M A Economics Semester – II SYLLABUS Meco – 201:Microeconomic Theory and Applications Unit-I Alternative Theories of the Firm Marginalist Controversy; Boumol’s Sales Maximization Model; Marris’ Model of Managerial Enterprise; Williamson’s Model of Managerial Discretion; Behavioral Theory of Firm(Model of Cyert and March); Full Cost Pricing Principle ; Limit Pricing Principle (Bains, Sylos-Labini, Modigliani) Unit-II Theory of General Equilibrium Walras Model ---- Properties ; Problems of existence , Uniqueness and Stability of General Equilibrium; Excess Demand Function approach to General Equilibrium Analysis; Modern Approach ; Input-Output and Linear Programming Model of General Equilibrium; Determination of Output and Price (only Static Open Models), General Equilibrium of Production, General Equilibrium of Consumption and General Equilibrium of Product mix. Unit-III Welfare Economics Concept of Welfare, Problems of Interpersonal Comparison; Measure of Social Welfare : GNP approach , Bentham’s criteria, Pareto optimality criteria; Compensation principle. Social Welfare Function –Bergson, Grand Utility Function/Frontier, Welfare theorems, Theory of Second Best. Arrow’s Impossibility Theorem. Unit-IV Input Markets Demand and Supply of inputs; Firm’s and Industry’s Input Demand curves under Perfect Competition; Monopsony and Monopoly in Input Markets; Bilateral Monopoly; Choice of Optimal Combination of Inputs; Product Exhaustion theorems-Euler’s and Clark-Wicksteed-Walras Theorems. Elasticity of Factor Substitution and Relative share of inputs. Unit-V Economics of Uncertainty Distinction between Risk and Uncertainty, Individual Behaivour towards Risk , Expected Utility and Uncertainty Equivalence Approaches; Risk and Risk Aversion-Sensitivity analysis; Gambling and Insurance, Economics of Insurance , Cost and Risks , Risk Pooling and Risk Spreading; Mean-variance Analysis and Portfolio Selection; Efficient Market Hypothesis; Market with Incomplete Information ,Search and Transaction Costs, Economics of information ---- Lemons problem. Public goods and Externalities Suggested Readings: Baumol, W.J. (1985): Economic Theory and Operations Analysis, Prentice Hall. Henderson, J. and R.A. Quandt (1984): Microeconomic Theory, McGraw Hill, Tokyo. Koutsoyiannis, A. (1980): Microeconomic Theory, MacMillan. Lancaster, K. (1972): Consumer Demand:A New Approach,, Cambridge University Press,NY. Layard, P.R.G. and A.A. Walters (1978): Microeconomic Theory, McGraw Hill, NY. Sen, A. (1999): Microeconomics: Theory and Applications, Oxford University Press, ND. Shepherd, R.W. (1970): Theory of Cost and Production Functions, Princeton Univ. Press, N.J. Varian, H. (2000): Intermediate Microeconomics: A Modern Approach(5e), Affiliated East-West Press. Varian, H. (2000): Microeconomic Analysis, W.W. Norton, NY. Mas-Colell, Michael D. Whinston, and Jerry R. Green(1995), Microeconomic Theory :Oxford University Press: New York * * * * * Meco – 202:Development Issues and Indian Economy Unit – I Human Resources & Development Quantity and Quality of Human Resources in development Process; Labour Input in Development: Lewis , Fei Renis. Human Capital and Economic Development Labour force supply in India; Productivity of Labour – determinants and measurement ; Quality of Indian labour force and productivity; a case study of Indian IT Industry. Unit-II Role of Capital and Technology Role of capital in economic development; capital–output ratio; Technology Progress- Capital Intensive vs Labour intensive ; Capital shortage in LDCs – Foreign aid, Role of IMF & World Bank; FDI & MNCs. Savings & Investment in India; R & D and Transfer of Technology in India. Unit-III Human Development Concept of Human development: Measures of Human development –HDI, GDI & related indices; Role of education , health and nutrition in Human development; Gender in Human development. Elementary Education & Public health in India; Social welfare measures ; Safety nets for poor , Food Security and PDS; Social security legislation and its critical appraisal . Unit-IV Environment Development and Environment; Environment and Market Failure; Need for Environmental Valuation; Environmental Regulation --- Need & Measures –emission charges and pollution permits. Indicators and incidence of environmental degradation in India; Environmental laws. Air & Water Pollution; Joint Forest Management, Environment and NGO’s in India. Unit-V Corruption and Governance Corruption --- concept and measurement; Corruption and development; Corruption and equity; Emergence of Parallel economy and its development consequences. Issue of good Governance in India: Transparency; Minimalist role of government; Competitive policy; Issues of Corruption and good governance. Suggested Readings: UNDP: Human Development Report: Oxford, Various Issues Planning Commission (2011): India Human Development Report : Oxford Chakarvaty, S (1987), Development Planning: Oxford World Bank ,World Development Report, Oxford. Various Issues Todaro, M P& S C Smith (2009), Development Economics Duane Chapman (1999): Environmental Economics: Theory, Application, and Policy, Prentice Hall Nick Hanley, Jason Shogren, Ben White (2012): Introduction to Environmental Economics, Oxford University Press Ulaganathan Sankar (2001): Environmental Economics, Oxford University Press Partha Dasgupta, Karl-Göran Mäler (2000) The Environment and Emerging Development Issues Volume I&II, Oxford University Press India Social Development Report (2010), The land Question & the marginalized : Oxford University Press Council for Social Development (2011), India Development Report, Oxford University Press Jalan, Bimal (1996), India’s Economic Policy: Preparing for the 21stcentury: Viking Jalan, Bimal (2006),The Future of Indian Politics, Economics & Governance,: Penguin Ray, Devraj (1998),Development Economics : Oxford University Press Drez J & A Sen (2002) , Indian Development and Participation : Oxford University Press Sen Amartya(1984), Resources, Values and Development : Oxford University Press Jayaraj D& S Subramanian (2010): Poverty, Inequality and Population, Oxford University Press World Bank (2011), Perspectives on Poverty in India : Oxford University Press Kumar, C Raj (2011):Corruption and Human Rights in India: Comparative Perspectives on Transparency and Good Governance :Oxford University Press Kolstad Charles D(2000), Environmental Economics: Oxford World Bank (2011), Poverty and social exclusion in India: Oxford Thirlwall, A.P(1999) : Growth and Development, Macmillan, London, Ghatak S (1995) , An Introduction to Development Economics: Routledge * * * * Meco – 203:Public Finance Unit-I Rational for Public Policy Market Mechanism and Resources Allocation. Market failures ---- imperfections, decreasing costs & externalities. Public Mechanism Resource Allocation, Criteria, Government failure – debate over Resource Allocation Mechanism, Fund-Bank Advocacy and Third world countries. Unit-II Public Resources Taxes--- types, Incidence & Burden. Theory of Optimal Tax; Efficiency-Equity trade off. Problem of Double taxation. Sources and Importance of Non-tax revenue Unit-III Public Debt and Deficit Financing Public Debt – internal & external; Sources of Public Debt , Burden of Public Debt –Principles of Debt Management; Deficit Financing –concept, sources & role. Unit-IV Public Expenditure Concept, Objectives with reference to development & developing economies; Theory of Public Expenditure- Wagner, Wisner & Peacock & Pure Theory Unit-V Issues in Indian Public Finance Transfer of resources from Union to States and Local Bodies; Criteria of Transfer of resources ; 12thFinance Commission Report; Debate on VAT & GST; Issues in Indian Public Expenditure. Analysis of Debt Management. Suggested Readings: Mugrave R A and P B Mugrave (2004), Public Finance in Theory and Practice: Tata Mc- Graw Hill Gupta Janak Raj (2011), Public economics in India; Atlantic Bhatia H L (2008), Pubic Finance; SAGE Bagchi A(2005),Readings in Public Finance : World Rights Hillman(2003), Public Finance and Public policy : Oxford University Press Jha Raghbendra (1998), Modern Pubic Economics: Routledge Agarwal Pratibha(2012) , Fiscal Federalism in India : New Century Myles Gareth D (2001) , Public Economics: Cambridge University Press Howard Michael (2001), Public Sector Economics for Developing Countries: University of the West Indies Press Chelliah, Raja J(1970),Fiscal Policy in Underdeveloped Countries:Allen & Unwin Prest A.R( 1975),Public Finance in Theory and Practice:Weidenfield and Nicolson Government of India, Economic Surveys: Oxford * * * * Meco – 204:Statistical Methods Unit-I Descriptive Analysis of Data Importance of Statistics in Economics; Sources and limitation of Secondary Data; Need for collecting Primary data. Graphical Presentations of data; Descriptive statistics- measures of central tendency, Dispersion and Skewness. Unit-II Correlation and Regression Meaning, Assumptions and limitations of Simple Correlation and Regression, Pearson’s product moment formula and Spearman’s rank correlation; concept of least squares and lines of regression; Method of estimating non-linear regression - exponential, double logarithm & hyperbolic functions. Standard error of estimates, Partial and multiple correlations, Co-efficient of determination Unit –III Probability and Distribution Probability theory --- different concepts and approaches. Laws and axiom of probability. Conditional probability and concept of interdependence; Baye’s theorem and its applications; Concept of random variable. Probability distribution: Bi-nominal, Poisson, and Normal. Unit-IV Theory of Estimation and Hypothesis Testing Concept of an estimator and its sampling distribution. Proprieties of a good estimator; Formulation of statistical hypotheses --- Null and alternative ; Goodness of fit ; Confidence interval and level of significance ; Hypothesis testing based on Z, t , F and Chi –square tests ; Errors of Types I and II. Unit- V Index Numbers, Time Series and Forecasting Lasperes and Paasches index numbers, Chain base index numbers, Fishers test for index numbers. Time series: Components, Approaches to time series, Estimation of seasonal and cyclical variations. Forecasting : Types and approaching to forecasting , Forecasting techniques. Suggested Readings: Gupta S C (1981), Fundamentals of Statistics: Himalaya Pub House Freund J E and Ronald E. Walpole (1987), Mathematical Statistics 4e: Prentice Hall Englewood Cliffs,NJ Mantzopoulos Victoria L (1995) ,Statistics for the Social Sciences: Prentice Hall, Englewood Cliffs, NJ.. Fleming Michael C. and Joseph G. Nellis (1996), The Essence of Statistics for Business 2e :Prentice Hall, Hemel Hempstead Neil Weiss (1993),Elementary Statistics 2e: Addison Wesley, Reading, MA Hogg Robert V (1978),Introduction to Mathematical Statistics: PE Das N G (2008), Statistical Methods : Tata Mc-Graw Hill Gupta S C and V K Kapur (1970),Mathematical Statistics:Sultan Chand and Sons Gupta, S P (1978) ,Statistical Methods, Sultan Chand and Sons, Delhi. Gupta C B (1957) ,An Introduction to Statistical Methods: Vikas Publishing House, Delhi Monga G S(2010)’Mathematics and Statistics for Economists.:Vikas Publication House Pvt Ltd Mood, A.M. and F.A. Graybill(1974) , Introduction to the Theory of Statistics: Tata Mc-Graw Hill Wetherill, G.B (1970), Elementary Statistical Methods: Pitman London Croxton E.E,Cowden, D.J (1955)Applied General Statistics.Prentice hall Inc * * * * Meco-205:Developmental Issues in Indian Economy (For students other than those doing M.A in Economics) Unit I- Poverty Concept and Measurement of Poverty, Poverty line in Indian context, Incidence of Poverty in India, Inter- state variations in Poverty Incidence, Measures to remove poverty, Achievements of Anti- Poverty Programmes. Unit II- Unemployment Concept of Unemployment, Types of Unemployment-----Open Unemployment, Underemployment , Disguised Unemployment, Magnitude of Unemployment in India, Rural and Urban Unemployment in India, Educated Unemployment, and Measures to remove Unemployment. Unit III- Human Development Concept of Human Development, Human Development scenario in India------- Literacy and Education, Health and Nutrition, Gender Issues, Inter- state variations in Human Development attainments, Causes of low Human Development and remedial measures. Unit IV- Environment Natural resourses, Development and Environment, Environment Pollution and its types----- Air pollution, Water pollution, Noise pollution, Deforestation and Environmental Degradation, Causes of Environmental Degradation and Remedial measures at global, national and local level Unit V- Governance Role of Government in development, Governance deficit and low development, Incidence of Corruption in India--- Causes and recent measures to curb corruption, Black money and its impact on Development and Governance. Suggested Readings: UNDP: Human Development Report: Oxford, Various Issues Chakarvaty, S (1987):Development Planning, Oxford Drez J & A Sen (2002) , Indian Development and Participation, Oxford University Press Misra S K and V K Puri(2004), Indian Economy:Himalaya Pub House Kapila Uma (2004), Indian Economy: Academic Foundation Dutt R and K P M Sundaram(2011),Indian Economy:S Chand & Sons
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