ECONOMICS B.A. part 1 M.M.100 Paper I MICRO ECONOMICS Unit I 1.Consumer s Behaviour : The Neo Classical Marginal Utility approach and a study of

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1 ECONOMICS B.A. part 1 M.M.100 Paper I MICRO ECONOMICS 1.Consumer s Behaviour : The Neo Classical Marginal Utility approach and a study of consumer s equilibrium and derivation of law of demand. The Indifference Curve approach and the study of consumer s equilibrium and analysis of Law of Demand Nature and characteristics of Indifference Curve, Indifference Curve and Consumer s Equilibrium, Changes in Money Income and Consumer Demand, Changes in Price and in Money Income and Consumer s Demand- price Effect and Substitution Effect (Hicksian & Slutsky approach). Revealed preference approach. Elasticity of Demand. Concept of Consumer s Surplus and its measurement. 2- Theory of production Function and Laws of Returns & Producer s Behaviour: Production Foundation meaning and nature. Short period production function and law of variable proportion. Long period production function and returns to scale. Iso-quant and producer s equilibrium, Ridge lines. Analysis of cost function and cost curves in short period and long period. Elasticity of substitution I 3. Theory of Product Pricing: Pricing of products under different market conditions Perfect carrying 2 marks. At least two questions shall be set from each unit. competition, monopolistic competition (elementary treatment) V 4.Theory of Factor Pricing: Marginal productivity theory of distribution. Rent : Ricardian theory. Modern theory of rent. Quasi rent. Wage : Wage determination under perfect and imperfect markets. Interest : Classical theory of interest, Lonable fund theory, Liquidity, Liquidity preference theory of interest. Profit : Schumpeter, Hawley and F.H. Knight s theory. 1

2 Paper II INDIAN ECONOMY NATURE &PROBLEMS M.M.100 Evolution of Indian Economy since independence. Structure and features of Indian Economy. Agriculture : Growth and Productivity trends in Indian Agriculture. Irrigation and Price policies, public distribution system, Green Revolution and Technological changes, Public distribution system, green Revolution and Technological changes, Employment and Poverty in Rural Sector. Employment generating and poverty alleviation programmes. Food problem and Food Security Population problem in India: Main demographic features, occupational distribution. Population policy. National Income of India: National income estimation in India. Trends in national income growth and structure. I Industry: Structure and growth of industries in India. Role of Public Sector and Private Sector, role of Small and Cottage Industries. Industrial Policy in India since 1948 with emphasis on recent changes. Privatization and economic reforms. V Economic Planning in india : A brief review of planning in India Objectives, Priorities and strategies, Plan performance, Problem of unemployment and poverty in India. Economic and social Infrastructure: transport and Communication, Power, Health Sanitation and Rural Housing, Social Forestry and Environment. Problems of Economic Development of U.P. 2

3 B.A. Part II Paper I MONEY, BANKING & INTERNATIONAL TRADE M.M 100 Concept of money. Quantity theory of Money- Fisher s and Cambridge Approaches. Keynes Fundamental Equations. An elementary treatment of Saving and Investment Approach. Concepts and Components of Money supply- Inflation : concepts, Effects and Anti inflationary policies. Theory of Commercial Banking. process of Credit Creation, Credit Multiplier. Credit Control. Monetary and Non-monetary financial intermediaries in India. Reserve Bank of India: Credit and Monetary policy of the R.B.I I Internal and International Trade. Classical theory of International Trade- Absolute advantage model of Adam Smith, Comparative advantage model of Ricardo. Terms of Trade and Gains from trade. Free trade Vs protection- Tariff and Quota Determine of Foreign Exchange Rate. Haberles s Ohlin theorem- An elementary treatment. V Balance of Payments : Meaning, disequilibrium and adjustment mechanism Devaluation and problen of Convertibility. I.M.F World Bank. New International Economics Order & World Trade Organization. India s Foreign Trade : Trends. Direction, Composition. Export and Import Policies. 3

4 Paper II PUBLIC FINANCE M.M. 100 Public Finance: Nature. Rationale and Scope Normative Approach and Theory of Fiscal Policies. Public Goods. private Goods and Merit Goods. Structure and Classification of budget; Alternative Measures of Deficit. Principles of Budget Planning. Public Expenditure: Growth, Composition, Trends and Effects. Taxation: Objectives, Structure and Effects. Benefit and Ability to pay principles of Taxation. Incidence, impact and Shifting of Taxation. Fiscal Policy and Economic Developmernt I Management of Public Debt: Principles, problems and Effects. Redemption of public Debt. Fiscal Federalism in India :Problem of inter-government Financial Relations. Finance Commissions. V Indian Pubic Finances: Major trends in Revenue and Expenditure of the Government of India. Indian Tax system and Reforms. Deficit financing. 4

5 B.A.-Part III There shall be three papers, each of three hours duration. Paper I&II Shall have to offered by all candidates.candidates shall be required to opt either III(A) or III(B) Paper. Paper I MACRO ECONOMIC ANALYSIS M.M 100 National income Accounting Concepts and Measurement of national income, circular flow pf national income identities. Determination of income: Output and employment in Classical framework. National Income determination under simple keynesian two and three sectors framework, impact of changes in Government expenditure and taxes upon national income determination. Simultaneous determination of Equilibrium under product and money market I.S.-L.M. Formulation. Consumption functions, Multiplier and Its limitations. Criticism of Keynesian System (i) (ii) Pigou effect and Wealth Effect. Limitation of Keynesian Consumption Function Absolute Relative. Life Cycle and Permanent Income Hypothesis. I Investment Function and Investment decisions - discounting the present value of an asset, acceleration principle, stock adjustment model. Cobweb Theorem. Cyclical Fluctuations and Trade Cycle : Schumpeter. Hicks. Samuelson, Hawtrey & Hayek. V Theories of Growth: Harrod _ Domar and Solow. Macro theories of distribution Ricardo, Marx and Kaldor. 5

6 PAPER II DEVELOPMENT, PLANNING & POLICIES M.M. 100 Development : Meaning, Measurements and Indicators of Development. Cause of Under Development: Circular Causation Myrdal and Nurkse, Lack of Capital, technological Backwardness, Terms of Trade Prebisch approach. Selected Theoretical prescriptions of development for less Developed Countries. Rostow s stages of Growth, Bigh Push, Nelson Model, Critical Minimum Effort, Balanced and Unbalanced approach. Measures of development, Augmentation of Saving, Investment, Capital accumulation, Surplus labour as a source of capital formation, Nurkse and Lewis approach, Problem of choice of techniques. I Planning in India: Objectives of Planning in India, State Vs. Market. Transition from Central Planning, Changing Role of State and Market in Economic Policy of India. Formulation of Five Year plans, Planning Organization and National and State Levels, Gadgil Formula, Strategies For Growth, Social Justice and Plans, Review of achievements of Planning in India. Sectoral allocation of resources Public and Private Sector, Agriculture, Industry and Other sectors. Financing of Plans. V Industrial development and Industrial Policy during plans. planning and Changes in Agriculture Policy and Agriculture Institutions. Planning and Employment generation and poverty alleviation. aspects of Black Economy. Export Import Policy, Fiscal and Monetary Policy, Price and Income Policy during plans. New Economic Policy. 6

7 Paper III (A) TECHNIQUES OF ECONOMIC ANALYSIS M.M.100 Approaches to Economic Analysis Micro and Macro Analysis Static and Dynamic Analysis. Partial and General Equilibrium Analysis. Functional Relationship in Economics, Functional Relationship of one and more variables. Illustrations of Demand, Supply, Cost, Revenue, Savings, Income and Investment Relations etc. Concept of Marginal Propensity to save and consume, capital output ratio, Functional Relations and Equations, Solution of Simultaneous Linear Equations, Quadratic Equations, analysis of Market Equilibrium, Cost and Revenue Curve, Other Suitable Illustrations, Curves and Straight Lines in various forms. I Rate of Change and slope of a Straight line. Nature of Parabolic Curves and relative economic illustrations. Concept and Nature of Various Rates of Growth: Simple, Proportional, Compound, Logarithmic and Exponential Growth Rates, Their diagrammatic representation. V Elementary Idea and Interpretation of First Order Differential Coefficients, Notion of Rate of Change and Slope of a Curve, Concept of Maxima and Minima (Necessary Conditionality only), Concept of Elasticity of Demand, Elasticity of Supply- 7

8 Paper III (B) STATISTICAL ANALYSIS M.M.100 Importance of statistics in Economics,Statistical Data collection,tabulation and Diagrammatic presentation, frequency distribution. Measures of Central tendency : Mean, Median and Mode. Measures of Dispersion :Range,Mean Deviation,Standard deviation,gini, s mean Difference and Lorenz curve. I Correlation and Regression: Correlation and Regression Analysis and Multiple correlation.association and contingency Tables. V Sampling: Sampling and census methods of data collection preparation of Questionnaires, Types of sampling and non sampling error, standard error of mean ost of significance : large and small samples. Unit V Interpolation and Extrapolation : Equal intervals Newton s formula, Unequal intervals, lamgrange s formula. Time series analysis: components, me auroment of Trend and seasonal variations. Index Numbers: kinds, construction and uses of Index numbers. Organization and working of central statistical organization and National Sample Survey Organization. 8