Syllabus for
Bachelor of Arts (Economics Honours)
Academic Year  (2023)

Course Description:

The course is designed to provide a sound training in microeconomic theory to formally analyze the behaviour of individual agents. Since students have familiarity with the quantitative techniques in the previous semesters, mathematical tools are used to facilitate understanding of the basic concepts. This course looks at the behaviour of the consumer and the producer and covers the behaviour of a competitive firm, general equilibrium, imperfect markets and topics under information economics.

Course Objectives:

The course aims to help students to:

1. understand various aspects of consumer behaviour and demand analysis, production theory and behaviour of costs, market structure and equilibrium and efficiency of firms;

2. examine various concepts related to optimizing behavior of economic agents; 

3. understand the contribution of various Micro-Economic concepts and in evaluating their macro -policy prescriptions.

Preferences: Consumer Preferences, assumptions about preferences; Indifference Curves: Well-behaved preferences; The Marginal Rate of Substitution, other interpretations of the MRS, behaviour of the MRS; Utility: Cardinal Utility, constructing an utility function, indifference curves from utility; Marginal utility (MU): Marginal utility and MRS, The n-good case; Indirect utility function, expenditure minimization; Budget constraint: Properties of the budget set; Slutsky equation: Substitution effect, income Effect; Change in demand, rates of change, law of demand; Compensated demand curves; Choice under risk: Contingent consumption, functions and probabilities, expected utility function; The Von Neumann-Morgenstern theorem, risk aversion, risk spreading.

Production Functions: Inputs and Outputs, Describing Technological Constraints, Properties of Technology, The Marginal Product, Variations in One Input, Isoquant Maps and the Rate of Technical Substitution, Returns to Scale, The Elasticity of Substitution, Some Common Production Functions, Technical Progress; Cost: Cost-Minimizing Input Choices, Cost Functions, Changes in Input Prices, Change in the Price of One Input, Short-Run, Long-Run Distinction.

Perfect competition: Profit Maximization, Marginal Revenue, Short-Run Supply by a Price Taking Firm, Profit Maximization and Input Demand, Revenue Maximization, Managers and the Principal-Agent Problem. Imperfect Competition: (a)Monopoly: Barriers to Entry, Profit Maximization and Output Choice, Monopoly and Resource Allocation, Monopoly and Product Quality, Peak-load pricing; Two-part tariff; Price Discrimination, Regulation of Monopolies; (b) Monopolistic Competition: Model of Product Differentiation; (c)Oligopoly: Pricing under Homogeneous Oligopoly.

General Equilibrium: General Equilibrium Models, Perfectly Competitive Price System, The Necessity of General Equilibrium; Efficiency: Pareto Efficiency, Efficiency in Production, Efficiency in Product Mix, Competitive Prices and Efficiency; Departures from the Competitive Assumptions, Market Adjustment and Information, Disequilibrium Pricing and Expectations. Externalities – Positive and Negative externalities, Externalities of imperfect competition.

Hill India.

Snyder, C. & Nicholson, W. (2011). Fundamentals of Microeconomics (11 th ed.). New 

Delhi Cengage Learning India.

Varian, H. R. (2014). Intermediate Microeconomics: a Modern Approach (9t h ed.). New

Delhi: W.W. Norton and Company/Affiliated East-West Press India.

Approach, New Delhi: McGraw Hill.

Koutsoyiannis, A. (1979). Modern Microeconomics. London: Macmillan Press.

In continuation to the Macroeconomics - I, wherein the students were given a systematic and sequential school-wise introduction to mainstream approaches in Macroeconomics, this course introduces the dynamic relationship that exists between various important macroeconomic variables in the short-run as well as in the long-run. The course begins with an in-depth discussion of the IS-LM framework which forms the fountain of the Keynesian approach. Then it proceeds to the derivation of aggregate demand and supply, followed by discussions on output, unemployment and inflation nexus and the exchange rate determination in an open economy. The course has also included in its discussion recent debates in the field of macroeconomics such as the critiques of IS-LM framework, backward-bending Phillips curve, Discretion versus Policy debate etc. It also introduces students to the latest development in the field of macroeconomic policy such as the inflation targeting approach.

Course Objectives:

This course has been conceptualised in order to:

1. enhance the understanding of the learners regarding the macroeconomic dynamics in the short-run closed as well as open economy.

2. introduce the fundamental theoretical differences between the Classicals and the Keynesians on their approach related to aggregate demand and supply.

3. understand and analyse the nexus between output, inflation and unemployment in both the short-run and in the long-run.

4. understand and critically evaluate contemporary macroeconomic policies, create reports and deliver presentations.

The goods market and derivation of IS curve; real influences and Shift in IS schedule; the money market and derivation of LM curve; monetary influences and the shift in LM curve; determination of equilibrium income and interest rates; the relative efficacy of fiscal and monetary policy under IS-LM framework; Critiques of IS-LM.

The derivation of aggregate demand and supply curves; The Keynesian aggregate demand with vertical aggregate supply curve; sources of wage rigidity and unemployment; the flexible price with fixed money wage model; labour supply and money wage; the shift in aggregate supply; Keynes vs. Classicals.

Links between output and unemployment: Okun’s law; Estimates of potential GDP and their limitations; Natural rate of unemployment; Factors affecting natural rate of unemployment; Links between inflation and unemployment: Phillips curve; Friedman-Phelps expectations augmented Phillips curve; Output-inflation trade-off: Keynesian vs. Monetarists view; Backward bending Phillips Curve and threshold inflation; Disinflation and sacrifice ratio.

The Mundell-Fleming model: Key Assumption; determining equilibrium output and exchange rate in a small open economy; the monetary and fiscal policy under floating and fixed exchange rates regimes; the Mundell-Fleming model with changing price level.

Active or Passive Policy Debate; Fiscal Policy: Public-Choice and Partisan Theories, Automatic Fiscal Stabilisers, Pros and Cons of Balanced Budget Rules, Traditional and Ricardian View of Public debt, crowding in and crowding out effect, Ricardian equivalence; Monetary Policy: Goals of Monetary Policy and Intermediate Targets, Choosing Intermediate Targets in the case of Supply and Demand Shocks, Targeting Monetary Aggregates and its Implications, Targeting Interest Rates and its Implications;  Recent International Experience: Discretion versus Policy Rules Debate, Taylor’s Rule and Monetary Policy, Inflation Targeting: Issues Relating to Inflation Targeting, Country Experiences with Inflation Targeting.

Dornbusch, R., Fischer, S., & Startz, R. (2015). Macroeconomics (11th ed.). New Delhi: Tata McGraw.

Froyen, R. (2014). Macroeconomics: Theories and Policies (10th ed.). New Delhi: Pearson Education.

Mankiw, N. G. (2015). Macroeconomics (9th ed.). London: Worth Publishers.

Blanchard, O. (2009). Macroeconomics (5th ed.). New Delhi: Pearson Education.

Krugman, P. R., Obstfeld, M. & Melitz, M. (2012). International Economics (9th ed.). New Delhi: Pearson Education.

Moorthy, V. (2017). Applied Macroeconomics. New Delhi: I. K. International Publishing House.

Sheffrin, S. M. (1996). Rational Expectations (2nd ed.). Cambridge:  Cambridge University Press.

Course Description:

This course on Advanced Statistical Methods begins with some basic concepts of probability, followed by probability distributions of discrete and continuous random variables and joint distributions. A detailed focus is given to inferential statistics (testing of hypothesis), and the course ends with parametric and non-parametric tests for better statistical inference. The course content will be delivered using SPSS software for a better understanding of applications in economics.

Course Objectives:

This course has been designed to help students to:

• demonstrate understanding of basic probability theory and relate sampling technique with the theory of distribution;
• understand the methodology of testing theories.
• apply different methods of hypothesis testing to verify theories.

Sample spaces and events; probability axioms and properties; counting techniques; conditional probability and Bayes’ rule; independence.

Defining random variables; Probability distributions; Expected values of random variables and functions of random variables; Properties of commonly used discrete and continuous distributions (Uniform, Binomial, Normal, Poisson and Exponential random variables).

Meaning of hypothesis; Types and steps in testing of hypothesis; Flow diagram for hypothesis testing; Type I and Type II error; Two-tailed and One-tailed tests (basics); Importance of parametric and non-parametric tools.

‘t’ Test: One sample ‘t’ test; Independent sample ‘t’ test; Paired sample ‘t’ test; Analysis of variance (ANOVA).

Chi-square test; Phi coefficient; Mann-Whitney test; Wilcoxon signed rank test; Kruskal-Wallis test; Friedman’s ANOVA.

Douglas, A. L., Lind, W. G. M., & Samuel, A. W. (2006). Basic Statistics for Business and Economics. New York: McGraw-Hill Education

Field, A. (2009). Discovering Statistics using SPSS. London: Sage publications.

Gibbs, G. R. (2002). Qualitative Data Analysis: Explorations with NVivo. Buckingham: Open University Press Hall.

Kothari, C. R. (2004). Research Methodology: Methods and Techniques. New Delhi: New Age International.

Levine, D. M. (2005). Statistics for Managers Using Microsoft Excel (5th ed.). New York: Prentice.

Sharma, J. K. (2010). Fundamentals of Business Statistics. New Delhi: Vikas Publishing House.

Freund, J. E., & Perles, B. M. (2007). Modern Elementary Statistics. New Jersey: Prentice Hall.

Gupta, S. C., & Kapoor, V. K. (2007). Fundamentals of Applied Statistics. New Delhi: Sultan Chand & Sons.

Larsen, R. J., & Marx, M. L. (2012). An Introduction to Mathematical Statistics and its Applications. (5th ed.). New Jersey: Prentice Hall.

ESE: will be a submission-based evaluation.

Course Description

Health economics is at the interface of economics and health science. Economic theory is applied for decision making in the health sector. The course aims at providing the students with the basic knowledge on the definition and scope of health and measuring the quality of health using appropriate methods and to relate the supply and demand concept with respect to health, understanding different health costs concepts and functioning of economics of health insurance. The course also aims to introduce economic evaluation techniques to measure the health outcomes and its implication which will enable the students to practically use the evaluation technique for predicting outcomes.

Course Objectives

The course aims to help students to:

• provide an understanding of the role of health economics in health care decision making.
• introduce and explain various concepts and dimensions of decision making in the health sector and health care management.
• apply various evaluation techniques to analyse the health outcomes.
• provide overview of manpower in the Indian health sector

What is Health Economics?; the four basic questions: Production and Allocative efficiency and the production possibility curve, the distribution question, implications of the four basic questions; Concept of Health; Health as a good and utility analysis; Concept of medical care; Production of good health, Determinants of good health; Measurement of health status and quality of life: Mortality, morbidity and HALY, QALY family of summary measures. The concept of economics of epidemics and pandemics.

Demand for medical care and law of demand: Utility maximizing rule, the law of demand, other economic demand-side factors, supplier induced demand hypothesis; Non-economic determinants of demand for medical care, market demand for medical care, fuzzy demand curves and elasticities.

Opportunity cost; fixed and variable costs; incremental and marginal cost; direct and indirect medical costs time costs and travel cost; cost benefit analysis; cost effectiveness analysis; cost utility analysis: methodologies and issues.

The relationship between health insurance and demand for medical care; Information asymmetry, adverse selection; Risk aversion; Moral hazard; Health insurance-challenges; Insurance concepts; Co-payments; Co-insurance rates, deductibles, group insurance.

Concept of manpower planning in health; Steps in Manpower planning - models; the health workforce; medical education; physician supply, physician incentives; Indian Medicine; the pharmaceutical industry. Indian health system delivery and policy: issues and way forward. 

Saterre, R. E, & Neun S P. (2007). Health Economics: Theories, Insights and Industry Studies. (5th ed.). New Delhi: Cengage Learning India Private Limited.

Olsen, J A. (2009). Principles in Health Economics and Policy. (1st ed.). New Delhi: Oxford University Press.

Shanmugasundaram, Y. (1994). Theory and Practice of Health Economics in India. Chennai: Institute of Advanced Studies and Research.

Course Description

The course aims to explain the principles and methods of behavioral economics while contrasting them with standard economic models. It highlights the importance of cognitive ability, social interaction, moral incentives and emotional responses in explaining human behaviour and economic outcomes. 

Course Objectives

• To understand the scope of interaction between psychological phenomena and economic variables
• To develop perspectives about economic phenomena outside the spectrum of core economic theories.

Nature of Behavioural economics; Methodological approach; Origins of behavioral economics; Neo-classical and behavioral approaches to studying economics

Values; Preferences and Choices; the standard model; Axioms, assumptions and definitions; The neuro scientific basis of utility Beliefs; Heuristics and Biases; The standard model; Probability estimation; Self-evaluation bias- Projection bias- Causes of irrationality Decision making under risk and uncertainty; Risk based assessment; Prospect theory; Reference points; Loss Aversion; Shape of utility function; Decision weighting Mental accounting; Nature and components of mental accounting; Framing and editing; Budgeting and fungibility; Choice bracketing and dynamics

Nature of behavioural game theory; mixed strategies; Bargaining; Social Preferences: Altruism, envy, fairness and justice; Intentions, reciprocity and trust; Limited strategic thinking.

Angner, E. (2016). A Course in Behavioral Economics .(2nd ed.).New York: Palgrave Macmillan.

Wilkinson, N., &  Klaes, M. (2012).  An Introduction to Behavioral Economics. New York:  Palgrave Macmillan.

Ariely, D. (2008). Predictably Irrational. New York: Harper & Collins.

Camerer, C. F., Loewenstein, G., & Rabin, M. (eds). (2011). Advances in Behavioral Economics. Princeton:  Princeton University Press.

Cartwright, E. (2017). Behavioral Economics. London: Routledge.

Jalan, B. (1997). India's Economic Policy. New Delhi: Penguin Books India.

Kahneman, D., & Tversky, A. (2013). Choices, Values, and Frames. In Handbook Of The Fundamentals Of Financial Decision Making: Part I (pp. 269-278).

Kahneman, D., &  Tversky, A. (Eds.). (2000). Choices, Values, and Frames. Cambridge: Cambridge University Press.

Kapila, U. (Eds.). (2009). Indian Economy since Independence.  New Delhi: Academic Foundation.

Thaler, R. H., & Sunstein, C. R. (1975). Nudge: Improving Decisions about Health, Wealth, and Happiness. London: Penguin Books.

Question Paper Pattern: MSE and ESE (Max. Marks = 50)

Course Description

This course analyzes the structural aspects of the Indian state and offers a detailed understanding of important components of the Indian Constitution. It further examines the important organs of the state and their structural equations. Specifically, it provides debates on the functional aspects through executive and judiciary and its influence on Indian economy. 

Course Objectives

The objectives of the course are to introduce students to: 

• examine the dynamics of the Indian state and structure.
• identify and analyze the contemporary issues and debates of Indian Constitution.
• illustrating and outlining the nature, structure, working of the Constitution and the functional implications involved in it.

The Concepts of State and Constitutionalism; Preamble of the Indian Constitution; Philosophy of the Constitution;Salient Features; Fundamental Rights; Directive Principles of State Policy.

Parliamentary and Presidential forms of Government: A Debate; Union and State Council of Ministers: Organization and Functions; Indian Judiciary System – Judicial Review, Judicial Activism, Public Interest Litigation, Judicial Reforms.

Unitary and Federal features – Legislative, Administrative and Financial Relations – Ministry of Finance, NITI Aayog, Finance Commission and State Autonomy Debate.  

The Electoral Political Economy - Role of Pressure Groups and Public Opinion in the Electoral Process; Social Justice and Regional Disparities.

Course Description:

This course is intended to provide knowledge on accounting practices in sole and partnership firms of the 21^st century and equip students with concepts, processes and reporting of financial statements in modern organizations.

 Course Objectives:

The course aims to make students:

1. understand the basic accounting principles and practices
2. demonstrate the accounting cycle and the steps involved in the preparation of financial statements.
3. explain the practices of accounting in different forms of business except limited liability companies.

Meaning, Need for accounting, Internal and External users of accounting information, limitations of accounting, accounting Concepts and Conventions, Accounting Practices, Generally Accepted Accounting Principles, IFRS (concept only).

Nature of accounting, Accounting equation - Systems of accounting, Process of accounting transactions, types of accounts, Rules of accounting. Journal - Meaning, features, simple and compound entries., Capital and revenue expenditures, Capital and revenue receipts, Contingent assets and contingent liabilities, Preparation of ledgers. Preparation of trial balance.

Subsidiary books – material evidences – proforma invoice, debit and credit note, types of subsidiary books - Sales book, Sales return book, Purchases book, Purchase returns book, receivable book, payable book, Cash Book- (Single column, double column, and three columnar cash book, petty cash book) and journal proper.

Meaning, Types of accounting errors, Need for rectification and practical problems on rectification of errors.

Introduction, meaning, causes for difference between balance as per Cash Book and Pass Book, Advantages of reconciliation, Need for reconciliation and preparation of bank reconciliation statement.

Preparation of Trading and Profit and Loss account and balance sheet of sole trading concerns including all adjustments.

Preparation of partners’ capital account- fixed and fluctuating-preparation of profit and loss adjustment account –calculation of interest on drawings. Limited liability partnership (concept only).

Bhattacharya. (2014). Essentials of Financial Accounting (Based on IFRS) (2^nd ed.), Prentice Hall India.

Gupta, A. (2013). Financial Accounting for Management: An Analytical Perspective (1^st ed.), Noida: Pearson Education.

Maheshwari, S.N., & Maheshwari, S.K. (2014). Advanced Accountancy (10th ed.), 1, New Delhi: Jain Book Agency.

Porter, G.A., & Norton, C.L. (2014). Financial Accounting (IFRS update) (6^th ed.), Cengage Learning.

Radhaswamy, M & Gupta, R.L. (2014). Advanced Accountancy. 2, New Delhi: Sultan Chand & Sons.

Raman, B. S. (2013). Financial Accounting (1^stedi). I & II, New Delhi: UNITED Publishers.

Reddy, A. (2013). Fundamentals of Accounting. New Delhi: Himalaya Publishing House

Shukla, M. (2014). Advanced Accounts, New Delhi:  S Chand Group

Vasudeva, S. (2013). Accounting For Business Managers. New Delhi: Himalaya Publishing House.

* Mid Semester Exam      ** End Semester Exam

Course Description:

This paper is introduced to equip the students with the modern trends and courses in the field of consumer psychology. This paper provides a broad overview into the very interesting phenomena of the behaviour of consumers.

Course Objectives: The course aims to help students to:

• Understand the different concepts related to customers and market.
• Emphasize and know the role of psychological factors on people’s economic activity.
• Identify the roles of different social factors impacting the consumer decision making.
• Illustrate the process involved in the decision making process while making a purchase.

Definition of Consumer Behaviour, scope, marketing concepts, customer value, customer satisfaction and retention; Market segmentation: meaning of market segmentation: different types of segmentation, bases for segmentation; Product positioning: meaning and types

Consumer motivation: needs, goals, arousal, applications and evaluation; personality and consumer elements, Consumer perception; Consumer learning: elements and measures of consumer learning theories. Attitudes: meaning, attitude formation, strategies of attitude change.

Marketing communication: components of communication, communication process, designing and persuasive communication.

Reference Groups: meaning and power of reference group, types of reference groups, family, life-cycle, consumption rules; Social class: nature, social class categories: affluent consumer, middle class, techno class and applications of social class; Culture: influence of consumer behaviour, geographic and regional cultures.

Consumer Decision: meaning, levels of consumer decision, views and models of consumer decision making; Consumer Influence and diffusion of innovation: opinion leadership, dynamics of opinion leadership, diffusion of innovation, diffusion process, adoption process and profile of consumer innovator.

CIA 1: Individual Assignments (video case presentation - "why this product is successful"?

                                                                                                       Identify a successful product and present in terms of the crietria mentioned in the unit -1 for example ; market segmentation/ product positioning/ customer retention

CIA 2: Mid-Semester Examination(Written Examination)

Pattern:  Section A    5 x 02 = 10 marks (out of 6)

                Section B    4 x 05 = 20 marks (out of 5)

                Section C   1 x 10 = 10 marks (out of 2)

                Section D   1 x 10 = 10 marks (Compulsory)

CIA 3: Group Assignments (Surveys, & Field Studies)

ESE: End Semester Examination (Written Examination)

Pattern:  Section A    5 x 02 = 10 marks (out of 6)

                Section B    4 x 05 = 20 marks (out of 5)

                Section C   1 x 10 = 10 marks (out of 2)

                Section D   1 x 10 = 10 marks (Compulsory)

As education in every sense is one of the fundamental factors of development, this course is designed to understand the various nuances of education and development. No country can achieve sustainable economic development without substantial investment in human capital. Education enriches people’s understanding of themselves and the world. It improves the quality of their lives and leads to broad social benefits to individuals and society. Education raises people’s productivity and creativity and promotes entrepreneurship and technological advances. In addition, it plays a very crucial role in securing economic and social progress and improving income distribution. So, this course serves as a foundation course for carrying out research on education and development.

Course Objectives

The aim of this course is to;

• develop an understanding of the link between education and economic development; 
• comprehend the role of education in bringing about equity and social welfare;
• relate the main political, economic, and social processes that influence education;
• developing an insight of the educational policies in India.

Introduction; role of education in economic development: access to education and purpose of Education - a comparison across countries, education outcomes and their relationship with macroeconomic performance, Education as consumption and Education as individual, social and national investment; Education as an industry.

Concept of Returns to education - non-pecuniary benefits; social returns of education; Scientific management and education; Cost Effectiveness Analysis in Education. Difference between Cost-benefit and Cost –Effectiveness Analysis; Theories: Human capital and job signaling theories; returns due to job signaling versus returns due to human capital- a comparison.

Educational equity measures (a) the equal opportunity criterion (b) the cost – benefit criterion, and (c) the ability to pay criterion; Education as a determinant of income variance, and the relevant contribution of different levels of education.  Spill-over and inter-generational effects of education; Discrimination and diversity. (Caste, Gender, Ethnic); Equity and Social justice.

Meaning and purpose of Economics of Teacher provision, changing labour market in India- Demand and supply aspects for teachers and problems associated with the estimation; Choice of profession -gender perspective, relationship between teacher quality and teachers’ salaries. Significance of teachers in promoting national economic development.

Crisis in education; National policy on Education- 1986, 1992, 2019; Economic reforms; Financing of education; Education and Employment; Privatisation, Public - Private Partnership, District Primary Education Programme; Corporatization, Merit goods, non-merit good; Right to Education Act-2009, Education in XIIth plan.

Course Description :

This course has been designed to promote professional skills in the students. The theme identified for the third and fourth semesters is Critical thinking and professional Development. The topics identified under the theme will enable the students to understand the challenges faced during their career and allow them to face them with necessary skills. 

Course Objective:

The course aims to:

      ●  Develop discipline specific skills for professional and personal growth.

• Provide a platform to nurture and hone skills necessary for professional development 

Students must choose MOOC courses offered by various online platforms in the specific theme given for the third and fourth semesters. This consists of review of literature, reference management system, workspace etiquettes, critical analysis writing, SOP, article analysis, writing argumentative essays, resume writing, cover letters and job finding through an online portal.

Course Description:

The course introduces the fundamental concepts, approaches and the classic theories in areas of economics of growth as well as economic development. With the exploration of the diverse patterns of achieving economic development, the course gives insights on the existence of varied levels of economic progress across the nations. The course focuses on core issues like poverty, inequality by highlighting the discussions on the concept, measurement and extent of these problems.  In addition, the course throws light on the contemporary issues and hindrances in achieving economic development thereby introducing the various nuances encircling the broader topic of economic development.

Course Objectives:

The course intends to:

1. give an understanding of the theoretical perceptions of economic growth and development together; 

2. to create awareness of the challenges in the developmental process and thus motivate the students towards the thinking of alternative solutions;

3. analyse the evolving issues and nuances with respect to the economic growth and development.

Concept of Economic growth and development; Measurement: Traditional Measures, the new economic view of development, Sen’s Capabilities Approach; Development and Happiness and other recent measures; Core values and objectives of development; Environmental sustainability and sustainable development: Concept and recent strategies; Common characteristics of developing nations and difference between low-income countries today and developed countries in earlier stages.

Development as growth and linear stage theories: Rostow’s stages theory, Harrod-Domar Model and Romer’s model; Schumpeter’s Innovation theory, Structural change models: Lewis model and Chenery’s patterns of growth; International dependence revolution: False-paradigm model; Neo-classical growth model: Solow’s growth model; Neo-classical counter revolution: market fundamentalism; classic theories of development: reconciling the differences.

Underdevelopment as Coordination failure; Multiple Equilibria: A Diagrammatic Approach; the Big Push theory; Problems in multiple equilibria.

Concept of Poverty- absolute, relative and Poverty Line; Absolute poverty: Measurement, popular and recent measures, extent and magnitude; Concept of inequality and measurement, size distributions, Lorenz curves, Gini co-efficient and recent measures; Poverty inequality and social welfare: Economic growth and income inequality; Kuznets’ inverted Hypothesis; Impact of inequality on development.

Economic globalization; Key issues in international trade; Free-Trade and Less Developed Countries (LDCs); Trade policy for LDCs – Export promotion and import substitution; LDCs and global value chains

Development planning: concepts and rationale; basics of development planning process; role of State versus market in planning for development; development roles of NGOs.

Basu, K. (1997). Analytical Development Economics: The Less Developed Economy Revisited. Cambridge: MIT Press.

Dasgupta, P. (2007). Economics: A Very Short Introduction. New York: Oxford University Press. 

Putnam, R. (1994). Making Democracy Work: Civic Traditions in Modern Italy. Princeton: Princeton University Press.

Ray, D. (2011). Development Economics. Princeton: Princeton University Press.

Schultz, T. P., & Strauss, J. (2008). Handbook of Development Economics (eds.). (Vol. 4). Oxford: Elsevier.

Sen, A. (2000). Development as Freedom. New York: Oxford University Press. 

Thirlwall, A. (2006). Growth & Development. London: Palgrave Macmillan

The course introduces a detailed overview of the research methodology. First, it introduces the meaning, definition, types and importance of research. Thereafter, research methodology is being discussed from a historical point of view, wherein the position of research methodology in knowledge and philosophy is illustrated. The course then introduces different components of research problems and research design. The last sections of the course elaborate on survey designs, and methods of data collection and processing. The practical implementation of over-teaching of research methodology is done in the final section by introducing the ways of report/article/thesis writing.

Course Objectives:

This course has been designed to help students to

1. demonstrate the importance of research in creating and extending the knowledge base in their area of research interest;
2. compare  the  strengths  and  limitations  of  different  research  approaches  in general, and in their research area specifically; 
3. construct skills required to work independently, so that they can plan and carry out a small-scale research project.

Meaning and definition of research; criteria for good research; objectives of research; difficulties in social research; utility of research.

Research Philosophy: Positivism, Interpretivism and Realism; Deductive and inductive methods; classification of research.

Steps involved in selection of research problem; evaluation of the problem; literature review, sources of literatures.

Research design: Meaning, types and evaluation of research design; Research Ethics in designing, data collection and analysis.

Meaning of sampling; Sampling process; Methods of sampling; Sampling errors; Calculating sample size.

Types of data: Primary and secondary data; Methods for primary data collection: observation; interview; questionnaire; schedule; Sources of secondary data; Case study; Survey methods.

Steps in data processing: Editing; Coding; Classification; Transcription; Analysis of data and interpretation.

Types of report; Planning of report writing; Format of research report; Reference styles.

Kothari, C. R. (2014). Research Methodology: Methods and Techniques (2 nd ed.). New Delhi: New Age International Publishers.

Walliman, N. (2016). Social Research Method: The Essentials. London: SAGE Publications.

Wellington, J. & Szczerbiński, M. (2007). Research Methods for the Social Sciences. New York: Continuum International Publishing Group.

Buchanan, D. A., & Bryman, A. (2009). The SAGE Handbook of Organizational Research Methods. London: SAGE Publications.

Gillham, B. (2000). Case Study Research Methods. London: Continuum International Pub. Group.

Gillham, B. (2008). Small-scale Social Survey Methods: Real World Research. London: Continuum International Publishing Group. 

Hammersley, M., & Traianou, A. (2012). Ethics in Qualitative Research: Controversies and Contexts. London: SAGE Publications.

Mustafa, A. (2008). Case Study Method: Theory and Practice: Research and Management Approaches. New Delhi: Atlantic Publishers & Distributors.

Ornstein, M. D. (2013). A Companion to Survey Research. London: SAGE Publications.

Saldaña, J. (2012). The Coding Manual for Qualitative Researchers. London: SAGE Publications.

Saunders, M., Lewis, P., & Thornhill, A. (2011). Research Methods for Business Students (5 th ed.). New Delhi: Pearson Education Ltd.

Yang, K. (2010). Making Sense of Statistical Methods in Social Research. London:  SAGE Publications.

Course Description

This  course  provides  a  comprehensive  introduction  to  basic  econometric  concepts  and  techniques  of  econometric  analysis  through  a  step-by-step  approach.  The  course begins  with  an  introduction  to  the  definitions  and  scope  of  econometrics.  Then  students  will  be  introduced  to  simple  as  well  as  multiple  linear  regression  models  and  the  fundamental  assumptions  of  Classical  Linear  Regression  Modelling.  The  causes,  consequences  and  remedies  for  the  assumption  violations  viz.  Heteroskedasticity, Autocorrelation  and  Multicollinearity  are  then  discussed.  There  is  a  separate  unit  to introduce  students  to  the  use  of  dummy  variables  in  econometric  analysis.  The  course also covers the consequences of and tests for misspecification of regression models.  

Course Objectives

 This course aims to: 

 1.  Understand the basic econometric concepts and techniques. 

 2.  Demonstrate simple as well as multiple linear regression models. 

 3.  Analyse and examine the CLRM assumption violations and specification errors. 

 4.  Introduce dummy variables and its use in econometric modelling. 

Definition and scope of econometrics; Methodology of econometric research; Historical origin of the term regression and its modern interpretation; Statistical vs. deterministic relationship; regression vs. causation, regression vs. correlation; Terminology and notation; The nature and sources of data for econometric analysis.

Two-Variable Case Estimation of a model by OLS method: Assumptions; Properties of Least Square Estimators: Gauss-Markov Theorem; Testing of regression coefficient; Test for regression as a whole: Coefficient of determination.

Multiple Regression Analysis: The problem of estimation, notation, and assumptions; the meaning of partial regression coefficients; the multiple coefficient of determination: R2 and the multiple coefficient of correlation; R2 and adjusted R2; partial correlation coefficients; interpretation of multiple regression equation.

Introduction to Multicollinearity, Heteroscedasticity & Autocorrelation: the nature of the problem; its detection and corrective measures.

Omitted Variables and test; Irrelevant Variables; Misspecification of the functional form; Alternative functional forms; Errors of Measurement: Outliers; Leverage and Influence data.

Dummy Variable technique: The Nature of Dummy Variables; Dummy Variable Trap; ANOVA; Use of Dummy variables:  Structural Break; Seasonal Adjustment; and Interaction effects; Nature of Qualitative response models: Linear Probability Model; Logit Model; Probit Model.

Gujarati, D. N. (2016). Econometrics by Example (2nd ed.). New Delhi: Palgrave.

Gujarati, D. N., Porter, D.C., & Gunasekar, S. (2017). Basic Econometrics. (5th ed.). New Delhi: McGraw-Hill.

Studenmund, A. H. (2016). Using Econometrics: A Practical Guide. (7th ed.). New Delhi:  Pearson.

Koutsoyiannis, A. (1973). Theory of Econometrics. New York: Harper & Row.

Wooldridge, J. M. (2014). Introductory Econometrics: A Modern Approach (4th ed.). New Delhi: Cengage Learning.

Sheffrin, S. M. (1996).  Rational Expectations  (2nd  ed.). Cambridge: Cambridge University Press. 

The course is intended to be a general introduction to economic sociology. It would sensitize students to the major concepts, ideas and findings in this field. The course will primarily deal with the application of sociological tradition to explain economic phenomena.

Course Objectives:

The course aims to help students to:

1. illustrate why economic actions, processes and structures need to be embedded in the wider social context.

2. describe the theoretical perspectives of economic sociology (such as embeddedness by Granovetter, Transaction Cost Analysis, Agency Theory) and survey one of the current research trends in the discipline.

3. discuss why economic sociologists are increasingly rejecting the notion of “free” markets and embracing the idea of “choice within constraints”.

4. develop writing and presentation skills.

The classics in economic sociology; New economic sociology; Embeddedness by Granovetter; Contributions of new economic sociology; Structural sociology and networks; Organization theory; Cultural sociology; Building a historical and comparative tradition in economic sociology; James Coleman and interest-based sociology.

The social organisation of the economy; Capitalism; Industrial districts; Globalization; Economic theories of the firm; Organisational Economics; Transaction cost analysis; Agency theory.

Economists on the market from a sociological perspective; Markets in classical political economy (Adam Smith to Marx); The marginalist revolution and creation of the modern concept of the market; The Austrian School and the concept of the market as a process; Keynes’ critique of the mainstream view of the markets; Industrial organisation and the concept of market structure; Sociologists on markets: Max Weber-Harrison White on the market; The W(y) model; Markets as networks; Price and price formation.

The values approach to culture; the relationship of values to norms; Culture and economic development; Culture, religion and economic ethic; Economic culture and modernisation; Culture and economy in modern sociology; Culture and trust in contemporary economic sociology; Material culture and consumption.

Definitions; The dynamics of informality; The role of the state; Measuring the unmeasurable; The changing boundaries of informality

Swedberg, R. (2003). Principles of Economic Sociology. Princeton: Princeton University Press.

Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism.  The Quarterly Journal of Economics, 84 (3), 488-500.

Alchian, A. A., & Demsetz, H. (1972). Production, Information Costs and Economic Organization. The American Economic Review, 62(5), 777–795.

Aldrich, H. E., & Ruef, M. (2006). Organizations Evolving. (2nd ed.). London: SAGE Publications Ltd.

Alford, C. F. (2001). Whistleblowers: Broken Lives and Organizational Power. New York: Cornell University Press.

Arrow, K. (1985). The Economics of Agency. In J. W. John., W. Pratt & R. Zeckhauser (Eds.), Principals and Agents: The Structure of Business (pp. 37–54.). Massachusetts: Harvard Business School Press

Course Description:

The course aims at providing the students with the basic understanding of the microeconomic aspect of labour theories and labour market. The students have to understand the labour market structure, wage determination, unemployment, the growth pattern and the changes that have taken place in labour regulations of the country. The course also aims to introduce the various data available in the field of labour and employment such as NSS data on employment and unemployment that will enable the students to associate real situations with theories.

Course Objectives:

The course aims to help students to:

1. demonstrate the microeconomic aspect to understand the functioning of different labour markets.
2. examine the evolving wage payment mechanism and discrimination in the labour market.
3. understand the various determinants of employment, unemployment and the mobility of labour.
4. evaluate the labour regulation and labour market policies in India

Unique features of the labour market; Participants in the labour market; Labour market terminologies; Labour in classical, neo-classical and Keynesian analysis; Evolution of labour economics as a discipline post 1945; Classification of labour markets; Positive and normative economics in the context of labour markets; Labour markets and Pareto efficiency; Causes of labour market failure.

Demand for labour: Determinants of demand for labour, substitution and scale effect, short run vs. long run demand for labour; Firm, industry and market demand for labour; Elasticity of derived demand: The Hicks-Marshall rules, cross elasticity of demand for labour; Supply of labour: Static Labour-Leisure Choices-supply curve of labour; Indifference curves and budget constraints; Reservation wage; Labour market equilibrium: wage and employment determination in monopsony; perfectly competitive and monopoly labour markets; Monopoly union model and its impact on wage rate.

Wage concept and Definitions; minimum wage, living and fair wages; Methods of wage payment: time and piece wage; Wage policy; Objective and importance; Evolving wage structure and differentials in India, productivity-wage relationship in India; Labour market discrimination; Economic analysis of labour market discrimination; Employer and Employee discrimination, Statistical discrimination; measuring discrimination- the Blinder-Oaxaca model.

Determinants of employment and unemployment, Measurement issues; the human capital model, modified human capital model; the added worker and discouraged worker hypothesis; segmented labour market; job search and vacancy analysis;Gender and employment; Unemployment, causes and consequences – technology and employment – Recent trends of employment and unemployment in India; Determinants of labor mobility and migration, Offshoring-Onshoring trends and Visa policies in India.

Role of regulations in labour markets, Economic case for labour market regulations- Labour regulations in India-its impact and their enforcement-Trade unions in India-Factors affecting their growth and measures to help maintain union relevance- ILO Core Labour Standards and its impact on Indian Labour Policy- Recent trends in Working conditions- Social security and Insurance- Welfare Funds-Employment Exchanges-Vocational education and training.