NATIONAL LAW INSTITUTE UNIVERSITY

BHOPAL

ECONOMICS II PROJECT
On

Great Depression
United States, 1929

Submitted to
Prof Rajesh Gautam
Submitted by
Kunal Sharma
2013 BALLB 63

Acknowledgment
I would like to express my gratitude to all those who helped and
guided me in making this project. First of all, I am really grateful
to Professor Rajesh Gautam who gave me an opportunity to work
on the chosen topic and gave me his valuable guidance and
inputs. Also, I would like to thank my friends and seniors who
supported me throughout the project.

Kunal Sharma
2013 BALLB 63

Contents
Review of Literature................................................................................................... 4
Introduction................................................................................................................ 6
Great Depression and the World............................................................................. 6
Great Depression in the US: Black Tuesday.........................................................7
Causes of the Great Depression.................................................................................8
Emergence of New theories.................................................................................... 9
Keynes................................................................................................................. 9
Monetarist......................................................................................................... 10
Economic Situation in the United States:.................................................................11
Miserable Statistics................................................................................................... 11
A Look at statistics: Data analysis.........................................................................11
Effects of the Depression.......................................................................................... 16
Road to Recovery:..................................................................................................... 17
Roosevalt and the New Deal..................................................................................... 17
The Second New Deal........................................................................................... 18
Conclusion................................................................................................................ 19
Bibliography............................................................................................................. 20

Review of Literature
These sources discuss causes and effects of the Great Depression which happened
around the 1929 until mid-1930. Here, the authors analyses and mentions some of
the causes and effects of this depression that affect not only the United States but
other countries as well. It will also be review some statistics and facts originated by
the Great Depression.

a) The Great Depression by Gay, E.F., 1932

The author mentions and describes that for 1929 the rates of unemployment were
from 3.2% to a 24.9% by the year of 1933. This abruptly increase was caused by the
crash on Wall Street market and the past crises. The author also mention that is was
too difficult for one quarter of women to find a job to help to support their families,
so the poverty and consumption of commodities decrease as well, leading to an
overabundance of supplies in the market.
Its seems that, the great crash on the Wall Street market had a huge impact in the
rates of unemployment during the crisis, leading to a general panic not just for
consumer but suppliers as well since they were having an overstock in supplies
since the people did not have enough money to buy goods.
Changes in the behaviour of the population were also a factor in this crisis. The
author mentions that in 1929 the rates of suicide increase rapidly since many
companies were ruined or in bankruptcy. Another change was the rates of fertility
and family, which decrease in a nearly 20% by 1934. Many young couples were
afraid of having children for their finances, the widespread poverty was affecting all
the aspects of a family life and women prefer not to have children.

b) The Great Depression: A Diary by Benjamin Roth

The stock market sinks to all time low levels. Banks, after years of approving
questionable loans, collapse under the burden of too many defaulted mortgages.
The nation is in foreclosure and eventually the banks begin to close. Unemployment
rises at alarming rates. Entire industries fall into receivership and the dollar is
devalued. The economies of other nations in the world market begin to mirror the
United States. The voters respond by voting a very unpopular Republican out of
office and voting in a Democrat who promises change.
The year is not 2008. Its the 1930s and Benjamin Roth, a young conservative
attorney in Youngstown, Ohio, begins to keep a diary chronicling the Great
Depression. Through Roths eyes the reader gets a birds eye view of the Depression
unfolding and the consequences on the national and local levels. Every entry is an
education. Roth spends the rest of his life reading about economics and evaluating
the events of the 1930s with the goal to determine what caused this devastation
and how to prevent it from ever happening again.
The Great Depression: A Diary is an education in global economics and fiscal
responsibility. Through this book, readers gain insight into what happened 90 years
ago and what is happening in our country today. Benjamin Roth proves what every
high school history teacher has been saying for years, Those who do not learn their
history are doomed to repeat it.

c) New Deal Policies and the Persistence of the Great

Depression: A General Equilibrium Analysis by

Harold L. Cole
Harold L Cole in his research paper New Deal Policies and the Persistence of the
Great Depression has revealed that there are two striking aspects of the recovery
from the Great Depression in the United States: the recovery was very weak, and
real wages in several sectors rose significantly above trend. These data contrast
sharply with neoclassical theory, which predicts a strong recovery with low real
wages. We evaluate the contribution to the persistence of the Depression of New
Deal cartelization policies designed to limit competition and increase labor
bargaining power. We develop a model of the bargaining process between labor and
firms that occurred with these policies and embed that model within a multisector
dynamic general equilibrium model. We find that New Deal cartelization policies are
an important factor in accounting for the failure of the economy to recover back to
trend.
d)

Great Depression and its analysis by Friedman and

Schwartz (1963)

Friedman and Schwartz (1963) argued that the Great Depression was exponentially
magnified by the Federal Reserves failure to conduct effective monetary policy in
the years leading up to, during and shortly after the economic recession. Temin
(1976) suggests that the Great Depression can be explained as a large negative
shock to aggregate demand. Temin (1976) contradicts Friedman and Schwartz
(1963) by saying that studying only monetary policy factors, will yield an
incomplete explanation of the Great Depression. Instead, the decline in money
growth may expose the underlying forces of the Great Depression. Temin (1976)
looks primarily at interest rates to explain the monetary policy changes of the time
period.

The Great Depression: United States,

1929
Introduction
Great Depression and the World
The Great Depression was a severe worldwide economic depression in the decade
preceding World War II. The timing of the Great Depression varied across nations,
but in most countries it started in 1930 and lasted until the late 1930s or middle
1940s.It was the longest, most widespread, and deepest depression of the 20th
century.
In the 21st century, the Great Depression is commonly used as an example of how
far the world's economy can decline. The depression originated in the U.S., after the
fall in stock prices that began around September 4, 1929, and became worldwide
news with the stock market crash of October 29, 1929 (known as Black Tuesday).
The Great Depression had devastating effects in countries rich and poor. Personal
income, tax revenue, profits and prices dropped, while international trade plunged
by more than 50%. Unemployment in the U.S. rose to 25% and in some countries
rose as high as 33%.
Cities all around the world were hit hard, especially those dependent on heavy
industry. Construction was virtually halted in many countries. Farming and rural
areas suffered as crop prices fell by approximately 60%. Facing plummeting demand
with few alternate sources of jobs, areas dependent on primary sector
industries such as cash cropping, mining and logging suffered the most.
Some economies started to recover by the mid-1930s. In many countries, the
negative effects of the Great Depression lasted until the end of World War II.

Great Depression in the US: Black Tuesday

The Great Depression began in August of 1929, when the United States economy
first went into an economic recession. Although the country spent two months with
declining GDP, it was not until the Wall Street Crash of October, 1929 that the
effects of a declining economy were felt, and a major worldwide economic downturn
ensued. The market crash marked the beginning of a decade of high
unemployment, poverty, low profits, deflation, plunging farm incomes, and lost
opportunities for economic growth and personal advancement. Although its
causes are still uncertain and controversial, the net effect was a sudden and general
loss of confidence in the economic future.
The usual explanations include numerous factors, especially high consumer debt, illregulated markets that permitted overoptimistic loans by banks and investors, and
the lack of high-growth new industries, all interacting to create a downward
economic spiral of reduced spending, falling confidence, and lowered production.
Industries that suffered the most included construction, agriculture as dust-bowl
conditions persisted in the agricultural heartland, shipping, mining, and logging as
well as durable goods like automobiles and appliances that could be postponed. The
economy reached bottom in the winter of 193233; then came four years of very
rapid growth until 1937, when the Recession of 1937brought back 1934 levels of
unemployment.

Causes of the Great Depression

The causes of the Great Depression in the early 20th Century are a matter of active
debate among economists, and are part of the larger debate about economic crises,
although the popular belief is that the Great Depression was caused by the 1929
crash of the stock market. The specific economic events that took place during
the Great Depression have been studied thoroughly: a deflation in asset
and commodity prices, dramatic drops in demand and credit, and disruption of
trade, ultimately resulting in widespread unemployment and hence poverty.
However, historians lack consensus in determining the causal relationship between
various events and the government economic policy in causing or ameliorating the
Depression.
Banks began to fail in October 1930 (one year after the crash) when farmers
defaulted on loans. There was no federal deposit insurance during that time as bank
failures were considered quite common. This worried depositors that they might
have a chance of losing all their savings, therefore, people started to withdraw
money and changed it into currency. As deposits taken out from the bank increased,
the money supply decreased because the money multiplier worked in reverse,
forcing banks to liquidate assets (such as call in loans rather than create new
loans.) This caused the money supply to shrink and the economy to contract and a
significant decrease in aggregate investment. The decreased money supply further
aggravated price deflation, putting further pressure on already struggling
businesses.
There were however, recognized few key causes as to why the depression
happened. These are:
1. Stock Market Crash of 1929
Many believe erroneously that the stock market crash that occurred on Black
Tuesday, October 29, 1929 is one and the same with the Great Depression. In fact, it
was one of the major causes that led to the Great Depression. Two months after the
original crash in October, stockholders had lost more than $40 billion dollars. Even
though the stock market began to regain some of its losses, by the end of 1930, it
just was not enough and America truly entered what is called the Great Depression.
2. Bank Failures
Throughout the 1930s over 9,000 banks failed. Bank deposits were uninsured and
thus as banks failed people simply lost their savings. Surviving banks, unsure of the
economic situation and concerned for their own survival, stopped being as willing to
create new loans. This exacerbated the situation leading to less and less
expenditures.
3. Reduction in Purchasing Across the Board
With the stock market crash and the fears of further economic woes, individuals

from all classes stopped purchasing items. This then led to a reduction in the
number of items produced and thus a reduction in the workforce. As people lost
their jobs, they were unable to keep up with paying for items they had bought
through installment plans and their items were repossessed. More and more
inventory began to accumulate. The unemployment rate rose above 25% which
meant, of course, even less spending to help alleviate the economic situation.
4. American Economic Policy with Europe
As businesses began failing, the government created the Smoot-Hawley Tariff in
1930 to help protect American companies. This charged a high tax for imports
thereby leading to less trade between America and foreign countries along with
some economic retaliation.
5. Drought Conditions
While not a direct cause of the Great Depression, the drought that occurred in the
Mississippi Valley in 1930 was of such proportions that many could not even pay
their taxes or other debts and had to sell their farms for no profit to themselves. The
area was nicknamed "The Dust Bowl." This was the topic of John Steinbeck's The
Grapes of Wrath.
The reasons, as mentioned above, were still actively debated and thus, various
theories emerged as to the causes of the depression and there came up new
schools of thoughts, the most notable of them all, the Keynesian one.

Emergence of New theories

Keynes
Economist John Maynard Keynes in 1936 argued that there are many reasons why
the self-correcting mechanisms that many economists claimed should work during a
downturn might not work. In his book The General Theory of Employment, Interest
and Money, Keynes introduced concepts that were intended to help explain the
Great Depression. One argument for a non-interventionist policy during
a recession was that if consumption fell due to savings, the savings would cause the
rate of interest to fall. According to the classical economists, lower interest rates
would lead to increased investment spending and demand would remain constant.
However, Keynes argues that there are good reasons why investment does not
necessarily increase in response to a fall in the interest rate. Businesses make
investments based on expectations of profit. Therefore, if a fall in consumption
appears to be long-term, businesses analyzing trends will lower expectations of
future sales. Therefore, the last thing they are interested in doing is investing in

increasing future production, even if lower interest rates make capital inexpensive.
In that case, the economy can be thrown into a general slump due to a decline in
consumption. According to Keynes, this self-reinforcing dynamic is what occurred to
an extreme degree during the Depression, where bankruptcies were common and
investment, which requires a degree of optimism, was very unlikely to occur. This
view is often characterized by economists as being in opposition to Say's Law.
Monetarist
In their 1963 book A Monetary History of the United States, 18671960, Milton
Friedman and Anna Schwartz laid out their case for a different explanation of the
Great Depression. Essentially, the Great Depression, in their view, was caused by
the fall of the money supply. Friedman and Schwartz write: "From the cyclical peak
in August 1929 to a cyclical trough in March 1933, the stock of money fell by over a
third." The result was what Friedman calls the "Great Contraction" a period of
falling income, prices, and employment caused by the choking effects of a restricted
money supply. Friedman and Schwartz argue that people wanted to hold more
money than the Federal Reserve was supplying. As a result people hoarded money
by consuming less. This caused a contraction in employment and production since
prices were not flexible enough to immediately fall. The Fed's failure was in not
realizing what was happening and not taking corrective action.
After the Depression, the primary explanations of it tended to ignore the importance
of the money supply. However, in the monetarist view, the Depression was in fact a
tragic testimonial to the importance of monetary forces. In their view, the failure of
the Federal Reserve to deal with the Depression was not a sign that monetary policy
was impotent, but that the Federal Reserve implemented the wrong policies. They
did not claim the Fed caused the depression, only that it failed to use policies that
might have stopped a recession from turning into a depression.

Economic Situation in the United States:

Miserable Statistics
The story of the Great Depression can be told with a litany of bleak statistics:
By 1933, the country's GNP had fallen to barely half its 1929 level. Industrial production fell
by more than half, and construction of new industrial plants fell by more than 90%.
Production of automobiles dropped by two-thirds; steel plants operated at 12% of
capacity.
During Herbert Hoover's presidency, more than 13 million Americans lost their jobs. Of
those, 62% found themselves out of work for longer than a year; 44% longer than
two years; 24% longer than three years; and 11% longer than four years.
Unemployment peaked at a staggering 24.1% in 1933, and never dropped below
14.3% until World War II. (By contrast, the unemployment rate has never surpassed
9.7% since.)15
The financial meltdown initiated by Wall Street's Great Crash of 1929 caused billions
of dollars in assets to vanish into thin air. Wealthy Americanswho owned almost all
the nation's stocks at the timewere walloped by an 80% decline in the value of the stock
market. Even more troubling to the entire population were rampant bank failures
between 1929 and 1933, two out of every five banks in America collapsed, causing
more than $7 billion of their customers' hard-earned money to evaporate.

A Look at statistics: Data analysis

The following facts and figures may help to elaborate the severity of the situation.

13 million people became unemployed. In 1932, 34 million people belonged

to families with no regular full-time wage earner.

Industrial production fell by nearly 45% between 1929 and 1932.

Homebuilding dropped by 80% between the years 1929 and 1932.

In the 1920s, the banking system in the U.S. was about $50 billion, which was
about 50% of GDP.

From 1929 to 1932, about 5,000 banks went out of business.

By 1933, 11,000 of the US' 25,000 banks had failed.

Between 1929 and 1933, U.S. GDP fell around 30%, the stock market lost
almost 90% of its value.

In 1929, the unemployment rate averaged 3%.

In 1933, 25% of all workers and 37% of all nonfarm workers were
unemployed.

In Cleveland, the unemployment rate was 50%; in Toledo, Ohio, 80%.

One Soviet trading corporation in New York averaged 350 applications a day
from Americans seeking jobs in the Soviet Union.

Over one million families lost their farms between 1930 and 1934.

Corporate profits had dropped from $10 billion in 1929 to $1 billion in 1932.

Between 1929 and 1932, the income of the average American family was
reduced by 40%.

Nine million savings accounts had been wiped out between 1930 and 1933.

273,000 families had been evicted from their homes in 1932.

There were two million homeless people migrating around the country.

Over 60% of Americans were categorized as poor by the federal government

in 1933.

In the last prosperous year (1929), there were 279,678 immigrants recorded,
but in 1933 only 23,068 came to the U.S.

In the early 1930s, more people emigrated from the United States than
immigrated to it.

With little economic activity there was scant demand for new coinage.
No nickels or dimes were minted in 193233, no quarter dollars in 1931 or
1933, no half dollars from 1930 to 1932, and no silver dollars in the years
192933.

The U.S. government sponsored a Mexican Repatriation program which was

intended to encourage people to voluntarily move to Mexico, but thousands,
including some U.S. citizens, were deported against their will. Altogether
about 400,000 Mexicans were repatriated.

New York social workers reported that 25% of all schoolchildren

were malnourished. In the mining counties of West Virginia, Illinois, Kentucky,
and Pennsylvania, the proportion of malnourished children was perhaps as

high as 90%.

Many people became ill with diseases such as tuberculosis (TB).

The 1930 U.S. Census determined the U.S. population to be 122,775,046.

About 40% of the population was under 20 years old.

The first statistic for demonstrating the decline of the economy into
depression is The unemployment rate with the year of depression
highlighted.

As the above graph indicates the economy descended from essentially full
employment in 1929 when the unemployment rate was 3.2 percent into massive
unemployment in 1933 when the unemployment rate reached 25 percent. The first
question is why was there such high unemployment in 1933. The answer is that the
economy was not producing as much output as it was capable of producing with full
employment of the labor force. It was not producing as much as it could because it
could not sell that amount.
The output of an economy is measured by its Gross Domestic Product
(GDP) and the graph below shows the decline in production from its high
point in 1910 to its low point in 1960.

The decline in GDP, while dramatic, is not so spectacular as the explosion in the
unemployment rate. This is because the umemployment rate represents what was
not produced that could have been produced. A graph showing the percentage of
the labor force employed would look much the same as the GDP graph. While the
Depression was a catastrophe it is well to keep in mind that at worst there was still
75 percent of the labor force who were employed. But, the important question is
why production had fallen off so much in 1933 compared with 1929. Here it is
instructive to look at the components of the demand for the nation's output. The
output of any nation is purchased by four categories of buyers; consumers, business
investors, governments and foreign buyers as exports. The purchases of U.S. output
by foreign buyers is offset by American purchases of foreign production as imports.

Additionally, a glance at the table below tells what was happening to the
components of demand.
YEAR

GD
P

CON
SUMP
TION

INVES
TMEN
T

GOVER
N
MENT
PUR

EXPORT
S

IMPORTS

NET
EXPO
RTS

CHASE
S

1929

790
.9

593.9

92.4

105.4

35.6

46.3

-10.7

1930

719
.7

562.1

59.8

116.2

29.4

40.3

-10.9

1931

674
.0

544.9

37.6

121.2

24.4

35.2

-10.8

1932

584
.3

496.1

9.9

117.1

19.1

29.2

-10.1

1933

577
.3

484.8

16.4

112.8

19.2

30.4

-11.2

The above table indicates that consumer purchases fell somewhat, governments'
purchases did not fall at all compared with 1929 but there was a catastrophic
collapse of investment purchases. Exports fell but imports fell as well so that there
was not much of a change in net exports.

The problem in the early 1930's was that the rate of inflation was
negative; i.e., there was deflation instead of inflation. This meant that
borrowers would have to pay back more valuable dollars than the ones
they borrowed.

RATE OF
INFLATIO
N
%

NOMINAL
INTEREST
RATE
%

REAL
INTEREST
RATE
%

YEAR

PRICE
INDEX

1929

13.12

1930

12.60

-3.96

3.59

7.87

1931

11.34

-10.00

2.64

14.04

1932

10.05

-11.38

2.73

15.92

1933

9.78

-2.96

1.73

4.54

--

5.85

Effects of the Depression

--

As it was a major economic phenomenon it had some major and widespread

economic effects:
Trade Collapse
The Depression became a worldwide business downturn of the 1930s that affected
almost all countries. International commerce declined quickly. There was a sharp
reduction in tax revenues, profits and personal incomes. It affected both countries
that exported raw materials and the industrialized countries. It led to a sharp
decrease in world trade as each country tried to protect their own industries and
products by raising tariffs on imports. World Trade collapsed with trade in 1939 still
below the 1929 level. It set the wheels rolling towards the end of international gold
standards and consequently the emergence of the fixed exchange rate system
Reduction in Government Spending
Governments all around the world reduced their spending, which led to decreased
consumer demand. Construction came to a standstill in many nations. As a
consequence of government actions, the real Gross National Product of nations like
United States and Britain fell by 30.5%, wholesale prices fell by 30.8%, and
consumer prices fell by 24.4%.
Employee Distress
Wages were scaled down to 20 percent, whereas 25 percent of the workforce was
left unemployed. This led to decrease in the standard of living pushing the economy
further into the depth of the Depression.
Breakdown of the Financial Machinery
Thousands of investors lost large sums of money and several were wiped out, losing
everything. Banks, stores, and factories were closed and left millions of people
jobless, penniless and homeless. In 1929, 659 public sector banks were shut and by
the end of 1931 this number rose to 2294. Many people came to depend on the
government or charities to provide them with food.
Effect on Agriculture
Due to lack of subsidies and loans, farmers were unable to support mass produce
leading to under-capacity output. Textile farming faced the major blow. The period
served as a precursor one of the worst droughts in modern American history that
struck the Great Plains in 1934.

Road to Recovery:

Roosevelt and the New Deal

In 1933 the new president, Franklin Roosevelt, brought an air of confidence and
optimism that quickly rallied the people to the banner of his program, known as the
New Deal. "The only thing we have to fear is fear itself," the president declared in
his inaugural address to the nation.
In a certain sense, it is fair to say that the New Deal merely introduced types of
social and economic reform familiar to many Europeans for more than a generation.
Moreover, the New Deal represented the culmination of a long-range trend toward
abandonment of "laissez-faire" capitalism, going back to the regulation of the
railroads in the 1880s, and the flood of state and national reform legislation
introduced in the Progressive era of Theodore Roosevelt and Woodrow Wilson.
What was truly novel about the New Deal, however, was the speed with which it
accomplished what previously had taken generations. In fact, many of the reforms
were hastily drawn and weakly administered; some actually contradicted others.
And during the entire New Deal era, public criticism and debate were never
interrupted or suspended; in fact, the New Deal brought to the individual citizen a
sharp revival of interest in government.
When Roosevelt took the presidential oath, the banking and credit system of the
nation was in a state of paralysis. With astonishing rapidity the nation's banks were
first closed -- and then reopened only if they were solvent. The administration
adopted a policy of moderate currency inflation to start an upward movement in
commodity prices and to afford some relief to debtors. New governmental agencies
brought generous credit facilities to industry and agriculture. The Federal Deposit
Insurance Corporation (FDIC) insured savings-bank deposits up to $5,000, and
severe regulations were imposed upon the sale of securities on the stock exchange.
But the deal wasnt enough and subsequently a second deal was formed.

The Second New Deal

In its early years, the New Deal sponsored a remarkable series of legislative
initiatives and achieved significant increases in production and prices -- but it did
not bring an end to the Depression. And as the sense of immediate crisis eased,
new demands emerged. Businessmen mourned the end of "laissez-faire" and chafed
under the regulations of the NIRA. Vocal attacks also mounted from the political left
and right as dreamers, schemers and politicians alike emerged with economic
panaceas that drew wide audiences of those dissatisfied with the pace of recovery.
They included Francis E. Townsend's plan for generous old-age pensions; the
inflationary suggestions of Father Coughlin, the radio priest who blamed
international bankers in speeches increasingly peppered with anti-Semitic imagery;
and most formidably, the "Every Man a King" plan of Huey P. Long, senator and

former governor of Louisiana, the powerful and ruthless spokesman of the displaced
who ran the state like a personal fiefdom. (If he had not been assassinated, Long
very likely would have launched a presidential challenge to Franklin Roosevelt in
1936.)
In the face of these pressures from left and right, President Roosevelt backed a new
set of economic and social measures. Prominent among these were measures to
fight poverty, to counter unemployment with work and to provide a social safety
net.
The Works Progress Administration (WPA), the principal relief agency of the so-called
second New Deal, was an attempt to provide work rather than welfare. Under the
WPA, buildings, roads, airports and schools were constructed. Actors, painters,
musicians and writers were employed through the Federal Theater Project, the
Federal Art Project and the Federal Writers Project. In addition, the National Youth
Administration gave part-time employment to students, established training
programs and provided aid to unemployed youth. The WPA only included about
three million jobless at a time; when it was abandoned in 1943 it had helped a total
of 9 million people.
But the New Deal's cornerstone, according to Roosevelt, was the Social Security Act
of 1935. Social Security created a system of insurance for the aged, unemployed
and disabled based on employer and employee contributions. Many other
industrialized nations had already enacted such programs, but calls for such an
initiative in the United States by the Progressives in the early 1900s had gone
unheeded. Although conservatives complained that the Social Security system went
against American traditions, it was actually relatively conservative. Social Security
was funded in large part by taxes on the earnings of current workers, with a single
fixed rate for all regardless of income. To Roosevelt, these limitations on the
programs were compromises to ensure passage. Although its origins were initially
quite modest, Social Security today is one of the largest domestic programs
administered by the U.S. government.

Conclusion
The most devastating impact of the Great Depression was human suffering. In a
short period of time, world output and standards of living dropped precipitously. As
much as one-fourth of the labour force in industrialized countries was unable to find
work in the early 1930s. While conditions began to improve by the mid-1930s, total
recovery was not accomplished until the end of the decade.

Bibliography

Internet:
Wikipedia.com

Investopedia.com
economics.fundamentalfinance.com
Articles from:
o www.jstor.com
o Econpaper.repec.org
Books:
Modern Economic Theory: KK Dewett
Principles of Macro economics( vol 1): N. Gregory Mankiw
Economics Study Material as compiled by Ass. Prof. Rajesh Gautam