SCOPE. Bangalore. In collaboration with. Karnataka State Open University Mysore, Karnataka

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1 SCOPE Bangalore In collaboration with Karnataka State Open University Mysore, Karnataka Course Structure & Syllabus For MASTER OF ARTS (ECONOMICS) (M.A.ECONOMICS) 1

2 COURSE STRUCTURE SECOND YEAR: (FINAL) Code Course Title Credits MEC21 Macro Economics Analysis 7 MEC22 Indian Economics Policy 7 MEC23 International Trade and Finance 7 MEC24 Economics of Demography 7 MEC25 Welfare Economics 7 2

3 SYLLABUS (FINAL YEAR) MEC21: Macro Economic Analysis BLOCK 1: UNIT 1: Nature and Significance of Macro Economics 1.1 Objectives 1.2 Introduction 1.3 Definition of Macro economics 1.4 Macro economics goals 1.5 Interdependence of Micro-Macro analysis 1.6 Macro economic variables 1.7 Scope of macro economics 1.8 Importance of macro economics 1.9 Limitations of macro economics 1.10 Let us sum up 1.11 Books for self study 1.12 Questions for self-study UNIT 2: National Income and Its Accounting 2.1 Objectives 2.2 Introduction 2.3 Definition of National Income 2.4 Different Concepts of National Income 2.5 Measurement of National Income 2.6 Difficulties in the Measurement of National Income 2.7 Importance of National Income 2.8 Let us sum up 2.9 Questions for self-study 2.10 Books for self-study 3

4 BLOCK 2: UNIT 3: Classical Theory of Employment 3.1 Objectives 3.2 Introduction 3.3 Concept of full employment 3.4 Classical theory of employment 3.5 Assumption of the theory 3.6 Criticisms of the theory 3.7 Let us sum up 3.8 Books for self-study 3.9 Questions for self-study UNIT 4: Say s Law of Market 4.1 Objectives 4.2 Introduction 4.3 Say s Law of Market 4.4 Assumptions of Say s Law 4.5 Implications of Say s Law 4.6 Criticisms of Say s Law 4.7 Let us sum up 4.8 Books for self-study 4.9 Questions for self-study BLOCK 3: UNIT 5: Effective Demand and Employment Determination 5.1 Objectives 5.2 Introduction 5.3 Meaning of effective demand 5.4 Determinants of effective demand Aggregate demand function Aggregate supply function 5.5 Determination of effective demand 5.6 Importance of effective demand 5.7 Let us sum up 5.8 Books for self study 4

5 5.9 Questions for self study UNIT 6: Consumption Function 6.1 Objectives 6.2 Introduction 6.3 Meaning of consumption function 6.4 Keynes Psychological Law of Consumption 6.5 Assumptions 6.6 Implications 6.7 Consumption income relationship 6.8 Factors determining consumption function 6.9 Measure to raise consumption function 6.10 Let us sum up 6.11 Books for self study 6.12 Questions for self study UNIT 7: Multiplier 7.1 Objectives 7.2 Introduction 7.3 Definition of Multiplier 7.4 Marginal propensity to consume and multiplier 7.5 Conditions for the operations of multiplier 7.6 Leakages of multiplier 7.7 Importance of multiplier 7.8 Criticism of multiplier 7.9 Let us sum up 7.10 Books for self study 7.11 Questions for self Study UNIT 8: Investment function 8.1 Objectives 8.2 Introduction 8.3 Meaning of investment 8.4 Types of investment Gross and net investment Replacement investment 5

6 8.4.3 Induced investment Autonomous investment 8.5 Marginal efficiency of capital Factors determining marginal efficiency of capital Criticism of marginal efficiency of capital 8.6 Rate of interest 8.7 Measures the stimulate investment 8.8 Let us sum up 8.9 Books for self study 8.10 Questions for self study BLOCK 4: UNIT 9: Supply of Money 9.1 Objectives 9.2 Introduction 9.3 Meaning of supply of money 9.4 Components of money supply 9.5 Approaches to measures of money supply 9.6 Changes in the money supply 9.7 Velocity of circulation of money 9.8 Credit money and credit instruments 9.9 Let us sum up 9.10 Books for self study 9.11 Questions for self study UNIT 10: Demand for Money 10.1 Objectives 10.2 Introduction 10.3 Classical approach for demand for money-fisher s Equation of Exchange Assumption of Fisher s Equation Criticisms of quantity theory of money 10.4 Cambridge Theory 10.5 Difference between Fisher s approach and Cambridge approach 10.6 Superiority of cash balance approach 10.7 Criticism of cash balance approach 6

7 10.8 Let us sum up 10.9 Books for self study Questions for self study UNIT 11: Keyne s Theory of Demand for Money 11.1 Objectives 11.2 Introduction 11.3 Keynes Theory of Demand for Money Transactive Motive Precautionary Motive Speculative Motive 11.4 Saving Investment Theory of Money 11.5 Superiority of Saving Investment Theory 11.6 Let us sum up 11.7 Books for self study UNIT 12: Post Keynesian Theories of Demand for Money 12.1 Objectives 12.2 Introduction 12.3 Boumol s Inventory Approach 12.4 Superiority of Boumol s Approach 12.5 Tobins Portfolio Approach 12.6 Let us sum up 12.7 Books for self study 12.8 Questions for self study UNIT 13: Milton Friedman s Wealth Theory Of Demand For Money 13.1 Objectives 13.2 Introduction 13.3 Milton Friedman s Theory 13.4 Nature of Money 13.5 Demand for money function 13.6 Importance of Friedman s Theory 13.7 Criticisms of Friedman s Theory 13.8 Friedman and Keynes A Comparison 13.9 Let us sum up 7

8 13.10 Books for self study Questions for self study UNIT 14: Financial Intermediaries 14.1 Objectives 14.2 Introduction 14.3 Banks 14.4 Central Banking 14.5 Reserve Bank of India 14.6 Non-Bank Financial Intermediaries (NBFls) Function of NBFls NBFls and commercial banks Importance of NBFls 14.7 Let us sum up 14.8 Books for self study 14.9 Questions for self study UNIT 15: Control of Money Supply 15.1 Objectives 15.2 Introduction 15.3 The concept of money supply 15.4 Measures of money supply 15.5 Determinants of money supply 15.6 Control of money supply 15.7 Let us sum up 15.8 Books for self study 15.9 Questions for self study BLOCK 5: UNIT 16: Neo Classical Theory of Interest 16.0 Objectives 16.1 Introduction 16.2 Neo-classical Theory; - Interest and the Forces determining the Rate of Interest Demand for Loanable Funds Supply of Lonaable Funds 8

9 16.3 Determination of the Rate of Interest 16.4 Diagrammatic Illustration 16.5 Improvement over the Classical Theory 16.6 Let us sum up 16.7 Key words 16.8 Books for Reference 16.9 Questions for self study UNIT 17: Keynesian Liquidity Preference Theory of Interest 17.0 Objectives 17.1 Introduction 17.2 Factor Determining the Rate of Interest The Transactionary Motive and Precautionary Motive Speculative Motive The Supply of Money 17.3 Determination of Rate of Interest 17.4 Liquidity Trap 17.5 Critical Evaluation 17.6 Let us sum up 17.7 Key words 17.8 Books for Reference 17.9 Questions for self study UNIT 18: Modern Theory Of Interest 18.0 Objectives 18.1 Introduction 18.2 Hick Hansen synthesis 18.3 Derivation of IS Curve 18.4 Derivation of LM Curve 18.5 Determination of the Equilibrium Rate of Interest 18.6 Effects of Shift in the IS and LM Schedules 18.7 Evaluation of Hicks-Hansen Synthesis 18.8 Relative Effectiveness of Monetary and Fiscal Policies Impact of Fiscal Policy Reduction in Taxes 9

10 Impact of Monetary Policy 18.9 Elasticity of LM Cure and Relative Effectiveness of Monetary and Fical Policies Kenesian Range of the LM Curve Classical Range of the LM Curve Effectiveness of Fiscal Policy In the Intermediate Range In the Classical Range Effectiveness of Monetary Policy IS-LM Model and Wage Price Flexibility Let us sum up Key words Books for Reference Questions for self study BLOCK 6: UNIT 19: Business Cycle concept, Phases and Features 19.0 Objectives 19.1 Introduction 19.2 The concept of Business Cycle 19.3 Phases of Business Cycle Contraction and Depression Revival Expansion Recession 19.4 Features of Business Cycle Synchronic in Nature Periodity International in character 19.5 General pattern 19.6 Characteristic Analysed by the American Economic Association 19.7 Let us sum up 19.8 Key words 19.9 Books for Reference 10

11 19.10 Questions for self study UNIT 20: Theories of Business Cycle Schumpeter and Kaldors Theories 20.0 Objectives 20.1 Introduction 20.2 Schumpeter s Theory of Business Cycle Invention and Innovation Schumpeterian Model Schumpeterian Hypothesis Schumpeterian Hypothesis Critical Evaluation 20.3 Kaldor Theory of Business Cycle Kaldor s Model Saving and Investment and the level of Income Saving and Investment and the stock of Capital Business cycle and the Liner Saving and Investment Functions Business cycle and the Non-Liner Saving and Investment Functions 20.4 Let us sum up 20.5 Key words 20.6 Books for Reference 20.7 Questions for Self Study UNIT 21: Samuelson s Theory of Business Cycle [Multiplier Accelerator Model] 21.0 Objectives 21.1 Introduction 21.2 Multiplier Accelerator interaction 21.3 Samuelson s Model 21.4 Five Types of cyclical Fluctuations 21.5 Critical Appraisal of the model 21.6 Let us sum up 21.7 Key words 21.8 Books for Reference 21.9 Questions for Self study 11

12 UNIT 22: Hicksian Theory of Business Cycle 22.0 Objectives 22.1 Introduction 22.2 Ingredients of Hincksian theory 22.3 Assumptions of Hicksian theory 22.4 Special Features of Hicksian theory Ceiling and the Floor Rising trend of the Cycle 22.5 Hicksian model Upswing of the Business cycle Downswing of the Business cycle 22.6 Critical Evaluation 22.7 Let us sum up 22.8 Key words 22.9 Books for Reference Questions for self study UNIT 23: Monetary Theories of Bunnies Cycle-Hayak and Hfawtrey s Theories Objectives 23.1 Introduction 23.2 Monetary over invest Theory of Hayak The Basis of Over investment Theory Hayak s Theory in operation\ The course of Recession The course of Depression Initiation for Revocery Critical Evaluation 23.3 Howtrey s Monetary Theory of Business cycle Hawtrey s Aruguments Upswing and downswing of the cycle Downswing of the Cycle Depression and Credit Dead lock Critical Evaluation 23.4 Let us sum up 12

13 23.5 Key words 23.6 Books for Reference 23.7 Questions for self study. UNIT 24A: Inflation And Deflation 24A.0 Objectives 24A.1 Introduction 24A.2 The concept of Inflation 24A.3 Types of Inflation 24A.3.1 Three Strains of Inflation 24A.3.2 Anticipated and Unanticipated Inflation 24A.4 The concept of Deflation 24A.4.1 Deflationary Gap 24A.5 Effect of Inflation and Deflation 24A.6 Let us sum up 24A.7 Key words 24A.8 Books for Reference 24A.9 Questions for self study UNIT 25: Government Role Stabilizing Business Cycles 25.0 Objectives 25.1 Introduction 25.2 Nature and Objectives of Macroeconomic Policy 25.3 Policy Instruments: Monetary Policy Instruments of Monetary Policy Quantitative Instruments Qualitative Instruments 25.4 Monetary Policy and Economic Growth 25.5 Effectiveness of Monetary Policy in Controlling Recession and Inflation 25.6 Time Lags in Policy Action Policy Instrument Fiscal Policy 25.8 Role of Fiscal Policy 25.9 Automatic Fiscal Stabilizer Discretionary Fiscal Policy Effectiveness of Fiscal Policy in Controlling Inflation and Recession Public Debt as a Device Stabilization 13

14 25.13 Demand Side Fiscal Devices Supply Side Fiscal Policy Fiscal Policy and Economic Growth Interaction of Monetary and Fiscal Devices To Sum Up Key words Reference Books Questions for self study BLOCK 7: UNIT 26: Macro Economics in an Open Economy Mundell Fleming Model 26.0 Objectives 26.1 Introduction 26.2 The Mundell Fleming Model Components of the Model The Model Keeping e constant The Model Keeping r constant Open economy Under the Floating Exchange Rate Impact of Physical Policy Impact of Monetary Policy Impact of Trade Policy 26.4 Open Economy under Fixed Exchange Rate Working of Fixed Exchange Rate System Impact of Physical Policy Impact of Monetary Policy Impact of Trade Policy 26.5 Summary of the Model 26.6 Should Exchange Rate be Floating or Fixed 26.7 The European Monetary Union 26.8 To sum up 26.9 Key words Books for Reference Questions for Self Study 14

15 UNIT 27: Exchange Rate 27.0 Objectives 27.1 Introduction 27.2 Major Exchange Rate Systems 27.3 Flexible Exchange Rate System 27.4 Fixed Exchange Rate System 27.5 Hume s Adjustment Mechanism 27.6 The four-pronged Mechanism 27.7 Adjustment with Fixed Exchange Rates 27.8 Managed Exchange Rate Systems 27.9 The Search for stable Exchange Rates The Crisis of the European Monetary System Speculative Attack Towards a common Currency To sum up Key words Books for Reference Questions for Self Study UNIT 28: Monetary Approach To The Balance Of Payments 28.0 Objectives 28.1 Introduction 28.2 The Monetary Approach 28.3 The Monetary Approach under Fixed Exchange Rates 28.4 The Monetary Approach and Inflation in the World Exchange Rates 28.5 The Monetary Approach under the Flexible Exchange rates 28.6 To sum up 28.7 Key words 28.8 Books for Reference 28.9 Questions for Self Study UNIT 29: The New Classical Approach 29.0 Objectives 29.1 Introduction 29.2 Emergence of the New Classical Approach 15

16 29.3 Rational Expectations meaning, formation and postulates Postulates of Rational Expectations Rational Expectations versus Adaptive Expectations 29.4 The Market Clearing Approach: The Lucas Supply Curve Neo-classical Labour Market Model (in Nutshell) How expected price is determined Policy Irrelevance 29.5 An Evaluation of the Rational Expectations Equilibrium Approach 29.6 The New Classical Approach and the illusory Philips curve 29.7 Real Business Cycles 29.8 To sum up 29.9 Key words Books for Reference Questions for Self Study UNIT 30: Policy Implications of New Classical Approach 30.0 Objectives 30.1 Introduction 30.2 Policy Implications of the New Classical Approach: policy Ineffectiveness The Desirability of Fixed Rules 30.3 Monetarist Rule and The Lucas Rules 30.4 State of debate 30.5 A new synthesis 30.6 To sum up 30.7 Key words 30.8 Books for Reference 30.9 Questions for Self Study MEC22: Indian Economics Analysis BLOCK 1: Non Welfare Issues in Welfare Economics UNIT 1: Economic Development and its Determination 1.0 Objectives 1.1 Introduction 1.2 Concept of Economic Development 1.3 Factors that determine Economic development 16

17 1.4 Natural resources 1.5 Economic Factors Capital Formation Capital output Ration Marketable Surplus of Agriculture 1.6 Non Economic Factors Growth of Population Technical-know-how and general Education Political Freedom Social Organisation Corruption Desire to Develop 1.7 Let us sum up 1.8 For self study 1.9 Books 1.10 Questions UNIT 2: Different Approaches to Economic Development and Its Measurement in India 2.0 Objectives 2.1 Introduction 2.2 Increase in Gross Domestic Product 2.3 Rise in per capita product 2.4 Equitable Distribution of Income & Wealth 2.5 Development Indicators 2.6 Income Index 2.7 Non Income Index Physical Quality of Life Index (P.Q.L.I) Basic needs Approach Human Development Index Gender Related development Index Let us sum up 2.9 For self study 2.10 Books 2.11 Questions 17

18 UNIT 3: Features of Indian Economy 3.0 Objectives 3.1 Introduction 3.2 India as Under Development Economy Low Per capita income Low Quality of Life Large Unutilsed Natural Resources Predominance of Agriculture Heavy population pressure Prevalence of Chronic Unemployment Capital Deficiency and low level technology Poor quality of Human Resources Poor Economic Organisation 3.3 India as dualistic Economy 3.4 India as Mixed Economy 3.5 India as Planned Economy 3.6 Let us sum up 3.7 For self study 3.8 Books 3.9 Questions BLOCK 2: India Economy Policy UNIT 4: Natural Resources and Ecological Balance 4.0 Objectives 4.1 Introduction 4.2 Meaning of Natural Resources 4.3 Types of Natural Resources 4.4 Importance of Natural Resources 4.5 Different Natural Resources Land Resources Forest Resources Water Resources Marine Resources Mineral Resources 18

19 4.6 Ecological Balance 4.7 Ecological Imbalance 4.8 Types of Environmental Pollution 4.9 Environment Degradataion and causes of Environmental Pollution 4.10 Measures of Environmental Protection 4.11 Let us sum up 4.12 For self study 4.13 Books 4.14 Questions UNIT 5: Population and Economic Development in India 5.0 Objectives 5.1 Introduction 5.2 Size and growth of population in India. 5.3 Causes for Rapid growth of Population Causes for Decline in death Rate Causes for High birth rate 5.4 Let us sum up 5.5 For self study 5.6 Books 5.7 Questions UNIT 6: Problems of Population in India 6.0 Objectives 6.1 Introduction 6.2 Difference problems of population growth and Economic Development Population and growth of National and Per capita income Population and Food supply Population and the Burden of unproductive consumers Population and Unemployment Population and the burden of Education, Medical care and Hosting Population and Capital Formation. 6.3 Population Policy 6.4 Population policy in India 6.5 Family planning under Five year plans in India. 19

20 National population policy. 6.7 Family Planning programme after National population policy of Appraisal of population policy Coercive methods 6.11 The approach of Family Planning 6.12 Let us sum up 6.13 For self study I. Books II. Questions UNIT 7: Human Resources Development in India 7.0 Objectives 7.1 Introduction 7.2 The concept 7.3 Significance of Human Resources 7.4 Social Infrastructure 7.5 Education 7.6 Public Health 7.7 Manpower Planning 7.8 Let us sum up 7.9 For self study I. Books II. Questions UNIT 8: Infrastructure and Economic Development 8.0 Objectives 8.1 Introduction 8.2 Role Infrastructure in Economic Development 8.3 Energy 8.4 Commerce 8.5 Electricity 8.6 Transport 8.7 Let us sum up 20

21 8.8 For self study I Books II Questions BLOCK 3: UNIT 9: Planning Strategy and Its Achievement 9.0 Objectives 9.1 Introduction 9.2 The Concept of Planning 9.3 Features of Planning in India 9.4 Objectives of Planning in India 9.5 India s five year Plans 9.6 Development strategy in Indian Planning 9.7 Achievement and Failures of Planning 9.8 Let us sum up 9.9 For self study I Books II Questions UNIT 10: Decentralised Planning 10.0 Objectives 10.1 Introduction 10.2 Features of decentralized Planning 10.3 Characteristics of Decentralised planning 10.4 Development of Grass roots organizations 10.5 Panchayath Raj System 10.6 Panchayath Raj in India 10.7 Non- Government Organizations 10.8 Assure Groups 10.9 Let us sum up For self study I Books II Questions 21

22 BLOCK 4: Agricultural Sector UNIT 11: Problems of Agricultural Sector 11.0 Objectives 11.1 Introduction 11.2 Features of Indian Agricultural 11.3 Cropping pattern 11.4 Problems of Indian Agricultural Productivity 11.5 Land Reforms 11.6 Technological Changes 11.7 Agricultural Labour 11.8 Let us sum up 11.9 For self study I Books II Questions UNIT 12: Agricultural Finance and Agricultural Marketing 12.0 Objectives 12.1 Introduction 12.2 Needs for Finance 12.3 Sources of agricultural credit Institutional Sources Private Sources 12.4 Causes of Rural Indebtedness 12.5 Consequences of Rural Indebtedness 12.6 Remedies to the problem of Rural Indebtedness 12.7 Agricultural marketing (Meaning & Importance) 12.8 Essential of Good marketing 12.9 Defects of Agricultural Marketing Effects of Defective Marketing Government measures for improvement Let us sum up For self study I Books II Questions 22

23 UNIT 13: Agricultural Policy for Sustained Agricultural Development 13.0 Objectives 13.1 Introduction 13.2 Concept of sustained agricultural development 13.3 Pricing inputs 13.4 Pricing output 13.5 Agricultural price policy of the Government 13.6 Food Security and public distribution policy Public Distribution system 13.7 Investment trends in agricultural 13.8 National Agricultural Policy 13.9 Let us sum up For self study I Books II Questions BLOCK 5: UNIT 14: Industrial Sector in India 14.0 Objectives 14.1 Introduction 14.2 Industrialization concept 14.3 Industrialization and economic Development 14.4 Industries during British Period 14.5 Industries under various plans First plan to 10 th plan A Review of Industrial growth in India 14.7 Trends and pattern of industrial development in India 14.8 Major problems of industrial development in India 14.9 Major problems of industrial development Measures to solve the problems Summary Key Concepts References Check your progress 23

24 UNIT 15: Industrial Policy in India 15.0 Objectives 15.1 Introduction 15.2 Concept of Industrial policy 15.3 Need for industrial policy 15.4 Evolution of Industrial policy during British period 15.5 Industrial policy after Independence 15.6 Industrial Policy Resolution Industries (Development and Regulation Act) Industries (Development and Regulation Act) Industries Policy Statements of 1973, 1977 and New Industrial Policy, Industrial licensing Foreign Investment Foreign Technology Agreement Public Sector Policy MRTP Act An appraisal of new Industrial Policy Industrial Policy under pre and post Liberalisation A comparative out look New trends in Industrial Policy Summary Key Concepts References Check your progress UNIT 16: The Public Sector Enterprises in India 16.0 Objectives 16.1 Introduction 16.2 Concept of public enterprise 16.3 Role and objectives of PSEs 16.4 Orgin and growth of PSEs in India 16.5 Organisational Forms of PSEs 16.6 Performance of PSEs 16.7 Problem of PSEs 24

25 16.8 Remedial Measures 16.9 Indian Public Sector under globalization period Major Public Sector reform since 90s Reforms in corporative governance in PSEs Summary Key Concepts References Check your progress UNIT 17: Small Scale Industries in India 17.0 Objectives 17.1 Introduction 17.2 Small Scale Industry concept and its features 17.3 Importance of SSIs 17.4 Growth and performance of SSIs in India 17.5 Small Scale industry policy 17.6 An Assessment of the new policy 17.7 Problems and prospects of SSIs 17.8 Recommendations of Abid Hussain Committee 17.9 Liberalisation and small Scale Sector New Challenging facing SSI WTO and SSIs Summary Key Concepts References Check your progress UNIT 18: Privatization and Disinvestment in India 18.0 Objectives 18.1 Introduction 18.2 Privatisation concept and objectives 18.3 Need for privatization 18.4 Methods of Privatization 18.5 Major issues of Privatization 18.6 Privatization in India 25

26 18.7 Evils of Privatization 18.8 Disinvestment concept and objectives 18.9 Methods of Disinvestment Progress of Disinvestment Strategis of Disinvestment Critical issues in the Disinvestment A critique of Disinvestment policy MRTP Act 170 MRTP Amendments since Indian Private Sector under Liberalization Summary Key Concepts References Check your progress BLOCK 6: UNIT 19: Supply of Money in India 19.0 Objectives of the unit 19.1 Introduction 19.2 Indian currency system 19.3 Money supply in India Money supply: Four measures Money supply measures and liquidity Narrow money and broad money Relative status of different money measures 19.4 Factors influencing money supply in India Net bank credit to the Government Bank credit to the commercial sector Foreign exchange assets Government's currency liabilities to the public Non-monetary liabilities of the banking sector 19.5 Money supply in India: Trends and implications Rising money supply Desirable and undesirable expansion Trends during the I990s 26

27 Important recent developments 19.6 Money supply and price behaviour in India 19.7 Causes for price rise in India 19.8 Impact of money supply on prices 19.9 Money-price nexus Anti-inflationary policy of the Government Chakravarthy committee recommendations Let us sum up Key concepts Self-assessment questions Further Readings UNIT 20: Money Market and Capital Markets in India 20.0 Objectives 20.1 Introduction 20.2 Money Market: Meaning and Importance 20.3 Nature of the Indian Money Market 20.4 Trading in short tenn instruments 20.5 Composition of the Indian Money Market Unorganised sector of the Money Market Organised sector of the Money Market 20.6 Characteristics of the Indian Money Market 20.7 The Reform of the Indian Money Market 20.8 Suggestions for Improvement of the Indian Money Market 20.9 Indian Capital Market Structure of the Capital Market Role of Capital Market in India's Industrial Growth Growth of Capital Market in India Government Securities Market The Corporate or Industrial Securities Market Stock Exchange Market National Stock Exchange of India Factors contributing to the Growth of Capital Market in India Problems of Indian Capital Market 27

28 20.15 Capital Market Reforms SEBI and Capital Market Development Let us Sum Up Key Concepts Self-assessment Questions Further Readings UNIT 21: Banking In India 21.0 Objectives 21.1 Introduction 21.2 Banking Developments in India Nationalisation of banks Progress in branch expansion Progress in deposit mobilization Mass banking Priority to neglected sectors Popularization of social banking Diversification of functions Public sector banks Establishment of Regional Rural Banks Establishment of foreign banks 21.3 Indian Banking: An evaluation Banking Sector Reforms 21.5 Recommendations of the I Narasirnham committee (1991) Recommendations relating to functional autonomy and competition Profitability related recommendations Recommendations relating to market related interest Recommendations on capital adequacy and bad debts Recommendations on structure of banking system Financial institutions, capital markets and new institutions Recommendations of the II Narasirnham Committee (1998) 21.7 Implications of Banking Sector Reforms 21.8 Monetary Policy of the Reserve Bank o findia 21.9 Meaning and objectives 28

29 21.10 Instruments of Monetary Policy Monetary policy: A performance evaluation Achievements Failures Let us Sum Up Key concepts Self-assessment questions Further Readings. UNIT 22: Fiscal Policy I 22.0 Objectives 22.1 Introduction 22.2 Public expenditure in India 22.3 Growth of Public expenditure in India 22.4 Composition of public expenditure in India Development expenditure Non-development expenditure 22.5 Public expenditure management 22.6 Expenditure Reforms Commission 22.7 Tax and Tax Reforms in India 22.8 Tax Revenue of the Central Government 22.9 Tax Revenue of State Government Taxation in India: Trends Tax reforms since Recommendations of the Tax Reforms Committee Major Recommendations of the Advisory Group on Tax Policy and Tax Administration for the Tenth Five Year Plan Deficit financing in India Meaning Rationale for Deficit Financing Deficit Financing Under Various Plans Evil consequences of Deficit Financing Ways and Means of Advances Features of WMA 29

30 Implications of WMA Public Debt in India Debt obligations of the Central Government Debt obligations of State Government Role of Debt Finance in India Public Debt: Problems and Issues Liquidation of Public Debt Let us sum up Key Concepts Self-assessment questions Further Readings UNIT 23: Fiscal Policy - II 23.0 Objectives 23.1 Introduction 23.2 Objectives of Fiscal Policy in India 23.3 Fiscal Policy and Growth Performance of the Economy Fiscal Policy and Resource Mobilisation Fiscal Policy and Allocational Efficiency Fiscal Policy and Fiscal Equilibrium Fiscal Policy and Tax Structure Fiscal Policy and Promoting Socially Desirable Activities Fiscal Policy and Market Oriented Development Fiscal Policy and Equity Fiscal Policy and Balanced Regional Development The Fiscal Imbalance and Crisis 23.5 Fiscal Correction 23.6 Remedial Measures 23.7 Features of the New Fiscal Policy 23.8 The New Fiscal Approach and Responsibility 23.9 Fiscal Responsibility and Management Bill Objectives of FRMB Appraisal of the New Fiscal Policy Positive Aspects of the Policy 30

31 Limitations of the Policy Let us sum up Key concepts Self-assessment questions Further Readings BLOCK 7: UNIT 24: Foreign Trade of India Structures Features Trends 24.0 Objectives 24.1 Introduction 24.2 Value of trade 24.3 India s trade 24.4 India s trade in relation to GDP and world trade 24.5 Unit value index and volume index 24.6 Trends in export value 24.7 Explanation of export value 24.8 Trends in import value 24.9 Explanation of import trends Structure of exports Structure of imports Direction of India s trade Features of India s Trade Summing up Suggested Reading Questions UNIT 25: Balance of Payment 25.0 Objectives 25.1 Introduction 25.2 Balance of payments-its meaning 25.3 Trends in balance of payment Trends in balance of trade Trends in invisible and others 25.4 Causes for the deficit 31

32 25.5 Capital Account: Financing the deficit Financing deficit in the pre-reform period Financing deficit in the post-reform period 25.6 Emerging issues in the balance of payments management 25.7 Summing up 25.8 Table 1, 2, 3 and Suggested Reading Questions UNIT 26: EXPORT AND IMPORT POLITICS 26.0 Objectives 26.1 Introduction 26.2 Foreign trade policy and economic development in India 26.3 Import policy in the pre-reform period 26.4 Brief evaluation of import 26.5 Export policy in the pre-reform period 26.6 Brief evaluation of export policy 26.7 Import Export policy in the post reform period some general marks 26.8 Main features of exim policy (Export Import policy) in the post-reform period 26.9 Exim policy Brief evaluation of Post reform trade policy Import Substitution and Export Promotion alternative trade strategies Import substitution and export promotion concepts India s trade strategy Concluding remarks on trade strategy Foreign Exchange Management Act A Brief Evaluation of FEMA Summing up Suggested Reading Questions UNIT 27: Foreign Exchange Rate 27.0 Objectives 27.1 Introduction 32

33 27.2 Exchange Rate what does it really mean? 27.3 Exchange rate policy An Overview 27.4 Exchange rate management during the pre-reform period 27.5 Exchange rate Management its significance in the post reform period 27.6 Exchange rate management major developments 27.7 Brief evaluation 27.8 Some unsettled issues 27.9 Summing up Suggested reading Questions UNIT 28: Foreign Capital and MNCs 28.0 Objectives 28.1 Introduction 28.2 Role of Foreign Capital 28.3 Indian Government s policy towards Foreign Capital 28.4 Foreign Investment and Foreign technology some indicators 28.5 Brief Evaluation 28.6 Multinational Companies their features and growth 28.7 MNCs and India 28.8 Problems posed by Foreign capital and MNCs 28.9 Summing up Suggested reading Questions UNIT 29: Rationale of Internal and External Reforms 29.0 Objectives 29.1 Introduction 29.2 Internal and External Reforms A conceptual framework 29.3 Rationale for economic reforms Roots of the crisis Macroeconomic imbalance Weaknesses / Limitations of the heavy industry strategy 29.4 Components of economic reforms Internal reforms An outline External Reforms A brief 33

34 29.5 Implications of economic reforms 29.6 Impact of economic reforms 29.7 Summing up 29.8 Suggested Reading 29.9 Questions UNIT 30: Globalization of Indian Economy 30.0 Objectives 30.1 Introduction 30.2 Globalization Conceptual clarity Globalization Process in India 30.3 Globalization and Agriculture 30.4 Globalization and Industry 30.5 Globalization and foreign trade 30.6 Globalization and Governance 30.7 Globalization and Competition 30.8 Globalization and safety nets 30.9 Summing up Suggested Reading Questions MEC23: International Trade and Finance BLOCK 1: UNIT 1: Need for International Trade 1.0 Aims and Objectives 1.1 Introduction 1.2 Need or basis of International trade 1.3 Internal trade or International trade 1.4 Specialization and trade or Advantages of trade 1.5 Effects on efficiency or disadvantages of trade 1.6 Trade and economic development 1.7 Summary 1.8 Key words 1.9 Check your progress 1.10 Questions for Self Institutional exercises 34

35 1.11 Suggested Books UNIT 2: Classical Theory of Int 2.0 Aims and Objectives 2.1 Introduction 2.2 Absolute advantages Assumptions 2.3 Comparative cost theory of International trade Introduction Comparative cost difference Assumptions Comparative cost advantage illustration Criticism 2.4 Opportunity cost Introduction Opportunity cost and substitution curve 2.5 Empirical testing of the theory / Limitations 2.6 Key words 2.7 Summing Up 2.8 Questions for Self Institutional exercises 2.9 Suggested Books UNIT 3: Classical Theory of International Trade Factor Price Equalization, Samuleson Theory 3.0 Aims and Objectives 3.1 Introduction 3.2 Factor Price Equalization Hypothesis meaning 3.3 Assumptions 3.4 A diagrammatic representation 3.5 Critical evaluation of the theorem 3.6 Summary 3.7 Key words 3.8 Suggested Books 3.9 Model examination questions 35

36 UNIT 4: Hecksher Ohlin Theory of International Trade 4.0 Aims and Objectives 4.1 Introduction 4.2 Assumptions 4.3 Factor abundance 4.4 Factor Price factor intensity reversal 4.5 A diagrammatic representation of H- O theory 4.6 Leontief method of testing Leontief paradox 4.7 An evaluation / Limitations 4.8 Summing up 4.9 Key words 4.10 Suggested Books 4.11 Questions for self instruction exercises UNIT 5: Kravis and Linder s Theory of Trade 5.0 Aims and Objectives 5.1 Introduction 5.2 The availability approach Kravis 5.3 Linder s representative demand hypothesis overlapping demand 5.4 An evaluation 5.5 Key words 5.6 Suggested Books 5.7 Questions for self instruction exercises UNIT 6: Rynczynski Theory 6.0 Aims and Objectives 6.1 Introduction 6.2 Assumptions 6.3 Rybczynski theory 6.4 Policy implications of immiserising growth 6.5 Causes of emergence and measurement of intra-industry trade and its impact on developing countries 6.6 An evaluation 6.7 Key words 6.8 Suggested Books 36

37 6.9 Questions for self instruction exercises BLOCK 2: Measurement of Gains UNIT 7: Gains from Trade I 7.0 Aims and Objectives 7.1 Introduction 7.2 Gains from Trade Meaning Basis for Trade Types of Gains from Trade 7.3 Factors determining gains from Trade Difficulties in getting gains from International Trade 7.4 Gains from export and import 7.5 Specialization and gains from the trade 7.6 Conditions for gains from Trade 7.7 Gains and Economic from Trade 7.8 An Evaluation 7.9 Suggested Books 7.10 Questions for self-instruction exercises 7.11 Key Words UNIT 8: Gains from Trade II 8.0 Aims and Objectives 8.1 Introduction 8.2 Gains from trade in case of Big and small Countries 8.3 Gains in the case of free Trade Vs no Trade 8.4 Gains in the case of restricted trade and no Trade 8.5 Disadvantage gain from trade 8.6 An Evaluation 8.7 Key Words 8.8 Suggested Books 8.9 Questions for self Instruction Exercise UNIT 9: Terms of Trade 9.0 Aims and Objectives 9.1 Introduction 9.2 Meaning of Terms of Trade 37

38 9.3 Types of Terms of Trade Commodity terms of trade (CTOT) Factoral terms of Trade (FTOT) Income terms of Trade (ITOF) Current Account Terms of Trade 9.4 Factors affecting Terms of Trade Reciprocal Demand Changes in Factor Endowments Changes in Technology Changes in Growth Tariffs 9.5 Different concepts of Terms of Trade 9.6 Factors on whom terms of Trade depend 9.7 Terms of Trade and Developing Economics 9.8 Terms of Trade Estimation 9.9 An Evaluation 9.10 Keywords 9.11 Suggested Books 9.12 Questions for self instruction exercises UNIT 10: Tariffs 10.0 Aims and Objectives 10.1 Introduction 10.2 Meaning of tariff 10.3 Types of tariffs 10.4 Effects of tariffs under partial and general equilibrium 10.5 An evaluation 106 Key words 10.7 Suggested Books 10.8 Questions for self-instruction exercises UNIT 11: Optimum Tariffs and Welfare 11.0 Aims and Objective 11.1 Introduction 11.2 Optimum tariffs 38

39 11.3 Effects of tariff on income distribution 11.4 Stapler and Samuelson theorem 11.5 Tariff Welfare small nation model 11.6 Tariff welfare-large nation model 11.7 Tariff effects 11.8 An evaluation 11.9 Key words Suggested Books Questions for self-instruction exercises UNIT 12: Quotas 12.0 Aims and Objectives 12.1 Meaning of Quotas 12.2 Introduction 12.3 Different types of Quotas 12.4 Import and Export Quotas and their effects 12.5 An Evaluation 12.6 Key words 12.7 Suggested Books 12.8 Questions for self-instruction Exercises UNIT 13: Tariffs Vs Quotas 13.0 Aims and Objectives 13.1 Introduction 13.2 The equivalence of Tariffs and Quotas 13.3 Visible and invisible effects 13.4 Tariff Vs Quotas 13.5 Orderly Marketing agreements 13.6 An evaluation 13.7 Key words 13.8 Suggested Books 13.9 Questions for self-instruction exercises UNIT 14: Non-Tariff Barriers 14.0 Aims and objectives 14.1 Introduction 39

40 14.2 Subsidies 14.3 Types of subsidies 14.4 Dumping 14.5 International price discrimination-excess capacities 14.6 Anit-dumping regulations 14.7 Other non-tariff barriers Government procurement policies Social regulations 14.8 Sea-transport-freight restrictions 14.9 An evaluation Key words Suggested Books Questions for self instruction exercises BLOCK 3: International Trade and Finance UNIT 15: Free Trade Policy 15.0 Aims and Objectives 15.1 Introduction 15.2 Concept of Free Trade 15.3 Arguments in favour of free trade 15.4 Case Against Free Trade 15.5 Limitations 15.6 An Evaluation 15.7 Key words 15.8 Questions for Self Institutional exercises 15.9 Suggested Books UNIT 16: TRADE PROTECTION POLICY 16.0 Aims and Objectives 16.1 Introduction 16.2 Meaning of Protection 16.3 Arguments for and Against Protection 16.4 Limitations 16.5 An Evaluation 16.6 Key words 40

41 16.7 Questions for Self Institutional exercises 16.8 Suggested Books BLOCK 4: UNIT 17: Meaning and Components of Balance of Payments 17.0 Objectives 17.1 Introduction 17.2 Balance of payments Meaning and Different concepts 17.3 Components of Balance of Payments 17.4 Current Account BOP and Capital Account BOP 17.5 Statistical Discrepancy-Errors and Omissions 17.6 Current Account Deficits 17.7 Net Foreign Investment and Current Account Balance of Payments 17.8 Impact of Capital Flows on Current Account 17.9 Equilibrium and Disequilibrium of Balance of Payments Summary Keywords Questions for self study Books for study UNIT 18: Foreign Exchange Market and Foreign Exchange Rate 18.0 Objectives 18.1 Introduction 18.2 Meaning of Foreign Exchange Market 18.3 Types of Foreign Exchange Market-Spot and Forward Markets 18.4 Types of Exchange Rate 18.5 Exchange Rate Determinants 18.6 Trends In Foreign Exchange 18.7 Summary 18.8 Keywords 18.9 Questions for Self Study UNIT 19: Theories of Foreign Exchange Rate 19.0 Objectives 19.1 Introduction 19.2 Mint Parity Theory 41

42 19.3 Purchasing Power Parity Theory 19.4 Balance of Payments Theory 19.5 Summary 19.6 Key words 19.7 Questions for Self Study 19.8 Books for Study BLOCK 5: UNIT 20: Balance of Payments Adjustment 20.0 Objectives 20.1 Introduction 20.2 Balance of Payments Adjustment under Gold Standard 20.3 Adjustment under Flexible and Fixed Exchange Rates 20.4 Adjustment through Capital Market 20.5 Adjustments through Income Changes 20.6 Stimulation of Exports 20.7 Summary 20.8 Key Words 20.9 Questions for Self Study Books for Study UNIT 21: Exchange Rate Adjustment and Balance of Payments Mechanism 21.0 Objectives 21.1 Introduction 21.2 Effects of Exchange Rate on Production Costs and Prices 21.3 Elasticity Approach The Marshall Lerner Mechanism 21.4 Income Absorption Approach 21.5 The Monetary Approach 21.6 Direct Controls 21.7 Devaluation 21.8 Overvaluation 21.9 Balance of Payments in Developing Countries Summary Keywords Questions for self study 42

43 21.13 Books for Study UNIT 22: Balance Of Payments Policy: Internal and External Equilibrium 22.0 Objectives 22.1 Introduction 22.2 Expenditure Reducing Policy 22.3 Expenditure Switching Policy 22.4 Swan Model-Policy Measures 22.5 Mundelein Model Introduction Internal and External Balance with Monetary and Fiscal Policies Fixed and Flexible Exchange Rates and Perfect Capital Mobility A Critical Review 22.6 Summary 22.7 Keywords 22.8 Questions for self study 22.9 Books for self study UNIT 23: Foreign Trade Multiplier 23.0 Objectives 23.1 Introduction 23.2 Foreign Trade Multiplier Conceptual interpretation Assumptions Derivation 23.3 Foreign Repercussions 23.4 Implications of the Foreign Trade Multiplier Foreign Trade Multiplier and National Income 23.6 Criticisms 23.7 Fixed and Flexible Exchange Rate Practices in Developing Countries 23.8 Summary 23.9 Keywords Questions for self study Books for study 43

44 BLOCK 6: UNIT 24: Economic cooperation 24.0 Objectives 24.1 Introduction 24.2 Concepts of cooperation 24.3 Benefits of Cooperation 24.4 Types of cooperation / Integration Free trade Areas Common Market Customs Unions Economic Unions 24.5 Theory of Customs Unions The Evolution and Its Variants The Static Effects The Dynamic Effects 24.6 Summary 24.7 Keywords 24.8 Questions for self study 24.9 Books for Reference UNIT 25: European Union (UE) and North American Free Trade Agreement (NAFTA) 25.0 Objectives 25.1 Introduction 25.2 European Common Market 25.3 European Economic Union (EEU) 25.4 North American Free Trade Agreement 25.5 Summary 25.6 Key Words 25.7 Questions for self Study 25.8 Books for reference UNIT 26: Economic Cooperation among Developing Countries 26.0 Objectives 26.1 Introduction 44

45 26.2 South Asian Agreement on Regional cooperation (SAARC) 26.3 SAPTA 26.4 ASEAN 26.5 UNCTAD 26.6 Problems in Developing Customs Unions in the Asian Region 26.7 Summary 26.8 Key words 26.9 Questions for self study Books for Reference UNIT 27: Multilateralism and WTO 27.0 Objectives 27.1 Introduction 27.2 World Trade Organization-Meaning and objectives 27.3 Overall performance of the world Trade Organization (WTO) 27.4 Regional Integration Vs. Multistaterelism 27.5 Summary Keywords 27.6 Key words 27.7 Questions for self-study 27.8 Books for Reference UNIT 28: Foreign Trade and Multination 28.0 Objectives 28.1 Introduction 28.2 Defining MNC s or TNC s 28.3 Role of Multinationals in Developing countries 28.4 Merits and Demerits of MNC s 28.5 Summary 28.6 Keywords 28.7 Questions for Self-Study 28.8 Books for Reference 45

46 BLOCK 7: International Monetary System UNIT 29: World Bank 29.0 Objectives 29.1 Introduction 29.2 Objectives and Functions of the World Bank 29.3 Resources 29.4 World Bank And LDC s 29.5 Limitations of the World Bank Operations 29.6 Summary 29.7 Key Words 29.8 Questions for Self-Study 29.9 Books for Reference UNIT 30: International Monetary Found 30.0 Objectives 30.1 Introduction 30.2 Objectives and Functions 30.3 Organizational structure and Resources 30.4 SDR s/paper GOLD 30.5 International Liquidity 30.6 IMF and LDC s 30.7 Summary 30.8 Key Words 30.9 Questions for Self-Study Books for Reference MEC24: Economics of Demography BLOCK 1 & 2: UNIT 1: Nature and Scope of Economics of Demography 1.0 Objectives 1.1 Introduction 1.2 Definition of Demography 1.3 Nature of Demography 46

47 1.4 Scope of Demography Micro-Demography Macro-Demography 1.5 Demography and other Disciplines 1.6 Importance of Demography 1.7 Let us sum up 1.8 Key words 1.9 Reference Books UNIT 2: Theory of Demographic Transition 2.0 Objectives 2.1 Introduction 2.2 Meaning of Demographic Transition 2.3 Different views on Demographic Transition 2.4 Theory of Demographic Transition 2.5 Notestein and Cowgill s Theories of Demographic Transition 2.6 Demographic Transition in the course of Economic Development. 2.7 Zero Population Growth 2.8 Critical Review of Demographic Transition 2.9 Let us sum up 2.10 Key words 2.11 Reference Books UNIT 3: Role of Population in Economic development 3.0 Objectives 3.1 Introduction 3.2 Role of Population as an accelerating factor 3.3 Role of population as a retarding factor 3.4 Let us sum up 3.5 Key words 3.6 Reference Books UNIT 4: Malthus pessimistic theory of population 4.0 Objectives 4.1 Introduction 4.2 Malthus pessimistic theory 47

48 4.3 Assumption 4.4 Central theme of the theory 4.5 Check on population 4.6 Importance of Malthusian theory 4.7 Applications of Malthus theory 4.8 Criticism 4.9 Neo-Malthusian theory 4.10 Let us sum up 4.11 Key words 4.12 Reference Books UNIT 5: Optimistic Theories of Population Marxian Theory of Surplus Population 5.0 Objectives 5.1 Introduction 5.2 Marx and Malthusian views on Population 5.3 Explanation of Marx s Theory His definition about development 5.4 Karl Marx s theory of surplus Population 5.5 Marx s socialist views about population 5.6 Critical evaluation of Marx s Theory 5.7 Let us sum up 5.8 Key words 5.9 Reference Books UNIT 6: Population and Keynesian Thesis 6.0 Objectives 6.1 Introduction 6.2 Keynes views and Malthusian Theory 6.3 Keynes and Declining population 6.4 The Neo Keynesian views 6.5 Advantages of population growth 6.6 Criticisms 6.7 Let us sum up 6.8 Key words 6.9 Reference Books 48

49 UNIT 7: Canon s Optimum Theory of Population 7.0 Objectives 7.1 Introduction 7.2 Definition of optimum population 7.3 Assumptions 7.4 Explanations of the Theory 7.5 Superiority of optimum theory 7.6 Criticisms 7.7 Let us sum up 7.8 Key words 7.9 Reference Books UNIT 8: Population and Economic Development of Less developed countries 8.0 Objectives 8.1 Introduction 8.2 Concept of Less- development and features of less-developed countries 8.3 Effects of Population on economic Development in Less Developed Countries 8.4 Control of Population 8.5 Let us sum up 8.6 Key words 8.7 Reference Books BLOCK 3 & 4: UNIT 9: Population Trends in the 20 th Century Organisation 9.0 Objectives 9.1 Introduction 9.2 Population trends Population explosions 9.3 Structure of Population in developed and less developed countries Trends in Sex Composition Pattern of age composition 9.4 Let us sum up 9.5 Key words 9.6 Reference Books 49

50 UNIT 10: Demographic Effects of Population Structure 10.0 Objectives 10.1 Introduction 10.2 Effects of Sex and age structure Sex- Structure and Population Age Structure and Population Ageing 10.3 Problems due to ageing 10.4 Key words 10.5 Reference Books UNIT 11: Theories of Fertility 11.0 Objectives 11.1 Introduction 11.2 Meaning and importance of the study of Fertility 11.3 Importance of the study of fertility 11.4 Trends in Fertility 11.5 Factors affecting Fertility 11.6 Let us Sum Up 11.7 Keywords 11.8 Reference Books Check Your Progress UNIT 12: Biological Theories and Hypothesis of Fertility 12.0 Objectives 12.1 Introduction 12.2 Biological Theories of Fertility The Density The Diet Principle Gini s Theory Biological Theory of Spencer Castro s Theory of Protein Consumption 12.6 Let us Sum up 12.7 Key words 12.8 Reference Books 50

51 UNIT 13: Socio Cultural and Economic Theory 13.0 Objectives 13.1 Introduction 13.2 Social Theory of fertility Social Capillarity Theory Theory of Diffusion or Cultural Lag Theory of Change and Response 13.3 Economic Theories of fertility Libensteing Theory Becker s Theory Easterlin s Frame work Caldwell s Wealth Flow Theory 13.4 Socio- Economic Theories 13.5 Differential Fertility 13.6 Let us Sum up 13.7 Key words 13.8 Reference Books UNIT 14: The Stage Theory of Population 14.0 Objectives 14.1 Introduction 14.2 The Stage Theory of population 14.3 Critique 14.4 Let us Sum up 14.5 Key words 14.6 Reference Books UNIT 15: Marriage 15.0 Objectives 15.1 Introduction 15.2 Concept of Marriage 15.3 Analysis of Martial Status 15.4 Trends in Age and Marriage 15.5 Differential in Mean Age at Marriage 15.6 Let us Sum up 51

52 15.7 Key words 15.8 Reference Books UNIT 16: Measurement of Fertility 16.0 Objectives 16.1 Introduction 16.2 Measurement of fertility 16.3 Proximate determinants of fertility 16.4 Let us Sum up 16.5 Key words 16.6 Reference Books UNIT 17: Mortality 17.0 Objectives 17.1 Introduction 17.2 Meaning and Importance of the study of Mortality 17.3 Measures of Mortality 17.4 Trends in Mortality 17.5 Mortality Differentials 17.6 Factors of Morality Decline 17.7 Let us Sum up 17.8 Key words 17.9 Reference Books UNIT 18: Life Table 18.0 Objectives 18.1 Introduction 18.2 Construction and Uses of Life Table Construction of Life Table Uses of Life Table 18.3 Concept of Stable Population 18.4 Methods of Population Projection Algebraic Techniques Component Projection Technique 18.5 Let us Sum up 18.6 Key words 52