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Syllabus for B.A. (Hons.) EconomicsCourse Structure for B.A. (Hons.) Economics:There are a total of fourteen economics core courses that students are required to take acrosssix semesters. All the core courses are compulsory. In addition to core courses in economics,a student of B.A. (Hons.) Economics will choose four Discipline Specific Elective (DSE)Courses. The Discipline Specific Elective (DSE) Courses are offered in the fifth and sixthsemesters and two such courses will be selected by a student from a set of courses specifiedfor each of these semesters (Groups I and II in the attached table). It is recommended thateach college should offer at least three Discipline Specific Elective (DSE) Courses in the fifthand sixth semesters to allow the students some minimal element of choice.The syllabi for the Discipline Specific Elective (DSE) Courses areprovisional and subject to revision.Contact Hours: Each course has 5 lectures and 1 tutorial (per group) per week. The size of atutorial group is 8-10 students.Note on Course Readings: The nature of several of the courses is such that only selectedreadings can be specified in advance. Reading lists should be updated and topic-wise readingsshould be specified at regular intervals, ideally on an annual basis.Eligibility for admission to B.A. (Hons) Economics: Given the quantitative requirements ofthe program, only students who have passed mathematics at the Class XII level are eligiblefor admission.1
Course Structure for B.A. (Hons.) EconomicsSemester-IEconomics Core Course 1 : Introductory MicroeconomicsSemester-IIEconomics Core Course 3 : Introductory MacroeconomicsEconomics Core Course 2 : Mathematical Methods forEconomics-IAbility Enhancement Compulsory Course (AECC)-IGeneric Elective (GE) Course-IEconomics Core Course 4 : Mathematical Methods forEconomics-IIAbility Enhancement Compulsory Course (AECC)-IIGeneric Elective (GE) Course-IISemester-IIIEconomics Core Course 5 : Intermediate Microeconomics-IEconomics Core Course 6 : Intermediate Macroeconomics-IEconomics Core Course 7 : Statistical Methods for EconomicsSkill Enhancement Course (SEC)-IGeneric Elective (GE) Course-IIISemester-IVEconomics Core Course 8 : Intermediate Microeconomics-IIEconomics Core Course 9 : Intermediate Macroeconomics-IIEconomics Core Course 10 : Introductory EconometricsSkill Enhancement Course (SEC)-IIGeneric Elective (GE) Course-IVSemester-VEconomics Core Course 11 : Indian Economy-IEconomics Core Course 12 : Development Economics-IDiscipline Specific Elective (DSE) Course-I (From List ofGroup-I)Semester-VIEconomics Core Course 13 : Indian Economy-IIEconomics Core Course 14 : Development Economics-IIDiscipline Specific Elective (DSE) Course-III (From List ofGroup-II)Discipline Specific Elective (DSE) Course-II (From List ofGroup-I)Discipline Specific Elective (DSE) Course-IV (From List ofGroup-II)Group-I (Discipline Specific Elective (DSE) Courses)(i) Economics of Health and Education(ii) Applied Econometrics(iii) Economic History of India (1857-1947)(iv) Topics in Microeconomics-I(v) Political Economy-I(vi) Money and Financial Markets(vii) Public EconomicsGroup-II (Discipline Specific Elective (DSE) Courses)(viii) Political Economy-II(ix) Comparative Economic Development (1850-1950)(x) Financial Economics(xi) Topics in Microeconomics-II(xii) Environmental Economics(xiii) International Economics(xiv) Dissertation/Project2
Core Economics Course 1: INTRODUCTORY MICROECONOMICSCourse DescriptionThis course is designed to expose the students to the basic principles of microeconomictheory. The emphasis will be on thinking like an economist and the course will illustratehow microeconomic concepts can be applied to analyze real-life situations.Course Outline1. Exploring the subject matter of EconomicsWhy study economics? Scope and method of economics; the economic problem: scarcityand choice; the question of what to produce, how to produce and how to distribute output;science of economics; the basic competitive model; prices, property rights and profits;incentives and information; rationing; opportunity sets; economic systems; reading andworking with graphs.2. Supply and Demand: How Markets Work, Markets and WelfareMarkets and competition; determinants of individual demand/supply; demand/supplyschedule and demand/supply curve; market versus individual demand/supply; shifts in thedemand/supply curve, demand and supply together; how prices allocate resources;elasticity and its application; controls on prices; taxes and the costs of taxation; consumersurplus; producer surplus and the efficiency of the markets.3. The HouseholdsThe consumption decision - budget constraint, consumption and income/price changes,demand for all other goods and price changes; description of preferences (representingpreferences with indifference curves); properties of indifference curves; consumer‘soptimum choice; income and substitution effects; labour supply and savings decision choice between leisure and consumption.4. The Firm and Perfect Market StructureBehaviour of profit maximizing firms and the production process; short run costs andoutput decisions; costs and output in the long run.5. Imperfect Market StructureMonopoly and anti-trust policy; government policies towards competition; imperfectcompetition.6. Input MarketsLabour and land markets - basic concepts (derived demand, productivity of an input,marginal productivity of labour, marginal revenue product); demand for labour; inputdemand curves; shifts in input demand curves; competitive labour markets; and labourmarkets and public policy.3
Readings1. Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education Inc., 8thEdition, 2007.2. N. Gregory Mankiw, Economics: Principles and Applications, India edition by SouthWestern, a part of Cengage Learning, Cengage Learning India Private Limited, 4thedition, 2007.3. Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc.,New York, International Student Edition, 4th Edition, 2007.4
Core Economics Course 2: MATHEMATICAL METHODS IN ECONOMICS–ICourse DescriptionThis is the first of a compulsory two-course sequence. The objective of this sequence is totransmit the body of basic mathematics that enables the study of economic theory at theundergraduate level, specifically the courses on microeconomic theory, macroeconomictheory, statistics and econometrics set out in this syllabus. In this course, particulareconomic models are not the ends, but the means for illustrating the method of applyingmathematical techniques to economic theory in general. The level of sophistication atwhich the material is to be taught is indicated by the contents of the prescribed textbook.Course Outline1. PreliminariesLogic and proof techniques; sets and set operations; relations; functions and theirproperties; number systems.2. Functions of one real variableGraphs; elementary types of functions: quadratic, polynomial, power, exponential,logarithmic; sequences and series: convergence, algebraic properties and applications;continuous functions: characterizations, properties with respect to various operations andapplications; differentiable functions: characterizations, properties with respect to variousoperations and applications; second and higher order derivatives: properties andapplications.3. Single-variable optimizationGeometric properties of functions: convex functions, their characterizations andapplications; local and global optima: geometric characterizations, characterizationsusing calculus and applications.4. Integration of functions5. Difference equationsReadings:K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, PearsonEducational Asia: Delhi, 2002.5
Core Economics Course 3: INTRODUCTORY MACROECONOMICSCourse DescriptionThis course aims to introduce the students to the basic concepts of Macroeconomics.Macroeconomics deals with the aggregate economy. This course discusses thepreliminary concepts associated with the determination and measurement of aggregatemacroeconomic variable like savings, investment, GDP, money, inflation, and the balanceof payments.Course Outline1. Introduction to Macroeconomics and National Income AccountingBasic issues studied in macroeconomics; measurement of gross domestic product;income, expenditure and the circular flow; real versus nominal GDP; price indices;national income accounting for an open economy; balance of payments: current andcapital accounts.2. MoneyFunctions of money; quantity theory of money; determination of money supply anddemand; credit creation; tools of monetary policy.3. InflationInflation and its social costs; hyperinflation.4. The Closed Economy in the Short RunClassical and Keynesian systems; simple Keynesian model of income determination; ISLM model; fiscal and monetary multipliers.Readings:Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010.N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010.Olivier Blanchard, Macroeconomics, Pearson Education, Inc., 5th edition, 2009.Richard T. Froyen, Macroeconomics, Pearson Education Asia, 2nd edition, 2005.Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, Inc.,7th edition, 2011.6. Errol D‘Souza, Macroeconomics, Pearson Education, 2009.7. Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics,Pearson Education Asia, 9th edition, 2012.1.2.3.4.5.6
Core Economics Course 4: MATHEMATICAL METHODS IN ECONOMICS - IICourse DescriptionThis course is the second part of a compulsory two-course sequence. This part is to betaught in Semester II following the first part in Semester I. The objective of this sequenceis to transmit the body of basic mathematics that enables the study of economic theory atthe undergraduate level, specifically the courses on microeconomic theory,macroeconomic theory, statistics and econometrics set out in this Syllabus. In this course,particular economic models are not the ends, but the means for illustrating the method ofapplying mathematical techniques to economic theory in general. The level ofsophistication at which the material is to be taught is indicated by the contents of theprescribed textbook.Course Outline1. Differential equations2. Linear algebraVector spaces: algebraic and geometric properties, scalar products, norms, orthogonality;linear transformations: properties, matrix representations and elementary operations;systems of linear equations: properties of their solution sets; determinants:characterization, properties and applications.3. Functions of several real variablesGeometric representations: graphs and level curves; differentiable functions:characterizations, properties with respect to various operations and applications; secondorder derivatives: properties and applications; the implicit function theorem, andapplication to comparative statics problems; homogeneous and homothetic functions:characterizations and applications.4. Multi-variable optimizationConvex sets; geometric properties of functions: convex functions, their characterizations,properties and applications; further geometric properties of functions: quasiconvexfunctions, their characterizations, properties and applications; unconstrainedoptimization: geometric characterizations, characterizations using calculus andapplications; constrained optimization with equality constraints: geometriccharacterizations, lagrange characterization using calculus and applications; properties ofvalue function: envelope theorem and applications.Readings:K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, PearsonEducational Asia: Delhi, 2002.7
Core Economics Course 5: INTERMEDIATE MICROECONOMICS - ICourse DescriptionThe course is designed to provide a sound training in microeconomic theory to formallyanalyze the behaviour of individual agents. Since students are already familiar with thequantitative techniques in the previous semesters, mathematical tools are used to facilitateunderstanding of the basic concepts. This course looks at the behaviour of the consumerand the producer and also covers the behaviour of a competitive firm.Course Outline1. Consumer TheoryPreference; utility; budget constraint; choice; demand; Slutsky equation; buying andselling; choice under risk and intertemporal choice; revealed preference.2. Production, Costs and Perfect CompetitionTechnology; isoquants; production with one and more variable inputs; returns to scale;short run and long run costs; cost curves in the short run and long run; review of perfectcompetition.Readings:1. Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Nortonand Company/Affiliated East-West Press (India), 8th edition, 2010. The workbookby Varian and Bergstrom may be used for problems.2. C. Snyder and W. Nicholson, Fundamentals of Microeconomics, CengageLearning (India), 2010.3. B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGrawHill (India), 2009.8
Core Economics Course 6: INTERMEDIATE MACROECONOMICS - ICourse DescriptionThis course introduces the students to formal modeling of a macro-economy in terms ofanalytical tools. It discusses various alternative theories of output and employmentdetermination in a closed economy in the short run as well as medium run, and the role ofpolicy in this context. It also introduces the students to various theoretical issues relatedto an open economy.Course Outline1. Aggregate Demand and Aggregate Supply CurvesDerivation of aggregate demand and aggregate and supply curves; interaction ofaggregate demand and supply.2. Inflation, Unemployment and ExpectationsPhillips curve; adaptive and rational expectations; policy ineffectiveness debate.3. Open Economy ModelsShort-run open economy models; Mundell-Fleming model; exchange rate determination;purchasing power parity; asset market approach; Dornbusch's overshooting model;monetary approach to balance of payments; international financial market
Syllabus for B.A. (Hons.) Economics Course Structure for B.A. (Hons.) Economics: There are a total of fourteen economics core courses that students are required to take across six semesters. All the core courses are compulsory. In addition to core courses in economics, a student of B.A. (Hons.) Economics will choose four Discipline Specific Elective (DSE) Courses. The Discipline Specific .
