Syllabus for
Master of Arts (Applied Economics)
Academic Year  (2023)

The MA Applied Economics programme of the Department of Economics in CHRIST (Deemed to be University) aims to form ethically well-grounded students with the ability for incisive reasoning, deep knowledge of economic theory and skill in empirical methodology. One of the highlights of the academic programmes is the emphasis on research-based curriculum and experiential learning. The Programme seeks to strike a sound balance between theory and application along with an interdisciplinary dimension without diminishing the focus on economics. This approach is meant to help students face the dynamic challenges in terms of the market and academics. In line with this approach the programme has a combination of papers related to economic theory, methodology and three streams of specialisations which, on the one hand meet the needs of corporate employment and on the other create the ability of applying economic theory to development problems of the world. More specifically students will be equipped to take up careers in academics, teaching, research, business consulting and analytics, civil society and activist organisations, the public sector, government services and international civil services.

Programme Outcome/Programme Learning Goals/Programme Learning Outcome:

PO2: Identify and critically examine the issues concerning economic, institutional and social structures by problematising and raising reflective questions for academic inquiry.

PO3: Exhibit ability to independently carry out a research project using tools and skills acquired through research methodology, statistics, and econometrics.

PO4: Demonstrate expertise in soft skills that will enable them to communicate effectively and engage with their peers, work spaces and community at large.

PO5: Engage with societal problems through informed and active citizenry by undertaking field assignments and projects.

PO6: Recognise and accept plurality of values and understand how individual choices have ethical and wellbeing implications for oneself and others.

PO7: Work with environmental consciousness and gender sensitive values by critically engaging with theories and policy debates in the areas of environmental and gender concerns.

CIAs are composed of three components and carry 50% weightage CIA 1 and 3 are faculty-initiated ones, CIA 2 is the Mid-semester examination. End Semester Exam carries 50% weightage.

The MA Applied Economics programme of the Department of Economics in CHRIST (Deemed to be University) aims to form ethically well-grounded students with the ability for incisive reasoning, deep knowledge of economic theory and skill in empirical methodology. One of the highlights of the academic programmes is the emphasis on research-based curriculum and experiential learning. The Programme seeks to strike a sound balance between theory and application along with an interdisciplinary dimension without diminishing the focus on economics. This approach is meant to help students face the dynamic challenges in terms of the market and academics. In line with this approach the programme has a combination of papers related to economic theory, methodology and three streams of specialisations which, on the one hand meet the needs of corporate employment and on the other create the ability of applying economic theory to development problems of the world. More specifically students will be equipped to take up careers in academics, teaching, research, business consulting and analytics, civil society and activist organisations, the public sector, government services and international civil services.

Programme Outcome/Programme Learning Goals/Programme Learning Outcome:

PO2: Identify and critically examine the issues concerning economic, institutional and social structures by problematising and raising reflective questions for academic inquiry.

PO3: Exhibit ability to independently carry out a research project using tools and skills acquired through research methodology, statistics, and econometrics.

PO4: Demonstrate expertise in soft skills that will enable them to communicate effectively and engage with their peers, work spaces and community at large.

PO5: Engage with societal problems through informed and active citizenry by undertaking field assignments and projects.

PO6: Recognise and accept plurality of values and understand how individual choices have ethical and wellbeing implications for oneself and others.

PO7: Work with environmental consciousness and gender sensitive values by critically engaging with theories and policy debates in the areas of environmental and gender concerns.

CIAs are composed of three components and carry 50% weightage CIA 1 and 3 are faculty-initiated ones, CIA 2 is the Mid-semester examination. End Semester Exam carries 50% weightage.

(1) Locate economics data and provide meaningful economic analysis of this data using
Excel to produce charts, scatter plots, descriptive statistics and simple linear regression.
(2) Understand and interpret tables that present such analysis.
(3) Provide a bridge between introductory statistics and more advanced data analysis courses 

Excel basic: Introduction about Microsoft Excel at the basic level: overview, tools, creates a spreadsheet, format, spreadsheet, calculations, create charts and printing, Formulas & Functions,  Cell References, Number Format as Façade, Effective and efficient spreadsheet design including Excel’s Golden Rule, Data Analysis features, such as PivotTables, Sorting, Filtering and Importing Data,Vlookup

Tabulation and diagrammatic representation of data-Line, Bar, Pie Diagram – Frequency Distribution and its diagrammatic presentation- Construction of frequency distribution – Histogram, Ogive and Frequency Polygon

Measures of Central Tendency-Mean, Median, Mode –Measures of dispersion- Range, Mean Deviation, Coefficient of variation, Standard Deviation and coefficient of variation- Skewness, and Kurtosis

Scatter Plots, Cross Tabulation-Hypothesis Testing- One sample z test- One sample t test-Paired t-test- Mann-Whitney U test- Kruskal Wallis test, Chi-Square- F test

Correlation Coefficient- Spearman’s Rank correlation- Partial Correlation- Simple and Multiple Regression, Use of confidence intervals and hypothesis tests for regression coefficients, Dummy, and indicator variables, ANOVA, MANOVA, MANCOVA, Factor Analysis

Price indices- Quantity Indices-Deflating time series by price indices – Shifting bases and chaining indices

1.     David M. Levine, Mark L. Berenson and David Stephan, "Statistics for Managers Using Microsoft Excel", Prentice-Hall, Second
Edition, 1999.

The course is intended to provide a good understanding and base for the students to apply the concepts and methods of microeconomics in the practical field.  A good grasp of microeconomics is vital for managerial decision-making, designing and understanding public policy. The objective of the course is to provide the students with a thorough knowledge and understanding of the foundations of modern economic analysis. This course will equip the students to understand the various aspects of the traditional Microeconomic theory as well as the latest developments in this field and the applications of theories in analysing current economic problems and to develop the ability to synthesize knowledge.

Construction of theories: Deduction and induction; Empirical verification; Theories and tautologies.

Consumer preferences; Axioms of preference ordering; Utility function: existence and characteristics; concavity and quasiconcavity; Budget sets; Demand functions: Zero homogeneity; Income and substitution effects; Slutzky theorem: Indirect utility functions; Hicksian compensated demand functions; Expenditure functions; Substitutes and complements: gross and pure; Revealed preference.

Production functions; Concavity and quasiconcavity; Returns to a factor and to scale; Total, marginal and average cost function; Long-run cost curves: envelopes; Factor demand functions, Conditional factor demands; Profit maximization; Supply functions, cost minimization – first and second-order conditions; Linear homogeneous production functions and their properties; Cobb-Douglas, CES, VES, and Translog production functions and their properties;Leontief’s production functions, Elasticity of substitution, its derivation for C-D and CES functions; the impact of tax/subsidy.

Characterizing perfect competition; Pricing and output under perfectly competitive markets; Monopoly markets: Pricing, discrimination; welfare costs; Monopolistic competition: Characteristics; Long run and short run behavior; Oligopoly: Cournot’s model; Stackelberg framework: Instability; Dominant firm; Compensating variation; Price and output determination under monopsony and bilateral monopoly;

Henderson, J. M., & Quandt R. E., (2003). Microeconomic Theory: A Mathematical Approach,New Delhi: McGraw Hill.

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

Kreps, David M., (1990). A Course in Microeconomic Theory. Princeton: Princeton University Press.

Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory (Vol. 1). New York: Oxford university press.

Sen, Anindya., (2007). Microeconomics: Theory and Applications. New Delhi: Oxford University Press.

Varian, Hal R., (2000). Microeconomic Analysis. New York: W.W. Norton & Company.

Varian, Hal R., (2010). Intermediate microeconomics: a modern approach. Vol. 6. New York: W.W. Norton & Company.

Ferguson, C. E. (1969), The Neoclassical Theory of Production and Distribution, Cambridge: Cambridge University Press.

Fuss, M., and McFadden, D., eds. Production Economics: A Dual Approach to Theory and Applications. Amsterdam: North-Holland Publishing Co., 1978.

G.S. Maddala and E. Miller (1989), Microeconomics: Theory and Applications, McGrow-Hill, New Delhi.

H L Ahuja (2012), Advanced Economic Theory – Microeconomic Analysis, S. Chand Ltd.

J. Henderson & Richard E. Quandt (2003), Microeconomic Theory: Mathematical Approach, Tata McGraw-Hill Publishing Company Limited, New Delhi.

J. De. V. Graff, Theoretical Welfare Economics, Cambridge University Press, 1963.

John A. Edgren (1995), On the Relevance of John Rawls theory of Justice to Welfare Economics, Review of Social Economy, Vol. 53.

Meunier, Valerie (2005). Lecture notes from Chapter 6: Moral Hazard, Strategic Behavior, Information and Contractual Relationships, available in Internet site, www.econ.au.dklfag/701O/F2005/default.ht

Pindyck, Robert & Rubinfeld, Daniel (2013), Micro Economics, 8th Edition, Pearson Education, USA

Paul A. Samuelson (1947), Foundations of Economic Analysis. 1983 edition, Cambridge, Mass: Haward University Press.

S. K. Nath (1969), A Reappraisal of Welfare Economics, London: Routledge and Kegan Paul Ltd.

Richard A. Musgrave and Peggy B. Musgrave, (1989), Public Finance in Theory and Practice, Singapore: McGraw-Hill International

W. J. Baumol, (1952), Welfare Economics and the Theory of the State, Harvard University Press.

CIA II  : 50 Marks (Mid Semester Examination)

CIA III : 20 Marks

This paper aims at strengthening the knowledge of important macroeconomic variables and their role in determining the equilibrium level of output and employment and provides insights into the factors influencing the capital inflows and outflows in an open economy model. It helps the students to understand the theoretical foundation of macroeconomics and the contribution of different schools of thought to the further development of macroeconomics. The students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions.

The development of macroeconomics- Actual and potential output-GNP identity on the product, income and disposition side-The government sector and foreign sector-Classical theory of income and employment- The saving investment balance- The labour market equilibrium-  Aggregate demand and supply, money and prices in classical model- Keynes’ theory of employment- Consumption function, investment demand- Effective demand- Determination of equilibrium income- Theory of multiplier-Derivation of the expenditure multiplier.

Equilibrium income and the interest rate determination in the product market- Equilibrium income and the interest rate determination in the money market- Derivation of IS and LM curves-Shift in IS and LM curves-Simultaneous equilibrium- Fiscal and monetary policy effects on demand-Interaction of monetary and fiscal policies- -Aggregate supply in the short run and long run-Supply side disturbances and reactions-Demand side disturbances and reactions-Determination of equilibrium income, employment, rate of interest and price level.

Theories of aggregate consumption- Absolute income hypothesis- Relative income hypothesis- Life cycle hypothesis-Permanent income hypothesis- Robert Hall and Random Walk Hypothesis- Non-income factors affecting consumption-The MPS model-The wealth effect in the static model-The present value criterion for investment-The marginal efficiency of investment-Investment demand and output growth-The accelerator principle and stabilization policy-The rental cost of capital and investment-Tobin’s q theory of investment.

The instruments of monetary policy-The mechanism of monetary expansion- money growth targeting and inflation targeting -The effects of fiscal policy changes-Three ranges of LM curve-The effectiveness of monetary and fiscal policy: Monetarists and Fiscalists-Tax rate changes and the budget deficit-Fiscal stimulus and deficit financing- crowding out and crowding in controversy- Quantitative easing policies- macroeconomic policies in advanced and emerging economies.  

The current account and product market equilibrium-The capital account and balance of payments equilibrium-Balance of payment adjustment and the LM curve- The Classical approach: The automatic adjustment method- Balance of payment adjustment by policy measures: Mundell-Fleming model- The expenditure changing policies- The expenditure switching policy: Devaluation- Monetary approach to Balance of payment adjustments.

CIA 2- 50 marks based on the midsemester examination

CIA 3- 20 marks based on the criteria specified in the course plan

End semester examination-100 marks

This course aims to provide basic ideas on how to think as a researcher, the various considerations involved in the practice of social research and how these relate to the strategy and design of research.

Ways of knowing and understanding the world and the research process - The nature of knowledge and theory - Philosophy of Social Science Research - Relevance of Social Science Research - Objectivity and Values in Social Sciences.

Theory Construction in Social Science Research - Approaches to Social Science and Managerial Research, Theoretical, Applied and Action Research - Ethical Issues in Research on Human or Social Subjects - Non-sexist approach in Social Sciences.

Review of Literature - Identification of Research Gaps and Research Needs - Identification, selection and formulation of research problem - Formulating Hypotheses/Propositions/Issues, conceptualizing research problem.

Uni-disciplinary, inter-disciplinary, multi-disciplinary methodologies - Quantitative Research Methods: An Overview - Qualitative Research Methods: An Overview - Historical Method - Case Study Method - Action Research - Monitoring and Evaluation - Triangulation (including/mixing Qualitative and Quantitative) Methods.

Secondary Sources of Information: Using and Integrating secondary and primary information - Quantitative Data: Kinds and quality of Data, demography, labour force, agriculture, industry - Quantitative Data: Human resources, education, health, housing, employment, banking, rural data bas - Quantitative Data: Survey Reports, Research Studies, Historical Data Tools - Statistical Systems – International, National and Local: Objectivity, Reliability and Validity of Data - Surveys and Questionnaires: Questionnaire, Schedule Design and Construction, Sample Surveys, Survey Administration - Observation – Structured and unstructured, Recording and Interpretation of Observations, Ethnography -Interviews: Nature of the Interview Process - Structured and Unstructured Interviews, Focus Groups, Group Discussions.

Choice of Statistical and Processing Techniques - Interpretative Narrative Methods - Theory of the Testing of Hypotheses - Presentation of Research Findings, Products of Research, Thesis Writing - Factors conducive to research utilization.

The objective of the paper is to make students familiar with theory and application of statistical methods.  This course covers the statistical foundations of data analysis including the statistical theory and its applications in Economics. In particular, this module broadly covers the descriptive statistics, theory of probability, statistical distributions, estimation and hypothesis testing, and non-parametric tests.

 Concept of probability, conditional probability and Bayes’ theorem, random variables – discrete and continuous, density and distribution functions, joint, marginal and conditional distribution, moment generating function, law of large numbers and Central Limit theorem

Discrete versus continuous distribution, uniform, binomial, negative binomial, Poisson, geometric and hyper-geometric, normal, log-normal, exponential, gamma and beta distribution, characteristic function and moment generating function

Simple random sampling: with and without replacement, stratified random sampling, probability and non-probability sampling, statistic and sample moments, sampling distributions: Student’s-t, Chi square and F-distribution, determinants of sample size

Point and interval estimation, properties of good estimators: unbiasedness, consistency, efficiency, different methods of estimation, maximum likelihood and method of moment estimation, properties of maximum likelihood and method of moment estimators, confidence interval for unknown parameters

Statistical hypothesis, simple versus composite hypothesis, critical region, types and size of error – type-I and type-II error, power of a test, Neyman-Pearson lemma, trinity of classical tests (Wald test, Lagrange multiplier, likelihood ratio), application of hypothesis testing with known and unknown variances, Chi-square test for testing independence of two-classification criteria, test for correlation

1. Anderson, Sweeny & Williams, Statistics for Business and Economics

1. Nabendu Pal & Sahadeb Sarkar, Statistics Concepts and applications
2. Speigal. M.R.(1992), Theory and Problems of Statistics, McGraw Hill, London
3. Monga,G.S.(1972), Mathematics and Statistics for Economists,Vikas Publications, New Delhi.
4. Yamane, Taro (1975), Mathematics for Economists, PHI, New Delhi.
5. Murray S. Speigel, Statistics, Schaum Series
6. Nabendu Pal & Sahadeb Sarkar, Statistics Concepts and applications

Mid Sem Exam - 50 Marks

CIA 3 - 20 Marks

End Sem Exam - 100 Marks

This course aims to make students familiar with the famous thinkers and their thoughts that form the basis for current practices and policies; to demonstrate that knowledge is created by the successive building of ideas on earlier ones, and to show how most of the theoretical concepts in economics and policy today have their roots in ideas born centuries before.

Introduction to the study of History of Economic Thought. Introductory Indian and Chinese economic thought - Chanakya on tax administration, Chinese on civil administration and agriculture. Mercantilist thinking - factors responsible for the growth of mercantilist thought, major ideas. Physiocracy - factors responsible for the growth of Physiocracy, major economic ideas, with special reference to Quesnay (origin of the circular flow and microeconomic identity - economic table)

Classical thought - influence of Hutchinson on Smith’s thinking, Smith on value, rent, public finance, institutionalism. Malthus on population and theory of gluts. Ricardo on rent, value, comparative advantage. JS Mill - introduction through Senior, fundamental doctrines, including static state. Frederick List - German criticism of Classicism

Marx (historical materialism, dialectics, surplus value, capitalist appropriation), post Marxists.Fabian socialists - Robert Owen

Marginalist school - Bohm Bawerk - origins of marginalism, Walras (general equilibrium), Marshall (economic statics and notion of equilibrium), Edgeworth (2x2 model).

Keynes - Monetary equation, General Theory and liquidity preference.  Schumpeter - creative destruction and business cycles.  Rawls – theory of justice.  Amartya Sen - capability approach.

1)      Haney, Lewis H. (1977). History of Economic Thought. New Delhi: Surjeet Publications.

2)      Gide, Charles and Rist, Charles, (2007, Indian Reprint). A History of Economic Doctrines. New Delhi: Surjeet Publications

3)      Screpanti, Ernesto & Zamagni, Stefano. (2006). An Outline of the History of Economic Thought. First Indian Edition, Oxford University Press. 

4)      Heilbroner, Robert L. (1999). The Worldly Philosophers - The Lives, Times, and Idea of the Great Economic Thinkers. Simon and Shuster.

5)      Clarke, J. B. The History of Economic Thought.

6)      Taylor, Overton H.A, (1960) A History of Economic Thought, Mc Graw- Hill.

7)      Roll, Eric, (1940) A History  of Economic Thought, Feber and Feber

          Roncaglia Alessandro (2017): A Brief History of Economic Thought, Cambridge University Press

           Rima Ingrid (2017) : Development of Economic Analysis, Routledge. 

2)      Gide, Charles and Rist, Charles, (2007, Indian Reprint). A History of Economic Doctrines. New Delhi: Surjeet Publications

CIA - 1 - 20 Marks

CIA - 2: Mid semester examination - 50 hours; Max. Time: 2 hours.

CIA - 3 - 20 Marks

End Semester Exam - 100 marks

Financial economics is the branch of economics concerned with the working of financial markets, such as the stock market and the finances of companies. The course focuses equally on the theoretical framework as well as the practical aspects of the functioning of financial markets. The course is intended to provide an in-depth understanding of the operational issues of the capital and debt market network along with its regulatory framework.

Return and Risk: Historical and Expected; Time Value of Money: Future and Present Value Methods; Newman – Morgenstern Utility Index and Application; Buying and Selling Securities: Oder Size, Time Limit, Types of Orders, Margin Accounts; Financial Markets: Equity Market, Debt Market, Money Market and Derivative Market; Mutual Funds: Open-ended Schemes Versus Closed-ended Schemes; Regulations of Financial Markets in India.

Fama’s Formulation of Efficient Market Model; Security Price and Random Walk; Testing for Market Efficiency: Event Studies, Looking for Pattern, Examining the Performance; Criticisms and Empirics; Introduction to Behavioral Finance.

Efficient Set Theorem: Feasible Set, Selection of Optimal Portfolio; Concavity of Efficient Set; The Market Model: Random Error Terms, Graphical Representation, Beta, Actual Returns; Diversification; Markowitz’s Portfolio Approach; New Portfolio Theory; Capital Asset Pricing Model; Arbitrage Pricing Theory; Multi-factor Model; Equity Premium Puzzle; Portfolio Revision.

Bond Attributes; Bond Prices; Bond Pricing Theorems; Bond Yields: Current Yield, Yield to Maturity, Yield to Call, Realized Yield to Maturity; Risks in Bonds; The Yield Curve; Determinants of Yield Spreads; Bond Portfolio Management: The Passive and Active Strategies. 

Types of Equity Shares; Free Float Market Capitalization: Sensex and Nifty; Valuation of Preference Shares; Balance Sheet Valuation: Book Value, Liquidation Value, Tobin’s q; Dividend Discount Model: Single and Multi-Period Valuation Models, Zero Growth Model, Constant Growth Model, Two-Stage Growth Model, H-Model; Free Cash Flow Model; Earnings Multiplier Approach; Earnings-Price Ratio, Expected Return and Growth; Forecasting the Aggregate Stock Market Returns.

Fundamental Analysis - Top-Down versus Bottom-up Forecasting; Probabilistic Forecasting; Econometric Models; Company Background; Review of Accounts Statements; Ratio Analysis.

Technical Analysis - Dow Theory and its Tenets; Charts: Point and Figure Chart, Line Chart, Candlestick Chart, Bar Chart; Chart Patterns; Trend Analysis; Moving Averages; Limitations of Technical Analysis.  

Options and Futures; Pricing of Options: Black-Scholes Model and Binomial Option, Pricing Model; Pricing of Futures. 

Prasanna Chandra (2017), Investment Analysis and Portfolio Management,  Tata McGraw Hill Education Private Limited, New Delhi, 5th Edition.

William Sharpe, Gordon Alexander and Jeffery Bailey (2003), Investments, Prentice Hall of India, 6th Edition.

1. Burton G. Malkiel, A Random Walk Down Wall Street, W.W. Norton & Company, 2003.
2. David G. Luenberger, Investment Science, Oxford University Press, USA, 1997.
3. Hull, John C., Options, Futures and Other Derivatives, Pearson Education, 6^th edition, 2005.
4. Richard A. Brealey and Stewart C. Myers, Principles of Corporate Finance, McGraw-Hill, 7th edition, 2002.
5. Stephen A. Ross, Randolph W. Westerfield and Bradford D. Jordan, Fundamentals of Corporate Finance. McGraw-Hill, 7^th edition, 2005.
6. Thomas E. Copeland, J. Fred Weston and Kuldeep Shastri, Financial Theory and Corporate Policy, Prentice Hall, 4^th edition, 2003.

The course aims to deepen students understanding of how economic theory can be applied to policy problems of the agricultural sector; the course is structured based on three stages of Agricultural Productions, namely Pre-production, Production and Post Production so that the students get an overall understanding of the agricultural issues and policy thereof.

Agricultural Economics: meaning, nature and scope; History and Development; Contribution; Basic Theories; Hunger and Malnutrition; Food and Nutritional Security.

Issues related to Land; Water; Energy; Seed; Fertilizers; Nexus issues; Credit; Indebtedness; Subsidies; Insurance and Capital formation.

Crop Production and Productivity; Labour Relations Employment and Wage; Non-farm Sector; Role of Technologies; Livestock Management; Structural Transformation and Mobility.

Cost of Cultivation and CACP; Pricing; Income; Issues in Marketing and its Channels; Value Addition and Processing; Research: Education and Extension.

WTO, Negotiations and Agreements; Trade and International Relations; Problems of Agricultural Subsidies; Patents; Agricultural Exports: Quantitative Restrictions (QRs) and Non-Tariff Barriers

Sustainable Agriculture; Climate Change and issues; Organic, Zero Budget, Climate Smart and Precision Farming; Law and Policies, Best Practices in Agriculture from around the World.

Introduction to Crop area and Production Statistics; Agricultural Census; Land Use Statistics; Cost of Cultivation; Livestock Census; National Income Statistics; Foreign Trade;  Agricultural Development Index; Labour Statistics; Credit Data Base; State Accounts

1. Ray, D., Development Economics, 1998, Chapters 2, 9, 10, 12, and 16.
2. von Braun, J, M.S. Swaminathan, and M W. Rosegrant, “Agriculture, Food Security, Nutrition, and the Millennium Development Goals,” Essay, IFPRI, Washington. DC, 2005.
3. Besley, T. and R. Burgess, “Halving Global Poverty,” Journal of Economic Perspectives, Vol 17. No 3, Summer 2003, pp. 3-22. 
4. Trostle, R., “Global Agricultural Supply and Demand: Factors Contributing to the Recent Increase in Food Commodity Prices,” USDA/ERS WRS-0801, May 2008, Washington, DC. 
5. North, D., “Institutions, Transaction Costs, and Economic Growth,” Economic Inquiry, 1987.

1. Olson, M. Jr., “Big Bills Left on the Sidewalk: Why Some Nations are Rich and Others are Poor,” Journal of Economic Perspectives, Spring 1996. 
2. Lee, R. “The Demographic Transition: Three Centuries of Fundamental Change,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 167-190. 
3. Cohen, J., “Human Population: The Next Half Century”, Science, Vol. 302, November 14, 2003, pp. 1172-1177. 
4. World Bank, “Demand and Supply Factor in Fertility Transitions,” Chapter 4 in Population and Development, 1994. 
5. Hymer, S. and S. Resnick, “A Model of an Agricultural Economy With Non-Agricultural Activities,” American Economic Review, September 1969. 
6. Singh, S. and S., “Agricultural Household Models, John Hopkins University Press, Baltimore, 1986, Introduction and Chapter 1. 
7. Otsuka, K., “Efficiency and Equity Effects of Land Markets,” Chapter 51 in R. Evenson and P. Pingali, Handbook of Agricultural Economics, Volume 3, 2007, pp2671 – 2703. 
8. Townsend, R.M., Consumption Insurance: An Evaluation of Risk-Bearing Systems in Low Income Economies, Journal of Economic Perspectives, Vol 9, no. 3, Summer 1995: 83-102. 
9. Morduch, J., “Income Smoothing and Consumption Smoothing”, Journal of Economic Perspectives, Vol 9, No3, Summer 1995: 103-114. 
10. Moyo, S., G.W. Norton, J.Alwang, M. Miah, and M. Deom, “Peanut Research and Poverty Reduction: Impacts of Vaeiety Research to Control Peanut Viruses in Uganda, American Journal of Agricultural Economics, May 2007, pp.448-460. 
11. Thompson, R., “Globalization and the Benefits of Trade,” Chicago Fed Letter 236, March 2007.
12. Yotopoulos, Pan, Asymmetric Globalization, Chapter 1 in Yotopoulos and Nugent (Ed) The Asymmetries of Globalization, Routledge: New York, 2007. 
13. Schiff, Maurice and Alberto Valdez, “Agriculture and the Macroeconomy, with emphasis on developing countries”, in B.L. Gardner and G.C. Rausser, Handbook of Agricultural Economics, Volume 2A, 2002, Chapter 27, pp. 1421-1454. 
14. Bouet, A. “How Much Will Trade Liberalization Help the Poor? Comparing Global Trade Models, IFPRI Research Brief N. 5, 2006. 
15. Koo, W. and P.L. Kennedy, “The Impact of Agricultural Subsidies on Global Welfare,” American Journal of Agricultural Economics, 88:2 (December 2006): 1219-1226.
16. Krueger, Schiff, and Valdes, “Agricultural Incentives in Developing Countries: Measuring the Effects of Sectoral and Economy-Wide Policies,” The World Bank Economic Review, 1988, pp. 255-271. 
17. Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence” in Kaushik Basu (ed.), Agrarian Questions Oxford University Press. 
18. V.M. Rao, (2001), “The Making of Agricultural Price Policy: A Review of the CACP Reports” Journal of Indian School of Political Economy vol. XIII, no. 1, Jan-March.
19. Robert Evenson, Carl Pray and Mark Rosegrant (1999), Agricultural Research and Productivity Growth in India (IFPRI Research Report 109).
20. Gunvant Desai and A. Vaidyanathan (1995), Strategic Issues in Future Growth in Fertiliser Use in India, Macmillan. 
21. Ashok Gulati (2000), “Indian Agriculture in an Open Economy: Will it Prosper?” in Ahluwalia and Little (eds.), India’s Economic Reforms and Development: Essays for Manmohan Singh, Oxford University Press. 
22. Schiff, M. and L.A. Winters, “Regional Integration Agreements: An Overview,” Chapter 1 in Regional Integration and Development, The World Bank, Washington DC, 2003, pp 1-30.
23. Koo, W., P. Kennedy, and A. Skripnitchenko, “Regional Preferential Trade Agreements: Trade Creation and Diversion Effects,” Review of Agricultural Economics, 28 (3) (2006): 408-415. 
24. Kelly, T., “Why Are Developing Countries Still Negotiating? The WTO’s Successes at the Doha Round, Challenge, Vol 48, No. 3 (May/June 2005): 109-124.
25. Martin, W. and K. Anderson, “The Doha Agenda Negotiations on Agriculture: What Could They Deliver?” American Journal of Agricultural Economics, 88 (5) (2006): 1211-1218.
26. Krugman, P. “What Should Trade Negotiators Negotiate About?” Journal of Economic Literature, March 1997. 
27. Calvo, G and F Mishkin, “The Mirage of Exchange rate Regimes for Emerging Countries,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 99-110.
28. Fischer, S., “Exchange Rate Regimes: Is the Bipolar View Correct?”, Journal of Economic Perspectives, Vol 15, Spring, 2001, pp 3-24.
29. Mellor, J.W., “Foreign Aid and Agriculture-Led Development”, Chapter 3 in C. Eicher and J. Staatz International Agricultural Development, Johns Hopkins, 1998.

CIA II: Out of 50 Marks (Open Book Exam)

CIA III: Out of 20 Marks

End Semester Examination: Out of 100 Marks

The curriculum provides a framework through which students learn data analytics skills, expand their knowledge of Business Analytics, and gain a strategic perspective of the industry. The course is designed around the real-world integration of business disciplines.

Big Data Management - Business Fundamentals - Data Collection - Data Visualization - Statistical Analysis - Text Analytics -Consumer Behavior and CRM - Data Mining

What is Descriptive Analytics? - Descriptive Data Collection: Survey Overview - Descriptive Data Collection: Net Promoter Score and Self-Reports - Descriptive Data Collection: Survey Design - Passive Data Collection - Media Planning - Causal Data Collection and Summary

The Newsvendor Problem - Comparing Decisions in Uncertain Settings - Simulating Uncertain Outcomes in Excel - Interpreting and Visualizing Simulation Output - Decision Trees - Using Simulation with Decision Trees - Using Optimization Together with Simulation.

Goals for the Course - Course Outline and Overview - People Analytics in Practice - Performance Evaluation: the Challenge of Noisy Data - Chance vs. Skill: the NFL Draft - Finding Persistence: Regression to the Mean - Extrapolating from Small Samples - The Wisdom of Crowds: Signal Independence - Process vs. Outcome - Summary of Performance Evaluation

Earnings Management - Overview of Earnings Management - Revenue Recognition Red Flags: Revenue Before Cash Collection - Revenue Recognition Red Flags: Revenue After Cash Collection - Expense Recognition Red Flags: Capitalizing vs. Expensing - Expense Recognition Red Flags: Reserve Accounts and Write-Offs – prediction models

Why is it relevant? The four V’s, Is Big Data= Hadoop?, Big Data and Cloud Computing, Generators of Big Data, Applications of Big Data

The main objective of the paper is to introduce both traditional as well as modern ideas and theoretical concepts in microeconomics. It also deals with a fundamental understanding of market theory, theory of factor pricing, theory of general equilibrium, and welfare economics. It also includes understanding the role of institutions by focusing on transaction costs, absolute property rights, and relative property rights.

Extensive and normal form representation of games– Nash equilibrium (impure and mixed strategies); definition and existence – subgame perfection dynamic games; Applications: strategic behaviour of firms in a market–Bertrand, Cournot and Stackelberg models and entry deterrence.

Neo-classical approach: Marginal productivity theory - in perfect and imperfect product and factor markets; Product exhaustion theorem; Elasticity of technical substitution, technical progress and factor shares; Macro theories of distribution – Ricardian, Marxian, Kalecki, and Kaldor

Partial and general equilibrium; Walrasian excess demand and input-output approaches to general equilibrium; Existence, stability, and uniqueness of partial equilibrium and general equilibrium; Relationship between relative commodity and factor prices (Stopler-Samuelson theorem); Relationship between output-mix and real factor prices-effect of changes in factors supply in closed economy(Rybczynsky theorem).

Pigovian welfare economics; Pareto optimal conditions; Value judgment; Social welfare function; Compensation principle; Inability to obtain optimum welfare–Imperfections, market failure, decreasing costs; Uncertainty and non–existent and incomplete markets; Theory of second-best –Arrow’s impossibility theorem, Rawl’s theory of Justice; Equity efficiency trade-off.

Definition of Transaction Cost and types of transaction costs; General Principles in Modelling Transaction Costs; Modelling Transaction Costs by modeling transaction activity. The emergence of Property Rights: The invisible hand and the optimistic theory; contracting for Property Rights: the role of political bargaining and the Liebcap Thesis. Principles of contractual obligations; economic theories of contract: agency theory, self-enforcing agreement theory and relational contract theory; types of private ordering and their dynamics.

2. Henderson, J.M., and R.E. Quandt (2003), Microeconomic Theory: A Mathematical Approach, McGraw Hill, New Delhi.

3. Kreps, David M. (1990), A Course in Microeconomic Theory, Princeton University Press, Princeton.

4. Krugman, Paul. and Wells, Robin. (2005), Microeconomics, Worth Publishers.

5.  Koutsoyiannis, A. (1979), Modern Microeconomics, (2nd Edition), Macmillan Press, London.
6.  Furburton & Richter, ‘Institutions and Economic Theory’, Dryden Press.
 

CIA II - 50 Marks (Mid Semester Examination)

CIA III - 20 Marks

ESE - 100 Marks

This paper aims at strengthening the knowledge of important macroeconomic variables and their role in determining the equilibrium level of output and employment and provides insights into the factors influencing the capital inflows and outflows in an open economy model. It helps the students to understand the theoretical foundation of macroeconomics and the contribution of different schools of thought to the further development of macroeconomics. The students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions.

Classical dichotomy and monetary neutrality- Classical, Neo-classical and modern theories of inflation- Keynesian and monetarist views on inflation-Inflation in the static model-Wages, prices and productivity-The relation of wages to unemployment- Short run and long run Phillips curve and the policy implications- Modifications in Phillips curve- Natural rate of unemployment-Seigniorage and hyperinflation-disinflation.

The Classical and Neoclassical views on holding money- Real and monetary theories of the rate of interest: liquidity preference and loanable funds theories of interest- The term structure of interest rates: Pure Expectations, Pure segmentation and Substitutability theories- Portfolio theories of demand for money- Baumol-Tobin approach to transaction demand for money- Tobin’s portfolio optimization approach- Friedman’s quantity theory of money.

Measurement, Endogenous theories (Hicks, Goodwin, Kaldor), Exogenous theories - Real Business Cycle Theories - Real Business Cycle School and inter temporal substitution of labour- Real Business Cycle theory- technology shocks- neutrality of money and flexibility of wages and prices- Real Business cycle view on great depression- The modern monetarism, major postulates-Keynesian policy framework- The New Classical macroeconomics- Stagflation trend-The Supply-Side economics- major implications.

The instruments of monetary policy-The mechanism of monetary expansion- money growth targeting and inflation targeting -The effects of fiscal policy changes-Three ranges of LM curve-The effectiveness of monetary and fiscal policy: Monetarists and Fiscalists-Tax rate changes and the budget deficit-Fiscal stimulus and deficit financing- crowding out and crowding in controversy- Quantitative easing policies- macroeconomic policies in advanced and emerging economies.

The current account and product market equilibrium-The capital account and balance of payments equilibrium-Balance of payment adjustment and the LM curve- The Classical approach: The automatic adjustment method- Balance of payment adjustment by policy measures: Mundell-Fleming model- The expenditure changing policies- The expenditure switching policy: Devaluation- Monetary approach to Balance of payment adjustments.

CIA II   : 50 Marks (Mid Semester Examiniation)

CIA III  : 20 Marks

ESE       : 100 Marks

The main objectives of the paper are to train the students to grasp the use of mathematical techniques and operations to analyse economic problems and to initiate students into various economic concepts which are amenable to mathematical treatment.

Equilibrium analysis in Economics-Definition of equilibrium-Solution of equilibrium- Single vs. multiple equilibrium-Partial vs. general equilibrium. Application: single vs. multiple commodity markets-Linear Models and Matrix Algebra -Matrix algebra with special emphasis on Cramer’s rule- Applications: multiple commodity markets-Heckscher-Ohlin model-Comparative Static Analysis- Review of comparative static analysis using IS-LM model- Alternative approaches- Application: Mundell-Fleming model (IS-LM with small open economy)

Areas under curve-Definite and indefinite Integration -Application- Consumer Surplus and Producer Surplus

Concavity, Convexity, Quasi concavity, Quasi convexity Optimization of functions of one variable -Main concepts- First order conditions-Second order conditions (sufficient conditions) Applications: Profit maximization (one product) under: - perfect competition - monopoly. – Monopolistic –Oligopoly (Collusive and Non Collusive Oligopoly Models - Cournot model, stackelberg model) Optimization of functions of more than one variable- The differential version of optimization conditions- Extreme values of function of two variables and comparative static aspect of optimization Application: Profit maximization (two products) under perfect competition- extreme values of function of n variables. Applications: i) Monopolist selling in segmented markets

Two variables, one constraint-Lagrange-multiplier method-First order conditions-Second order conditions, Hessian Border Condition. Applications: Utility maximization and consumer demand (two goods, one period)-Utility maximization and consumer demand (one goods, two periods)- perfect access to international capital markets.-financial autarky -welfare implications

First order linear difference equations- Second order difference equations First order differential equations- Second order differential equations Application: Cobweb Market Model, Dynamic stability of Market price

Mid Sem Exam - 50 Marks

CIA 3 -20 Marks

End Sem Exam - 100 Marks

The course is designed to impart the learning of principles of econometric methods and tools.  This is expected to improve student’s ability to understand of econometrics in the study of economics. This course is intends to provide a thorough and sound understanding of the essential theoretical base, an introduction into the important and useful techniques of modeling and also an understanding of the broad applications of econometrics.

Linear regression model, two variables and multi variables, BLUE property, general and confidence approach to hypothesis testing, partial effects and elasticity, goodness of fit, model evaluation, matrix approach to linear regression models;

Consequences and detection of multicollinearity, heteroskedasticity, and autocorrelation; remedial measures;

Regression on qualitative and quantitative variables, dummy variable trap, structural stability of regression models, Chow test, piecewise linear regression model;

Simultaneity bias, structural versus reduced form, identification: rank versus order condition, exact and over identifications, triangular model, methods of estimation including indirect least squares, two-stage least squares and three-stage least squares, LIML and FIML;

Formation of expectations, naïve expectation versus adaptive expectations models, partial adjustment models, distributed lag models; Koyck’s model, Almon lag, polynomial distributed lag models, end point restriction, rational expectations models;

1) A Koutsoyiannis (2001), Theory of Econometrics, Palgrave Macmillan, 2nd Edition.

2) Damodar N Gujarati and D C Porter (2009), Basic Econometrics, McGraw Hill Publication, 5th edition.

3) Wooldridge M Jeffrey (2016), Introductory Econometrics: A Modern Approach, Cengage Learning, 6th Edition.

2) Damodar N Gujarati and D C Porter (2009), Basic Econometrics, McGraw Hill Publication, 5th edition.

Mid Sem Exam - 50 Marks

CIA 3 - 20 Marks

End Sem Exam - 100 Marks

This paper is designed to prepare the students with training in theoretical and practical aspects of Banking and Insurance Science. This paper develops the caliber of the students to understand the banking procedure with its command on money inflow in the market and thereby be more adept in taking up banking sector-related careers. The paper also delves deeply into the working and it intends to equip them to work in life and non-life insurance companies (designing insurance products, valuing financial contracts and investing funds); consultancy (offering advice to occupational pension funds and employee benefit plans); government service (supervising insurance companies and advising on the national insurance)

Contingent Consumption; Utility Functions and Probabilities; Expected Utility Theory in Insurance Market; Risk pooling; risk spreading; risk transfer; Quality Choice – Choosing the Quality; Moral Hazard and Adverse Selection in Banking and Insurance Theories; Signaling - The Sheepskin Effect; Incentives; Asymmetric Information - Monitoring Costs Example: The Grameen Bank; Systems Competition; The Problem of Complements; Relationships among Complementors; Markets with Network Externalities.

The Monetary Policy of RBI – Bank Nationalisation and Credit Planning; Monetary Targeting; Multiple Indicator Approach and Liquidity Adjustment Facilities (LAFs); Theoretical Basis of Banking Operations; Liabilities of Banks – deposits, non-deposit resources, other liabilities; Banking Assets – Investments, Bank Credit; Concept of Lending and Portfolio Choice and Aspects; Banking Innovations; Risk Management in Banking; Non-Bank Financial Intermediaries (NBFIs) and Statutory Financial Organisation – Small Savings, Provident Funds and Pension Funds; NBFIs and Miscellaneous Financial Organisation – Loan Companies, Investment Companies, Hire-Purchase Finance; Lease Finance; Housing Finance.

Types of life insurance Contracts: Term and Cash Insurance; The Level Premium Concept; Life Insurance Products; Types of Term Insurance; Whole Life Insurance; Variation of Whole Life Insurance; Indeterminate Premium Whole Life Insurance; General Classifications of Life Insurance; Computation of Life Insurance Premium; Benefits-Certain and Benefits-Uncertain contracts.

Individual Health and Disability Income Insurance; Types of Individual Health Insurance Coverage: Hospital (Surgical Insurance, Major Medical Insurance); Disability Income Insurance; Need for Disability Income Insurance: Short Term Versus Long Term Disability Coverage; Health Insurance for the Elderly; Long Term Care Insurance; Employee Benefits: Group, Life and Health Insurance; Group Insurance: Group Life Insurance Plans, Group Health Insurance Plans, Group Disability - Income Insurance.

Insurance Company Operations: Rate Making, Underwriting, Production, Claim Settlement, Reinsurance; Life Insurance Industry in India; Government Insurance Units; Private Players; Emerging Scenario; Marketing Systems; Distribution Channels: Agents and Brokers; Changes in Distribution System; Government regulation of Insurance; Rationale of Regulation; Function of IRDA, IITDA Regulations; Issues in Insurance Regulation.

CIA II (Mid Semester): Out of 50 Marks

CIA III: Out of 20 Marks

End Semester Examination: Out of 100 Marks

Course Description 

This course intends to provide knowledge to the students on the basic issues such as productivity, efficiency, capacity utilization and debates involved in the industrial development of India. Industrial Economics is to develop the students’ comprehension of both industry models and their links with practice with a special accent on government policy.

Course Objectives

The objective of the course is to provide a thorough knowledge about the economics of industry in a cogent and analytical manner, particularly in the Indian context. 

Market structure – conduct performance paradigm – Sources of monopoly power-Effects of monopoly on social welfare- Natural monopoly; Price and non-price regulation of natural monopoly-Anti monopoly policy- Price Discriminating Monopoly-Types of price discrimination: general overviewWelfare effects of price discrimination- Market concentration and monopoly power – Causes and measurement – Market concentration and performance – Extent of market concentration in India – Recent trends – The Firm: Emergence and its objectives - Non -profit maximizing models- Case studies on Market concentration and Natural Monopoly

Mergers and take over: Concepts, motives and consequences- Cross border M & A- DiversificationVertical Integration: Nature and extent of vertical integration, monopolistic motives for integration – Case studies on M&A.

Sources (internal and external) – Financial Statements – Analysis of financial ratios and their interrelatedness, Problems of financial analysis- General considerations for pricing decisions-Cost plus pricing, Incremental cost pricing, Acceptance pricing, going rate pricing and transfer pricing; Predatory pricing - Public policy towards predatory pricing- Profitability and its determinants

Industrial Productivity- norms and measurement;Factors affecting productivity and capacity utilization; Importance of productivity in the competitive environment; Measures required for improving productivity and efficiency- Case studies on Productivity. 

The behavioural theory of the firm; Transaction cost theory; the property Right Theory; The Agency Theory and the Resource Based Theory- Factors Influencing Location of Industries. -Theories of Industrial Location, Weber, Sargent Florence; Need for Balanced Regional Development of Industries - Industrial location trends in India.

Industrial Imbalance Causes and Measures-Need for Balanced Regional Development of Industries - Industrial location trends in India - Need for govt intervention in industry- Ways of govt regulationIndustrial regulations in India.

This course aims to provide knowledge of the fundamental differences between genders from the economic, biological, anthropological, psychological and feminist perspectives. It also provides the necessary analytical tools to analyze differences in bargaining positions of men and women within households alongside explaining consequences of marriage and declining fertility rates on women’s education, career choices and wellbeing. The course also examines ways in which gender interacts in the labour market realm in addition to describing the position of women in credit markets and entrepreneurial activities.

Gender differences in Economic outcomes-Debates on Gender differences: Nature vs Nurture debate- Economic perspectives on Gender differences- Critique of the Economic approach- Alternative approaches: Evolutionary, Feminist and Postmodern perspectives- Men and women in economic situations: Differences in Altruism, Risk aversion and Competitiveness- Experimental set-ups using Ultimatum games, Prisoners dilemma and Dictator games- Gender differences in consumption and investment patterns.

Women’s Unpaid work: Theories of unpaid work- Economic, Marxist and Feminist perspectives- Estimation of unpaid work: Methods and challenges- Gender differences in time use patterns: Insights from Time use survey India 2019- Women in Paid work- Occupational Segregation in labour markets- Female labour force participation and its determinants- Gender wage gaps in labour markets in India: Estimation and Empirical results- Gender Discrimination in Labour Markets: The Taste for Discrimination Model- Statistical discrimination Model- The Efficiency Wage theory of Discrimination- Differing Standards for Jobs based on Gender- Credit markets and women's wellbeing: Gendered distribution of wealth and asset ownership- gender discrimination in credit markets-implications on women's entrepreneurship.

Overview of marriage and family structure; The Economics of marriage: Production, specialization and gains to marriage, Supply and demand model of marriage- Forms of marital arrangements and why it exists: Polygyny, Polyandry and Monogamy- Marriage and the earnings of men- Human capital consequences of marriage on women- Divorce and its consequences- Decision making by women: Factors affecting decision making by women, property rights, access to and control over economic resources and assets; Balance of power in households: Unitary models- Nash bargaining model-Non-cooperative bargaining model- Culture and perpetuation of patriarchy- Marxists explanations for emergence of patriarchy.

Gendered dimensions of Poverty: Feminisation of poverty from a multi-dimensional approach-Role of microfinance in poverty alleviation and women empowerment- Intersections of Feminism with Environment and Ecology-Globalisation and its impact on women: Migration and vulnerabilities- Trafficking and sex trade- Informal work and labour standards- Feminist Public Finance: Need for Gender Budgeting- Issues with Gender budgeting in Karnataka and India- Income transfers and living wage proposals- Women empowerment: Conceptual debates- Critical evaluation of women empowerment programs in India- Fertility choices and consequences: Fertility choices in developed and developing countries- Economic development and fertility- Female autonomy in fertility choices- Consequences of decline in fertility rates: The problem of “missing women’- Son preference and sex ratios.

Kabeer, N. (1994). Reversed realities: Gender hierarchies in development thought. Verso.

Jacobsen, J. P. (2020). Advanced introduction to feminist economics. Edward Elgar Publishing.

Kabeer, N. (1994). Reversed realities: Gender hierarchies in development thought. Verso.

Kabeer, N. (2003). Gender Mainstreaming in Poverty Eradication and the Millennium Development Goals: A handbook for policy-makers and other stakeholders. Commonwealth Secretariat.

Agarwal, B., & Bina, A. (1994). A field of one's own: Gender and land rights in South Asia (No. 58). Cambridge University Press.

Agarwal, B. (2000). Conceptualising environmental collective action: why gender matters. Cambridge journal of economics, 24(3), 283-310.

CIA 2- 50 marks based on the mid-semester examination

CIA 3- 20 marks based on the criteria specified in the course plan

End semester examination-100 marks

The objective of the course is to appoint students with open-access software for data analysis. This course covers the usage of Python for data analysis. Students will be appointed with hands-on training on data processing, data visualization, statistics and econometrics analysis, and interpretation.

Introduction to business analytics, Types of Business Analytics solution, Examples, Components of Business Analytics, Business Analytics Process, Types Analytics problems, Supervised learning, Unsupervised learning, Introduction to Python, Python installation, arithmetic functions

Statistics, analytics, data set, measures of central tendency, Measure of Variation or Spread, graph-pie, bar, histogram, box plot, graph by groups, Missing value replenishment, merging data files, Appending the data files, Transformation or normalization, Random Sampling, data visualization, pair plot.

Basic concepts of hypothesis testing, one-sample t-test, To Test Two Means are Equal, two-sample t-test, Paired t-test, Normality test-1. Quantile – Quantile (Q- Q) plot, 2. Shapiro – Wilk test, ANOVA, Cross Tabulation, Chi-Square Test, Correlation.

Simple Linear Regression Illustration, Multiple Linear Regression, Residual Analysis, Regression with dummy variables, Logistic Regression

Introduction to multivariate analysis, Latent variable Models; Linear Single Factor model; General linear factor model; Choice of factors; Rotations; Factor Analysis for Binary Data; Factor analysis for ordered categorical data; methods in cluster analysis; graphical representations; distance matrix; clustering variables; summary.

Introduction to Statistical Learning with Applications in R - James, Witten, Hastie & Tibshirani

Elements of Statistical Learning: Data Mining, Inference & Prediction - Hastie, Tibshirani & Friedman

Statistical Learning from a Regression Perspective - Berk

Pattern Recognition and Machine Learning - Bishop

The basic objective of this course is to deepen their understanding of problems and challenges facing Indian Economy. The course aims to familiarise the students with the structure and concepts of Indian Economy with rigorous application of economic theories.

India in a global Economy. Its features and emerging issues of development. Comparison of India with other major economies in the world.

Growth and development under different policy regimes—goals, constraints, institutions and policy framework. Dilemma of development: agriculture Vs Industry,Food Crisis: Food crisis during sixties, green revolution and government intervention in food grain market with special reference to agricultural price, PDS and priority sector lending, Poverty alleviation: Public intervention for poverty alleviation, Economic crises during Eighties: external debt crisis, fiscal imbalance, balances of payment problems and inflation. , New Economic Policy and Continual reform initiatives.

Fiscal and Monetary Policy Approaches, Fiscal Federalism, Tax Reforms, Central Government Finances, Financial Sector Reforms, Money and Capital Market. Current Status of Agriculture Input Pricing , Subsidies and Land Reforms, Industrial Policy and Development after 1991, Public Sector Under-Takings (PSUs), Privatization and Disinvestment, Reviving agricultural and economic growth, Sustainable development challenges, External sector, Balance of payments—trend and composition; currency convertibility and exchange rate movements; Exim policy and WTO related issues; portfolio investment and foreign direct investment

Demographic trends and issues; education; health and malnutrition. Growth and social sector developments, Migration, Poverty, inequality and unemployment. Labour laws and labour markets, and infrastructure needs.

Institutions, Development Concept, State and Market, • Panchayati Raj Institutions – (PRIs) Non-Government Organizations (NGOs), • Sustainable Development, Fiscal Federalism, Financing of Infrastructure Development, Education Sector

Bardhan. P.K. (9th Edition), the Political Economy of Development in India, Oxford University Press, New Delhi – 1999.

EPW (ed) (2018) Quarter Century of Liberalisation in India, 2018

Jean Drèze and Amartya Sen (2013), Uncertain Glory: India and Its Contradictions by, Princeton University Press.

T J Byres (1998) (edited): The Indian Economy: Major Debates since Independence, OUP, Delhi.

CIA 1, CIA 2 and CIA 3= 45 marks; End semester examination= 50 marks, Attendance -5 marks

The course is intended to impart a practical orientation to understanding the developmental issues in developing countries based on theoretical foundations; the course helps to create the skills in identifying issues of underdevelopment and generate practical solutions to them.

a) Economic Growth Theories

Neoclassical economic theory: Slow-Swan growth model and its extension; Ramsey growth model; Empirics of neoclassical theory: Conditional and unconditional convergence; Endogenous growth theory: AK model; Romer model with knowledge spillovers and increasing returns to scale; Uzawa-Lucas model with human capital
Endogenous growth theory: Models with endogenous technological change, R&D based growth theory; Empirics of endogenous growth theory and technological change

b) Contemporary Theories of Economic Development

Dualistic development and structuralism – Lewis model, Chenery model; The balanced-growth Nurske model; Hirschman’s unbalanced growth model with backward and forward linkages

c) New frontiers in Theories of Economic Development

The imperfect information paradigm (Stiglitz); the new institutional economic paradigm (Williamson); the international dependence models.

Measurement of development and poverty- vulnerability and of chronic and inter-temporal poverty; concepts of welfare and well-being – contrast to Sen’s approach; microeconomic approaches on how economic processes lead to poverty increases or poverty reduction: poverty traps - the theory and evidence - credit market failures, risk, social norms and attitudes, and spatial externalities.

The determinants of private capital flows (FDI, bank lending, bonds and equity); and the institutional and policy issues arising from their impact on macroeconomic stability and growth; the positive economics of aid (from whom, to whom and with what effects) and the normative economics of aid (how to allocate and deliver aid better); the relationships between these two sorts of financial flows.

Land (tenancy, shareholding, and property rights); Labour (labour markets, shadow wages, wage determination); Migration (equilibrium models, causes and consequences, risk); Credit and micro-finance (credit rationing, household credit, lending to the poor).

Industrialization, economic growth and the industrial policy debate; The experience of the East Asian NICs: lessons and debates; Transfer of technology and role of multinational companies; Industrialisation and catch-up in the emerging economies: the BRICS and beyond; Opportunities and constraints for industrial policy in the 21st century: internal and external dimensions.

The impact of trade and foreign investment on growth, inequality and poverty; variation in impact among countries with differing factor endowments and institutions; policy and non-policy barriers to external economic linkages; criteria and constraints in choice of external (and related internal) economic policies; industrial policy; market access, international and private rules governing trade; and regional integration.

The concept of service/experiential Learning; A study of the causes, consequences and risk associated with migration for the rural illiterates;  A study of the household finances of the rural Bangalore – lending to the rural poor, rural indebtedness, role of micro-finance.

CIAs are composed of three components and carry 50% weightage CIA 1 and 3 are faculty initiated ones, CIA 2 is the Mid-semester examination. End Semester Exam carries 50% weightage.

The course aims to explain the principles and methods of behavioral economics while contrasting them with standard economic models. It will also provide an understanding of the policy implications of behavioral approaches through case studies.

Nature of Behavioral economics -Methodological approach: Theory and evidence -Origins of behavioral economics- Neo-classical and behavioral approaches to studying economics- Relationship with other disciplines- Application: Case studies on Loss aversion, Money Illusion, Altruism.

Values, Preferences and Choices: The standard model- Axioms, assumptions and definitions- Decision making under risk and uncertainty: Prospect theory- Reference points- Loss Aversion- Shape of utility function- Decision weighting- Heuristics and Biases-Application: Case studies on Endowment Effect and Loss Aversion.

Mental accounting: Nature and components of mental accounting- Framing and editing- Budgeting and fungibility- Choice bracketing and dynamics-Policy implications- Libertarian paternalism and choice architecture- Nudges- Application

The Discounted Utility Model: Origin and features of Discounted Utility Model (DUM)- Methodology- Anomalies in DUM- Alternative Intertemporal Choice Models: Time preference- Time inconsistent preferences- Hyperbolic discounting

Nature of behavioral game theory- Mixed strategies- Bargaining- Iterated games- Signaling- Learning- Application: Case studies on Market entry in Monopoly and Impasses in bargaining and self-serving bias.

2. Erik Angner, A Course in Behavioral Economics, Palgrave Macmillan 2012.

3. Dan Ariely, “Predictably Irrational: The Hidden Forces that Shape Our Decisions”, Harper Collins 2009,

4. Richard Thaler and Carl Sunstein, “Nudge: Improving Decisions about Health, Wealth and Happiness”, Penguin UK 2009.

5. Kahneman, Daniel and Amos Tversky. Choices, Values and Frames, New York: Russell, Sage Foundation; Cambridge, U.K.; New York: Cambridge University Press, 2000.

6. Camerer, Colin, Loewenstein, George, and Rabin, Matthew (eds.), Advances in Behavioral Economics, Russell Sage Foundation and Princeton University Press, 2003.

7. Colin Camerer, Behavioral game theory: experiments in strategic interaction, Princeton University Press, 2003.

8. Diamond, P. and H. Vartianen, Behavioral Economics and Its Applications, Princeton University Press, 2007.

9. David Laibson, The Psychology of Savings and Investment;  A series of three talks at the London School of Economics and Political Science, Nov 19–21, 2007.

10. David Laibson, "Golden Eggs and Hyperbolic Discounting" (1997), Quarterly Journal of Economics. 

11. Raj Chetty, Consumption Commitments and Habit Formation, NBER Working Paper 10970, 2014.

Mid Semester examination- 50 marks

End Semester examination- 100 marks

This course covers time series and panel data econometrics with focus on applications in the field of macroeconomics, international finance and societal issues. The course covers univariate and multivariate models of stationary and nonstationary time series in the time domain. The objective of the course to develop a comprehensive set of tools and techniques for analyzing various forms of univariate and multivariate time series, and for understanding the current literature in applied time series econometrics.

• The students are able to:

  ·         CO1: Demonstrate an understanding of the essential theoretical basis of econometric modeling and broad applications of time series and panel data econometrics in the field of macroeconomics, international finance, and to address societal issues

  ·         CO2: Construct research question into an estimable equation and identify an appropriate econometric method for analyzing the data to get a meaningful explanation.

  ·         CO3: Experiment with EViews statistical package extensively to analyse the time series, panel data models and validate the ability to conduct independent research

Stochastic processes - Properties of stochastic process. Time series as a discrete stochastic process– Stationarity- Characteristics of stochastic component of time series (mean, auto-covariation and autocorrelation functions). Lag operator- Unit root tests - Deterministic and stochastic trend models, Test for stationarity-ACF, PACF, -Augmented Dickey Fuller test – Phillips-Perron Test-Estimation and testing, Forecasting-B-J methodology.

Dynamic simultaneous equations models- Granger causality test - Vector Auto Regressive (VAR) Models-Impulse Response Function (IRF)-Variance Decomposition Analysis, Forecasting with VAR, - Structural Vector Auto Regressive (SVAR) models– Estimation and Diagnostic Checking.

Spurious regression- Cointegration- Granger representation theorem -Vector error correction models (VECMs)- Structural VAR models with Cointegration - Testing for Cointegration – Engle and Granger (1987) and Johansen and Juselius (1990) - Estimating the Cointegration rank- Estimating Cointegration vectors.

Volatility Clustering- Leverage Effects- Modelling Volatility- Autoregressive Conditional Heteroscedasticity (ARCH) Model- Generalised Autoregressive Conditional Heteroscedasticity (GARCH) Model - Extensions to GARCH-Exponential GARCH and Threshold GARCH models.

Introduction to Panel Data - Types of panels- Balanced and Unbalanced Panel Data-Benefits and drawbacks of longitudinal data. Basic models, -The Constant Coefficient Model, The Fixed effect model or Least-Squares Dummy Variable (LSDV) Regression Model, The restricted F test, One-Way and Two-Way Fixed Effects Models, Within group and first difference estimators, Random effects Model-Estimation and testing- Fixed vs Random Effects Model -Hausman specification test, Breusch-Pagan test.

1. 1.   Kerry Patterson, An Introduction to Applied Econometrics: A Time Series Approach. Palgrave Macmillan, 2000.

   2.   Walter Enders, Applied Econometric Time Series. New York: John Wiley & Sons, Inc., 1995.

   3.   Chris Brooks, Introductory Econometrics to Finance - Cambridge University Press, 2002

   4.   B. H. Baltagi, Econometric Analysis of Panel Data, 4th ed., John Wiley, New York, 2008.

   5.   Damodar N Gujarati and D C Porter (2009) Basic Econometrics, McGraw Hill Publication, 5th edition.
   

CIA 2 - 50 Marks

CIA 3- 20 Marks

End Sem Exam -100 MArks

This paper is offered as an elective paper in the third semester of MA Applied Economics. It teaches the decision making tools in Quantitative Techniques that are applied in economics and business analysis.

Brief history- stages of development- definitions, features, Methodology of OR, OR tools.

Fundamentals of L P models - Graphic solutions of LP models – feasible solutions- infeasible solutions- unbounded solutions- Maximization of Objective Functions - Minimization of Objective Functions - Simplex Method with two variables- Simplex Method with more than two variables, Special cases in the Simplex methods, Duality in linear programming, Economic interpretation of dual variables and dual constraints, Selected LP applications, LPP solutions with Excel Solver.

Transportation algorithm- Basic feasible solution of TP- North West Corner Rule- Least Cost method- Vogel’s Approximation Method – Optimality test- Stepping Stone method – Modi method - Problems, Special cases in the transportation problems-Degeneracy, unique & multiple optimal, unbalanced transportation problem.

Statement of the problem, Hungarian Assignment - Problems – Optimality tests- problems - Maximization assignment problem - crew assignment problems

Net work models - CPM -  PERT - Determination of Earliest Expected and Latest Allowable Times - Determination of Critical path – PERT Cost- Scheduling of a project- Application of PERT- Critical Path Method- Problems

Structure of Queuing models – Parameters of Queue disciplines – Problems - Waiting Line models

Basic Features of inventory decisions- EOQ Models – Problems – how to order – Wen to order - Quantity Discounts- EPQ models – Dynamic Inventory Models – problems - ABC Analysis

Basic concepts-definition- managerial applications- two-person’s zero-sum games, maxi-min, mini-max strategies, Nash Equilibrium, rule of dominance, mixed strategies, Max-min, Min-Max strategy, Nash equilibrium, Dominant strategy rules, Mixed strategy, problem-solving, practical application.

Taha, H. A. (2017), Operations Research-An Introduction, 10th Edition, Pearson Education Limited.

CIA 2- 50 marks based on the mid-semester examination

CIA 3- 20 marks based on the criteria specified in the course plan

End semester examination-100 mark

The course aims to cover the broad approaches of ethical inquiry as an essential component of critical thinking in Economics. It would also explore and critique the economic welfare models with its emphasis on efficiency based ethics and outcomes. 

Importance of ethics in economics; Outcomes of ethical analysis; Duties, rules and virtues; Economic behaviour: Self-interest and rational behaviour- Adam Smith and self-interest

Interpersonal comparisons of utility; Welfare and efficiency; Pareto efficiency and cost benefit analysis; well-being and agency; Achievements, freedoms and rights; Self-interest and welfare economics

Moral limits to markets; Well-being, agency and freedom; Economic justice: process and outcomes; Economic justice: equal opportunity; Ethical pluralism in Economics

1.      Jonathan B. Wight. Ethics in Economics: An Introduction to Moral Frameworks, CA: Stanford University Press, 2015

2.      AmartyaSen, On Ethics and Economics, Australia: Blackwell, 1987

CIA I and III- 20 marks each

CIA II Mid semester exams- 50 marks

End-semester exams-100 marks

This course aims at:

Introducing the students to the core concepts of health and education in economics. It also provides theoretical and practical knowledge about the components of human capital in the framework of economic theory. The course also helps the students identify and analyze the potential research areas related to health and education, focusing on the India scenario.

Education in Economic Theory: Developments in the theory of human capital; Human Capital and the Rate of Returns; Cost-Benefit Analysis; Private versus Social Rate of Return; Policy Implications of Rate of Return Approach to Education; The General Earnings Function: Becker and Mincer; Egalitarian Approach; Elite Approach; Valuation of Human Capital; A Critique of the Human Capital Theory: Theory of Signalling, Dual Market Hypothesis, A Social Choice Approach, the Capability Approach.

Revisiting the Concept of Public Good: Merit Good, Public Good, Mixed Good, Non-merit Good, Global Private Goods: Commodification of Education; Knowledge and the Failure of the Market: State and the Market Interface; Incompatibility between the Market and Equity; Theories of discrimination: gender and caste discrimination in education.

Policy Discourse: Public and Private Financing of Education – Elementary, Secondary and Higher Education; Public-Private Partnership; Regulation and Efficiency; Choice of School, Efficiency and Quality; Challenges facing Indian Education and Policy Initiatives.

 Introduction: definition of health and health care, life expectancy and mortality rates, morbidity; Health measurement, determinants, and long-run trends; Demand for health care: Grossman’s model of demand for health, information asymmetry in healthcare demand, and the health insurance market, physician induced demand, adverse selection and moral hazard in health insurance; Supply of Health Care: Hospitals in the market place, the interaction between hospitals, patients and doctors. 

Cost effectiveness and Cost-benefit analysis;valuing life; Public policy in the health sector; Externalities in health and health care; Rationale forgovernment intervention in the health sector; International and national health care organizations; Role of public and private health careinstitutions in the provision of health care; The Pharmaceutical Industry; India’s Health System: Challenges and Constraints.

The demand for health insurance: the risk-averse decision-maker, choosing the insurance policy, moral hazard; Supply of health insurance: stability of insurance market; Selection and Self-identification: the problem of adverse selection, group insurance; Social Insurance; Importance of health insurance in developing countries: problems and challenges.

Fuchs, Victor R. “What is Health Economics?” In The Future of Health Policy. Boston: Harvard University Press, pp. 27-40.

Fuchs (1996) “Economics, Values, and Health Care Reform,” American Economic Review 86(1):1-24.

Barro, Robert J. and Jong-Wha Lee (1993): ‘International Comparisons of Educational Achievement’, Journal of Monetary Economics, Vol. 33, No. 3, pp. 363-394. 

Barro, Robert J. and Xavier Sala-i-Martin (1995): Economic Growth. New York: McGraw-Hill.

Bashir, Sajitha (1997): ‘The Cost Effectiveness of Public and Private Schools: Knowledge Gaps, New Research Methodologies, and an Application in India’, in Colclough, Christopher (ed.), Marketizing Education and Health in Developing Countries: Miracle or Mirage?,Oxford: Clarendon Press.     

Blaug, M. (1972): Introduction to Economics of Education, Penguin, London.

Becker, Gary S. (1957), Economics of Discrimination, Chicago: University of Chicago Press [Second Edition, 1971].

Grossman, Michael. 1972. On the Concept of Health Capital and the Demand for Health. Journal of Political Economy 80 (2): 223–255.

Becker, Gary S., Tomas J. Philipson, and Rodrigo R. Soares. 2005. The Quantity and Quality of Life and the Evolution of World Inequality. American Economic Review. 95(1): 277-91.

Bhattacharya, J., Hyde, T., Tu, P. (2014). Health economics, Palgrave Macmillan.

World Bank (1993): ‘Investing in Health’, World Development Report, Oxford University Press/World Bank, Washington D.C. 

World Health Organization (2013). The economics of the social determinants of health and health inequalities: A resource book. World Health Organization. 

Berman, P. (Ed.) (1995): Health Sector Reform in Developing Countries: Making Health Development Sustainable, Boston: Harvard series on population and International Health.

Henderson, J. W. (2007): Health Economics & Policy, (3e), Thomson South-Western, U.K.

Wagstaff, Adam 1986. "The Demand for Health: Theory and Applications," Journal of Epidemiology and Community Health 40(1), 1-11.

Deaton, Angus. 2003. "Health, Inequality, and Economic Development," Journal of EconomicLiterature 41(1), 113-158.

Manning, Willard G., et al. 1987. “Health Insurance and the Demand for Medical Care: Evidence from a Randomized Experiment,” American Economic Review, 77(3), 251-277.

Reinhardt, Uwe. 2001. "Can Efficiency in Health Care Be Left to the Market?" Journal of HealthPolitics, Policy and Law, 26(5), 967-992.

Asian Development Bank. 2004. "Chapter 3: HIV/AIDS and Economic Development," in Economics and Challenge of AIDS.

Peter Berman (1996): ‘National Health Accounts in Developing Countries: Appropriate Methods and Recent Applications’, Harvard School of Public Health.

Benhabib, J. and M. M. Spiegel (1994): ‘The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country Data’, Journal of Monetary Economics, Vol. 34, pp. 143-173.

Bloom, David E., and David Canning (2005): ‘Global Demographic Change: Dimensions and Economic Significance’, Cambridge, MA: Harvard Initiative for Global Health Working Paper No. 1. Available online at http://www.hsph.harvard.edu/pgda/working/ working_paper1.pdf.

Bonal, Xavier (2004): ‘Is the World Bank Education Policy Adequate for Fighting Poverty? Some Evidence from Latin America’, International Journal of Educational Development, Vol. 24, pp. 649-666.

Braslavsky, C. (2001): ‘Basic Education in the Twenty-first Century and the Challenges for Secondary Education’, Prospects, Vol. XXXI No. 1 (Editorial), pp. 3-6.

Bray, Mark (1987): ‘New Resources for Education: Community Management and Financing of Schools in Less Developed Countries’, Commonwealth Secretariat, London.

________ (1996): ‘Equity Issues in Local Resources of Education: Community Financing of Primary Schools in Bhutan’, International Review of Education, Vol. 42, No. 4. 

_________ (1998): ‘Privatisation of Secondary Education: Issues and Policy Implications’, Education for the Twenty-first Century: Issues and Prospects, Paris: UNESCO, pp. 109-133.

Debi, Sailabala (1988): ‘Economics of Higher Education’, Anu Books, Meerut, 1988.

___________ (2007): ‘Education, Gender and Income Difference’, Indian Journal of Labour Economics, Vol. 50, No. 4.

Dréze, Jean and Amartya Sen (1996): ‘India: Economic Development and Social Opportunity’, Oxford University Press, Delhi.

________ and Geeta G. Kingdon (1999): ‘School Participation in Rural India’,Development Economics Discussion Paper No. 18, London: STRIED, London School of Economics.

Filmus, Daniel (2001): ‘Secondary Education in Latin American and the Labour Market Crisis’, Prospects, Vol. 31, No. 1.

George Psacharopoulos and Maureen Woodhall (1986): ‘Education for Development: Analysis of Investment Choices’, Oxford, Oxford University Press/Washington, World Bank.

Government of India (1986): ‘National Policy on Education: A Policy Perspective’, New Delhi: Ministry of Human Resource Development.

Kothrai, V.N. (1966): ‘Factor Cost of Education in India’, Indian Economic Journal, 13 (5) (April–June): 631–47.

Klein, Shira (2002): ‘Human Capital Externalities in India’, London School of Economics (mimeo).

Majumdar Tapas (1983): ‘Investment in Education and Social Choice’, Cambridge, Cambridge University Press.

Musgrave R.A. (1959): The Theory of Public Finance, Mc McGrew Hill Co., Inc., New York.

Panchamukhi, P.R. (1965): ‘Educational Capital in India’, Indian Economic Journal, Vol. 12, No.3.

CIA 3- out of 50 marks through mid-semester examinations;

CIA 3- out of 20 marks.

The students MA Applied are expected to complete an internship with an Academic (Research) institute/NGO/firm during the summer vacation before joining the programme in the third Semester. This internship provides the students an opportunity to be a part of these productive enterprises in order to understand the organizational structure and to participate in the work that is being carried out. The students are expected to expand their theoretical understanding to the practical scenario of production, marketing, distribution and consumption

The students of MA Applied Economics are expected to complete an internship with an Academic (Research) institute/NGO/firm during the summer vacation before joining the programme in the third Semester. This internship provides the students an opportunity to be a part of these productive enterprises in order to understand the organizational structure and to participate in the work that is being carried out. The students are expected to expand their theoretical understanding to the practical scenario of production, marketing, distribution and consumption.The students are supposed to identify the productive enterprise of their choice and finalise the same in consultation with the Department. The Department will help the students if they need any assistance in identifying the organisation. The students are encouraged to intern with an organisation as per their area of interest/specialisation. 

This internship is evaluated out of 50 marks. Successful completion of the internship will earn the students 2 credits per semester. The students will be evaluated out of 50 marks on a continuous basis, the criteria of which are given below.

The students are expected to put in a minimum of 25 days of work with a minimum spread of 4 weeks commencing from April 1, 2014. The last date for completing the internships will be May 31, 2014. 

The guidelines for the internship are as follows:

1. The students are expected to prepare a preliminary report of the organisation in not less than three pages. It should be submitted through LMS to the faculty in charge. This report will have to be submitted within the first one week of internship. Along with this all the students will have to submit a weekly report through LMS regarding the progress of the internship. The students will be evaluated out of 10 marks on the basis of the preliminary report (out of 5 marks) and weekly reports (out of 5 marks). The late submission of reports will affect the marks awarded. 

The preliminary report should include:

(a) a brief profile of the organization including,

(b) An introduction to the organisation, its location

(c) Background information which should contain a brief history of the organisation

(d) Organizational structure in the form of a flow chart (It depends on the nature of the enterprise/NGO/Institute. For instance it is not necessary in the case of a research institute).

The reports will be evaluated on the basis of the quality of reporting, presentation style and timely submission.

2.The students are supposed to submit the detailed internship report of not less than 3000 words, to the department at the end of the internship. It should carry the activities and the learning outcome of the students. Some of the guiding principles for students are given below. 

a.The report should be on a prescribed format. The introductory section should include the name of the student, the name of the organization, profile of the organization and the names of the faculty supervisor as well as the name of the supervisor in the organisation.

b.These reports should include details of the activities in the organisation, connection of class room learning with practical life, the contributions to the organisation, learning outcome etc.

c.The contributions made by the student will vary on the basis of the organisation such as,

(a) Preparing reports

(b) Interviewing people

(c) Technical support

(d) Data analysis

(e) Administrative support

(f)Market analysis

(g) Application of theory in practice

(h) Field visits

The students will be evaluated out of 25 marks on the basis of the work done as well as the quality of the reports made. The confidential feedback received from the organisation will influence the final grade given.

The final submission of this report will be on Thursday, 31 May, 2014.

3.The third component of evaluation is the presentation made by the interns  to a panel of faculty members using power point slides on the internship covering the following areas:

(a) Profile of the organization

(b) Work undertaken by the organization and a review of development programs

(c) Contribution made by the intern

(d) Critical appraisal of the effectiveness of the strategies implemented 

(e) An appraisal of the work done by the intern and an evaluation of his/her contributions

(f) Students self evaluation

The student will be evaluated out of 15 marks by the faculty members on the basis of the presentation, content, answers to the questions and the learning outcomes of the intern. The final mark will be the aggregation of all the components mentioned above.

Preliminary report: 5 marks

Final report: 20 marks

Internship presentation: 20 marks

This course explores how labor processes operate and how market forces, institutions and sociological forces shape labor market performance and outcomes from a theoretical and empirical perspective.

Labour as a unique factor of production; Labour Market outcomes- Changing level and composition of labour supply and labour demand, structure of earnings, labor management relations and collective bargaining, level and composition of unemployment; Labour market process- market forces, institutional forces and sociological forces; Evolution of labour market theory- the Neoclassical school and the Institutional school.

Supply of labour: The Theory of Labour Leisure Choice; Hours of work and Non labour income; Substitution and Income effects of Wage change; Labour force participation rates- Changes in male and female work participation rates; Household Model of Labor Supply- Life Cycle Allocation of Time, Bargaining Model of Family Labour Supply; Effects of Social Programs and Income transfers on Labour Supply.

Demand for Labour: The Marginal Productivity Theory of Labour Demand; The Elasticity of demand for labour - Hicks-Marshall rules of derived demand for labour; Consumer expenditure patterns and labour demand; Labour demand over business cycles; Labour demand in the long run- Equilibrium level of employment with isocosts and isoquants; Technological change and labour demand.

Wage determination in competitive markets; Wage determination in monopsony market; Minimum wages- Effect on wage and employment determination in competitive and monopsony markets; Segmentation and Dual Labour Market Theory; Wage differentials- Education, Training and Earnings Differential- The Theory of Human Capital, Costs and benefits of college education and On-the-Job training- Occupational Wage differentials; Theory of Compensating Wage Differentials; Earnings differentials by Gender- Wage and wage share in post-reform India.

Measurement of unemployment; Conceptual issues- Causes of unemployment; Job search theories- Stigler Model, McCall Model- Rigid wages- Efficiency Wages, Labour force participation rates in India, Unemployment trends in India- Sectoral employment trends in India: Rural-Urban, Organised- Unorganised, Public-Private.

Demand for union services- Costs and benefits of union membership- Supply curve of union membership- Equilibrium level of union membership- Union-management bargaining process: A model of bargaining process- Outcomes of bargaining process- Methods of dispute resolution- Dimension of union wage effect - Measuring the union-nonunion wage differential- Union impact on nonwage outcomes.

CIA II Mid semester exam: 50 marks

End semester exam: 100 marks

This course helps to understand the role of government in the economy in the context of business activity, income distribution, economic growth, globalisation, and market failure. The focus of this course is to throw light upon the fundamental public policy questions and the key theoretical and empirical tools of policy analysis in economics. Students also will gain an understanding of the theoretical basis for the arguments for the extension of the public sector. 

CO1: Recognise the relevance of government intervention in the context of market failure.

CO2: Demonstrate knowledge about the various fiscal policy instruments and their relevance in economic stabilization.

CO3: Analyse various issues in the effectiveness of the fiscal policy.

CO4:  Evaluate and compare different fiscal policy interventions and suggest suitable public policy

Public sector in the economy-functions; allocation, distribution and stabilization- Regulatory functions 

The public sector in the economy-functions; allocation, distribution, and stabilization- Regulatory functions.

Public goods and externalities, merit goods, Samuelson theory, free-rider problem, Lindahl solution, Coasian theory, theory of clubs, median voter theorem, theory of rent-seeking, Political Equilibrium - decentralized provision of public goods; Tiebout model.

Public goods and externalities, merit goods, Samuelson theory, free-rider problem, Lindahl solution, Coasian theory, theory of clubs, median voter theorem, theory of rent-seeking, Political Equilibrium - decentralized provision of public goods; Tiebout model.

Classification of public expenditure; Theories of public expenditure; Social Cost-benefit analysis-Criteria for public investment-Project valuation, Estimation of costs, discount rate- -Tax and Non-tax sources of revenue- Kinds of Taxes; Theories of taxation; Tax Incidence, Taxation and Economic efficiency- Excess Burden; Optimal Taxation- Tax Benefit Linkages and the Financing of Social Insurance Programs

Classification of public expenditure; Theories of public expenditure; Social Cost-benefit analysis-Criteria for public investment-Project valuation, Estimation of costs, discount rate- Tax and Non-tax sources of revenue- Kinds of Taxes; Theories of taxation; Tax Incidence, Taxation and Economic efficiency- Excess Burden; Optimal Taxation- Tax Benefit Linkages and the Financing of Social Insurance Programs.

Deficit indicators and public borrowing, Theories of public debt: Keynesian, neoclassical, and Ricardian equivalence, debt management, debt sustainability, debt dynamics, fiscal-monetary nexus, theory of intergovernmental transfers- Budget analysis of Central and State Governments. 

Deficit indicators and public borrowing, Theories of public debt: Keynesian, neoclassical, and Ricardian equivalence, debt management, debt sustainability, debt dynamics, fiscal- monetary nexus, theory of intergovernmental transfers- Budget analysis of Central and State Governments.

Principles of federal finance - Assignment of Functions & Devolution of Resources and Grants; Vertical and Horizontal Imbalance- Methods of Inter-governmental resource Transfer- Role of Finance Commission- Recommendations of Finance Commission 

Principles of federal finance - Assignment of Functions & Devolution of Resources and Grants; Vertical and Horizontal Imbalance- Methods of Inter-governmental resource Transfer- Role of Finance Commission- Recommendations of Finance Commission.

Major trends in Public Expenditure and tax revenues of the central and state governments in India; Tax Structure of Centre and States in India- Tax Reforms of Direct and Indirect Taxes in India- Planning Commission and National Institution for Transforming India (NITI Aayog)

Principles of federal finance - Assignment of Functions & Devolution of Resources and Grants; Vertical and Horizontal Imbalance- Methods of Inter-governmental resource Transfer- Role of Finance Commission- Recommendations of Finance Commission.

2) Atkinson, A.B. and J.E. Siglitz , Lectures on Public Economics, Tata McGraw Hill, New York .

3) David  N. Hyman (2011). Public Finance A Contemporary Application of Theory to Practice. 10th Edition, Cengage Learning.

4) Stigliz Joseph, Rosengard J.Kay (2015) . Economics of the Public Sector.Fourth International Student Edition.W.W.Norton & Company.

5) Kaplow Louis (2008), The Theory of Taxation and Public Economics, Princeton university press 

6) Musgrave and Musgrave: Public Finance in Theory and Practice (Fifth Edition) 

7) Amaresh Bagchi (ed.). Readings in Public Finance. Oxford University Press

8)  Hindriks, J and G. D. Myles (2013). Intermediate Public Economics, MIT Press

9) Indian Public Finance- EPW articles

Evaluation Pattern

CIA II (Mid Semester Examination) - 50 Marks

CIA III - 20 Marks

End Semester Examination - 100 Marks 

This course aims at a detailed treatment of the linkage between environment and the natural resource endowment. The economics of exhaustible and renewable resources and their linkages with development also is dealt with in this paper. A detailed understanding of the methodology of economic evaluation is expected from the student.

• They are also expected to be familiar with the practical aspects of pollution abatement

An introduction to Environmental Economics; Economy - Environment interaction; The Material Balance principle, Entropy law.

Relation between development and environment stress; Environmental Kuznet's curve.

Hotelling's rule; Solow-Harwick's Rule; Market structure and optimal extraction policy; Uncertainty and the rate of resource extraction; Resource scarcity.

Economic models of forestry and fisheries; Extinction of species; Economics of Biodiversity.

Concepts; Market Failure; Pigouvian Solution; Buchanan's Theory; Coase's theorem and its critique; Pigouvian vs. Coasian solution; Detrimental externality and non-convexities in the production set; Property rights; Collective action.

Market and non-market valuation; Physical linkage methods; Abatement cost methods; Behavior linkage methods - Revealed and stated preference; Social cost benefit analysis; Environmental impact assessment.

The first part of the course is designed to familiarize students with discussions in international trade theory and policy, reviewing classical theories of international trade and recent developments in the economic literature based on the new trade theories. In addition, it further evaluates the justification usually given for trade restrictions, describes the importance and effects of economic integration and explains the political economy of trade agreements.

The second part of the course aims to familiarize students with concepts and theories related to international finance. The course deals with balance of payments, foreign exchange markets and exchange rate determination. Besides presenting the theory, the course also examines the actual operation of foreign exchange markets. Therefore, it is of great practical relevance for the students.

Introduction; The Gravity Modelling; The Law of Comparative Cost Theory; Revealed Comparative Advantage Theory; Derivation of Offer Curves and General Equilibrium Analysis; Terms of Trade; Factor Endowments and Heckscher–Ohlin Theory: Specific Factor Models, Empirical Approaches; New Trade Theories: Economies of Scale, Imperfect Competition, Dynamic Technological Differences, Transportation Costs; Trade, Welfare and Economic Growth.

Trade Restrictions: Tariffs and Nontariff Trade Barriers; Economic Integration: Trade Creating and Diversion, Theory of Second Best; International Resource Movements and Multinational Corporations; Political Economy of trade agreements, New Protectionism and role of WTO.

Balance of Payments; Foreign Exchange Markets: Functions, Participants, Foreign Exchange Rates, Arbitrage, Spot and Forward Rates, Currency Swaps, Futures and Options, Foreign Exchange Exposures, Hedging and Speculations; Interest Arbitrage and the Efficiency of Foreign Exchange Markets; Crypto Currency Trading; The International Monetary System: Past, Present and Future.

Purchasing Power Parity Theory: Absolute, Relative and Empirics; Monetary Approach to the Balance of Payments under Fixed and Flexible Exchange Rates; Exchange Rate Dynamics: Exchange Rate Overshooting; Portfolio Balance Model and Exchange Rates; Stability of Foreign Exchange Markets: Marshal-Lerner Conditions, Elasticity Estimates, J-Curve Effects; Exchange Rate Forecasting; Exchange Rate and Technical Analysis.

To inculcate in students the rigour of research work; To imbibe in students the spirit of inquiry; To encourage students to do academic reading of journal articles; To be informed about new developments in the field of economics research.

Methodology

The dissertation work is carried out under the guidance of a faculty with scheduled meetings for discussion of the progress of the work and timely interim presentations before a panel of faculty to assess the quality of the work. A pre-submission defense before external experts is carried out which is followed by the final submission of the dissertation.  

Evaluation 

1.  Regularity of meeting with guide for discussions- 10% weightage

2.  Proposal presentation by student- 15% weightage

3.  Pre-submission defense by the student- 25% weightage 

4.  Final thesis evaluation by external expert- 50% weightage

Methodology

The dissertation work is carried out under the guidance of a faculty with scheduled meetings for discussion of the progress of the work and timely interim presentations before a panel of faculty to assess the quality of the work. A pre-submission defense before external experts is carried out which is followed by the final submission of the dissertation.  

Evaluation 

1.  Regularity of meeting with guide for discussions- 10% weightage

2.  Proposal presentation by student- 15% weightage

3.  Pre-submission defense by the student- 25% weightage 

4.  Final thesis evaluation by external expert- 50% weightage

Final defence- 25 marks

Thesis- 40 marks

Guide evaluation- 20 marks

Service learning is an experiential learning course that combines academic instruction with community service. It is designed to give students the opportunity to apply their knowledge (theoretical) and analytical skills in the field of economics to real-world situations in the arena of skill enhancement, capacity building and raising awareness of programs while addressing community needs. The course aims to develop students' critical thinking, communication, leadership, and social responsibility skills by engaging them in meaningful community service projects.

The course involves a combination of classroom instruction, supervised service projects, and reflective assignments. Students will work with community partners to identify and address the community’s needs in the area of environment, health, finance and other areas of development, develop solutions, and evaluate the impact of their service. They will also participate in classroom discussions, readings, and assignments that explore the social, economic, and political contexts of their service projects.

Throughout the course, students will be encouraged to reflect on their experiences and connect them to their academic learning. They will be asked to critically analyse the needs of the community that their service projects address, reflect on their personal growth and development, and explore the ethical and moral dimensions of their service work.

The Concept, Objectives, and Scope of Service learning in the field of Economics; Need for Community and Academia (University) Interface. The action plan for Service-Learning: Awareness, planning, prototype support, expansion, and evaluation.

Outcomes of service-learning: Personal, social, learning and career outcomes.

Investigate the problem and align the course’s objectives and outcomes to the problem identified; take responsible action and reflect on the learning. Identification of the community’s problem/needs - Describe the nature of the problem; explore reasons for identifying the problem; do a review of the literature to contextualise the problems and interventions; identify different approaches/models to address the problem and propose a solution; submit a record/report on their learning and observation to disseminate information for discussion.

Stage 1: Planning a Service-Learning Project – Conduct a need analysis to understand the requirements of the Community and prepare a service-learning project, understand the steps involved in planning a service-learning project, Identify the resources needed for a successful service-learning project, develop a plan for a service-learning project.

Stage 2: Implementing a Service-Learning Project - Understand the importance of communication and collaboration in service-learning, identify the challenges of implementing a service-learning project, and develop strategies for overcoming challenges.

Stage 3: Reflection – Meaning and types, reflection on service-learning experience to improve service-learning projects. Students will use their reflections to develop a deeper understanding of the community and evaluate the impact of their service-learning project.

Hatcher, J.A., Clayton, P.H., & Bringle, R.G. (2013). Research on Service Learning: Conceptual Frameworks and Assessments: Students and Faculty.  United States: Stylus Publishing.

Kaye, C. B. (2010). The Complete Guide to Service Learning: Proven, Practical Ways to Engage Students in Civic Responsibility, Academic Curriculum, & Social Action. United States: Free Spirit Publishing.

Component 1:  Reflective Journal (10 marks)

Group Assessment description:

Students shall submit a reflective journal entry (not more than 1,000 words) based on the work that has been done during the S-L activities (i.e., the significance of the identified problem/issue, plan and procedures, intervention module, implementation, issues in the implementation, how it was amended and summary of the day's outcome).

Learning outcomes:

LO1: Apply the principles of S-L in social activities and reflections.

Evaluation rubrics

Component 2: Service-Learning report (20 marks)

Group Assessment description:

Students shall submit a complete report (not more than 2,000 words) based on the work that has been done during the S-L activities (Significance of the identified problem/issue, plan & procedures, intervention module, implementation, a summary of the outcomes, conclusion, and references- Appendix: work log details).

Learning outcomes:

 LO2: Create a project report and reflective assignment about their service-learning experiences.

Evaluation rubrics

Component 3: Viva-voce (20 marks)

Students need to present the report and undergo a viva-voce towards the end of the course.

Evaluation Rubrics