Amity University Online – B.A.

Economics
SEMESTER I

Subject Name: Micro Economics- I

Course Code: ECON131

Course Objectives: The course aims at familiarizing the students pertaining to decisions made at
individual level by consumers and firms after evaluating resources, costs and tradeoffs by the consumers
and firms.

Student Learning Outcomes: After completing the course successfully, the students will be able to:

1. Describe Themes of Microeconomics

2. Understand consumption decisions
3. Identify various types of costs
4. Compare one variable, two variable and all variable production functions
5. Apprise profit maximization in competitive markets
6. Explain producers’ surplus in short run and long run
7. Differentiate and compare between monopoly and monopsony power
8. Understand perfect competition and monopoly markets

Syllabus

Module I Introduction to consumer Behavior Weightage

Definitions of economics, scope and importance,
Themes of Microeconomics: Tradeoffs, Markets and prices, Equilibrium, theories and
models, Normative and Positive analysis
Understanding Markets: Definition, competitive vs non-competitive markets, Real versus
Nominal Prices
Concept of utility: cardinal utility approach, Law of marginal utility, Law of DMRS,
indifference curve, The consumption decisions -- budget constraints, consumption and
income/price changes, demand for all other goods and price changes Description of
preferences [Representing preferences with Indifference curves. Properties of Indifference 40%
curves]
Consumers’ optimum choice, income and substitution effects.(Hicks and Slutsky), ordinary
and compensated demand curves, inferior goods and Giffen goods, price consumption and
income consumption curves, Revealed preference----weak axiom and substitution effect,
Consumer Surplus
Demand and supply: demand and supply curves, laws of demand and supply, elasticities of
demand and supply (point vs arc elasticities), market mechanism, government
intervention
At least 2 case studies relevant to the topics will be discussed in the class.
Self-work: Categorization of consumers according to their buying propensities.
Combination of products chosen buy consumers according to their budget and prevailing
prices.
Welfare and taxation with the help of Indifference Curves.

Module II production and cost

Cost of Production: Types of Cost, short run and long run costs, cost curves in the short
run and long run, total, average, and marginal product, cost minimization and expansion
path
Technology of Production, Production Function: One variable, two variable (Isoquants),
Returns to scale, elasticity of substitution, Cobb Douglas Production Function, Linear, and
CES production function.
Theory of costs
35%
Envelop curve, L-shaped scale curve
Economies of scale and scope
At least 2 case studies relevant to the topics will be discussed in the class.
Self-Work: Preparing reports on Profit analysis based various types of cost of revenue.
Prevalent external economies for different industries.

Module III Profit Maximization and Perfect Competition

Assumptions, marginal revenue, marginal cost and profit maximization
Short run supply curves, producers’ surplus in short run, economic rent, producers’
surplus in long run 10%
Industry’s long run supply curve,
At least 1 case study relevant to the topics
Module IV Monopoly
Monopoly: Assumptions, AR and MR , output decisions.
Monopoly power, sources of monopoly power, social cost of monopoly power,
Monopsony: Meaning of monopsony, monopsony power.
Difference between monopsony and monopoly. 15%
At least 2 case studies relevant to the topics will be discussed in the class.
Self-work; Product categorization according to market structure

Text Reading:

 Robert S. Pindyk and D.L. Rubinfeld, (2000), Microeconomics, 3rd edition, Prentice Hall India.
 Ferguson & Gould- Micro Economic Theory, Cambridge University Press

References:
  Koutsoyiannis, Modern Microeconomics, Macmillan.
 Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education Inc., 8th Edition, 2007.
 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.
 Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New York,
International Student Edition, 4th Edition, 2007.
 Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and
Company/Affiliated East-West Press (India), 8th edition, 2010. The workbook by Varian and
Bergstrom may be used for problems.
 C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning (India),
2010.
 B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw- Hill (India),
2009.
 Ahuja, H.L., Advanced Economic Theory, S. Chand17th revised edition, 2008

Subject Name: Fundamentals of Macro Economics – I

Course Code: ECON144

Course Objectives: This course aims at imparting knowledge to the students about how the economy
behaves at the aggregate level and how national income is measured and determined. Topics include an
overview of macroeconomics including causes of its emergence, major macro-economic concerns,
measuring gross domestic product, inflation etc. It will enable the students to develop a critical insight
on classical and Keynesian macro-economic models.

Student Learning Outcomes: On successful completion of the course, students will be able to:

 Understand the need for Macroeconomics as a separate field of study

 Identify the analytical tools by economists for the calculation of national income and the
problems/precautions attached to it.
 Demonstrate an understanding of Circular flow of income and expenditure in an economy
 Illustrate the determination of equilibrium level of output/employment under: Classical and
Keynesian framework.
 Explain how the national income is calculated in India
 Understand the meaning, causes and effects of inflation
 Comprehend and interpret the measurement of inflation in India

Syllabus:

Module I Introduction to Macroeconomics Weightage

Difference between Micro and Macro Economics and their interdependence. The roots of
macroeconomics,
10%
Macroeconomic concerns, The role of government in the macro economy, The
components of the macro economy and The methodology of macroeconomics
Module II Introduction to National Income Accounting
Circular flow of income in two, three and four sector economy. Various Concepts of
national income, GDP and personal income, Nominal and real GDP, Various Approaches to
20%
Measurement of national income, Difficulties in the measurement of National Income,
Measurement of national income in India
Module III The Classical Theory of Income and Employment
The Classical full Employment model: Say’s law of market, Wage-Price flexibility and full
employment, Determination of equilibrium employment and output in the short run
without saving and investment: Labour market equilibrium, Determination of output.
Classical full Employment model: Determination of equilibrium employment and output 25%
with saving and investment –Capital Market equilibrium and determination of rate of
interest. Classical Theory of Employment and output-complete classical model. Neutrality
of money and classical Dichotomy.
Module IV The Simple Keynesian Model
Keynesian Consumption Function: Concepts of APC and MPC and shape of consumption
function. Determination of equilibrium level of national income in a two sector and three
sector economy using Aggregate Demand-Aggregate supply approach and saving-
25%
investment approach. Fiscal policy at work-- Concept of Multiplier, Types of Multiplier,
Investment Multiplier, Government Expenditure Multiplier, Tax Multiplier, Leakages of
Multiplier
Module V Inflation
The meaning and causes of inflation, Demand pull and Cost Push inflation. Level of prices
and the value of money- The Fisher effect, The cost of inflation: Cost of Anticipated
20%
Inflation-Shoe Leather cost and Menu Cost and other. Effects of unanticipated inflation.
Measurement of Inflation in India.

Text Reading:

 Dornbush, Fischer & Startz: Macroeconomics, Tata McGraw-Hill Publishing Co. Ltd
 Blanchard Olivier: Macroeconomics, Pearson Education
 W. H. Branson. Macroeconomics, Harper & Row INC USA, Indian Edition
 D.N. Dwivedi, Macro Economics: Theory & Policy, Tata Mcgraw Hill

References:

 J.E. Stiglitz, and C.E. Walsh, Principles of Economics, 3rd Edition, W.W. Norton & Company, New
York.
 Ackley, G , :“Macroeconomics: Theory and Policy, Macmillan, New York
 K.K. Dewitt: Modern Economic Theory, New Delhi, Shyamlal Charitable Trust
 Subject Name: Economic History of India (1857-1947)

Course Code: ECON133

Course Objectives:

The course aims at familiarizing the students with Economic Theories; Concepts of models so that they
can apply economic theories and models in the execution of problems & functions.

Student Learning Outcomes: On successful completion of the course, students will be able to:

 Understand different historical periods and the rulers who came to invade India for different
purposes.
 Assess the economic aggregates like national income, foreign trade, balance of payments money
supply, prices etc of India in Pre British era and compare it with the 200 years of colonial rule.
 Clearly explain and illustrate the requirement of Economic change and infrastructural
development like railways, growth of industrial sector and growth of entrepreneurship.
 Describe the problems faced by modern industrial sector during the pre-war and inter war
period.

Syllabus

Module I Weightage
An overview 10%
Module II Introduction to National Income Accounting
Population, labour force and occupational structure; National Income; Foreign trade and 30%
Balance of Payments; Saving and Investment; Money supply and prices.
Module III The Classical Theory of Income and Employment
Railways and Economic change 20%
Module IV The Simple Keynesian Model
Agriculture, land, labour, capital, technology, commercialization, famines and
20%
environment
Module V Inflation
The deindustrialization hypothesis, rise of the modern industrial sector during the pre-war 20%
and the interwar period, industrial labour, growth of entrepreneurship.

Text:

 Tirthankar Roy (2000), The Economic History of India, 1857-1974, Oxford University Press, Ch.
3,4,7,8 & 9.
 Rajnarayan Chandavarkar (1985), “Industrialization in India before 1947: Conventional
Approaches and Alternative Perspectives”, Modern Asian Studies.
References:

 A.K. Bagchi (1976), “Deindustrialization in India in the Nineteenth Century: Some theoretical
implications”, Journal of Developmental Studies.
 Morris D. Morris (1965), The Emergence of an Industrial Labour Force in India: A Study of the
Bombay Cotton Mills 1854-1947, Oxford University Press.
 Rajat Ray (ed) (1992), Entrepreneurship and Industry in India, 1800-1947, Oxford University
Press.

Additional Reading:

 A.K. Bagchi (1972), Private Investment in India, Orient Longman (1st ed), Ch.2.
 J.N. Bhagwati and Padma Desai (1970), India, Planning for Industrialization, Oxford University
Press, Chs. 2 & 3.

Any other Study Material:

 Economic Survey of India, various issues

 SEMESTER II

Subject Name: Statistical Methods in Economics- I

Course Code: ECON121

Course Objectives: The course aims at making students understand the applications of statistical
methods for data analysis and help them in learning critical thinking.

Course Outcome: After completion of the course the Students would learn to:

 Understand the basic concepts of statistical methods.

 Classify and present the data using graphs.
 Apply statistical methods for prediction and forecasting.
 Calculate the descriptive statistics.
 Demonstrate the ability to contract the index numbers.
 Estimate the coefficients in bivariate distributions

Syllabus:

Module I Nature and Scope of Statistics, Presentation of Data Weightage

 Interdisciplinary Nature of Statistics
 Statistics versus Other Subjects
 Nature, Significance and limitations of Statistics
 Collection, Classification and tabulation of data
10%
 Presentation of Data; Diagrammatic and graphic representation; Bar diagram, Pie
diagrams, Histograms and
 Frequency graphs
 Self work on: Presentation of Data using MS Excel
Module II Measures of Central tendency and dispersion
 Measures of Central tendency; Arithmetic Mean, Median, Mode, Harmonic Mean
And Geometric Mean
 Measures of dispersion; Range, Quartile Deviation, Mean Deviation, Standard
deviation, Co-efficient of Variation, Percentiles and Deciles.
35%
 Skewness; Pearsonian and Bowley’s measure of Skewness
 Kurtosis and Moments (Numerical examples and applications).
 Self Work on: solving atleast 10 numerical problems on central Tendency and
Dispersion
Module III Correlations and Regression
  Correlation –Meaning, types, limitations of correlation
 Correlation coefficient; meaning, properties Measurement of Coefficient of
 Correlation – Rank Correlation Co-efficient-
 Karl Pearson’s correlation coefficient in bivariate distribution; Estimation and
30%
 Interpretations- Self Work: Numerical examples
 Regression – Meaning, types, properties and assumptions of Regression
 Two variable linear regression; Regression lines and regression Co-efficient-
Numerical examples.
Module IV Index Numbers and Time Series Analysis
 Concept of an index number , type, uses & problems in the Construction of an
index numbers
 Construction of Index number; Unweighted & Weighted (Laspeyer’s, Paasche's
and Fisher's Index Numbers)
 Time Reversal, Factor reversal and circular tests
 Chain base index, Wholesale price index and consumer price index
 Index of industrial production and applications of index number
 Introduction to time series; Meaning, Uses and assumptions of time series
25%
 Components of a time series; Secular Trend, short-term variations and random or
irregular variations
 Mathematical models of Time Series
 Measurement of Trend; Graphic or Free-Hand Curve Fitting Method, Method of
Semi Averages, Method of Curve Fitting by the Principle of Least Squares,
Conversion of Trend Equation
 Method of Moving Averages
 Self Work: Uses of time series analysis- Numerical Examples

Text Reading:

 Allen Webster, Applied Statistics for Business and Economics, (3rd edition), McGraw Hill,
International Edition 1998.
 P.H. Karmel and M. Polasek, Applied Statistics for Economists (4th edition), Pitman, Australia.
 M.R. Spiegel (2nd edition), Theory and Problems of Statistics, Schaum Series.
 D.N.Elhance – Fundamentals of Statistics
 R.G.D.Allen – Statistics for Economists – Macmillan India
 Subject Name: Micro Economics- II

Course Code: ECON141

Course Objectives: The course aims at imparting and familiarizing the students with oligopoly and
monopolistic competitions. The course also aims at imparting knowledge about factor pricing and
welfare economics

Student Learning Outcomes:

After completing the course successfully, the students will be able to:
Summarize various models of oligopoly
 Describe assumptions of monopolistic market
 Summarize price output determination in monopolistic competition
 Identify determinants of factor demand and elasticity of demand
 Apprise indifference curves between leisure and income
 Explain concepts of new welfare economics

Syllabus:

Weightage (%)
Module I Monopolistic Competition
Features, price output determination in monopolistic market, excess capacity 25%
in monopolistic competition, price output equilibrium under monopolistic
competition compared with perfect competition, economic efficiency,
chamberlin’s theory of Monopolistic competition and its critique

Self Work: Market Power and product differentiation

Module II Oligopolistic Market

30%
Assumptions, Features, Various models (collusive and non-collusive)

Approaches to Price- Output determination: Ignoring Interdependence:

Cournot rival firm output constant,Bertrand rival firm price constant;
Predicting Reaction Pattern and counter moves of rivals-P M Sweezy;
Cooperative Behaviour: Collusive,Price Leadership ; Game Theory Approach:
prisoner’s dilemma, Nash Equilibrium, Baumol’s Sales Revenue
Maximisation

Self work: Theory of Games and competitive Strategy

 Module III Theory of Factor Pricing
Theory of factor distribution (Micro and macro theories) Pricing of factors in 20%
competitive markets , Derived demand for a single input and multiple inputs in
competitive & imperfect competition, determinants of demand for factors,
elasticity of factor demand markets, firm demand and industry demand,
Nature of supply of factors (land and labour), indifference curves between
leisure and income, wage determination in competitive labour market

Self work: collective bargaining and exploitation rent & quasi rent.

Module IV General Equilibrium Analysis and Welfare Economics

General Equilibrium Analysis: Partial and General Equilibrium ; Welfare 25%
Economics: Three concepts of Social Welfare, Role of Value Judgements in
Welfare Economics; Economic Efficiency and Pareto Optimality, Marginal
Conditions of Pareto Optimality, Efficiency in Exchange, Pareto Efficiency in
Production, Efficiency in Product Mix;
New Welfare Economics: Kaldor Hicks: Compensation Principle, Scitovsky
Paradox, Scitovsky Double Criterion of Welfare, Bergson Social Welfare
Criterion; Bergson –Samuelson Social Welfare Function-Social Welfare
Function and Value Judgements-Grand Utility Possibility Frontier and Value
Judgements- Grand Utility Possibility Frontier and Point of Constrained Bliss.

Self Work: Critique of Welfare Economics, Critique of Social Welfare

Text Reading:
 Robert S. Pindyk and D.L. Rubinfeld, (2000),
 Microeconomics, 3rd edition, Prentice Hall India.
 Ferguson & Gould- Micro Economic Theory, Cambridge University Press

References:
 Koutsoyiannis, Modern Microeconomics,
 Macmillan. Managerial Economics,
 Vikas Publications M.L. Trivedi,
 Managerial Economics- Theory & Applications, Tata McGraw Hill, 2002.
 W.J. Baumol, Economic Theory & Operations Analysis, Prentice Hall.
 Subject Name: Fundamentals of Macro Economics - II

Course Code: ECON145

Course Objectives: The main objective of this course is to introduce students to Macro economic theory
and to prepare them for more advanced courses. The students will be given in depth knowledge of the
recent developments in the Macro economic theory.

Student Learning Outcomes: After completing the course successfully, the students will be able to:
 Elaborate the Keynes psychological law of consumption and other theories of consumption and
investment. Under this the student should be clearly be able to understand the concept of
multiplier, Accelerator, Marginal efficiency of capital, Induced and Autonomous investment.
 Understand and replicate the concept of IS-LM Model.
 Comprehend the key concepts of New classical theories and New Keynesian Theories.
 Identify the basic concepts underlying Balance of payments
 Understand how exchange rate is determined under both: Fixed and Flexible exchange rate
regime.
Syllabus:

Weightage (%)

Module I consumption function and investment function theories 25%

Short run and long run consumption functions, APC, MPC, APS, MPS.
Fundamental Psychological law of consumption; Implications of Keynesian
Consumption Function; Factors influencing consumption function; Measures
to raise Consumption Function; Theories of Consumption Function-
Absolute, relative, permanent and life cycle income hypotheses.
Augmented learning on: The decisions to invest- Autonomous and Induced
investment, investment multiplier, MEC and MEI schedule. Profit and
Accelerator theories of investment.

Module II IS-LM Model 20%

Goods Market Equilibrium: The derivation of the IS curve, Shift in the IS curve;
Money Market Equilibrium: The derivation of the LM curve, Shift in the LM
curve;
Self-work on: Intersection of the IS and LM curves: The simultaneous
equilibrium of the Goods market and Money market; The role and relative
effectiveness of fiscal and monetary policy.

Module III Recent Developments in Macro Economic Theory 30%

The New Classical Economics: Rational expectations hypothesis: Policy
ineffectiveness; Real Business Cycle Theory.
Self-work on: The New Keynesian Models: Real and nominal price rigidity:
Menu cost; Imperfect competition Real and Nominal wage rigidity: insider-
outsider model; efficiency wages; implicit contracts; Co-ordination problem.
 25%
Module IV Exploring the Macro economics of an Open economy

Balance of Payments- The current and capital account, Group

Discussion/Industry expert lecture on Balance of Payment situation in India.
Determining equilibrium output in an open economy Mundell Fleming Model;
Self-work on: Open economy with Flexible and Fixed exchange rates- Markets
for Foreign exchange, Factors affecting exchange rates, effects of exchange
rates on the economy. Dornbusch’s overshooting model.

Text Reading:
1. Dornbusch, Fischer and Startz, 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. N. Mankiw and D. Romer (1991), ed., New Keynesian Economics, MIT,2 Volumes. Selected
Readings.
5. Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics, Pearson
Education Asia, 9th edition, 2012.

References:
 O. Blanchard and S. Fischer (1989), Lectures on Macroeconomics, MIT
 SEMESTER III

Subject Name: International Economics- I

Course Code: ECON203

Course Objectives: This course focuses on the basic issues, concepts and theories related to the
international economics. It includes different trade policy & welfare, international trading system, WTO,
Balance of Payments Fixed and Flexible exchange rate systems, IMF & others

Student Learning Outcomes: Upon successful completion of the course, students will be able to:

 Outline a broad knowledge of core areas of international economics.

 Explain the various reasons why countries engage in international trade, including the
direction and volume of trade between nations.
 Identify how the concepts of comparative advantage and specialization lead to gains from
trade.
 Analyse how international factor mobility affects an economy.
 Define terms of trade and distinguish various terms of trade
 Describe instruments and consequences of trade policy measures -tariffs and non tariff
barriers

Syllabus:

Module I International Trade Theory Weightage

The subject matter of international economics.
Theories of International Trade: Absolute and Comparative advantage theories. Specific-
factor model .Heckscher-Ohlin model: Factor intensity and factor intensity reversal, 30%
Proving the HO Theorem using price and physical definitions of factor abundance, Factor
Price equalization theorem.
Module II New trade theory & International Resource Movements
New trade theory: economies of scale and imperfect competition, Intra-industry trade
index.
Labour Migration : Motives and global output effects of international labour migration ,
Welfare effects on nations of emigration and immigration, Policy implications of
30%
migration.
International Capital flows: Various forms of foreign capital, Motives for international
capital flows, welfare effects of international capital flows on the investing and host
countries. Multinational Corporations
Module III Terms of Trade, Growth & Trade

Terms of trade: Various concepts, Factors affecting terms of trade. Growth and Trade: 20%
Production and Consumption effects, Immiserising growth. The transfer problem
Module IV International Trade Policy and Economic Integration
Trade Restrictions: Tariff-Various types, Partial Equilibrium effects of Tariff. Nontariff
Trade Barriers and the New
Protectionism.
International Economic Integration: Various forms, Theory of Custom Union-Trade 20%
creation and Trade diversion
effects. Case studies of some Trade Blocks: SAARC, ASEAN,NAFTA, EU.

Text Reading:

 Salvatore D. International Economics, John Wiley and Sons, Singapore

 Krugumn Paul R. and Maurice Obstfeld , International Economics: Theory & Policy, Addison
Wesley, Delhi.
 Mannur: International Economics, Vikas Publishing House
 Mithani D. M ,International Economics, Himalaya Publishing House Mumbai

References:

 Södersten Bo and Reed Geoffrey, International Economics, Mcmillan, London.

 Robert Carbaugh, International Economics, Cengage Learning
 Subject Name: Statistical Methods in Economics- II

Course Code: ECON204

Course Objectives: This subject will lead the students into the field of probability and hypothesis testing.
Each one of them has a lot of application in the practical problems of economics.

Student Learning Outcomes: After completing the course successfully the students will be able to:

 Define probability of simple and conditional events, standard error & hypothesis of mean.
 Distinguish between tests of large samples and small samples.
 Separate the hypotheses of difference of means and difference in two population means.
 Justify the use of assumed distribution and parameters for a particular variable.

Syllabus:

Module I Probability Theory Weightage

 Elements of Probability Theory: Sample space Events, meaning of probability

Classical definition of probability its limitations,
 The addition rule, Multiplication Rule, 40%
 Theorems of total probability, conditional and statistical independence,
 Bayes Theorem,
 random variable, expectation and variance of random variable (for random
sampling with or without replacement)
Module II Univariate Probability Distributions
 Binomial, Poisson, Normal distribution,
 The standard normal distribution—Mean, Variance, Skewness, Importance of 30%
Normal Distribution in Statistics.
Module III Introduction to Estimation and Hypothesis Testing
 Methods of sampling;
 Sampling distribution of a Statistic; distribution of the sample mean; Sampling
 Error and Standard Error of a statistic with special reference to the mean; Point
and interval estimation of parameters;
 Properties of an estimator; unbiasedness, relative efficiency and consistency.
30%
 Testing of Hypothesis; Type I and Type II errors, Power of a test
 Large sample tests, “t“ test for the mean; one tail and two tail tests for difference
of means
 Chi-square test for (i) goodness of fit and (ii) independence of two attributes.

Text Reading:

 Allen Webster, Applied Statistics for Business and Economics, (3rd edition), McGraw Hill,
International Edition 1998.
  P.H. Karmel and M. Polasek, Applied Statistics for Economists (4th edition), Pitman, Australia.
 M.R. Spiegel (2nd edition), Theory and Problems of Statistics, Schaum Series.

Subject Name: Introduction to Demography

Course Code: ECON229

Course Objectives: This course aims to explain various concepts of demography, theories associated
with population. It will also enable student to understand the relationship between social processes and
demographic transition in India.

Course Outcome: After doing this course the students will be able to:
 Summarize components of population growth and theories associated with population
 Understand structure of population and dynamics associated with the same
 Understand and Use the concepts of fertility, mortality and nuptiality in economic research
 Recall methods of population projection

Syllabus
Module I Introduction Weightage
• Meaning and scope of demography
• components of population growth and their inter-dependence 30%
• Theories of population: Malthus, Optimum theory of population
• Theory of demographic transition (Views of Medows, Enke and Simon)
Module II Structure and theories of Population
• Structure of Population: Population trends in the twentieth century, population
explosion and its dynamics
• International aspects of population growth and distribution
• Determinants of age and sex structure 30%
• Age pyramids projections.
• Demographic effects of sex and age structure: economic and social implications
• Population and development: experiences from the Asian countries
Module III Concepts of fertility and Mortality and Population Projection
Methods
• Fertility: Concept, Nuptiality and Mortality
• Concept and analysis of marital status; Single mean age at marriage, synthetic cohort
methods
• Mortality: Death rates, crude age-specific, Mortality at birth and infant mortality rate;
40%
Sex and age pattern of mortality
• Factors for decline in mortality in recent past, Levels and trends of mortality rate in
advanced and less advanced countries
• Methods of population projection
Text Reading:
1. Amsden, A.H. (ed.) (1980): The Economics of Women and Work, Penguin,
2. Harmondsworth. 2. Baud, I.S.A. (1992): Form of Production and Women’s Labour, Gender
Aspects of Industrialization in India and Mexico, Sage, ND. 3. Bogue, D.J. (1971):
3. Principles of Demography, John Wiley, NY. 4. Bogue, D.J. (1971)
4. Srinivasan, K. (1998): Basic Demographic Techniques and Applications, Sage, ND.
5. Bhende, Asha, and Tara Kanitkar, 1994, Priniciples of Population Studies. Mumbai: Himalayan
Publishing House
6. 5. Misra, B. D., 1980, An Introduction to the Study of Population. New Delhi: South Asian
Publishers Pvt. Ltd.
Reference books:

7. Lewis (ed.) (1989): Strengthening the Poor: What Have We Learnt, OECD, Paris.
8. Novell, C. (1988): Methods and Models in Demography, Bellhaven Press, London.
9. Simon, J.L. (1992): Population and Development in Poor Countries, Princeton Univ. Press.
10. Styrock, H. et al. (1973): The Methods and Materials of Demography, US Dept. of Commerce,
Washington.
11. Haq, Ehsanul, Sociology of Population in India. New Delhi: Macmillan,
 SEMESTER IV

Subject Name: Fundamentals of Research Methodology in Economics

Course Code: ECON218

Course Objectives: The course aims at providing the basic framework among the undergraduate
students to initiate research process in economics right from problem identification and preparing
research design and learning to adhering to an appropriate methodology for improving the quality
of research. The course provides guidelines specifically for improving the quality of research and
learning to do empirical research.

Course Outcome: After completion of the course the Students would learn to:

 Locate and Identify research problems

 Define research methods vs methodology
 Understand and distinguish various types of research design
 Summarize Research problem and design
 Organize research done in the form of various types of research reports
 Apply methods for hypothesis testing
 Understand importance of qualitative research in economics

Syllabus:

Module I Introduction to Research Weightage

Definition, concept, need, types of research,

Research methods versus methodology, Criteria for good research, problems encountered
by Researchers in India.
Ethics in research, types of variables,
20%
concept and identification of parameters
Introduction to Marketing Research, Definition of marketing research,
A classification of marketing research, Marketing research process,
The role of marketing research on MIS and DSS

Module II Problem Identification and Research Design

Defining the Research Problem, Developing an Approach,
Importance of defining the problem, using literature survey in research
Steps in problem identification, defining Environmental context of the problem
qualitative research; 30%
Research Design: Objectives and definition,
types of research design Classification – (Exploratory research design,
Descriptive research design, Experimental research design)

Module III Methods of Data Collection and Sampling

Types of Data: Primary and secondary data collection methods, sources of data their
importance and limitations (Observation
method, Interview method, Questionnaire method,)
Constructing questionnaire: Steps in constructing a questionnaire, types of questions
Attitude measurement and scaling techniques – ordinal, nominal, ratio, interval; Scales –
Likert scale
35%
Sampling: Probability And Non-Probability Sampling Methods
Sampling Decisions, Sample Selection Methods
Methods of Sample Size Determination
Field Work: Data Collection and field force, Field work procedure, Common sources of
error in field work, Tabulation of
collected data, Pilot Study: Concept, Importance

Module IV Hypothesis Testing and Report Writing

Test of Significance, Analysis techniques
z, t, f, chi- square, correlation and regression
Factor Analysis: Need, Importance, Application of the technique in real world Using MS-
Excel for correlation and regression
analysis 15%
Report Writing: Types of report, components of research report, format for formal
research report to be published

Text Reading:
 Marketing Research – An applied orientation – by Naresh K. Malhotra
 Kothari, C.R., Research Methodology, Wiley Eastern Ltd, New Delhi
 Marketing Research – Zikmund, Babin, Cengage Learning Publication
 Marketing Research ( text and cases) by Rajendra Nargundkar, Tata McGraw Hill
References:
 Amarchand, D., Research Methods in Commerce, Emrald Publishers, Chennai
 Subject Name: COMPARATIVE ECONOMIC DEVELOPMENT [1850-1950]

Course Code: ECON230

Course Objectives: The objective of this course is to make a comparative study of the economic
development among the developed countries- Britain, China and Japan. The course provides a historical
overview of economic development of these countries, from origins of institutions and industries to
contemporary challenges of long stagnation. The long-run trends of economic performance are
examined, linking them to the structural transformation that was witnessed by these key economies.
Along with the focus on the long run trends, the course also covers key topics in each economy,
including banking and finance, industrial organizations, international trade, population and agriculture.

Student Learning Outcomes: On successful completion of the course, students will be able to:
 Develop the understanding of key comparative economic theories- Kuznets’s, Lewis, Harris Toda
ro and Gerschenkron’s.
 Show a clear awareness of the historical underpinning of economic development in Britain, Japa
n and China.
 Understand and evaluate the main debates over sources of economic growth in Britain, Japan a
nd China
 Describe and analyze the main sectors and institutions in each of these contemporary economie
s
 Elaborate the key factors of the agricultural revolution experienced by Great Britain and the rise
of Industries.
 Clearly illustrate the development process of Chinese economy- high equilibrium trap, Opium w
ars, Population crisis.
 Assess how development of Japanese economy was different in terms of : Role of banks, Agricul
tural Development and Industrial growth.
1 Module I: PERSPECTIVES ON COMPARATIVE ECONOMIC DEVELOPMENT: KEY WEIGHTAGE
GROWTH THEORIES (%)
Perspectives on Comparative Economic Development through key theories: 30
 A brief discussion of Kuznets' findings: inverted U-hypothesis
 Lewis Model of growth: rural urban migration and labor productivity
 Harris Todaro Model of growth: Extension of Lewis model in presence of
unemployment
 Gerschenkron's hypothesis of Economic Development in Historical
Perspective.
2 Module II OVERVIEW OF ECONOMIC DEVELOPMENT
An overview of economic development of the countries selected for case 30
studies: Britain, China and Japan.
 Britain: Pre requisites for Industrial revolution and the socio-economic
climate in Britain that was conducive to its industrial growth.
  CHINA: Ming and Qing Dynasty: An overview of the agricultural sector
 JAPAN: Imperial rule paving way for Samurai governance, Rise of EDO
governance- An overview of the agricultural sector.
3 Module III: STRUCTURAL TRANSFORMATION
Changes in the structure of agriculture and movement towards Industrial 40
growth:
 Britain: Agricultural revolution, Two phases of industrial growth, spread of
Industrial Revolution worldwide.
 China: Agricultural growth in Chinese economy, Opium Wars: Impact on
Trade with great Britain, High equilibrium trap, Population crisis.
 Japan: Agricultural growth in Japanese economy, Movement towards
Industrial growth: Silk, Manufacturing and other key industries, Closed
economy model: Role of Banks in Japanese growth.

Text & References:

Text:
1. E.J. Hobsbawm (1968), Industry and Empire: An Economic History of Britain since 1750. Weidenfeld &
Nicholson, Chs.1,2,3,5,6.

References:

1. W.W. Lockwood (1966), Economic Development of Japan, Expanded edition, Princeton University
Press, Chs.6,7 & 10
2. Peter Mathias (1983), The First Industrial Nation, An Economic History of Britain, 1700- 1914. 2nd edn,
Methuen Chs.1,3,8 and 15.
3. Roderick Floud and D. McCloskey (ed) (1981), Economic History of Britain Since 1700, Cambridge
University Press, (2nd ed) Ch. 12.
4. T. Nakamura (1983) Economic Growth in Pre-War Japan, Tr. by Robert A Feldman, Yale University
Press, Chs. 1, 2, 3, 5 and 6.
6. Easterly, W. (2001). The Elusive Quest for Growth, Cambridge MA: MIT Press.
7. Cypher, J. M. and Dietz, J. L. (2009). The Process of Economic Development, London: Routledge.
8. Chang, H.J. (2014). Economics: The User's Guide, London: Penguin.
9. Chang, H. J. (2002). Kicking Away the Ladder. London: Anthem Press.
 Subject Name: Economic Environment for Business

Course Code: ECON223

Course Objectives: To develop capacity of the students to think strategically about a company, its
business position, how it can develop a sustainable competitive advantage and how its strategy can be
implemented and executed successfully. To integrate the knowledge gained in earlier courses in order to
achieve sound strategic options, evaluate action alternatives, assess its business risk and create action
oriented plans.

Student Learning Outcomes:

On successful completion of the course, students will be able to:
• Clearly explain and illustrate the economic and social transformation in the planning periods and its
implications on the Indian economy.ssess the politico-economic ideology in the post independence
period of the economy.
• Describe and assess the implications of globalization on Indian economy

Syllabus:
Module I Historical and Social Roots of Indian Business Environment Weightage
Evolution of market economy in India - Comparison between Planned economy and
15%
market economy--- Socialist system and market economy
Module II Evolution of Politico-Economic Ideology in the Post-Independence period

Determinants of economic growth: Role of Institutions and geography-India’s

15%
development strategy and economic performance-Corporate social responsibility

Module III Economic and social transformation in the planning period and implications
for business
industrial climate - perspective - Industrial Policy 20%
Module IV International Business Environment
Theories of Comparative Advantage - Foreign Exchange: The International Payments
Process -
Globalization in China and India - A comparison - International Business - Trading and 20%
regulatory
environment - Country risk analysis
Module V Change in the Indian Business Environment: Economic Reform in India
Forces of globalization: effects on India. 15%
Module IV Implication of Globalization for Indian Business
Agreement establishing the WTO --- India’s patent policy and TRIPs 15%

Texts and References:

• Francis Cherunilam, Business Environment S. Chand Publication, New Delhi (Latest Edition)
• The Business Environment, Ian Worthington, Chris Britton, Pearson Education, (Latest Edition)
• Understanding Business Environment, Clare Capon, Pearson Education, (Latest Edition)
• Sundaram, A.K. and J.S. Black, The International Business Environment (IBE), Prentice Hall, New De
• International Business Environment: Challenges and Changes, Ian Brooks, Jamie Weatherston, Graham
• Business and its Environment United States Edition, David Baron, 7th edition 2012, Pearson Educati
• Economic Surveys of India, latest edition
• RBI bulletins, latest edition

Subject Name: Industrial Economics

Course Code: ECON212

Course Objectives: This course will provide each student with an exposure to crucial aspects of
Industrial Economics – its developmental contribution and its challenges both in Indian and global
aspect. Facts related to trend in productivity and changes related to competitiveness with the policy
regimes along with the performance of the industries will be understood. The course will also focus on
the policy issues and the future prospects.

Student Learning Outcomes:

 Define and describe the issues relating to the composition of Indian industry and list the
problems in recent context.

 Outline the analytical tools for understanding the pricing mechanism and competitiveness in the
industrial sector- public private, small- medium- large industries along with the growth and
sickness of Indian industry .

 Clearly diagnose and illustrate the problems in industrial economy in India and will be able to
develop an effective and comprehensive solution on– Financing, Management and other related
issues.

 Justify and interpret the the problems of Indian economy specially in the context of Indian
Industry and can suggest prospective measures which can be implemented as a solution to the
problems.

Syllabus:

Weightage (%)
Module I Overview of the Industrial Scene in India 25%

 Trends in growth and productivity;

 Competitiveness and changes in Policy Regimes.
 Employment growth in the industrial sector
Module II Issues relating to the Composition of Indian Industry 25%

 Small vs. Large Industry

 Public vs. Private Sector, with emphasis on:
 Performance of the public sector
  Privatization
 Dynamics of the Industrial Sector: Growth and Sickness
 Pricing in the public and private sectors
Module III International Dimensions of Industrial Economics. 25%
 Bases of international trade.
 Protection and domestic market power.
 Multinational Enterprises.
 Case studies of International industrial issues.
Module IV Policy Issues and Future Prospects: Empirical Analysis at national and 25%
global perspective
 Need for Government regulation in industrial policies.
 Legal framework of Industrial regulation in India.
 An evaluation of Indian Industrial policy.
 Theory of market structure in exogenous and endogenous sunk cost
industries
 Technology and market structure

Text Reading:

 Dilip Mookherjee, ed. (1995), Indian Industry, Oxford University Press, New Delhi.
 RR Barthwal, Industrial Economics, New Age International Publisher , 2012
References:
 J. Bhagwati (1993), India in Transition: Freeing the Economy, Clarendon Oxford 1993
 Mrinal Datta Chaudhri (1990), Market Failure and Government Failure: Journal of Economic
Perspectives
 NCAER The India Infrastructure Report (Rakesh Mohan Committee)
 Department of Disinvestment, White Paper, 2000
 SEMESTER V

Subject Name: Regional Economics

Course Code: ECON322

Course Objectives: The course intends to provide a specialization with respect to planning and
development and the strategies thereof. It gives a framework for concepts theories and models related
to regional development. The course also aims at introducing disparities in regional development at
national as well as global levels

Student Learning Outcomes: After completing the course successfully, the students will be able to

1. Understand the meaning and importance of regional economics

2. Explain various types of region
3. Appraise Regional Economic Development at national and global perspectives
4. Analyze conclusions drawn from various theories with respect to India
5. Understand basic concepts of regional economics and regional flows
6. Understand and discuss various models of regional development
7. Summarize HDI and HPI in terms of real world situations

Syllabus:

Module I Introduction Weightage

Regional Economics: Meaning, definition, scope of study, relevance of regional 30%

economics

Types and Classification of regions: formal, informal and functional regions

Factors of Spatial Economic behaviour, concept of regional income and problems in

estimation (with special reference to India)

Regional Economic Development: Global Perspectives

Concept of Divergent Regional Development

At least 1 case study relevant to the topics

Module II Economics of Location and Regional Flows

 35%
Webers’ Theory of Industrial Location

Thunen’s theory of Agricultural Location

Christaller’s Central Place Theory

Ideal Economic Space of Losch

Sargent Florence’s theory of Industrial Location

Theory of unbalanced growth by Hirshchman

Migration: Types, Interfaces, Ramifications and models

Concept of location quotient

Concepts related to Agglomeration, backwash effect, backward and forward linkages

At least 1 case study relevant to the topics

Module III Models of Regional Growth and measures of inequality

O-ring model 35%

Gravity models

cumulative Causation models

Markov’s Chain Model of Inter-Regional Savings and Capital Growth

Growth Poles and Urbanization, relevance of smart cities

Hausmann- Rodrik-Valeasco Growth Diagnostic Framework

HDI and HPI

Convergence and Divergence, concept of creative destruction,

Measuring inequality: Lorenz curve and Gini Coefficient

Growth and Poverty: Poverty trap, economic characteristics of poverty and policy options
for the same (including concepts of microfinance and economic inclusion

At least 1 case study relevant to the topics

Text Reading:
1. An Introduction to Regional Economics by Edgar Hoover and Frank Giarattani Knopf, new
york. Isbn 9780394334134

2. Harry W Richardson – Elements of Regional Economics, penguin

3. Harry W Richardson (1973), Regional Growth Theory, Macmillan.
4. Harvey Armstrong and Jim Taylor (1978), Regional Economic Policy and its Analysis, First
Edition, Philip Allan Publishers
5. Regional Economics and Regional Planning: O.S. Shrivastava
6. Economic Development: M.P. Todaro and S.C. Smith

Subject Name: Basics of Health Economics

Course Code: ECON327

Course Objectives: The course aims to understand the economic theory of health and healthcare. The
emphasis will be on key economic concepts that health economists use to analyze health and healthcare
markets.
Student Learning Outcomes:
 Use economic theory of health to understand and evaluate policy proposals.
 Understand how to use empirical evidence to evaluate an economic argument.
 Understand and use the concepts of health insurance and health care market
 Appraise the health care market

Course Contents/Syllabus:
Module I : Introduction Weightage
Demand for Health and Health Care: The Grossman Model 40
Equity, Efficiency and Need
Government’s Role in Health Care
Module II: Health Insurance and health care market
Brief History of Health Care 40
Demand for Insurance: Information, Complexity, and Decision-Making
Health Care Insurance, Moral Hazard, and Adverse Selection
Module III: Health and Economic Development
International Comparisons of Health Care Reform 20
Health and Economic Development
Text & References:
 Health Economics by Bhattacharya, Hyde and Tu (2013)
 Handbook of Health Economics, Edited by ANTHONY J. CULYER University of York and JOSEPH P.
NEWHOUSE Harvard University Medical School
References:
  Manning, Willard G., et al. 1987. “Health Insurance and the Demand for Medical Care: Evidence
from a Randomized Experiment,” American Economic Review, 77(3), 251-277
 Urbina Ian. In the Treatment of Diabetes, Success Often Does Not Pay. New York Times, January
11th 2006.
 Health Economics by Frank A Solan and Chee-Ruey Hsieh

Subject Name: Fundamentals of Behavioural Economics

Course Code: ECON330

Course Objectives:
This course familiarizes students with the approach to economics and presents economic models that
take into account the rich psychological structure of human decision-making. We analyze the
consequences of using such a nuanced behavioral model of decision-making, and of taking into account
the existence of social preferences (such as other regarding, altruistic preferences) and so forth. The
course deals also with the implications human irrationality would have for economic policy-making as
well as research into human subjective wellbeing (“happiness”) and its economic correlates.

Course Contents/Syllabus:

Module I CHOICE AND BEHAVIOUR Weight (%)

Introduction/methodological considerations 40
Rational choice (under certainty, risk and uncertainty)
Deviations from rational choice
Alternatives: heuristics, satisficing
Module II STRATEGIC INTERACTION
Strategic interaction and altruistic preferences 30
Game theory ,Behavioral game theory

Module III SUBJECTIVE WELL BEING

What is happiness, how do we measure it? 30
What makes us happy? Do we know this?
The politics of happiness (or better not?)

Books:

 William J. Congdon, Jeffrey R. Kling and Sendhil Mullainathan. 2011. Policy and Choice: Public
Finance through the Lens of Behavioral Economics, Brookings Institution Press.
 Richard H. Thaler and Cass R. Sunstein. 2009. Nudge: Improving Decisions about Health, Wealth,
and Happiness (Updated Edition), Penguin Books.
 Danial Kahneman. 2011. Thinking Fast and Slow. Farrar, Strauss and Giroux
Suggested Readings:

 D. Kahneman and A. Tversky; “Choices, Values, and Frames”; (2000); Cambridge University
Press: Cambridge.
 C. Camerer, G. Loewenstein and M. Rabin; “Advances in Behavioural Economics”; ed. Camerer,
Loewenstein and Rabin; (2004).
 F. Shane, G. Loewenstein and T. O'Donoghue; “Time Discounting and Time Preference: A Critical
Review”; Journal of Economic Literature; Jun., (2002), Vol. 40, No. 2. pp. 351-401
 Clark, E. P. Frijters and M. A. Shields “Relative Income, Happiness, and Utility: An Explanation for
the Easterlin Paradox and Other Puzzles”; Journal of Economic Literature; (2008), 46:1, 95–144
 D. G. Blanchflower and A. J. Oswald; “Well-Being over Time in Britain and the USA”; Journal of
Public Economics; (2004) 88(7–8): 1359–86.
 E. Proto and A. Rustichini; "A reassessment of the Relation Between GDP and Life Satisfaction";
PLOS ONE; November, 2013.
 Oswald, E. Proto and D. Sgroi; “Happiness and Productivity”; Journal of Labour Economics;
(2013); Forthcoming.

Subject Name: Labour Economics

Course Code: ECON328

Course Objectives:
The primary goal of this course is to understand the basic concept labour markets. The course will
familiarize students with economic theories of labour supply and demand decisions, wage
determination, human capital, unemployment, gender and race discrimination, work incentives,
unionization, and the evaluation of social programs.
Student Learning Outcomes:
1. Investigate a worker’s and firm’s labour supply decision with special reference to India.
2. Understand the dynamics of labour market equilibrium.
3. Summarise important policy issues like immigration and the minimum wage.
4. Analyze the wage dynamics of jobs with desirable or undesirable characteristics especially
in the Indian Market.
Course Contents/Syllabus:

Module I Introduction Weight (%)

 Meaning, Significance and Peculiarities of labour market 30
 Nature and Scope of Labour Economics
 Characteristic of Indian labour Market

Module II WAGE DETERMINATION

 Classical, neo-classical and bargaining theories of wage determination 30
 Concepts of minimum wage
 Living wage and fair wage in theory and practice
 Discrimination in labour markets
 Non-wage component of labour remuneration
  Inflation-wage relationship at micro and macro levels

Module III STATE AND LABOUR: EMPIRICAL ANALYSIS

 State and social security of labour - Concept of social security and its evolution 40
 Social assistance and social insurance
 Review and appraisal of states policies :National and global scenario
 Globalization and labour markets.

Text Readings:
 Datt, G (1996), Bargaining Power, Wages and Employment: An Analysis of Agricultural Labour
Markets in India, Sage Publications, New Delhi.
 Hajela, P.D. (1998), Labour Restructuring in India: A Critique of the New Economic Policies,
Commonwealth Publishers, New Delhi.
 Laster, R.A. (1964), Economics of Labour, (2nd Edition), Macmillan, New York.

References:
 McConnell, C.R. and S.L. Brue (1986), Contemporary Labour Economics, McGraw-Hill, New York.
 Papola, T.S., P.P. Ghosh and A.N. S h a r m a (Eds.) (1993), Labour, employment and Industrial
Relations in India, B.R. Publishing Corporation, New Delhi.

Subject Name: Fundamentals of Environmental Economics

Course Code: ECON306

Course Objectives: Environmental issues at local, national and global levels are among the foremost
challenges facing society today and are a result of complex interactions of natural processes with
economic forces and policies. The effects of development on the environment and access to resources is
one of the most challenging fields that has grown over the past four decades and is now one of the key
areas of study. Since policies for preventing environmental degradation is at the heart of every nation’s
policy-making, this course equip the students with key environmental issues faced by any developing
nation. It lays down the fundamental understanding of sustainable development, ways to measure it
and how these policies can be implemented.

Student Learning Outcomes: On successful completion of the course, students will be able to:

 Develop knowledge around the emergence of Environmental economics as a separate sphere of

study
 Comprehend the different ways in which economic decisions, market forces and government
policies can affect the natural environment.
  Possess knowledge of the theory and techniques of non-market valuation to estimate the
demand for environmental quality or the cost of environmental degradation
 Elaborate on various command based and quantity based instrument on curbing pollution
 Identify and evaluate the problems in policy making around environmental issues.
 Analyze the relevance of environmental economics to notions of sustainable development.

Syllabus:

Module I Overview Weightage

 How do we define 'Environment', Components of environment- Various Biotic and

Abiotic components.
 Evolution of Environmental Economics - Its importance in today's world, meaning
30%
and growth as a separate realm of economics.
 Interrelationship between environment and economic development.: Pollution-
Poverty-Population Circle

Module II Sustainable Development and Environmental Management

 Sustainable Development: Concept, Indicators and Measurement

 Concept of Ambient Concentration Vs Levels of emission, Carbon Credit, The coase
theorem, Pigovian fees and Marketable Permit System
40%
 Market Failure: Public goods v/s private goods, Public Bads and Externalities.
 Measuring the Benefits of Environmental Improvements: Non-Market values and
measurement methods

Module III Environmental Challenges in Global Persspective

 Case studies of different types of pollution: In India and globally.
 Principal causes of environmental crisis globally: case study of any developed
economy/developing economy, Kyoto Debate. 30%
 Environmental issues in global perspective- Case study of any country with special
refence to green energy

Text Reading:

 Charles Kolstad, Intermediate Environmental Economics, Oxford University Press, 2 nd edition,

2010. 2.
 Robert N. Stavins (ed.), Economics of the Environment
 W.W. Norton, 5th edition, 2005. 3.
 Roger Perman, Yue Ma, James McGilvray and Michael Common, Natural Resource and
Environmental Economics, Pearson Education/Addison Wesley, 3rd edition, 2003. 4.
 Maureen L. Cropper and Wallace E. Oates, 1992, ―Environmental Economics: A Survey,‖ Journal
of Economic Literature, Volume 30:675-740.
 Joseph, K. and R. Nagendran; Essentials of Environmental Studies, Pearson Education.
  DeshBandhu, H Singh and A.K. Mitra (1990). Environmental Education and Sustainable
Development. New Delhi, Indian Environmental Society
 Hanley N., J.Shogren and B.White. (1997). Environmental Economics in Theory and Practice. 1st
edition only. Basingstoke: Macmillan. A333.7 /783687.
 Perman, Ma, McGilvray, Commons (2003), Natural Resource and Environmental Economics,
Third Edition, Pearson.
 Pearce D W & R K Turner. Economics of natural resources and the environment Harvester
Wheatsheaf 1990.
 Tietenberg T and Lynne Lewis: Environmental and natural resource economics. 9th Edition,
Pearson, 2012.

References:

 Dhaliwal, G.S., G.S Sangha and P.K. Ralhan (1998); Fundamentals of Environmental Science; New
Delhi; Kalyani Publishers.
 Dixon, John A., Louise F. Scura, Richard A. Carpenter and Paul B. Sherman (1994); Economic
Analysis of Environmental Impacts. London: Earthscan
 SEMESTER VI

Subject Name: Economic System and Society

Course Code: ECON315

Course Objectives: The main objectives of this course is to introduce students to Marxist political
economy; compare the Marxist approach with alternative theoretical perspectives on capitalism and its
drivers and contradictions; compare different approaches to key concepts in Marxian political economy;
and examine critically the Marxist contributions to the study of development and contemporary
capitalism. This course will reflect the socio-economic change in Historical perspective, capitalism as an
economic system, structure of capitalism and capitalism in global context.

Student Learning Outcomes:

 Identify and understand the most important concepts, debates and problems in Marxist political
economy.
 Critically interpret economic issues, problems and debates in the light of Marxist methods,
concepts and contributions.

 The student will be able to identify the different modes of production from primitive society to
socialist form of society structure.

 Clearly differentiate between changed production relations from one mode of production to
another.

 Elaborate reasons for the dissolution of a society: see the shift from feudalism toward capitalism

Syllabus:

WEIGHTAGE
(%)
1 Module I: OVERVIEW

 Analyzing Socio-Economic Change in Historical Perspective: concept of 25

productive forces, superstructure and production relations
 Different modes of production- Primitive society, Slavery, feudalism,
capitalism and feudalism: Antagonistic vs Non-antagonistic.
 Laws of conformity: Changes in economic base vs Dissolution of
superstructure
 Law of dialectical Materialism: 3 major contradictions.

2 Module II: TRANSFORMATION OF SOCIAL SYSTEM

  The transition Debate: From feudalism to capitalism, Marxian Vs Non 45
Marxian School of thought
 Pre-requisites for capitalism to emerge as a social system.
 Transformation of C-M-C circuit to M-C-M' circuit under capitalistic
mode of production
 Crisis under Capitalism: Possibility theory And Necessity theory.

3 Module III: CAPITALISM IN MODERN PRESPECTIVE

 Marxian theory of value: extraction of surplus value, simple scheme of 30

reproduction under capitalism.
 Multinational corporations and their impact on the developing
economics
 Managerial revolution and Technostructure.
 Changing Paradigms of action in third world nations: Old
internationalization Vs New Internationalization.

Text:
1. J. Schumpeter (1942), Capitalism, Socialism and Democracy, George Allen and Unwin (1976
edition).
2. T. Bottomore (1985), Theories of Modern Capitalism, Allen & Unwin. Chapters on Weber &
Schumpeter.

References:
1. D. Foley (1983), “Commodity”, in T. Bottomore et al(ed.), The Dictionary of Marxist Thought.,
OUP, (Indian edition, Maya Blackwell, 2000)
2. R. Blackburn (ed.) (1972), Ideology in Social Science, Chapter 8, Fontana
3. Rodney Hilton(ed.) The Transition from Feudalism to Capitalism, Introduction
4. P. Hirst and J. Zeitiln (1997), “Flexible Specialization: Theory and Evidence in the Analysis of
Industrial Change”, in R. Boyer et al (ed.), Contemporary Capitalism, Cambridge University Press.
5. Bottomore, T. (ed.) (1991) A Dictionary of Marxist Thought. Oxford: Basil Blackwell.
6. Fine, B. (1980) Economic Theory and Ideology. London: Edward Arnold.
7. Fine, B. and D. Milonakis (2009) From Economics Imperialism to Freakonomics: The Shifting
Boundaries Between Economics and other Social Sciences. London and New York: Routledge.
8. Fine, B. and Harris, L. (1979) Rereading ‘Capital’, London: Macmillan.
9. Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press.
10. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward
Elgar.
11. Harvey, D. (1982) The Limits to Capital. London: Blackwell.
12. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso.
13. Howard, M.C. and King, J. (1989, 1991) A History of Marxian Economics, 2 Vols. Princeton:
Princeton University Press.
14. Milonakis, D. and Fine, B. (2009). From Political Economy to Economics: Method, tshe Social and
the Historical in the Evolution of Economic Theory. London: Routledge.
15. Rubin I.l. (1972) Essays on Marx’s Theory of Value. Detroit: Black and Red.
 Subject Name: Fundamentals of Operation Research

Course Code: ECON301

Course Objectives: Operations Research provides quantitative basis for decision making or enhances a
managers’ ability to make long range plans and to solve the everyday problems of running a concern.
Linear programming is used to find a solution for optimizing a given objective, similarity Network
analyses help the manager to plan schedule monitor & control large projects. Queuing theory deals with
the situation in which queue is formed.

Student Learning Outcomes: On successful completion of the course, students will be able to:

 Apply their knowledge to solve decision making problems in organizations and in various fields
like economics , production ,finance, marketing, personnel management
 Use the Linear programming techniques in optimization
 Explain and solve the transportation and assignment problem by minimizing transportation cost
and assignment cost
 Use Network analysis which will help the manager to plan schedule ,monitor and control large
projects
 Solve the queuing problems through p d f of different models
 Justify how the optimum decisions can be taken

Syllabus:

Module I Basics of Operations Research Weightage

Definition of Operations Research, Characteristics of operations research, necessity of
operations research in industry, Scope of operations research, operations research & 10%
decision making
Module II Linear Programming
Requirement for a Linear Programming Problem, Graphical solution of two variable, Linear
Programming Problems
20%
some exceptional cases, Simplex Method, Duality, Dual Simplex, Limitations of Linear
programming Problem.
Module III Transportation Model
Definition of Transportation Model, Mathematical Formulation of the problem, Methods
for Initial basic feasible
20%
solution, North-west Corner method, Matrix Minima, Vogel’s Approximation (VAM),
Optionality test.
Module IV Assignment Models
Definitions, Formulation & Solution of Assignment Models 20%
Module V Pert &CPM
Introduction, Forward pars, backward pars computations, How CPM differs from PERT ?
Critical Path- determination 15%
Module IV Queuing Models
Introduction & application of Queuing Models, MM-I Models- Single- Channel Queuing
15%
theory
Text Reading:

 Operations Research: Theory & Applications 3rd E, Sharma J K. , : Macmillan India Limited

References:

 Methods of Operations Research by Morse Philip Mccord, Dover Publication