BACHELOR OF ARTS ( ECONOMICS ) SYLLABUS

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1 BACHELOR OF ARTS ( ECONOMICS ) SYLLABUS SEMESTER I ( PASS & HONOURS) COURSE CODE: ECO (P&H) 101 Total Marks: 100 COURSE TITLE: MICRO ECONOMICS: I Credit: 4 UNIT I : Basic Concepts: Nature and Scope of Economics; Basic economic problems; Role of price mechanism ; Methodology of economics; Economic models its applications; Functions of economic Variables. UNIT II: Theory of Consumer Demand I: Utility approach ( Cardinal and Ordinal); Cardinal approach: Marshall s utility analysis and Law of equi- marginal utility; Ordinal approach: Indifference curve analysis, Consumer s equilibrium, Price effect, Income effect, Hicksian Substitution effect and Engel curve. UNIT III : Theory of Consumer Demand II: Revealed Preference Hypothesis, Superiority of Revealed Preference Theory over Cardinal and Ordinal utility theory; Elasticity of demand: Concept of Price, Income and Cross elasticity of demand. Methods of measuring price elasticity of demand: Proportional method, Total Outlay method and Point method; Elasticity of Supply: Concept and measurement; Giffen goods- Giffen Paradox. UNIT IV : Theory of Production: Importance of the theory of production; Production Function: Law of Variable Proportions; Law of Returns to Scale; Economies of scale; Cobb- Douglas productions functions; Least cost combination of input and factor substitution. UNIT V: Theory of Cost and Revenue: Cost function: Concept of cost, Traditional and Modern theory of Cost. Derivation of short run and long run cost curves and their relationship. Recent developments in cost theory. Revenue Analysis: Concepts of Total, Average and Marginal Revenues; Relation between Average Revenue and Marginal Revenue. 1. Ahuja, H.L (1990) Advance Economic Theory, S. Chand & Co, New 2. Henderson, J. and R.E. Quandt (1980), Microeconomic Theory: A Mathematical Approach, McGraw Hill, New 3. Koutsoyiannis, A. (1990), Modern Microeconomics, Macmillan. 4. Sen, A. (1999), Microeconomics: Theory and Applications, Oxford University Press, New 5. Varian, H.R.(2000), Microeconomics Analysis: W.W. Norton, New York. 6. Varian, H.R. (2000), Intermediate Microeconomics: A Modern Approach, East West Press, New 7. Satya, R. Chakraborthy, Microeconomics, Allied Publishers, New 8. Samuelson, P.A and W.D. Nordhus (1998), Economics, Tata McGraw Hills. 9. Raj, N.C. (1975), An Introduction to Microeconomics, Macmillan Corporation Ltd. Patkai Christian College 1

2 SEMESTER I (HONOURS) COURSE CODE: ECO (H) 103 COURSE TITLE: MATHEMATICAL METHODS FOR ECONOMICS Marks:100 Credit: 5 Total UNIT I : Introductory Concept: Variables, Range, Image, Equations, Systems of Equations and Identities; Functions: Constant, Polynomial, Rational, Irrational, Algebraic, Non- Algebraic and Homogeneous Functions; Relation and Function; Set and Set theories; Venn diagram and its application in economics; Practical problems. UNIT II : Calculus: Differentiation and its application: Maximization and Minimization, Convexity and Concavity of a function, Price elasticity of demand, Interrelationships among Total, Average and Marginal Costs and Revenues. Integration: Definite and Indefinite. Consumer s surplus and Producer s surplus. Practical problems. UNIT III: Matrix and Determinants: Meaning, Types of Matrices, Rows and Columns, Trace, Order, Inverse, Addition, Subtraction and Multiplication of matrices. Determinants and their use in solving simultaneous equations Crammer s rule. Practical problems. UNIT IV: Linear Programming and Game Theory: Concepts and formulation, solution of linear programming through graphs; Input- output analysis; Game theory: Pure and mixed strategies, saddle point solution, Prisoner s dilemma, Duopoly game. UNIT V: Market Structure and Pricing: Concept of equilibrium, Equilibrium of firm under perfect competition, Value determination under Perfect competition; Monopoly and Price discrimination; Diagrammatic explanation. 1. Frank Werner and Yuri N. Sotskov, Mathematics of Economics and Business, Routledge, 270 Madison Ave, New York, NY Mike Rosser, Basic Mathematics for Economists, Routledge Taylor and Francis Group, 29 West 35 th street, New York, NY Mehta and Madnani, Mathematics for Economist, S. Chand and Co, New 4. Taro Yamane, Mathematics for Economist, Prentice- Hall of India. 5. Chiang, A.C.(2000), Fundamentals Methods of Mathematical Economics, McGraw Hill, New 6. Koutsoyiannis, A (1990), Modern Micro Economics, Macmillan. 7. Baruah, Srinath (2000), Mathematical Economics, macmillan. Patkai Christian College 2

3 SEMESTER II ( PASS & HONOURS) COURSE CODE: ECO (P&H) 102 COURSE TITLE: MICRO ECONOMICS: II Marks: 100 Credit: 4 Total UNIT I: Market Structure and Pricing: Perfect and Imperfect markets; Equilibrium of a firm. Perfect competition short and long run equilibrium of the firm and industry. Price and output determination. Monopoly short and long run equilibrium, Price discrimination, Measure of monopoly power, Monopoly control and regulation. UNIT II: Monopolistic Competition: Concept; Short run equilibrium of an individual firm and long run group equilibrium (Chamberlin approach), Comparison between monopolistic competition and perfect competition. UNIT III : Oligopoly: Meaning; Characteristics, Non-collusive oligopoly (Sweezy s kinked Demand Curve theory). Duopoly: Cournot s and Bertrands models. UNIT IV : Factor Pricing: Marginal Productivity Theory of Distribution; Marginal Productivity Theory of Wages, Collective bargaining and Wage differentials; Rent Scarcity rent, Differential rent and Quasi-rent; Interest Classical and Neo-classical; Profit Innovation, Risk and Uncertainty theories. UNIT V : Welfare Economics: Concept; Problems in measuring social welfare; Pareto s criterion; Kaldor-Hicks Compensation Principles; Role of Value Judgement. 1. Ahuja, H.L (1990) Advance Economic Theory, Chand & Co. New 2. Henderson, J. and R.E. Quandt (1980), Microeconomic Theory: A Mathematical Approach, McGraw Hill, New 3. Koutsoyiannis, A. (1990), Modern Microeconomics, Macmillan. 4. Sen, A. (1999), Microeconomics: Theory and Applications, Oxford University Press, New 5. Varian, H.R. (2000) Microeconomic Analysis: W.W.Norton, New York. 6. Varian, H.R. (2000) Intermediate Microeconomics: A Modern Approach, East West Press, New 7. Satya, R. Chakraborthy, Micro Economics, Allied Publishers, New 8. Samuelson, P.A and W.D. Nordhaus (1978), Economics, Tata McGraw Hills. 9. Raj, N.C (1975), An Introduction to Micro Economics, Macmillan Corporation Ltd. Patkai Christian College 3

4 SEMESTER II (HONOURS) COURSE CODE: ECO (H) 104 Total Marks: 100 COURSE TITLE: STATISTICAL METHODS FOR ECONOMICS Credit: 5 UNIT I : Introduction to Statistics: Meaning, Scope, Importance and Limitation of Statistics; Basic concepts: Frequency and Cumulative frequency distribution; Collection of data: Primary and Secondary data; Questionnaire and Schedule; Presentation of data: Diagrams and graphs General rules for constructing a diagram Types of diagrams Types of graphs. Sampling: Census Vs Sample Method, Probability and non-probability, Size of sample, Sampling and non-sampling errors. UNIT II: Central Tendency and Dispersion: Measures of Central tendency: Mean, Median, Mode, Geometric and Harmonic Means. Measures of Dispersion: Range, Quartile Deviation, Mean Deviation, Standard Deviation, Coefficient of Variation, Skewness and Kurtosis. UNIT III: Correlation and Regression: Correlation Analysis: Meaning and types of correlation; Methods of studying correlation: Scatter diagram method, Graphic method, Karl Pearson s co-efficient of correlation and Rank correlation. Regression Analysis: Definition, Regression equations: Y on X and X on Y. UNIT IV: Time Series and Index Numbers: Concept, Components and Uses; Measuring Linear Trend: Graphic method, method of semi-averages, method of moving averages and method of least squares. Index Numbers: Concept, Uses, Problems in the construction and limitation of index numbers. Methods of constructing Index Numbers. Weighted ( Laspeyers, Paasches and Fisher s Ideal index ) and Family budget method. UNIT V: Probability: Concept; Event: Independent, Dependent, Mutually exclusive, Equally likely and Favourable Cases; Addition and Multiplication theorems of probability. Gupta, S.C and V.K. Kapoor (1999), Fundamentals of Applied Statistics, S. Chand & Sons, New 1. Gun, Gupta and Dasgupta, (2005), Fundamentals of Statistics, First volume, World Press Private Limited ( Latest Edition) 2. Gupta, S.P. (2007), Statistical Methods, S. Chand & Sons, New Delhi (Latest Edition) 3. Speigal, M.R. (1992), Theory and Problems of Statistics, McGraw Hill Book, London. 4. Henderson J. and R.E. Quandt (2002), Micro Economic Theory: A Mathematical Approach, McGraw Hill, New 5. Monga, G.S. Mathematics and Statistics for Economics, Vikas Publication. Patkai Christian College 4

5 SEMESTER III (PASS AND HONOURS) COURSE CODE: ECO (P&H) 205 COURSE TITLE: Macro Economics I Marks: 100 Credit: 4 Total UNIT I : Macro Economics and National Income: An overview of macro economics; Micro- Macro paradox; Importance and uses of macro economics. National Income: Concepts and measurement of national income, factors determining national income, problems in national income estimation and importance of national income; Green accounting. UNIT II: Output and Employment: Classical theory of employment; Say s law of market; Keynes objection to the Classical theory; Aggregate demand and Aggregate supply functions; The principle of effective demand, Keynes determination of income and employment. UNIT III: Consumption Function: Meaning of consumption and consumption function; Short run and Long run Consumption; APC and MPC; Factors affecting consumption function; Keynes psychological law of consumption and Relative Income Hypothesis. UNIT IV: Theories of Interest: Keynesian theory of interest, Modern theory of interest and Natural and Market Rate of Interest. UNIT V: Investment Theory: Theory of investment Autonomous and induced investment; Marginal efficiency of capital; General equilibrium IS and LM curve; Investment multiplier and its effectiveness in LDCs. 1. Branson, W.A (1989), Macro Economic Theory and Policy, Harper and Row, New York. 2. Gupta, R.D and A.S. Rana, Keynes and Post Keynesian Economics, Kalyani Publishers, Ludhiana. 3. Maria John Kennedy, M (2011), Macroeconomic Theory, PHI Learning Pvt. Ltd. New 4. H.L. Ahuja (2010), Macroeconomics: Theory and practice, advance analysis, S. Chand & Co. New 5. Shapiro, E (1996), Macroeconomic Analysis, Galgodia Publications, New 6. Seth, M.L and Lakshmi Narain Agarwal (2010) Macroeconomics. Patkai Christian College 5

6 SEMESTER III (HONOURS) COURSE CODE: ECO (H) 207 COURSE TITLE: PUBLIC FINANCE Total Marks: 100 Credit: 5 UNIT I: Public Finance and Fiscal Policy: Meaning and Scope of Public Finance; Distinction between Private finance and Public finance; Principle of maximum social advantage; Theory of fiscal policy, Objectives and Role of fiscal policy in developing countries. UNIT II: Public Expenditure: Principle of public expenditure; Wagner s law; Wisemanpeacock hypothesis; Canons and effects of public expenditure; Causes of growth of public expenditure in India and measures to control it. UNIT III: Taxation: Meaning; Direct and indirect taxation; Impact and incidence of taxation; Canons of taxation; Taxable capacity; India s tax structure. UNIT IV: Public Debt: Types, causes and effects of public borrowing; Burden of public debt; Redemption of public debt; Deficit financing; Causes of India s rising public debt and measures to control it. UNIT V: Indian Public Finance: Centre State financial relations; Criteria for allocation of resources; Problems of financial adjustment; Preparing and passing of budget in India; Latest Finance Commission. 1. Bhatia, H.L. Public Finance, Vikas Publishing House Pvt. Ltd. 2. Misra, B (1997), Public Economics, Macmillan India Limited, New 3. Mithani, D. M. (1998), Modern Public Finance, Himalaya Publishing House, Mumbai. 4. Musgrave, R.A and P.B. Musgrave (1976), Public Finance in Theory and Practice, McGraw Hill, Kogakusha, Tokyo. 5. Musgrave, R.A (1959), The Theory of Public Finance, McGraw Hill, Kogakusa, Tokyo. 6. Jha, R. (1998), Modern Public Economics, Routledge, London. Patkai Christian College 6

7 SEMESTER IV (PASS & HONOURS) COURSE CODE: ECO (P&H) 206 COURSE TITLE: Macro Economics II Marks: 100 Credit: 4 Total UNIT I: Theory of Demand for Money: Concept and functions of money; Quantity theories of money: Cash Transaction, Cash Balances Approach and Keynesian Approach. UNIT II: Banking: Commercial banking: Functions, Credit creation and its limitations; Central banking: Functions and methods of credit control. UNIT III: Inflation: Definition, types, causes, and effects of inflation on different Sectors of the economy; Demand pull inflation and cost push inflation; Measures to control inflation; Trade off between inflation and unemployment. UNIT IV: Trade Cycle: Nature and characteristics; Hawtrey s monetary theory; Keynes view on trade cycle; Concept of accelerator; Samuelson and Hicks multiplier and accelerator interaction Model; Control of trade cycle. UNIT V: Post Keynesian Macro economic schools of thought: Monetarist resurgence; New classical thought; Rational expectations; Supply side economics; Laffer curve; New Keynesian school of thought; Efficiency wage theory; Insider and Outsider model. 1. Branson, W.A (1989), Macro Economic Theory and Policy, Harper and Row, New York. 2. Gupta, S,B. (1983), Monetary Economics, S.Chand & Co. new 3. Gupta, K.D and A.S. Rana, Keynes and Post Keynesian Economics, Kalyani Publishers, Ludhiana. 4. Gregory, N.Mankiw (2000), Macro Economics, Macmillan, 5. H.L. Ahuja (2010), Macroeconomics: Theory and practice advance analysis, S. Chand & Co. New 6. Shapiro, E (1996), Macroeconomics Analysis, Galgodia Publications, New Patkai Christian College 7

8 SEMESTER IV (HONOURS) COURSE CODE: ECO (H) 208 COURSE TITLE: INTERNATIONAL ECONOMICS Total Marks: 100 Credit: 5 UNIT I: Theories of International Trade: Meaning and importance of international trade; Distinction between interregional and international trade; Trade Theories: Adam Smith, Ricardo, Haberler, Heckscher-Ohlin theorem and Leontief Paradox. UNIT II: Trade and Commercial policy: Trade as an engine of economic growth; Free trade Vs Protection (arguments for and against); Tariff: Meaning, types and effects ( Partial equilibrium analysis); Quotas: Meaning and types; Concept of Optimum tariff. UNIT III: Foreign Exchange: Concept and Determinants of Foreign Exchange Rates; Demand and Supply theory of exchange rate determination; Fixed and Flexible exchange rates its relative merit and demerits. UNIT IV: Balance of Payments: Balance of trade and balance of payments; Equilibrium and disequilibrium in the balance of payments; Causes for disequilibrium in balance of payments and methods to correct disequilibrium; Concept of Foreign trade multiplier. UNIT V: International Economic Institutions and Trading Blocks: International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and International Development Association (IDA). SAARC, GATT, WTO and ASEAN ( Look East Policy). 1. Bhagavati, J. (1981), International Trade, Selected Reading, Cambridge University Press, Mass. 2. Mannur, H.G (1998), International Economics, Vikas Publication, 3. Salvatore, D. L (1997), International Economics, Prentice Hall, Upper Saddle River, New Jersey. 4. Sodersten, Bo (1991), International Economics, Macmillan Press Ltd., London. 5. Vaish, M.C and Sundama Singh (1998), International Economics, Vikas Publications, New 6. Kindleberger, C.P (1973), International Economics, R.D. Irwin, Homewood. Patkai Christian College 8

9 SEMESTER V ( PASS & HONOURS) COURSE CODE: ECO (P&H) 309 COURSE TITLE: INDIAN ECONOMY: I Total Marks: 100 Credit: 4 UNIT I: Structures of the Indian Economy: Basic features: Natural resources Land, water and forest resources; Broad demographic features Causes and effects, sex composition, rural-urban migration, occupational distribution, population policy; Infrastructure development Importance of infrastructure, Recent policies adopted by GOI for development and financing infrastructure. UNIT II: National Income: Growth performance, measures for growth performance, National income by industrial origin and occupational structure. UNIT III: Agriculture: Nature and importance; Trends in agricultural production and productivity; Factors determining productivity; Land reforms; Green Revolution; Rural credit; Agricultural marketing. UNIT IV: Areas of Concern: Unemployment; Price rise and Inflation; Poverty and inequality. UNIT V: Planning in India: Objectives, Strategy, Broad achievements and failures; Current five year plan: Objectives, allocation and targets; Planning Commission s Vision New Economic Reforms Liberalization, privatization and globalization; Progress of privatization and globalization. 1. Agarwal, A.N. Indian Economy, Vikas Publishers, New 2. Dutt, R and K.P.M. Sundaram, Indian Economy, S. Chand and Company Ltd., New 3. Kapila Uma, Indian Economy, Academic Foundation, New 4. Misra, S.K and V.K. Puri, Indian Economy Its Development and Experience, Himalaya Publishing House, Mumbai. 5. Gupta, S.B (1983), Monetary Economics, S. Chand & Co, New 6. Dhingra, I.C (2001), Indian Economy: Environment and Policy, Sultan Chand & Sons, New Patkai Christian College 9

10 SEMESTER V (HONOURS) COURSE CODE: ECO (H) 311 COURSE TITLE: ECONOMICS OF GROWTH AND DEVELOPMENT Total Marks:100 Credit:5 UNIT I: Fundamental Concepts: Meaning of economic development and underdevelopment; Distinction between economic growth and economic development; Perpetuation of underdevelopment; Measurement of economic development GNP, PCI, PQLI and HDI; Factors affecting economic growth; Importance of agriculture, industry and infrastructure in economic development. UNIT II: Theories of Economic Development: Classical theories of development Adam Smith, Ricardo, Malthus, Karl Marx and Schumpeter. UNIT III: Theories of Economic Growth: Harrod and Domar, Solow, Joan Robinson, Kaldor and Endogenous growth theory. UNIT IV: Partial Theories of Growth and Development: Circular causation, Rostow s stages of Growth, Big push theory, Balance versus Unbalanced growth. UNIT V: Investment and Planning: Meaning and need for planning; Types of planning; Investment Criterion; Choice of technique in LDCs; Project Evaluation ( Cost Benefit analysis). 1. Agarwal, R.C and Lakshmi Narain Agarwal, Economics of Development and Planning (Theory and Practice). 2. Higgins, B. Economic Development, Norton, New York. 3. Lekhi, R.K (1990), The Economics of Development and Planning, Kalyani Publishers, Ludhiana. 4. Mishra and Puri (2010), Economic Development and Planning. 5. Taneja and Myer (2007), Economic Development and Planning, Vishal Publishing Co. Jhalandhar. 6. Todaro, M.P (1974), Development Planning: Models and Methods, Oxford University Press, Oxford. 7. Todaro, M.P, Economic Development in Third World Countries, Longman, New York. 8. A.P. Thirlwall, Growth and Development, Palgrave, Macmillan. 9. Y.Hayami, Development Economics, Oxford University Press, India. Patkai Christian College 10

11 SEMESTER VI (PASS & HONOURS) COURSE CODE: ECO (P&H) 310 COURSE TITLE: INDIAN ECONOMY: II Total Marks: 100 Credit: 4 UNIT I: Industry: Strategy of industrial development; Industrial policy of 1948, 1956 and 1991; Industrial licensing policies MRTP Act, FERA and FEMA; Growth and problems of small scale industries; Sources of industrial finance; Role of public sector enterprises. UNIT II: Banking in India: Growth and performance of nationalized banks; Reserve bank of India and monetary regulation; NABARD. UNIT III: External Sector: Role of foreign trade; Trends in exports and imports; Composition and direction of India s foreign trade; BOP crisis and the new economic reforms export promotion measures and the new trade policies; Foreign capital FDI and MNCs. UNIT IV: Economy of Nagaland: Natural resources; Population; Infrastructure and structural changes in Nagaland Economy ; Regional Rural Banks. UNIT V: Industry and Agricultural Sector of Nagaland: Industry; Industrial development, Prospects and problems; Agricultural systems; Production, productivity and problems. 1. Statistical Handbook, Economic Surveys ( Various Issues), Government of India and Nagaland. 2. NUTA, Economic Development in Nagaland: Prospects and Constraints. 3. Zarenthung Ezung, T (2011), Poverty in Nagaland, Akansha Publishing House, New 4. Joshua Thomas & Gurudas Das (eds. 2002), Dimensions of Development in Nagaland, Regency Publications, New 5. Dutt, R and K.P.M. Sundaram, Indian Economy, S. Chand and Company Ltd., New 6. Agarwal, A.N. Indian Economy, Vikas Publishers, New Patkai Christian College 11

12 SEMESTER VI (HONOURS) COURSE CODE: ECO (H) 312 COURSE TITLE: ECONOMETRICS Total Marks: 100 Credit: 5 UNIT I : Introduction to Econometrics: Origin, definition, objectives, scope and limitations of econometrics; Methodology of econometrics; Classical, Theoretical and Applied econometrics; Forecasting and Prediction; Stochastic and Non- Stochastic Variables; Dummy and Proxy Variables; Time Series, Cross Section, Pooled Data and Panel Data; Accuracy of Data. UNIT II: Regression Analysis: Regression: Meaning, modern interpretation, 2-variable population regression line, 2-variable population and sample regression function; Linearity in variable, Linearity in parameter, Stochastic disturbance term, Goodness of Fit (R square). UNIT III: Basic Method, Models and Problems of Econometrics: Methods of OLS (2-variable); Gaussian Classical Linear Regression Model: Assumption and interpretation, Classical Normal Linear Regression model; Problem of Hetrosedasticity, Autocorrelation ( first order) and Multicolinearity. UNIT IV: Mathematical Expectation: Random variables Continuous and Discrete, Probability Mass and Density functions ( concepts); Meaning, Properties and Uses of Mathematical Expectation. UNIT V: Theoretical Distributions: Statistical Theoretical Distributions: Binomial, Poisson and Normal Distributions Definition, Properties and Uses. 1. Gujrati, D. (1995), Basic Econometrics, (3 rd Edition), McGraw Hill, New 2. Johnston, J. and J.D. Nardo (1997), Econometric Methods, McGraw Hill, New 3. Kmenta, J. (1997), Elements of Econometrics, (2 nd Edition), The Macmillan Press Ltd., Hampshire. 4. Maddala, G.S. (1993), Econometrics- An Introduction, McGraw Hill, New York. 5. Johnston, J. (1985), Econometrics Methods, McGraw Hill, New 6. Singh, S.P., A.K. Parashar and H.P. Singh, (1999), Econometric and Mathematical Economics, S.Chand and Co. Ltd., New Patkai Christian College 12

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