Ramakrishna Mission Vidyamandira

Department of Economics
4 Year BSc. Economics (Major) Syllabus

Semester I
CC1: Economic Analysis 1
Section 1: Basic Microeconomics

This section of the course is designed to expose the students to the basic principles
of microeconomic theory. The emphasis will be on thinking like an economist and
the course will illustrate how microeconomic concepts can be applied to analyze
real-life situations. It helps development of skills, problem-solving ability and
analysis of microeconomic issues.

Module 1: The scope of microeconomics

Unit 1: Principles of Economics: Scarcity and Choice, Economics as a Dismal
Science; Difference between Comparative Statics & Dynamics; Ten Principles of
Economics.

Unit 2: Thinking like an Economist: The Economist as a Scientist, a Policy

Maker, a Thinker, a Philosopher & a Public Intellectual; Why Economists
Disagree.

Module 2: Workings of Market

Unit 1: Market forces of Demand & Supply: Market, Competition; Demand
Curve, Market vs Individual Demand, Movement along and Shift of a Demand
Curve; Supply Curve, Market vs Individual Supply, Movement along and Shift of
a Supply Curve; Equilibrium, Comparative Statics.
Unit 2: Elasticity & its Applications: Price Elasticity of Demand, Midpoint
Method, Percentage Changes and Elasticities, Variety of Demand Curves, Total
Revenue and the Price Elasticity of Demand, Elasticity and Total Revenue along a
Linear Demand Curve, Other Demand Elasticities; Elasticity of Supply, Price
Elasticity of Supply and Its Determinants, Computing the Price Elasticity of
Supply, Variety of Supply Curves; Real Life Applications of Supply, Demand, and
Elasticity.

Unit 3: Supply, Demand, and Government Policies: Price-Controls like Rent-

Controls & Minimum Wage, Evaluating Price-Controls; Taxes & Subsidies:
Effects on Buyers & Sellers, Elasticity & Tax-Incidence; Price and Non-Price
Rationing and Black Markets.

Module 3: Markets & Welfare

Unit 1: Consumers, Producers, and the Efficiency of Markets: Consumer
Surplus: Using the Demand Curve to Measure Consumer Surplus, How a Lower
Price Raises Consumer Surplus, What Does Consumer Surplus Measure?;
Producer Surplus, Cost and the Willingness to Sell, Using the Supply Curve to
Measure Producer Surplus, How a Higher Price Raises Producer Surplus; Market
Efficiency, The Benevolent Social Planner, Evaluating the Market Equilibrium;
Market Efficiency and Market Failure

Unit 2: Applications: Deadweight loss of Taxation; Comparative Advantage &

Gains from Specialization in Markets, Welfare effects of Tariff & Quota.

Main Reference:
Mankiw: Principles of Economics (Chapters 1-9)

Additional References:
i. Acemoglu, Laibson, & List: Microeconomics
ii. Goolsbee, Levitt, & Syverson: Microeconomics
iii. Nicholson & Snyder: Intermediate Microeconomics and Its Application
iv. Pindyck and Rubinfeld: Microeconomics
 Section 2. Indian Economy before Reforms
This section of the course is aims to provide the students an overview of the
condition of the Indian economy since the eve of independence till the initiation of
economic reforms. This will help the students to get an idea of the dynamics of the
Indian economy during the pre-reform period.

Module 1 Indian Economy at the time of Independence

Unit 1 Features of Indian Economy around 1947-1950 and characteristics of
economic underdevelopment of India (with reference to colonial rule of India)
Readings: Bipan Chandra in Jalan (ed). Uma Kapila, Chapter 1.

Module 2 Planning: Evolution of India’s Development Goal and Strategy

Unit 1 The background and Structure of Indian Planning.

Unit 2 Structural Constraints and India’s development strategy – Choice of

industrialization strategies – public vs. private sector, capital goods versus
consumer goods – Mahalanobis Plan Model (basic argument), import substitution
vs. export promotion strategy.

Unit 3 Poverty Eradication, foreign aid and self-reliance – Fifth Five Year Plan
Model (basic argument)

Unit 4 Regional inequality in India – causes; policies for balanced regional

development.

Unit 5 Planning deficiencies and its abandonment– 7th five year plan and Indian
economic crisis.

Readings:
Unit 1: Uma Kapila, Chapters 1 and 2. Chakravarty, Chapter 1.;
Unit 2 Uma Kapila, Chapter 3. Chakravarty Chapters 2 and 5;
Unit 3 Chakravarty, Chapter 3. Wadhwa Chapters 5 and 7,;
Unit 4 Chakravarty Chapter 4 ;
Unit 5 Chakravarty Chapter 4 , Bardhan in Jalan (ed). ;
 Semester II
CC2: Economic Analysis II
Section 1: Elementary Macroeconomics

This section of the course is designed to provide the students the basic idea about
macroeconomic issues. Emphasis will be given on understanding the basic
macroeconomic issues and development of problem solving skills.

Module 1: Introduction to Macroeconomics

What Macroeconomics is about, What macroeconomists do, Debates in
Macroeconomics
Basic Text: a) Mankiw: Macroeconomics (Ch1), b) Hubbard and O' Brien:
Macroeconomics (Ch 1, 2), (c) Blanchard : Macroeconomics (Ch. 2)

Module 2: National Income Analysis

Unit 1: National Product, Components of final output, The system of accounts,
Definitions related to National Income Accounting, G.D.P. deflator and C.P.I,
National Income and Economic Welfare
Basic Text:(a) Mankiw: Macroeconomics (Ch 2), (b) Dornbusch, Fischer, Starz:
Macroeconomics (Ch 1, 2), (c) Bakerman: National Income Accounting

Unit 2: Joblessness and unemployment: Concepts of Unemployment, Types of

Unemployment
Reference: Mankiw: Macroeconomics (Ch 6)

Module 3: Microfoundations of Macroeconomics

Theories of Consumption and Investment Function
References: i) Macroeconomics : Mankiw (Ch. 16,17)
ii) Macroeconomics : Froyen
iii) Macroeconomics :Errol D’ Souza
 Section 2: Indian Economy after Reforms
The course imparts in-depth knowledge on the issues relating to the agricultural
and industrial economy of India, with the focus on the evolutionary path
undertaken and the resultant concerns during the post reform period.This course
will familiarize students with the problems, issues, current debates, and policy
interventions for long-term sustainability, efficiency, and resilience.

Module 1. Agriculture :
Unit 1: Output and productivity growth Agricultural Performance since post
reform period in the context of land and labour

Unit 2: The Policy Environment: Food security and nutritional concerns, MSPs,
Agricultural price policy, subsidies/cash transfers, the public distribution system;
Capital formation

Unit 3: Current Issues in Indian Agriculture: Resource Use Efficiency-Fertiliser,

Water, Other inputs; Diversification for future Growth and enhanced farm income;
Sustainable agricultural growth—concepts and constraints

Module 2. Industry:

Unit 1: Overview of the Industrial Scene in India

Unit 2: Trends in growth and productivity; Competitiveness and changes in Policy

Regimes- domestic competitiveness and export; Issues relating to Indian Industry
(selected topics)

Unit 3: Scale and ownership, MSMEs and large industries, Public and Private
Sector, Employment growth, labour and capital (domestic and foreign), formal and
informal sectors, Infrastructural bottle- necks, research and development.

Module 3: Trends and Performance of Services

Text:

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

References:
• J. Bhagwati (1993), India in Transition: Freeing the Economy, Clarendon Oxford
1993
• K. V. Ramaswamy (2015) Labour, Employment and Economic Growth in India
CambridgeUniversityPress
• S N Rajesh Raj, Kunal Sen (2020) The ‘Missing Middle’ Problem in Indian
Manufacturing. What Role Do Institutions Play? EPW April 18, 2020 vol 55 no16
• Indian Industrialisation, ICSSR Research and Surveys and Explorations in
Economics vol.1 (2015)- C P Chandrasekhar (ed), Oxford University Press,Delhi
• Raghuram Rajan (2015) Make in India, largely for India, Indian Journal of Industrial
Relations,Vol. 50, No. 3 (January 2015), pp.361-372
• Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence”
in Kaushik Basu (ed.), Agrarian Questions Oxford UniversityPress.
• Mahendra Dev (2016) Water Management and Resilience in Agriculture vol 51, No
8 EPW
Economic & Political Weekly
• Ramesh Chand (2012) Development Policies and Agricultural Markets EPW DE-
CEMBER 29,2012 vol 47 no52
• Yoginder K Alagh (2021) Globalisation and the Indian Farmer EPW vol 56 no 28
• Chatterjee, S., Kapur, D. (2017). Six puzzles in Indian agriculture. India Policy
Forum 2016, Vol. 17.
• NABARD Foundation Day, Paper on enhancing Farmers’ income by K J S Satyasai
and Nirupam Mehrotra. 12 July 2016
• Mohan, R., (2006) Agricultural Credit in India: Status, Issues and Future Agenda,
EconomicandPoliticalWeekly,March18,2006,pp1013-1021..
• Government of India (2017) “Report of the Committee on Doubling Farmers’ In-
come”. Ministry of Agriculture and Farmers’ Welfare, Government ofIndia
• Acharya SS and NL Agarwal (2016), Agricultural Marketing in India, New Delhi:
CBS Publishers and Distributors
• Expert Committee Report on Marketing Infrastructure & Agricultural Marketing
Reforms (2000)Government of India, Department of Agricultural & Cooperation
Krishi Bhavan, NewDelhi
• G. Nayyar- The Service Sector in India’s Development, Cambridge
• Kaushik Basu and A. Maertens, eds, 2013, Oxford Companion to Economics in
India, Oxford University Press.
 Semester III
CC3: Development Economics I
Course Objective : This is the first part of a two-part course on economic
development. The course begins with a discussion of alternative conceptions of
development and their justification. It then proceeds to aggregate models of growth
and cross-national comparisons of the growth experience that can help evaluate
these models. The axiomatic basis for inequality measurement is used to develop
measures of inequality and connections between growth and inequality are
explored. The course ends by linking political institutions to growth and inequality
by discussing the role of the state in economic development and the informational
and incentive problems that affect state governance.

Course Learning Outcomes : This course introduces students to the basics of

development economics, with indepth discussions of the concepts of development,
growth, poverty, inequality, as well as the underlying political institutions

Module 1

Conceptions of Development Alternative measures of development, documenting

the international variations in these measures, comparing development trajectories
across nations and within them

Module 2

Growth Models and Empirics: The Harrod-Domar model, the Solow model and its
variants, endogenous growth models, and evidence on the determinants of growth

Module 3

Poverty and Inequality: Definitions, Measures and Mechanisms Inequality axioms;

comparison of commonly used inequality measures; connections between
inequality and development; poverty measurement; characteristics of the poor;
mechanisms that generate poverty traps, and path dependence of growth processes
Module 4

Political Institutions and the Functioning of the State: The determinants of

democracy; alternative institutional trajectories and their relationship with
economic performance; within-country differences in the functioning of state
institutions; state ownership and regulation; government failures and corruption

References

1. Banerjee, A., Benabou, R., Mookerjee, D. (eds.) (2006). Understanding poverty.

Oxford University Press.
2. Bardhan, P. (2010). Awakening giants, feet of clay: Assessing the economic rise of
China and India. Oxford University Press.
3. Basu, K. (2007). The Oxford companion to economics in India. Oxford University
Press.
4. Dasgupta, P. (2007). Economics: A very short introduction. Oxford University
Press.
5. Deaton, A. (2013). The great escape: Health, wealth and the origins of inequality.
Princeton University Press.
6. Hirschman, A. (1992). Rival views of market society and other essays. Ch. 3:
“Linkages in Economic Development”. Harvard University Press.
7. Human Development Report. Relevant years.
8. Olson, M. (1996). Big bills left on the sidewalk: Why some nations are rich, and
others poor. Journal of Economic Perspectives, 10, 3-24. 23
9. Ostrom, E. (1990). Governing the commons: The evolution of institutions for
collective action. Cambridge University Press.
10. Piketty, T., Saez, E. (2014). Inequality in the long run, Science, 344.
11. Ray, D. (1998). Development economics. Princeton University Press.
12. Rodrik, D. (2009). One economics, many recipes: Globalization, institutions and
economic growth. Ch. 1: ``Fifty Years of Growth (and lack thereof): An
Interpretation”. Princeton University Press.
13. Sen, A. (2000). Development as freedom. Oxford University Press.
14. Shleifer, A., Vishny, R. (1993). Corruption. Quarterly Journal of Economics, 108,
599-617.
15. Todaro, M., Smith, S. (2015). Economic Development. Pearson.
 CC4: Microeconomics I

Module 1: Theory of Consumer Behaviour

Unit 1: Primer in Constrained Optimization: Lagrange Multiplier Method,
Second-Order Conditions, Kuhn-Tucker Theorem and their Geometric
Explanations.

Unit 2: The Problem of the Consumer: Budget Constraint; Preference, Utility &
Choice; Duality in Consumer Theory, Indirect Utility & Expenditure Functions,
Some important identities.

Unit 3: Analysis of Consumer Demand: Comparative Statics: Income-

Consumption and Engel Curves, Price-Consumption and Demand Curves; Income
and Substitution Effects of a Price Change, Giffen Goods and Inferior Goods,
Slutsky Equation, Ordinary (Marshallian) & Compensated (Hicksian) Demand
Functions; From Individual to Market Demand, Network Externalities;
Applications.

Unit 4: Revealed Preference Approach: Strong and Weak Axioms of Revealed

Preference

Main References:
i. Varian: Intermediate Microeconomics
ii. Pindyck and Rubinfeld: Microeconomics

Additional References:
i. Gravelle & Reese: Microeconomics
ii. Perloff: Microeconomics with Calculus
iii. Silberberg: The Structure of Economics
iv. Samiran Banerjee: Intermediate Microeconomics: A Tool-Building Approach
v. Bardhan & Udry: Development Microeconomics
vi. Varian: Microeconomic Analysis
vii. Dixit: Optimization in Economic Theory
viii. Sydsaeter and Hammond: Mathematics for Economic Analysis
Module 2: Theory of Production and Costs
Unit 1: Technology and Technological Efficiency; General Concept of Production
Function; Concepts of Total Product, Average Product and Marginal Product;
Returns to Factor and Returns to Scale; Isoquants and Diminishing Rate of Factor
Substitution; Elasticity of Substitution; Some Examples of Technology (Fixed
Proportion, Perfect Substitute, Cobb-Douglas Production Function, CES
Production Function), Multiple Products: The Product Transformation Curve,
General Concept of Homogenous and Homothetic Production Function and Their
Properties.

Basic Text:
Pindyck and Rubinfeld

Unit 2: Economic / Opportunity Cost and Accounting Cost, Concept of Sunk Cost;
Time Dimension of Cost; Cost in The Short Run; 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; Relation
between Expansion Path and Long Run Total Cost Curve, Multi-Product Firm and
Economies of Scope

Basic Text:
(a) Maddala & Miller, Ch. 6 & 7;
Pindyck, Rubinfeld and Mehta Ch. 6 & 7;
Ferguson & Gould, Ch. 6, 7, 8
(b) Varian, Ch. 18, 19, 21;
Intermediate Micro, Nicholson & Snyder, Ch. 6 & 7;

References:
Nicholson & Snyder: Microeconomics, Basic Principles and Extensions; Ch. 9, 10, 11
 Semester IV

CC 5: Macroeconomics—I

Analysis of Macroeconomy in the Short Run:

Module 1:
Unit 1: Aggregate Demand:
Goods Market: Keynesian Cross, IS Curve, Fiscal Policies and their effectiveness
Money Market: LM curve, Monetary Policy and its effectiveness
IS-LM Mode: Policy Mix and their effectiveness
IS-LM model to Aggregate Demand Curve

Unit 2: Aggregate Supply:

Keynesian Theory of Aggregate supply, Post Keynesian theories of Aggregate
Supply: The Wage setting-price setting model, Sticky Wage model, Worker
Misperception Model, Sticky Price Model
Unit 3: Aggregate Demand-Aggregate Supply:
Shift of Aggregate Demand and Aggregate Supply Curves- Reasons and Effects,
from short run to long-run equilibrium

References:
a) Mankiw: Macroeconomics
b) Blanchard : Macroeconomics
c) Gordon: Macroeconomics

Module 2: Complete Keynesian Model-a brief introduction:

Keynesian analysis of labour market, the basic framework, Keynes Effect, Reasons
for Underemployment Equilibrium: Liquidity trap and other explanations, Pigou
Effect, Policy Effectiveness

References:
a) Snowdon and Vane: Modern Macroeconomics: Its Origins, Development and
Current State
b) Froyen: Macroeconomics
Module 3: Open Economy in the short run:
Balance of Payments Account- a brief introduction; extension of Keynesian cross
model for small and large open economies, transmission mechanism under fixed
and flexible exchange rates, output and asset market in income-exchange rate
plane, Mundell-Fleming model

References:
a) Caves, Frankel and Jones: World Trade and Payments
b) Krugman and Obstfeld: International Economics
c) Heijdra and van der Ploeg: Foundations of Modern Macroeconomics
 CC 6: Economic History of India (1857-1947)

This course analyses key aspects of Indian economic development during the
second half of British colonial rule. In doing so, it investigates the mechanisms that
linked economic development in India to the compulsions of colonial rule.
The course develops critical analytical skills and exposes students to understanding
the intricacies of India’s economic, political and social developments both in the
past and present times. It increases their employability by enhancing their ability to
deal with a variety of textual and statistical sources, and to draw upon them to
construct a coherent argument. These skills would be useful in a variety of careers
in academics, research, journalism and the government.

1. Introduction: Colonial India: Background and Introduction

Overview of colonial economy.

2. Macro Trends:
National Income; population; occupational structure.

3. Agriculture:
Agrarian structure and land relations; agricultural markets and institutions – credit,
commerce and technology; trends in performance and productivity; famines.

4. Railways and Industry:

Railways; the de-industrialisation debate; evolution of entrepreneurial and
industrial structure; nature of industrialisation in the interwar period; constraints to
industrial breakthrough; labor relations.

5. Economy and State in the Imperial Context:

The imperial priorities and the Indian economy; drain of wealth; international
trade, capital flows and the colonial economy – changes and continuities;
government and fiscal policy

References
Some readings may be updated periodically. Material for the course will be drawn
from the following sources
1. Balachandran, G. (2016). Colonial India and the world economy, C. 1850-1940. In
L. Chaudhary, B. Gupta, T. Roy, A. Swami (eds.): A new economic history of colonial
India. Routledge.
2. Bogart, D., Chaudhary, L. (2016). Railways in colonial India: an economic
achievement? In L. Chaudhary, B. Gupta, T. Roy, A. Swami (eds.): A new economic
history of colonial India. Routledge.
3. Chaudhary, L., Gupta, B., Roy, T., Swami, A. (2016). Agriculture in colonial India.
In L. Chaudhary, B. Gupta, T. Roy, A. Swami (eds.): A new economic history of
colonial India. Routledge.
4. Chaudhuri K. (1982). Foreign trade and balance of payments (1757-1947). In D.
Kumar, T. Raychaudhari (eds.): Cambridge economic history of India 1757-c.1970 2.
Orient Longman.
5. Guha, S. (1991). Mortality decline in early 20th century India. Indian Economic and
Social History Review, 28(4), 371-87.
6. Jain, L. (2011). Indigenous credit instruments and systems. In M. Kudaisya (ed.):
The Oxford India anthology of business history. Oxford UniversityPress.
7. Klein, I. (1984). When rains fail: Famine relief and mortality in British India. Indian
Economic and Social History Review, 21, 185-214.
8. Krishnamurty, J. (1982). Occupational structure. In D. Kumar, T.Raychaudhari
(eds.): Cambridge economic history of India 1757-c.1970 2. Orient Longman.
9. Lakshmi Subramanian, “History of India 1707-1857”, Orient Blackswan,2010,
Chapter 4
10. Morris, M. (1965). Emergence of an industrial labour force in India. Oxford
University Press.
11. Parthasarathi, P. (2009). Historical issues of deindustrialization in nineteenth
century south India. In T. Roy, G. Riello (eds.): How India clothed the world: The
world of south Asian textiles, 1500-1850. Brill Academic.
12. Parthasarathy, P. (2011). Why Europe grew rich and Asia did not: Global
economic divergence, 1600-1850. Chapters 2, 8. Cambridge University Press.
13. Ray, R. (1994). Introduction. In R. Ray (ed.): Entrepreneurship and industry in
India 1800-1947. Oxford University Press.
14. Roy, T. (2018). A business history of India: Enterprise and the emergence of
capitalism from 1700. Chapters 4, 5, 6. Cambridge University Press.
15. Roy, T. (2011). The Economic History of India 1857-1947, 3rd ed. Chapters 3,5,
6, 11. Orient Longman.
16. Washbrook, D. (2012). The Indian economy and the British empire. In D.Peers,
N. Gooptu (eds.): India and the British Empire. Oxford University Press.

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.
 CC 7: Microeconomics – II

This course intends to provide a sound training in microeconomic theory to

formally analyze issues concerning various market structures involving
introductory to intermediate treatments of markets.

Module 1: Market Behaviour and Market Morphology:

The Methodology of Market Models, Pure Competition, Perfect Competition, A
Classification of Markets.

Basic Text:
Ryan and Pearce, Ch. 12

Module 2: Perfect Competition:

The Profit Maximization Rule, Perfectly Competitive Market: Assumptions,
Choosing output in the Short Run, The Competitive Firm’s Short-Run Supply
Curve, The Short-Run Market Supply Curve, Choosing Output in the Long-Run,
The Long-Run Supply Curve in Constant, Increasing and Decreasing Cost
Industries.

Basic Text:
(a) Pindyck, Rubinfeld and Mehta, Ch. 8, 9;
Maddala and Miller, Ch. 10
(b) J. Perloff, Microeconomics: Theory and Applications with Calculus, Ch. 8, 9;
Nicholson & Snyder: Intermediate Micro, Ch. 9

Reference:
Nicholson & Snyder: Microeconomics, Basic Principles and Extensions; Ch. 12

Module 3: Monopoly
Unit 1: Pure Monopoly:
Profit Maximization of a Single Plant Monopolist; Effects of Tax; The Multiplant
Monopoly; Measuring Monopoly Power, Sources of Monopoly Power; Social Costs
Of Monopoly Power; Rent Seeking, Price Regulation And Natural Monopoly;
Limiting Market Power; Antitrust Laws; Monopoly Equilibrium under Sales
Maximization, Comparison between Profit Maximization and Sales Maximization.

Unit 2: Different Pricing Strategies:

Capturing Consumer Surplus; Price Discrimination; First, Second and Third Degree
Price Discrimination. Applications: Inter-Temporal Price Discrimination and Peak-
Load Pricing, Two-Part Tariff (Concept with Examples), Bundling (Concept With
Examples), Quality Discrimination, Dumping In International Market.

Basic Text:
(a) Pindyck, Rubinfeld and Mehta, Ch. 10, 11, 12;
Maddala and Miller, Ch. 11, 12, 13;
Cohen and Cyert, Ch. 11;
(b) Ferguson and Gould 9, 10, 11, 12;
Nicholson & Snyder: Intermediate Micro, Ch. 11 & 12

References:
Nicholson & Snyder: Microeconomics, Basic Principles and Extensions: Ch. 14 & 15;
Perloff, Ch. 11, 12, 13;
Varian, 24, 25;
Anindya Sen, Microeconomics;
Satya R Chakraborty, Microeconomics.

Module 4: Game Theory & Imperfect Competition

Unit 1: Static Settings: Strategies & the Normal Form, Dominance, Nash
Equilibrium, Cournot & Bertrand Models of Oligopoly, Concentration Indices;
Product Differentiation: Spatial Competition (Salop’s Circular & Hotelling’s Linear
City Models), Monopolistic Competition models by Chamberlain & Dixit-Stiglitz.

Unit 2: Dynamic Settings: Extensive Form, Backward Induction, Subgame

Perfection, Stackelberg Quantity Leadership & Incredible Threats; Finite & Infinite
Repeated Games, Dynamic Oligopoly & Collusion; Other Applications involving
Limit Capacity, Entry Deterrence etc.
Unit 3: Incomplete Information: Relevant Equilibrium Concepts with Simple
Applications involving Quantity-Setting, Pricing etc.

Main References:
i. Joel Watson: Strategy
ii. Pindyck and Rubinfeld: Microeconomics

Additional References:
i. Belleflamme & Peitz: Industrial Organization
ii. Perloff: Microeconomics with Calculus
iii. Tirole: The Theory of Industrial Organization
iv. Samiran Banerjee: Intermediate Microeconomics: A Tool-Building Approach
v. Varian: Intermediate Microeconomics
vi. Gibbons: Game Theory for Applied Economists
 CC 8: Political Economy
Unit 1
Mercantilism; Physiocracy; Classical Political Economy – Adam Smith – Division
of Labor, Theory of value, Economic Development
David Ricardo – Theory of Value, Theory of Distribution, Theory of Rent
Malthus – Theory of Population

Readings:
Blaug, M. (1997). Economic Theory in Retrospect. Cambridge University Press:
Cambridge.
Screpanti, E. and Zamagni, S. (2005). An Outline of the History of Economic
Thought. Oxford University Press.
Hunt, E.K. (1990). History of Economic Thought. Wordsworth.

Unit 2: Marxian and Marshallian thoughts

Marx – Labor Theory of Value; Surplus Value
Marshall- Consumer Surplus; Tax Bounty Analysis; Industrial Districts

Readings:
Screpanti, E. and Zamagni, S. (2005). An Outline of the History of Economic
Thought. Oxford University Press.

Unit 3: Capitalism and its criticisms

Growth; Development; Inequality; Crises; Environmental Crisis

Readings:
Economy by Core team

Unit 4: Neoclassical – Keynesian – Marxian thought

Contending economic theories – Different Epistemological Roots, Different
Methodologies

Readings:
Resnick, S. and Wolff, R. (2012). Contending Economic Theories.