), Macmillan Publishing Co., New York.

11. Sukhatme, P. V. and B. V. Sukhatme (1970), Sampling Theory of Survey with

Applications, Lowa State University Press, Ames.

12. J. A. Rice (1995), Mathematical Statistics and Data Analysis, 2nd Edition, Duxbury

Press.

13. Hogg, R.V. and Tanis E.A. (1993), “Probability and Statistical inference”

Macmillan Publishing Company, New York, Fourth Edition.

14. D. G. Rees (1987), Foundation of Statistics, Chapman & Hall.

15. G. M. Clarke and D. Cooke (1992), A Basic Course in Statistics, 3rd Edition, Arnold.

16. R. L. Schaeffer (1990), Introduction to Probability and its Applications, Pws-Kent.

17. F. Daly, D. J. Hand, M. C. Jones, A. D. Lunn, K. J. Mcconway (1995), Elements of

Statistics, Addison-Wesley.

18. S. Ross (1976), A First Course in Probability, Macmillan.

19. Millar, J. (1996), Statistics for Advanced Level, Cambridge University Press,

Cambridge.


19

International Economics Course code: MEC-C1424

Max. Marks: 60 Unit I: Modern Theories of International Trade

Review of classical theory; Heckscher-Ohlin theory of international trade– empirical testing

of Heckscher- Ohlin theory; Theorem of factor price equalization; Role of dynamic factors–

changes in tastes, technology and factor endowments in explaining the emergence of trade;

The Rybczynski theorem; Kravis and Linder theory of trade, Technological gap model;

Product life cycle theories.

Unit II: Terms of Trade and Economic Growth

Concept of terms of trade– measurement of gains from trade and their distribution;

Hypothesis of secular deterioration of terms of trade– its empirical relevance and policy

implications for less developed countries; Immiserizing growth; Metzler paradox; Prebisch-

Singer hypothesis; Dutch disease; Terms of trade and economic growth.

Unit III: Theory of Interventions

Tariffs, quotas and non-tariff barriers; Economic effects of tariffs and quotas on national

income, output, employment, terms of trade, income distribution and Balance of Payments of

trading partners both in partial and general equilibrium framework; Nominal, effective and

optimum rates of tariffs – their measurement; International trade under imperfect

competition– product differentiation and trade; The political economy of non-tariff barriers

and their implications.

Unit IV: Balance of Payments Adjustment

Meaning and components of balance of payments– equilibrium and disequilibrium in the

balance of payments; The process of adjustment under systems of gold standard, fixed

exchange rates and flexible exchange rates; Role of expenditure-reducing and expenditure-

switching policies in an open economy– elasticity, absorption, monetary and portfolio-

balance approach; Foreign trade multiplier with and without foreign repercussions and

determination of national income and output.

Unit V: Economic Integration and Cooperation

Forms of economic cooperation; Theory of custom union– static and dynamic effect of a

custom union and free trade areas; Regionalism and multilaterism; Rationale and economic

progress of SAFTA, ASEAN, NAFTA and EU union; United Nations Conferences on Trade

and Development (UNCTAD) and WTO.


20

References:

1. Bhagwati, J (Ed) International trade, selected readings, Cambridge University Press,

Massachusetts.

2. Carbaugh, R. J (2008), International Economics, 11th Edition, Thamson South

Western, New Delhi.

3. Carbough, R.J. international Economics, International Thompson Publishing, New

York.

4. Chacholieds, M. (1999), International Economics, Macmilan Publication.

5. Dana, M.S. International Economics, Rutledge, London.

6. James Gerber (2012), International Economics, Pearson Publication. New Delhi.

7. Kenen.P.B., Economic and Monetary Union in Europe, Cambridge University Press.

8. Kindle Berger, C.P International Economics &International Economic Policy, Hill,

Kogakusha, Japan.

9. Marrewijk, C. V. (2007), International Economics: Theory, Application and Policy,

Oxford University Press, New York.

10. Paul R. Krugman & Maurice Obstfeld (2009), International Economics Theory and

Policy, Pearson Education Publication, New Delhi.

11. Pugal T. A. (2008), International Economics, 8th edition, Tata Mcgraw Hill, New

York.

12. R.D.Irwin, Homewood King, P.G. International Economics, McGraw Hill

International, Singapore.

13. Salvatore, D. (2004), International Economics, 8th Edition, Wiley India, New Delhi.

14. Sawyer, W.C. and Sprinkle R.L. (2003), International Economics, Prentice-Hall of

India, New Delhi.

15. Soderston, Bo (2005), International Economics, The Macmillan Press Ltd., London.


21

Economics of Development Course code: MEC-C1431

Max. Marks: 60 Unit I: Concept and Measurement of Economic Development

Meaning and determinants of development; Perpetuation of underdevelopment; Poverty–

absolute and relative; Measures of poverty– poverty gap, Sen’s index of poverty; Inequality;

Measurement of inequality– Lorenz curve, Kuznets ratio and Gini coefficient; Inequality and

income– inverted U hypothesis; Inequality and development relationship; Development gap;

Measurement of development– human development index, quality of life, basic need

approach and other indices; Population and economic development.

Unit II: Pre-Keynesian Theories of Economic Development

Classical theory of economic development– Smith and Ricardo; Marxian theory of

development; Crises in the capitalism; Schumpeter theory of capitalistic development;

Comparison: classical- Marx- Schumpeter.

Unit III: Partial Theories of Economic Development

The process of cumulative causation– Myrdal; low level equilibrium trap– Nelson model;

Critical minimum efforts thesis–Harvey Leibenstain; The new economic geography–

Krugman theory; Michal Kremer-O-ring theory of economic Development.

Unit IV: Approaches to Development

The theory of big push; Balanced growth; Unbalanced growth– Hirschman strategy;

Structural changes model– Lewis, Ranis-Fei model; Urbanization and rural urban migration–

Haris-Todaro model; Neo classical counter revolution–challenging the static model, free

market, public choice and market friendly approach.

Unit V: Sectoral Aspect of Development

Importance of agriculture and industry in economic development; Model of

complementarties between agriculture and industry; Structure of labour market in the

developing countries; Choice of techniques and appropriate technology; Choice of techniques

and conflict of objective; Investment criteria; Elementary ideas of cost-benefit analysis.


22

References:

1. Agarwal and Singh (1958), The Economics of Underdevelopment, Oxford


2. Adelman, I. (1961), theories of Economic Growth and Development, Stanford

University Press, Stanford.

3. Behrman, S. and T.N. Srinivasan (1995), Handbook of Development Economics,

Vol. 3, Elsevier, Amsterdam.

4. Chenery, H. and T.N. Srinivasan (Eds.) (1989), Handbook of Development

Economics, Vols. 1 & 2, Elsevier, Amsterdam.

5. Ghatak, S. (1986), An Introduction to Development Economics, Allen and Unwin,

London.

6. Gills, M., D.H. Perkins, M. Romer and D.R. Snodgrass (1992), Economics of

Development (3rd Edition), W.W. Norton, New York.

7. Higgins, B. (1959), Economic Development, W.W. Norton, New York.

8. Kindleberger, C.P. (1977), Economic Development, (3rd Edition), McGRaw Hill,

New York.

9. Meier, G.M. (1995), Leading Issues in Economic Development, (6th Edition),


10. Myint, Hal (1965), the Economics of Underdeveloped Countries, Preager, New

York.

11. Myint, H. (1971), Economic Theory and Underdeveloped Countries, Oxford

University Press, New York.

12. Todaro, M.P. (1996), (6th Edition), Economic Development, Longman, London.

13. Thirwal, A.P. (1999), (6th Edition), Growth and Development, Macmillan, U.K.

14. Dasgupta, P. (1993), An Enquiry into Well-being and Destitution, Clarendon Press,

Oxford.

15. Hirsch, A.O. (1958), The Strategy of Economic Development, Yale University

Press, New York.

16. Lewis, W.A. (1955), The Theory of Economic Growth, George Allen and Unwin,

London.

17. Mehrotra, S. and J. Richard (1998), Development with a Human Face, Oxford



23

18. Meier, G.M. and D. Seers (Eds.) (1987), Pioneers in Development, Oxford

University Press, NewYork.

19. Myrdal, G. (1957), Economic Theory and Underdeveloped Regions, Duckworth,

London.

20. Schumpeter, J.A. (1949), The Theory of Economic Development, Harvard

University Press, Cambridge, Mass.

21. Todaro, M.P. (1971), Development Planning : Models and Methods, Oxford

University Press, Oxford.

22. United Nations (1994), Human Development Report, United Nations, New York.

23. Campbell, N. and F. Burton (Eds.) (1994), Japanese Multinationals, Routledge,

New York.

24. Dasgupta, P., A.K. Sen and S. Marglin (1972), Guidelines for Project Evaluation,

UNIDO, Vienna.

25. Ranis, G. and A. Mahmood (1992), Political Economy for Development,

Blackwell, Cambridge Mass.

26. Sen, A. (1992), Inequality Reexamined, Oxford University Press, Oxford.

27. United Nations (1994), Human Development Report, United Nations, New York.

28. Grossman, G. and E. Helpman (1991), Innovation and Growth in the Global

Economy, MIT Press, Cambridge, Mass.

29. Weiss, J. (1988), Industry in Developing Countries, Croom Helm, London.


24

Public Economics Course code: MEC-C1432

Max. Marks: 60 Unit I: Introduction to Public Economics

Public economics– scope and schools of thought; Rationale for the role of government in

organized society; Changing perspective– role of government in a mixed economy;

Allocation, distribution and stabilization roles of government; Theory of public goods;

Externality theory– private sector solutions to externalities: Coase theorem; Public sector

remedies for externalities– corrective taxation, subsidies and regulation.

Unit II: Resource Allocation Mechanism

Private and public mechanism for allocating resources; Problems of allocating resources–

problems of preference revelation and aggregation of preferences, voting systems, Arrow’s

impossibility theorem; Economic theory of democracy; Politico-eco-bureaucracy, size

maximising bureaucracy; Rent seeking and directly unproductive profit seeking (DuP)

activities.

Unit III: Preference Revelation

Demand revealing schemes for public goods– Clark, Groves and Lerd Method; Tibeout

method– decentralisation theorem; Theory of club goods.

Unit IV: Theory of Public Expenditure

Wagner’s law of increasing state activities; Wiseman-Peacock hypothesis; Pure theory of

public expenditure; Criteria for public investment– social cost benefit analysis; Black money

and parallel economy; Reforms in public expenditure– programme budgeting and zero base

budgeting.

Unit V: Theory of Taxation and Public Debt

Taxation and types; Measuring fairness of tax systems; Haig-Simons and ability-to-pay

considerations; Incidence of taxation; Taxation and economic efficiency; Determinants of

dead-weight loss; Theory of optimal taxation– commodity and income taxation; Classical

view of public debt; Compensatory method of debt policy; Burden of public debt, sources of

public debt; Concept and evolution of fiscal federalism; Centre-State financial relations.


25

References:

1. Bailey, Stephen J. Public Sector Economics: Theory and Practice. Second Edition.

Palgrave, New York.

2. Cornes, Richard and Todd Sandler (1996), The Theory of Externalities, Public Goods

and Club Goods. Cambridge University Press.

3. Cullis, John and Philip Jones. (1998), Public Finance and Public Choice. Second

Edition. Oxford University Press.

4. Musgrave and Musgrave. (1976), Public Finance in Theory and Practice. Tata

McGraw Hill Publishing Company Limited, New Delhi.

5. Stiglitz, J. E. (1986), Economics of Public Sector, Norton, New York.

6. Atkinson, A. B. and J. E. Stiglitz. (1980), Lectures on Public Economics, Tata

McGraw Hill, New York.

7. Buchanan, J. M. (1968), The Demand and Supply of Public Goods. Randy McNally,

Chicago.

8. Friedman, A. (1986), Welfare Economics and Social Choice Theory. Martins Nijhoff,

Boston.

9. Glennester, H. and J. Hills. (1998), The State of Welfare: the Economic and Social

Spending, Oxford University Press, London.

10. Hindriks, Jean and Gareth D. Myles. (2007), Intermediate Public Economics. Prentice

Hall of India.

11. McNutt, Patrick A. (2002), The Economics of Public Choice, Edward Elgar

Publishing Limited UK.

12. Mueller, Dennis C. (1979), Public Choice, Cambridge University Press.

13. Musgrave, R. A. (1959), The Theory of Public Finance, McGraw Hill, Kogakusha,

Tokyo.

14. Averbach, A.J. &Feldstern: Handbook of Public Economics, North Holland,

Amesterdam.

15. Jha, R: Modern Public Economics, Routlege, London.


26

Basic Econometrics Course code: MEC-C1433

Max. Marks: 60 Unit I: Basic Econometrics

Nature, meaning and scope of econometrics; Relationship of econometrics with statistics,

mathematics and economics; Nature and types of data for economic analysis; Methodology of

econometrics– model specification stage, model estimation stage, model evaluation stage;

Properties of an econometric model.

Unit II: Linear Regression Model

Simple and general linear regression model– assumptions, significance of stochastic

disturbance term; Population regression function and sample regression function; Estimation

of linear regression model; Method of ordinary least squares (OLS); Properties of OLS

estimator and Gauss Markov Theorem; Concept of coefficient of determination– R2 and

adjusted R2.

Unit III: Problems in Regression Analysis

Heteroscedasticity– reasons, consequences, methods of detection (Spearman rank correlation

test, Goldfeld and Quandt test, Glejser test), important remedial measures; Autocorrelation–

reasons, consequences, methods of detection (Durbin-Watson statistic), important remedial

measures; Multicollinearity– reasons, consequences, methods of detection, important

remedial measures.

Unit IV: Dummy Variable Technique

Dummy variable – use of dummy variables, regression with dummy dependent variables for

measuring the change of parameter, seasonal adjustment of time series and dummy variable

trap

Unit V: Dynamic Econometric Models

Autoregressive and distributed lag models; Role of lag in economics; Endogenous lagged

variable– Koyak geometric lag model, Nerloves’s Partial adjustment model, Cagan’s adaptive

expectations model; Exogenous lagged variable– Almon approach to distributed-lag models

Note: Emphasize will be laid down the practical application from all technique in each unit.


27

References:

1. Damodhar.N.Gujarati, (2005), Basic Econometrics, Tata McGraw Hill, New Delhi.

2. A Koutsoyannis, (2004), Theory of Econometrics, Palgrave.

3. Dilip.M.Nachane, (2006), Econometrics: Theoretical Foundations and empirical

Perspective, Oxford University Press.

4. Greene.W.H, (1997), Econometrics Analysis, Prentice Hall.

5. Johnston.J, (1991), Econometric Methods, Mcgraw Hill.

6. Jack Johnston & John Dinardo, Econometric Methods- 2nd edition.

7. William H. Greene, Econometric Analysis – 5th edition.

8. James G. Mackinnan, Econometric Theory & methods by Russel Davidson.

9. Creel (2005), Econometrics.

10. Dominick Salvatore, Derrick Reagle, Statistics & Econometrics 2nd edition.

11. Jeffery M. Woolridge, Introductory Econometrics- a modern approach.


28

Theory of Statistics Course code: MEC-E1431

Max. Marks: 60 Unit I: Theory of Probability and Probability Distribution Axiomatic definition of probability; Addition and multiplication theorem; Conditional

probability; Baye’s theorem; Chebychev’s inequality; Theoretical probability distributions;

Binomial distribution- Mean and standard deviation of binomial distribution; Characteristics

of poisson and normal distributions; Properties of normal distribution; Area under the normal

distribution; Normal approximation to the binomial distribution.

Unit II: Sampling Distribution and Estimation

Meaning of sampling distribution of a statistic; point and interval estimates; Desirable

properties of point estimators; Best linear unbiased estimator (BLUE), Gauss-Markov

theorem; Methods of estimation- the method of moment, method of maximum likelihood.

Unit III: Hypothesis Testing- Non-Parametric Test

Non-parametric tests (without derivations; stress on numerical examples) – Ordinary sign

test, Mann-Whitney U test, Fisher-Irwin Test; Kruskel-Wallis H test, Kendall’s concordance

test, Wilcoxon’s signed rank test, Spearman rank correlation.

Unit IV: Time Series Analysis and Statistical Decision Making

Time series analysis; Components of time series, Measurement of trend by moving average

and the method of least squares, Measuring the cyclical effect; Seasonal variation; Irregular

variation; Analysis of decision; Decision under certainty; Decision under risk; Decision under

uncertainty; Bayes decision approach; Decision trees.

Unit IV: Index Numbers

Meaning and uses of index numbers; Unweighted and weighted index numbers; Laspeyre’s,

Paasche’s, Fisher’s, Dorbish-Bowley, Marshall-Edgeworth and Kelley’s Methods; Tests of

index numbers- unit root, time reversal and factor reversal tests; Chain base index numbers

and fixed base index numbers; Special purpose indices-Wholesale price index, consumer

price index and cost of living index; Base shifting, splicing and deflating of index number.


29

References:

1. Goon AM, M.K.Gupta and B.Dasgupta.: Fundamentals of Statistics, Vol.1, The

World Press, Ltd, Calcutta

2. Agarwal Y.P: Statistical Methods: Concepts, Applications and Computations, New

Delhi: Sterling Publishers, 1988.

3. Blalock, Hubert M: Social Statistics, London: McGraw Hill, 1981.

4. Croxton Frederiel, Dudley J. Gowden and Sidny Klein: Applied General Statistics,

New Delhi: Prentice Hall, 1975.

5. Edward A.L: Statistical Methods for the Behavioural Sciences, New York: Rinchart

& Co, 1954.

6. Garrett E: Statistical Methods for Research Worker, New York, Hafner Publishing &

Co, 1950.

7. Grewal P.S: Methods of Statistical Analysis, New Delhi: Sterling Publishers, 1990.

8. Gupta S.P: Statistical Methods, New Delhi, Chand & Co, 2005.

9. Gupta C.B: An Introduction to Statistical Methods, New Delhi, Vikas Publishers,

10. Gupta. S.C: Fundamentals of Statistics, Bombay, Himalaya Publishing House, 2000.

11. Mansfield, Edwin: Statistical for Business and Economics, New York : Norton and

Co, 1980.

12. Walker H.M & Lev J: Statistical Inference, New York: Holt, 1980.

13. Monga, G.S., Mathematics and statistics for Economics, Vikas Publishing House,

New Delhi.

14. Chou, Y. (1975), Statistical Analysis, Holt, Reinhart and Winton, New York.

15. Hoel, P.G., Introduction to Mathematical Statistics, IIIrd Edition, Asia Publishing

House, New Delhi.

16. Hogg, R.V. and Tanis, E.A. (2001), Probability and Statistical Inference (6th Edition),

Pearson Education, Asia.

17. Lind, D.A., Marshall, W.C. and Mason, R.D. (2002), Statistical Techniques in

Business and Economics (11th Edition), McGraw-Hill, New York.


30

Financial Economics Course code: MEC-E1432

Max. Marks: 60 Unit I: Fundamentals of Financial Markets

Nature and scope of financial economics; Goals of finance; Capital structuring– cost of

capital, cost of equity, cost of debt, weighted average cost of capital, opportunity and

marginal cost of capital; Operating and financial leverages; Capital structure– modern and

traditional approaches.

Unit II: Capital Budgeting

Capital budgeting– payback period method, NPV method, IRR method, Probability index

method; Capital budgeting under risk and uncertainty; Capital rationing.

Unit III: Corporate Restructuring

Corporate restructuring– mergers, acquisitions, amalgamations and disinvestment: motives

and methods; introduction to valuation of companies; the law of mergers and acquisition.

Unit IV: Portfolio Theory

Portfolio market theories; Risk-reward ratio of individual security; Stock valuation models,

portfolio risk and return, efficient portfolio’s, portfolio selection models.

Unit V: Capital Asset Pricing Model (CAPM)

The capital market line; The capital asset pricing model; The beta of an asset and of a

portfolio; Security market line; Use of the CAPM model in investment analysis and as a

pricing formula; Arbitrage pricing theory and multi-factor models of risk.


31

References:

1. Copeland, T. E. and J. F. (1992), Weston, Financial Theory and Corporate Policy,

Addison Wesley.

2. Ross, & Jordan, Waster Field Fundamentals of Corporate Finance, Tata McGraw Hill

3. Elton & Gruber Modern Portfolio Theory and Investment Analysis, TMH

4. Fuller &Farrel Modern Investments & Security Analysis, McGraw Hill Book

Company.

5. Houthakker, H.S. and P.J. Williamson, (1996), Economics of Financial Markets,

Oxford University Press.

6. Brealey, R. and S. Myers, (1997), Principles of Corporate Finance, fifth edition, New

York, McGraw Hill.

7. Kishore, R.M. Financial Management, Taxman Allied Services

8. Pandey, I.M. Financial Management, Vikas Publishing House, New Delhi.

9. Keith Cuthbertson & Dirk Nitzche, Quantitative Financial Economics – 2nd edt.


32

Contemporary Indian Economy Course code: MEC-E1433

Max. Marks: 60 Unit I: Economic Planning in India

Objectives and strategy of planning; Failures and achievements of plans; centralised versus

decentralised planning; Developing grass-root organizations for development– panchayat,

NGOs and pressure groups; Five year plans and different sectors of the economy– Twelfth

Five Year Plan (2012-2017).

Unit II: Natural Resources and Economic Development

Land resources; Forest resources; Water resources and fisheries; Mineral resources and

mineral policy; Economic development and environmental degradation; Climatic changes in

India; Role of State in environmental preservation– Environmental legislation in India.

Unit III: Infrastructure in India

Importance of infrastructure development; Energy and power– renewable and non-renewable

energy in India- Rural electrification– power crisis in India; Energy policy; Transport system

in India– road, railway, water transport and civil aviation; Communication and information

dissemination– RTI; Issues and policies in financing infrastructure development.

Unit IV: Rural Development in India

Concept of rural development; Need for rural development; Rural development programmes

in India and its evaluation– Bharat Nirman, PMGSY, IAY, PURA, CAPART, NSAP, NRHM

and Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA);

Significance of micro finance and self-help group in rural development; Role of panchayati

raj system in rural development in India.

Unit V: Migration and Labour Related Issues

Characteristics of labour market in India; Wage determination in various sectors; Social

security and labour welfare in India; Problem of child labour and gender based discrimination

of labour; Evolution, structure and role of labour union in India; Labour legislation in India;

Urbanisation and migration; Different types of migratory flows and their effect on Economy.


33

Reference:

1. Ahluwalia. I.J. and I.M.D Little (1999), India’s Economic Reforms and Development

(Essays in Honour of Manmohan Singh) Oxford University Press, New Delhi.

2. Arora R.C, (1979), Integrated Rural Development in India, S.chand & Company

limited New Delhi.

3. Azeez. NP. Abdul (2014), Economic Development in India: Problems and Prospects,

(ed), Regal Publication, New Delhi.

4. Bardhan. P.K. (1999), the Political Economy of Development in India, 9th Edition,


5. Bawa. R.S. and P.S. Rainkhy, Structural Charges in Indian Economy, Gurunanak Dev

University Press, Amritsar.

6. Brahmananda, P.R. and V.R. Panchmukhi (2001) Development Experience in Indian

Economy, Interstate Perspectives, Bookwell, Delhi.

7. Bhargawa, P.K. (1991), India’s Fiscal Crises, Ashish Publishing House, New Delhi.

8. Byers. T.J. (1998); the Indian Economy: Major Debutes Since Independence, Oxford


9. Chelliah, Raja J, (1996), Towards Sustainable Growth, Essays in Fiscal and Financial

Sector Reforms in India – Oxford University Press, New Delhi.

10. Chelliah. Raja J. and R. Sudarshan (1999), Income, Poverty and Beyond Human

Development in India Social Science Press, New Delhi.”

11. Desai Vasant, (1988), Rural Development- Programmes and Strategies, Himalaya

Publishing House, Mumbai.

12. Dhameeja, N. and K.S. Sastry (1998), Privatisation: Theory and Practice, A.H.

Wheeler – New Delhi.

13. Frances Sinha, Micro finance Self-Help Groups in India: Living up to Their

Promise?.,Rawat Publications, New Delhi.

14. Kabra. K.N. (1997), Development Planning in India, Sage Publication, New Delhi.

15. Mookherjee. D. (1997); Indian Industry, Policies and Performance – Oxford


16. Mundle. S: (1999), Public Finance; Policy Issues for India – Oxford University Press,

New Delhi.

17. Srinivasan. T.N. (1997) Measurement of inequality and Poverty, Oxford University

Press, Calcutta.


34

18. Myrdal. Gunnar. Asian Drama: an inquiry Into Poverty of Nations, New York,

Twentieth Century Fund.

19. Bardhan, Pranab; (2003), Poverty Agrarian Structure and Political Economy in India.

Selected Essays – Oxford University Press, New Delhi.

20. Uma Kapida (2004), Indian Economy since Independence, Academic Foundation,

New Delhi.

21. Bala subramanyan, (1993), Selected Issues in Development Economics, Oxford

University Press, London.


35

Economics of Demography Course code: MEC-E1434

Max. Marks: 60 Unit I: Meaning, Scope and Theories of Demography

Meaning scope and subject matter of demography; Sources of demographic data– census,

vital registration, sample surveys; Theories of population growth– Malthusian, demographic

transition, optimum theory; Population projections; Stable and stationary populations.

Unit II: Population Growth and Structures

Population growth in the 20th century– levels and trends; Population and economic

development; Population and environment; Age structure– measures, patterns and

implications; Age pyramid; Population aging; Sex ratio– measures, patterns and

determinants; Population explosion– threatened or real, distant or imminent.

Unit III: Components of Population Growth

Fertility; Basic measures– TFR, GRR, NRR; Levels, trends and determinants; Mortality–

basis measures– IMR, MMR– levels, trends and determinants; Life tables– construction and

uses; Nuptiality; Concept and analysis of marital status; Trends in age at marriage,

widowhood.

Unit IV: Population and Development with Reference to India

Growth and distribution of population in India; Fertility in India– levels and trends; Mortality

in India– levels and trends; IMR and MMR in India; Characteristics of population in India–

age structure and sex structure; The Pre-Natal Diagnostic Techniques (PNDT) Act, 1994;

Population policies in India; national rural health mission.

Unit V: Migration and Urbanization Basic concept and definitions; Migration– measures, types, causes and consequences;

Theories of migration related to internal migration; Urbanization– process, determinants,

extent, implications and sustainability; Growth and distribution of rural-urban population in

developed and developing countries; Urbanisation in India.


36

References:

1. Henry Shyryock and J.S, Siegel, The Methods and Materilas of Demography.

2. K.B.Pathak and F.Ram. Techniques of Demographic Analysis. Himalyan Publishing

House.

3. Bose A, India’s Basic Demographic Statistics.

4. Chaube PK, (2000), Population Policy in India, Kenosha Publication, New Delhi.

5. Srinivasan K, Basic Demographic Technique, Sage Publication, India.

6. Seth M (2000), Women and Development: Indian Experience, Sage Publication, New

Delhi.

7. Asha Bhende and Tara Kanitkar. Principles of Population Studies, Revised Edition.

Himalya Publishing House.

8. Bogue Donald J. Principles of Demography, John Wiley, New York.

9. Keyfitz, Applied Mathematical Demography, John Willy.

10. B.D. Mishra. An Introduction to the Study of Population. South Asian Publishing, N.

Delhi.

11. National Family Health Survey Reports.

12. S.C. Gulati: Fertility in India: An Econometric Study of Metropolis , Sage, New


37

Mathematical Economics Course code: MEC-E1435

Max. Marks: 60 Unit I: Theory of Consumer Behaviour Cardinal and ordinal utility; Ordinal utility maximization; Slutsky equation; Compensated

demand functions, income and substitution effect; Concept of elasticity– price, income and

cross elasticity; Generalization to n variable case; Homogeneous and homothetic utility

functions; Constant elasticity of substitution (CES) utility function; Indirect utility functions;

Consumer’s surplus; Theory of revealed preference and index numbers; Consumer behaviour

under risk and uncertainty.

Unit II: Theory of Production Production function– homogeneous and non-homogeneous; Properties of Cobb-Douglas

production function; CES; VES and Trans log production function; Cost functions-

Derivation of cost functions from production functions, Producer’s equilibrium– laws of

return and returns to scale; Constrained optimization of a producer; Generalization to n

variable case.

Unit III: Price Determination in Various Markets Price determination and profit maximisation under perfect competition, monopoly, multi

plant monopolist, discriminated monopoly, monopolistic competition, duopoly, monopsony

and bilateral monopoly.

Unit IV: Macroeconomic Models Classical macro economic theory– A classical model of income and employment; Saving and

investment; The marginal efficiency of investment; the multiplier; The Keynesian theory of

income determination; IS-LM analysis in a dynamic framework; Trade cycle model of

Samuelson and Hicks, Rational expectations and economic policy; Lucas’s model.

Unit V: Optimization Techniques Input-output analysis– open and closed systems, Hawkins-Simon conditions, Leontief’s

dynamic system; Linear programming; Formulation of a linear programming– primal and

dual problem; Nature of feasible and optimal solution; Solution of linear programming

through graphical and simplex method; Envelope theorem, Shephard's lemma and Roy’s

identity.


38

References:

1. Allen, R. G. D. (1995), Mathematical analysis for economists. Macmillan.

2. Chiang, A. C. (1985), Fundamental methods of mathematical economics. McGraw-

Hill.

3. Chung, J.W. (1993), Utility and Production: Theory and Approach, Basil Blackwell,

London.

4. Mehta, B.C. and G.M.K. Madnani, (1997), Mathematics for Economists, Sultan

Chand and Sons.

5. Baumol, W. J. (1972), Economic theory and operation analysis. Prentice Hall.

6. Henderson, J, M. and R.E. Quandt (1980), Microeconomic Theory: A Mathematical

Approach, McGraw Hill, New Delhi.

7. Intrilligator, M. (1971), Mathematical optimization and economic theory. Prentice

Hall.

8. Jean Soper (2003): Mathematics for Economics and Business: An Interactive

Introduction, Blackwell Publishing Ltd.

9. Kapoor, V.K. (1995): Essentials of Mathematics for Business and Economics, Sultan

Chand and Sons, New Delhi.

10. Ma ett, A.J. (1986), Mathematics for economists: work out, Macmillan Master Series.

11. Ostrosky, A.L. and J.V. Koch. (1979), Introduction to mathematical economics,

Houghton Mifflin Co. Boston.

12. Roberts B. and D.L. Schultze, (1973), Modern Mathematics and Economic Analysis,

W.W. Norton and Company.

13. Rosser, M. (1993), Basic Mathematics for Economists, Routledge.

14. K.M. Ramachandran, Chriss P. Tsokos, Mathematical Statistics with Applications.


39

Economics of Education & Health Course code: MEC-E1436

Max. Marks: 60 Unit I: Introduction to Economics of Education

Definition, nature and scope of economics of education; Concept and components of human

capital– Human capital verses physical capital; Education as an instrument for economic

growth; Determinants of demand for education– public and private demand for education.

Unit II: Cost- Benefit Analysis of Education

Cost of education– private cost and social cost, direct and indirect cost; Benefits of

Education– direct and indirect benefits, private and social benefits; Problems in the

measurement of cost and benefits; Education as consumption and investment good;

Contribution of education to economic growth.

Unit III: Educational Planning and Economic Growth in India

Economics of education planning in developing countries with special reference to India;

Role of financing in education; Financing of education in India– equity and efficiency effects

of financing education in India; Role of public v/s private educational institutions;

Implications of GATS on Indian education and financing; Implications of Sarva Shiksha

Abhiyan, Rashtriya Madhyamik Shiksha Abhiyan, Rashtriya Uchatar Shiksha Abhiyan;

Twelfth five year plan and education.

Unit IV: Economics of Health Definition and scope of economics of health; Determinants of health care; Economic

dimensions of health care; Appraisal of health care financing; The concept of human life

value– benefit-cost and cost effectiveness approaches; Institutional issues in health care

delivery.

Unit V: Public Health and its Financing in India

Public health scenario in India– types and extent of diseases their causes and implications;

Issues in public hygine; Resource mobilisation and utilisation for health care in India; Pricing

and subsidies to health sector; health care expenditure; Role of public v/s private health care

institutions; Implication of GATS and IPR for health care and financing.


40

References:

1. Baru, R.V; Private Health Care in India, Sage Publications, New Delhi

2. Becker, G.S (1974), Human Capital. 2nd Edn., NBER, New York.

3. Berman, P and M.E.Khan (1989), Paying for India’s Health Care. Sage Publications.

New Delhi.

4. Blang, M; An introduction to Economics of Education, Cambridge University Cohn,

Press E and T.

5. Cohn, E and T.Gaske (1989), Economics of Education, Pergamon Press, London.

6. Klarman, H.E. (1965), Economics of Health, Columbia University Press, New York.

7. Krishnakumar T and Rao K.N. (1987), Financing of Health Services in India:

Perspectives and Issues, Department of Economics, University of Hyderabad

(Mimeographed), September.

8. Panchamukhi, P.R.(1980), Economics of Health: A Trend Report, ICSSR Survey,

Allied, New Delhi.

9. Rothenberg J. (1951), Welfare Implications of Alternate Methods of Financing

Medical Care, American Economic Review, Proceedings, May.

10. Tilak. J.E.G (1989), Economics of Inequality in Education, Sage, New Delhi.

11. Woodhall, M; Cost – benefit Analysis in Educational planning, Columbia University

Press, New York World Bank; The world Development Report, OUP, New York.

12. World Bank (1983), The World Development Report: Investing in Health. Oxford

University Press, New York. Education for Development.

13. World Bank, (1987), The Financing Health Services in Developing Countries: An

Agenda for Reform, World Bank Policy Study, Washington.


41

Financial Institutions & Markets Course code: MEC-E1437

Max. Marks: 60 Unit I: Financial System

Nature and structure of the financial system; Functions of the financial sector; Equilibrium in

financial markets; Financial system and economic development; Indicators of financial

development; Importance and stability of financial systems; Criteria to evaluate assets– risk

& financial assets; Risk-return trade-off.

Unit II: Banking System

Evolution, meaning and functions of financial intermediaries; Types of banks– commercial

banks, development banks and merchant banks; Portfolio management by commercial banks;

Reforms in the banking sector; Banking innovations; New technology in banking.

Unit III: Financial Markets in India

Indian money market– structure and characteristics; Sub markets– call money market,

treasury bill market, commercial bill market, certificate of deposits, commercial papers,

discount market; Indian capital market– structure and types; Insurance sector- components &

function; Role of IRDA (Insurance Regulatory and Development Authority).

Unit IV: Stock Exchange and its Regulations

Stock exchange– evolution, importance and functions; Organization and working of stock

exchange in India– OTCEI, NSE, BSE; Stock exchange regulations–security contract

regulation Act; SEBI– role and functions; Role of FIIs.

Unit V: International Financial Market

International financial markets– nature, organisation and participants; Spot and forward

market; Reforms in international monetary system and their impact on developing countries;

Role of FDI; Role of IMF, IBRD, IFC, IDA and ADB with reference to India; Euro-

dollar/Euro Currency Market.


42

References:

1. Bhole, L. M. (2002), Financial Institutions and Markets. Tata McGraw Hill & Co.

New Delhi.

2. Miskin, F. (2003), The Economics of Money: Banking and Financial Markets.

Addison Wesley Longmate, New York.

3. Gupta, S. B. (2001), Monetary Economics. S. Chand and Co. Ltd. New Delhi.

4. Hubbard, G. R. (1997), Money, the Financial System and Economy. Addison Wesley,

N. York

5. Thomas. M. et. al (1984), Money, Banking and the Economy. W. W. Norton and

Company, New York,

6. Robinson, R. I. (1981), Financial Markets. McGraw Hill, London.

7. Smith, P. F. (1978), Money and Financial Intermediation: the Theory and Structure of

Financial System. Prentice Hall, New Jersey.

8. Chandler L. V. and Goldfeld, S. M. (1977), The Economics of Money and Banking.

Harper & Row, New York.

9. Burton, Maureen and Bruce Brown. The Financial System and the Economy

Principles of Money and Banking. Prentice Hall of India, New Delhi.

10. Mishkin, F. (2007), Monetary Policy Strategy, Prentice Hall of India, New Delhi.


43

Economics of Infrastructure and Real Estate Course code: MEC-E1438

Max. Marks: 60 Unit I: Introduction

Infrastructure and economic development; Infrastructure as a public good; Social and

physical infrastructure; Special characteristics of public utilities; The peak-load, Off-Load

Problem, Dual Principle Controversy; Economies of scale of joint supply; Marginal cost

pricing vs. other methods of pricing in public utilities; Cross-subsidization – free prices,

equity and efficiency.

Unit II: Energy Economics

Primacy of energy in the process of economic development; Factors determining demand for

energy; Effects of energy shortages; Energy conservation; Renewable and non-conventional

sources of energy; Energy modelling; The search for an optimal energy policy in the indian

context.

Unit III: Electricity, Gas and Water Supply

Bulk supply and pricing of electricity; The relative economics of thermal, hydel and nuclear

power plants; The case for a national power grid; Financing water utilities; Urban and rural

water supply; The exploitation of natural gas; Pricing problem.

Unit IV: Economic Fundamentals of Real Estate Markets

Demand– population and employment; Supply– existing stock and new construction; Market

equilibrium; Market dynamics and the role of expectations; Three approaches to real property

valuation– Market (sales) comparison, income and cost

Unit V: Environmental Issues in Real Estate

Sustainability in real estate development; Applicability of environmental impact assessment

in real estate development and management; Environmental assessment of sites for real estate

development and state policies, EIA of large-scale development i.e. Residential complexes,

townships, malls and roads.


44

References:

1. Crew, M.A. and P.R. Kleindorfer (1979), Public Utility Economics, Macmillan,

London.

2. Indian Council of Social Sciences Research (ICSSR) (1976), Economics of

Infrastructure, Vol. VI, New Delhi.

3. National Council of Applied Economic Research (NCAER) (1996), India

Infrastructure Report: Policy Implications for Growth and Welfare, NCAER, New

Delhi.

4. Parikh, K.S. (Ed.) (1997), India Development Report 1997, Oxford, New Delhi.

5. Parikh, K.S. (Ed.) (1999), India Development Report — 1999-2000, Oxford, New

Delhi.

6. Turvey, R. (Ed.) (1968), Public Enterprises, Penguin, Harmondsworth.

7. Nelson, J.R. (1964), Marginal Cost Pricing in Practice, Prentice-Hall, Englewood-

Cliff.

8. Phillips, A. and O.E. Williamson (Eds.) (1967), Prices: Issues in Theory, Practice and

Public Policy, University of Pennsylvania Press, Philadelphia.

9. Kneafsey, J.T. (1975), Transportation Economic Analysis, Lexington, Torouts.

10. Munty, D. (Ed.) (1968), Transport : Selected Readings, Penguin, Harmondsworth.

11. Norton, H.S. (1971), Modern Transport Economics, C.E. Merrill, London.

12. Fariss, M.T. and R. Sampson (1975), Public Utilities, Houghton Mifflin, Boston.

13. Garfield, P.J. and W. Lovjoy (1964), Public Utility Economics, Prentice-Hall,

Englewood Cliffs.

14. Government of India (1968), Interim Report of P&T Enquiry Committee,

Government of India, New Delhi.

15. Jha, R., M.N. Murty and S. Paul (1990), On Fixing Prices for Postal Services in India,

National Institute of Public Finance and Policy, New Delhi.

16. Aronofsky, J., A. Rao and M. Shakeen (Eds.) Energy Policy, North Holland,

Amsterdam.

17. Centre for Monitoring Indian Economy (1996), India: Energy Sector, CMIE, Mumbai.

18. Government of India (1980), Report of the Committee on Power (Rajadhyaksha

Committee), New Delhi.

19. Goeters, J.E, “Environmental Issues in Real Estate” Amazon Books

20. Witkin . J.B. “Environmental Aspects of Real Estate Transactions” Amazon Books


45

Economics of Growth Course code: MEC-C1441

Max. Marks: 60 Unit I: Basic Growth Models

Growth v/s development; Factors affecting growth and development– capital, labour and

land; Growth model– Harrod and Domer growth model, problem of instability; Neoclassical

growth models– Solow, Meade and Joan Robinson.

Unit II: Technical Progress and Growth Accounting

Technical progress– Hicks, Harrod; Embodied and disembodied technological changes;

Learning by doing; Growth accounting– production function approach to economic growth;

Cambridge growth models– Kaldor and Passinetti; Golden rule of accumulation; Two sector

model.

Unit III: Endogenous Growth Theory

Role of technology in growth; Technology creation through research and development;

Determinants of R&D; Modelling relationship between technology creation and growth;

Contribution of education to growth– Denison’s approach, social infrastructure and long run

economic performance; Endogenous growth model– AK Model.

Unit IV: Growth Theory– International Aspects

Trade and Development; Trade as an engine of growth; Gain from trade – static and dynamic;

Models of regional growth rate differences– Prebisch and Seers; An export led growth model;

Balance of payments constrained growth; Import substitution as strategy; Dual gap analysis.

Unit V: Policies and Economic Development

Role of monetary and fiscal policies in developing countries; Financing economic

development– domestic and external sources; Foreign capital and economic development-

FDI and FIIs; Role of MNCs; Rationale for planning in developing economies.


46

References

1. Adelman, I. (1961), theories of Economic Growth and Development, Stanford

University Press, Stanford.

2. David N Weil (2009), Economic Growth (2nd Edition), Pearson, Education, India.

3. Robert J. Barro and Xavier Sala-i-Martin (2007), Economic Growth (2nd Edition),

Printice, Hall of India, New-Delhi.

4. A P Thirwal (1999/2006), Growth and Development, (6th/8th Editions), Palgrave

Macmillan, U.K.

5. Hagen, Everette (1975), The Economics of Development.

6. Higgins Benjamin (1976), Principles of Economic Development

7. Malcolm Gills, Perkins, Romer, Snodgrass, Economics of Development, W.W.Norton

and Company, New York.

8. Mair.GM and Riuch.J.E (2000), Leading Issues in Economic development, Oxford.

9. Michael P Todaro, Stephen C Smith (2003), Economic Development (8th edition),

Pearson Education, Delhi.

10. Ray, Debraj (2003) ‘Development Economics’, Oxford Indian Paperbacks, OUP.

11. Jaydeb Sarkhel , Growth Economics

12. Sen, A.K. (1970), Growth Economics, Selected readings, Penguin books.


47

Political Economy Course code: MEC-C1442

Max. Marks: 60 Unit I: Nature of Political Economy and Classical Economic Thought

Political Economy– origin and growth; Classical thought; Adam Smith– philosophy of

naturalism, theory of growth and value, theory of distribution; David Ricardo– theory of

value, growth and distribution and theory of rent; Malthus– theory of value and theory of

gluts.

Unit II: Socialistic School of Thought

Rise of socialism; State socialism– contributions of Karl Rodbertus and Ferdinand Lassalle;

International revolutionary socialism– Karl Marx and Engels; Marx’s theory of surplus

value; Marx analysis of economic crises.

Unit III: Marginalism and Neo-Classical School of Thought

Marginalist Revolution; S.W Jevons– philosophy, theory of marginal utility and exchange;

Karl Manger– philosophy, arguments on methodology; Leon Walras– ideological defense of

capitalism; Alfred Marshall– scope of political economy, philosophy and method.

Unit IV: Keynesian thoughts and New Issues in Political Economy

J.M Keynes economic thought– general characteristics of his system of economic thought

and its contemporary relevance; The political economy of development; How the economy is

political and Why; Globalization and justice; The golden age of managed capitalism, power,

the state and contemporary political economy, globalization, the financial crisis and the

recession; Types and forms of economic crisis (1930s vs 2008).

Unit V: Indian Economic Thought

Founder of Indian economics: Dadabhi Naoroji, G.K. Gokhale, and R.C. Dutt; Economic

ideas of V.K.R.V.Rao, C.N.Vakil, D.R.Gadgil, Ghandian and Dr. B.R. Ambedkar and their

relevance in 21st century; Recent contributions of Amartya Sen’s– ideas on freedoms,

capabilities and justice.


48

References:

1. Bhatia H. L. (1993), History of Economic Thought. Vikas Publishing House, New

Delhi.

2. Eric, R. (1975), A History of Economic Though. Oxford University Press, New Delhi.

3. Guide and Rist, (1973), A History of Economic Doctrine. Oxford University Press,

New Delhi.

4. Haney L. (1979), History of Economic Thought. Surjeet Publications New Delhi.

5. Hunt, E. K. (2004), History of Economic Thought - A critical Perspective. Shubhi

Publications, Gurgoan, India.

6. Mark Bloug (1983), Economic Theory in Retrospect. Vikas Publishing House, New

Delhi.

7. Mirrless, J. A. (1976), Optimum Tax Theory: A Synthesis. Journal of Public

Economics, Vol.

8. Mirrless, J. A. (1986), The Theory of Optimal Taxation. Handbook of Mathematical

Economics, Vol. 3, Arrow, K. J. and Intreligator (Eds.) North-Holland Amsterdam.

9. Sen A. K. (1991), Poverty and Famines: An Essay on Entitlements and Deprivations,

Oxford University Press Oxford.

10. Sen A. K. (2009), Idea of Justice. Penguin Group of Books Ltd. London

11. Stanley.L. Brue. The Evolution of Economic Thought. The Dryden press, Harcourt,

Brace college publishers.

12. Ostram, E. (2008), How do Institutions for collective action Evolve? Fourth lecture

in the Golden Jubilee Series, IEG, New Delhi.

13. Website. www.nobelprize.org.

14. Younis, M. (2005), Grameen Banks Struggling Members Programme. Grameen

Communications www. grameen.Info.org

15. Younis, M. An Autobiography of Founder of Grameen Bank, Oxford University Press

USA

16. Bornstein, D. (2005), The Price of Dream-The Story of Grameen Bank. Oxford

University Press, New York.

17. Sachs, J. (2005), The End of Poverty. Penguin Books, New York

18. Krugman, P. (2008), An Autobiography. Princeton Weekly Bulletin, Vol. 98

http://www.nobelprize.org/


49

19. Krugman, P. (1995), Increasing Returns, Imperfect Competition and Positive Theory

of International Trade. Hand book of International Economics, edition-I, volume 3,

chapter 24.

20. Eisner 3-36; Caporaso & Levine, vii-55; Eisner 3-36; North, 3-45; 92-104.

21. Caporaso & Levine, 159-196; Economist, "Efficient Market Theory" and

"Macroeconomic Theory," [MG]; Open Secrets Lobbying and Influence site; [MG];

Baumgartner et al, "Does Money Buy Public Policy?" [MG]; "Wall Street Mobilizes

to Raise Debt Ceiling" [MG].

22. Eisner, 162-203; Eichengreen, "Origins and Regulatory Consequences of the

Subprime Crisis" [MG]; CBO, The Impact of the Stimulus, mid-2011 [MG]; CBO,

Effect of Govt Spending on Economic Growth [MG]; Aizenman and Pasricha, "The

Net Fiscal Expenditure Stimulus in the US, 2008-9" [MG]; TBA.

23. North, 131-140; Caporaso & Levine, 197-225; Smeeding, "Public Policy, Economic

Inequality, and Poverty: The United States in Comparative Perspective" [MG]; TBA.

http://www.opensecrets.org/influence/index.php


50

Environmental Economics Course code: MEC-C1443

Max. Marks: 60 Unit I: Fundamentals of Environmental Economics

Nature and scope of environmental economics; Pareto optimality and competitive

equilibrium; Demand and supply of bads; Market failure and environmental degradation–

public goods, externalities and common property resources; Economic activity and

environment quality– interactions and trade-offs; Environmental Kuznets curve.

Unit II: Environmental Demand Theory

Measurements of environmental values– use value and non- use value; Valuation of

benefits– methodological issue; Valuation methods– methods based on observed market

behaviour; Hedonic pricing and household production models– travel cost method and

household production function; Methods based on response to hypothetical markets–

contingent valuation methods.

Unit III: Environmental Regulation

The economic theory of pollution control; Command and control verses market based

instruments; Coase bargaining solution; Economic incentives– effluent and emission taxes,

tradable pollution permits; Liability laws; Micro planning for environment preservation–

water sheds and joint forest management.

Unit IV: Optimal Use of Natural Resources

Various approaches to sustainability; Theories of optimal use of exhaustible and renewable

resources; Integrated environmental and economic accounting and measurement of

environmentally corrected GDP for sustainable development; Valuation of eco-system

services of natural resources.

Unit V: International Dimensions of Environment

International trade and environment in WTO regime; International trade and environmental

damage-scale and composition; International environmental externalities; Trans-boundary

pollution; Global environmental challenges, International response to climate change;

Political economy of environmental issues.


51

References:

1. Baumol, W. J& W.E. Oates, The theory of environmental policy, Cambridge University

Press.

2. Bromely, D.W (Ed) Handbook of Environmental Economics, Blackwell, London.

3. Hanley, N.J.F Shogern & B. White Environmental Economics in theory and practice,

Mcmillan.

4. Hussen, A.M principles of environmental economics, Routlege, London.

5. Kolstad, C.D Environmental Economics, Oxford University Press, New Delhi.

6. Sankar, U (Ed) Environmental Economics, Oxford University Press, New Delhi.

7. Crones, R and The theory of externalities and public goods, Cambridge University,

Sandler Press, Cambridge.

8. Ostrom, E. Governing the commons; The evolution of institutions

9. Charles S. P. (2000), Economics and Global Environment, Cambridge University Press.

10. Barry C. F. and Martha K. F. Environmental Economics. McGraw Hil


52

Advanced Econometrics Course code: MEC-E1441

Max. Marks: 60 Unit I: Qualitative Response Regression Models

Nature of qualitative response model; The Linear Probability Model, Logit, Probit and Tobit

models, their applications.

Unit II: Simultaneous Equation Models

Introduction and examples; Simultaneous equation bias and inconsistency of OLS estimators;

The identification problem; Rules of identification– order and rank conditions; Methods of

estimating simultaneous equation system– recursive methods and OLS, indirect least squares

(ILS); 2SLS; Maximum likelihood and introduction to 3SLS.

Unit III: Time Series Analysis I

Time series models and analysis; Stationarity and non-stationarity, correlogram, unit roots,

co-integration, spurious regression, Dickey-Fuller test, Engle-Granger test, white noise

process, Random walk model

Unit IV: Time Series Analysis II

Forecasting with multivariate regression model; Time series models and forecasting: MA,

AR, ARMA and ARIMA Models, Box-Jenkins methodology; Introduction to Vector

autoregression.

Unit V: Panel Data Techniques Panel data techniques; Estimation of panel data regression model– fixed effects model and

random effect model; Fixed versus random effect model.

Note: Emphasize will be laid down the practical application from all technique in each unit.


53

References:

1. Amemiya, T. (1985), Advance Econometrics, Harvard University Press, Cambridge,

Mass.

2. Brockwell P.J. and Davis R.A (2002): “Introduction to Time Series and Forecasting”.

3. Deaton, A.S., the Analysis of Household Surveys: a Micro-Econometric Approach to

Development Policy.

4. Enders, W.( 2003), “Applied Econometric Time Series“, 2nd Edition.

5. Goldberger, A.S. (1998), Introductive Econometrics, Harvard University Press,

Cambridge, Mass.

6. Gujarati, D.N. (1995), Basic Econometrics (4th Edition), Mcgraw Hill, New Delhi.

7. Hamilton, J.D.(1994), “Time Series Analysis”, Princeton University Press.

8. Harris, R. and R. Sollis: "Applied Time Series Modelling and Forecasting”.

9. Hill R. C, E.G. William and G.G. Judge (1997), Undergraduate Econometrics, Wiley,

New York.

10. J. Johnston, (1991), Econometrics Methods, Mcgraw Hill (Fourth Edition)

11. Kennedy. P. (1998), A Guide to Econometrics (Fourth Edition), Mit Press,

New York.

12. Kmenta, J. (1997), Element of Econometrics (Reprint Edition), University of

Michigan Press, New York.

13. Krishnamurty, K. and V. Pandit, (1985), Macroeconomic Modelling of the Indian

Economy, Hidustan.

14. Maddala, G.S: (Ed.) (1993), Econometric Methods and Application (2 Volumes).

15. James D.Hamilton, Time series Analysis, “Princeton univ. press Princeton, New

jersey”

16. William W.S.Wei , Time series Analysis, univariate & multivariate methods- 2nd

edition.

17. Harvey A.C., Time series Models 2nd edition, MIT press.

18. Wayne a. Fuller, Introduction to statistical time series 2nd edt.

19. Gebhard Kirchgassner, Jurgen Wolters, Introduction to Modern time series Analysis,

Springer press.


54

Agricultural Economics Course code: MEC-E1442

Max. Marks: 60 Unit: I Role of Agriculture in Economic Development

Nature and scope of agriculture economics; Role of agriculture in economic development;

Linkage between agriculture and industry; Theories of agriculture development: Schultz,

Mellor and Boserup; Fei-Renis model of agriculture development; Role of agriculture in

Indian economy; Regional variations in agriculture production and productivity in India;

Agriculture credit and marketing policy in India; Crop insurance policy; Second green

revolution.

Unit: II Economics of Agricultural Production

Resource use and efficiency in agriculture- Production function analysis- Factor combination

and resource substitution; Cost and supply curves; Size of farm and laws of returns;

Theoretical and empirical findings; Farm budgeting approach.

Unit: III Issues in Agriculture Development

Issues and problems in rural industrialization and development of agro-based industries;

Labour absorption and gender issues in agriculture services; Sustainable agriculture;

Indigenous practices, Biotechnological practices and growth potential; Organic farming;

Impact of globalisation and WTO on agriculture trade.

Unit: IV Demand and Supply of Farm Products

Characteristics of demand for farm products– Concept and measurement of own price, cross

price and income elasticity’s of demand and their interrelationship; Quantity and quality

components of demand; Characteristics of supply of farm products– Issues relating to

specification of supply response function (Distributed lags, acreage v/s production response)-

Rigidities in farm supply response; Supply of inputs– irrigation, power, seed and fertilizers.

Unit: V Post harvest Management

Post-harvest Handling– Cleaning the product, sorting, packaging, quick cooling, good

refrigerated storage, good transportation & distribution; Physical factors in post-harvest

quality, principal physical factors and Measurement of physical factors; Biological factors in

post-harvest quality; Post-harvest pest and damage they cause; Approaches to pest

management in stored grain; Technology and management of storage; Storage structures;

Small-scale storage in developing world– Medium and large scale storage; Storage

management; Food preservation and processing.


55

References:

1. Agribusiness Management in India –Text & Cases - Dr. SubhashBhave

2. Agricultural Marketing in India – S. S Acharya and N L Agarwal -Oxford & IBH

Publishing Co Pvt Ltd Calcutta

3. American Economic Association, Readings in Agricultural Economics.

4. Bhaduri, A. The Economic Structure of Backward Agriculture, Macmillan, Delhi.

5. Bilgrami, S.A.R. Agricultural Economics, Himalaya Publishing House, New Delhi.

6. Chaudry, P, readings in Indian Agricultural Development, George Allen &Unwin,

London.

7. Dantwala M.L. (ed.)(1991), Indian Agricultural Development since Independence,

Second Revised Edition, Oxford & IBH Publishing Co.

8. Heady E.o. (1961), Economics of Agricultural Production and Resource Use, New

York Englewood Cliffs Prentice-Hall.

9. K. Subbarao (1989), Agricultural Marketing and Credit, ICSSR.

10. Mellor J.W (l969), The Economics of Agricultural Development, Vhora & Co.

Cornell University Press.

11. Penson J.B., Capps Oral, Rosson CP. (1996), Introduction to Agricultural Economics,

PrenticHall,Inc.

12. Rao, Hamumantha C.H. Agricultural growth, Rural poverty and environmental

degradation in India, Oxford University Press, New Delhi

13. Sadhu A.N. & Singh Amarjit (1966), Fundamentals of Agricultural Economics

Himalaya Pub. House, Delhi.

14. Saini, G.R. Farm size, resource use efficiency & Income distributions, Allied

Publishers, New Delhi Chadha, G.K & A.N.Sharma, Growth, Employment and

Poverty: change and continuity in Rural India, Vikas Publishing House, New Delhi.

15. Soni, R.N; Leading Issues in Agricultural Economics, Arihant Press, Jalandhar

16. Southworth Herman and Bruce Johnston (eds.) (1968), Agricultural Development and

Economic Growth, Cornell University Press, New York

17. Vaidhanathan, A. (1995), the Indian Economy: Crisis, Response and Prospects, Orient

Longmans, New Delhi.


56

International Finance Course code: MEC-E1443

Max. Marks: 60 Unit I: Fundamentals of International Finance

Meaning and scope of international finance– balance of payments as determinant of demand

for and supply of foreign currency; Exchange rate – determinants of/ factors affecting

exchange rates; Current account deficit v/s balance of trade and their implications for

exchange rate; International monetary system– gold standard, Bretton woods system,

contemporary international monetary system.

Unit II: Foreign Exchange

Foreign exchange market– functions; Instruments– spot, futures, forwards, swaps, and

options; Theories of exchange rate determination– purchasing power parity, interest rate

parity; Monetary and asset market (portfolio balance) model– exchange rate overshooting;

Exchange control– objectives and methods of exchange control; Current and capital account

convertibility; Currency exchange risk and their management– hedging, arbitrage and

speculation.

Unit III: International Capital Flows

Classification of international capital flows– direct and portfolio investment, government,

institutional and private capital, short term and long term capital, home and foreign capital;

Importance and role of foreign capital; Trade and investment; Theories of international

investment; Factors affecting international capital movements; Growth and dispersion of FDI

and MNCs.

Unit IV: International Banking and Economic Organisations

Growth of international banks; Non-banking financial companies; Euro-currency market–

origin, growth and the participants; IMF, World Bank, International Development

Association, IFC and ADB.

Unit V: Financial and Debt Management

Role of external debt in developing nations; Global financial crisis– reason, effect and

measures; Interrelationship between currency, Banking and financial crisis– proposal to

resolve the debt crisis; New international financial architecture.


57

References:

1. Ahmad Khan Masood, (1992), Euro-Currency Market: Structure and Working, Indus

Publishing Company.

2. Bo-Sodersten and Geofrey Reed, (2003), International Economics, Macmillan,

London.

3. Brain Tew. (1985), the Evolution of International Monetary’ System, Hutchinson.

4. Franciso L. Rivera- Batiz, and Luis Rivera- Batiz, (1989), International Finance

Open Economy Macroeconomics, Mazewell Macmillan International Edition.

5. Keith Pilbeam, (2000), international finance, Mac Millan, 4th Edition.

6. Michael Melvin International Money and Finance 6th Edition, Addison-Wesely.

7. Moris Goldstein, (1998), the Asian Financial Crises; Causes, Cures and Systemic

Implication Washington Dc, June.

8. Obstfied, M and Rogoff, K (1983), “Foundations of International Macroeconomics”,

MIT Press, 1996. Pecchioli, R.M., the Internationalization of Banking, Oecd, Paris.

9. Paul R Krugman & Maurice Obstfeld International Economics Theory and practice

Pearson Education, Singapore.

10. Rajwade, A.V., (1996), Foreign Exchange, International Finance and Risk

Management, Acacdemy of Business Studies.

11. Richard M. Levich, International Financial Market, Mc Graw Hill.

12. Sachs, J and Radelet, Steven (1998), “The East Asian Financial Crisis; Diagnosis,

Causes and Cures, institute of International Devolvement, Us, April. Also, Published

in Banking Papers on Economy Activity.

13. Salvatore D. International Economics 7th Edition (John Wiley and sons), Tata

Mcgraw-Hill.

14. Shapiro, Alan C., (2003), Multinational Financial Management, John Wiley and

Sons, Seventh Editions, Chapter3.

15. Thomas A.Pugel, (2004), International Economics, TMH.


58

Jammu & Kashmir Economy Course code: MEC-E1444

Max. Marks: 60 Unit I: Macroeconomic Scenario and Policy

Macroeconomic aggregates: NSDP, PCY– trends during five year plans; Sectoral changes;

11th five year plan– objectives and achievements; Poverty and unemployment in the state;

Budgets and budgetary management; State finance–sources and disbursement; Latest finance

commission’s recommendations; Food management in J & K; Regional disparities; Position

of J&K economy among Indian states with respect to socio-economic indicators.

Unit II: Agriculture and Allied Activities

Agriculture proper– critical analysis of land use pattern and cropping pattern; Production and

productivity of food grains during five year plans; Horticulture– area, production and export

of fruits during current five year plan, problems and developmental initiatives; National

Horticulture Mission; Livestock– population, production and developmental initiatives;

Forests– species wise forest cover, export of forest produce and developmental initiatives;

Saffron production; Fisheries– achievements and policy measures; Future prospects of

agriculture and allied activities.

Unit III: Industry

Industrial scenario in J&K; Industrial policy resolution, 2004; SSI Units in the state– status

and rehabilitation; PSUs in J&K– SIDCO, SICOP, Handicrafts Corporation Limited, J&K

Minerals Limited, SRTC; Handicrafts– production and exports; Sericulture– profile and

development initiatives; Tourism– inflow, revenue, developmental initiatives; Future

prospects of industrial growth.

Unit IV: Social Sector

Health– overview, health indicators, health care infrastructure, NRHM; Education– literary

trends in the state; SSA; Major achievements of higher education during the current and

previous five year plans; Water and sanitation– rural and urban water supply schemes; Total

sanitation campaign; Power sector-generation, strategy and reforms; Connectivity– road

network, PMGSY.

Unit V: Banking and Communication

Performance of commercial banks; Priority sector lending, Kisan credit card scheme,

Financial inclusion, Non-performing assets, NABARD– development and initiatives; Micro

finance; Cooperative banking structure; Communication– teledensity, internet connections,

post offices and telecommunication status; Future prospects of banking and communication

sector.


59

References:

1. Singh, J. (2004), The Economy of Jammu and Kashmir, Radha Krishnan Anand &

Co, Jammu.

2. DES, Digest of Economics and Statistics, latest issue, Government of J&K, Srinagar.

3. DES, Indicators of Regional Development 2007-08, Government of J&K, Srinagar.

4. DES, Economic Survey 2008-09, Government of J&K, Srinagar.

5. Godbholey Committee Report on Economic Reforms for J&K, 1998, Government of

J&K, Srinagar.

6. Bhat M.S & M L Misri (1994), Poverty planning and Economic Change in J&K.

Vikas publishing House

7. Bakshi. S. R, (2002), History of Economic Development in Kashmir, Gulshan

Publishers J& K.

8. Development Report of J&K State, 2003.

9. Bhat, K. A. (2005), Strategizing Industrial Development in J&K. New Century

Publication. New Delhi.

10. Ministry of Finance, J&K Budgets. Government of J&K, Srinagar.

11. Census of India (2001), Analytical Report on Housing Amenities, Office of the

Registrar General and Census Commissioner, New Delhi.


60

Industrial Economics Course code: MEC-E1445

Max. Marks: 60 Unit I: Concept, Organisation and Efficiency

Conceptual framework of Industrial Economics– history and scope of industrial economics;

Forms industrial organizations of firm; Objectives and motives of the firm; Industrial

efficiency– determinants and its measurement.

Unit II: Market Structure and Demand Forecasting

Market structure– standard forms of market structure; Concept of workable competition;

Market concentration– concept and its measurement; Demand forecasting– need, types and

techniques; Meanings and objectives of diversification, vertical integration and merger– its

motives and measurement.

Unit III: Growth of Firm and Industrial Location

Theories of growth of firm– Downie, Penrose and Marris theories; Industrial location

analysis– determinants of industrial location; Industrial location theories– Weber and Sargent

Florence; Causes of industrial imbalance, Industrial locational pattern in India.

Unit IV: Industrial Finance Industrial finance– need, types and sources of finance; Financial ratios– its classification and

description; Interrelatedness of financial ratios; Standards for comparison of financial ratios;

Problems of financial analysis; Profitability– concept and its measurement.

Unit V: Investment Decisions

Nature and types of investment decisions; Methods of project evaluation– the payback

method, the net present value method (NPV), and the internal rate of return method (IRR);

Appraisal of public projects—Shadow pricing (Little–Mirrlees and UNIDO approaches),

Social cost-benefit analysis.


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Reference: 1. Ahluwallia, I.J, (1985), Industrial Growth in India, Oxford University Press, New

Delhi.

2. Bains, J.S (1996), Industrial Organization, Cheltenham, U.K. An Elgar Critical

Writings, Reader.

3. Barthwal, R.R, (2007), Industrial Economics, Wiley Eastern Ltd. New Delhi.

4. Cherumlam, F, (1994), Industrial Economics, Himalaya Publishing House, Mumbai.

5. Desai, B, (1999), Industrial Economy in India, Himalaya Publishing House,

Mumbai.

6. Divine, P.J, (1976), An Introduction to Industrial Economics, George Allen &Unwin

& R.M. Jones Ltd. London.

7. Hay. D.D and D.I. Morries (1979), Industrial Economics theory and Evidence,

Oxford Press.

8. Kamien, M.T. & N.L.Schwartz, (1982), Market Structure and Innovation, Cambride

University Press, Cambridge.

9. Kirkpalrich C.M. N. Lee and E.I Nexon (1984), Industrial Structure and policy in

less development countries, ELBS George Allen an Unwin.

10. Kuchal, S.C. (1980), Industrial Economy of India, Chaitanya Publishing House,

Allahabad.

11. Martin, S, (2003), Advanced Industrial Economics, Oxford University Press, New

Delhi.

12. Mookherjee, D, (1994), Indian Industry Policies and Performance, Sage

Publications, New Delhi.

13. Ramamurti.R.R. Vernon (ed) (1991), Privatization and Control of state owned

Enterprises, Washington, the World Bank.

14. Rogor Clarke, (1985), Industrial Economics, Bazil Blackwell, New York.

15. Sandesara, J.C, (1992), Industrial Policy and Planning 1947– 1991: Tendencies,

Interpretations and Issues, Sage Publications, New Delhi.


62

Computer Application in Economics

Course code: MEC-E14446 Max. Marks: 60

Unit I: Introduction to Computers

Computer; Characteristics of computers; Basic applications of computer; Components of

computer system- Central Processing Unit(CPU),VDU, keyboard, mouse and other

input/output devices; Computer memory; Concepts of hardware and software; Classifications

of computers; Introduction to binary system.

Unit II: Introduction to MS Office

Word processing basics- opening word processing package, menu bar, using the icons below

menu bar, opening and closing documents, printing of documents, text manipulation,

formatting the text, table manipulation.

Excel spreadsheet- elements of spreadsheet, creation of cells and addressing of cells,

manipulation of cells, providing formulas, spreadsheets for small accountings.

Power point- basics, creation of presentations, title, text creation, fonts, presentation of slides,

types of slides, importing text from word documents, slide designs, footnotes, slide

manipulation and slide show, presentation of slides.

Unit III: Introduction to Information Systems

Introduction information systems, Information systems in global business today; How

businesses use information systems, E-business, E-commerce, B2B, B2C models, Electronic

stock markets, electronic trading, online shopping and malls.

Unit IV: Computer Communication and Internet

Basics of computer networks- LAN, WAN; Internet, concept and applications of internet;

WWW and websites, electronic mails, communication on internet.

Unit V: Introduction to Tally

Fundamentals of Tally ERP 9, Tally ERP 9 start-up; Basic financial accounting, gateway of

tally, report display, report printing, account masters list; Traders accounting sales purchase

voucher/invoice, accounts receivables & payables, outstanding bills statements; Invoicing &

inventory, introduction to inventory system, basic inventory masters, invoicing, invoice

printing, inventory reports.

Lab work will include units II, IV and V.


63

References:

1. P.K. Sinha, Computer Fundamentals, BPB Publications, New Delhi.

2. V. Raja Raman, Fundamentals of Computers, PHI, New Delhi.

3. Alexis Leon and Mathews Leon: Introduction to Computers with MS-Office, TMH.

4. Ashok K. Nadhani, Mastering Tally, ERP 9, BPB Publications.


64

Indian Public Finance Course code: MEC-E1447

Max. Marks: 60 Unit I: Public Policy

Meaning and objectives of fiscal policy; Review of fiscal policy since 1991; Fiscal

responsibility and budget management Act, 2003; Deficit Financing– meaning, objectives

and causes; Effects of deficit financing.

Unit II: Indian Tax Structure

Salient features and drawbacks of Indian taxation structure; Union Government– Direct taxes

-custom and excise duties, personal income tax, corporate profit tax; Indirect taxes-

CENVAT; State Government– sales tax/VAT, stamps and registration fees; local

governments– property tax, house tax and water tax; Tax reform– assessment of progress,

issues in GST and DTC.

Unit III: Centre State Financial Relations Principles of multi-unit finance; Fiscal federalism in India; Vertical and horizontal

imbalance; Assignment of functions and of sources of revenue; Logic of the constitutional

scheme; Resources transfer from Government of India– Finance commission and planning

commission; Problems of state indebtedness; Financial resources to Panchayati Raj

institutions and other local self-government agencies.

Unit IV: Public Expenditure System Central and state subjects; Classification and trends of public expenditure in India; Structure

of government expenditure– centre and states; Government budgeting– purpose and

classification; Performance and programme budgeting in India; Zero base budgeting;

Analysis of latest central budget; Deficit – types (fiscal and revenue), structure and trends.

Unit V: Public Debt

Theories and sources of public debt; India’s public debt– extent, trends & structure; Internal

and external debt; Debt position of states; Effects of public debt; Management of public debt

in India; Methods of repayment.


65

References:

1. Amaresh Bagchi, (2005), (ed), Readings in Public Finance, OUP India.

2. Machiraju, M. R. 1999, Indian Financial System. Vikas Publishing House, New

Delhi.

3. Sudipto Mundle: Public Finance policy issue for India, OUP.

4. Mundel, S. (1999), Public Finance Policy - Issues for India, Oxford University Press

N. V.P. Gandhi, Some Aspects of India’s tax structure.

5. Government of India, Ministry of Finance, Finance Commission Report.

6. Government of India, Economics Survey.

7. D.N. Dwivedi, (ed.) Readings in Indian Public Finance.

8. B. Mishra, Economic of Public Finance.

9. Chelliah, R.J. Towards Sustainable Growth: Essays in Fiscal and Financial Sector

Reforms in India.

10. Robin.W. Boadway, Public Sector Economics.

11. Divedi.D.N: Readings in Public Finance.

12. Datt, R. & Sundaram, P.K, Indian Economy.

13. P.H.Jackson and C.V.Brown, Public Sector Economics

14. Govinda Rao M. and Sen Tapas K. Fiscal Federalism in India: Theory and Practice


66

Dissertation Work Course code: MEC-E1448

Max. Marks: 100

Guidelines for the Dissertation Work

The scheme and syllabus of the M.A. Programme in Economics suggests that students

shall do a final Dissertation Work for attaining intellectual maturation for research. The

Dissertation Work is a major document that reflects the skills of the student to investigate

critically a topic/problem, the ability to gather and analyze information, and to present and

discuss the results/investigation concisely and clearly. The guidelines to be followed in the

preparation and submission of the Dissertation Work are as given here under.

1. Dissertation Work is allowed only to those students who have secured at least 65% in

first and second semester and had opted for theory of Statistics/ Advanced

Econometrics.

2. The students may choose any topic from the subject he/she has studied, including the

social and economic issues in the local/regional context.

3. The Dissertation Work should be supervised by a faculty approved by the University.

4. The students shall prepare and submit the Dissertation Work report to the University

through Department.

5. The report should be typed 1.5 spaced in ‘Times New Roman’ with font size 12 with

“1.5” wide margin on left and ‘1’ on the right printed in one side of the paper only.

Maps, tables and charts should be in black and white only. They should be serially

numbered, sequentially, following references to them in the text.

6. The Dissertation Work report should be bound (spiral or other ways).

7. The Dissertation Work report should be submitted to the University/ Department after

the last paper of end semester examination.

8. The student shall prepare four copies of the report; one copy for submitting to the

University through Department for circulation, one copy for Department, one copy for

library and one for personal reference.

9. Structure of the Dissertation Work:

• Title page

• Certificate from the supervising teacher and HOD

• Certificate by the students


67

• Acknowledgements

• Contents

• List of Tables and graphs

• List of Abbreviation

• An Abstract of the Dissertation Work. The abstract constitutes an executive

summary, which provides a brief outline of the objectives, scope of the work,

the methodology used, the main findings and results achieved and any

conclusions and recommendations made. This should appear before the

introductory chapter.

• Chapter 1: Introduction (which includes importance of the study, objectives of

the study, methodology and data source, Chapter frame, Concepts used,

limitations of the study etc)

• Chapter II: Review of Literature

• Chapter III: Profile of the study area (Optional)

• Chapter IV: Data Analysis (Core of the report)

• Chapter V : Summary of Findings and Conclusions

• Select Bibliography (In referencing and bibliographic preparation, the APA

(American Psychological Association) style sheet is recommended).

• Appendix: Questionnaire/Schedule, other exhibits, case etc.

10. A Dissertation Work must be the student’s own work and must not contain any

plagiarized material.

11. Evaluation of the Dissertation Work: The internal/ external evaluation shall be done

by the University/ Department as in the case of the core papers.

12. If it is sent for external evaluation, external assessment of the Dissertation Work is

to be done from Kashmir valley only. Accordingly, the examiners’ assessment of the

Dissertation Work will be based on a variety of features. These include amongst

others: understanding of the topic; methodology used, the standard of presentation;

the adequacy of the literature survey and data search; integration with literature;

interpretation of data and results; ability to explain findings; the correct usage of

referencing system; etc.

13. The evaluation of Dissertation Work will carry 100 marks (60 for Evaluation

Dissertation Work and 40 for Viva Voce). The university may invite one examiner

for conducting the Viva Voce examination of the student.

Documents

SYLLABUS - Central University of Kashmir Syllabus for MA... · 1 SYLLABUS FOR M.A ECONOMICS (From 2014 Session Onwards) Department of Economics Central University of Kashmir ... Elective