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Economics DepartmentPunjabi University Patiala

M.A. (Honours School in Economics)Five Year Integrated Course Part-IV: Credit Scheme

M.A. Hons. School in Economics (FYIP) Part IVSemester VII

Core Courses Credits701 Advanced Micro-Economic Theory 5 (4L+1T)702 Advanced Statistics 5 (4L+1T)703 Applied Econometrics 5 (4L+1T)704 Economic Development and Planning 5 (4L+1T)705 Advanced Labour Economics 5 (4L+1T)Elective Courses In M.A. (Honours School in Economics)-IV, all the courses are compulsory courses. Choice based elective system will be available in the later semesters.

Semester VIIICore Courses801 Advanced Macro-Economic Theory 5 (4L+1T)802 History of Economic Thought 5 (4L+1T)803 Research Methodology 5 (4L+1T)804 Advanced Agricultural Economics 5 (4L+1T)805 Advanced International Economics 5 (4L+1T)806 Comprehensive Viva-Voce 5 CreditsElective Courses In M.A. (Honours School in Economics)-IV, all the courses are compulsory courses. Choice based elective system will be available in the later semesters.

Open Elective Subject: Principle of Economics (Qualifying Paper For Other Students)

SyllabusM.A. (Honours School in Economics)-Five Year Integrated Programme

Part-IVSessions: 2017-18 & 2018-19

M.A. Hons. School in Economics (FYIP) Part IV

Semester VII701 Advanced Micro-Economic Theory 702 Advanced Statistics 703 Applied Econometrics704 Economic Development and Planning 705 Advanced Labour Economics

Semester VIII801 Advanced Macro-Economic Theory 802 History of Economic Thought 803 Research Methodology 804 Advanced Agricultural Economics805 Advanced International Economics806 Comprehensive Viva-Voce

Open Elective Subject: Principle of Economics (Qualifying Paper For Other Students)

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M.A. Hons. School in Economics (FYIP) Part IVSemester VII

ECO-701: ADVANCED MICRO-ECONOMIC THEORYMaximum Marks: 100 Teaching Hours: 55Internal Assessment: 50 Pass Marks: 40External Assessment: 50 Time Allowed: 3 Hours

INSTRUCTIONS FOR THE PAPER-SETTERThe question paper will consist of three sections: A, B and C. Sections A and B will have four questions

in each of the sections of the syllabus and will carry 7½ marks each. Section C will consist of 10 short-answer type questions which will cover the entire syllabus uniformly and will carry 20 marks in all. Each short answer question will carry 2 marks.

INSTRUCTIONS FOR THE CANDIDATESCandidates will be required to attempt two questions from each of the sections A and B of the

question paper and the entire Section C.SECTION-A

Introduction and Basic Concepts: Basic economic problem-choice and scarcity; deductive and inductive methods of analysis; equilibrium: existence, stability and uniqueness. Partial and General Equilibrium; Static and Dynamic Equilibrium. Role and Significance of Assumptions in Economic Analysis; Economic Models.Demand Analysis : Indifference curve analysis : price, income and substitution effects; Slutsky theorem, compensated demand curve; Revealed preference theorem; Revision of demand theory by Hicks; Recent development in demand analysis, Linear expenditure systems; constant elasticity demand function; Dynamic versions of demand principle and Houthaker and Taylor's Dynamic Model.

SECTION-BTheory of Production and Costs: Production Function : short period and long period; law of variable proportions and returns to scale; Iso-quants-Least Cost Combination of Inputs; Returns to factors; Economies of Scale; Elasticity of substitution; Technical progress and production function; Cobb- Douglas, CES and Translog Production functions and their properties. Theories of Costs and Firm's Equilibrium: Traditional and modern theories of costs; Derivation of cost functions from production functions. Marginal analysis as an approach to firm's equilibrium; short-run and long-run equilibrium of the firm and industry under perfect and imperfect competition. Price and Output determination under Perfect Competition, under Monopoly and under Discriminating Monopoly.

BASIC READING LIST1. Kreps, David M. : Course in Micro-economic Theory, Princeton University

Press Princeton, 1990. 2. Koutsoyiannis, A. : Modern Micro-economics (2nd Edition), Macmill

Press, London, 1979.3. Layard, P.R. and : Micro-economics Theory, McGraw Hill, New York, 1978.

A.W.Walters4. Sen, A. : Microeconomics: Theory & Applications, Oxford

University Press, New Delhi, 1999.5. Stigler, G. : Theory of Price (4th Edition), Prentice Hall of India, New

Delhi, 1996.6. Varian, H. : Micro-Economic Analysis, W.W.Norton, New York, 2000.

ADDITIONAL READING LIST1. Baumol, W.J : Economic Theory and Operations Analysis, Prentice Hall

of India, New Delhi, 1982.2. Hirshleifer, J.and : Price, Theory and Applications, Prentice Hall India, New

A. Glazer Delhi, 1997. 3. Green, H.A.G. : Consumer Theory: Penguin, Harmondsworth 1971.4. Henderson, J.M& : Micro-economic Theory: A Mathematical Approach, R.E.Quandt

McGraw Hill, New Delhi, 1980.5. Da Costa, G.C : Production, Prices and Distribution. Tata McGraw Hill, New

Delhi, 1980.6. Health fields & Wibe : An Introduction to Cost and Production Functions,

Macmillan, London, 1987.

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ECO-702: ADVANCED STATISTICS

Maximum Marks: 100 Teaching Hours: 55Internal Assessment: 50 Pass Marks: 40External Assessment: 50 Time Allowed: 3 Hours





Central Tendency and Dispersion: Measures of Central tendency: Mean, Median, Mode, Geometric mean, Harmonic mean; Measures of dispersion ; Standard deviation; Skewness and Kurtosis.

Correlation and Regression: Correlation: Simple; Karl Pearson and Rank correlation; Partial and Multiple Correlation analysis; Regression analysis – Estimation of a regression line in a bivariate distribution, Least squares method; Interpretation of Correlation and regression coefficients; Coefficient of determination.

SECTION-BProbability and Distribution: Elementary Probability: Concepts, Rules of probability (Addition and Multiplication); Random Variables;; Theoretical distribution – Binomial, Poisson and Normal; their properties, uses and application.Sampling and Testing of Hypotheses: Random Sample; concept of sampling distribution; Concepts of testing of hypothesis and test of significance; tests of significance of proportion, mean, Standard Deviation and regression coefficients (based on Z, t, and F distributions only).

Essential Readings:Croxton, F E, Cowden, D J & : Applied General Statistics (3rd Ed.). Karmel, P H (1970) : Applied Statistics for Economists. Yale, G V & Kendal, M G (1965) : An Introduction to Statistics.Beals, R E (1972) : Statistics for Economists – An Introduction.Gupta, S C (1994) : Fundamentals of Statistics.

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ECO-703: APPLIED ECONOMETRICS






Forecasting Introduction: Nature, Importance and Evaluation of forecast Univariate Methods: Smoothing Methods Multivariate Methods: Regression Models Non-parametric Methods: Judgment Methods; Technological Forecasting Comparison of Forecasts: Combination of Forecasts-Techniques and Benefits

Applications to Demand Analysis

Theory of Household. Single-equation Approaches: Engle Functions, Demand for Durable and non- durable

Goods and services. System Estimation: Rationale, Functions Forms, Identification, Aggregation,

Estimation Procedures. Dynamic Demand Analysis: Habit Formation Models; Modeling Change in Taste

SECTION-BApplication to Firms

Production Functions: Cobb-Douglas, CES, Translog Production Function. Total Factor Productivity, Technical Progress and Measurements. Analysis of Efficiency: Technical, Allocation and Economic Efficiency [Frontier

Production Function and Data Envelopment Analysis Approaches].

Macro Econometric Models Modeling Consumption, Finance, Investment, Inflation and Trade.

Essential Readings:Aggarwal Ramgopal. 1970, : An econometric model of India: 1948-61,

London: Farnk Case & Co. Ltd.Fair,Ray, 1984, : Specification, Estimation and Analysis of

Macro econometric Models, Mass: Harvard University Press.

Intriligator, Michael D. (1978) : Econometric Models, Techniques andApplications, New Jersy, Prentice-Hall.

Kristan K.L. (1999) : Econometric Application in India, New Delhi: Oxford University Press.

Krishnamurthy K and V.N. Pandit, : Macro econometric Modelling of Indian (1985)

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Economy, Delhi, Hindustan Publishing Co.Palanivel Thangavel & Lawrence R., : "An Econometric model of India with Emphasis Klien. (1999) on the Monetary Sector”, The Developing

Economies, Vol. XXXVII, No.3 pp275- 336.Pandit V. (2000) : Macroeconomic Policy Modelling for India:

A review of some Analytical Issues, working paper no74, Centre for DevelopingEconomics, Delhi, Delhi School of Economics.

Patterson Kerry P. (2000) : An Introduction to Applied Econometrics: ATime Series Approach, London, Palgrave.

Pesaran M. Hashem and Michael, : Handbook of Applied Econometrics:R. Wickens (Eds.) 1999 Macroeconomics, Volume-I, Oxford U.K.

Blackwell Publishing.Pesaran M. Hashem and Peter : Handbook of Applied Econometrics:Schmidt(Eds) (1999) Macroeconomics, Volume-II, Oxford U.K.

Blackwell Publishing.Pindyck, R.S. and D.L. Rubinfeld. 1998 : Econometric Models and Economic

Forecasts 4th Edition, New York, McGraw Hill.

Whitley, J. D., 1994. : A Course of Macroeconomic Modellingand Forecasting, Hertfordshire: Havester Wheatshear( Chapter-(i) ECM-(iv) EPF).

ECO-704: ECONOMIC DEVELOPMENT AND PLANNING

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INSTRUCTIONS FOR THE CANDIDATESCandidates will be required to attempt two questions from each of the sections A and B of the question paper and the entire Section C

SECTION- A

Economic Planning and Development: Concept of Planning, Types of Planning, Arguments for and Against Planning and Limitations of Planning. Planning and Market Mechanism.

Input -Output Analysis, Liner Programming

SECTION- B Planning Models and Techniques: Mahalanobis Model, Cost Benefit Analysis and Benefit

Analysis and Investment Criteria. Choice of Technique and Capital-output Ratios. Solow's model (Neo- Classical growth model)

BASIC READINGS1. G.M. Meier & J.E. Rauch: Leading Issues in Economic Development, 7th Edition Oxford

University Press, Oxford, 2000.2. Debraj Ray: Development Economics, Oxford University Press, Oxford, 1998.3. Benjamin Higins: Economic Development, Central Book Depot, Allahabad4. Hollis Chenery and T.N. Srinivasan: Handbook of Development Economics, Vol. I and II,

Amsterdam, 1985.5. S.P. Gupta: Planning Models in India.6. S.C. Chew and R.A. Denmark: The Underdevelopment of Development, Sage Publications,

New Delhi, 1999.7. A.P. Thirwal: Growth and Development, Macmillan Education Ltd., London, 1986.8. Bo Sodersten: International Economics (Latest edition)

ECO-705: ADVANCED LABOUR ECONOMICS

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INSTRUCTIONS FOR THE CANDIDATESCandidates will be required to attempt two questions from each of the sections A and B of the question

paper and the entire Section CSECTION-A

Labour Markets: Nature and Characteristics of Labour markets; Characteristics of a developing economy and growth of labour market in India; Paradigm of labour market analysis - (a) The Classical theory of the labour market .(b) The Neo-Classical theory of the labour market .The labour market in a dual economy. Analysis of demand for and supply of labour. The Malthusian theory of population.Employment: Concept of employment and unemployment. Employment and Development relationship. Measurement and causes of unemployment with reference to India. Impact of rationalization, technological change and modernization on employment with reference to India.

SECTION-BWage Determination: Neo-Classical theory of wage determination: (a) Marginal productivity theory. (b) Wage determination under imperfect competition. (c) Bargaining theory; Various concepts of wages: minimum wage, living wage, fair wage. Problems of implementation of minimum wages. (a) The need for State regulation. (b) Objects of minimum wages. (c) Difficulties in enforcing minimum wages, with special reference to India. Wage determination process in the industrial and agricultural sectors of the Indian economy, including the informal sector.Wage and Non-wage Components of Labour Remuneration. Methods of wage payments. Wage differentials and Standardization of wages. Equal pay for equal work. Incentive system of payment to workers including bonus and profit-sharing schemes. Wage-Inflation relationship, including discussion of the Phillips Curve.

BASIC READINGS1. T.N.Bhagoliwal : Economics of Labour and Industrial Relations.2. Jiwitesh Kumar Singh : Labour Economics.3. Michael P. Todaro : Economic Development.4. Benjamin Higgins : Economic Development.5. G.M.Meier : Leading Issues in Development Economics.6. B.J.Mclormick and : The Labour Market.

E.Owen (ed.)7. Lloyd G. Reynolds : Labour Economics and Labour Relations. 8. A.M.Cartter and : Labour Economics. Wages. Employment and Trade

F.Ray Marshall Unionism.9. V.V.Giri : Labour Problems in Indian Industry.10. S.C. Pant : Indian Labour Problems.11. S.C.Kuchhal: : The Industrial Economy of India.12. Arun Monappa : Industrial Relations.13. T.S. Papola and : Labour Institutions and Economics Development in India.

G.Rodgers (eds.)14. L.Misra. : Child Labour in India.

FOR REFERENCE

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1. Govt. of India : Report of the First and Second National Commission on Labour.2. Govt. of India : Latest Annual Report of the Ministry of Labour.3. Susan Horon, Ravi Ranbur and Deepak Mazumdar (ed.): Labour Market in an Era of

Adjustment, Vol. 1, World Bank publication.

SEMESTER-VIIIECO-801: ADVANCED MACRO ECONOMIC THEORY






National Income and Theories of Full Employment : Circular flow of income in two-three and four -sector economy; different forms of national income accounting-social accounting ; input output, flow of fund accounting and balance of payments and balance of payments accounting; Classical and Keynesian theories of full employment.Theories of Consumption and Investment: Keynes' psychological law of consumption and empirical evidence; income-consumption relationship-relative income, life cycle, permanent income hypothesis and consumption under uncertainty; Marginal Efficiency of Capital and Investment; Accelerator and investment Behavior; neoclassical theory of investment.

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SECTION-BMoney, Interest and Income: Neo-classical and Keynesian views on interest: IS-LM Model and extensions of IS-LM models with labour market and flexible prices; Post-Keynesian approaches to demand for money; Patinkin and the real balance effect; approaches of Baumol and Tobin; Friedman and modern quantity theory. Theory of Inflation: Classical and monetarist approaches to inflation; structuralist theory of inflation; Philips curve analysis-short-run and long-run Philips curve; Samuelson and Solow- the natural rate of unemployment hypothesis. Tobin's modified Philips Curve. Theory of Business Cycles: Samuelson, Hicks and Goodwin's Model.

RECOMMENDED READINGS1. Ackley, G. : Macro-economics: Theory and policy, Macmillan, New York,

1978. 2. Blackhouse, R. and

A. Salansi: Macro-Economics and the Real World (eds.) (Two volumes),

OUP, London, 20003. Branson, W.A and

Row, New: Macro-economic Theory and Policy (3rd Edition), Harper York,

1989.4. Dornbusch, R.F. : Macro-economics (Seventh Stanley and Richard edition),

McGraw-Hill Startz: Publishing Company Ltd., New Delhi.2000.

5. Hall, R, E and J.B Taylor

: Macro-economics. W.W. Norton, New York, 1986.

6. Jha, R. : Contemporary Macro-economics: Theory & Policy. Willey E Eastern New Delhi, 1991.

7. Shapiro, E. : Macro Economics Analysis, Golgotia Publications, New Delhi, 1996.

ECO-802: HISTORY OF ECONOMICS THOUGHT





question paper and the entire Section C.

SECTION-AEconomic Ideas and the Development of Economic Thinking in Ancient Times: Hebrew Economic thought Greek Economic Thought: Plato and Aristotle; Roman Economic Thought.Medieval Economic Thought: Cannon Law; Ideas of Saint Thomas Aquinas and Nicholas Oresme.The Beginnings of the Modern World: Mercantilism: Rise of Mercantilism and its main ideas.Physicracy: The pre-conditions of the Industrial Revolution; Ideas of Natural Order and Net Product; Quesnay's Tableau Economique.

SECTION-B

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Adam Smith; Philosophy of Naturalism and Optimism. Theories of Value, distribution, Views on division of labour, trade and economic progress.David Ricardo: Theories of Value, rent distribution and ideas on economic development and international trade.Malthus: Theory of population and gluts.

RECOMMENDED READINGS1. Blackhouse, R. : A History of Modern Economic Analysis, Basil

Blackwell, Oxford, 1965.2. Screpanti, Ernesto & : An outline of the History of Economic Thought,

Stefano Zamagni Clarndon Press, 1995. 3. Gide, C, and G. Rist: : A History of Economic Doctrines (2nd edition),

George Harrop & Co., London, 1956.4. Grey, A. and A. : The Development of Economic Doctrine (2nd

E.Thomson edition), Longman Group, London, 1980.5. Spiegel, H.W : The Growth of Economic Thought, 1991.6. ROLL,E : A History of Economic Thought, 1991 A History of

Economic Thought, Faber, London, 1973.7. Schumpeter, J.A : History of Economic Analysis, Oxford University

Press, New York, 1954.8. Seshadri, G.B. : Economic Doctrines, B.R. Publishing Corporation,

Delhi, 1997.9. Hamey, L.H. : History of Economic Thought, 194910. Mandel, E. : Marxist Economic Theory, 1968.

SUPPLEMENTARY READING LIST1. Blaug, M. : Economic Theory in Retrospect: A History of

Economic Thought from A dam Smith to J.M. Keynes (5th Edition), Cambridge University Press, Cambridge, 1997.

2. Dasgupta, A.K : Epochs of Economic Theory, Oxford University Press, New Delhi, 1985.

3. Koot, G.M. : English Historical Economics: 1850- 1926, Cambridge University Press, Cambridge, 1988.

4. Schumpeter, J.A : Ten Great Economists, Oxford University Press, New York, 1951.

5. Shyionya, Y. : Schumpeter and the Idea of Social Science, Cambridge University Press, Cambridge, 1997.

6. Blackhouse, R.E : The Penguin History of Economics, 2002.7. Heilbroners, R.L. : The Worldly Philosophers, 2000.8. Lanneret, H, and : History of Economic Thought, 1994.D. Colander9. Dobb, M. : Theories of Value and Distribution since Adam

Smith. 1973

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ECO-803: RESEARCH METHODOLOGYMaximum Marks: 100 Teaching Hours: 55Internal Assessment: 50 Pass Marks: 40External Assessment: 50 Time Allowed: 3 Hours




question paper and the entire Section C.Section-A

Introduction to Research: Meaning, characteristics of research, need of research in business and social science, objectives of research, types of research, issues and problems in research. types and approaches ethics in research and plagiarism Types and Methods of Research Different Patterns of Research: Inductive & deductive, comparison & contrast, spatial, chronological, cause & effect etc.; Quantitative and qualitative approach; Collection of information and evaluation Research Process: Meaning of research methodology; Phases of research process; Planning phase of research (Identification and Selection of Research Problem, Formulation of Research Problem, Review of Literature).Design Phase of Research: Formulation of hypothesis; Formulation of research design, data design and sample Design.

Section-BImplementation Phase of Research: Data collection, data analysis, hypothesis testing and interpretation of data, Introduction to statistical packages, Preparation of research Report.Writing Stage: Report writing; language and style; use of quotations; method of transcription special elements: title page, table of contents, headings and sub-headings, footnotes, tables and figures, appendix, bibliography etc.; Plagiarism checking. Post Writing Stage: Post writing stage elements of thesis; proof reading medium of instruction and examination; publishing the thesis.

Readings English Becker, H. S., Writing for Social Scientists: How to Start and Finish Your Thesis, Chicago;

University of Chicago Press, 1986. Flyvbjerg, Bent, Making Social Science Matter: Why Social Inquiry Fails and How it can Succeed Again ,

UK: Cambridge University Press, 2001 Gilbert, Nigel, Researching Social Life, New Delhi: Sage Publication, 1993 Goodde and Hatte, Methods in Social Research, New York: McGraw – Hill, 1952 Gopal, M. H., An Introduction to Research Procedures in Social Sciences, Bombay: Asia Publishing House,

1970 Henn, Matt; Mark Weinstein and Nick Foard, A Short Introduction to Social Research, New Delhi: Vistaar

Publications, 2006 Hunt, Morton, Profiles of Social Research: The Scientific Study of Human Interactions, Bombay: Popular

Prakashan, 1989 Krishnaswami, O. R., Research Methodology in Social Sciences, Delhi: Himalaya Publications, 2000 Kumar, Renjith., Research Methodology: A Step by Step Guide for Research, Delhi: Pearson

Education, 2009 MLA Style Sheet Latest Edition

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ECO-804: ADVANCED AGRICULTURE ECONOMICS






Introduction: Definition, scope and nature of agricultural economics; Need for a separate study of agricultural economics. Agricultural Linkages with other sectors, Role of agriculture in economic development (historical evidence from Europe, USA and Japan) and Declining importance of agriculture in Economic development.

Production Function Analysis: Factor-Product, Factor-Factor and Product-Product relationships. Types of farm organisations and their comparative production efficiency.

SECTION-B

Transformation of Agriculture: Schultz thesis of transformation of traditional agriculture and Green Revolution in Indian agriculture.

Agricultural Markets: Aim, Types and Functions of agricultural markets, Criteria for judging efficiency of agricultural market systems.

Agricultural Credit: Importance of credit, Need for Government intervention, agricultural credit system in India.

Agricultural Price Policy: Need, Objectives, and instruments of agricultural price policy; Agricultural price policy in India.

Essential Reading:Soni R.N (2005) : Leading Issues in Agricultural Economics.Further Readings:Heady, E O (1964) : Economics of Agricultural Production and Resource

Use. Prentice-Hall of India Pvt. Ltd., New Delhi.Metacalf, D (1969) : The Economics of Agriculture, Penguin Books.

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ECO-805: ADVANCED INTERNATIONAL ECONOMICS






Importance of Trade and Trade Theories: Importance of the study of international economics; Inter-regional and international trade; Theories of absolute advantage, comparative advantage and opportunity cost; Heckscher-Ohlin theory of trade – its main features, assumptions and limitations.New approaches to trade theory: The Product Cycle theory, Technology Gap theory.Terms of Trade: Concept, measurement and effects on Nation’s welfareTrade Policy:- Free trade and protective trade.Tariff and Non Tariff Barriers: Economic effects of tariff under partial equilibrium analysis.Political economy of Non-Tariff Barriers.Economic Integration:- Concept and forms of regional integration; static and dynamic effects of custom union.

SECTION-BThe Balance of Payments and Adjustments: Concepts and components of Balance of Payments. Causes and consequences of dis-equilibrium in the balance of payments. The process of adjustment in the Balance of Payments under Gold Standard, fixed and flexible exchange rate systems.Foreign Exchange Market:Concept, Role and Types of Foreign Exchange transactions, forward and future markets.Speculation, Arbitrage and Hedging: Concept and Significance.WTO:-Objectives, Functions and Role.

Essential Readings:Kindlberger, C P (1991) : International Economics, R D Irwin, Homewood. 8th Ed.Salvatore, D L (1996) : Theory and Problems of International Economics , Prentice

Hall, Upper Saddle Rover, New York.Salvatore, D L (2001) : International Economics, Prentice Hall, Upper Saddle Rover,

New York.Soderston, B O (1999) : International Economics, Macmillan Press Ltd., London.Paul, R Krugman & Maurice : International Economics, Theory and Policy Obstfeld

(2000) (5th ed.) Addison-Wesley Series in Economics.Further Readings:Ellsworth P T and J Clark Leith : The International Economy (1971), Collier Macmillan Ltd.,

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London.Oded Shenkar and Yadong Luo : International Business – Wiley Student Edition, John Wiley

& Sons.

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ECO-806: COMPREHENSIVE VIVA-VOCE

Maximum Marks: 100 Internal Assessment: 50Pass Marks: 40 External Assessment: 50

Like other papers, the assessment of viva-voce examination will be 50% external and 50% internal. The external component of viva-voce examination will be conducted by the committee consisting of the following:

1. One external expert.2. One internal examiner to be nominated by the Head of the Department.3. Head of the Department or his nominee.

The quorum of the committee meeting would comprise one external examiner and one internal examiner.

The internal component of viva-voce examination will be managed by a committee of the three teachers to be nominated by Head of the Department.

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Open Elective SubjectPaper: Principles of Economics

Maximum Marks: 80 Teaching Periods: 55Internal Assessment: 20 Marks Time Allowed: 3 HoursExternal Assessment: 60 Marks Pass Marks: 40

Instructions for the Paper-Setter

The question paper will consist of three sections: A, B and C. Sections A and B will have four questions in each of the sections of the syllabus and will carry 9 marks each. Section C will consist of 8 short-answer type questions which will cover the entire syllabus uniformly and will carry 24 marks in all. Each short answer question will carry 3 marks.

Instructions for the CandidatesCandidates will be required to attempt two questions from each of the sections A and

B of the question paper and the entire Section C.

Section-AEconomics: Meaning, Nature and Scope. Basic Concepts: Utility and Satisfaction, Human Wants, Price and Value, Deductive and Inductive Methods, Distinction between Micro and Macro Economics, Positive and Normative Economics.

Theory of Demand: Law of Demand and its Exceptions, Elasticity of Demand and its Measurement, Consumer Behavior-Utility Analysis and Indifference Curve Analysis. National Income: Concepts and Measurement, Methods of Accounting.

Section-BMoney: Definition, Concepts and Types. Theories of Demand for Money

Public Finance: Nature, Scope and its Importance. Public Expenditure: Principles, Effects of Public Expenditure on Production and Distribution.

Taxation: Types, Concepts and Canons, Characteristics of a Good Tax System, Incidence and Impact of Taxation

Balance of Payments and Exchange Rate: Concepts and Components; Fixed versus flexible Exchange Rate, Determination of Exchange Rate.

Basic Readings

A.K. Koutsoyiannis . Modern Micro Economics, Atlantic Publishers, New Delhi.H.L. Ahuja. Advanced Economics Theory. S Chand& Company New DelhiRichard A Musgrrave and Peggy Musgrave, Public Finance in Theory and Practice, Tata Mc Graw Hill, New DelhiM H Navalur and K K Dewit. Modern Economics Theory. S Chand & Company, New DelhiH L Bhatia. Public Finance, (latest edition), Vikas Publishers, New Delhi

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