Syllabus for
Master of Arts (Applied Economics)
Academic Year  (2021)

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 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 to apply 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: Recognise social problems and phenomena beyond the discipline specific lens by acknowledging plurality of concepts, theories and methods.

PO3: Identify and critically examine the issues concerning economic, institutional and social structures by problematising and raising reflective questions for academic inquiry.

PO4: Exhibit ability to independently carry out a research project using tools and skills acquired through research methodology, statistics, and econometrics

PO5: Demonstrate expertise in soft skills that will enable them to communicate effectively and engage with their peers, work spaces and community at large.

PO6: Engage with societal problems through informed and active citizenry by undertaking field assignments and projects.

PO7: Recognise and accept plurality of values and understand how individual choices have ethical and wellbeing implications for oneself and others.

PO8: Work with environmental consciousness and gender sensitive values by critically engaging with theories and policy debates in the areas of environmental and gender concerns.

PO9: Demonstrate employability skills acquired through skill based courses like Applied Econometrics, Financial Economics Business Analytics, SPSS and STATA, Advanced Excel and Field Internships.

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 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

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

• To understand the importance of research in creating and extending the knowledge base of one's subject area 
• To distinguish between the strengths and limitations of different research approaches regarding one's subject/research area

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

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 capital and money market network along with its regulatory framework.

Introduction to Financial Economics - Finance and Economics – Role of Financial Intermediation - Financial System and Economic Development - Time Value of Money  - Future value  - Present value - Newman – Morgenstern Utility Index - Constructing N M Utility Index - Distinction between NM utility and neo-classical utility measurement – Application of NM Utility Index - Freidman Savage Hypothesis - Capital Asset Pricing Model - Limitations of CAPM - Arbitrage Pricing Model - Law  of one price

Different sources of risk - The process of Risk Return Trade Off -  Measure risk - Markowitz’s Portfolio theory – Expected rate of returns- Variance and standard deviation – Covariance of return – Correlation – Standard deviant of portfolio – Efficient portfolio - Attitude towards Risk - Risk Averter vs. Risk Lover - Risk Lover’s gamble - Risk Neutral Situation  - Risk Aversion and Insurance - Estimating firm’s beta 

Financial Market efficiency – Weak form efficiency – Semi- strong form efficiency – Strong form efficiency – Departure from market efficiency - Financial market Efficiency – tests for market efficiency  - Financial Sector Reforms - Philosophy of Financial Sector Reforms – Achievements - Areas of Concerns in Financial Sector Reforms

Components of financial markets - Money markets and capital markets - Primary and secondary markets – Organized and over-the counter markets – Commodity and currency market - Derivative market - Securities traded in financial markets - Financial Instruments  - T- Bills- Commercial papers – Certificates of Deposits – Repos and Reverse repos –  Bond Markets – Treasury bonds- State and Municipal Government bonds- Corporate Bonds – Zero Coupon Bonds – Convertible bonds- callable bonds- putable bonds – Fixed and floating rate bonds – International bonds- Instruments in capital markets

Initial Public Offers – Follow on public offer - Rights issue – Bonus issue – Qualified Private placements - Function of merchant banker – Pre-issue obligations – Post-issue obligations – Pricing of Public issue – price bands – Credit Rating – Dutch auction - Book Building -Post-Issue Obligations- Eligibility Norms- Contribution of Promoters and lock-in- Demat Issues- Euro Issues- Applications Supported by Blocked Amount (ASBA) -Qualified Institutions Placement (QIP) 

Depository system – Stock exchanges – Demutualization of stock exchanges – Listing of securities – Internet trading – Trading in Secondary Markets – types orders – Limit orders – Market orders- Stop loss order – Day order – Cancel Order - Matching Orders - Circuit breakers – Insider Trading – Unfair trade Practices – Buy back - Over-the counter Markets

Forwards, Options and futures – Call and put option – Speculating with call option – Speculating with put options – Determinants of call option premium - Determinants of put option premium

Specification of Investment goals - Investment Alternatives - Analysis of Individual’s Environment and Resources - Establishment of Financial Plans - The Capacity to Meet Financial Emergencies - Desire to Finance Identifiable Future Purchases such as Children’s Education - The Need for Additional Income - Desire to Accumulate an Estate - Desire to speculate - Asset allocation – Monitoring and evaluation - Active vs. passive portfolio management

1. Copeland,T.E. and J.F.Weston, 1988, Financial Theory and Corporate Policy, Addison Wesley.
2. Hull,J.M,2003, Futures, Options and other Derivatives, Prentice Hall.
3. Ross.S.A., Randolph W Westerfield, Bradford D Jordan, and Gordon S Roberts,2005, Fundamentals of Corporate Finance, McGraw-Hill.
4. Robert C Radcliffe, Investment Concepts, Analysis and Strategies.
5. Machiraju H R, Indian Financial System, Vikas Publishing House
6. Donald E Fisher, Roland J Jordan, Security Analysis and Portfolio management,Eastern Economy Edition.
7. Doglas Hearth and Jannis K ziama, Conemporary investment: Security and (PortfolioAnalysis, The Dryden Press)
8. J L. Farrell, Portfolio management Mc Grawhill
9. Reghu Palat, Fundamental Analysis.
10. Jay Shanken, The Arbitrage pricing Theory: is it testable? Journal of Finance; 37:5
11. Journals-a.Journal of Finance, b.Journal of Financial Economics, c.Econometrica d. Review of Financial Studies

CIA II [MID SEMESTER] -50 Marks

CIA III -20 Marks

The core purpose of the course is to contextualise economic discourse through an interdisciplinary approach. The course introduces the interface between economics and politics. Secondly it extends this interface to issues of the Indian Economy since independence.

Economics and Liberal Theory – Economic Justice and Efficiency – Basics of Marxian Theory of Surplus Value and Capital Appropriation – The Invisible Hand Debate of the Markets  - Understanding the Problematic Convenience of Money, Banks and Finance – Political Economy debate of Comparative Advantage versus Imperialism – Introduction to Globalisation and the Political Economy of the External Sector.

Origins of Comparative Development: A brief idea – Accommodative Politics and Radical Social Change – Class Conciliation and Class Struggle – Goals of Economic Planning – Problems of Rapid Industrialisation: The Deceleration in Industrial Growth – Growth in Agriculture and Slow Agrarian Reform.

Problems of Implementation – The Crisis to the Socialist Principles and Goals of Planning – Public Investment and Economic Growth - The Crisis of Planning & Political Stability.

Radicalisation of Indian Politics, Class Struggle and the challenge of Redistribution – Understanding India’s Economic, Social and Political Conflicts: Autonomy of the State, Dominance of the Proprietary Class & the Dominant Coalition – Impact of Conflicts: on Public Mobilisation, on Capital Management and the Democratic Process – Regulatory Mechanism and the Role of the State.

1. Hahnel, Robin.  (2002), The ABCs of Political Economy – A Modern Approach, Pluto Press.
2. Frankel, Francine R. (2005), India’s Political Economy – 1947 – 2004 (2nd ed.), Oxford University Press. 
3. Bardhan, Pranab. (2011), The Political Economy of Development in India (12th ed.), Oxford University Press.

1. Mukherji, Rahul (Eds).(2007), India’s Economic Transition: The Politics of Reforms, Oxford University Press.
2. Caparaso, James A. & Levine, David P. (1992).  Theories of Political Economy, Cambridge University Press.
3. Weingast, Barry R. & Wittman, Donald A (2008), The Oxford Handbook of Political Economy, Oxford University Press.

CIA - 2: Mid Semester Examination - 50 marks; 2 hours.

CIA - 3: 20 marks.

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

CIA III: Out of 20 Marks

End Semester Examination: Out of 100 Marks

Part 1: South Asia region has increasingly become one of the most important regions in the Global South, emerging over the past two decades as one of the fastest-growing regions in the world. Two decades into its 21^st century, the region, specifically its constitute part – India, Bangladesh, and Sri Lanka, are at the crossroads. While Bangladesh has of late been enjoying one of the fastest growth phases in its post-independence history, the Indian growth story has appeared to taper off recently, even as Sri Lanka has been busy, rebuilding from the damages suffered during intense ethnic clashes that ended just a decade ago. The study of the region also assumes particular significance given that the region continues to be a home of some of the largest concentrations of poverty. Against this backdrop, it is important to critically examine how growth trajectories of these neighboring democratic nations have evolved historically, dating back to its Colonial period, which had a devastating effect on the region’s economy, triggering a deindustrialization process in the region. The post-independence period has witnessed the transition from the state-led development models to a market-driven model, accompanied by faster growth in their economies. What are the costs and benefits of the transition to the growth process managed by these nations? How have these states tackled poverty, inequality, and economic development? How are different social and religious groups accommodated in the growth story of each of these three nation-states in the post-liberalization period? Keeping these questions in mind, the course attempts to give a broad analytical and chronological outline of the macro political-economic development of three South Asian neighbours – India, Bangladesh, and Sri Lanka. The part also makes an attempt to look at what the region can learn from its East Asian Neighbour to foster faster, sustainable, and more inclusive development.

Part 2: This course is designed to give students a general historical introduction to the East Asian Economies including Korea, China and Japan in its historical foundation, present status, and future potential for sustainable growth. The course reflects my cumulative teaching experience of the East Asian Economies as a field in Korean Studies Program at the School of Advanced International Studies (SAIS), Johns Hopkins University (1996-1997), University of California San Diego (UCSD) Graduate School of International Relations and Pacific Studies (IR/PS )(Winter Quarter during 2005-2012) and “Understanding Market Economy” course at Seoul National University funded by the Federation of  Korean Industries (FKI) with about three hundred enrolled undergraduate students every year during 2006- 2017. It also reflects my research experience as Visiting Scholar at International Monetary Fund (1988-1989), University of Tokyo (1989-1990) and UNIDO (2004-2005), Institute of Economic Research at Hitotsubashi University (2005-6) and Asia Productivity Organization (2008, 2009, 2017, 2018, and 2020).

The first two weeks (August 11 and 18) begin with an introduction to historical foundations of the Korean economy’s modernization starting from the Lee Dynasty’s pre-colonial period (1895-1910). We move on to cover the Japanese colonial period (1910-1945) when Korea was annexed to Imperial Japan during which the Korean economy began to be modernized. The textbook by Mason et.al. carries a reasonably objective evaluation on the controversial period. We move on to learn and discuss about the process of Korea’s late industrialization through foreign trade under the authoritarian regimes of Rhee and Park Government. Since the textbook covers the period up to 1979 toward the end of the Park regime, the period from 1980 to the present is covered in the two weeks in October 6 and 13 by my own writings and articles with the emphasis on the more recent economic issues such as the Financial Crisis of 1997-1998, the global financial crisis of 2007-2008 and economic stagnation due to wage-led growth syndrome and ageing issues etc. during the post-crisis period. The course concludes with the current macroeconomic issues of wage-led growth policy and discusses the issues and perspectives for the future potentials of sustainable growth in Korea. The second two weeks (August 25 and September 1) lecture consists of the historical background of the Chinese Economy and the modernization in China after Mao and Deng quoting from Chai (2011) and US Congressional Research Service (2019). The third two weeks(August 8 and 15) lecture consists of the modernization of the Japanese Economy after the Meiji Restoration with reference to Ohkawa and Rosovsky (1973) and Economic History of Japan Wikipedia (available on www.google.com).The economy on North Korea is discussed in the last lecture using a recent paper by Pyo Rhee and Yang (2020) and recent publication (Pyo, Cho and Kim(2020)) by the Bank of Korea.

A brief reflection on the colonial history of the Indian subcontinent, specially focusing on Indian subcontinent and its economic implication for the region. Challenges to Democratic & Participatory Development – A discussion on how main social cleavages based on ethnicity, tribe, caste and religious groups are accommodated by states through policies and regulations.

Agrarian Political Economy (Role of the state in agriculture –Land Reforms- with special focus on critical evaluation on Green Revolution),

Planning & Participatory development – Role of the state in the Post-Colonial Economic Development in South Asia– Discussion on comparative studies on industrialization experiences in both state led era and Post reform period ( Example -Gandhian vs Nehruvian Growth Model, Bhagawati vs Sen debate) 

Comparison of overall and sectoral growth performance in the context of structural transformation (Comparative Analysis of the role of different sectors to the economy), specificities of growth models – of India, Bangladesh & Sri Lanka,  Service sector-led growth model of India vs Export driven model of Bangladesh etc). Role of trade, the relevance of the economy in the global economy

Comparative studies of Regional Disparity – Economic Reforms and Rural-Urban Struggle, Migration – internal and international as post reform phenomenon period.  Labour and Reforms (State Labour Relations, Labour rights and Economic reforms).

Reform, inequality and Poverty (Comparative studies of inequalities and pre and post reform periods and agendas for inclusive development followed by the states in South Asia),

Social safety net and social protection program – comparative evaluation in South Asia- Importance of Right based approach to entitlement and its evolution, Role of NGOs and Civil Society Organization (Grameen Bank – Bangladesh, Right based campaign – right to education, food and health in India)

Introduction and modernization in the Third World and in Korea and the historical foundations of modern economic growth in Korea, economic development in Korea in macroeconomic terms, industrialization, and foreign trade in Korea, 

History of Chinese economy before 1945, the Chinese economy under Mao and after Deng’s liberalization, economic history of China (1949-present), China’s economic rise: history, trends, challenges, and implications for the United States, Congressional Research Service (updated June 25, 2019)

Economic history of Japan and Japanese economic growth, the modern economy of Japan – Rise and stagnation, economy of Japan (overview, economic history, infrastructure, macro-economic trend, sectors of the economy, finance, labor force, law and government, culture, other economic indicators), the North Korean economy: poverty trap and labor productivity, the myth of East Asia: the financial crisis and its aftermath

Bakht Z and N. Ahmed (2013): Globalization, Employment, Labour in Bangladesh in Reddy N ed(2013) Globalization, and Labour in South Asia, Panos South Asia.

Bardhan Pranab (1998): The Political Economy of Development in India, Oxford India Paper back, 1998.  

Mason, Edward S. and others, The Economic and Social Modernization of the Republic of Korea, Cambridge, MA, Harvard University Press, 1980

Pyo, Hak K. (2005), Productivity Performance in Developing Countries: Country Case Studies, Republic of Korea, United Nations Industrial Development Organization(UNIDO), Vienna

Pyo, Hak K. (2018a) Chapter 23 Productivity and Economic Development, in Tatje E., K. Lovell and R. Sickles eds. The Oxford Handbook of Productivity Analysis, Oxford University Press

Pyo, Hak K. (2018b) Chapter 7 Labor Productivity and a Test of the Kaldor-Verdoorn Law in East Asia, in Productivity Dynamics in Emerging and Industrialized Countries, edited by Deb Kusum Das, New Dehli, Routledge, Taylor & Francis

Pyo, Hak K., T. Cho and M. Kim(2020), Estimation of Capital Stock in North Korea and Implications, BOK Economic Research Working Paper 2020-24, The Bank of Korea (in Korean)

Pyo, Hak K. The Wage-led Growth without Growth: Implications and Limitations. Keynote Speech delivered to Korea International Economic Association Annual Meetings, December 23, 2020

Bastian Sunil :2013: The Political Economy of Post War Sri Lanka , International Centre for Ethnic Studies , ICES Research Paper 7, 

Byiers Bruce, F Kratke, P. Jayawardena, L Rodriguez, A Wijesinha (2015): Manufacturing Progress? Employment Creation in Sri Lanka, Case Study Report, European Centre for Development Policy Management, March 2015. https://cdn.odi.org/media/documents/9492.pdf

Björkman James Warner 1985) Health Policy and Politics in Sri Lanka: Developments in the South Asian Welfare State, Asian Survey , May, 1985, Vol. 25, No. 5 (May, 1985), pp. 537-552

Chang, H.-J., and K. Zach (2018). ‘Industrial Development in Asia: Trends in Industrialization and Industrial Policy Experiences of Developing Asia’. WIDER Working Paper 2018/120. Helsinki: UNU-WIDER.

Chancel, L and T Piketty (2019), “Indian income inequality, 1922-2014: From British Raj to Billionaire Raj?”, Review of Income and Wealth.

Deaton Angus and Jean Drèze 2002, “Poverty and Inequality in India: A Re-Examination” Economic and Political Weekly

Devarajan Shantayanan and I Nabi (2006): Economic Growth in South Asia: Promising, Unequalizing and Sustainable , Economic and Political Weekly, 41 (33), 3573-3580.  

Deshingker P (2006): Internal Migration, Poverty and Development in Asia – Promoting Growth and ending Poverty, Asia 2015. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.498.4724&rep=rep1&type=pdf 

Duara, P. (2018). ‘Nationalism and Development in Asia’. WIDER Working Paper 2018/95. Helsinki: UNU-WIDER.

Francine Frankel (2006), India’s Political Economy, Oxford University Paper Backs,

Findlay, R. (2018). ‘Asia and the world Economy in Historical Perspective’. WIDER Working Paper 2018/85. Helsinki: UNU-WIDER.

Himashu 2007 Recent trends in Poverty and Inequality: Some Preliminary Results , Economic and Political Weekly, Vol.42,  Issue No 06, Feb 10.

Hassan Mirza and Selim Raihan ( 2017): Navigating the Deals World, The Politics of Economic Growth in Bangladesh, in Lant Pritchett, Kunal Sen, and Eric Werker (2017)  Deals and Development: The Political Dynamics of Growth Episodes

Helal Mohammed and Md Amzad Hossain (2013): Four Decades of Economic Development of Bangaldesh, An Assessment, Journal of the Asiatic Society of Bangladesh (Hum.), Vol. 58(2), 2013, pp. 335-362

Isher J. Ahluwalia and Wahiduddin Mahmud (2004): Economic Transformation and Social Development in Bangladesh, Economic and Political Weekly , Sep. 4-10, 2004, Vol. 39, No. 36 (Sep. 4-10, 2004), pp. 4009-4011

Khatun  F,D. Bhattacharya, M Rahman, K Moazzem, T Khan, M Sabbih, S Saadat (2020) Four Years of SDGs in Bangladesh, Measuring Progress and Charting the Path Forward, Centre for Policy Dialogue.

Pedersen, J.D (2000), ‘Explaining Economic Liberalisation in India: State and Society Perspectives’, World Development, 28:2.

Kohli, A (2006), ‘Politics of Economic Growth in India, 1980-2005, Part I: The 1980s’, Economic and Political Weekly, April 1st, p1251-1259.

Kohli, A (2006), ‘Politics of Economic Growth in India, 1980-2005: Part II: The 1990s and Beyond’, Economic and Political Weekly, April 8th, p1361-1370.

Kanbur, R. (2018). ‘Gunnar Myrdal and Asian Drama in Context’. WIDER Working Paper 2018/102. Helsinki: UNU-WIDER.

Kebby Kathryn (2010): The Green Revolution of 1960s and the Impact on Small Farmers in India , Environmental Studies Undergraduate Student Theses. 10

Khan, M.H. (2018). ‘Institutions and Asia’s Development: The Role of Norms and Organizational Power’. WIDER Working Paper 2018/132. Helsinki: UNU-WIDER. 16

Kozul-Wright, R., and D. Poon (2018). ‘Asian Development after the Asian Drama’. WIDER Working Paper 2018/135. Helsinki: UNU-WIDER

Kumar Nagesh (2020): East Asia’s Path to Industrialization and Prosperity – Lessons for India and Other Latecomers in South Asia, Review Article,  Economic and Political Weekly, Vol. 55. Issue No. 50, 19 Dec, 2020. 

Kelegama Saman (2000): Development in Independent Sri Lanka: What Went Wrong?, Economic and Political Weekly , Apr. 22-28, 2000, Vol. 35, No. 17 (Apr. 22-28, 2000), pp. 1477-1490

Kohler Gabriele, Marta Cali and Mariana Stirbu (2009): Social Protection in South Asia : A Review, UNICIEF, Regional Office for South Asia  (ROSA), Nepal, https://www.unicef.org/socialpolicy/files/social_protection_in_south_asia_-_a_review_-_unicef_rosa_2009.pdf.

Kabeer Naila (2009): A review of social protection in South Asia, SPA Working papers 2009, Institute of Development Studies, Brighton, UK. http://socialprotection.gov.bd/wp-content/uploads/2017/06/A-review-of-social-protection-in-South-Asia.pdf

Mundle, S. (2018). ‘Fifty Years of Asian Experience in the Spread of Education and Healthcare’. WIDER Working Paper 2018/97. Helsinki: UNU-WIDER.

Nayyar, Deepak (2018) : Rethinking Asian Drama, WIDER Working Paper, No. 2018/150, ISBN 978-92-9256-592-3, The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki, http://dx.doi.org/10.35188/UNU-WIDER/2018/592-3

Osmani S.R. (2018): Socio-economic development in South Asia The past 50 years,  WIDER Working Paper, 2018/105, https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2018-105.pdf

Chai (2011), An Economic History of Modern China, available to subscribers on Elgaronline

Economic History of China (1949-present), Wikipedia

US Congressional Research Service (2019), China’s Economic Rise: History, Trends, Challenges, and Implications for the United States

Wikipedia (2020), Economic History of Japan (available on www.google.com)

Japanese Economic Growth, Trend Acceleration in the Twentieth Century, Ohkawa, K. and H. Rosovsky, Stanford University Press, 1973

 Shanmugaratnam N  (1982): Impact of Plantation Economy and Colonial Policy on Sri Lanka Peasantry, Economic and Political Weekly, Vol. 16, No. 3 (Jan. 17, 1981), pp. 69-71+73-80 (11 pages)

Wikipedia (2020), Economy of Japan (Overview, Economic History, Infrastructure, Macro-economic trend, Sectors of the Economy, Finance, Labor Force, Law and Government, Culture, Other economic indicators),

Fukao, K., T. Miyagawa, H. K. Pyo and K. H. Rhee(2012), “Chapter 9. Estimates of Total Factor Productivity, the Contribution of ICT and Resource Reallocation Effects in Japan and Korea”, in Matilde Mas and Robert Stehrer eds. Industrial Productivity in Europe, Growth and Crisis, Edward Elgar, Northampton, MA, USA.

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Pyo, Hak. K. (1993b), “Export-led growth, domestic distortions, and trade liberalization: The Korean experience during the 1980s”, Journal of Asian Economics, 1(2), 225-247.

Pyo, Hak. K. (1995), “A time-series test of the endogenous growth model with human capital”, In Growth Theories in Light of the East Asian Experience, NBER-EASE Volume 4 (pp. 229-245). University of Chicago Press.

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Pyo Hak K. (2001) “Economic Growth in Korea (1911-1999) A Long-term Trend and Perspective” Seoul Journal of Economics Vol.14 No.1.

Pyo, Hak K. (2004), “Interdependency in East Asia and the Post-crisis Macroeconomic Adjustment in Korea”, Seoul Journal of Economics 17(1):117-151.

Pyo, Hak K. (2005) “Productivity Performance in Developing Countries, Country Case Studies, Republic of Korea”, United Nations Industrial Development Office (UNIDO)

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Pyo, Hak K. (2012b), “Estimates of Returns to Schooling and Retirement Motives of Private Savings in Korea”, Hitotsubashi Discussion Paper, 0602, 2012.

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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

Customer Analytics - 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

Operations Analytics - 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