MRECW Students E- Learning Point Computer Security Student (CSS)

  Economics

PAPER-II

Micro-economic Analysis

• Demand analysis – Marshallian, Hicksian and Revealed preference approaches
• Theory of Production and Costs
• Pricing and output under different forms of market structure
• Factor Pricing analysis
• Elements of general equilibrium and new welfare economics

Macro-economic Analysis

• Determination of output and employment – Classical approach, Keynesian approach, Consumption hypotheses
• Demand for Money – Fisher and Cambridge versions, Approaches of Keynesian, Friedman, Patinkin, Baumol and Tobin
• Supply of Money, Determinants of money supply, High-powered money, Money multiplier
• Phillips Curve analysis
• Business cycles – Models of Samuelson, Hicks and Kaldor
• Macro-economic Equilibrium – Relative roles of monetary and fiscal policies

Development and Planning

• Economic Growth, Economic Development and sustainable Development – Importance of institutions – Government and markets – Perpetuation of underdevelopment – Vicious circle of poverty, circular causation, structural view of underdevelopment – Measurement of development conventional, HDI and quality of life indices
• Theories of Development – Classical, Marx and Schumpeter; Economic Growth – Harrod-Domar model, instability of equilibrium, Neoclassical growth – Solow's model, steady state growth. Approaches to development : Balanced growth, critical minimum effort, big push, unlimited supply of labour, unbalanced growth, low income equilibrium trap
• Indicators and measurement of poverty
• Importance of agriculture and industry in economic development – choice of techniques and appropriate technology – Investment criteria – Elementary idea of cost-benefit analysis
• Trade and Aid – International trade as 'engine of growth' – Globalization and LDC's Objectives and role of monetary and fiscal policies in economic development Techniques of planning; Plan Models in India; planning in a market-oriented economy

Public Finance

• Role of the Government in Economic activity – Allocation, distribution and stabilization functions; Private, Public and Merit goods
• The Public Budgets – Kinds of Budgets, Zero-base budgeting, different concepts of budget deficits; Budgets of the Union Government in India Public Expenditure – Hypotheses; effects and evaluation
• Public Revenue – Different approaches to the division of tax burden, incidence and effects of taxation; elasticity and buoyancy ; taxable capacity Public Debt – Sources, effects, burden and its management
• Fiscal Federalism -Theory and problems ; Problems of Centre-State Financial relations in India
• Fiscal Policy – Neutral and compensatory and functional finance; balanced budget multiplier

International Economics

• Theories of International Trade : Empirical verification and Relevance International Trade under Imperfect competition Terms of Trade and Economic Growth – Secular Deterioration of Terms of Trade Hypothesis – a critical review
• Equilibrium / disequilibrium in Balance of Payment – Traditional, Absorption and Monetary approaches for adjustment in the Balance of Payments, Foreign Trade multiplier
• Impact of Tariffs, Partial and general equilibrium analysis; Political economy of Non-Tariff Barriers
• Theory of regionalism at Global level – Collapse of Bretton-Wood System – Recent
• Monetary reforms
• Trade Policy and Reforms in India

Indian Economy

• Basic Economic indicators – National income, performance of different sectors Trends in prices and money supply Agriculture – Institutional and technological aspects, new agricultural policy Industry – New industrial policy and liberalization
• Money and banking – Concepts of money supply, inflation, monetary policy and financial sector reforms
• Public finance – Trends in revenue and expenditures of the Central and State Governments, Public debt; analysis of the Union Budget Foreign trade – Trends, Balance of payments and trade reforms Poverty, unemployment, migration and environment

Statistical Methods

• Measures of Central tendency, dispersion, skewness and kurtosis
• Elementary theory of probability – Binomial, Poisson and Normal distributions
• Simple correlation and regression analysis
• Statistical inferences – Applications, sampling distributions (t, x2 and F tests)
• sampling of attributes, testing of Hypothesis
• Index numbers and time series analysis
• Sampling and census methods, types of sampling and errors

PAPER III (A) [Core group]

Unit-I

• Theory of Demand-Axiomatic approach, Demand functions, Consumerbehaviour
• under conditions of uncertainty
• Theory of production
• Collusive and non-collusive oligopolies
• Different models of objectives of the firm – Baumol, Morris and Williamson
• Factor pricing
• General equilibrium and Welfare Economics

Unit-II

• Keynesian and post-Keynesian approaches to theory of output and employment; concept of investment multiplier; consumption
• hypotheses Theories of investment and accelerator
• Theories of demand for money – Keynesian and post-Keynesian
• Different approaches to money supply; money supply; components and determinants
• money multiplier
• Output – price determination (aggregate supply and aggregate demand curve analysis) Flerning-Mundell open economy model

Unit-III

• Development and Growth – Role of institutions
• Theories of growth and development – Models of growth of Joan Robinson and Kaldor; Technical Progress – Hicks, Harrod and learning by doing, production function approach to the determinants of growth : Endogenous growth : role of education, research and knowledge – explanation of cross country differentials in economic development and growth
• Theories of development – Classical, Marx, Schumpeter and structural analysis of development – Imperfect market paradigm, Lewis model of development, Ranis-Fei model, Dependency theory of development
• Factors in economy development – natural resources, population, capital, Human Resource Improvement and infrastructure
• Trade and development – trade as engine of growth, Prebisch, two-gap analysis, Singer and Myrdal views; gains from trade and LDCs

Unit-IV

• Theories of taxation, types, incidence and effects
• Theories of public expenditure – effects on savings, investment and growth Burden of public debt
• Union Finance – Trends in Revenue and Expenditure of the Government of India
• State finance – Trends in Revenue and Expenditure of the State Governments
• Public Debt – India's Public debt since 1951 – growth composition, ownership pattern and debt management
• Union-State Financial Relations – Horizontal and vertical imbalances; the Finance Commissions
• Fiscal Policy and Fiscal Reforms in India

Unit-V

• Monetary approach' and adjustment in the balance of payments
• Regional blocs – multilateralism and world trading system
• The Political Economy of imposition of non-tariff barriers
• International trade under conditions of imperfect competition in goods market
• Theory of International reserves
• Optimum Currency Areas – Theory and impact in the developed and developing countries
• WTO and its impact on the different sectors of the economy

Unit-VI

• Components of money supply
• Role, constituents and functions of money and capital markets
• RBI – recent monetary and credit policies
• Commercial banks and co-operative banks
• Specialized financial and investment institutions
• Non-Bank financial institutions and Regional Rural Banks

Unit-VII

• Industrial structure and economic growth
• Pattern of industrialization – Public and Private; large and small industries
• Theories of Industrial location – Indian experience
• Industrial productivity – measurement, partial and total trends Industrial Finance in India
• Industrial Labour – Problems, policies and reforms in India Economic Reforms and industrial growth

Unit-VIII

• Human population and Economic growth – interrelation between population, development and environment , Optimum theory of population, sustainable development Malthusian theory of population, theory of demographic conversion, population as 'Limits to Growth' and as 'Ultimate Source
• Concepts of Demography – Vital rates, Life tables, composition and uses, Measurement of fertility – Total fertility rate, gross and net reproduction rate – Age pyramids, population projection – stable, stationary and quasi-stationary population; characteristics of Indian population through recent census
• Poverty in India – Absolute and relative; analysis of poverty in India
• Environment as necessity – amenity and public goods; causes of environmental and ecosystem degeneration – policies for controlling pollution – economic and persuasive; their relative effectiveness in LDCs; Relation between population, poverty and environmental degradation – microplanning for environment and eco-preservation – water sheds , joint forest administration and self help groups Role of State in the environmental preservation – Review of environmental legislation in India

Unit-IX

• Role of Agriculture in Indian Economy – Share of Agriculture, interrelationship between agriculture and industry
• Institutional aspects – Land reforms, Green revolution
• Technological aspects – Agricultural inputs and shifts in production function
• Capital formation in the rural sector – Savings, assets and credits
• Strategies for rural development
• Regional disparities in Indian agriculture
• Cooperative movement in India – Organization, structure and development of different types of cooperatives in India

Unit-X

• Application of Differential and Integral Calculus in theories of consumer behaviour, Production and pricing under different market conditions
• Input-output analysis and linear programming
• Application of Correlation and Regression
• Evaluating of Hypothesis in Regression Analysis

PAPER-III (B) [ELECTIVE / OPTIONAL]

Elective-I

• Single Equation Linear Model
• Assumption and properties of OLS
• Multiple Regression Model – Estimation and Interpretation
• Multi-collinearity – Auto-correlation and heteroscedasticity – Causes, detection, consequences and remedy
• Dummy variables, distributed lags – Need, limitations and interpretation
• Applications in Economics
• Simultaneous Equation models
• Structural and reduced forms
• Endogenous and exogenous variables
• Identification problems and conditions
• Single equation methods of estimations – TSLS, indirect least squares and least variance ratio
• Techniques of Forecasting
• ARMA
• ARIMA
• Econometric properties of time series, Unit root, integrated series, random walk and white noise

Elective-II

• Theory of Consumer Behaviour and Theory of Firms
• Theory of Pricing – Monopoly, Monopolistic competition, Duopoly and Oligopoly
• Theory of Games – Two-person, Zero-sum Game, Pure and Mixed strategy, Saddle point solution, Linear programming and input output analysis
• Static and Dynamic Multiplier and Accelerator, Samuelson-Hicks trade cycle model.
• Growth Models – Harrod and Domar, Neoclassical models – Solow, Meade, Kaldor's Model with technological progress, endogenous growth models
• Employment and output determination with fixed and flexible prices (IS-LM, Aggregate demand and aggregate supply analysis)

Elective-III

• The Rise and Fall of Bretton-Wood and emerging International Monetary System World Trading System – Evolution and Distortions
• Globalization – Developments in Exchange Markets, Euro-Currency Markets, and International Bond Markets, International Debt crisis
• Theory of Foreign Exchange Markets – Exchange Trading, Arbitrage and Market Hedging

Elective-IV

• Growth and Productivity trends in Indian Agriculture Development of distributive institutions – Costs and price policies Agricultural marketing and credit
• Trends in migration and labour markets. Minimum Wages Act WTO and sustainable agricultural development Reforms in Indian agriculture

Elective-V

• Planning and Economic Development
• Costs, Prices, WTO and Indian Agriculture
• Globalization, Liberalization and the Indian Industrial Sector
• Infrastructure and Economic Development
• Social Sector, Poverty and Reforms in India
• Women, Environment and Economic Development
• Trade Reforms and Liberalization
• Financial sector reforms
• Fiscal policy and fiscal reforms