Course Content:

1. Syllabus to be thoroughly covered 

2. Previous Year Questions Discussion

3. Unit wise test (after class completion)

4. Full length test (10) 

Economics Syllabus 

Unit-1: Micro-Economic Analysis

 Demand Analysis - Marshallian, Hicksian and Revealed Preference Approach.

 Theory of Production and Cost Curves.

 Pricing and Output determination under Perfect, Monopoly, Monopolistic and Oligopoly

Markets.

 General Equilibrium and Welfare Economics.

 Managerial Theories of the firm - Baumol, Marris and Williamson.

Unit-2: Macro-Economic Analysis

 Determination of Output and Employment - Classical approach, Keynesian & Post

Keynesian approach, Consumption hypotheses.

 Phillips Curve Analysis.

 Business Cycle Models: Samuelson, Hicks and Kaldor.

 Fiscal and Monetary Policies and IS-LM Model.

Unit-3: Development and Planning

 Measurement of Development: Conventional, HDI and Quality of Life Indices.

 Theories of Development - Classical, Marx and Schumpeter;

 Approaches to development: Vicious circle of poverty, Circular Causation Theory of

Myrdal, Balanced growth, Critical Minimum Effort, Big Push, Unlimited supply of

labour, Unbalanced Growth, low income equilibrium trap.

 Choice of techniques and appropriate technology - Investment criteria - Elementary idea

of cost - benefit analysis.

 Development Techniques of planning; Planning in a market - oriented economy.

 NITI Ayog: Objectives and Features

Unit-4: Growth Economics

 Economic Growth, Economic Development and Sustainable Development

 Models of Economic Growth - Harrod - Domar Model, Neoclassical Growth Model –

Solow

Unit-5: Money and Banking

 Demand for Money - Fisher and Cambridge versions, Approaches of Keynesian,

Friedman, Baumol and Tobin.

 Supply of Money, Determinants of Money Supply, High - powered money, Money

Multiplier.

 Money and banking - Concepts of Money Supply, Organisation of India’s Money

Market, Changing role of RBI, Inflation - Concept, Trends, Estimates, Consequences

and Remedies; Monetary Policy and Financial Sector Reforms.

Unit-6: Public Finance

 Role of the Government in an Economy - Allocation, distribution and stabilization

functions; Private, Public and Merit goods.

 Budget - Components of Budget, Kinds of Budgets, Zero - Base Budgeting, Concept of

Deficit, Types and effects of Deficit; Budgets of the Union Government in India;

Formulation and Enactment

Public Expenditure: Meaning and Scope, Theories of Public Expenditure. 

Public Revenue - Different approaches to the division of tax burden, incidence and

effects of taxation; elasticity and buoyancy; taxable capacity

Public Debt - Objectives and Importance, Sources, Effects, Burden and its management.

 Fiscal Federalism - Concept, Theory and Problems; Problems of Centre - State Financial

relations in India, Role of Finance Commission in India

 Fiscal Policy - Objectives and Instruments of Fiscal Policy, Compensatory Fiscal Policy,

 Concept of Functional Finance; Role of Fiscal Policy in a Developing Economy like

India.

Unit-7: International Economics

 Theories of International Trade: Neo-Classical (Haberler) and Modern Theory of Trade

(Heckscher-Ohlin); Terms of Trade and Gains from Trade; Terms of Trade and

Economic Growth; Factors Influencing Terms of Trade.

 Balance of Payment - Overview, Adjustment and Equilibrium in BOP, Elasticity,

Absorption and Monetary Approaches for adjustment in the Balance of Payments;

Exchange Rate.

 Impact of Tariff and Non- Tariff Barriers, Partial and General Equilibrium Analysis of

Tariff and Non-Tariff Barriers.

 Theory of regionalism at Global level - Collapse of Bretton - Woods System -Recent.

 Role of Multilateral Development Bodies (MDBs) like WTO, IMF, World Bank in

economic development.

Unit-8: Indian Economy - I

 Characteristics of a Developing Economy; Basic Economic Indicators - National

income,

Performance of different sectors; Concept of Energy - Renewable and Non-Renewable

Sources of Energy.

 Agriculture - Institutional and Technological Aspects, Agricultural Policy in India, Land

Reforms in India, Rural Credit, Agricultural Price Policy, Public Distribution System

(PDS) and Food Security in India.

 Population Growth - Characteristics of India’s population through recent census.

Unit-9: Indian Economy - II

 Industry - Industrial Policy Reforms, Reservation Policy, Competition Policy, MSME

Act.

 Foreign Trade - Trends, Balance of payments and Trade Reforms in India, Foreign

exchange rate reforms; Composition and Direction of India’s Foreign Trade, India and

WTO

Requirements, Bilateral Trade Agreements, FDI.

 Poverty, Unemployment, and Human Development - Estimates of Inequality and

Poverty measures for India, HDI and India’s ranking in HDI.

Unit-10: Statistical Methods

 Measures of Central tendency, dispersion, skewness and kurtosis.

 Elementary theory of probability - Binomial, Poisson and Normal distributions.

 Simple correlation and regression analysis.

 Statistical inferences - Applications, sampling distributions (t, x2 and F tests) sampling

of attributes, testing of Hypothesis.

 Index numbers and time series analysis.

 Sampling and census methods, types of sampling and errors.