ECONOMICS
PAPER – I
1. Advanced Micro Economics:
(a) Marshallian and Walrasiam Ap-proaches to Price determination.
(b) Alternative Distribution Theories: Ricardo, Kaldor, Kaleeki
(c) Markets Structure: Monopolistic
Competition, Duopoly, Oligopoly.
(d) Modern Welfare Criteria: Pareto
Hicks & Scitovsky, Arrow’s Impossi-bility Theorem, A.K. Sen’s Social
Welfare Function.
2. Advanced Macro Economics:
Approaches to Employment Income and
Interest Rate determination: Classical,
Keynes (IS-LM) curve, Neo classical syn-thesis and New classical, Theories of In-terest Rate determination and Interest Rate
Structure.
3. Money - Banking and Finance:
(a) Demand for and Supply of Money:
Money Multiplier Quantity Theory of
Money (Fisher, Pique and Friedman)
and Keyne’s Theory on Demand for
Money, Goals and Instruments of Mon-etary Management in Closed and
Open Economies. Relation between
the Central Bank and the Treasury.
Proposal for ceiling on growth rate of
money.
(b) Public Finance and its Role in Market
Economy: In stabilization of supply,
allocation of resources and in distri-bution and development. Sources of
Govt. revenue, forms of Taxes and
Subsidies, their incidence and effects.
Limits to taxation, loans, crowding-out
effects and limits to borrowings. Pub-lic Expenditure and its effects.
4. International Economics:
(a) Old and New Theories of International
Trade
(i) Comparative Advantage
(ii) Terms of Trade and Offer Curve.
(iii) Product Cycle and Strategic Trade
Theories.
(iv) Trade as an engine of growth and
theories of under development in
an open economy.
(b) Forms of Protection: Tariff and quota.
(c) Balance of Payments Adjustments:
Alternative Approaches.
(i) Price versus income, income ad-justments under fixed exchange
rates,
(ii) Theories of Policy Mix
(iii) Exchange rate adjustments under
capital mobility
(iv) Floating Rates and their Implica-tions for Developing Countries:
Currency Boards.
(v) Trade Policy and Developing
Countries.
(vi) BOP, adjustments and Policy Co-ordination in open economy
macro-model.
(vii) Speculative attacks
(viii) Trade Blocks and Monetary
Unions.
(ix) WTO: TRIMS, TRIPS, Domestic
Measures, Different Rounds of
WTO talks.
5. Growth and Development:
(a) (i) Theories of growth: Harrod’s
model,
(ii) Lewis model of development with
surplus labour
(iii) Balanced and Unbalanced
growth,
(iv) Human Capital and Economic
Growth.
(v) Research and Development and
Economic Growth
(b) Process of Economic Development of
Less developed countries: Myrdal and
Kuzments on economic development
and structural change: Role of Agri-culture in Economic Development of
less developed countries.
(c) Economic development and Interna-tional Trade and Investment, Role of
Multinationals.
(d) Planning and Economic Develop-ment: changing role of Markets and
Planning, Private- Public Partnership
(e) Welfare indicators and measures of
growth – Human Development Indi-ces. The basic needs approach.
(f) Development and Environmental
Sustainability – Renewable and Non
Renewable Resources, Environmen-tal Degradation, Intergenerational eq-uity development.
PAPER – II
1. Indian Economy in Pre-Independence
Era:
Land System and its changes, Commer-cialization of agriculture, Drain theory,
Laissez faire theory and critique. Manu-facture and Transport: Jute, Cotton, Rail-ways, Money and Credit.
2. Indian Economy after Independence:
A The Pre Liberalization Era:
(i) Contribution of Vakil, Gadgil and
V.K.R.V. Rao.
(ii) Agriculture: Land Reforms and
land tenure system, Green Revo-lution and capital formation in ag-riculture,
(iii) Industry Trends in composition
and growth, Role of public and
private sector, Small scale and
cottage industries.
(iv) National and Per capita income:
patterns, trends, aggregate and
Sectoral composition and
changes their in.
(v) Broad factors determining Na-tional Income and distribution,
Measures of poverty, Trends in
poverty and inequality.
B The Post Liberalization Era:
(i) New Economic Reform and Agri-culture: Agriculture and WTO,
Food processing, Subsidies, Ag-ricultural prices and public distri-bution system, Impact of public ex-penditure on agricultural growth.
(ii) New Economic Policy and Indus-try: Strategy of industrialization,
Privatization, Disinvestments,
Role of foreign direct investment
and multinationals.
(iii) New Economic Policy and Trade:
Intellectual property rights: Impli-cations of TRIPS, TRIMS, GATS
and new EXIM policy.
(iv) New Exchange Rate Regime:
Partial and full convertibility, Capi-tal account convertibility
(v) New Economic Policy and Public
Finance: Fiscal Responsibility Act,
Twelfth Finance Commission and
Fiscal Federalism and Fiscal
Consolidation.
(vi) New Economic Policy and Mon-etary system. Role of RBI under
the new regime.
(vii) Planning: From central Planning
to indicative planning, Relation
between planning and markets
for growth and decentralized plan-ning: 73
rd
and 74
th
Constitutional
amendments.
(viii) New Economic Policy and Em-ployment: Employment and pov-erty, Rural wages, Employment
Generation, Poverty alleviation
schemes, New Rural, Employ-ment Guarantee Scheme.
PAPER – I
1. Advanced Micro Economics:
(a) Marshallian and Walrasiam Ap-proaches to Price determination.
(b) Alternative Distribution Theories: Ricardo, Kaldor, Kaleeki
(c) Markets Structure: Monopolistic
Competition, Duopoly, Oligopoly.
(d) Modern Welfare Criteria: Pareto
Hicks & Scitovsky, Arrow’s Impossi-bility Theorem, A.K. Sen’s Social
Welfare Function.
2. Advanced Macro Economics:
Approaches to Employment Income and
Interest Rate determination: Classical,
Keynes (IS-LM) curve, Neo classical syn-thesis and New classical, Theories of In-terest Rate determination and Interest Rate
Structure.
3. Money - Banking and Finance:
(a) Demand for and Supply of Money:
Money Multiplier Quantity Theory of
Money (Fisher, Pique and Friedman)
and Keyne’s Theory on Demand for
Money, Goals and Instruments of Mon-etary Management in Closed and
Open Economies. Relation between
the Central Bank and the Treasury.
Proposal for ceiling on growth rate of
money.
(b) Public Finance and its Role in Market
Economy: In stabilization of supply,
allocation of resources and in distri-bution and development. Sources of
Govt. revenue, forms of Taxes and
Subsidies, their incidence and effects.
Limits to taxation, loans, crowding-out
effects and limits to borrowings. Pub-lic Expenditure and its effects.
4. International Economics:
(a) Old and New Theories of International
Trade
(i) Comparative Advantage
(ii) Terms of Trade and Offer Curve.
(iii) Product Cycle and Strategic Trade
Theories.
(iv) Trade as an engine of growth and
theories of under development in
an open economy.
(b) Forms of Protection: Tariff and quota.
(c) Balance of Payments Adjustments:
Alternative Approaches.
(i) Price versus income, income ad-justments under fixed exchange
rates,
(ii) Theories of Policy Mix
(iii) Exchange rate adjustments under
capital mobility
(iv) Floating Rates and their Implica-tions for Developing Countries:
Currency Boards.
(v) Trade Policy and Developing
Countries.
(vi) BOP, adjustments and Policy Co-ordination in open economy
macro-model.
(vii) Speculative attacks
(viii) Trade Blocks and Monetary
Unions.
(ix) WTO: TRIMS, TRIPS, Domestic
Measures, Different Rounds of
WTO talks.
5. Growth and Development:
(a) (i) Theories of growth: Harrod’s
model,
(ii) Lewis model of development with
surplus labour
(iii) Balanced and Unbalanced
growth,
(iv) Human Capital and Economic
Growth.
(v) Research and Development and
Economic Growth
(b) Process of Economic Development of
Less developed countries: Myrdal and
Kuzments on economic development
and structural change: Role of Agri-culture in Economic Development of
less developed countries.
(c) Economic development and Interna-tional Trade and Investment, Role of
Multinationals.
(d) Planning and Economic Develop-ment: changing role of Markets and
Planning, Private- Public Partnership
(e) Welfare indicators and measures of
growth – Human Development Indi-ces. The basic needs approach.
(f) Development and Environmental
Sustainability – Renewable and Non
Renewable Resources, Environmen-tal Degradation, Intergenerational eq-uity development.
PAPER – II
1. Indian Economy in Pre-Independence
Era:
Land System and its changes, Commer-cialization of agriculture, Drain theory,
Laissez faire theory and critique. Manu-facture and Transport: Jute, Cotton, Rail-ways, Money and Credit.
2. Indian Economy after Independence:
A The Pre Liberalization Era:
(i) Contribution of Vakil, Gadgil and
V.K.R.V. Rao.
(ii) Agriculture: Land Reforms and
land tenure system, Green Revo-lution and capital formation in ag-riculture,
(iii) Industry Trends in composition
and growth, Role of public and
private sector, Small scale and
cottage industries.
(iv) National and Per capita income:
patterns, trends, aggregate and
Sectoral composition and
changes their in.
(v) Broad factors determining Na-tional Income and distribution,
Measures of poverty, Trends in
poverty and inequality.
B The Post Liberalization Era:
(i) New Economic Reform and Agri-culture: Agriculture and WTO,
Food processing, Subsidies, Ag-ricultural prices and public distri-bution system, Impact of public ex-penditure on agricultural growth.
(ii) New Economic Policy and Indus-try: Strategy of industrialization,
Privatization, Disinvestments,
Role of foreign direct investment
and multinationals.
(iii) New Economic Policy and Trade:
Intellectual property rights: Impli-cations of TRIPS, TRIMS, GATS
and new EXIM policy.
(iv) New Exchange Rate Regime:
Partial and full convertibility, Capi-tal account convertibility
(v) New Economic Policy and Public
Finance: Fiscal Responsibility Act,
Twelfth Finance Commission and
Fiscal Federalism and Fiscal
Consolidation.
(vi) New Economic Policy and Mon-etary system. Role of RBI under
the new regime.
(vii) Planning: From central Planning
to indicative planning, Relation
between planning and markets
for growth and decentralized plan-ning: 73
rd
and 74
th
Constitutional
amendments.
(viii) New Economic Policy and Em-ployment: Employment and pov-erty, Rural wages, Employment
Generation, Poverty alleviation
schemes, New Rural, Employ-ment Guarantee Scheme.
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