ECONOMIC - UG.

SYLLABUS FOR UNDER GRADUATE

COURSE IN ECONOMICS
(Bachelor of Arts Examination)

DEPT. OF ECONOMICS
S K C G (AUTO.) COLLEGE,
PARALAKHEMUNDI- 761200
GAJAPATI DIST. ODISHA.

UNDER
CHOICE BASED CREDIT SYSTEM

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Course structure of UG Economics Honours

Semester Course Course Name Credits Total marks

I AECC-I AECC-I 04 100

C-I Introductory Microeconomics 06 100

C-II Mathematical Methods for 06 100

Economics I
GE-I Indian Economy 06 100
22
II AECC-II AECC-II 04 100
C-III Introductory Macroeconomics 06 100

C-IV Mathematical Methods for 06 100

Economics II
GE-II Indian Economy II 06 100

22
III C-V Microeconomics I 06 100
C-VI Macroeconomics I 06 100

C-VII Statistical Methods for 06 100

Economics
GE-III Introductory Microeconomics 06 100

SEC-I SEC-I 04 100

28
IV C-VIII Microeconomics II 06 100

C-IX Macroeconomics II 06 100

C-X Research Methodology 06 100

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 ECONOMIC - UG.

GE-IV Introductory Macroeconomics 06 100

SECC-II SECC-II 04 100

28
Semester Course Course Name Credits Total marks
V C-XI Indian Economy I 06 100

C-XII Development Economics I 06 100

DSE-I 1. Economic History of 06 100

India (1857-1947)
or
2. Public Economics
DSE-II 1. Introductory 06 100
Econometrics
or
2. Odisha Economy
or
3. Money and Banking

24
VI C-XIII Indian Economy II 06 100

C-XIV Development Economics II 06 100

DSE-III 1. Environmental 06 100

Economics
or
2. History of Economic
Thought
DSE-IV 1. International Economics 06 100
or
2. Agricultural Economics
or
3. Project/Dissertation
24

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ECONOMICS

HONOURS PAPERS:

Core course – 14 papers

Discipline Specific Elective – 4 papers (out of the 9 papers suggested)
Generic Elective for non Public Administration students – 4 papers. Incase University offers 2
subjects as GE, then papers 1 and 2 will be the GE paper.

Marks per paper - Midterm : 20 marks, End term : 80 marks, Total – 100 marks
Credit per paper – 6
Teaching hours per paper – 50 hours + 10 hours tutorial
Dissertation : (content : 50; Seminar : 30; Viva Voce : 20)l

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Core Paper I
INTRODUCTORY MICROECONOMICS
Introduction:
This course is designed to expose the students to the basic principles of microeconomic theory. The
emphasis will be on thinking like an economist and the course will illustrate how microeconomic concepts
can be applied to analyze real-life situations.
Unit I: Exploring the Subject Matter of Economics, Markets and Welfare
Why study economics? Scope and methods of economics. The Principles of Economics: How people make
decisions; Working of the economy as a whole; Thinking Like an Economist: The economist as Scientist –
The scientific method: Observation. Choice definition Law of demand , Elasticity of demand. Measurement
of it. The Market Forces; Markets and Competition; The Demand and Supply curves – Market vs Individual
curves, Shifts in Demand and Supply Curves; Market Equilibrium and changes there in; Price Elasticity of
Demand – determinants and computation; Income and Cross Elasticity of Demand; The Price Elasticity of
Supply – determinants and computation; Consumer and Producer Surplus.
Unit II: Theory of Consumer Choice
The Budget Constraint; Preferences – representing preferences with indifference curves; Properties of
Indifference Curves; Two extreme examples of indifference curves; Optimization – Equilibrium; Change in
equilibrium due to changes in income, changes in price; Income and Substitution Effect; Derivation of
Demand Curve.
Unit III: The Firm and Market Structures
Cost concepts; Production and Costs; The various measures of cost – Fixed and Variable cost, Average and
Marginal cost; Cost curves and their shapes; Costs in the short run and in the long run; Economies and
diseconomies of scale. Firms in Competitive Markets – What is a competitive market; Profit maximization
and the competitive firm’s supply curve; The marginal cost curve and the firm’s supply decision; Firm’s
short-run decision to shut down; Firm’s long-run decision to exit or enter a market; The supply curve in a
competitive market – short run and long run.
Unit IV: The Input Markets
The Demand for Labour – The production function and the marginal product of labour; Value of the
marginal product of labour and demand for labour; Shifts in labour demand curve; The supply of labour –
the trade-off between work and leisure; Shifts in the labour supply curve; Equilibrium in the Labour Market;
Other factors of production: Land and Capital; Linkages among factors of production.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
Principles of Economics, Gregory N Mankiw, 6e Cengage Learning India Private Limited,
New Delhi
Reference Book:
Karl E. Case and Ray C. Fair (2007): Principles of Economics, 8th Edition, Pearson
Education Inc.
Pindyck, Robert and Daniel Rubinfeld (2018): Microeconomics, 9th Edition, Pearson
Education Inc

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Core Paper II
MATHEMATICAL METHODS FOR ECONOMICS I

Introduction:
This is the first of a compulsory two-course sequence. The objective of this sequence is to transmit
the body of basic mathematics that enables the study of economic theory at the 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 of applying mathematical techniques to economic theory
in general. The level of sophistication at which the material is to be taught is indicated by the
contents of the prescribed textbook.
Unit I: Preliminaries and Functions of one Real Variable
Sets and set operations; Cartesian product; relations; functions and their properties; Number
systemsTypes of Functions- constant, polynomial, rational, exponential, logarithmic; Graphs
and graphs of functions; Limit and Continuity of functions; Limit theorems.
Unit II: Derivative of a Function
Rate of change and derivative; Derivative and slope of a curve; Continuity and differentiability of a
function; Rules of differentiation for a function of one variable; Application- Relationship between
total, average and marginal functions.
Unit III: Functions of two or more Independent Variables
Partial differentiation techniques; Geometric interpretation of partial derivatives; Partial derivatives
in Economics; Elasticity of a function – demand and cost elasticity, cross and partial elasticity.
Unit IV: Matrices and Determinants
Matrices: concept, types, matrix algebra, transpose, inverse, rank; Determinants: concept,
properties, solving problems using properties of determinants, solution to a system of equations -
Crammer’s rule and matrix inversion method.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
A. C. Chiang and K. Wainwright (2005): Fundamental Methods of Mathematical
Economics, McGraw Hill International Edition.
Reference Book:
K. Sydsaeter and P. J. Hammond (2002): Mathematics for Economic Analysis. Pearson
Educational Asia

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Core Paper III

INTRODUCTORY MACROECONOMICS
Introduction:
This course aims to introduce the students to the basic concepts of Macroeconomics.
Macroeconomics deals with the aggregate economy. This course discusses the preliminary concepts
associated with the determination and measurement of aggregate macroeconomic variable like
savings, investment, GDP, money, inflation, and the balance of payments.
Unit I: Basic Concepts in Macroeconomics
Macro vs. Micro Economics; Limitations of Macroeconomics; Stock and Flow variables,
Equilibrium and Disequilibrium, Partial and General Equilibrium Statics – Comparative Statics and
Dynamics; National Income Concepts – GDP, GNP, NDP and NNP at market price, factor cost,
real and nominal; Disposable personal Income.
Unit II: Measurement of Macroeconomic Variables
Output, Income and Expenditure Approaches; Difficulties of Estimating National Income; National
Income Identities in a simple 2-sector economy and with government and foreign trade sectors;
Circular Flows of Income in 2, 3 and 4-sector economies; National Income and Economic Welfare;
Green Accounting.
Unit III: Money and Changes in its Value
Evolution and Functions of Money, Quantity Theory of Money – Cash Transactions, Cash Balances
and Keynesian Approaches, Value of Money and Index Number of Prices
Inflation – Meaning, Causes, and Anti-Inflationary Measures; Classical, Keynesian, Monetarist and
Modern Theories of Inflation, Inflationary Gap, Deflation- Meaning, Causes, and Anti-Deflationary
Measures, Depression and Stagflation; Inflation vs. Deflation.
Unit IV: Determination of National Income
The Classical Approach - Say’s Law, Theory of Determination of Income and Employment with
and without saving and Investment; Basics of Aggregate Demand and Aggregate Supply and
Consumption-Saving– Investment Functions, The Keynesian Approach– Basics of Aggregate
Demand and Aggregate Supply and Consumption, Saving, Investment Functions; The Principle of
Effective Demand; Income Determination in a Simple 2-Sector Model; Changes in Aggregate
Demand and Income- The Simple Investment Multiplier. Income determination in a 3-sector model
with the Government sector and Fiscal multiplier.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))
Text Book:
N. Gregory Mankiw (2010): Macroeconomics, 7th edition, Cengage Learning India Private Limited,
New Delhi
Reference Book:
Richard T. Froyen (2005): Macroeconomics, 2nd Edition, Pearson Education Asia, New Delhi.

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Core Paper IV
MATHEMATICAL METHODS FOR ECONOMICS II
Introduction:
This course is the second part of a compulsory two-course sequence. This part is to be taught in
Semester II following the first part in Semester I. The objective of this sequence is to transmit the
body of basic mathematics that enables the study of economic theory at the 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 of applying mathematical techniques to economic theory
in general. The level of sophistication at which the material is to be taught is indicated by the
contents of the prescribed textbook.
Unit I: Linear models:
Input- Output Model: Basic concepts and structure of Leontief’s open and static Input-Output
model; Solution for equilibrium output in a three industry model; The closed model.
Unit II: Second and Higher Order Derivatives and Integration:
Technique of higher order differentiation; Interpretation of second derivative; Second order
derivative and curvature of a function; Concavity and convexity of functions; Points of inflection,
Derivative of Implicit Function; Higher Order Partial Derivative. Indefinite Integrals; Rules of
Integration; Techniques of Integration: Substitution Rule, Integration by parts, and Partial
Fractions; Definite Integral – Area Interpretation.
Unit III: Single and Multivariable Optimization:
Optimum values and extreme values; Relative maximum and minimum; Necessary versus
sufficient conditions - First and Second derivative tests (using Hessian Determinants); Economic
applications thereof, First and second order condition for extrema of multivariable functions;
Convex functions and convex sets.
Unit IV: Optimization with Equality Constraints:
Effects of a constraint; Finding stationary value – Lagrange-Multiplier method (Two variable single
constraint case only): First and second order condition; The Bordered Hessian determinant.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))
Text Book:
A. C. Chiang and K. Wainwright (2005): Fundamental Methods of Mathematical
Economics, McGraw Hill International Edition.
Reference Book:
K. Sydsaeter and P. J. Hammond (2002): Mathematics for Economic Analysis. Pearson
Educational Asia

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 ECONOMIC - UG.

Core Paper V
MICROECONOMICS I
Introduction:
The course is designed to provide a sound training in microeconomic theory to formally analyze the behavior
of individual agents. Since students are already familiar with the quantitative techniques in the previous
semesters, mathematical tools are used to facilitate understanding of the basic concepts; this course looks at
the behavior of the consumer and the producer and also covers the behavior of a competitive firm.
Unit I: Consumer Theory I
Preferences and Utility, Indifference curves; Mathematics of Indifference curves, Utility functions for
specific preferences, the many good case; Utility Maximization and choice: the 2-good case (graphical
analysis), the n-good case,Indirect utility function, the Lump sum principle, choice and preference ,
Revealed preference theory.
Unit II: Consumer Theory II
The Income and Substitution Effects: Demand function, changes in income, changes in a goods price- Direct
and Indirect Approaches (Slutsky), the Individual’s Demand Curve, Compensated (Hicksian) demand curves
and functions, demand elasticity, Consumer Surplus, Demand relationships among goods, the 2-good case,
substitutes and complements, Net (Hicksian) substitutes, and Complements, Substitutability with many
goods.
Unit III: Production Theory and Costs
Production Functions: Marginal productivity, Production with One Variable Input (labour) and with Two-
Variable Inputs, Isoquant Maps and the Rate of Technical Substitution, Returns to Scale, Elasticity of
Substitution, Some Simple Production Functions: Linear, Fixed Proportions, Cobb- Douglas; Technical
Progress. Definition of Cost and its properties, Cost minimizing input choices (Optimization principles,
Expansion Path), Cost Functions and Shift in Cost Curves, Long-Run versus Short-Run Cost Curves.
Unit IV: Profit Maximization
The Nature and Behavior of Firms, Marginal Revenue – Relationship between Average and marginal
revenue, Short-Run Supply by a Price-Taking Firm, Profit Functions and its Properties, Profit maximization
– General conditions, Input demands.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
C. Snyder and W. Nicholson (2012): Microeconomic Theory: Basic Principles and
Extensions, 11th Edition, Cengage Learning, Delhi, India.
Reference Books:
H. R. Varian (2010): Intermediate Microeconomics: A Modern Approach, 8th Edition, W.W.
Norton and Company/Affiliated East-West Press (India). The workbook by Varian and
Bergstrom may be used for problems.

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Core Paper VI
MACROECONOMICS I
Introduction:
This course introduces the students to formal modeling of a macro-economy in terms of analytical
tools. It discusses various alternative theories of output and employment determination in a closed
economy in the short run as well as medium run, and the role of policy in this context. It also
introduces the students to various theoretical issues related to an open economy.
Unit I: Consumption and Investment
Consumption – Income Relationship, Propensities to Consume and the Fundamental Psychological
Law of Consumption; Implications of Keynesian Consumption Function; Factors
InfluencingConsumption Function; Measures to Raise Consumption Function; Absolute, Relative,
Permanent and Life – Cycle Hypotheses
Autonomous and Induced Investment, Residential and Inventory Investment, Determinants of
Business Fixed Investment, Decision to Invest and MEC, Accelerator and MEI, Theories of
Investment.
Unit II: Demand for and Supply of Money
Demand for Money – Classical, Neoclassical and Keynesian Approaches, The Keynesian Liquidity
Trap and its Implications, Supply of Money, The Theory of Money Supply Determination and
Money Multiplier, Measures of Money Supply in India.
Unit III: Aggregate Demand and Aggregate Supply
Derivation of Aggregate Demand and Aggregate Supply Curves in the IS-LM Framework; Nature
and Shape of IS and LM curves; Interaction of IS and LM curves and Determination of
Employment, Output, Prices and Investment; Changes in IS and LM curves and their Implications
for Equilibrium.
Unit IV: Inflation, Unemployment and Expectations, and Trade Cycles
Inflation – Unemployment Trade off and the Phillips Curve – Short run and Long run Analysis;
Adaptive and Rational Expectations; The Policy Ineffectiveness Debate; Meaning and
Characteristics of Trade Cycles; Hawtrey’s Monetary Theory, Hayek’s Over-investment Theory
and Keynes’ views on Trade Cycles.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
N. Gregory Mankiw (2010): Macroeconomics, 7th edition, Cengage Learning India Private
Limited, New Delhi.
Reference Book:
Richard T. Froyen (2005): Macroeconomics, 2nd Edition, Pearson Education Asia, New
Delhi.

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Core Paper VII

STATISTICAL METHODS FOR ECONOMICS
Introduction:
This is a course on statistical methods for economics. It begins with some basic concepts and terminology
that are fundamental to statistical analysis and inference. It is followed by a study and measure of
relationship between variables, which are the core of economic analysis. This is followed by a basic
discussion on index numbers and time series. The paper finally develops the notion of probability, followed
by probability distributions of discrete and continuous random variables and introduces the most frequently
used theoretical distribution, the Normal distribution.
Unit I: Data Collection and Measures of Central Tendency and Dispersion
Basic concepts: population and sample, parameter and statistics; Data Collection: primary and secondary
data, methods of collection of primary data; Presentation of Data: frequency distribution; cumulative
frequency; graphic and diagrammatic representation of data; Measures of Central Tendency: mean, median,
mode, geometric mean, harmonic mean, their relative merits and demerits; Measures of Dispersion: absolute
and relative - range, mean deviation, standard deviation, coefficient of variation, quartile deviation, their
merits and demerits; Measures of skewness and kurtosis.
Unit II: Correlation and Regression Analysis
Correlation: scatter diagram, sample correlation coefficient - Karl Pearson’s correlation coefficient and its
properties, probable error of correlation coefficient, Spearman’s rank correlation coefficient. Two variable
linear regression analysis - estimation of regression lines (Least square method) and regression coefficients -
their interpretation and properties, standard error of estimate.
Unit III: Time Series and Index Number
Time Series: definition and components, measurement of trend- free hand method, methods of semi-average,
moving average and method of least squares (equations of first and second degree only), measurement of
seasonal component; Index Numbers: Concept, price relative, quantity relative and value relative; Laspeyer’s
and Fisher’s index, family budget method, problems in construction and limitations of index numbers, test
for ideal index number.
Unit IV: Probability Theory and Sampling
Probability: Basic concepts, addition and multiplication rules, conditional probability; Meaning of Sampling,
Types of Sampling: Probability Sampling versus Non-Probability Sampling; Simple Random Sampling and
its selection, Systematic Sampling, Multi-stage Sampling, Quota Sampling; Error: Sampling and Non-
sampling.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text books:
S. C. Gupta (2017): Fundamentals of Statistics, Himalaya Publishing House, Delhi
Reference Book:
• Murray R. Speigel (2017): Theory & Problems of Statistics, Schaum’s publishing Series.

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Core Paper VIII

MICROECONOMICS II
Introduction:
This course is a sequel to Microeconomics I. The emphasis will be on giving conceptual clarity to
the student coupled with the use of mathematical tools and reasoning. It covers Market, general
equilibrium and welfare, imperfect markets and topics under information economics.
Unit I: Firm Supply and Equilibrium
Market Environments; Profits and Producer’s Surplus; Long Run Supply Curve of a Firm; Long
Run Average Costs; Short Run and Long Run Industry Supply; Industry Equilibrium in Short and
Long Run; Meaning of Zero Profits.
Unit II: General Equilibrium, Efficiency and Welfare
The Edge worth Box Existence of equilibrium and efficiency; The Welfare Theorems and their
implications; The Firm; Production and the Welfare Theorems ; Production possibilities,
comparative advantage and Pareto efficiency.
Unit III: Market Imperfections: Monopoly and Oligopoly
Barriers to Entry, Profit Maximization and Output Choice, Monopoly and resource Allocation,
Monopoly, Product Quality and Durability, Price Discrimination, Second Degree Price
Discrimination through Price Schedules, Regulation of Monopoly, Dynamic Views of Monopoly.
Monopolistic competition; Price output determination; excess capacity under monopoliostic
competition .
Unit IV: Game Theory
The Payoff Matrix of a Game; Nash Equilibrium; Mixed Strategies ;The Prisoner’s Dilemma;
Repeated Games; Enforcing a cartel; Sequential Games; A Game of entry deterrence.
Oligopoly – Choosing a strategy; Quantity and price leadership; Simultaneous Quantity Setting;
Example of Cournot Equilibrium; Simultaneous Price Setting; Collusion.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
H. R. Varian (2010): Intermediate Microeconomics: A Modern Approach, 8th Edition, W.W.
Norton and Company/Affiliated East-West Press (India). The workbook by Varian and
Bergstrom may be used for problems.
Reference Book:
C. Snyder and W. Nicholson (2012): Microeconomic Theory: Basic Principles and
Extensions, 11th Edition, Cengage Learning, Delhi, India.
Pindyck, Robert and Daniel Rubinfeld (2018): Microeconomics, 9th Edition, Pearson
Education Inc.

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 ECONOMIC - UG.

Core Paper IX
MACRO ECONOMICS II
Introduction:
This course is a sequel to Macroeconomics I. In this course, the students are introduced to the long
run dynamic issues like growth and technical progress. It also provides the micro-foundations to the
various aggregative concepts used in the previous course.
Unit I: Classical and Keynesian Macroeconomics Thoughts
Keynes verses classics: Classical macroeconomics, Employment and output determination, Say’s
law, the quantity theory of money, Keynes’s General theory: Keynes’s main propositions; analysis
of the labour market, Keynes’s critique of Say’s law and Quantity theory of money, the orthodox
Keynesian school, underemployment equilibrium in the Keynesian model, the Phillips curve and
orthodox Keynesian school.
Unit II: Open Economy and Macroeconomic Policy
Balance of payments- concept; meaning of equilibrium and disequilibrium in balance of payments;
Determination of foreign exchange rate- the balance of payments theory; Fixed versus flexible
exchange rates; Short-run open economy model- the basic Mundell-Fleming model;
Macroeconomic Policies – Fiscal policy, Crowding –out and Crowding – in; Monetary policy and
instruments, the Transmission Mechanism; Effectiveness of macroeconomic policies in open and
closed economies.
Unit III: Modeling Economic Growth
Accumulation of Capital in the basic Solow Model; supply and demand for goods, growth in the
capital stock and the steady state, Golden rule level of capital: Comparing steady states, transition
to the golden rule steady state with too much and too little capital, Technological Progress- Solow
version, Beyond Solow Model and Endogenous Growth.
Unit IV: Monetarist and New Classical Macroeconomic Thoughts
The orthodox monetarist school, the Quantity Theory of Money approach, the expectations
augmented Phillips curve analysis, the orthodox monetarist school and stabilization policy.
New Classical Economics: The influence of Robert e Lucas Jr, the structure of new classical
models: the Rational Expectations hypothesis; and policy implications.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))
Text Book:
N. Gregory Mankiw (2010): Macroeconomics, 7th edition, Cengage Learning India Private
Limited, New Delhi
Reference Book:
Brian Snowdon and Howard R Vane (2005): Modern Macroeconomics: Its Origins,
Development and Current State, Edward Elgar
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 ECONOMIC - UG.

Core Paper X
Research Methodology
Introduction:
The course is to develop a research orientation among the students and to acquaint them with
fundamentals of research methods. Specifically, the course aims at introducing them to the basic
concepts used in research and to scientific social research methods and their approach. It includes
discussions on sampling techniques, research designs and techniques of analysis.
Unit I: Basics of Research
Introduction to Research: Meaning, Objectives, Motivation, Types, Approaches, Significance,
Research Process, Criteria of Good Research; Qualities of a Good Researcher, Research as a
Career.
Unit II: Research Problem
Defining the Research Problem: What is a Research Problem? Selecting the Problem, Necessity of
Defining the Problem, Technique Involved in Defining a Problem; Research Design: Meaning,
Need, Features of a Good Design, Important Concepts Relating to Research Design, Different
Research Designs, Basic Principles of Experimental Designs.
Unit III: Issues in Research
Measurement in Research, Measurement Scales, Sources of Error in Measurement, Tests of Sound
Measurement, Techniques of Measurement Tools, Scaling and Important Scaling Technique
Research Ethics: codes and ethics, permissions to research, responsibilities, confidentiality,
feedback, participatory research; Research Proposal and literature review: research proposal, review
of literature, levels of analysis, using the library and internet, abstracting, word processing,
plagiarism, Concept of IPR.
Unit IV: Actions in Research
English in report writing: words, sentences, paragraph, writing style; The Report: improving
quality, sections, drawing conclusions, evaluation checklists, persistence; Common Citation Styles

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
Kothari, C. R. (2004): Research Methodology: Methods and Techniques, New Age
International Private Limited Publishers, New Delhi.

Reference Books:
Guthrie, G. (2010): Basic Research Methods, Sage Publications India Private Limited, New
Delhi.

14
 ECONOMIC - UG.

Core Paper XI
INDIAN ECONOMY I
Introduction:
Using appropriate analytical frameworks, this course reviews major trends in economic indicators and policy debates in
India in the post-Independence period, with particular emphasis on paradigm shifts and turning points. Given the rapid
changes taking place in India, the reading list will have to be updated annually.
Unit I: Basic Characteristics of Indian Economy as a Developing Economy
Indian Economy in the Pre-British Period; The Structure and Organization of Villages and Towns; Industries and
Handicrafts in Pre-British India; Colonialism; Economic Consequences of British Rule; Decline of Handicrafts and
Progressive Ruralization; The Land System and Commercialization of Agriculture; Industrial Transition; Colonial
Exploitation and Impacts – Underdevelopment; Colonization and Modernization; State Policies and Economic
Underdevelopment; The Current State of Indian Economy
Unit II: Population and Human Development
Population Growth and Economic Development – size, growth and future of population; Causes of rapid population
growth; Population and economic development; Population policy; Demographic issues– Sex and Age Composition of
population; Demographic Dividend; Urbanization and Migration; Human Resource Development – Indicators and
importance of Human Resource Development; Education policy; Health and nutrition.
Unit III: National Income in India – The Growth Story and Current Challenges
Trends in national and per capita income; Changes in sectoral composition of national income; Regional disparities in
Growth and Income; Savings and Investment and Economic Growth – The Linkage; Poverty – Estimation and Trends,
Poverty Alleviation Programs– MGNREGA, NRLM, SJSRY; Inequality –Measures and trends in India;
Unemployment– Nature, Estimates, Trends, Causes and Employment Policy.
Unit IV: Economic Planning in India
Rationale, Features, Objectives, Strategies, Achievements and Assessment of Planning in India; Eleventh Five Year
Plan– Objectives, Targets and Achievements; Twelfth Five Year Plan – Vision and Strategy; From Planning to NITI–
Transforming India’s Development Agenda.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Misra, S. K. and Puri V. K. Indian Economy — Its Development Experience. Himalaya
Publishing House, Mumbai
Reference Books:
Dutt R. and Sundharam K. P. M. Indian Economy. S. Chand & Company Ltd., New Delhi.
Indian Economy Datt and Sundharam, GauravDatt and AshwaniMahajan, S Chand
Publications, 7th Revised Edition
Indian Economy Since Independence, ed by Uma Kapila, Academic Foundation, Revised
Nineteenth Edition 2008-09
Government of India (Current Year): Economic Survey, Ministry of Finance, New Delhi

Core Paper XII

15
 ECONOMIC - UG.

DEVELOPMENT ECONOMICS I
Introduction:
This is the first part of a two-part course on economic development. The course begins with a discussion of alternative
conceptions of development and their justification. It then proceeds to aggregate models of growth and cross-national
comparisons of the growth experience that can help evaluate these models. The axiomatic basis for inequality
measurement is used to develop measures of inequality and connections between growth and inequality are explored.
The course ends by linking political institutions to growth and inequality by discussing the role of the state in economic
development and the informational and incentive problems that affect state governance.
Unit I: Study of Economic Development
Development Economics as subject; economic growth and economic development; Characteristics of underdeveloped
countries – vicious cycle of poverty and cumulative causation; obstacles to economic development; measures of
economic development – national and per capita income, basic needs approach, capabilities approach, three core values
of development, PQLI, HDI, HPI, MDPI, GDI; capital formation and economic development.
Unit II: Theories of Economic Growth and Development
Classical theory, Marxian theory; Schumpeterian theory; Rostow’s stages of economic growth; Solow model and
convergence with population growth and technical progress.
Unit III: Poverty, Inequality, Agriculture, Industry and Development
Measuring poverty: Head Count Ratio, Poverty Gap Ratio, Squared Poverty Ratio, FGT Ratio; Measuring Inequality –
Lorenz curve and Kuznets’ inverted U hypothesis; Growth, poverty and inequality; Policy options – some basic
considerations.Agriculture, Industry and Economic Development: Role of agriculture; Transforming traditional
agriculture; Barriers to agricultural development; Role of industrialization; Interdependence between agriculture and
industries – A model of complementarities between agriculture and industry; terms of trade between agriculture and
industry; functioning of markets in agrarian societies; interlinked agrarian markets.
Unit IV: Institutions and Economic Development:
Role of institutions in economic development; Characteristics of good institutions and quality of institutions; The pre-
requisites of a sound institutional structure; Different measures of institutions
– aggregate governance index, property rights and risk of expropriation; The role of democracy in economic
development; Role of markets and market failure; Institutional and cultural requirements for operation of effective
private markets; Market facilitating conditions; Limitations of markets in LDCs; Corruption and economic development
– tackling the problem of corruption.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text book:
• Todaro, Michael P and Stephen C Smith (2006): Economic Development, 8th Edition,
Pearson
Reference Books:
• Debraj Ray (2009): Development Economics, Oxford University Press.
• Thirlwall, A P (2011): Economics of Development, 9th Edition, Palgrave Macmillan

16
 ECONOMIC - UG.

Core Paper XIII

INDIAN ECONOMY II
Introduction:
This course examines sector-specific polices and their impact in shaping trends in key economic indicators in India. It
highlights major policy debates and evaluates the Indian empirical evidence. Given the rapid changes taking place in
the country, the reading list will have to be updated annually.
Unit I: Agricultural Development in India - Indian Agriculture: nature, importance, trends in agricultural production
and productivity, factors determining production, land reforms, new agricultural strategies and green revolution, rural
credit; Agricultural marketing and warehousing.
Unit II: Industrial Development in India - Trends in industrial output and productivities; Industrial Policies of 1948,
1956, 1977 and 1991; Industrial Licensing Policies – MRTP Act, FERA and FEMA; Growth and problems of SSIs,
Industrial sickness; Industrial finance; Industrial labour.
Unit III: Tertiary Sector, HRD and the External Sector - Tertiary Sector: growth and contribution of service sector to
GDP of India, share of services in employment; Human development – concept, evolution, measurement; HRD:
indication, importance, education in India, Indian educational policy; Health and Nutrition.Foreign Trade: role,
composition and direction of India’s foreign trade, trends of export and import in India, export promotion verses import
substitution; Balance of Payments of India; India’s Trade Policies; Foreign Capital – FDI, Aid and MNCs.
Unit IV: Indian Economy and Environment - Environmental Policies in India: The Environment (Protection) Act
1986, The Environment (Protection) Rules 1986, The National Forest Policy 1988, Policy statement for Abatement of
Pollution 1992, National Conservation Strategy and Policy Statement on Environment and Development 1992, The
National Environment Appellate Authority Act 1997, National Environmental Policy 2006; Global deal with Climate
Change: Introduction, Intergovernmental Panel for Climate Change (IPCC), Impact of Climate Change on India, Global
Response on Climate Change, Possible Role of India.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Misra, S. K. and Puri V. K. Indian Economy — Its Development Experience. Himalaya
Publishing House, Mumbai
Reference Books:
• Dutt R. and Sundharam K. P. M. Indian Economy. S. Chand & Company Ltd., New Delhi.
• Indian Economy Datt and Sundharam, GauravDatt and AshwaniMahajan, S Chand
Publications, 7th Revised Edition
• Indian Economy Since Independence, ed by Uma Kapila, Academic Foundation, Revised
Nineteenth Edition 2008-09
• Government of India (Current Year): Economic Survey, Ministry of Finance, New Delhi

17
 ECONOMIC - UG.

Core Paper XIV

DEVELOPMENT ECONOMICS II
Introduction:
This is the second unit of the economic development sequence. It begins with basic demographic concepts
and their evolution during the process of development. The structure of markets and contracts is linked to the
particular problems of enforcement experienced in poor countries. The governance of communities and
organizations is studied and this is then linked to questions of sustainable growth. The course ends with
reflections on the role of globalization and increased international dependence on the process of
development.
Unit I: Population and Development
Demographic concepts : birth and death rates, age structure, fertility and its determinants, the Malthusian
population trap and the microeconomic household theory of fertility; costs and benefits of population growth
and the model of low level equilibrium trap; rural-urban migration – the Harris Todaro migration model and
policy implications.
Unit II: Dualism and Economic Development
Dualism – geographic, social and technological; the theory of cumulative causation (Myrdal); the regional
inequalities in the context of economic development; the inverted U relationship; international inequality and
the centre periphery thesis; dependency, exploitation and unequal exchange; the dualistic development thesis
and its implications.
Unit III: Environment and Development
Basic issues of environment and development – Development and environment inter-linkage; Poverty,
environmental degradation and externalities; common property resources, renewable and non-renewable
resources; concept of sustainable development; basics of climate change.
Unit IV: International Trade and Economic Development and Financing Economic Development
Trade and economic development; export led growth; terms of trade and economic growth – the Prebisch
Singer Hypothesis; trade strategies for development – import substitution vs. export promotion; international
commodity agreements; trade vs aid.
Saving, capital formation and economic development; financial sector and economic development; taxation,
public borrowing and economic development; inflation, foreign finance, investment and foreign aid –
controversies and opportunities.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Todaro, Michael P and Stephen C Smith (2006): Economic Development, 8th Edition, Pearson
Reference Book:
• Thirlwall, A P (2011): Economics of Development, 9th Edition, Palgrave Macmillan.

18
 ECONOMIC - UG.

Discipline Specific Elective Paper-1

ODISHA ECONOMY
Introduction:
Using appropriate analytical frameworks, this course reviews major trends in economic indicators and policy
debates in Odisha in pre- and post-Independence period, with particular emphasis on paradigm shifts and
turning points. Given the rapid changes taking place in Odisha, the reading list will have to be updated
annually.
Unit I: Odisha Economy before 1947
Orissa's Economy in the Nineteenth Century: Benevolence or Exploitation, Forces of Nature, Animal Power,
The Company Steps in, Public Works and Public Health, Education, Disintegration of Village Economy,
New Social Environment, Changing Position of Social Classes, The Moneylenders, The Borrowers, Money-
flows from Village to Metropolis, Pauperization of Peasantry, The Wage Earners, Demographic Changes,
Profiting from Rural Adversity; Diarchy in 1919 and Separation of Provincial Finances from Central
Government in 1937; Emergence of Federal Finance (Ref.: Das 1976a and 1976b, GoO 2016).
Unit II: Macro Economy of Odisha
A macro glance of Odisha economy: aggregate income, broad sectoral decomposition, performance of
districts, employment, child labour and bonded labour, employment programmes, consumption expenditure,
cost of living; Odisha State public finances (Chapter 14 and 15 of Ref 1; & Chapter 2 and 9 of Ref 2).
Unit III: Agriculture, Industry, Infrastructure and Environment in Odisha\
Agriculture: land ownership and land tenure, agricultural wages and rural unemployment, production and
productivity of major crops, agricultural inputs, agricultural policy; Animal Husbandry; Fisheries (Chapter 1
to 3 of Ref 1; & Chapter 3 of Ref 2)
Industry: Investment, industrial policy, and the growth of large industries, mining and quarrying;
Construction; tertiary sector: tourism, transport and power; Water Resources, Forest Resources (Chapter 4 to
8 of Ref 1; & Chapter 4 & 5 of Ref 2).
Unit IV: Social Sector in Odisha
Poverty: income poverty and inequality; health sector: outcomes, infrastructure, finance, public health,
NRHM; education: Literacy, Primary education, secondary education, higher education, SSA; human
development (Chapter 9 to 13 of Ref 1; & Chapter 7 & 8 of Ref 2).

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Nayak, P., Panda, S. C., Pattanaik, P. K. (2016): The Economy of Odisha: A Profile, Oxford
University Press, New Delhi.
Reference Book:
• GoO (Latest): Odisha Economic Survey, Planning and Convergence Department, Directorate of
Economics and Statistics, Government of Odisha, Bhubaneswar.
• GoO (2004): Human Development Report 2004 Orissa, Planning and Coordination Department,
Government of Odisha, Bhubaneswar.
• GoO (2018): 80 Years Odisha Budget: Commemorative Volume, Department of Finance,
Bhubaneswar.

19
 ECONOMIC - UG.

Discipline Specific Elective Paper-2

MONEY, BANKING AND FINANCIAL MARKET

Introduction:
This course exposes students to the theory and functioning of the monetary and financial sectors of
the economy. It highlights the organization, structure and role of financial markets and institutions.
It also discusses interest rates, monetary management and instruments of monetary control.
Financial and banking sector reforms and monetary policy with special reference to India are also
covered.
Unit I: Money
Definition and functions of money; Types of money: legal tender money and bank money, near
money; Value of money and index number; construction of index number; WPI, CPI, PPI, GDP
deflator, Cost of living index Demand for money- Classical and Keynesian approaches, Patinkin and
the Real Balance Effect; Friedman’s Quantity theory of money. Supply of Money- Measures of
money supply: M1,M2, M3 and M4; High powered money and money multiplier.
Unit II: Commercial Banking

Meaning and types; Functions of commercial banks; the process of credit creation and its
limitations; Balance sheet and portfolio management, Banking sector reforms in India; Lessons
from Global Financial Crisis and Policy Response in India.

Unit III: Central Banking

Functions of a central bank; Quantitative and qualitative methods of credit control; Central Bank’s
Supervision and prudential measures for Financial stability; current monetary policy of India,
liquidity adjustment facility (LAF) through Repo and reverse repo operation, MSF.

Unit IV: Financial Markets

Financial Market, Meaning, Types , Money market and Capital Market, Primary and Secondary
Market, Stock Exchanges, SEBI; Role of Financial Markets for Economic Development.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book

• L. M. Bhole and J. Mahukud, Financial Institutions and Markets, Tata McGraw Hill, 5th
edition, 2011.

20
 ECONOMIC - UG.

Discipline Specific Elective Paper-3

PUBLIC ECONOMICS
Introduction:
Public economics is the study of government policy from the points of view of economic efficiency
and equity. The paper deals with the nature of government intervention and its implications for
allocation, distribution and stabilization. Inherently, this study involves a formal analysis of
government taxation and expenditures. The subject encompasses a host of topics including public
goods, market failures and externalities.
Unit I: Introduction to Public Finance and Public Budgets
Public Finance: meaning and scope, distinction between public and private finance; public good
verses private good; Principle of maximum social advantage; Market failure and role of
government; Public Budget: kinds of budget, economic and functional classification of the budget;
Balanced and unbalanced budget; Balanced budget multiplier; Budget as an instrument of economic
policy.
Unit II: Public Expenditure
Meaning, classification, principles, cannons and effects, causes of growth of public expenditure,
Wagner’s law of increasing state activities, Peacock-Wiseman hypotheses.
Unit III: Public Revenue
Sources of Public Revenue; Taxation - meaning, cannons and classification of taxes, impact and
incidence of taxes, division of tax burden, the benefit and ability to pay approaches, taxable
capacity, effects of taxation, characteristics of a good tax system, major trends in tax revenue of
central and state governments in India.
Unit IV: Public Debt
Sources, effects, debt burden – Classical/ Ricardian views, Keynesian and post-Keynesian views;
shifting - intergenerational equity, methods of debt redemption, debt management, tax verses debt.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Books:
• J. Hindriks and G. Myles (2006): Intermediate Public Economics, MIT Press.
Reference Book:
• R. A. Musgrave and P. B. Musgave(1989): Public Finance in Theory and Practices.
McGraw Hill
• Bhatia H L (2018): Public Finance. Vikas Publishing House.

21
 ECONOMIC - UG.

DSE Paper –4
DISSERTATION / RESEARCH PROJECT
(College can give this choice only for students with above 60% aggregate marks)
Introduction : The project is intended to establish the connection between Economics as confined
to the text books and class rooms and Economics at play in the ground. It is expected to give an
empirical content to the subject. Economics is defined as the study of mankind in the ordinary
business of life. It studies individual as well as group behavior.

Project work at the undergraduate level is an in-depth study on a topic chosen by the student. The
objective of the project work for the students at undergraduate level is to expose students to the
social and real world contexts in which the subjects taught in the classroom have applications.
Therefore, the topic must be related to the field of study the student is enrolled. It is undertaken
with the guidance of a faculty supervisor, and involves a prolonged period of investigation and
writing. The supervisor is supposed to help the student and mentor him/her throughout, from
selection of the topic to submission of the project report.
The project output will be a project report written on the topic, chosen by the student and approved
by the guide, in about 10000 words.

The process of project preparation typically comprises of an investigation of a particular topic,

based on the application of philosophical and theoretical knowledge available in the already
existing scientific literature and other published sources of information. The student may use
already available data (texts, documents, artworks or existing data sets) or she may go for collection
of data from the field. The final report should ideally have the following sections.
(1) Abstract (in about 500 words) containing a summary of the entire report.
(2) Introduction of the topic, arguments for choosing such a topic and the key investigation
propositions.
(3) A review of the existing knowledge on the topic
(4) Information on the data and data treatment tools used in the study
(5) An analysis of data and findings
(6) Conclusions
(7) References

A good research project requires sincere efforts and honest dedication from students. Moreover, it
requires an engagement of the student with an issue under probe for a fairly long period of time
compared to their preparations of subjects for the examination.

A successful completion of the project report has several positive learning outcomes for the student.
It empowers the student with the life skill of patience and persistence. It also helps the student to
locate her theoretical understandings in the context of socio-economic and political realities.

22
 ECONOMIC - UG.

Generic Elective Paper-I

INDIAN ECONOMY
Introduction: This paper introduces the students to the essentials of Indian economy with an
intention of understanding the basic feature of the Indian economy and its planning process. It also
aids in developing an insight into the agricultural and industrial development of India. The students
will understand the problems and policies relating to the agricultural and industrial sectors of India
and current challenges of Indian economy.
Unit I: Introduction to Indian Economy and Current Challenges
Colonialism & British Rule: Exploitation and under-development in India; Basic features of India
Economy; Indian Economy as a developing economy; Demographic trends in India - Size and
growth of population, Occupational structure, Sex composition, Age structure and demographic
dividend; Causes of population growth and population policy; The problem of unemployment and
recent policies for employment generation; The problem of inequality in income distribution and its
causes, Policies to address inequality.
Unit II: Indian Agriculture
Role of Agriculture in Indian Economy; Cause of low productivity, Green Revolution and Land
Reforms, Agricultural Finance-Sources and Problems; Agricultural Marketing in India.
Unit III: Industrial Development in India
Role of Industrialization in Indian Economy; Small Scale & Cottage Industries: Meaning, Role,
Problems and Remedies; Industrial Policies of 1948, 1956, 1977 and1991; Problems of Industrial
Development in India; Industrial Sickness.
Unit IV: Service Sector in India
Growth & Contribution to GDP; Composition and relative importance of service sector; Factors
determining growth of the sector; ICT and IT – Spread and Policy; Sustainability of services led
growth.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Misra, S. K. and Puri V. K. Indian Economy — Its Development Experience. Himalaya
Publishing House, Mumbai
Reference Book
• Dutt R. and Sundharam K. P. M. Indian Economy. S. Chand & Company Ltd., New Delhi.

23
 ECONOMIC - UG.

Generic Elective Paper-II

INDIAN ECONOMY
Introduction: This paper introduces the students to the essentials of Indian economy with an
intention of understanding the basic feature of the Indian economy and its planning process. It also
aids in developing an insight into the agricultural and industrial development of India. The students
will understand the problems and policies relating to the agricultural and industrial sectors of India
and current challenges of Indian economy.
Unit I: Introduction to Indian Economy and Current Challenges
Colonialism & British Rule: Exploitation and under-development in India; Basic features of India
Economy; Indian Economy as a developing economy; Demographic trends in India - Size and
growth of population, Occupational structure, Sex composition, Age structure and demographic
dividend; Causes of population growth and population policy; The problem of unemployment and
recent policies for employment generation; The problem of inequality in income distribution and its
causes, Policies to address inequality.
Unit II: Indian Agriculture
Role of Agriculture in Indian Economy; Cause of low productivity, Green Revolution and Land
Reforms, Agricultural Finance-Sources and Problems; Agricultural Marketing in India.
Unit III: Industrial Development in India
Role of Industrialization in Indian Economy; Small Scale & Cottage Industries: Meaning, Role,
Problems and Remedies; Industrial Policies of 1948, 1956, 1977 and1991; Problems of Industrial
Development in India; Industrial Sickness.
Unit IV: Service Sector in India
Growth & Contribution to GDP; Composition and relative importance of service sector; Factors
determining growth of the sector; ICT and IT – Spread and Policy; Sustainability of services led
growth.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Misra, S. K. and Puri V. K. Indian Economy — Its Development Experience. Himalaya
Publishing House, Mumbai
Reference Book
• Dutt R. and Sundharam K. P. M. Indian Economy. S. Chand & Company Ltd., New Delhi.

24
 ECONOMIC - UG.

Generic Elective Paper III

INDIAN ECONOMY II
Introduction: : This paper is the part II of Indian economy deals with the external sector, financial
markets in India, Indian Public Finances and Economic Reforms. This paper also throws some light
on current challenges of Indian Economy.
Unit I: External Sector in India
Trends, Composition & Direction in exports from and imports of India; Problems of Balance of
Payment: Causes of deficit in BOP & measures to correct it; Trade Policy- Export Promotion Vs
Import Substitution; Foreign Trade Policy of India; WTO and India.
Unit II: Financial Markets in India
Commercial Banking in India- Nationalization of Banks; Lead bank scheme and branch expansion;
RBI - Functions, Monetary Policy; Development Banking- IFCI,IDBI, SIDBI and NABARD
Unit III: Indian Public Finance
Public Expenditure-Growth and Composition, Causes of Growth of Public Expenditure in India:
Tax Revenue of Central and State Governments; Concept of VAT; Deficit Financing in India-
Revenue, Budget, Fiscal and Primary Deficits; Purpose and Effects of Deficit Financing; India’s
Fiscal Policy-Objectives.
Unit IV: Current Challenges Facing Indian Economy
Inflation – Causes, Consequences and Anti-inflationary Policy; Poverty – Poverty line and
Estimates, Major Poverty Alleviation Programmes; Environmental Degradation – Growth and
Environment; Population Growth and Environment; Environment Policy; Economic Reforms-
Globalization, Macroeconomic Stabilization, Structural Reforms, and their impact on the Indian
Economy; Foreign capital and MNCs-Role and consequences.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Misra, S. K. and Puri V. K. Indian Economy — Its Development Experience. Himalaya
Publishing House, Mumbai.
Reference Book
• Dutt R. and Sundharam K. P. M. Indian Economy. S. Chand & Company Ltd., New Delhi.
• Basu, Kaushik (2016): An Economist in the Real World: The Art of Policy Making in India,
enguin.

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Generic Elective Paper IV

INDIAN ECONOMY II
Introduction: : This paper is the part II of Indian economy deals with the external sector, financial
markets in India, Indian Public Finances and Economic Reforms. This paper also throws some light
on current challenges of Indian Economy.
Unit I: External Sector in India
Trends, Composition & Direction in exports from and imports of India; Problems of Balance of
Payment: Causes of deficit in BOP & measures to correct it; Trade Policy- Export Promotion Vs
Import Substitution; Foreign Trade Policy of India; WTO and India.
Unit II: Financial Markets in India
Commercial Banking in India- Nationalization of Banks; Lead bank scheme and branch expansion;
RBI - Functions, Monetary Policy; Development Banking- IFCI,IDBI, SIDBI and NABARD
Unit III: Indian Public Finance
Public Expenditure-Growth and Composition, Causes of Growth of Public Expenditure in India:
Tax Revenue of Central and State Governments; Concept of VAT; Deficit Financing in India-
Revenue, Budget, Fiscal and Primary Deficits; Purpose and Effects of Deficit Financing; India’s
Fiscal Policy-Objectives.
Unit IV: Current Challenges Facing Indian Economy
Inflation – Causes, Consequences and Anti-inflationary Policy; Poverty – Poverty line and
Estimates, Major Poverty Alleviation Programmes; Environmental Degradation – Growth and
Environment; Population Growth and Environment; Environment Policy; Economic Reforms-
Globalization, Macroeconomic Stabilization, Structural Reforms, and their impact on the Indian
Economy; Foreign capital and MNCs-Role and consequences.

EXAMINATION QUESTION PATTERN (With Out Practical Papers)

The question papers shall be divided into four parts
Part I - will carry 12 one mark questions in the form of fill in the blanks and one
word answer. (12 marks)
Part II - will carry 10 two mark questions of which 8 have to be answered. The
answer should be within two to three sentences maximum. (16 marks (8X2))
Part III - will carry 10 three mark questions of which 8 have to be answered. The
answer should be within 75 words maximum. (24 marks (8X3))
Part IV - will carry 4 seven mark questions of EITHER OR format. The EITHER
OR in question can be from same or different units of the paper. The answer
should be within 500 words maximum. (28marks (7X4))

Text Book:
• Misra, S. K. and Puri V. K. Indian Economy — Its Development Experience. Himalaya
Publishing House, Mumbai.
Reference Book
• Dutt R. and Sundharam K. P. M. Indian Economy. S. Chand & Company Ltd., New Delhi.
• Basu, Kaushik (2016): An Economist in the Real World: The Art of Policy Making in India,
enguin.

26
 ECONOMIC - UG.

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