Economics Syllabus Ba Cbcs
Economics Syllabus Ba Cbcs
Economics Syllabus Ba Cbcs
Department of Economics
Rabindra Bharati University
1
Session : 2019-20 & onwards
Credits
2
Core Course(CC)–2.1 Intermediate Microeconomics-I 6
Core Course(CC)–2.2 Intermediate Macroeconomics-I 6
Generic Elective(GE)–2.1 6
III Mathematical Methods for Economics-I
Core Course(CC)–3.1 6
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1.3Choices for Skill Enhancement Courses(SEC)
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Semester I
Core Course(CC): 1.1
Introductory Microeconomics
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
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homothetic production function and their properties – elasticity of substitution – some examples of
technology (fixed proportion, perfect substitute – Cobb– Douglas Production Function, CES
Production Function).
Cost Analysis: Economic cost, Opportunity cost, Accounting cost, Sunk cost, Time dimension of
cost – short run cost – total cost: fixed and variable cost –marginal cost – average cost – derivation of
short run cost – long run cost function – functional coefficient and shape of long run average cost –
relation between short run and long run cost – expansion path and relation with long run total cost curve.
Readings
1. N. Gregory Mankiw, Principles of Microeconomics, Indian Edition, Cengage Learning, 4th Edition, 2006
2. Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education Inc., 8th Edition, 2007.
3. N. Gregory Mankiw, Economics: Principles and Applications, India edition by South Western, a part of
Cengage Learning, Cengage Learning India Private Limited, 4th edition, 2007.
4. Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New York,
International Student Edition, 4th Edition, 2007.
5. Pindyck, Rubinfeld and Mehta: Microeconomics, Pearson Education.
6. Varian H.R: Intermediate Microeconomics: A Modern Approach, East West Press.
Semester I
Core Course(CC): 1.2
Introductory Macroeconomics
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
3. Classical System
Classical System: Say‘s law and quantity theory; Friedman‘s restatement; classical dichotomy and
neutrality of money;
Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010.
N. Gregory Mankiw. Principles of Macroeconomics, Indian Imprint of South Western by Cengage India, 6th
edition, 2015.
Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, Inc., 7th edition, 2011.
Sikdar Soumyen, Principles of Macroeconomics, Oxford University Press
Ambar Nath Ghosh and Chandana Ghosh, Macroeconomics, Prentice Hall, India
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Semester II
Core Course(CC): 2.1
Intermediate Microeconomics-I
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
1. Perfect Competition (1 Credit , 12 Classes)
Assumptions – economic vs. accounting profit – short-run profit maximization – short run supply
curve of the firm and the industry - Output choice and competitive equilibrium in the long run –
long-run industry supply curve under constant, increasing and decreasing costs. Consumer‘s and
producer‘s surplus – effects of tax and subsidy – price ceiling in a competitive industry.
2. Imperfect Competition ( 3.5 Credits, 42Classes)
Monopoly: Monopoly –chareteristics – optimum output determination. monopoly power : mark-
up pricing – sources of monopoly power – Measuring monopoly power – Profit maximization of
a single plant monopolist – effects of tax – the multiplant monopoly – natural monopoly –
limiting market power: price regulation – taxation --antitrust laws – Different Pricing Strategies:
Capturing consumer surplus – Price Discrimination : First and Second degree – two part tariff –
Third degree – Bilateral monopoly. Welfare Cost of Monopoly
Monopolistic Competition: Assumptions – Product Differentiation and demand curve – concept
of Group – equilibrium of the firm: short run and long run – Excess capacity and its
interpretation.
Oligopoly: strategic interaction and conjectural variation –Theories of oligopoly: Simultaneous
Quantity Setting: Cournot Equilibrium – Simultaneous Price Setting: Bertrand Equilibrium –
Quantity Leadership: Stackelberg Equilibrium – Price Leadership: Collusion and formation of
Cartel – Price Rigidity: Sweezy equilibrium.
Semester II
Core Course(CC): 2.2
Intermediate Macroeconomics-I
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
1. IS-LM Model
IS-LM Model - equilibrium, stability and comparative statics; effects of fiscal and monetary policies.
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2. Complete Keynesian Model
Derivation of aggregate demand assuming price flexibility; Derivation of aggregate supply curves both
in the presence and absence of wage rigidity; equilibrium, stability, and comparative statics-effects of
monetary and fiscal policies; including real balance effect and wage cut policy. Keynesian vs classical
system.
3. Theories of Consumption
Consumption: Keynesian consumption function; Fisher‘s theory of optimal intertemporal choice; life-
cycle and permanent income hypotheses; Dusenberry‘s relative income hypothesis; rational expectations
and random-walk of consumption expenditure.
4. Investment Function
MEC and MEI- Jorgenson‘s neo-classical theory- Acceleration principle- fixed and variable.
Semester III
Core Course(CC): 3.1
Mathematical Methods for Economics - I
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
Readings:
1. Sydsaeter, K. and Hammond, P.: Mathematics for economic analysis, Pearson Education Asia,
Delhi, 2002.
2. Archibald, G.C & Lipsey: An Introduction to a Mathematical Treatment of Economics, New,
Delhi, All India Traveller Bookseller, Indian Reprint
3. Chiang : Fundamental Methods of Mathematical Economics (3rd edition)
Semester III
Core Course (CC): 3.2
Intermediate Macroeconomics-II
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
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3. Demand for Money
Demand for money: Regressive expectations and Tobin‘s portfolio choice models; Baumol‘s inventory
theoretic money demand.
4. Supply of Money
Demand for money: Regressive expectations and Tobin‘s portfolio choice models; Baumol‘s inventory
theoretic money demand.
Money Supply: Asset liability accounting of Central and Commercial banks, high-powered money;
alternative definitions of money supply, money multiplier analysis. Monetary policy – OMO, Bank rate,
variable reserve ratio, repo and reverse repo.
5. Growth Theories
Harrod- Domar model and Solow one sector growth models; golden rule; dynamic efficiency,
technological progress.
Reference Books
2. Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010.
3. N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010.
3. Steven M. Sheffrin, Rational Expectations, Cambridge University Press, 2nd edition, 1996.
4. Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, Inc., 7th edition, 2011.
5. Richard T. Froyen, Macroeconomics, Pearson Education Asia, 10th edition, 2016.
6. William Branson. Macroeconomic Theory and Policy, Indian reprint, East West Press, 3rd edition, 2014.
7. Sikdar Soumyen, Principles of Macroeconomics, Oxford University Press
8. Ambar Nath Ghosh and Chandana Ghosh, Macroeconomics, Prentice Hall Pub.
1. Descriptive Statistics
Presentation of Data; Frequency Distribution; Measures of Central Tendency, Dispersion,
Moments, Skewness and Kurtosis; Bivariate Frequency Distribution- Correlation and Regression.
2. Elementary Probability Theory
Sample spaces and events; Probability axioms and properties; counting techniques; conditional probability and
Bayes‘ rule; independence.
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3. Random Variables and Probability Distributions
Defining random variables; probability distributions; expected values of random variables and of functions of
random variables; properties of commonly used discrete and continuous distributions (uniform, binomial, normal,
Poisson and exponential random variables).
4. Jointly Distributed Random Variables
Density function of bivariate normal distribution and obtaining means, variances, and correlation coefficients.
5. Sampling
Concept of sampling and random sampling; Principal steps in a sample survey; methods of sampling- SRSWR,
SRSWOR; Sampling and non-sampling error.
6. Estimation
Parameters and statistics; Point estimation- Properties of a good estimator; Maximum Likelihood Method and the
method of moments; Estimation of population parameters using SRSWR and SRSWOR; Interval estimation.
Testing of Hypothesis, Type I & Type II Error.
Readings:
1. Jay L. Devore, Probability and Statistics for Engineers, Cengage Learning, 2010.
2. John E. Freund, Mathematical Statistics, Prentice Hall, 1992.
3. Richard J. Larsen and Morris L. Marx, An Introduction to Mathematical Statistics 11 and its Applications,
Prentice Hall, 2011.
4. William G. Cochran, Sampling Techniques, John Wiley, 2007.
5. Goon, Gupta and Dasgupta, Fundamentals of Statistics, Volumes 1 and 2.
1. Sources of data
Introduction, aims and objectives, methodology of data collection, different types of data source
2. Collection of Primary data
Objectives, questionnaire designing, sample survey, data presentation and interpretation
3. Different Sources of Secondary data
Discussion on the sources of different national and international data base
Brief discussion on the Economic Survey, CSO, NSSO, ASI, RBI, data base of Ministry of Health, Ministry of
Human Resource Development, Government of India, various state level data source etc
Brief discussion on various international level data base with special reference to World Bank Data base, IMF
database, WHO database, Unite Nation Statistical Accounting, WITs etc.
References:
M. R. Saluja: Indian Official Statistical Systems.
CSO (MOSPI) Publication: Statistical System in India.
United Nations publications
RBI: Handbook of Statistics for the Indian Economy (various years)
Economic Survey, Govt. of India, Ministry of Finance (various years)
R. Ramkumar: Technical Demography.
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K. Srinivasan: Demographic Techniques and Applications.
B. D. Mishra: An Introduction to the Study of Population.
H. S. Shryock: The Methods and Materials in Demography.
Goon, Gupta and Dasgupta – Basic Statistics
Gupta and Kapoor – Fundamental of Mathematical Statistics.
N. G. Das – Statistical Method (Part I & II)
13. Goon, Gupta and Dasgupta – Fundamental of Statistics, Vol. I & II
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Semester IV
Core Course(CC): 4.1
Intermediate Microeconomics-II
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
Readings
1. Varian H.R: Intermediate Microeconomics: A Modern Approach, East West Press8th edition,2010. The
workbook by Varian and Bergstrom may be used for problems.
2. Pindyck, Rubinfeld and Mehta: Microeconomics, Pearson Education Asia
3. Maddala and Miller: Microeconomics- Theory and Applications, McGraw Hill
4. Satya R. Chakravarty, Microeconomics, Allied Publishers Pvt Ltd
Semester IV
Core Course(CC): 4.2
Mathematical Methods for Economics - II
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
Readings
1. Sydsaeter, K. and Hammond, P.: Mathematics for economic analysis, Pearson Education Asia,
Delhi, 2002.
2. Chiang : Fundamental Methods of Mathematical Economics (3rd edition)
3. Henderson & Quandt: Microeconomic Theory (3rd edition)
4. Dorfman, Samuelson & Solow: Linear Programming & Economic Analysis
Intrilligator, Mathematical Optimization and Economic Theory, (1971).
5. Taro Yamana: Mathematics for Economist- An Elementary Survey
6. Sharma: Operation Research- Theory and Applications, Macmilan India Ltd.
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5. Violations of Classical Assumptions: Consequences, Detection and Remedies Problems of Multi-
collinearity, Heteroscedasticity, and Auto correlation; Consequences of applying OLS under Heteroscedasticity
and Autocorrelation and their detection– Durbin-Watson Test, Glesjer Test, Goldfeld-Quandt Test.
6. Specification Analysis
Omission of a relevant variable; inclusion of irrelevant variable; tests of specification errors.
Readings:
1. Jay L. Devore, Probability and Statistics for Engineers, Cengage Learning, 2010.
2. John E. Freund, Mathematical Statistics, Prentice Hall, 1992.
3. Richard J. Larsen and Morris L. Marx, An Introduction to Mathematical Statistics and its Applications, Prentice
Hall, 2011.
4. D. N. Gujarati and D.C. Porter, Essentials of Econometrics, McGraw Hill, 4th edition, International Edition,
2009.
5. Maddala- Introduction to Econometrics, Wiley
6. Christopher Dougherty, Introduction to Econometrics, Oxford University Press, 3rd edition, Indian edition,
2007.
7. Jan Kmenta, Elements of Econometrics, Indian Reprint, Khosla Publishing House, 2nd edition, 2008.
SEC- 4.1
Data Analysis with Basic Computer Application
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 2
It is a Lab Based Practical Paper. The student shall learn the operations through Lectures, Hands-on Practical
Training followed by practical tests.
1. Basic Statistics: Population census versus sample surveys, Random sampling, Frequency distribution and
summary Statistics
2. Spread Sheet Analysis : Basic features of Spreadsheets; Data entry, Mathematical Functions, Financial
functions, Statistical Functions, Creating simple Line, Bar and Pie charts
Reference Books
► Goon, Gupta and Dasgupta – Basic Statistics
► Gupta and Kapoor – Fundamental of Mathematical Statistics.
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► N. G. Das – Statistical Method (Part I & II)
► Goon, Gupta and Dasgupta – Fundamental of Statistics, Vol. I & II
► Data Analysis Using Microsoft Excel, STATA, EVIEWS etc
(i) Receipts: revenue account, capital account, proposed sources of revenue, tax structure: direct and
indirect
(ii) Expenditure: allocation of the resources, sectors which have received higher or lower shares of
expenditure, reasons and consequences thereof, subsidies given
(iii) Deficits: trends in fiscal and revenue deficits
3. Fiscal federalism
Centre – state allocation of power and responsibilities
Selected Readings:
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Semester V
Core Course(CC):5.1
International Economics
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
1. Basics of Trade Theory
Arbitrage as basis and direction of trade; fundamental sources of cross-country price differences and
arbitrage; concept of comparative advantage; externalities, regulation and perverse comparative advantage;
International equilibrium; offer curves, ToT and stability; Gains from Trade (GFT) Theorem; Concepts of
Production possibility Frontier and Community Indifference curves; Illustration of GFT; Decomposition of
GFT; Substitution possibilities and magnitude of GFT.
2. Technology and Trade (Ricardian Model):
Comparative versus Absolute Advantage, One-factor economy, production possibility frontier, relative demand
and relative supply, terms of trade; Trade in Ricardian world, Determination of intermediate ToT, Complete
specialization & GFT
3. Factor Endowment & Trade (Heckscher-Ohlin-Samuelson Model):
H-O theorem and physical vs. price definitions of factor abundance; Properties of the HO model: Factor intensity
ranking, one-to-one correspondence between commodity price ratio & factor price ratio (Stolper-Samuelson
theorem), One to one correspondence between endowment ratio and production proportion ( Rybczysky‘s
theorem); Proof of HO theorem; Taste bias and invalidation of HO theorem; Empirical studies- Leontief Paradox;
Effects of trade on factor price and income distribution, factor price equalization, factor intensity reversal & factor
price equalization.
4. Trade Policy:
Partial Equilibrium Analysis: Tariff - cost–benefit, Quota, Quota- Tariff equivalence & non-equivalence, effects
of tariff, quota, subsidy and voluntary export restraint; General Equilibrium Analysis- distinction between large
and small economy, welfare effects of a tariff on small country and large country, Offer curve and ToT, Tariff
ridden offer curve, Tariff war, Optimum tariff for large economy, Metzler‘s Paradox.
5. Balance of Payments & Exchange Rate:
Balance of Payment accounts in an open economy; Determination of National Income, Fixed &Flexible
Exchange Rate: adjustment of demand and supply of Foreign Exchange, Effect of devaluation, Effects of
exchange rate on domestic prices and ToT, Marshall-Lerner Condition, J-Curve effect. , IS-LM in the open
economy under fixed and flexible exchange rate with perfect and imperfect capital mobility (Mundell-Fleming
model).
Reference Books
1. P. Krugman and M. Obstfeld- International Economics (8th Edition) ; Pearson Education
2. R. Caves, J. Frankel and R.W. Jones – World Trades & Payments (9th Ed); Pearson Education..
3. Rajat Acharyya- International Economics; Oxford University Press
4. Giancarlo Gandolfo, International Trade Theory and Policy, Springer, 2014
Core Course(CC):5.2
Development Economics
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
1. Introduction
Different concepts of development- Sustainable development, Participatory development, Inclusive
development, Human development; Growth and development- Broad indicators of economic
development, Basic needs approach and PQLI; Capability approach; Human development index; Gender
empowerment measures
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2. Economic Growth
Growth models- Harrod-Domar and introduction to Solow
3. Development and Underdevelopment as a Historical Process
Dependency theory of Baran; Frank‘s theory of colonial exploitation; Merchant capital in shaping
underdevelopment (Kay); Emmanuel‘s theory of unequal exchange
4. Persistence of Underdevelopment and Way to Develop
Characteristics and obstacles of underdevelopment; Vicious circle of poverty; Low level equilibrium
trapand critical minimum effort thesis; Concept of surplus labour- Lewis and Harris-Todaro models;
Rostow‘s Stage Theory
5. Development Strategy
Capital intensive versus labour intensive techniques- model of choice of technique in a labour surplus
economy
6. Poverty and Inequality
Poverty line and Absolute versus Relative poverty; poverty measurements: Head Count Ratio, Income
Gap Approach; HPI; Inequality axioms; Common measures of inequality- Gini Index and measures of
inequality
References:
Debraj Ray, Development Economics, Oxford University Press, 2009.
Partha Dasgupta, Economics, a Very Short Introduction, Oxford University Press, 2007.
Abhijit Banerjee, Roland Benabou and DilipMookerjee, Understanding Poverty, Oxford University Press, 2006.
Thomas Schelling, Micromotives and Macrobehavior, W. W. Norton, 1978.
Albert O. Hirschman, Exit, Voice and Loyalty: Responses to Decline in Firms, Organizations and States, Harvard
University Press, 1970.
RaghuramRajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy, 2010.
ElinorOstrom, Governing the Commons: The Evolution of Institutions for Collective Action,
CambridgeUniversity Press, 1990.
DaniRodrik, The Globalization Paradox: Why Global Markets, States and Democracy Can‘t Coexist, Oxford
University Press, 2011.
Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (ed.), Globalization in Historical Perspective,
University of Chicago Press, 2003
Reference
Jean Dreze and Angus Deaton, 2009, Food and Nutrition in India: Facts and Intepretations, Economic and
Political Weekly, February.
Himanshu. 2011, ―Employment Trends in India: A Re-examination, Economic and Political Weekly, September.
Rama Baru et al, 2010, ―Inequities in Access to Health Services in India: Caste, Class and Region, Economic
and Political Weekly, September.
Geeta G. Kingdon, 2007, ―The Progress of School Education in India, Oxford Review of Economic Policy.
J.B.G. Tilak, 2007, ―Post Elementary Education, Poverty and Development in India, International Journal of
Educational Development.
Reetika Khera, 2011, ―India‗s Public Distribution System: Utilisation and Impact Journal of Development
Studies.
UNDP, "Gender Related Poverty Index" and "Gender Empowerment Measure" access at
http://hdr.undp.org/reports/global/2004/ (from pdf file on Human Development Indicators, pages 217- 237)
Sen, "Gender Inequality and Women‘s Agency" (excerpts) (Sen 2002: 229 -274).
Reference
Edmund S Phelps -- Political Economy and Introductory Text, 2010.
John Isbister, Promises Not Kept: Poverty and the Betrayal of Third World Development, (West Hartford:
Kumarian Press, 2004).
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Oswaldo de Rivero, The Myth of Development: The NonViable Economies of the 21 stCentury (London: Zed
Books, 2001).
Engels, "Historical Introduction,""The Industrial Proletariat," and "The Great Towns" (excerpt) (Engels 1968
(1845): 9,33).
Marx, "The British Rule in India" and "The Future Results of British Rule in India" (Marx and Engels 1972 (Marx
1853): 35-41, 81 – 87).
Nehru, "The Plunder of Bengal helps the Industrial Revolution in England" and "The Destruction of India‘s
Industry" (Nehru 1946: 295 - 302).
2. Normal form games: The normal form; dominant and dominated strategies; dominance solvability;
iterated dominance; mixed strategies and mixed strategy equilibrium; symmetric single population games;
n-person games in normal form; Nash equilibrium; applications.
3. Extensive form games with perfect information: The game tree; strategies; sub game perfection;
backward induction; sequential equilibrium; bargaining; Rubinstein bargaining, and Nash bargaining.
4. Uncertainty and Information: Expected utility Theory; measures of risk aversion, applications-
investment in risky assets, insurance, the principal agent problem: adverse selection and moral hazard,
signaling, introduction to auction and mechanism design, VCR mechanisms.
References:
1. Martin J. Osborne, An Introduction to Game Theory, Oxford University Press, New Delhi, 2004.
2. Robert Gibbons. A Primer in Game Theory, Princeton University Press, 1992.
3. Prajit K. Dutta. Strategies and Game: Theory and Practice, MIT Press, 1999.
4. Anindya Sen, Microeconomics.
5. Satyaranjan Chakraborty, Microecnomics
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Local-national-international level, UNEP, IPCC, CPCB, Green Bench.
7. Sustainable Development
Concepts and measurement.
8. Resource Economics
Concepts of renewable and non-renewable resources.
References:
Roger Perman, Yue Ma, Michael Common, David Maddison and James McGilvray, ―Natural Resource and
Environmental Economics‖, Pearson Education/Addison Wesley, 4th edition, 2011.
Charles Kolstad, ―Intermediate Environmental Economics‖, Oxford University Press, 2 ndedition, 2010.
Robert N. Stavins (ed.), ―Economics of the Environment: Selected Readings‖, W.W. Norton, 6th edition, 2012.
Robert Solow, ―An Almost Practical Step toward Sustainability,‖ Resources for the Future 40th anniversary
lecture, 1992.
Kenneth Arrow et al., ―Are We Consuming Too Much?‖ Journal of Economic Perspectives, 18(3): 147-172,
2004.
IPCC (Intergovernmental Panel on Climate Change), Fifth Assessment Report (forthcoming).
Semester VI
Core Course(CC):6.1
Indian Economy
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
Core Course(CC):6.2
Public Economics
Full Marks: 50[ 40(Exam) + 10 (Continuous Internal Assessment)]
Credit : 6 (72 classes)
1. Introduction
Meaning, objectives and scopes of Public Finance; Public versus private goods; Externalities and market
failure;Model of optimal provision of public good; Free riding; Coase Theorem.
2. Principles of Taxation
Benefit versus Ability to pay Principles of taxation- degree of progression bases of taxation, Income
versus expenditure taxes;Incidence of taxation;Excess burden of indirect tax; Progressive versus
proportional taxes; Effects of taxation on savings, investments and work efforts
3. Public Expenditure and Public Debt
Classification of public expenditures; Government budget, budget deficit and public debt; internal versus
external public debts; Burden of public debt
4. Compensatory Fiscal Policy
Effects of changes in government expenditures and taxation- balanced budget multiplier- anti inflationary
fiscal policy; Fiscal Federalism in India.
References:
A.B. Atkinson and J.E. Stigliz, Lectures on Public Economics, McGrow Hill Inc., US, 1980.
C.V.Brown and P.M.Jackson, Public Sector Economics, Wiley-Blackwell; 4th Edition, 1991.
J.F.Dueand A.F.Friendlander, Government Finance- Economics of Public Sector, AITBS, Publishers and
Distributors, 1994.
J.Hindriks and G.D. Myles, Intermediate Public Economics, The MIT Press, Annotated Edition, 2006.
R.A.Masgrave and P.B.Masgrave, Public Economics in Theory & Practice, McGraw Hill Pub., 5th
Edition, 1989.
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Amarash Bagchi(ed.), Readings in Public Finance, OUP.
J.E.Stigliz, Economics of Public Sector, W.W. Norton and Co., 3 rd Edition, 2000.
R.J.Chelliah(ed.) Towards Sustainable Growth, OUP, 2009.
A. Ghosh and C. Ghosh, Public Finance, Prentice hall India Learning Private Ltd., 2 nd Revised Edition,
2014.
The Department will offer the specific course of the DSEC 6.1 and DSE 6.2 to be taken by the
students according to the availability of the faculty members of the respective courses.
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6. BishwanathGoldar, 2011, ―Organised Manufacturing Employment: Continuing the Debateǁ, Economic
and Political Weekly, April.
7. A. Raychaudhury and P De, International Trade in Services in India: Implications for Growth and
Inequality in a Globalizing World, OUP, 2012
Mihir rakshit ,Global Economic Crisis Stagflationary Phase,Money & Finance, 2 0 0 9
Mihir rakshit, The Global Crisis and theConsensus Macroeconomics Money & Finance
October.2013.
References
Chandra B. (2010): Rise and Growth of Economic Nationalism in India, HarAnand Publications, 2010.
Tirthankar Roy, The Economic History of India 1857-1947, Oxford University Press, 3rd edition, 2011.
Irfan Habib, Indian Economy 1858-1914, A People‗s History of India, Vol.28, Tulika, 2006.
Ira Klein, 1984, ―When Rains Fail: Famine relief and mortality in British Indiaǁ,IESHR 21.
Jean Dreze, Famine Prevention in India in Dreze and Sen (eds.) Political Economy of Hunger, WIDER Studies in
Development Economics, 1990, pp.13- 35.
John Hurd, Railways, CEHI, Chapter 8, pp.737-761.
Rajat Ray (ed.), Entrepreneurship and Industry in India, 1994.
A.K. Bagchi, ―Deindustrialization in India in the nineteenth century: Some theoretical implications Journal of
Development Studies, 1976.
M.D Morris, Emergence of an Industrial Labour Force in India, OUP 1965, Chapter 11, Summary and
Conclusions.
Daniel Thorner, Agrarian Prospect in India, 1977.
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Individual behavior in social environments, multiple social equilibria; governance in organizations and in
communities; individual responses to organizational inefficiency.
4. Environment and Sustainable Development: Defining sustainability for renewable resources; a brief
history of environmental change; common-pool resources; environmental externalities and state
regulation of the environment; market based instruments, economic activity and climate change.
5. Globalization
Globalization in historical perspective; the economics and politics of multilateral agreements; trade, production
patterns and world inequality; financial instability in a globalized world.
India in the Global Economy.
References:
Debraj Ray, Development Economics, Oxford University Press, 2009.
Partha Dasgupta, Economics, a Very Short Introduction, Oxford University Press, 2007.
Abhijit Banerjee, Roland Benabou and DilipMookerjee, Understanding Poverty, Oxford University Press, 2006.
Thomas Schelling, Micromotives and Macrobehavior, W. W. Norton, 1978.
Albert O. Hirschman, Exit, Voice and Loyalty: Responses to Decline in Firms, Organizations and States, Harvard
University Press, 1970.
RaghuramRajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy, 2010.
ElinorOstrom, Governing the Commons: The Evolution of Institutions for Collective Action,
CambridgeUniversity Press, 1990.
DaniRodrik, The Globalization Paradox: Why Global Markets, States and Democracy Can‘t Coexist, Oxford
University Press, 2011.
Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (ed.), Globalization in Historical Perspective,
University of Chicago Press, 2003
1. F. S. Mishkin and S. G. Eakins, Financial Markets and Institutions, Pearson Education, 6th edition, 2009.
2. F. J. Fabozzi, F. Modigliani, F. J. Jones, M. G. Ferri, Foundations of Financial Markets and Institutions,
Pearson Education, 3rd edition, 2009.
3. M. R. Baye and D. W. Jansen, Money, Banking and Financial Markets, AITBS, 1996.
4. Rakesh Mohan, Growth with Financial Stability- Central Banking in an Emerging Market, Oxford
University Press, 2011.
5. L. M. Bhole and J. Mahukud, Financial Institutions and Markets, Tata McGraw Hill, 5th edition, 2011.
6. M. Y. Khan, Indian Financial System, Tata McGraw Hill, 7th edition, 2011.
7. N. Jadhav, Monetary Policy, Financial Stability and Central Banking in India,Macmillan, 2006.
8. R.B.I. – Report of the Working Group: Money Supply Analytics and Methodology of Compilation, 1998.
9. R.B.I. Bulletin, Annual Report and Report on Currency and Finance (latest).
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(V) Dissertation/ Project
Students will have to prepare a project report .It can be an empirical work based on either field survey
data or secondary data. The project report will be evaluated by the departmental teachers and 20 marks will be
allotted for that. For viva-voce and/or presentation of the project report 20 marks will be allotted. 10 marks will
be allotted for internal assessment. During the viva-voce and/or presentation one external will be present along
with the departmental teachers for evaluation. No supervisor will be allotted for each student. Students will
be given a list of topics and the concerned teachers will give some general guidelines. Students will have to
prepare the project reports on their own. There can be some demonstration classes about the use of field
survey data or secondary data in the context of rural economics. The concerned teacher/teachers can
mention in the class some of the sources of these secondary data. In case of field survey , the concerned
teacher/teachers can give a guideline for the questionnaire and can administer the field survey to be done
by the students.
Semester I
Generic Elective(GE)- 1.1
Introductory Microeconomics
Full Marks: 100[ 80(Exam) + 20 (Continuous Internal Assessment)]
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Credit Hours : 6 (72 classes)
Readings
1. Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education Inc., 8th Edition, 2007.
2. N. Gregory Mankiw, Economics: Principles and Applications, India edition by South Western, a part
of Cengage Learning, Cengage Learning India Private Limited, 4 th edition, 2007.
3. Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New York,
International Student Edition, 4th Edition, 2007.
4. Samuelson , P.A and William. D. Nordhaus,: Economics , McGraw Hill Book Co. Singapore.
5. Lipsey, R.G: An Introduction to positive Economics, Weidenfeld and Nicholson, London.
6. Ferguson and Gould: Microeconomic Theory, published by All India Traveller Book Seller
Semester II
Generic Elective(GE)- 2.1
Introductory Macroeconomics
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Full Marks: 100[ 80(Exam) + 20 (Continuous Internal Assessment)]
Credit Hours : 6 (72 classes)
1. National Income Accounting :
Circular flow of Product and Income, Different concepts: GDP,GNP, NNP,NDP,NI,DI,GNP deflator,
GDP deflator and price indices-Estimation of National income through different method and their
shortcomings, National income in open economy.
2. Keynesian and Classical Approach :
Keynesian approach to National Income and Employment determination, Difference between Keynesian
and Classical employment approach, Theories of Multiplier and Acceleration Principles.
3. Quantity Theory of Money and Banking :
Quantity Theory of Money, Theories of demand for money, commercial banks-Credit creation, Central
bank-functions and policy of credit control.
4. Theories of Inflation and Business Cycle :
Inflation, Types of inflation, Theories of inflation- demand pull and cost push and their management
policies.
Readings:
1. Dornbusch , Fischer and Starz, Macroeconomics, McGraw Hill, 11th edition,2010.
2. N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition,2010.
3. Richard T. Froyen. Macroeconomics, Pearson Education Asia, 2nd edition, 2005.
4. Oliver Blanchard. Macroeconomics, Pearson Education, Inc., 5 th edition, 2009.
5. Samuelson , P.A and William. D. Nordhaus,: Economics , McGraw Hill Book Co. Singapore.
6. Lipsey, R.G: An Introduction to positive Economics, Weidenfeld and Nicholson, London.
Semester III
Generic Elective(GE)- 3.1
(Choice: Any one from Group A)
Group A:
(I) : Indian Economy - I
1. Structure of Indian Economy / Economic development since Independence
Trends in India‘s national income since Independence- Sectoral composition of National income in India –
Structural changes in the Indian Economy during the plan period – Trend in Saving and Investment in Indian
Economy – Pattern of Capital formation in India.
2.Population and Human Development
Population growth and Economic development – Population Policy and its effectiveness – Measures of Human
Development -- Human Development in India – Education, Health and Malnutrition.
3.Growth and Distribution
Inequality in income distribution in India – poverty and its measurements – Measures taken for the alleviation of
poverty in India – Pattern and trend of Unemployment in India, Government initiatives taken for remedies of
unemployment problem in India during the plan period.
4.International comparison
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Structure and Direction of Foreign Trade – Trends in Balance of Payments – Problems of Balance of payments –
Trade sector reforms.
Readings:
Dutta R. and K.P.M. Sundaram: Indian Economy, S. Chand and Co. New Delhi
Misra S.K.V. K. Puri: Indian Economy, Himalayas Publishing Co. Mumbai.
Agarwal A.N: Indian Economy, Vikash Publishing Co. Delhi
Jean Dreze and Amartya Sen, 2013. An Uncertainty Glory : India and its Contradictions, Princeton University
press.
Pulapre Balakrishnan, 2007, The Recovery Of India : Economic Growth in Nehru era, EPW, November.
Rakesh Mohan, 2008,- Growth Record of Thdian Economy : 1950 -2008. A Story of Sustained Savings and
investment, EPW, May.
Himanshu, 2010, - Towards New Poverty Lines for India, EPW, January.
Jean Dreze and Angus Deaton, 2009, - Food and Nutrition in india : Facts and Interpretations, EPW, February.
Himanshu,2011, - Employment Trends in India : A Re- examination, EPW, September.
Rama Baru et al, - Inequalities in Access to Health Services in India : Caste, class and region, EPW, September.
Geera G. Kingdon, 2007, - The Progress of School Education in india, Oxford Review of Economic Policy.
T. Dyson, 2008, - India‘s Demographic transition and its Consequences for Development in Uma Kapila, editor,
Indian Economy Since Independence, 19th edition, academic Foundation.
Reetika Khera, 2011, - India‘s Public distribution System : Utilisation and Impact, Journal of Development
Studies.
Kaushik Basu and A. Maertens, eds, 2013, oxford Companion to Economics in India, Oxford University Press.
Semester IV
Generic Elective(GE)- 4.1
(Choice: Any one from Group B)
Group B:
(I) : Indian Economy – II
1.Macroeconomic Policies and their impact
Fiscal Policy- Trade and Investment policy - Financial and Monetary Policies – Labour regulation.
2.Policies and Performance in Agriculture
Importance of agriculture and its growth in Indian Economy – Productivity of Indian agriculture – New
Agricultural Strategy – Land reforms – New Economic Policy and agriculture – National Agricultural Policy and
Food Security – Agricultural marketing – Pricing and procurement.
3.Policies and performances in Industry
Trends of Industrial development in India during the plan period – Growth of Industrial production – Industrial
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Policy- Importance and problems of Small Scale Industries – Role of Public Sector in India – Privatisation of
Public sector – Foreign Direct investment in India.
4.Trends and Performance of Services
References:
Shankar Acharya, 2010,- Macroeconomic Performance and Policies 2000-8, in Shankar acharya and Rakesh
Mohan, editors, India‘s Economy : Performances and Challenges : Development and Participation, Oxford
university Press.
Rakesh Mohan, 2010, - India‘s financial sector and Monetary policy reforms, in Shankar acharya and Rakesh
Mohan, editors, India‘s Economy : Performances and Challenges : Development and Participation, Oxford
university Press.
Pulapre Balakrishnan, Ramesh Golait and Pankaj Kumar, 2008,- Agricultural Growth in India Since 1991, RBI
DEAP Study no. 27.
Kunal Sen, 2010, - Trade , Foreign Direct Investment and Industrial Transformation in India, in Premachandra
Athukorala, editor, The Rise of Asia, Routledge.
A. Ahsan, C. Pages and T. Roy, 2008, - Legislation, Enforcement and Adjudication in Indian Labour Markets :
Origins, Consequences and the Way Forward, in D. Mazumdar and S. Sarkar, editors, Globalization, labour
Markets and Inequality in India, Routledge.
Ramesh Chand, 2010, Understanding the Nature and Causes of Food Inflation, EPW, February.
Kaushik Basu and A. Maertens, eds, 2013, oxford Companion to Economics in India, Oxford University Press.
Dutta R. and K.P.M. Sundaram: Indian Economy, S. Chand and Co. New Delhi
Misra S.K.V. K. Puri: Indian Economy, Himalayas Publishing Co. Mumbai.
Agarwal A.N: Indian Economy, Vikash Publishing Co. Delhi
Readings:
1. Lakshmi Subramanian, History of India 1707-1857, Orient Blackswan, 2010, Chapter 4.
2. Sumit Guha, 1991, ―Mortality decline in Early 20th Century Indiaǁ, Indian Economic and
Social History Review (IESHR), pp. 371-74 and 385-87.
3. Tirthankar Roy, The Economic History of India 1857-1947, Oxford University Press, 3rd edition, 2011.
4. J. Krishnamurty, Occupational Structure, Dharma Kumar (editor), The Cambridge Economic History of India,
Vol. II, (henceforth referred to as CEHI), 2005, Chapter 6.
5. Irfan Habib, Indian Economy 1858-1914: A People‗s History of India, Vol.28, Tulika, 2006.
6. Ira Klein, 1984, ―When Rains Fail: Famine Relief and Mortality in British Indiaǁ, IESHR, 21.
7. Jean Dreze, Famine Prevention in India in Dreze and Sen (eds.) Political Economy of Hunger, WIDER Studies
in Development Economics, 1990, pp.13-35. 16
8. John Hurd, Railways, CEHI, Chapter 8, pp.737-761.
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9. Rajat Ray (ed.), Entrepreneurship and Industry in India, 1994. 18
10. AK Bagchi, 1976, ―Deindustrialization in India in the Nineteenth century: Some Theoretical Implicationsǁ,
Journal of Development Studies.
11. MD Morris, Emergence of an Industrial Labour Force in India, Oxford University Press, 1965, Chapter 11,
Summary and Conclusions.
12. K.N. Chaudhuri, Foreign Trade and Balance of Payments, CEHI, Chapter 10.
13. B.R. Tomlison, 1975, India and the British Empire 1880-1935, IESHR, Vol.XII.
14. Dharma Kumar, The Fiscal System, CEHI, Chapter 12.
15. Basudev Chatterjee, Trade, Tariffs and Empire, Oxford University Press, 1992, Epilogue.
Background reading for students: Irfan Habib, Indian Economy 1858-1914: A People‗s History of India,
Vol.28, Tulika 2006. Daniel Thorner, Agrarian Prospect in India, 1977. L. Visaria and P. Visaria, Population,
CEHI, Chapter 5
1. Overview of Fiscal Functions. Tool of Normative Analysis, Pareto Efficiency, Equity and Social Welfare
2. Public Goods: Characteristics; Exclusion Principle; Non-Applicability of exclusion Principle; Market Failure
and Externalities.
3. Principles of Taxation: Benefit and Ability to Pay Approach-Direct and Indirect Taxation–Regressive,
Progressive, Proportional Taxation
4. Theory of Public Debt : Internal versus External debt-Burden of public debt.
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