SHRI JAGDISHPRASAD JHABARMAL TIBREWALA UNIVERSITY

CHUDELA, JHUNJHUNU, RAJASTHAN

INSTITUTE OF ARTS AND HUMANITIES

TEACHING & EXAMINATION SCHEME

AND

DETAILED SYLLABUS FOR

MASTER OF ECONOMICS

ACADEMIC SESSION 2021 – 2023

1
 Year: I Semester: I

Hrs./Week Maximum & Minimum Marks

S. Subject
Subject Name
No. Code Exam
Hrs. Internal/ External/
Total/Min.
L T P Min. Pass Min. Pass
Pass Marks
Theory Marks Marks

1 ECO-101 Micro Economics Theory-I 4 1 - 3 30/12 70/28 100/40

2 ECO-102 Macro Economics Theory-I 4 - - 3 30/12 70/28 100/40

Mathematical Methods for
3 ECO-103 4 1 - 3 30/12 70/28 100/40
Economics

4
ECO-104 Industrial Economics-I 4 - - 3 30/12 70/28 100/40

5 ECO-105 Agriculture Economics-I 4 - - 3 30/12 70/28 100/40

6 ECO-106 Indian Banking System 4 - - 3 30/12 70/28 100/40

Total 24 02 600
Teaching Load
26
L = Lecture, T = Tutorial, P = Practical

Year: I Semester: II

Hrs./Week Maximum & Minimum Marks

S. Subject
Subject Name
No. Code Exam
Hrs. Internal/ External/
Total/Min.
L T P Min. Pass Min. Pass
Pass Marks
Theory Marks Marks

1 ECO-201 Micro Economics Theory-II 4 1 - 3 30/12 70/28 100/40

2 ECO-202 Macro Economics Theory-II 4 - - 3 30/12 70/28 100/40

3 ECO-203 Statistical Methods 4 1 - 3 30/12 70/28 100/40

4 ECO-204 Industrial Economics-II 4 - - 3 30/12 70/28 100/40

5 ECO-205 Agriculture Economics-II 4 - - 3 30/12 70/28 100/40

6 ECO-206 Indian Financial System 4 - - 3 30/12 70/28 100/40

Total 24 02 600

Teaching Load 26
L = Lecture, T = Tutorial, P = Practical

2
 Year: II Semester: III

Hrs./Week Maximum & Minimum Marks

S. Subject
Subject Name
No. Code Exam
Hrs. Internal/ External/
Total/Min.
L T P Min. Pass Min. Pass
Pass Marks
Theory Marks Marks

1 ECO-301 Public Economics-I 4 1 - 3 30/12 70/28 100/40

2 ECO-302 International Trade Theory 4 - - 3 30/12 70/28 100/40

Economics of Development and
3 ECO-303 4 1 - 3 30/12 70/28 100/40
Growth-I
Indian Economics Development and
4 ECO-304 4 - - 3 30/12 70/28 100/40
Policy-I
5 ECO-305 International Finance 4 - - 3 30/12 70/28 100/40

6 ECO-306 Environmental Economics-I 4 - - 3 30/12 70/28 100/36

Total 24 02 600

Teaching Load 26
L = Lecture, T = Tutorial, P = Practical

Year: II Semester: IV

Hrs./Week Maximum & Minimum Marks

S. Subject
Subject Name
No. Code Exam
Hrs. Internal/ External/
Total/Min.
L T P Min. Pass Min. Pass
Pass Marks
Theory Marks Marks

1 ECO-401 Public Economics-II 4 1 - 3 30/12 70/28 100/40

Trade Policy and International
2 ECO-402 4 - - 3 30/12 70/28 100/40
Monetary System
Economics of Development and
3 ECO-403 4 - - 3 30/12 70/28 100/40
Growth-II
Indian Economics Development and
4 ECO-404 4 1 - 3 30/12 70/28 100/40
Policy-II
5 ECO-405 History of Economic Thought 4 - - 3 30/12 70/28 100/40

6 ECO-406 Environmental Economics-II 4 - - 3 30/12 70/28 100/40

Total 24 02 600

Teaching Load 26
L = Lecture, T = Tutorial, P = Practical

3
Scheme of Examination
The entire course will be of four semesters. In Semester-I, there would be four Core Courses.
In Semester-II, there would be five Core Courses. In semester III there would be four Core
courses and in Semester-IV, there would be five Core courses.

1. The question paper shall contain ten (10) questions of 10 marks each. Student shall
attempt any seven (7) questions.
2. For Internal Assessment (IA) of the theory papers: One Mid-Term Test of 15 Marks
carrying five (5) questions, students shall attempt any three (3) questions and One
Assignment of 15 Marks.
3. Passing Rules for M.A. (2 Years Course)
The result of a candidate will be worked out at the end of each Semester Examination.
For a Pass, candidate must obtain 40% marks for each theory paper and internal
assessment.

(A) Theory Paper Passing% (B) Seminar/ Dissertation Passing%

i Internal Assessment 40% i Seminar 50%
End Semester
ii 40% ii Dissertation (External) 50%
(M.A.)University Exam
iii Total of (i) & (ii) 40% iii Total of (i) & (ii) 50%

4
 M. A. EONOMICS (REGULAR)

Rules & Regulations

Objectives of the Course:

The major objectives of M.A. Economics course are:
 To impart the knowledge and develop understanding of the economy.
 To equip economics professionals with theories and provide necessary analytical tools
and intellectual training in major areas of economics with its applications.
 To focus on the emerging area of Environmental Economics.

Scope of the Course:

Coming from different backgrounds, the students who complete this course have multi-
dimensional scopes:
 Students may find their professional career in academic institutions particularly for
teaching in Economics, Growth & Development and Agriculture Sector.
 Civil and allied administrative services.
 The corporate sector particularly in research and development field.
 In research consultancy firm.

Duration of the Course:

The course for the degree of Master of Arts in Economics shall consist of two academic years
divided in to four equal semesters. Each semester consist of minimum 120 working days.

Eligibility for Admission in M. A. First semester:

A candidate who has passed any one of the following degrees from any University
recognized by the UGC shall be permitted to take admission in M.A. first semester
Economics to award M.A. degree in Economics from this University after completion of a
course of study of two academic years divided in the four semester scheme of examination:
 Undergraduate Degree under 10+2+3 pattern with any discipline or
 Four year undergraduate (Hons. Course) degree in any discipline or
 Integrated undergraduate degree as B.A.-B.Ed. in any discipline.
 Four year undergraduate degree in Engineering (B. Tech. /B. E.)

5
Attendance:
Every teaching faculty, handling a course, shall be responsible for the maintenance of
Attendance Register for candidates who have registered for the course. The teacher of the
course must intimate the Head of the Department at least seven calendar days before the last
instruction day in the semester about the attendance particulars of all students. Each student
should earn 75% attendance in the courses of the particular semester failing which he or she
will not be permitted to sit in the End-Semester Examinations. However, it shall be open to
the authorities to grant exemption to a candidate who has failed to obtain the prescribed 75%
attendance for valid reasons and such exemptions should not under any circumstance be
granted for attendance below 65%.

Teaching Methodologies:
The classroom teaching would be through conventional lectures or use of OHP or power
point presentations (PPT). The lecture would be such that the student should participate
actively in the discussion. Student seminars would be conducted and scientific discussions
would be arranged to improve their communicative skill. In the laboratory, instruction would
be given for the experiments followed by demonstration and finally the students have to do
the experiments individually. For the students of slow learners, special attention would be
given.

Assessment Pattern:
The assessment of the student shall be divided into two parts in which first part is continuou s
assessment or internal assessment (30% weightage of the maximum marks) and second part
is semester assessment or external assessment (70% weightage of the maximum marks).
Assessment pattern and distribution of maximum marks is summarized as given below:

6
 Table of Contents
S. No. Subject Code Subject Name Page No.
1. ECO-101 Micro Economics Theory-I
2. ECO-102 Macro Economics Theory-I
3. ECO-103 Mathematical Methods for Economics
4. ECO-104 Industrial Economics-I
5. ECO-105 Agriculture Economics-I
6. ECO-106 Indian Banking System
7. ECO-201 Micro Economics Theory-II
8. ECO-202 Macro Economics Theory-II
9. ECO-203 Statistical Methods
10. ECO-204 Industrial Economics-II
11. ECO-205 Agriculture Economics-II
12. ECO-206 Indian Financial System
13. ECO-301 Public Economics-I
14. ECO-302 International Trade Theory
15. ECO-303 Economics of Development and Growth-I
16. ECO-304 Indian Economics Development and Policy-I
17. ECO-305 International Finance
18. ECO-306 Environmental Economics-I
19. ECO-401 Public Economics-II
ECO-402 Trade Policy and International Monetary
20.
System
21. ECO-403 Economics of Development and Growth-II
22. ECO-404 Indian Economics Development and Policy-II
23. ECO-405 History of Economic Thought
24. ECO-406 Environmental Economics-II

7
 Year: I Semester: I
M. A. Economics
ECO-101, Micro Economics Theory-I

Unit Contents of Course Hrs.

Consumer Behavior-I: 1
Consumer choice: Utility function and indifference curve analysis- Bads, Neutrals,
I 10
Optimal choice, Corner point solutions, Price, Income and Substitution effects, Engle
curves, Slutsky theorem and Derivation of demand curves. Consumer equilibrium.
Consumer Behavior-I I: 1
Consumer surplus. Elasticity of demand- Laffer curve. Network externalities–
II 7
Bandwagon effect, Snob effect, Veblen effect, Revealed preference theory. Choice under
risk and uncertainty.
Firms Behavior-I: 1
Production function: Short and long run. Law of returns and Returns to scale, Ridge lines,
III Expansion path. Producer equilibrium. Forms of production function: Cobb- Douglas, 8
Fixed coefficient and CES. Elasticity of technical substitution, Capital and labor
deepening technical progress through Iso-quants.
Firms Behavior-II: 1
Concept of cost: Short and long run cost curves. Dynamic changes in costs – Learning
IV 8
curve. Modem theory of cost curves. Concept of revenue, Revenue curves under different
market structures.
Price Determination: 1
Pricing under different market structures: Perfect competition. The efficiency of a
V competitive market. Price supports. Monopoly. Social cost of monopoly; Power of 7
monopoly; International price discrimination and Peak – load pricing. Two-part tariff.
Monopolistic competition. Bilateral monopoly
Total 40

Books & References:

 A. Koutsoyiannis: Modern Microeconomics, Macmillan, London.
 Robert S. Pindyck and Daniel L. Rubinfeld: Microeconomics. Pearson Education Inc.,
New Delhi.
 D. Salvatore: Microeconomic Theory, Oxford University Prees, New Delhi.
 Hal R. Varian: Microeconomic Analysis, W.W. Norton & Company Inc., New York.
 H.L. Ahuja: Advanced Microeconomic Theory, S. Chand Publication, New Delhi

8
 Year: I Semester: I
M. A. Economics
ECO-102, Macro Economics Theory-I

Unit Contents of Course Hrs.

Introduction:
The origin and development of macroeconomics – Classical, Keynes, New
classical and Modern views; Macroeconomic variables (e.g., national
I 8
income, employment, saving, investment, price level, wages, interest rate),
Real and nominal quantities, Stock and flow variables and their inter-
relationship, Difference between micro and macroeconomics.
National Income:
National income- Concepts, Components, Measurement, Inter- relationship
II 6
between three measures of national income; Measurement of economic
welfare. Circular flow of income in two, three and four sector economy.
Consumption & Investment Function:
Consumption function – Determinants, Consumption function hypotheses:
Absolute, Relative, Permanent income hypotheses and Life cycle hypothesis;
III 8
Investment function- Neo-classical theory of investment, Stock market and
Tobin’s Q-ratio and Neo – Keynesian theory of investment; Theories of
accelerator.
Theory of Money Demand:
Classical , Keynesian, and Post Keynesian theories of demand for money-
IV Inventory theory of Baumol and Portfolio balance theory of tobin; 9
Restatement of quantity theory of money by Milton Friedmanand,
Patinkin’s Theory for money demand.
Theory of Money Supply:
Supply of money- Measurement in view of India, Components,
V 9
Determinants, High- powered money & money multiplier and Theories of
money- supply.
Total 40

Books & References:

 Errol D’ Souza, Macroeconomics, Person Education.
 Richard. T. Froyen, Macro Economics: Theories and Policies, Pearson Education.
 P. Edgemond, Macroeconomics, PHI, New Delhi.
 Gregory Minkiw, Macroeconomics, CBS Publishers, New Delhi.
 Robert J Gorden, Macroeconomics, Harper Collins.
 Dasgupta, A. K., Macroeconomics Analysis, New Delhi.
 Ahuja, H. L., Advanced Macroeconomic Theory (Hindi), S. Chand Publication, New
Delhi.
 Rana, K. C. & Verma, K. N., Macro Economic Analysis (Hindi), Vishal Publishing
Company, Jalandhar.
.

9
 Year: I Semester: I

M. A. Economics
ECO-103, Mathematical Methods for Economics

Unit Contents of Course Hrs.

Concept of a function: Limit, Continuity and Differentiability of a Real
I 6
Valued Function, Concave and Convex Functions,
Derivatives- Simple Differentiation; Maxima, Minima and Point of inflexion
and application of Simple Differentiation in Economics, Partial Differentiation
II 9
and Unconstrained Constrained Optimization (Two independent Variable
Case). Simple Application in Economics
Integration: Indefinite and Define; Application, First order Difference and
III 9
Differential Equations and their Application in Economics
Matrices and Determinants and Their Applications in Economics, Vectors,
IV 8
Input-Output Model
V Linear Programming(Graphical and Simplex Methods), Game Theory 8
Total 40

Books & References:

 R.G.D. Allen: Mathematical Analysis for Economics, Macmillan, London.

 Laxmi Narain Nathuramka: ArthshastraMeain Ganit Ke Prayog (Hindi) Ramesh Book
Depot. Jaipur
 B. C. Mehta and G.M.K. Madnani: Mathematics for Economics, Sultan Chand & Sons,
New Delhi.

10
 Year: I Semester: I

M. A. Economics
ECO-104, Industrial Economics-I

Unit Contents of Course Hrs.

Introduction of Industrial Economics:
Industrialization and development. Interdependence of industrial sectors; Backward
I and Forward linkages: Location of industries, theories and measures of industrial 9
localization (Sargent F. & A. Weber) Localization of industries in India. Industrial
project selection criteria.
Industrial Enterprise and Profit Maximization Model:
Modern corporation enterprise. Size and ownership Structure of industrial
enterprise. Dominant position of corporate and its characteristics issue of separation
II 7
of ownership from management and control models alternative to profit
maximization. Bamol, Williamson, Marries, Cyert and March.

Different Market Structures and Sellers Concentration:

Monopoly power and oligopolistic market structure; Measures of sellers
III 8
concentration. Determination of sellers concentration: Economies of scale. Barriers
to entry, Mergers, Size and Growth of markets.
Market Conduct Under Oligopoly:
Market conducts under oligopoly: Rivalry and Collusive conduct. Dominant firm
IV 8
behavior and potential competition. Limit price and Contestable markets. Non- price
competition with reference to adverting.
Market Performance:
Market performance: Allocative efficiency. Market structure and profitability.
V Productive efficiency and Sub- optimal capacity. Allocative V/s Productive
8
efficiency.
Total 40

Books & References:

• Barthwal R. R.: Industrial Economics: An Introductory Textbook, Wiley Eastern Limited , New Delhi.
• Cohen K. L. & Cyert R. M.: Theory of the Firm, Prentice Hall.

11
 Year: I Semester: I

M. A. Economics
ECO-105, Agriculture Economics-I

Unit Contents of Course Hrs.

Introduction of Agricultural Economics:
Introduction: Nature and Scope of Economics of Agriculture : Specificities of Farm
I 7
Organization and Agricultural Production and Markets; Inter-sector Linkages of
Agriculture [Backward and Forward Linkages and Feedback Effects].
Agriculture and Economic Development:
Role of Agriculture in Economic Development: Contribution of Agriculture to
II Economic Development; Historical Perspective [Experience of England, United 9
States, Australia, Latin America, Soviet Russia, Japan and India]; Declining Role of
Agriculture and Dilemmas of Development.
Agricultural Production Function:
Agricultural Production: Uniqueness of Agricultural Production; Various Types of
III Factor- Product, Factor- Factor and Product- Product Relations; Cobb- Douglas and 7
CES Production Functions. Role of Farm Size and Structure in Equilibrium,
Productivity, and Return to Scale. Sources and Barriers to Agricultural Development.
Agricultural Transformation, Products and Supply:
Agricultural Transformation: Schultz Theory of Transformation of Traditional
Agriculture, Agricultural Transformation: Indian Experience. Products,
IV 8
Characteristics of Supply of farm Products, Supply Response of Farm Products; Role
of Price and Non- Price Factors in Inducing Aggregate Supply, Empirical Supply
Response Functions and Evidence.
Risk and Uncertainty in Agriculture:
Risk and Uncertainty in Agriculture: Nature and Types of Risks and Uncertainties in
Agriculture, Public Policies and Farm Level Measures to Reduce Risk and
V 9
Uncertainties. Demand for and Supply of Farm Products; Characteristics of Demand
For Farm Products; Quantity and Quality Components of Demand for Food,
Forecasting of Demand for Food.
Total 40

Books & References:

• Bruce L. Gardener and Gordon C. Rausser (Eds.): Handbook of Agricultural Economics, Vol.- IA ,
Agricultural Production, Amersterdam, Elsevier Sciences B.V., 2002.
• Bruce L. Gardener and Gordon C. Rausser (Eds): Handbook of Agricultural Economics, Vol.-IB,
Marketing, Distribution and Consumption, Amersterdam, Elsevier Sciences B.V., 2002.
• Bruce L Gardener and Gordon C. Rausser (Eds.): Handbook of Agricultural Economics, Vol.- 2A,
Agricultural and Its External Linkages, Amersterdam, Elsevier Sciences B.V., 2002.
• Bruce L. Gardener and Gordon C,.Rasser (Eds.): Handbook of Agricultural Economics, Vol.- 2B,
Agricultural and Policy, Amersterdam, Elsevier Sciences B.V., 2002.
• Eicher Karl and Lawrence Witt (Eds.): Agriculture and Economic Development, New York McGraw Hill
Co., 1964.

12
 Year: I Semester: I

M. A. Economics
ECO-106, Indian Banking System

Unit Contents of Course Hrs.

Introduction of Indian Banking System:
I
Indian banking system as on the eve of bank nationalization, structure and 9
development of commercial banks in India since 199. Branch expansion programme
and policy. Deposit mobilization and Sectoral allocation of bank credit.
Social, Mass Banking and Financial Sector Reforms:
Concept of social and Mass banking. Priority sector advances and Advance to
7
II the neglected sections of the society. Financial sector reforms- Context, need and
objectives. Implementations of the Narsimham Committee recommendations, Issues
in financial reforms.
Rural Banking and NABARD:
III Rural banking – Overall structure and review of the contribution of major credit
7
cooperatives, Commercial banks and Regional rural banks including NABARD.
Human Resource Development:
Human resource development – Present and future HRD needs for bank 9
IV
employees in India. Recruitment, training and appraisal of bank employees,
Khandelwal Committee recommendations on human resource in public sectors banks.
Reserve Bank of India:
The reserve bank of India – Functions and role .Autonomy of the RBI. Liquidity
V management, Monetary policy- Goals, Targets and Indicators. RBI’ s Monetary
8
Policy- Objectives and Techniques. Impact of RBI’S monetary policy on economic
growth and Price stability.
40

Books & References:

• K. Rao: Management of Commercial Banks.
• L.M. Bhole : Impacts of Monetary Policy.
• Harendra Badhav (ed.): Challenges to Indian Banking Competition. Globalization and Financial
Markets Macmillan.
• N.S. Yher: Non-Performing Advances in Banks, Skylark, New Delhi.
• Report of the Committee (Narsimhan) on the Financial System, Nov., 1991.
• Raghuram Rajan Committee Report on Financial Sector Reforms, Planning Commission, New Delhi.
• R.B.I. Report on trend and Progress of Banking in India (Latest Edition).
st
• Hanson and Kathuria (ed.): A financial Sector for the 21 Century, Oxford. University Press.
• Y.V. Reddy, Monetary and Financial Sector Reforms in India, UBSPD.

13
 Year: I Semester: II

M. A. Economics
ECO-201, Micro Economics Theory-II

Unit Contents of Course Hrs.

Oligopoly Market & Its Models:
Oligopoly market: Non-collusive models of Cournot, Bertrand, Edge
worth, Chamberlin and Stackelberg. Cartels and Price leadership,
I 8
Baumol’s model, Marris’s and Williamson’s managerial theory. Full
cost pricing, Bain’s limit pricing theory and recent developments
including Sylos-Labini’s model. Behavioral model of the firm.
Game Theory & Theory of Distribution:
Game theory; Theory of distribution: Neo-classical approach, Marginal
II 7
productivity theory, Euler’s theorem. Technical progress and Factor
shares.
Factor Pricing:
Factor pricing under perfect and imperfect competition: Determination
III 10
of wages, rent, interest and profit, Macro theories of distribution-
Ricardo, Marx, Kalecki and Kaldor’s models
Welfare Economics:
Welfare economics: Pigouvian welfare economics, Pareto
IV 7
optimality. Kaldor – Hicks compensation principle. Theory of
second best, Scitovsky pradox; Little’s welfare criterion.
Social Welfare Function:
Social welfare function and theory of social choice- Rawl,
V Bergson- Samuelson and Arrow’s theorem. externalities, Public goods 8
and market failures. Asymmetric information – Market Signaling Moral
hazard, The principal – agent problem.
Total 40

Books & References:

• A. Koutsoyiannis : Modern Microeconomics, Macmillan, London.
• Robert S. Pindyck and Daniel L. Rubinfeld: Microeconomics. Pearson Education Inc., New Delhi.
• D. Salvatore: Microeconomic Theory, Oxford University Prees, New Delhi.
• Hal R. Varian: Microeconomic Analysis, W.W. Norton & Company Inc., New York.
• H.L. Ahuja: Advanced Microeconomic Theory, S. Chand Publication, New Delhi.

14
Year: I Semester: II

M. A. Economics
ECO-202, Macro Economics Theory-II

Unit Contents of Course Hrs.

Determination of Output and Employment:
Determination of Output and Employment – The Classical and Keynesian
I Models; Multiplier- Concept, Working, Static and Dynamic Multiplier; 8
Aggregate Supply and Aggregate Demand Model- Neo-Classical Three Sector
Model and Keynesian Three Sector Model.
IS-LM Model:
IS-LM Model- The Interaction of Real and Monetary Sectors of the Economy,
II Keynesian Version of the IS-LM Model, Neo Classical Version of the IS-LM 8
Model, Fiscal Policy and Crowding Out Effect; Role and Relative
Effectiveness of Fiscal and Monetary Policies.
Open Economy Model:
Open Economy Macroeconomics- Trade Balance, Exchange Rates and
III International Monetary System: Mundell- Fleming Model: Analysis of Fiscal , 8
Monetary and Trade Policies under Imperfect Capital Mobility and Perfect
Capital Mobility with Fixed and Flexible Exchange Rate Systems.
Inflation, Meaning, Types and Its Control:
Classical, Keynesian and Monetarist Approaches to Inflation and Policies to
IV Control Inflation; Phillips Curve Analysis; Expectation Augmented Phillips 8
Curve Analysis; Natural Rate of Unemployment Hypothesis. Role of RBI in
Inflation Control, Credit Control and Economic Stability.
Determination of Output and Employment:
New Classical Macroeconomics – The New Classical Critique of
V Keynesian Micro Foundations. The Real Business Cycle Theory; Rational 8
Expectations- Solution of a Simple Macroeconomic Model with Rational
Expectations and Economic Interpretation.
Total 40

Books & References:

• Errol D’ Souza, Macroeconomics, Person Education.
• Richard. T. Froyen, Macro Economics: Theories and Policies, Pearson Education.
• P. Edgemond, Macroeconomics, PHI, New Delhi.
• Gregory Minkiw, Macroeconomics, CBS Publishers, New Delhi.
• Robert J Gorden, Macroeconomics, Harper Collins.
• Dasgupta, A. K., Macroeconomics Analysis, New Delhi.
• Ahuja, H. L., Advanced Macroeconomic Theory (Hindi), S. Chand Publication, New Delhi.
• Rana, K. C. & Verma, K. N., Macro Economic Analysis (Hindi), Vishal Publishing Company,
Jalandhar.

15
 Year: I Semester: II

M. A. Economics
ECO-203, Statistical Methods

Unit Contents of Course Hrs.

Central Tendency, Dispersion and Skewness:
I Measures of central tendency, Dispersion, Skewness, Measurement of Inequality 8
Lorenz Curve and Gini Coefficient.
Kurtosis, Correlation & Regression:
II Kurtosis, Correlation, Simple Regression and Interpretation of Multiple linear 8
Regression Equation.
Time Series, Index Number & Probability:
III Analysis of Time Series and Curve Fitting, Index Numbers Probability, Mathematical 8
Expectation.
Probability Distribution, Sampling & Hypothesis Testing:
IV Probability Distributions (Binomial, Poisson, and Normal); Sample, Sampling and 8
Survey Methods, Testing of Hypothesis.
Different types of Test:
V Application of Z, T, F & Chi-Square tests, Association of Attributes, Analysis of 8
Variance.
Total 40

Books & References:

• S.P. Gupta: Statistical Methods, Sultan Chand & Sons, New Delhi.
• Kailas Nath Nagar: Sankhyiki ke Mool Tatva (Hindi), Meenakshi Prakashan, Meerut.
• A. L. Nagar & R. K. Das: Basic Statistics, Oxford University Press, New Delhi.
• D. R. Agarwal: Quantitative Methods, Vrinda Publication.

16
 Year: I Semester: II

M. A. Economics
ECO-204, Industrial Economics-II
.

Unit Contents of Course Hrs.

Industrialization in India:
I Policy goal of industrialization in India. Nature of industrial data for organized 9
industry. Major classification of the organized industry: Employment size and
Ownership structure.
Industrial Growth and Development in India:
II Pattern of industrial growth and changes in industrial structure in India since 1951. 7
Factors affecting industrial location. Regional imbalances in industrial development
in India and government policy for balanced regional development of industry.
Market Structure:
III 8
Market structure and R & D. Allocative efficiency and capacity utilization Indian
industry; Productivity growth, FDI and Acquisition of technology in India.
Industrial Reforms:
IV 8
MRTP and nature of concentration of Indian industry. Liberalization and
Privatization in Indian industry.
Merger, Takeovers and Industrial Development in Rajasthan:
V Mergers and Takeovers. Competition Policy and Consumer protection in India.
8
Industrial development in Rajasthan.
Total 40

Books & References:

• Barthwal R. R.: Industrial Economics An Introductory Textbook, Wiley Easton Limited, New Delhi.
• Cohen K.L. & Cyert R. M: Theory of the Firm. Prentice Hall.
• Scherer, F. M. & Ross David: Industrial Market Structure and Economic Performance, Boston
Houghton, Mifflin, Company.
• Hay.. D. A. and Morris D. J.: Industrial Economics: Theory and Evidence, Oxford University Press.
• Shepherd W. J.: The Economics of Industrial Organization (3rd Ed.), Princeton Hall, Englewood
Cliffs, New Jersey.
• Martin Stephen: Advanced Industrial Economics, Blackwell Publishers Limited, UK.
• Bain J. S.: Industrial Organization (2nd ed.), University of California.
• Caves, R .: American Industry: Structure, Conduct Performance, Princeton Hall.
• Wildsmith, S.: Managerial Theories of The firm.
• Devine P. J. & Others: Introduction to Industrial Economics, George Allen and Unwin.
• Nayyar, Deepak (ed.): Industrial Growth and Stagnation, Oxford University Press.

17
 Year: I Semester: II

M. A. Economics
ECO-205, Agriculture Economics-II

Unit Contents of Course Hrs.

Agricultural Finance:
Agricultural finance: Financial characteristics of agriculture, Imperfect information
[Agency relationship, Adverse selection, and Moral hazard] and Enforcement
I problems in Credit markets: Segmented rural credit markets, Resolving information
8
and Incentive problems; Managing borrowers’ Credit risks; Agribusiness and Trade
financing; and rationale for government intervention in rural credit markets.
Structure and functioning of rural credit market in India.
Agricultural Market-I:
Agricultural markets: Nature, Types and Problems of agricultural commodity
II markets; Marketing margins. Determinants; and Evaluation of marketing efficiency.
8
Institutional and Organizations in agricultural markets [Farmers cooperatives,
marketing orders, Marketing boards and trading enterprises].
Agricultural Market-II:
III Horizontal structure of agricultural marketing, Vertical market relationships, 8
Instability in agricultural markets, Price stabilization and social benefits, Storage and
market stabilization, Role of commodity futures and options in stabilization.
Food Securities and International Trade:
Food security and international trade: Concept, Threat, Indicators and
IV Mechanism to food security: Food assistance programmees [both Domestic 8
and International]. Main features of international trade in agricultural
commodities, Domestic agricultural and Trade polices of developed countries
and their impact on world trade.
GATT, World Trade Organization and Indian Agricultural Development:
Agriculture in GATT negotiations and WTO. Recent developments in Indian
V agriculture; Indian agricultural development strategy since independence. 8
Opportunities and Challenges [Expectations, Performance, and Emerging constraints
and potentials] for Indian agriculture in the post reform period. National Agricultural
Policy (Latest) and the agricultural development strategy in the latest five year plan.
Total 40

Books & References:

• Besley, Timothy: “How Do Market Failures Justify Interventions in Rural Credit Markets?” The World Bank
Research Observer, Vol. 9
• Bruce L. Gardener and Gordon C. Rausser (Eds.): Handbook of Agricultural Economics Vol. 1- A:
Agricultural Production. Amersterdam, Elsevier Science B. V., 2002.
• Ghatak Subrata and Ken Ingersent: Agriculture and Economic Development, Harvestor Press Ltd., London, 1984.
• Government of India: Five Year Plant (Latest), Planning Commission, Government of India, New Delhi.
• Government of India: National Agricultural Policy, Ministry of Agriculture, Government of India, New Delhi

18
 Year: I Semester: II

M. A. Economics
ECO-206, Indian Financial System

Unit Contents of Course Hrs.

Introduction to Indian Financial System:

I 8
Financial system –Meaning, Structure and Functions of financial system. Financial
system and Economic development. Financial intermediaries and Financial markets.
Money Markets:
II Money market – Designation, Nature and Role of money market in the economy. 8
Indian money market – Call money market, Treasure bills market, Commercial bill
market, Markets for commercial paper and Certificate of deposits.
Government Security Markets:
Government security market – Nature and Organization of government security
III 8
market, Volume and Composition of issues. Secondary market transactions, Prices
and Yield. Implications of monetary policy, Recent development in government
security market.
Industrial Security Market:
IV Industrial security market- Organization and Structure. Listing, Trading and 8
Settlement. Primary and Secondary market. Drawbacks of Indian stock market .
Recent development in industrial security market.
Market for Future , Option and Discount:
V 8
The discount market. Discount and Finance house of India and Securities trading
corporation of India. Market for futures, Options and Other financial derivatives.
Total 40

Books & References:

• S.B. Gupta : Monetary Planning for India (latest Ed.)

• K. Rao: Management of Commercial Banks.
• L.M. Bhole : Impacts of Monetary Policy.
• Harendra Badhav (ed.): Challenges to Indian Banking Competition. Globalization and Financial Markets
Macmillan.
• N.S. Yher: Non-Performing Advances in Banks, Skylark, New Delhi.
• Report of the Committee (Narsimhan) on the Financial System, Nov., 1991.
• Raghuram Rajan Committee Report on Financial Sector Reforms, Planning Commission, New Delhi.
• R.B.I. Report on trend and Progress of Banking in India (Latest Edition).
• Hanson and Kathuria (ed.): A financial Sector for the 21st Century, Oxford. University Press.
• Y.V. Reddy, Monetary and Financial Sector Reforms in India, UBSPD. New Delhi.

19
 Year: II Semester: III

M. A. Economics
ECO-301, Public Economics-I

Unit Contents of Course Hrs.

Introduction to Public Finance:

Nature and Scope of Public Finance and Private Finance, Economic. Analysis of
I Public policy, Role of Government in the Economic Activity- Allocation, 8
Distribution and Stabilization Functions, Private, Public and Merit Goods. Theory of
Externalities – External Benefits and Cost- Correction of Externalities, Principle of
Maximum Social Advantage.
Budgeting:
II Public Budgets – Kinds of Budgets, Optimal Budgeting, Balanced and Unbalanced 8
Budgets – Deficit Financing, Performance and Programming Budgeting, Zero Base
Budgeting.
Public Expenditure:
III Public Expenditure – Hypothesis and evaluation, Effects of Public Expenditure on 8
Production and Distribution, Bowen, Lindhal and Samuelson’s Models, Wagner’s
Law of Increasing State Activates, Weisman Peacock Hypothesis
Public Expenditure:
Public Revenue – Canons of Taxation, Different Approaches to the Division of
IV Tax Burden, Incidence and Effects of Taxation, Taxable Capacity, Justice in 8
Taxation, Benefit & Ability to Pay Approaches. Theory of Optimal Taxation –
Equal Absolute, Equal- Proportional, Equal-Marginal and least Aggregate
Sacrifice Principles. Buoyancy and Elasticity of Tax.
Tax System:
Direct and Indirect taxes – Effects of Direct Tax on Production (viz. Labour Supply
V and Saving Rate) and Distribution, Effects of Indirect Tax on Production,
8
Progressiveness of a Tax System and its Measurement. Shifting and Incidence
under Monopoly and Perfect Competition.
Total 40

Books & References:

• R.A. Musgrave and P.B. Musgrave Public Finance in Theory and practice, New York: McGraw-Hill.
• R.A. Musgrave: Theory of Public Finance, McGraw-Hill.
• S. Ganguli: Public Jones, Public Finance and Public Choice, Oxford University Press.
• Harvey Rosen, Public Finance, McGraw Hill Publications.
• David N. Hyman, Public Finance – A Contemporary Application of Theory to Policy, Thomoson South Western.
• R.K. Lekhi, Public Finance, Kalyani Publishers.

20
Year: II Semester: III

M. A. Economics
ECO-302, International Trade Theory

Unit Contents of Course Hrs.

Introduction to International Trade & Classical Trade Theory:

I Early Trade Theories: Mercantilism, Classical Theory of Trade, Absolute Advantage 8
and Comparative Advantage– Views of Adam Smith, Ricardo, Mill, Haberler,
Empirical Testing of Classical Theory.
Standard Trade Theory:
II Standard Theory of Trade – Production Possibility Frontier, Community Indifference 8
Curves, Offer Curves, Trade Indifference Curves, Terms of Trade and Gains from
Trade.
Modern Trade Theory:
Factor Endowments and Heckscher Ohilin Model- Factor Price Equalization
III Theorem, Stolper – Samuelson theorem, Metzler Paradox and Rybczynski Theorem, 8
Empirical Verification of H-O Theory, Leontief Paradox, Meade’s General
Equilibrium in trade. International Trade under Imperfection Competition in
Goods Markets Intra Industry Trade.
Economic Growth and International Trade :
Economic Growth and International Trade – Growth of Factors of Production,
IV 8
Technical Progress, Immiserizing Growth, International Factor Movements –
Labour and Capital Movements and their Effects, Brain, Drain, Multinational
Corporations and their Role.
Barriers and International Trade:
V 8
Free Trade versus Protection, Instruments of Protection and their Effects, Tariffs
(Partial and General Equilibrium), Quota, and other Non-Tariff Barriers.
Total 40

Books & References:

• J. Bhagwati: International Trade, Cambridge University Press, London.

• R.J. Carbough: International Economics, Cengage Learning B Edition.
• D. Salvatore: International Economics, PHI, New York.
• Rana and Verma International Economics, Vishal Publishing House Ludhiana (Hindi and
English).

21
 Year: II Semester: III

M. A. Economics
ECO-303, Economics of Development and Growth-I

Unit Contents of Course Hrs.

The Concept of Development:
Understanding development: Dividing the world and levels of development
(Development as an evolving concept i.e. development, growth and change, Coulet’s
I 8
core values of development; Sen’s conception of development; Income/Output based
measures and their inadequacies; PQLI and HDI as indicators of Development).
Concept measures and problems of growth.
Standard Trade Theory :
Ingredients of Development – Land, Labour, Physical and Human capital,
II Technological change, Scale and organization, Sustainable development - 8
conceptualization, concern, indicators and remedial measures. Poverty and
inequalities in LDCs and their impact on development.
Theories of Economics Development:
Agriculture – Industry interface – Interdependence between Agriculture and industry;
III Industrialization and urbanization (The models of Lewis Fei and Ranis and Todaro); 8
The balanced growth doctrine (review of Rosenstein, Nurkse and Lewis); Strategy of
unbalanced (Hirschman’s version), and the reconciliation of the two.
Project Evaluation Criteria :
Internal rate of return (IRR), Net present value (NPV) and Cost – benefit analysis
IV discount rate, Shadow prices of capital, Unskilled labour and foreign exchange, 8
Choice of techniques, Capital-output ratio, Applications of input- output analysis in
planning.
Finance of Economic Development :
V Domestic and external resources, Two-gap model, International trade and 8
development, Types and approaches of planning. Plan models of India, Past
performance and current issues of Indian planning.
Total 40

Books & References:

• Meier, Gerald M. and James E. Raunch Leading issues in economic Developments, Eighth Edition, Oxford
University Press, New York
• Ray, Debraj, Development Economic, Seventh Impression, Oxford University Press, New Delhi.
• Thirwall, A.P. Growth and Development, Eighth Edition, Palgrave Macmillan, New York.
• Todaro, Michal P. And Stephen Smith C: Economic Development Eighth Edition, Second Impression, Pearson
Education, (Singapore) Pvt. Ltd. Indian Branch, Delhi.
• Yotopoulos, Pan A. and Nugent Jeffery B: Economics of Development: Empirical Investigations, Harper and
Row Publishers, New York.
• Lewis W.A. Development Planning.
• Meir, G.L. : Leading Issues in Economic Development
• Kuznets, S. : Modern, Economic Growth in U.S. Economy.
• P. Bardhan and T.N. Srinivasan : Poverty and Income Distribution in India
• Todaro, M.P. Economic for a Developing World.
• Thirllwall, A.P. Growth and Development.
• ,e-,y- f>axu & fodkl ,oa fu;kstu dk vFkZ'kkL=

22
Year: II Semester: III

M. A. Economics
ECO-304, Indian Economics Development and Policy-I

Unit Contents of Course Hrs.

Resources of India:
Natural resource in India – Land, Water, Forest and Minerals, Population –
I Size, Composition; Quality and Growth trends characteristics of Indian population 8
through recent census, Population policy and Economic effects of population
pressure.
Major Problem of India:
Poverty, unemployment and Human Development Index; Its measure, Latest HDI
II 7
report. Human development during plan period – Appraisal of government
measures, India’s Human Development Record in global perspective.
Agricultural Development in India:
Agricultural development in India; Institutional aspects- Land reforms, Green
III 9
revolution, Technological aspects – Agricultural inputs and Shifts in production
function, Agricultural cost and Price policy.
Agricultural Marketing and Credit in India:
Agricultural marketing and credit, Food policy and security, Subsidy and Public
IV 8
distribution system, Capital formation in Indian agriculture, Problems in agriculture
– A need for second green revolution.
Industrial Development in India:
Industry – Strategy of industrial development and industrial policy; Reforms, Small
scale and cottage industries, Reservation policy relating to small scale industries,
V Sources of industrial finance-Banks, Share Market, Insurance companies, Pension 8
fund, Non banking sources and FDI, Role of foreign capital for direct
investment and portfolio investment, Public sector reforms, privatization and
disinvestment.
Total 40

Books & References:

• Dutt and Sundram: Indian Economy, S. Chand (Latest Ed) (Hindi and English), New Delhi.
• A.N. Agrawal: Indian Economy, New Age International Pub. (P) Letd, (Latest Ed) (H indi and
English), New Delhi.
• Laxmi Narayan Nathurmka: Bhartiya Arthshastra, College Book House, (Latest Ed), Jaipur.
• Mishra & Puri: Indian Economy, Himalaya Publishing House (Latest Ed (Hindi and English),
Mumbai.
• Economic Survey (Latest), MOF, GOI, New Delhi. & Download PDF from
(https://www.finmin.nic.in/)
• Monthly Bulletins RBI, Mumbai. & Download PDF from https://www.rbi.org.in/

23
 Year: II Semester: III

M. A. Economics
ECO-305, International Finance

Unit Contents of Course Hrs.

Introduction to International Finance:
International Finance – Functions, sources and uses; International capital flows:
I Foreign Direct Investment (FDI), Foreign Portfolio Investment (FII), Effects of 9
Investment on host countries and Financial instability, India’s policy towards
foreign capital, International financial system and Global economy.
Foreign Exchange Market:
Principles of international financial management, Foreign exchange market –
Structure, kinds, instruments of payments, functions, trading. Developments in
II foreign exchange markets – Euro-currency markets, Asian dollar markets and 8
International bonds markets. Stability of foreign exchange market. Foreign
exchange rate – Meaning, exchange risk, Hedging and Speculation. Determination
of Equilibrium Exchange Rate and Exchange Rate Systems.
International Business Finance & Monetary System:
International business finance: Traditional trade finance, Multilateral financial
markets, International banking, International financial centers, International trade and
III 9
business organizations, Trade imbalances in the modern global economy,
International Monterey System and Alternative International Monetary Standards,
IMF and Problem of International liquidity.
Asian Development Bank and World Bank:
Theory of optimum currency areas – Growth of regional financial institutions.
Reforms in international monetary system of developing countries, Asian
IV development bank and its lending activities borrowing form World Bank, Asian 7
development bank and Aid India club nations and its overall impact on Indian
economy. Open economy of India – Trends in India’s balance of payments.

International Regional Blocks:

Role of the regional blocks – EU, NAFTA, ASEAN SAFTA etc. in the
international business, WTO and its impact on different sectors of the Indian
V economy. Growth of foreign exchange reserves since the year 1990, Convertibility of
7
Indian rupee and its impact on Indian economy, Exchange rate management of India.

Total 40

Books & References:

• Grabbo J. Orlin International Fincancial markets Prentice Hall Inc. Engelwood cliffs, NJ,
USA.
• Daniel R. Kane Principles of International Finance, Croom Helm Ltd.
• Harold James: International Monetary Cooperation since Bretton Wood, IMF.
• Peter Kenen: (ED) Managing the World Economy: Fifty Years after Bretton Wood.
• Peter B. Kenen: International Economics, Cambridge University Press.
• Bo Soderster and Geofrey Reed: International Economics MacMillan.
• Lovi – Maurica: International Financial, Mc Graw-Hill.

24
 Year: II Semester: III

M. A. Economics
ECO-306, Environmental Economics-I

Unit Contents of Course Hrs.

Introduction of Environmental Economics and Resources:
Environmental economics: meaning, scope, positive versus normative perspective.
I Relation of environmental economics with economics, Ecological economics and 8
resource economics. Classification of resources: Renewable and non- renewable.
Biotic and abiotic, Exhaustible and non- exhaustible resources.
Sustainable Development and Disaster Risk Management:
Sustainable development: concept, objectives, indicators, strong and weak
II sustainability. Development and environment: Environmental Kuznets curve, 8
Trade and environment. Disaster risk management and Development: Risk
identification, Risk reduction and transfer. Adverse event management and recovery.
Environmental Pollutions:
Air pollution: Types of pollutants and their impact; Water pollution: Concepts of
III BOD and COD, pH values, Fluoride, Fertilizer use; Land degradation: Problem of 8
solid waste disposal and contamination; Problem of salinity and Water logging; A
forestation and deforestation, Significance of social forestry.
Depletion of Ozone Layer and Environmental Benefit:
Depletion of ozone layer: Green house effect, Global warming and climate change-
IV Acid rain, Urban pollution and urban health. Economic theory and measurement 8
of environmental benefits. Demand for environmental service – Willingness to pay
and willingness to accept.
Methods of Environmental Valuation:
Alternative approaches and methods of environmental valuation – Revealed
preference and stated preference method – Hedonic pricing. Household production
V 8
function, Travel cost method, Defensive cost and contingent Valuation method. Green
accounting; Flaws in conventional system of national income accounts, Requisite
modifications to national income account
Total 40

Books & References:

• Bhattacharya, R. N. (2001), Environmental Economics- An Indian Perspective, Oxford University
Press, Delhi
• Hanley.N., J. F. Shogren, and B. White (2006), Environmental Economics: In Theory and Practice,
Oxford University Press.
• Kolstad, C. D. (2003), Environmental Economics, Oxford University Press.
• Sengupta, Ramparsad (2003), Ecology and Economics: An Approach to Sustainable Development ,
Oxford University Press, Delhi.
• Singh , K. and A. Shishodia (2007), Environmental Economics: Theory and Applications , Sage
Publications , New Delhi.
• Ramparsad Sengupta (2012), Ecological Limits and Economic Development, Oxford University
Press, Delhi.

25
 Year: II Semester: IV

M. A. Economics
ECO-401, Public Economics-II

Unit Contents of Course Hrs.

Public Debt:
I Theory of public debt– sources, effects, burden and its management, loans and saving 6
as sources of finance for development. Internal and external public debt of India.
Fiscal Policy:
Fiscal policy – neutral and compensatory fiscal policy; Functional finance; Fiscal
II policy in developing countries; Fiscal policy for stabilization– automatic and 8
discretionary stabilizers. Built in flexibility, Interdependence of fiscal and monetary
policies, Balanced budget multiplier, Anti-inflationary policy.
Indian Tax System & Budget:
Indian tax system – salient features, major taxes, main trends in the revenue of the
III central and state governments in India, Non – tax revenue, Union budget of India, 7
Major trends in public expenditure in India (growth and composition), Problem of
budget deficit and FRBM Act.
Fiscal Federalism & Public enterprises in India:
Fiscal federalism – theory and problems, Problems of centered state financial
IV rotations in India, Criteria for resource transfer from the center to states, Finance 9
commissions and devolution of resources to states, Pricing policy in public
enterprises, disinvestment and privatization of Public enterprises in India.
Recent Tax Reforms in India:
Recent tax reforms in India, Recommendation of Raja J. Chelliah Committee and
V 10
Kelkar Committee. Direct tax code and GST. State finances of Rajasthan – trend and
composition of revenue and expenditure.
40

Books Recommended:-
• R.A. Musgrave and P.B. Public Finance in Theory and practice, New York McGraw-Hill.
• R.A. Musgrave: Theory of Public Finance McGraw-Hill.
• S. Ganguli: Public Finance, The World Press Private Limited.
• John Callis and Phillip Jones, Public Finance and Public Choice, Oxford University Press.
• Harvey Rosen, Public Finance, McGraw Hill Publications.
• David N. Hyman, Public Finance – A Contemporary Applications of Theory to Policy,
Thomson South Western.
• R.K. Lekhi, Public Finance, Kalyani Publishers.
• Chelliah and Kelkar Committee Reports.
• Prem Prakash Sharma : Principle of Public Finance, Hindi Granth- Academy, Jaipur (Hindi)

26
Year: II Semester: IV

M. A. Economics
ECO-402, Trade Policy and International Monetary System

Unit Contents of Course Hrs.

Trade Policies:
Political economy of protectionism: Trade policy in developing nations, Import
I substitution V/s Export promotion, Strategic trade policy in developed nations. 8
Trade and economic development, Deteriorating terms of trade of developing
Nations- Prebisch-Singer hypothesis, Current trade problems of developing nations.
International capital movement and monetary system:
International capital movement and factors affecting it, various forms of foreign
II capital and its role in economic development. Rise and falls of Bretton – woods 8
system and present international monetary system, IMF, World Bank their
achievements and failures.
Economic integration and WTO:
Economic integration – stages and forms. Theory of customs union: static and
III dynamic effects, Regional trade blocks – bilateral and multi-lateral international 7
negotiations, Preferential trade areas (PTA’s) and Free Trade Areas (FTA’s.) WTO
issues and its impact on trade.
Foreign Exchange and Euro Currency Market:
Foreign exchange market – functions and exchange rate determination, Exchange rate
IV theories– Mint parity, Purchasing power parity (PPP), Monetary approach and 9
Portfolio balance approach, Fixed and flexible exchange rates, Exchange controls and
multiple exchange rates, Current exchange rate regime. Euro currency market.
Balance of payments:
Balance of payments – accounting, components, causes of disequilibrium and
V Mechanism of adjustments – devaluation and Marshall - Lerner conditions, Elasticity 8
and absorption approaches, External and internal balance, Foreign trade multiplier,
Swan model.
40

Books & References:

• J. Bhagwati: International Trade, Cambridge University Press, London.
• R.J. Carbough; International Economics, Cengage Learning 13 edition.
• D. Salvatore: International Economics, PHI, New York.
• Rana and Verma: International Economics, Vishal Publishing House, Ludhiana (Hindi and
English).
• Soderston and Reed: International Economics, Palgrave Macmillan: 3Rev Ed., Edition.

27
 Year: II Semester: IV

M. A. Economics
ECO-403, Economics of Development and Growth-II

Unit Contents of Course Hrs.

Economic growth and Structural change:
Economic growth and Structural change: Structural changes in the composition
of gross domestic product, Occupational structure, Structure of capital
I 8
accumulation and accumulation of human capital: Exploring the relationship between
economic development and Income distribution (Kuznets inverted U - shaped curve
and augmented Kuznets curve, Denison & Chenry empirical studies).
Theories of growth- I:
Theories of growth– Classical approach: Adam Smith, Marx and Schumpeter, Neo
II 8
– Classical Approach: Robinson, Solow, Kaldor and Harrod – Domar model,
Cambridge criticism of neo-classical analysis of growth, the capital controversy.
Theories of growth- II:
Technological progress – embodied and disembodied technical progress, Hicks,
III Harrod learning by doing, Production function approach to the economic growth, 7
Growth models of Kaldor and Pasintti, Optimal saving and Ramsay’s rule of
accumulation. Romar model of technological change.
Endogenous Growth:
Endogenous growth; Intellectual capital, A-K model, Uzawa – Lucas model –
IV Explanation of cross country differentials in economic growth. Economic isolation 9
and integration with the global market. Living in a heterogeneous world, World-
islands of prosperity and how the other three quarters live.
Functions of Market and State:
An overview of the economic functions of the market and state, Efficiency of the
V 8
competitive market, Market failure, Government failure, On the choice of economic
system, Market failure in a dynamic economy.
40

Books & References:

• Chenery, Hollis and Moises Syrquin: Patterns of Developments: 1950-70, Oxford
University Press.
• Kuznets, S.: Modern Economic Growth, Rate Structure and Spread, Vakils, Feiffer and
Simons Private Limited, Bombay.
• Mejer, Edition, Oxford University Economics, Oxford University Press, Delhi.
• Ray, Debraj: Development Economics, Oxford University Press, Delhi.
• Robert J.Barrow and Xavier Sala-i-Martin: Economic Growth, Prentice-Hall of India Pvt.
Ltd, New Delhi.
• Thirwall, A.P. Growth and Development, Eighth Edition, Palgrave Macmillan, New York.
• Thorvaldur Gylfason: Principles of Economic Grwoth, Oxford University Press.

28
 Year: I Semester: IV

M. A. Economics
ECO-404, Indian Economics Development and Policy-II

Unit Contents of Course Hrs.

Foreign Trade:
I Foreign Trade: Salient features, Trends, Composition, Direction and Organization, 8
Trade reforms, liberalization and Recent trade policy.
MNCs, W.T.O. & B.O.P.:
II MNCs and their impact on Indian economy, WTO – issues and its impact on Indian 8
economy, India’s balance of payment position in recent years.
Planning In India:
Economic planning: Goals, Achievements and Shortcomings of planned
development, Planning and the market. Planning commission and NITI Ayog;
III 7
Decentralized planning: Constitutional obligations and Panchayati Raj Institutions.
Balwant Rai Mehta Committee and Ashok Mehta Committee, Financial aspects of
73rd and 74th constitutional amendments.
National Income & Major Problems of Indian Economy:
National and Per Capita Income – Growth pattern and trends, Aggregate and Sectoral
IV composition and change therein, Regional distribution, Income inequalities in – 9
India. Problem of subsidy. Black money/ parallel economy, poverty,
unemployment & governmental efforts for their solution.
Infrastructure & Reforms of Indian Economy:
Infrastructure development in India- Physical infrastructure [Power, Transport,
V 8
Communication and Irrigation] and Social infrastructure [Health and Education];
New economic policy- LPG and Second phase of economic reforms, SEZs.
40

Books & References:

• Dutt and Sundram: Indian Economy, S. Chand (Latest Ed) (Hindi and English), New Delhi.
• A.N. Agrawal: Indian Economy, New Age International Pub. (P) Letd, (Latest Ed) (Hindi
and English), New Delhi
• Laxmi Narayan Nathurmka: Bhartiya Arthshastra, College Book House, (Latest Ed),
Jaipur.
• Mishra & Puri: Indian Economy, Himalaya Publishing House (Latest Ed (Hindi and
English), Mumbai.
• Economic Survey (Latest), MOF, GOI, New Delhi. & Download PDF from
(https://www.finmin.nic.in/)
• Planning Commission & Download PDF from http://planningcommission.gov.in/
• Uma Kapila: Indian Economy, Academic Foundation.

29
Year: I Semester: IV

M. A. Economics
ECO-405, History of Economic Thought

Unit Contents of Course Hrs.

Introduction & Classical School:
Mercantilism Physiocrates, Quesnay’s table economic concept of surplus growth,
I theory of taxation and role of government. Classical school: Adam Smith the 8
invisible hand doctrine wealth of nation, laissez faire, profits and wages modern
revival of Adam Smith; critiques of Adam Smith.
Theories of Malthus & Ricardo:
Malthus’s theory of population and theory of under competition; Ricardo – principal
II of political economy and taxation distribution theory – different roots differences 8
with say on determination of value modern revival and interpretation (Sraffa).
Critics of the Classical School & Other Thoughts:
Critics of the classical school – Sismondi socialist and the nationalist school
position senior and the four postulates, J.S. Mill – four prepositions and capital
III demand and supply bifurcation wage fund. rehabilitation by coarseness stationery 7
state version non – competing groups evaluation of socialist thought – Utopian
socialism Saint – Simon, Own blane, Fourier proudhob scientific socialist.
Karl- Marx & Neo Classical School:
Karl - Marx efforts at scientific socialism organic composition of capital break down
IV of capitalism, reserve army labour critiques of Marx, Revival Marx in economics. 9
The German historical school and development of marginalize the neo classical
school Marshall.
20th century economic thought & Indian Economic Thinkers:
20th century economic thought main features (Only the rise of key nesiaanism the rise
V of mathematical economics dynamics of econometrics) Critical evaluation of the 8
development of economic thought; Indian economic thought Kautilya, Vinoba
Bhave, Dr. B.R. Ambedkar and Mahatma Gandhi.
40

Books & References:

• H. Haney: A History of Economic Thought.
• Eric Roll: A History of Economic Thought.
• Lionel Robbins: A History of Economic Thought.
• S.K. Srivastava: A History of Economic Thought.
• H.L. Bhatia: A History of Economic Thought.
• V. C. Sinha: vkfFkZd fopkjksa dk bfrgkl

30
 Year: II Semester: IV

M. A. Economics
ECO-406, Environmental Economics-II

Unit Contents of Course Hrs.

Environmental Protection & Welfare Economics:
Social choice of optimum environmental protection: Individual preferences
regarding Environment protection- Biocentrism. Sustainability, Anthropocentrism;
I 8
Social choice from individual values. Welfare economics: efficiency and
competitive markets. Problems of market failure: Public bads and externalities-
Optimal provision of public goods and bads. Pricing public goods and bads.
Environmental Regulations:
Theory of environment regulation: Rationale for regulation, Price rationing,
II 8
Pigovian taxes single and multiple Polluters, Subsidies for abatement of pollution in
short and long run.
Property Rights:
Property rights: Coase theorem, Problems of public bads and bargaining, Policy
III significance of Coase Theorem, Common Property Resources and Tragedy of 7
Commons. Command and Control, Economic Incentives; Tradable Pollution
Permits.
Regulation with unknown Control Cost:
Regulation with unknown control cost: Unknown polluter Characteristics
IV [adverse selection problem], Unobserved control cost- emission fees or quantity 9
regulation, Hybrid price- Quantity regulation, Obtaining Private control cost
information, Enforcement, Dynamics and Commitment.
Environmental Risk and uncertainty:
V Environmental risk and uncertainty: Regulating risk with liability, Liability versus 8
Direct regulation; Environmental risk and insurance; Moral hazard.
40

Books & References:

• Hanely, Nick, Jason F. Shorgen, and Ben White (1999): Environmental Economics: In Theory and
Practice, MacMillian.
• Kadekodi , Gopal K. (2004): Environmental Economics in Practice, Oxford University Press.
• Kolstand , C. D. (2003): Intermediate Environmental Economics, Oxford University Press.

31