Syllabus Sem. IV V

Appendix-27
EC Resolution No. 14-1 (14-1-3)
INDEX
DEPARTMENT OF ECONOMICS
S.No. Contents Page No.
1 SEMESTER-IV 3-12
BA. (Hons.) Economics– DSC

1. Intermediate Microeconomics II: Market,
Government and Welfare
2. Intermediate Macroeconomics II: Policy
Issues
3. Introductory Econometrics
BA (Prog) with Economics as Major

1. Intermediate Macroeconomics I:
Foundations of Aggregate Income
Determination
2. Basic Econometrics
BA (Prog) with Economics as Non-Major

1. Intermediate Macroeconomics I:
Foundations of Aggregate Income
Determination
2 SEMESTER-V 13-24
BA. (Hons.) Economics– DSC
1. Game Theory and Strategic Interactions

2. Economic Growth and Business Cycles
3. Introductory Development Economics
BA (Prog) with Economics as Major

1. Intermediate Microeconomics II: Market,
Government and Welfare
BA (Prog) with Economics as Non-Major

3 Pool of Discipline Specific Electives (DSE) for
IV/V/VI Semester
1. Advanced Econometrics
2. Economics of Health 25-77
3. Environmental Economics
4. Gender and Development
5. Law and Economics
6. Open Economy Macroeconomics
7. Modern Political Economy
1
8. Research Methodology for Economics
9. Public Economics
10. Financial Economics
11. Money and Financial Markets
12. Behavioural Economics
13. Comparative Economic Development
14. Corporate Finance and Governance
15. Economics of Education
16. Forecasting Methods for Economics
17. History of Economic Thought
18. Industrial Organisation
19. Introduction to Causal Inference
20. Introduction to Macroeconomic Dynamics
21. Labour Economics
22. Sectoral Issue in Indian Economy
23. Topics in Game Theory
24. Financial derivates
25. Political Economy and Globalization
4 Common Pool of Generic Elective for IV/V/VI

Semester
1. Principles of Macroeconomics I
2. Basic Statistics for Economics
3. Indian Economy
4. Corporate Finance, Governance and 78-126
Development
5. Principles of Microeconomics I
6. Basic Econometrics
7. Sectoral Issue in Indian Economy
8. Game Theory and Social Sciences
9. Economy of Colonial India
10. Basic Environmental Economics
11. Law and Development
12. Public Finance in India
13. Health and Development
14. Global Political Economy
15. History of Indian Economic Thought
2
SEMESTERS –IV and V
ECONOMICS
Category I
Economics Courses for Undergraduate Programme of study with
Economics as a Single Core Discipline
(B.A. Honours in Economics in three years)
STRUCTURE OF FOURTH SEMESTER
DISCIPLINE SPECIFIC CORE COURSE -10 (DSC-10):Intermediate

Microeconomics II: Market, Government and Welfare
Duration (per week)

Eligibility
Course title & Code Credits Prerequisite
Practical/ Criteria
Lecture Tutorial
Practice
Intermediate
Microeconomics Class 12th
II:Market, 4 3 1 0 with NIL
Government and Mathematics
Welfare -ECON010
Learning Objectives
The Learning Objectives of this course are as follows:

• This course introduces students to analysis of multi-commodity markets.
• The efficiency results, known as welfare theorems, are central to understanding of market economy.
• The course also discusses inefficiencies coming from market concentration and externalities.
• It further would discuss the role of government to deal with the inefficiencies and resultant welfare
outcomes.
Learning outcomes
The Learning outcomes of this course are as follows:

• This course helps the students to understand efficiency of markets and the environment where the
standard market mechanism fails to generate the desirable outcomes in simple general equilibrium
settings.
• The issues of market imperfection and market failures lead students to the economics of policy
3
design. The students will learn the efficacy of government interventions for the improved welfare.
Syllabus
UNIT I: Monopoly (9 hours)

Monopoly pricing, Inefficiency, Price discrimination, Regulation
UNIT II: General equilibrium (9 hours)

Exchange economy, Robinson Crusoe economy, Pareto optimality, Welfare theorems, Welfare and social
choice
UNIT III: Models of Monopolistic Competition (9 hours)

Firms with differentiated products, mark-up, short-run and long-run equilibrium
UNIT IV: Externalities (9 hours)

Market inefficiency under externalities, Pigou tax, Coase theorem, Market creation and other solutions
UNIT V: Public Good (9 hours)

Inefficiency of market equilibrium, Optimal public good provision, Free rider problem, Lindahl taxes
Recommended readings
• Serrano, Roberto and Feldman, Alan (2012), A short course in intermediate Microeconomics with
Calculus, Cambridge University Press
• Espinola-Arredondo, Ana and Munoz-Garaia, Felix (2020), Intermediate Microeconomic Theory,
MIT Press
• Munoz-Garaia, Felix (2017) Practice Exercises for Advanced Microeconomic Theory, MIT Press.
• Dunaway, Eric; Strandholm, John C., Espinola-Arredondo, Ana and Munoz-Garcia, Felix (2020)
Practice Exercises for Intermediate Microeconomic Theory, MIT press
Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.
4
DISCIPLINE SPECIFIC CORE COURSE -11 (DSC-11): Intermediate
Macroeconomics II: Policy Issues
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Intermediate
Class 12th
Macroeconomics II:
4 3 1 0 with NIL
Policy Issues –
Mathematics
ECON011
Learning Objectives

• This course trains the students in policy issues faced by macroeconomists in the real world.
• It discusses issues in monetary and fiscal policies as well as exchange rate dynamics.
• It also introduces the students to the financial system and dynamics of financial crises.
• The students are introduced to macroeconomic concepts in the context of open economies and the
policy issues therein.
Learning outcomes
• This course enables students to analyse the functioning of macroeconomic policies in the real world
in both closed and open economies, understand the dilemmas faced by the policymakers both in the
domestic economy and in the globalised world.
Syllabus
UNIT I: Fiscal and monetary policies (15 hours)
Active or passive monetary policies; time inconsistency, monetary policy objectives and targets; rules versus
discretion, IS-PC-MR model, fiscal policy, the government budget constraint; government debt and
Ricardian equivalence.
UNIT II: Financial markets and crisis (15 hours)

Introduction to financial markets, Financial crises and liquidity trap
UNIT III: Issues in open economy (15 hours)

Short-run open economy models; Mundell-Fleming model, Exchange rate determination; purchasing power
parity, asset market approach, Dornbusch‘s overshooting model; monetary approach to balance of payments,
International financial markets.
• Blanchard, O. (2006). Macroeconomics, 4th, 6th and 7th ed. Pearson Education.
• Salvatore, D. (2007), International Economics, Wi l e y .
• Dornbusch, R., Fischer, S. (1994). Macroeconomics, 6th ed. McGraw-Hill.
• Mishkin, Frederic (2012). Macroeconomics: Policy & Practice, Pearson.
• Jones, C. (2016). Macroeconomics, 4th ed. W. W. Norton.
• Carlin, Wendy and Soskice, David (2015) Macroeconomics: Institutions, Instability and the
Financial System. Oxford University Press.
5
DISCIPLINE SPECIFIC CORE COURSE -12 (DSC-12): Introductory
Econometrics
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Introductory Class 12th
Econometrics – 4 3 0 1 with NIL
ECON012 Mathematics
Learning Objectives

• This course introduces a basic set of the econometric methods to conduct empirical analysis in
economics and social sciences.
• The course is designed to provide the students with the basic quantitative techniques needed to
undertake applied research projects.
• It also provides the base for more advanced optional courses in econometrics.
• The tools of econometrics will be useful to establish relationships among economic variables.
• This course will be taught as a combination of theory and practicals.
Learning outcomes

• The students will be able to estimate linear models using the method of ordinary least squares and
make inferences about population parameters.
• They will also understand the issues of estimation arising due to misspecification of models and
violations of assumptions.
• Students will also gain hands-on-experience of applying the concepts learnt to a wide range of
problems using econometric software.
Syllabus
UNIT I: Linear Regression Model (9 hours)

OLS method of Estimation and Properties of estimators, Measures of Fit, Testing of Hypotheses, Prediction,
Introduction to econometric software and practical application using econometric software
(GRETL/EViews/ R/Stata/EXCEL etc.)
UNIT II: Multiple Regression Model (9 hours)

OLS method of estimation and Properties of OLS estimators, Testing of Hypotheses, Measures of fit,
practical application using econometric software (GRETL/EViews/ R/Stata/EXCEL etc.)
UNIT III: Functional Forms and Qualitative independent variables (9 hours)

Nonlinear Models and Transformations of Variables, Dummy variables, practical application using
econometric software (GRETL/EViews/ R/Stata/EXCEL etc.)
UNIT IV: Violations of Assumptions (9 hours)

Consequences, Detection, and Remedies: Multicollinearity, Heteroscedasticity, Serial Correlation, practical
application using econometric software (GRETL/EViews/R/Stata/EXCEL etc.)
UNIT V: Specification Bias (9 hours)
6
Model selection criteria, types of specification errors, omitted variable bias, inclusion of irrelevant variables,
incorrect functional form, errors of measurement, practical application using econometric software
(GRETL/EViews/ R/Stata/EXCEL etc.)
• James H. Stock and Mark W.Watson (2019) Introduction to Econometrics, Fourth Edition, Pearsons.
• Wooldridge, J. M. (2019). Introductory econometrics: A modern approach. 7th edition, Cengage
learning.
7
Category II
Economics as one of the Core Disciplines
(B.A. Programmes with Economics as Major discipline)

Macroeconomics I: Foundations of Aggregate Income
Determination
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Intermediate
Macroeconomics I: Class 12th
Foundations of Aggregate 4 3 1 0 with NIL
Income Determination – Mathematics
ECON008
Learning Objectives

• This course builds upon the basic concepts of macroeconomics. It introduces labour markets and
the aggregate supply (AS) curve.
• Aggregate Demand (AD) and Aggregate Supply (AS) are brought together to determine equilibrium
prices and output examine the policy impacts.
• The course discusses Phillips curve and the alleged trade-off between inflation and unemployment.
Both adaptive and rational expectations are introduced.
• A flavour of micro-foundations is introduced with respect to consumption and investment.
Learning outcomes

• This course enables students to analyse the interaction of aggregate demand and supply and the
effects of fiscal and monetary policy, trade-off between inflation and unemployment, and
consumption and investment behaviour of the households.
Syllabus
UNIT I: Short-run and medium-run equilibrium (15 hours)

The labour market, Wage determination; wages, prices, and unemployment; natural rate of unemployment;
from employment to output, Derivation of aggregate supply curve, Interaction of aggregate demand and
supply to determine equilibrium output, price level and employment.
UNIT II: Philips Curve and Theory of Expectations (15 hours)

Inflation, unemployment and expectations, Phillips Curve; adaptive and rational expectations; policy
ineffectiveness debate.
UNIT III: Microeconomic foundations of macroeconomic behaviours (15 hours)

Consumption: Keynesian consumption function; Fisher’s theory of optimal intertemporal choice; life-cycle
and permanent income hypotheses; other theories of consumption expenditure.
8
Investment: determinants of business fixed investment; residential investment and inventory investment.
• Blanchard, O. (2006). Macroeconomics, 4th ed. Pearson Education.
• C.L.F. Attfield, D. Demery and N.W. Duck (1991). Rational Expectations in
Macroeconomics: an introduction to theory and evidence 2nd Ed.
• Sheffrin, Steve (1996). Rational Expectations. 2nd ed., Cambridge University Press.
• Dornbusch, R., Fischer, S. (1994). Macroeconomics, 6th ed., McGraw-Hill.
• Branson, W. (2013). Macroeconomics: Theory and policy, 3rd ed, East West Press.
• Carlin, W and D Soskice (2007), Macroeconomics: Imperfections, Institutions and Policies, Indian
Edition, OUP.
9
DISCIPLINE SPECIFIC CORE COURSE -8 (DSC-8): Basic
Econometrics
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Class 12th Basic Statistics
Basic Econometrics –
4 3 1 0 with for Economics
ECON024
Mathematics (ECON022)
Learning Objectives

• This course introduces students to the econometric methods used to conduct empirical analysis
based on the basic statistics.
• It offers the basic quantitative techniques needed to undertake applied research projects to establish
the relationship between variables of interests across wide variety of disciplines.
Learning outcomes

• Students will learn to estimate simple estimation and inferences about population parameters, to
formulate empirical models and analyze data.
• An expertise in econometrics increases the job prospect of the students significantly.
Syllabus
UNIT I: Regression Models (15 hours)

OLS estimators, hypothesis Testing using software and practical application; multiple Regression Model
- estimation, Testing and practical application using software like GRETL/EViews/ R/Stata/EXCEL etc.
UNIT II: Qualitative variables and Estimation (15 hours)

Application of qualitative variables, Nonlinear Models, Applications of dummy variables
UNIT III: Issues with Classical Assumptions (15 hours)

Violation of normal distribution, Collinearity with independent variables, heteroscedasticity,
autocorrelation, practical application
• Christopher Dougherty, Introduction to Econometrics, 4th edition, OUP, Indian edition.
• Damodar Gujarati, Econometrics by Example, 2nd edition, Palgrave Macmillan, 2014.
• Gujarati, D., Porter, D. (2010). Essentials of Econometrics, 4th ed. McGraw-Hill.
10
Category III
(B.A. Programmes with Economics as non-Major or Minor discipline)

Macroeconomics I: Foundations of Aggregate Income
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Intermediate
Macroeconomics I: Class 12th
Foundations of Aggregate 4 3 1 0 with NIL
Income Determination – Mathematics
ECON008
Learning Objectives

• This course builds upon the basic concepts of macroeconomics. It introduces labour markets and
the aggregate supply (AS) curve.
• Aggregate Demand (AD) and Aggregate Supply (AS) are brought together to determine equilibrium
prices and output examine the policy impacts.
Both adaptive and rational expectations are introduced.
• A flavour of micro-foundations is introduced with respect to consumption and investment.
Learning outcomes

• This course enables students to analyse the interaction of aggregate demand and supply and the
effects of fiscal and monetary policy, trade-off between inflation and unemployment, and
consumption and investment behaviour of the households.
Syllabus
UNIT I: Short-run and medium-run equilibrium (15 hours)

The labour market, Wage determination; wages, prices, and unemployment; natural rate of unemployment;
from employment to output, Derivation of aggregate supply curve, Interaction of aggregate demand and
supply to determine equilibrium output, price level and employment.
UNIT II: Philips Curve and Theory of Expectations (15 hours)

Inflation, unemployment and expectations, Phillips Curve; adaptive and rational expectations; policy
ineffectiveness debate.
UNIT III: Microeconomic foundations of macroeconomic behaviours (15 hours)

Consumption: Keynesian consumption function; Fisher’s theory of optimal intertemporal choice; life-cycle
and permanent income hypotheses; other theories of consumption expenditure.
11
Investment: determinants of business fixed investment; residential investment and inventory investment.
• C.L.F. Attfield, D. Demery and N.W. Duck (1991). Rational Expectations in
Macroeconomics: an introduction to theory and evidence 2nd Ed.
• Sheffrin, Steve (1996). Rational Expectations. 2nd ed., Cambridge University Press.
• Dornbusch, R., Fischer, S. (1994). Macroeconomics, 6th ed., McGraw-Hill.
Edition, OUP.
12
Semester-V
Category I
(B.A. Honours in Economics in three years)
DISCIPLINE SPECIFIC CORE COURSE -13 (DSC-13): Game Theory

and Strategic Interactions
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Class 12th
Game Theory and Strategic
4 3 1 0 with NIL
Interactions – ECON013
Mathematics
Learning Objectives

• This course introduces students to formal analysis of game theory and its applications on the micro-
economic issues.
• Game theory will be used to analyse market power, commitment problem, coordination problem and
various modern market design tools like contract and auction.
Learning outcomes

• This course helps the students to understand strategic interactions and importance of information in
strategic situations.
• The concepts and tools developed in this course will enable the students to analyse various strategic
relations seen in various disciplines, like in economics, management and other social sciences.
Syllabus
UNIT I: Complete information simultaneous move game, Dominance, Nash equilibrium, Mixed strategy
Nash equilibrium (9 hours)
UNIT II: Complete information extensive form game (9 hours)

Sequential rationality and subgame perfection
UNIT III: Topics from Industrial Organization (9 hours)
UNIT IV: Incomplete information (9 hours)

Bayes Nash equilibrium, Auction, Moral Hazard, Contract
UNIT V: Communicating information (9 hours)

Perfect Bayesian equilibrium, Job market signaling and reputation
13
• Watson, J. (2002). Strategy: an introduction to game theory. New York: WW Norton.
• Muñoz-Garcia, F. (2017). Advanced microeconomic theory: an intuitive approach with Final
Examinationples. MIT Press.
• Muñoz-Garcia, F. (2017). Practice Exercises for Advanced Microeconomic Theory. MIT Press.
• Dunaway, E., Strandholm, J. C., Espinola-Arredondo, A., & Munoz-Garcia, F. (2020). Practice
Exercises for Intermediate Microeconomic Theory. MIT Press.
14
DISCIPLINE SPECIFIC CORE COURSE -14 (DSC-14): Economic
Growth and Business Cycles
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Economic Growth and Class 12th
Business Cycles – 4 3 1 0 with NIL
ECON014 Mathematics
Learning Objectives

• This course introduces the students to the models of economic growth and business cycles.
• The literature on the differences in the growth rates across economies is discussed.
• Further, the student is exposed to the preliminaries of macroeconomic modelling through different
growth models.
• It introduces business cycles through the Real Business Cycle and the New Keynesian approaches.
Learning outcomes

• The student would understand the basic drivers of economic growth that are developed through the
different approaches using exogenous, semi-endogenous and endogenous models.
• The student will be able to apprise and analyse better the business cycles and familiarise with the
debates between the schools of macroeconomic thoughts like Real Business Cycles and New
Keynesian Economics.
Syllabus
UNIT I: Introduction to Economic Growth (15 hours)

Introduction to economic growth, data on economic growth, stylised facts of economic growth. Economic
growth and economic development, economic growth and income difference, absolute and conditional
convergence.
UNIT II: Models of Economic Growth (15 hours)

Solow model and the steady state. Solow model with technology, growth accounting, Economics of ideas
and innovation, Romer model, Growth through creative destruction, Growth and technology transfer,
institutions, Simple endogenous growth model.
UNIT III: Business Cycles (15 hours)

Real business cycle model, productivity shocks and business cycle fluctuations, New Keynesian models,
new Keynesian Short-run AS Phillips curve and dynamics IS curve. Comparison between business cycle
models. Introduction to dynamic general equilibrium models.
• Jones, Charles I and Vollrath, Dietrich (2013) Introduction to Economic Growth.
• W. W. Norton & Co.
• Aghion, Philippe and Howitt, Peter (2010) The Economics of Growth. Prentice Hall. Eastern
Economy Edition.
• Mishkin, Frederic S (2017) Macroeconomics: Policy and Practice. Pearson.
15
• Jones, Charles I (2018) Macroeconomics. W W Norton & Co.
• Sorenson, Peter B and Whitta-Jacobson, Hans Jorgen (2010) Introducing Advanced Macroeconomics:
Growth and Business Cycles. McGraw Hill Education
• Barro, R, Chu, A and Cozzie, G (2017), Intermediate macroeconomics, First Edn. Cengage Learning.
• Weil, David N (2014) Economic Growth. Routledge.
• Gordon, Robert J (2015) Macroeconomics. Pearson
16
Development Economics
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Development Economics – 4 3 1 0 with NIL
ECON015 Mathematics
Learning Objectives

• This course discusses the basic concept of growth and further links it up with alternative conceptions
of development.
• It then proceeds to examine the aspects of poverty and inequality, not just in terms of income and
wealth, but in terms of capabilities too.
• The axiomatic basis for inequality measurement is used to develop measures of inequality and
poverty.
• It further explores the connections between growth and inequality.
• The course ends by linking political institutions to growth and inequality by discussing the role of
the state in economic development and the informational and incentive problems that affect state
governance.
Learning outcomes

• The students would distinguish between growth and development and get an idea about the factors
affecting the level of development as well as the process of economic development.
• Further, they comprehend and analyse various concepts and measures of underdevelopment including
poverty and inequality.
Syllabus
UNIT I: Introducing Economic Development: Global Perspective (12 hours)

Conceptions of Economic Growth and Development; Concepts of economic growth and linking it up with
alternative measures of development, including human development, documenting the international
variation in these measures, comparing development trajectories across nations and within them.
UNIT II: Theories of Economic Development (12 hours)

Classic Theories of Economic Growth and Development - four approaches (linear- stages theories, structural
change models, international dependence, neoclassical
UNIT III: The Strategy of Economic Development: Institutional Pathways (9 hours)

Balanced and Unbalanced growth, interlinkages, big-push and the role of markets and state, alternative
institutional trajectories and their relationship with economic performance
UNIT IV: Poverty and Inequality (12 hours)

Definitions, Measures and Mechanisms, Inequality axioms and principles; a comparison of commonly used
diagrammatic and mathematical inequality measures, their deficiencies and usage; connections between
17
inequality and development; inequality trends at international level; conceptualisation of the poverty lines at
domestic and international levels; poverty measurement; characteristics of the poor; capability approach to
poverty; mechanisms that generate poverty traps and path dependence of growth processes.
• Partha Dasgupa (2007), Economics: A Very Short Introduction, (AVSI), Oxford University Press.
• Perkins, D. H., Radelet, S. C., Lindauer, D. L., & Block, S. A. (2013). Economics of Development.
7th Edition, New York: WW Norton & Company.
• Todaro, M. P., & Smith, S. C. (2020). Economic Development. Pearson UK.
• Elinor Ostrom (1990), Governing the Commons: The Evolution of Institutions for Collective Action,
Cambridge University Press.
• Gustav Ranis et.al, Economic Growth and Human Development (2000), World Development Vol.
28, No. 2, Elsevier Science Ltd.
• Pranab Bardhan (2010), Awakening Giants, Feet of Clay: Assessing the Economic Rise of China and
India, OUP.
• Thomas Dietz, Elinor Ostrom and Paul C. Stern, ‘The Struggle to Govern the Commons’, Science,
vol. 302, No. 5652 (Dec. 12, 2003), pp. 1907-1912.
• Mancur Olson, Jr. (1996), ‘Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others
Poor’, Journal of Economic Perspectives, vol. 10, no. 2, pp 3-24.
• Albert O. Hirschman, Rival Views of Market Society and Other Essays, Ch. 3: ‘Linkages in
Economic Development’.
• Nurkse, Ragnar (1961). Problems of Capital Formation in Underdeveloped Coun- tries. New York:
Oxford University Press. Chapter 3.
• Rodenstein Rodan, PN (1943) Problems of Industrialization of eastern and south eastern Europe,
Economic Journal, vol LIII, p 202-11.
• Dani Rodrik (2009), One Economics, Many Recipies: Globalization, Institutions and Economic
Growth, Princeton University Press.
• Andre Shleifer and Robert W. Vishny (1993), ‘Corruption’, Quarterly Journal of Economics, 108(3),
pp 599-617.
Note: Examination scheme and mode shall be as prescribed by the Examination Branch,
University of Delhi, from time to time.
18
Category II
(B.A. Programmes with Economics as Major discipline)

Microeconomics II: Market, Government and Welfare
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
Intermediate
Class 12th
Microeconomics II:
4 3 1 0 with NIL
Market, Government
Mathematics
and Welfare -ECON010
Learning Objectives

• This course introduces students to analysis of multi-commodity markets.
• The efficiency results, known as welfare theorems, are central to understanding of market economy.
• The course also discusses inefficiencies coming from market concentration and externalities.
• It further would discuss the role of government to deal with the inefficiencies and resultant welfare
outcomes.
Learning outcomes

• This course helps the students to understand efficiency of markets and the environment where the
standard market mechanism fails to generate the desirable outcomes in simple general equilibrium
settings.
• The issues of market imperfection and market failures lead students to the economics of policy
design. The students will learn the efficacy of government interventions for the improved welfare.
Syllabus
UNIT I: Monopoly (9 hours)

Monopoly pricing, Inefficiency, Price discrimination, Regulation
UNIT II: General equilibrium (9 hours)

Exchange economy, Robinson Crusoe economy, Pareto optimality, Welfare theorems, Welfare and social
choice
UNIT III: Models of Monopolistic Competition (9 hours)

Firms with differentiated products, mark-up, short-run and long-run equilibrium
UNIT IV: Externalities (9 hours)
19
Market inefficiency under externalities, Pigou tax, Coase theorem, Market creation and other solutions
UNIT V: Public Good (9 hours)

Inefficiency of market equilibrium, Optimal public good provision, Free rider problem, Lindahl taxes
• Serrano, Roberto and Feldman, Alan (2012), A short course in intermediate Microeconomics with
Calculus, Cambridge University Press
• Espinola-Arredondo, Ana and Munoz-Garaia, Felix (2020), Intermediate Microeconomic Theory,
MIT Press
• Munoz-Garaia, Felix (2017) Practice Exercises for Advanced Microeconomic Theory, MIT Press.
• Dunaway, Eric; Strandholm, John C., Espinola-Arredondo, Ana and Munoz-Garcia, Felix (2020)
Practice Exercises for Intermediate Microeconomic Theory, MIT press
20
Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
ECON015 Mathematics
Learning Objectives

of development.
poverty.
governance.
Learning outcomes

Syllabus




21
India, OUP.
vol. 302, No. 5652 (Dec. 12, 2003), pp. 1907-1912.
pp 599-617.
22
Category III
(B.A. Programmes with Economics as non-Major or Minor discipline)

Duration (per week)

Eligibility
Practical/ Criteria
Lecture Tutorial
Practice
ECON015 Mathematics
Learning Objectives

of development.
poverty.
governance.
Learning outcomes

Syllabus


23

India, OUP.
vol. 302, No. 5652 (Dec. 12, 2003), pp. 1907-1912.
pp 599-617.
Note: Examination scheme and mode shall be as prescribed by the Examination

Branch, University of Delhi, from time to time.
24
COMMON POOL OF DISCIPLINE SPECIFIC ELECTIVE (DSE) COURSES
The Discipline Specific Elective courses offered by the Department of Economics
Year Semeste Course Course Name Credits Credit distribution Eligibil Pre-
r Code of the course ity requisi
Criteri te
Lectu Tuto Practic
a
re rial al
2nd/3rd III/V/VII ECON031 Economic 4 3 1 0 Class Nil
/4th History of XII
India
2nd/3rd III/V/VII ECON032 Economics of 4 3 1 0 Class ECON
/4th Climate XII 001
Change and
Natural
Resources
2nd/3rd III/V/VII ECON034 Fiscal Policy 4 3 1 0 Class ECON
/4th and Public XII 004
Finance in
India
2nd/3rd III/V/VII ECON035 Digital 4 3 1 0 Class ECON
/4th Economics XII 001
3rd/ 4th V/VII ECON036 Advanced 4 3 0 2 Class ECON
Econometrics XII 012
3rd/ 4th V/VII ECON038 Economics of 4 3 1 0 Class ECON
Health XII 001
3rd/ 4th V/VII ECON039 Environmental 4 3 1 0 Class ECON
Economics XII 010
3rd/ 4th V/VII ECON040 Gender and 4 3 1 0 Class ECON
Development XII 010
3rd/ 4th V/VII ECON041 Law and 4 3 1 0 Class ECON
Economics XII 010
3rd/ 4th V/VII ECON042 Open 4 3 1 0 Class ECON
Economy XII 011
Macroeconom
ics
3rd/ 4th V/VII ECON043 Modern 4 3 1 0 Class ECON
Political XII 010
Economy
3rd/ 4th V/VII ECON045 Public 4 3 1 0 Class ECON
Economics XII 010
2nd/3rd IV/VI ECON044 Research 4 3 1 0 Class Nil
Methodology XII
for Economics
2nd/3rd IV/VI/VI ECON046 Financial 4 3 1 0 Class ECON
/ 4th II Economics XII 007
2nd/3rd IV/VI/VI ECON047 Money and 4 3 1 0 Class ECON
/4th II Financial XII 008
Markets
3rd/ 4th VI/VIII ECON049 Behavioural 4 3 1 0 Class ECON
Economics XII 013
25
3rd/ 4th VI/VIII ECON050 Comparative 4 3 1 0 Class Nil
Economic XII
Development
3rd/ 4th VI/VIII ECON051 Corporate 4 3 1 0 Class ECON
Finance and XII 013
Governance
3rd/ 4th VI/VIII ECON052 Economics of 4 3 1 0 Class ECON
Education XII 013
3rd/ 4th VI/VIII ECON053 Forecasting 4 3 0 2 Class ECON
Methods for XII 012
Economics
3rd/ 4th VI/VIII ECON054 History of 4 3 1 0 Class Nil
Economic XII
Thought
3rd/ 4th VI/VIII ECON055 Industrial 4 3 1 0 Class ECON
Organisation XII 013
3rd/ 4th VI/VIII ECON056 Introduction to 4 3 0 2 Class ECON
Causal XII 012
Inference
3rd/ 4th VI/VIII ECON057 Introduction to 4 3 1 0 Class ECON
Macroeconom XII 009
ic Dynamics
3rd/ 4th VI/VIII ECON058 Labour 4 3 1 0 Class ECON
Economics XII 013
3rd/ 4th VI/VIII ECON059 Sectoral Issues 4 3 1 0 Class Nil
in Indian XII
Economy
3rd/ 4th VI/VIII ECON060 Topics in 4 3 1 0 Class ECON
Game Theory XII 013
3rd/ 4th VI/VIII ECON077 Financial 4 3 1 0 Class ECON
Derivatives XII 002
26
Discipline Specific Elective 6 (DSE-6): Advanced Econometrics
Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
V/VII Advanced Class 12th Basic
Econometrics 4 3 1 0 with Econometrics
– ECON036 Mathematics (ECON024)
Learning Objectives

• A prerequisite for this course is the knowledge of concepts in the Basic Econometrics course.
• It builds on the compulsory Basic Econometrics course and teaches students a broad set of
commonly used econometric methods.
• These include estimating models with limited dependent variables, the use of instrumental variables
to estimate models with endogenous regressors, as also estimation methods for time series and panel
data sets.
Learning outcomes
The Learning Outcomes of this course are as follows:

Students will learn the theoretical and practical basis for techniques widely used in empirical research and
consider their application in a wide range of estimation problems.
Syllabus
UNIT I: Stages in empirical econometric research (3 hours)
UNIT II: The linear regression model: The matrix approach, Review of model specification, estimation and
testing (6 hours)
UNIT III: Limited dependent variables: Logit and Probit models for binary responses, Tobit models for
truncated data. (9 hours)
UNIT IV: Selected Topics: Instrumental variable estimation, Simultaneous equation models, Experiments
and Quasi-Experiments. (9 hours)
UNIT V: Dynamic econometric models: distributed lag models, autoregressive models; Panel data models
and estimation techniques (9 hours)
UNIT VI: Introduction to econometric software (R/GRETL/EViews/Stata: ANY ONE); publicly available
data sets and software will be used to estimate models and apply the techniques learnt. (9 hours)
• Wooldridge, J. (2014). Introduction to econometrics: A modern approach, 5th ed. Cengage
Learning.
• Asteriou, D and Hall, Stephen G, Applied Econometrics, 4th Edition, 2021, Pal- grave Macmillan.
• James Stock and Mark Watson, Introduction to Econometrics, 4th Edition, 2019, Pearson.
• Gujarati, D., Porter, D. (2012). Basic econometrics, 5th ed. McGraw-Hill.
• Gujarati, D. (2014). Econometrics by Final Examinationple, 2nd ed. Palgrave Macmillan.
• G.S. Maddala and Kajal Lahiri, Introduction to Econometrics, 4th Edition, 2012, Wiley.
27
• Badi H. Baltagi, Econometrics, 5th Edition, 2011, Springer.
• J. Johnston and J. DiNardo (2001), Econometric Methods, Fourth Edition, Irwin Mcgraw Hill
28
Discipline Specific Elective 8 (DSE-8): Economics of Health
Semester
Course Duration (per week)
Eligibility
title & Credits Prerequisite
Practical/ Criteria
Code Lecture Tutorial
Practice
V/VII Economics Introductory
of Health– 4 3 1 0 Class 12th Microeconomics
ECON038 (ECON001)
Learning Objectives

• Health is important not only for human well-being but also for economic growth. This course
provides a framework to understand the need for the study of health economics and the relationship
of health with the GDP of a nation.
• The course also looks at the determinants of health, the demand for health and the need for
government intervention in provision of health care. Economic evaluation / health technology
assessment is also covered in the course.
Learning outcomes

• The students will learn the economic dimensions of health, determinants of health and
microeconomic tools for the study of health care and expenditure.
• The course will enable the students to apply the theory to understand the various policies and market
mechanisms in the field of health care. They will also be equipped with the fundamental techniques
of economic evaluation of health interventions.
Syllabus
UNIT I: Health Economics (12 hours)

Significance and linkages with the economy:
The need for health economics as a discipline of study, importance of health in the development of an
economy and its relationship with macroeconomic performance
UNIT II: Theoretical foundations of Health Economics (12 hours)

Demand for health and health care services, determinants of health, market failure and rationale for public
intervention; and health insurance
UNIT III: Economic Evaluation of Health Sector (12 hours)

Cost-effective Analysis, cost-benefit analysis, cost-utility analysis
UNIT IV: Health Systems (9 hours)

An overview of international health systems and Indian experiences, and healthcare financing
• Phelps, C. E. (2017). Health economics. Routledge
• Jay Bhattacharya Timothy Hyde Peter Tu (2014), Health Economics, Palgrave Macmillan
• William, Jack. (1999) Principles of Health Economics for Developing Countries, World Bank
29
Institute Development Studies.
• Glied, S., & Smith, P. C. (Eds.). (2013). The Oxford Handbook of Health Eco- nomics. Oxford
University Press.
• Situational Analysis: Backdrop to the National Health Policy 2017, Ministry of Health and Family
Welfare, Government of India
• Mills, A., & Hsu, J. (2014), “Health services in low-and middle-income countries: financing,
payment, and provision”, Encyclopedia of Health Economics, pp 422- 434
30
Discipline Specific Elective 9 (DSE-9): Environmental Economics
Semester
Duration (per week)
Course title & Eligibility
Code Practical/ Criteria
Lecture Tutorial
Practice
V/VII Intermediate
Microeconomics:
Environmental
Class Market,
Economics– 4 3 1 0
12th Government and
ECON039
Welfare
(ECON010)
Learning Objectives

• This course provides basic knowledge of environmental economics, its relationship with
microeconomics and welfare economics, to present and explains the significance and application in
the present environmental challenges.
• It aims to describe and comprehend various environmental policies by deploying various policy
instruments and to understand and measure the various market and non-market benefits of
environmental policies.
• The course addresses the problems related to climate change, transboundary environmental
problems, and challenges related to trade and the environment also.
Learning outcomes

The students will learn the trade-offs of economy and environment, and related challenges. They will
comprehend the role of state and institutions to minimise the trade-offs.
Syllabus
UNIT I: Introduction to Environment Economics (9 hours)

What is environmental economics? review of microeconomics and welfare economics; Overview of
environmental problems in India
UNIT II: Design and Implementation of Environmental Policy (12 hours)

Overview; Pigouvian taxes and effluent fees; tradable permits; choice between taxes and quotas under
uncertainty; implementation of environmental policy.
UNIT III: Measuring the Benefits of Environmental Improvements (12 hours)

Non-market values and measurement methods; risk assessment and perception.
UNIT IV: International Environmental Problems (12 hours)

Transboundary environmental problems; economics of climate change; trade and environment.
• Charles Kolstad. Intermediate Environmental Economics, Oxford University Press, 2nd edition
(2012).
• Roger Perman, Yue Ma, James McGilvray and Michael Common. Natural Resource and
Environmental Economics, Pearson Education/Addison Wesley, 4th edition (2011).
31
• Robert N. Stavins (ed.). Economics of the Environment: Selected Readings, W.W. Norton, 6th
edition (2012).
• Don Fullerton and Robert Stavins (1998). “How Economists See the Environment.” Nature, Vol.
395, Oct 1, 1998, pp. 433-434.
• State of Environment Report: India 2009 (Ministry of Environment and Forests, Government of
India, 2009): Chapter 2 (State and Trends of the Environment): Land. Air, Water, Biodiversity (p.
9 to 71).
• Schmalensee, Richard and Robert N. Stavins (2017). “The design of environmental markets: What
have we learned from experience with cap and trade?” Oxford Review of Economic Policy, Vol.
33, No. 4, pp. 572-588.
• Blackman, Allen, Li, Z., and Liu, A. A. (2018). “Efficacy of command-and-control and market-
based environmental regulation in developing countries,” Annual Review of Resource Economics,
Vol. 10, pp. 381-404.
• Jonathan Harris and Brian Roach (2018). Environmental and Natural Resource Economics: A
Contemporary Approach, Routledge.
• Nordhaus, William D. (2013). Climate Casino: Risk, Uncertainty, and Economics for a Warming
World, Yale University Press.
• Richard Newell, William Pizer and Daniel Raimi (2013). “Carbon markets 15 years after Kyoto:
Lessons learned, new challenges,” Journal of Economic Perspectives, Vol. 27, No. 1, pp. 123-46.
• Stern,N.(2008) The economics of climate change, American Economic Review, 98(2): 1–37.
32
Discipline Specific Elective 10 (DSE-10): Gender and Development
Semester
Duration (per week)
Lecture Tutorial
Practice
V/VII Intermediate
Microeconomics
Gender and
II: Market,
Development– 4 3 1 0 Class 12th
Government
ECON040
and Welfare
(ECON010)
Learning Objectives

• This course aims to deepen students’ understanding on the main theoretical approaches used in
gender analysis of development issues, and understanding of the differential impacts of development
interventions on women and men.
• The course aims to enable students to become familiar with the gender theories, use of these theories
to Final Examination in detail issues of production (formal and informal work), reproduction
(health, child survival, and fertility), the family/household nexus (where production and
reproduction meet), and gender biases and inequality in terms of health, education, labour and
inheritance.
Learning outcomes

The course aims at making students to be aware about the issues and concepts of gender and development,
importance of mainstreaming gender, gender and work relations and gender bias and inequality.
Syllabus
UNIT I: Conceptualising and theorizing gender and development (12 hours)

Concepts in gender and development studies: Distinction between gender and sex, patriarchy and matriarchy;
women in development (WID) and women and development (WAD)
UNIT II: Mainstreaming gender (12 hours)

Institutionalization of gender in growth and development, gender and bureaucracy, intra-household
bargaining, changing gender relations and gender budgeting.
UNIT III: Work and Gender Relations (Inside/Outside the House) (12 hours)
Gender dynamics within a household, bargaining models, balance of productive and reproductive roles of
women, agency, inheritance, unpaid work, marriage, and bride price.
UNIT IV: Gender and Inequality (9 hours)

Gender bias and gender inequality in terms of opportunities available: health and education, occupational
segregation and gender wage gap.
33
• Anderson, S. (2007). The economics of dowry and brideprice. Journal of Economic Perspectives,
21(4), 151-174.
• Aizer, A. (2010). The gender wage gap and domestic violence. American Economic Review, 100(4),
1847-59.
• Heath, R. (2014). Women’s access to labor market opportunities, control of household resources,
and domestic violence: Evidence from Bangladesh. World Development, 57, 32-46.
• Goel, P. A., & Barua, R. (2021). Female education, marital assortative mating, and dowry:
Theory and evidence from districts of India. Journal of Demographic Economics, 1-27.
• Rai, S. M., Brown, B. D., & Ruwanpura, K. N. (2019). SDG 8: Decent work and economic growth–
A gendered analysis. World Development, 113, 368-380.
• Kantor, P. (2003). Women’s empowerment through home–based work: Evidence from India.
Development and Change, 34(3), 425-445
• Neetha, N. (2018). Migration, gender and care economy. Routledge India
• Boeri, N. (2018). Challenging the gendered entrepreneurial subject: Gender, development, and the
informal economy in India. Gender & Society, 32(2), 157-179.
• World Bank. (2011). World development report 2012: Gender equality and development. The World
Bank.
• Kabeer, N. (2003). Gender Mainstreaming in Poverty Eradication and the Millennium Development
Goals: A handbook for policy-makers and other stakeholders. Commonwealth Secretariat.
• Coles, A., Gray, L., & Momsen, J. (Eds.). (2015). The Routledge handbook of gender and
development. Routledge.
• Blakemore, J. E. O., Berenbaum, S. A., & Liben, L. S. (2013). Gender Development. Psychology
Press.
• Momsen, Janet (2020). Gender and Development. Routledge. 3rd Edition
• Moser, C. (2012). Gender Planning and Development (pp. 63-87). Routledge.
• Andrea Cornwall et al (eds): Feminisms in Development: Contradictions, Contestations and
Challenges (Zed 2007).
• Cecile Jackson & Ruth Pearson (eds.): Feminist Visions of Development: Gender Analysis and
Policy (Routledge, 1998)
• Agenor, P. R., & Canuto, O. (2015). Gender equality and economic growth in Brazil: a long-
run analysis. Journal of Macroeconomics, 43, 155-172.
• Nilsson, P. (2013). Gender and development: The challenge of mainstream. Consilience, (10), 125-
135.
• Cornwall, A., Harrison, E., & Whitehead, A. (2007). Gender myths and feminist fables: The struggle
for interpretive power in gender and development. Development and Change, 38(1), 1-20.
• Agarwal, B. (1997). ”Bargaining” and gender relations: Within and beyond the household. Feminist
economics, 3(1), 1-51.
• Doss, C. (2013). Intrahousehold bargaining and resource allocation in developing countries. The
World Bank Research Observer, 28(1), 52-78.
• Kabeer, N. (2005). Gender equality and women’s empowerment: A critical analysis of the third
millennium development goal. Gender & Development, 13(1), 13-24.
• Folbre, N. (2006). Measuring care: Gender, empowerment, and the care economy. Journal of Human
Development, 7(2), 183-199.
• Jayachandran, S. (2015). The roots of gender inequality in developing countries, Economics, 7(1),
63-88.
• Mitra, A., Bang, J. T., & Biswas, A. (2015). Gender equality and economic growth: Is it equality
of opportunity or equality of outcomes? Feminist Economics, 21(1), 110-135.
• Dercon, S., & Singh, A. (2013). From nutrition to aspirations and self-efficacy: gender bias over
time among children in four countries. World Development, 45, 31-50.
• Azam, M., & Kingdon, G. G. (2013). Are girls the fairer sex in India? Revisiting intra-household
allocation of education expenditure. World Development, 42, 143- 164.
• Nguyen, C. P. (2021). Gender equality and economic complexity. Economic Systems, 45(4),
100921.
• Jayachandran, S., & Pande, R. (2017). Why are Indian children so short? The role of birth order
and son preference. American Economic Review, 107(9), 2600-2629.
34
• Barcellos, S. H., Carvalho, L. S., & Lleras-Muney, A. (2014). Child gender and parental
investments in India: Are boys and girls treated differently?. American Economic Journal: Applied
Economics, 6(1), 157-89.
• Joy, L. (2000). Do colleges shortchange women? Gender differences in the transition from college
to work. American Economic Review, 90(2), 471-475.
• Mbaye, L. M., & Wagner, N. (2017). Bride price and fertility decisions: Evidence from rural
Senegal. The Journal of Development Studies, 53(6), 891-910.
• Babcock, L., Recalde, M. P., Vesterlund, L., & Weingart, L. (2017). Gender differences in accepting
and receiving requests for tasks with low promotability. American Economic Review, 107(3), 714-
47.
• Pande, R. (2015). ‘I arranged my own marriage’: arranged marriages and post-colonial feminism.
Gender, Place & Culture, 22(2), 172-187.
• Bertrand, M., & Mullainathan, S. (2004). Are Emily and Greg more employable than Lakisha and
Jamal? A field experiment on labor market discrimination. American economic review, 94(4), 991-
1013.
• Duraisamy, M., & Duraisamy, P. (2016). Gender wage gap across the wage distribution in different
segments of the Indian labour market, 1983–2012: exploring the glass ceiling or sticky floor
phenomenon. Applied Economics, 48(43), 4098-4111.
• LEE, Jong-Wha; Wie, Dainn (2017). Wage Structure and Gender Earnings Differentials in China
and India. World Development, 97, 313–329
35
Discipline Specific Elective 11 (DSE-11): Law and Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
V/VII Intermediate
Law and Microeconomics
Economics Class II: Market,
4 3 1 0
– 12th Government
ECON041 and Welfare -
ECON010
Learning Objectives

• Law and Economics is an interdisciplinary course, devoted to understanding laws and legal
institutions using the tools of economic theory.
• This is essentially an economic analysis of the laws.
• Topics include an introduction to legal institutions and legal analysis, application of economic
concepts to the law of property, contracts, torts and criminal law and anti-trust law.
Learning outcomes

This course is designed to gain familiarity with basic facts and application of economic principles to analyse
a wide range of legal issues, and better understanding the economic consequences of laws and regulations.
Syllabus
UNIT I: Concepts of Law and uses of foundations of Economics (6 hours)

Tools for Law and Economics: Efficiency criteria in Welfare Economics; Coase theorem; Prisoners’
Dilemma
UNIT II: Economics of Tort (Accident) Law/ Liability Rules (6 hours)

Liability for accidents and harms; product liability; efficiency of liability rules; efficiency-compensation
trade-off.
UNIT III: Economics of Property Law (6 hours)

Property rights and their role in resource allocation; Coase theorem; Legal remedies for breach of property
rights and their economic effects, Eminent Domain (Market and non-market mechanism for land transfer)
UNIT IV: Intellectual Property Rights (IPRs) (6 hours)

Patents, Copyright and Trademarks. Cost and benefits of private IPRs; Individual rights vs common good
UNIT V: Economics of Contract Law (6 hours)

Legal contract; Role of Contracts for functioning of markets; Incomplete contracts; Efficient contracts;
Damages measures and their efficiency properties.
UNIT VI: Economics of Criminal Law (6 hours)

Economics of Crime and Law Enforcement; Crime Vs Tort; Repeat Offenders; Death Penalty
UNIT VII: Anti-trust laws, Competition Policy (3 hours)
36
UNIT VIII: Legal Process (6 hours)
Litigation – its causes and consequences; Benefits of legal certainty
• Miceli, Thomas J. , "The Economic Approach to Law" 3rd Edition Stanford University Press, 2017
(Indian edition, MPP House, 2020)
• Cooter, Robert and Thomas Ulen, Law and Economics, Sixth Edition, Addison Wesley 2013,
ISBN 9780132540650. Free here Law and Economics, 6th edition (jku.at)
• Pal, Malabika, Economic Analysis of Tort Law - The Negligence Determination. Routledge, 2020.
• Bag, Sugata, Economic Analysis of Contract Law: Incomplete Contracts and Asymmetric
Information. Springer/Palgrave, 2018.
• Basu, Kaushik, The Republic of Beliefs: A New Approach to Law and Economics, Princeton
University Press, 2018
• Singh, Ram (2021) Land for Development: Market Versus Non-Market Mechanisms in S.Mani and
C.G. Iyer (eds.) India's Economy and Society, Springer, pp.187-204.
• Bhattacharjea, Aditya. "Competition policy: India and the WTO." Economic and Political Weekly
(2001): 4710-4713.
• Competition Commission of India, Competition Act of India 2002, https : //www.cci.gov.in/sites/
37
Discipline Specific Elective 12 (DSE-12): Open Economy
Semester
Duration (per week)
Lecture Tutorial
Practice
V/VII Open
Intermediate
Economy
Class Macroecono
Macroecono 4 3 1 0
12th mics II
mics –
(ECON011)
ECON042
Learning Objectives

• The course is designed with the objective of introducing the students to the standard macroeconomic
issues in an open economy framework using the Mundell-Fleming model and the exchange rate
overshooting model.
• It further exposes them to the models of banking and currency crises which try to make sense of the
risks and vulnerabilities in an interdependent economy.
• The course would give an exposure to contemporary concerns in the global economy and the
challenges it poses to policy making.
Learning outcomes

• The student would get a good exposure towards the process of macroeconomic policy- making in
an open economy and the challenges involved.
• The course would facilitate learning the art of building macro-models in an open economy context.
It would also enable the student to relate it to the contemporary issues.
• The student would learn to appreciate contemporary issues by relating the real world data to the
theory in this regard.
Syllabus
UNIT I: Introduction to Open Economy Macroeconomics (10 hours)

Intertemporal long run budget constraint, how much can a country borrow, external wealth, external assets
and liabilities, net international investment position, financial flows and valuation effects, Feldstein Horioka
Puzzle, Harberger-Laursen- Metzler effect, Foreign Exchange Market. An overview of the spot and forward
markets, swaps, options and derivatives. Uncovered and Covered Interest Parity. Covered Interest Arbitrage.
UNIT II: Macro-modelling of the Open Economy (20 hours)

Mundell-Fleming model (with Flexible Prices). Dornbusch’s exchange rate overshooting model with
stability conditions. Monetary Approach to Balance of Payments. PPP and long run monetary approach,
Balassa –Samuleson effect and non-tradables, Fisher effect. Portfolio and macroeconomic equilibrium in an
open economy. 3 equation model for the open economy. Currency crises (first, second and third generation
models). Optimum currency areas and monetary union.
UNIT III: International Monetary System and Policy Co-ordination (15 hours)
Classic specie price flow mechanism and the Gold Standard. Fixed exchange rate system under Bretton
Woods. Triffin dilemma and the collapse of the Bretton Woods, SDRs, international consistency
condition. Financial trilemma. International liquidity and demand for international reserves. Government
policies towards capital market, exchange and capital controls. Central bank intervention, sterilization.
38
Prospects of Macroeconomic policy co-ordination in an open economy, Policy reaction function, Hamada
diagram
• Feenstra, Robert and Taylor, Alan (2020) International Macroeconomics, 3rd ed., Worth Publishers
• Feenstra, Robert and Taylor, Alan (2014) International Economics, 3rd ed., Worth Publishers
• Pugel, T International Economics, 16th ed., McGraw-Hill Education
• Gandolfo, Giancarlo (2016) International Finance and Open Economy Macroeconomics, Springer.
• Krugman, P., Obstfeld, M. and Melitz (2018) International Economics - Theory and Policy, 11th
ed., Pearson Education.
• Carlin, Wendy and Soskice, David (2015) Macroeconomics: Institutions, Instability and the
Financial System
• Wickens, Michael(2012) Macroeconomic Theory. Princeton University Press.
• Sorenson, Peter B and Whitta-Jacobson, Hans Jorgen(2010) Introducing Advanced
Macroeconomics: Growth and Business Cycles. McGraw Hill Education
39
Discipline Specific Elective 13 (DSE-13): Modern Political
Economy
Semester
Duration (per week)
Lecture Tutorial
Practice
V/VII Intermediate
Microecono
Modern
mics II:
Political Class
4 3 1 0 Market,
Economy – 12th
Government
ECON043
and Welfare
(ECON010)
Learning Objectives

• This course will use the methodology and tools of economics to study the implications of various
political institutions and processes that determine the quantum, scope, and nature of the state’s
intervention in the economy.
• Political actors are assumed to be goal-oriented and political outcomes are explained by the
interaction between these actors within their institutional environment.
• This course will complement the Public Economics course as its focus will be on the positive
implications of the state’s interventions rather than the normative aspects.
Learning outcomes

• The students will learn to apply the economic paradigm to the study of political action and policy
formation, and how economic and political forces may shape the incentives and constraints of
policymakers and other political actors.
• They will understand the role of political institutions in shaping the actions of the state and the
resulting outcomes.
Syllabus
UNIT I: Collective choice and redistribution (12 hours)

Insurance motive; public good motive; fairness motive; allocative efficiency; determination of redistribution,
Majority voting and direct democracy; unanimity rule; Con- direct cycles; one dimensional median voter
theorem; multidimensional issues and median voter theorem; agenda manipulation; simple variations of
majority voting such as the Borda rule and approval voting
UNIT II: Representative democracy: two-party competition; and multi-party competition (12 hours)
Downsian model; deterministic voting; cycles and median voter theorems; competition in a constrained
policy space; uncovered set and valence values; model with probabilistic voting model and an application to
taxation, proportionality, and electoral rules; goals of multiple parties; coalition formation with one-
dimensional issue space; coalition formation with multi-dimensional issue space; strategic voting.
UNIT III: Rent-seeking; Tariffs and Political economy of taxation (12 hours)
Basic model of rent-seeking and variations; rent-seeking via regulation; effects of tariffs, quotas, and
voluntary export restraints; corruption, Distortions, and Diamond-Mirrlees production efficiency theorem.
40
UNIT IV: Dictatorship; origins and Lobbying (9 hours)
Model of public goods provisioning; Win- Trobe’s model, Interest groups, lobbying, and collective action;
Olsonian model of collective action; Downsian models
• K. Shepsle and M. Bonchek (1997), Analyzing Politics: Rationality, Behavior, and Institutions, W.
W. Norton
• D. Mueller (2003), Public Choice III, Cambridge University Press.
• K. Arrow (1963), Social Choice and Individual Values, Yale University Press.
• H. Demsetz (1968), Why regulate utilities? Journal of Law and Economics XI: 55-66.
• A. Dixit (1996), The Making of Economic Policy, MIT Press.
• A. Downs (1957), An Economic Theory of Democracy, Harper and Row.
• A. Krueger (1974), The political economy of a rent-seeking society, American Economic Review
LXIV: 291-303.
• M. Olson (1965), The Logic of Collective Action, Harvard University Press.
• W. Niskanen (1995), Bureaucracy and Public Economics, Edward Elgar.
• D. North (1990), Institutions, Institutional Change and Economic Performance, Cambridge
University Press.
• A. Shleifer (2005), Understanding Regulation, European Financial Management 11 (4); 439-451.
• A. Shleifer and R. Vishny (1993), Corruption, Quarterly Journal of Economics 108 (3): 599-617.
• Kiser, E., & Karceski, S. M. (2017). Political economy of taxation. Annual review of political
science, 20, 75-92.
• Acemoglu, D., Golosov, M., & Tsyvinski, A. (2010). Dynamic Mirrlees taxation under political
economy constraints. The Review of Economic Studies, 77(3), 841- 881.
41
Discipline Specific Elective 14 (DSE-14): Public Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
V/VII Intermediate
Public
Class Microecono
Economics – 4 3 1 0
12th mics II
ECON045
(ECON010)
Learning Objectives

• Public economics is the study of government policy from the points of view of economic efficiency
and equity.
• The course deals with the nature of government intervention and its implications for allocation,
distribution and stabilization problems.
• Inherently, this study involves a formal analysis of government taxation and expenditures.
• The subject encompasses a host of topics including public goods, market failures and externalities.
• The course is divided into two sections, one dealing with the theory of public economics and the
other with the Indian public finances.
Learning outcomes

• The course aims to introduce students to the main theoretical and empirical concepts in public
economics, equip students with a thorough analytical grasp of implications of government
intervention for allocation, distribution and stabilization, and familiarise students with the main
issues in government revenues and expenditure.
• At the end, the students should be able to demonstrate their understanding of the public economics.
Syllabus
UNIT I: Public Economic Theory (30 hours)

• Role of Public Sector - Justification of the Public Sector; Public Sector Growth; Excessive
Government
• Political Economy of Public Sector - Public Mechanisms for allocation; Market and Non-Market
Mechanism; Theory of Rent Seeking
• Taxation - Economic Effects of Tax; Tax incidence; Dead Weight Loss and Distortion; Efficiency
and Equity Considerations; Optimal taxation; Commodity tax; Ramsey rule.
UNIT II: Indian Public Finances (15 hours)

• Tax System – Indian Tax system; Structure and Reforms. Budget, Deficits and Public debt
• Cullis, J., Jones, P. (1998). Public finance and public choice, 2nd ed. Oxford University Press.
• Hindriks, J., Myles, G. (2013). Intermediate public economics, 2nd ed. MIT Press.
• Stiglitz, J. E. and Rosengard J. K. (2015). Economics of the Public Sector, 4th ed., W. W. Norton.
• Rao, M. Govinda and Sudhanshu Kumar (2017). "Envisioning Tax Policy for Accelerated
Development in India," Working Paper No. 190, National Institute of Public Finance and Policy
(NIPFP).
42
• Srivastava, D K et al. (2021), Taxing Petroleum Products: Sharing Revenue Space between Centre
and States, Economic and Political Weekly, Vol. 56, Issue No. 9, 27 Feb, 2021.
• Bajaj & Dutt (2020), "Financing of fiscal response to COVID-19: a pragmatic Alternative", Indian
Economic Review, Vol. 55. (Suppl 1): S149 - S160, Budget at Glance 2021-22.
• Chakraborty, Lekha (2021), Union Budget 2021-22: The Macroeconomic Frame- work, Economic
and Political Weekly, Vol. 56, Issue No. 9, 27 Feb, 2021.
• Latest Economic Survey and Budget Documents.
• Other recent contributions in literature.
43
Discipline Specific Elective 15 (DSE-15): Research Methodology
for Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI Research
Methodology
Class
for 4 3 1 0 NIL
12th
Economics –
ECON044
Learning Objectives

• The course offers the conceptual and methodological issues in details that go into successful
conduction of a scientific research.
• That includes the theoretical and methodological approaches in measurement, proposing and testing
hypotheses, scientific communication and the ethical issues in the practice of science.
Learning outcomes

• The students will lean framing research problems, identifying gaps in literature and scientific
approaches to conduct both theoretical and empirical research.
• This course will build the capacity to conduct research in the fourth year at the undergraduate level.
Syllabus
UNIT I: Starting a Research Paper (9 hours)

Forming an economic hypotheses; Components of a Research Paper
UNIT II: Sources of Data and Literature (9 hours)

Familiarizing students with a wealth of Secondary Datasets that are available;
Exposing students to the basics of compiling data from Websites; outlets and search engines to study the
literature
UNIT III: Creating New Data (9 hours)

Surveys and Experiments
UNIT IV: Analyzing Data (9 hours)

Data Discovery; Causal Inference; Big Data
UNIT V: Writing a Research Paper (9 hours)

Style of writing a Research Paper and Communicating the Results
• Jacobson, M., Neugeboren, R. H. (2005). Writing Economics. United States: Harvard University.
(link)
• Pinker, S. (2014). The Sense of Style: The Thinking Person's Guide to Writing in the 21st Century.
United Kingdom: Penguin Publishing Group.
44
• Greenlaw, S. A. (2005). Doing economics : a guide to understanding and carrying out economic
research. Boston: Cengage Learning.
• Thomson, W. (2001). A Guide for the Young Economist. United States: MIT Press.
• Glewwe, Paul; Todd, Petra. 2022. Impact Evaluation in International Development : Theory,
Methods and Practice. Washington, DC: World Bank. (link)
• John A. Rice (2007). Mathematical Statistics and Data Analysis, 3rd ed. Thomson Brooks/Cole.
• Deaton, Angus. The analysis of household surveys (reissue edition with a new preface): A
microeconometric approach to development policy. World Bank Publications, 2019.
• Haaland, Ingar, Christopher Roth, and Johannes Wohlfart. "Designing information provision
experiments." JEL forthcoming
• Duflo, Esther, and Abhijit Banerjee, eds. Handbook of field experiments. Volumes 1 & 2. Elsevier,
2017
• List, John A."Why Economists Should Conduct Field Experiments and 14 Tips for Pulling One
Off." The Journal of Economic Perspectives, vol. 25, no. 3, American Economic Association, 2011,
pp. 3-15,(link).
• Huntington-Klein, N. (2021). The effect: An introduction to research design and causality.
Chapman and Hall/CRC.
• John Cochrane's Writing Group Webpage (link)
45
Discipline Specific Elective 16 (DSE-16): Financial Economics
Semester
Duration (per week)
Credits Practical Prerequisite
& Code Tutoria Criteria
Lecture /
l
Practice
IV/VI/VIII Class XII Introductory
Financial Mathematical
with
Economics – 4 3 0 1 Methods for
Mathema
ECON046 Economics
tics
Learning Objectives
• To equip students with essentials tools for understanding Finance at undergraduate level.
• To enable students to use modelling techniques to solve Financial Economics concepts.
• To develop necessary skill and knowledge for financial problem solving
Learning outcomes
• After studying this course, students would be able to understand the basic concepts of finance and
financial variables.
• They would develop an understanding of basics of finance including interest rates, annuity, and cash flow.
• The analytical approach adopted in this paper will strengthen and channelise their skills for more advance
approaches in finance.
SYLLABUS OF DSE: FINANCIAL ECONOMICS
Unit 1. Deterministic cash-flow streams (12 Hours)

Basic theory of interest; discounting and present value; internal rate of return; evaluation criteria; fixed-
income securities; bond prices and yields; interest rate sensitivity and duration; immunisation; the term
structure of interest rates; yield curves; spot rates and forward rates.
Berk, DeMarzo
Chapter 4: Time Value of Money (all sections)
Chapter 6: Valuing Bonds (all sections)
Chapter 7: Investment Decision Rules (all sections)
Brealey, Richard A., Myers, Stewart, C., Allen, Franklin:
Chapter 5: Net Present Value and Other Investment Criteria (Section 5.3, pages 107-115)
Bodie, Kane, Marcus
Chapter 14: Bond Prices and Yields (Section 14.1-14.3, Pages 445-460,
Chapter 15: Term Structure of Interest Rate (Section 15.1-15.5, Pages 487-504)
Chapter 16: Managing Bond Portfolios (Section 16.1, 16.3, Pages 515 – 525, 535 – 543)
Unit 2. Single-period random cash flows (12 Hours)

Random asset returns; portfolios of assets; portfolio mean and variance; feasible combinations of mean and
variance; mean – variance portfolio analysis; the Markowitz model; risk-free assets
Bodie, Kane, Marcus
Chapter 7: Optimal Risky Portfolio (Section 7.1 – 7.3, 7.4 Pages 205-218 till Example 7.3, 220
– 228)
Berk, DeMarzo
46
Chapter 11: Optimal Portfolio Choice and CAPM: (Sections 11.1 – 11.6, pages 351 – 378)
Unit 3. Capital Asset Pricing Model (CAPM) (12 Hours)

The capital market line; the capital asset pricing model; the beta of an asset and of a portfolio; security market
line; use of the CAPM model in investment analysis and as a pricing formula. Arbitrage pricing theory(APT)
and multi-factor model of risk and return.
Bodie, Kane, Marcus
Chapter 9: Capital Asset Pricing Model (Section 9.1, Pages 291-300)
Chapter 10: Arbitrage pricing theory(APT) and multi-factor model of risk and return.
Berk, DeMarzo
Chapter 11: Optimal Portfolio Choice and CAPM: (Sections 11.7 – 11.8 , pages 379 - 399)
Brealey, Richard A., Myers, Stewart, C., Allen, Franklin
Chapter 8: Portfolio Theory and the Capital Asset Pricing Model (Section 8.4, pages 199-203)
David G. Luenberger:
Chapter 7: The Capital Asset Pricing Model (Section 7.3 & 7.7, Pages 177 – 179, 187 - 190)
Unit 4. Market Efficiency & Behavioural Finance (09 Hours)

Bodie, Kane, Marcus
Chapter 11: Efficient Market Hypothesis (Sections 11.1-11.2, 11.4, Pages 349 – 357, 362-63)
Chapter 12: Behavioural Finance & Technical Analysis
Brealey, Richard A., Myers, Stewart, C., Allen, Franklin
Chapter 13: Efficient Markets & Behavioral Finance (Sections 13.2, 13.5, Pages 314 – 318,
329-333)
Practical Component (30Hours)
1. Present Value and Net Present Value

2. Internal Rate of Return and Loan Tables \
3. Multiple Internal Rates of Return
4. Future Values and Applications
5. Continuous Compounding
6. Analyzing the Cash Flows by NPV or IRR
7. Portfolio Models
8. Calculating Efficient Portfolios When There Are No Short-Sale Restrictions
Reference for Practical:
Simon Benninga, Financial Modelling, MIT Press, Third Edition, 2008:
Chapter 1: Basic Financial Calculations (Sections: 1.2, 1.3, 1.4, 1.6, 1.8)
Chapter 7: The Financial Analysis of Leveraged Leases(Sections: 7.1, 7.2, 7.3)
Chapter 8: Portfolio Models
Chapter 9: Calculating Efficient Portfolios When There Are No Short-Sale
Restrictions
Essential/recommended readings
Bodie, Kane & Marcus, Investments McGraw Hill 10th Edition, 2014
Berk, DeMarzo, Corporate Finance, Pearson, 3rd Edition, 2014
Brealey, Richard A., Myers, Stewart, C., Allen, Franklin, Principles of Corporate Finance,
McGraw Hill 10th Edition, 2011
David G. Luenberger, Investment Science, Oxford Press, 1998
Simon Benninga, Financial Modelling, MIT Press, Third Edition, 2008
47
Discipline Specific Elective 17 (DSE-17): Money and Financial
Markets
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Money and Intermediate
Financial Class Macroecono
4 3 1 0
Markets – 12th mics I
ECON047 (ECON008)
Learning Objectives

• This course exposes the theory and functioning of the monetary and financial sectors of the
economy. It highlights the organization, structure, and role of financial markets and institutions.
• It also discusses interest rates, monetary management, and instruments of monetary control.
• Financial and banking sector reforms and monetary policy with special reference to India are also
covered.
Learning outcomes

This allows students to understand current monetary policies and financial market outcomes. It also enables
them to critically evaluate policies and role of the central bank.
Syllabus
UNIT I: Money (9 hours)

Understanding concept and functions of money, Measurement of money supply, Analytics and methodology
of computation of money supply, Theories of money supply determination
UNIT II: Financial markets: an Introduction (12 hours)

Role of financial markets and institutions, Money and Capital markets: Pricing and other analytical issues,
Financial derivatives: Futures, Options and Swaps, Financial markets in India: Organization, Structure and
Reforms in India
UNIT III: Interest Rates (12 hours)

Determination of interest rates, Sources of interest rates differentials and risk, Theories of term structure of
interest rates, Interest rates in India
UNIT IV: Central Banking and Monetary policy (12 hours)

Central Bank: Functions and Balance Sheet, Monetary Policy: Targets and instruments, Monetary
management in an open economy, Monetary Policy Framework in India: Evolution and current scenario,
critical evaluation, Emerging issues in Monetary policy- Changing payment mechanism, Cryptocurrency
and others
• F J Fabozzi et al: Foundations of Financial Markets and Institutions Pearson
• F S Mishkin , S G Eakins, T Jayakumar, R K Pattnaik : Financial Markets and Institutions Pearson
• N Jadhav: Monetary Policy, Financial stability and Central Banking in India Macmilla
48
• Report of the Working Group: Money Supply Analytics and Methodology of Compilation, 1998
Annual Report; Master Circular - Prudential Norms on Capital Adequacy - Basel I Framework -
2011; RBI Bulletin; Report of Currency and Finance (latest).
• Dua, P., "Monetary Policy Framework in India", Indian Economic Review, Vol. 55, Issue 1, June
2022
• Ghate, C., & Kletzer, K. M. (Eds.). (2016). Monetary policy in India: A modern macroeconomic
perspective. Springer.
• Various publications of RBI and other agencies / institutions
49
Discipline Specific Elective 19 (DSE-19): Behavioural Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Game
Behavioural Theory and
Class
Economics – 4 3 1 0 Strategic
12th
ECON049 Interactions
(ECON013)
Learning Objectives

• This course introduces departure in behaviour predicted by standard economic theories to provide
insights into the new and evolving area of Behavioural Economics.
• First, it outlines the common ideas and theories of Behavioural Economics using the basic
mathematical techniques and standard concepts of microeconomics. The empirical basis for the
theories of Behavioural Economics is discussed briefly with particular emphasis on the role and
nature of experiments.
• The last segment of the course discusses the policy implications of these experiments and policy
lessons that have been implemented as a result of empirical support to the theories of behavioural
economics.
• The course explains the origin of Behavioural Economics in terms of anomalies in behaviour that
deviate from predicted rational behaviour. It introduces the common ideas and theories of
Behavioural Economics. It further familiarise the student with the different types of experiments
used for empirical studies.
• The students would demonstrate the policy lessons derived from theories of Behavioural
Economics.
Learning outcomes

• This course equips students to contrast the outcomes of standard classical microeconomic theories
with real outcomes, to apply the theories that explain anomalies/deviations from rational predicted
behaviour.
• It communicate the basic theories of behavioural economics cogently and critically Final
Examination in the findings from experiments in terms of their applicability to public policy
settings.
Syllabus
UNIT I: Biases/Anomalies and Overview (15 hours)

Some Common Anomalies from Benchmark Theories; Overview of Behavioural Economics
UNIT II: Common Ideas and Theories (15 hours)

Heuristic Thinking; Risk Preferences and Reference-Dependent Preferences; Time Preferences; Social
Preferences; Probabilistic Reasoning and Beliefs; Limited Attention; Limited Rationality
UNIT III: Empirical Applications and Policy Suggestions (15 hours)
50
Methods: Natural experiments, Lab experiments, Field experiments, Survey; Empirical Applications and
Policy Suggestions
• Bernheim, B. Douglas, Stefano DellaVigna, and David Laibson. Handbook of Behavioral
Economics-Foundations and Applications. Volumes 1 & 2. Elsevier, 2019.
• Dhami, Sanjit. The Foundations of Behavioral Economic Analysis. Oxford University Press, 2016.
• Angner, Erik. A Course in Behavioral Economics. Bloomsbury Publishing, 2020.
• Thaler, Richard H.. Misbehaving: The Making of Behavioral Economics. New York: WW
Norton, 2015.
• Thaler, Richard H., and Cass R. Sunstein. Nudge: Improving Decisions about Health, Wealth,
and Happiness. Yale University Press, 2008
51
Discipline Specific Elective 20 (DSE-20): Comparative Economic
Development
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Comparative
Economic Class
4 3 1 0 NIL
Development 12th
– ECON050
Learning Objectives

• This course investigates selected issues in industrialization and development experiences and
debates in comparative historical perspective.
• The course focuses on a set of countries (Britain, Japan and East Asian economies) which followed
diverse trajectories of growth to achieve their industrial transition.
• It compares the outcomes of these diverse trajectories on sectoral change, intersectoral relations,
labour processes and industrial relations.
• It also compares the role of the state in facilitating the respective trajectories.
Learning outcomes

The students will be able to learn critical factors affected economic development in a historical perspective
and assimilate materials from diverse narratives. It will help them to think in an interdisciplinary manner.
Syllabus
UNIT I: Introduction (6 hours)

Theoretical issues and comparative historical background.
UNIT II: Agricultural transformation and its role in industrialization (6 hours)

Agrarian and land relations, production and productivity, agrarian surplus in industrial development. Case
studies: Britain, Japan and East Asia.
UNIT III: The industrialization process of Britain, Japan and East Asia (6 hours)
UNIT IV: East Asian Development (9 hours)

A Theoretical Debates (Is it a miracle or not? Is it market or the state? Flying Geese Model? Can we have
an “East Asian Model”? Lessons for the other countries.)
UNIT V: The factory system and making of the industrial working class. Case studies: Britain,
Japan and East Asia (6 hours)
UNIT VI: The role of the state in industrial and developmental transitions. Case studies: Britain, Japan and
East Asia. (6 hours)
UNIT VII: Export Oriented Development in East Asian Countries? Trade and Industry. (Export-Oriented
Industrialization (EOI) vs Import-substitution Industrialization (ISI) - International Context and Domestic
Requirements. Importance of trade for underdevelopment vs development. ) (6 hours)
52
• Hughes, J., Cain, L. (1994). American Economic History, 4th ed. HarperCollins College Publishers.
• Hayami, Y. (1975). A century of agricultural growth in pre-war Japan: Its relevance to Asian
development. University of Minnesota Press.
• Hobsbawm, E. (1968). Industry and empire: An economic history of Britain since 1750. Weidenfeld
& Nicholson.
• Hobsbawm, E. (1984). Worlds of labour: Further studies in the history of labour. Weidenfeld &
Nicolson.
• Johnson, C. (1982). MITI and the Japanese miracle: The growth of industrial policy 1925-1975.
Stanford University Press.
• Macpherson, W. (1995). The economic development of Japan 1868-1941. Cam- bridge University
Press.
• Norman, E. (2007). Japan's emergence as a modern state: Political and economic problems of the
Meiji period. University of British Columbia Press.
• Okochi, K., Karsh, B., Levine, S. (1974). Workers and employees in Japan: The Japanese
employment relations system. Princeton University Press.
• Maddison, Angus (2001). The World Economy, Vol. 1: A Millennial Perspective. OECD.
• G.M. Walton and H. Rock-off History of the American Economy, Eleventh Edition. Harcourt Brace
Jovanovich.
• Sven Beckert (2015), Empire of Cotton- A Global History, Vintage.
• Michael Merrill, "Cash is Good to Eat: Self-Sufficiency and Exchange in the Rural Economy of the
U.S.," Radical History Review, (Winter 1976-77), 42-71.
• Allan Kulikoff, "The Transition to Capitalism in Rural America," William and Mary Quarterly
46 (1989): 120-44.
• Paul David, "Technology, History, and Growth," in Paul David, Technical Choice, Innovation and
Economic Growth (Cambridge, 1975).
• Gordon, Edwards, and Reich, Segmented Work, Divided Workers, ch. 4
• Naomi Lamoreaux, The Great Merger Movement in American Business, 1895-1904.
• Lipset, "Radicalism or Reformism: The Sources of Working-Class Politics," American Political
Science Review 77:1 (Mar. 1983), 1-18.
• Sheila Collins and Gertrude Goldberg, When Government Helped: Learning from the Successes
and Failures of the New Deal. Oxford, Oxford University Press: 2013.
• Morton Horwitz, The Transformation of American Law, 1870-1960 (New York, 1992).
• Edward Baptist, The Half has Never Been Told: Slavery and the Making of American Capitalism.
New York, Basic Books, 2014.
• Myers, R.H., 1991. How did the modern Chinese economy develop? - a review article. The Journal
of Asian Studies, 50(3), pp.604-628.
• World Bank 1993. The East Asian Miracle, New York, Oxford University Press.
• Rodrik, D, 1994, 'King Kong Meets Godzilla' in A. Fishlow et al., Miracle or Design? - Lessons
from the East Asian Experience, Washington, D.C., Overseas Development Council.
• Cheng, T, Haggard, S and Kang, D, 1998, 'Institutions and Growth in Korea and Taiwan: The
Bureaucracy', Journal of Development Studies, vol. 34, no. 6.
• Best, M, 1990, New Competition, Cambridge, Polity Press.
• Amsden, A, 1992. Asia's Next Giant: South Korea and Late Industrialization, OUP
• Amsden, A, 1985, 'The State and Taiwan's Economic Development' in P. Evans, D. Rueschemeyer
and T. Skocpol, 1985, eds., Bringing the State Back In, Cambridge, Cambridge University Press.
• Chang, H.J., 2006. The East Asian development experience: The miracle, the crisis and the
future. Zed Books.
• Morrissey, O. and Nelson, D., 1998. East Asian economic performance: miracle or just a pleasant
surprise?. World Economy, 21(7), pp.855-879.
• Crafts, N., 1999. East Asian growth before and after the crisis. IMF Staff Papers, 46(2), pp.139-166.
• Waldron, S., Brown, C. and Longworth, J., 2006. State Sector Reform and Agri- culture in China.
The China Quarterly, (186), p.277.
• Krugman, Paul (1994), "The Myth of Asia's Miracle," Foreign Affairs, Vol.73 Issue 6.
53
• Hau, Shiping (2017), "Introduction: East Asian Development Model,"
• Kuznets, Paul (1988), "An East Asian Model of Economic Development: Japan, Taiwan, and South
Korea," Economic Development and Cultural Change, Vol.36 No.3.
• Cline, William (1982), "Can the East Asian Model of Development be Generalized?"
• World Development, Vol.10 Issue 2.
• Aoki, Masahiko (2013), "Historical Sources of Institutional Trajectories in Eco- nomic
Development: China, Japan and Korea Compared."
• Lawrence & Weinstein (2001), "Trade and Growth: Import Led or Export Led? Evidence from
Japan and Korea" in Stiglitz & Yusurf.
• Weiss, John (2005), Export and Industrial Policy: Lessons from East Asian Miracle Experience
• Dregger, Christian and Herzer, Dierk (2013), "A Further Final Examination of the Export-Led
Growth Hypothesis," Empirical Economics Vol.45 Issue 1.
54
Discipline Specific Elective 21 (DSE-21): Corporate Finance and
Governance
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Game
Corporate
Theory and
Finance and Class
4 3 1 0 Strategic
Governance 12th
Interactions
– ECON051
(ECON013)
Learning Objectives

• The field of corporate finance has undergone a tremendous mutation in the past three decades,
specially after the global financial crisis. A substantial and important body of empirical work
has provided a clearer picture of patterns of corporate financing and governance, and of their impact
for firm behavior and macroeconomic activity.
• This course aims to introduce the conceptual foundation of those issues. It will introduce firm’s
behavour of finance choice in the presence of tax distortions, transaction costs, informational
asymmetries etc.
Learning outcomes

• The students will understand the variety of institutions running corporate business in present day
world and will be familiar with the strategies to govern them effectively.
Syllabus
UNIT I: An economic overview of corporate institutions (9 hours)
UNIT II: Corporate Governance (9 hours)

Separation of ownership and control, managerial incentives, investor’s activism, takeover, leverage buyout
UNIT III: Corporate Financing and Agency Costs Outside Financing Capacity (6 hours)
UNIT IV: Determination of borrowing capacity (6 hours)
UNIT V: Corporate financing under asymmetric information (9 hours)
UNIT VI: Exit and voice: Passive and active monitoring (6 hours)
• Tirole, J. (2010). The theory of corporate finance. Princeton university press.
• Vernimmen, P., Quiry, P., & Le Fur, Y. (2022). Corporate finance: theory and practice. John Wiley
& Sons.
55
Discipline Specific Elective 22 (DSE-22): Economics of Education
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Game
Economics of Theory and
Class
Education – 4 3 1 0 Strategic
12th
(ECON013)
Learning Objectives

• This course discusses the economic aspects of current issues in education, using both economic
theory and econometric tools.
• Topics include discussion of basic human capital theory, production of education, costing and
finance of education, the growing impact of education on earnings and earnings inequality, the
labour market for teachers, implications of the introduction of technology (computers) on
education, the effectiveness of mid-career training for adult workers, the roles of school choice, and
educational outcomes and inequality in demand for education and educational outcomes.
Learning outcomes

• This course will develop skills amongst the students to conduct research and analysis in the field of
economics of education.
Syllabus
UNIT I: The Role of Education in Human Development (12 hours)

Macro issues in education, human capital theory, returns to education, signalling theory, education and
labour market outcomes, costs and benefits of education, education production analysis and early childhood
education.
UNIT II: Analysis of School Education (12 hours)

Challenges, educational interventions and attainments, financing, accountability and standards
UNIT III: Higher Education and Training (9 hours)

Issues of higher education in India, role of internship and apprenticeship in improving labour market
outcomes
UNIT IV: Education and Inequality (12 hours)

Inequality in uptake and outcomes, and the role of affirmative action.
• Bradley, S., & Green, C. (Eds.). (2020). The Economics of Education: A Com- prehensive Overview.
• Lovenheim, M., & Turner, S. E. (2017). Economics of education. Macmillan Higher Education.
• Altinok, Nadir, and Geeta Kingdon. ”New evidence on class size effects: A pupil fixed effects
approach.” Oxford Bulletin of Economics and Statistics 74, no. 2 (2012): 203-234.
56
• Angrist, Joshua D., and Victor Lavy. ”Using Maimonides’ rule to estimate the effect of class
size on scholastic achievement.” The Quarterly Journal of Economics 114, no. 2 (1999): 533-575
• Abhijit Banerjee, Shawn Cole, Esther Duflo, Leigh Linden. “Remedying Education: Evidence from
Two Randomized Experiments in India”, Quarterly Journal of Economics, 122, No. 3, Aug 2007,
Pages 1235–1264.
• Hanushek, Eric A. ”Assessing the effects of school resources on student performance: An update.”
Educational evaluation and policy analysis 19, no. 2 (1997a): 141-164.
• Hanushek, Eric A. ”Outcomes, incentives, and beliefs: Reflections on analysis of the economics
of schools.” Educational Evaluation and Policy Analysis 19, no. 4 (1997b): 301-308.
• Hattie, John. ”The paradox of reducing class size and improving learning outcomes.” International
journal of educational research 43, no. 6 (2005): 387-425.
• Hanushek, E. A., Machin, S. J., & Woessmann, L. (Eds.). (2016). Handbook of the economics of
education. Elsevier.
• Ronald G., Ehrenberg and Robert S., Smith. Modern Labor Economics: Theory and Public Policy,
11th edition, Addison Wesley
• Hanushek, Eric A., 2005, Economic Outcomes and School Quality, International Academy of
Education and International Institute for Educational Planning.
• Majumdar, M. (2017). Access, success, and excess: Debating shadow education in India. In
Routledge Handbook of Education in India (pp. 273-284). Routledge India.
• Blatchford, P., & Mortimore, P. (1994). The issue of class size for young children in schools:
What can we learn from research?. Oxford review of education, 20(4), 411-428.
• Kingdon, G. G., & Teal, F. (2007). Does performance related pay for teachers improve student
performance? Some evidence from India. Economics of Education Review, 26(4), 473-486.
• Kingdon, G. G. (2020). The private schooling phenomenon in India: A review. The Journal of
Development Studies, 56(10), 1795-1817.
• Varughese, A. R., & Bairagya, I. (2021). Interstate variation in household spending on education in
India: Does it influence educational status?. Structural Change and Economic Dynamics, 59, 405-
415.
• Haveman, R., & Smeeding, T. (2006). The role of higher education in social mobility. The Future
of children, 125-150.
• Afridi, F., Barooah, B., & Somanathan, R. (2020). Designing effective transfers: Lessons from
India’s school meal program. Review of Development Economics, 24(1), 45-61.
• Singh, A., Park, A., & Dercon, S. (2014). School meals as a safety net: an evaluation of the midday
meal scheme in India. Economic Development and Cultural Change, 62(2), 275-306.
• Afridi, F., Barooah, B., & Somanathan, R. (2020). Improving learning outcomes through information
provision: Experimental evidence from Indian villages. Journal of Development Economics, 146,
102276.
• Banerjee, A. V., Cole, S., Duflo, E., & Linden, L. (2007). Remedying education: Evidence from two
randomized experiments in India. The Quarterly Journal of Economics, 122(3), 1235-1264.
• Coate, Stephen, and Glenn C. Loury (1993) ‘Will Affirmative Action Policies Eliminate Negative
Stereotypes.’ American Economic Review 83(5), 1220–1240
• Cullen, Julie Berry, Brian A Jacob, and Steven Levitt (2006) ‘The effect of school choice on
participants: Evidence from randomized lotteries.’ Econometrica 74(5), 1191–1230
• Kingdon, G. G. (2007). The progress of school education in India. Oxford Review of Economic
Policy, 23(2), 168-195
• Borooah, V. K. (2012). Social identity and educational attainment: the role of caste and religion
in explaining differences between children in India. Journal of Development Studies, 48(7), 887-903.
• Chin, A. (2005). Can redistributing teachers across schools raise educational attainment? Evidence
from Operation Blackboard in India. Journal of development Economics, 78(2), 384-405.
• Ghosh, P., & Bray, M. (2018). Credentialism and demand for private supplementary tutoring: A
comparative study of students following two Examination boards in India. International Journal of
Comparative Education and Development.
• Gandhi Kingdon, G. (2002). The gender gap in educational attainment in India: How much can be
explained?. Journal of Development Studies, 39(2), 25-53.
• Azam, M., & Kingdon, G. G. (2013). Are girls the fairer sex in India? Revisiting intra-household
allocation of education expenditure. World Development, 42, 143- 164.
57
• Asadullah, M. N. (2005). The effect of class size on student achievement: Evidence from Bangladesh.
Applied Economics Letters, 12(4), 217-221.
• Tholen, G., Brown, P., Power, S., & Allouch, A. (2013). The role of networks and connections
in educational elites’ labour market entrance. Research in Social Stratification and Mobility, 34, 142-
154.
• Silva, P., Lopes, B., Costa, M., Melo, A. I., Dias, G. P., Brito, E., & Seabra, D. (2018). The
million-dollar question: can internships boost employment?. Studies in Higher Education, 43(1), 2-
21.
• Wright, E., & Mulvey, B. (2021). Internships and the graduate labour market: how upper-middle-
class students ‘get ahead’. British Journal of Sociology of Education, 42(3), 339-356.
• Deshpande, A. (2005). Affirmative action in India and the United States.
58
Discipline Specific Elective 23 (DSE-23): Forecasting Methods for
Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Forecasting
Basic
Methods for Class
4 3 1 0 Econometric
Economics – 12th
s (ECON024)
ECON053
Learning Objectives

• This course builds on the compulsory Basic Econometrics course and teaches students a broad set of
commonly used econometric methods for forecasting econometric variables.
• These include both quantitative and qualitative Forecasting Techniques including VAR, VECM,
ARIMA etc.
Learning outcomes

• Students will learn the theoretical and practical basis for forecasting techniques widely used in
empirical research and consider their application in a wide range of problems.
Syllabus
UNIT I: Basics of Forecasting (6 hours)

Tools for forecasting, forecasting methods and applications, forecast horizon
UNIT II: Quantitative Forecasting Techniques (9 hours)

Definition, Time Series- Naı̈ve, Average, Simple Moving Average, Weighted Moving Average, Exponential
Smoothing; Fore- cast Errors Accuracy, Trend Projection, Seasonal Indexes, Holt’s, winter’s Model, Linear
Regression. Smoothing Techniques, Exponential smoothing methods, Decomposition methods.
UNIT III: Box-Jenkins Methodology: Unit roots; Autoregressive models, moving average models, mixed
autoregressive and moving average models; Identification, estimation, diagnostic checking and Forecasting
(9 hours)
UNIT IV: Forecasting with Multiple Regression Models (6 hours)
UNIT V: Cointegration, Granger Causality, Error Correction (6 hours)
UNIT VI: Qualitative Forecasting Techniques (9 hours)

Definition, Delphi, Precautions in administering Delphi, Sales force composite, Consumer Panel Survey,
Nominal group, and their Drawbacks.
• Spyros G. Makridakis, Steven C. Wheelwright, Rob J Hyndman (2008), Forecast- ing: Methods and
Applications, Wiley Publications.
59
• Dimitrios Asteriou and Stephen G. Hall, 4th edition, Applied Econometrics, 2021, Palgrave
Macmillan.
• Hyndman, R.J., & Athanasopoulos, G. (2021) Forecasting: principles and practice, 3rd edition,
OTexts: Melbourne, Australia. OTexts.com/fpp3.
• Asteriou, D and Hall, Stephen G, Applied Econometrics, 4th Edition, 2021, Palgrave Macmillan.
• James Stock and Mark Watson, Introduction to Econometrics, 4th Edition, 2019, Pearson.
• Wooldridge, J. (2014). Introduction to econometrics: A modern approach, 5th ed. Cengage Learning.
• Gujarati, D., Porter, D. (2012). Basic econometrics, 5th ed. McGraw-Hill.
• Badi H. Baltagi, Econometrics, 5th Edition, 2011, Springer.
• J. Johnston and J. DiNardo (2001), Econometric Methods, Fourth Edition, Irwin Mcgraw Hill
• G.S. Maddala and Kajal Lahiri, Introduction to Econometrics, 4th Edition, 2012, Wiley.
• Diebold, F.X. (2017), Forecasting, Department of Economics, University of Pennsylvania.
60
Discipline Specific Elective 24 (DSE-24): History of Economic
Thought
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII History of
Economic Class
4 3 1 0 NIL
Thought – 12th
ECON054
Learning Objectives

• This course intends to acquaint students to an evolution of the history of economic thought from its
initial thinkers to ideas of institutionalism and the reinvention of liberalism.
• The course will discuss selected authors on economic theory to understand them within the
framework of intellectual debate and change.
• The idea is to expose students to the milestones in economic theory and provide a more holistic
understanding of the evolution of contemporary economics.
• The course attempts to fulfil the need to integrate the history of economics with the teaching of the
principles of economics.
Learning outcomes

• The students will develop an understanding of the historical antecedents and methodological
premises of the theories in economics.
• They will also have a grounding in the set of ideas that inform academic debates and the making of
policies related to the economy in the contemporary world.
Syllabus

Why study economic thought; history of economic thought or his- tories of economic thought.
UNIT II: The surplus approach and the rise of political economy (9 hours)
Value, Price, Money, Income Distribution, Macroeconomic Setting, Growth and Trade: Reading Adam
Smith, David Ricardo and Karl Marx.
UNIT III: Marginalism and Keynesianism (9 hours)

Utility, technology and price : Jevons, Menger, Walras and Marshall. Keynes, Kalecki and the principle
of effective demand.
UNIT IV: Institutionalism and Evolutionary Economics (9 hours)

Industrial and Pecuniary employments in Thorstein Veblen; labour as an overhead cost: competition and
Knowledge – perfect, imperfect and Rivalrous; Schumpeter: creative destruction, innovation and business
cycle.
UNIT V: Neoliberalism and Post-Keynesianism Theory, policy, critique and prospects. Milton Friedman (9
61
hours)
• Munday, S. C. (1996). A Brief History of Economic Thought. In Current Developments in
Economics (pp. 15-32). Palgrave, London.
• Roncaglia, Alessandro (2017). A Brief History of Economic Thought. Cambridge University Press
• Sandelin, B., Trautwein, H. M., & Wundrak, R. (2014). A short history of economic thought.
Routledge.
• Medema, S. G., & Samuels, W. J. (2013). The history of economic thought: a reader. Routledge.
• Backhouse, R.E., 1987. A history of modern economic analysis. Basil Blackwell.
• Schumpeter, Joseph A: “The Development of Economics as a Science” in Economic Doctrine and
Method. New York, OUP. 1954, Chapter 1, pp 9-44
• Kaul, Nitasha: Imagining Economics Otherwise, Encounters With Identity/Difference. First
published in 2008, Reprint 2009. Routledge, New Delhi, pp 73-79
• Foley, D. 2009. Adam’s Fallacy: A Guide to Economic Theology. Cambridge, MA and London,
England: Harvard University Press.
• Galbraith, J.K., 1987. A history of economics: The past as the present. London: H. Hamilton.
• Foley, D. 2009. Adam’s Fallacy: A Guide to Economic Theology. Cambridge, MA and London,
England: Harvard University Press.
• Hunt, E.K. and Lautzenheiser, M., 2015. History of economic thought: A critical perspective.
Routledge.
• Martins, N.O., 2013. The Cambridge revival of political economy. Routledge.
• Mazzucato, M., 2018. The value of everything: Making and taking in the global economy. Hachette
UK.
• Medema, S.G. and Samuels, W.J., 2013. The history of economic thought: a reader. Routledge
• Screpanti, E. and Zamagni, S., 2005. An outline of the history of economic thought. OUP Oxford.
• Temin, P. and Vines, D., 2014. Keynes: useful economics for the world economy. MIT Press.
• Vaggi, G. and Groenewegen, P., 2016. A concise history of economic thought: From mercantilism
to monetarism. Springer.
• Gustafsson, B., Knudsen, C. and Uskali, M. eds., 1993. Rationality, institutions and economic
methodology. Routledge.
• Veblen, T B: The Engineers and the Price System. New York, Augustus M Kelley, 1965. Pp 27-51
• Commons, J R: Institutional Economics. AER, Volume 21 1931, pp 648-657
• Clark, J M: Studies in the Economics of Overhead Costs. University of Chicago Press, 1923. Pp
357-385
• Stigler: Perfect Competition, “Historically Contemplated”, in JPE, vol. 65, Number 1, February
1957, pp 1-17
• Kirzner, I: Competition Regulation and the Market Process: An Austrian Perspective. (Link to be
provided).
• Friedman, M: “ Neo Liberalism and its Prospects”, from The Collected Works of Milton Friedman pp
89-93
• Chernomas, Robert and Hudson, Ian: The Profit Doctrine. Pluto Press. Chapter Title: ‘Milton
Friedman: The Godfather of the Age of Instability and Inequality.
• Bo Sandelin, Hans-Michael Trautwein, Richard Wundrak A Short History of Eco- nomic Thought.
Routledge. Third Edition. 2014.
• Daron Acemoglu, Francisco A. Gallego, and James A. Robinson Institutions, Human Capital and
Development. NBER Working Paper No. 19933. February 2014.
• Daron Acemoglu, Simon Johnson, and James Robinson. Institutions as the Fundamental Cause of
Long-Run Growth. NBER Working Paper No. 10481. May 2004
• Heilbroner, R. L. (1986). The Worldly Philosophers. New York, Simon & Schuster.
62
Discipline Specific Elective 25 (DSE-25): Industrial Organisation
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Game
Industrial Theory and
Class
Organisation 4 3 1 0 Strategic
12th
– ECON055 Interactions
(ECON013)
Learning Objectives

• The course assumes knowledge of intermediate microeconomics and game theoretical tools. The
students should also be comfortable with applications of calculus.
• This course studies imperfectly competitive market and primarily focuses on firms’ strategies in
oligopolistic market environments.
• This is the foundation course which aims to prepare the students for further study and research.
• Along with classical models of industrial organisation, the course also covers some contemporary
topics like mergers and acquisitions, patents, advertising and networks.
• The learning from this course would be useful to understand and analyse different anti-competitive
practices of the firms and the need for designing better competition policy for regulating the market.
Learning outcomes

• The students will be able to learn classical models in imperfectly competitive market, understand
why regulation of firms is necessary.
• They will be able to relate modern issues of industrial organisation
Syllabus
UNIT I: Imperfectly Competitive Market Product Differentiation, Bertrand, Cournot, Hotelling, Salop,
Monopolistic Competition (6 hours)
UNIT II: Dynamic Models of Oligopoly, Cartels, Collusion and Entry Deterrence, Anti-trust (9 hours)
UNIT III: Vertical Relation and Vertical Restraint; Double Marginalization, Successive Oligopoly,
Raising Rival’s Cost, Resale Price Maintenance (RPM), Exclusive Dealing (6 hours)
UNIT IV: Mergers and Acquisitions, Horizontal and Vertical Integration (6 hours)
UNIT V: Technology, Innovation, R&D; Market structure and innovation, R&D, Patents, Technology
Transfer (6 hours)
63
UNIT VI: Networks; network Effects, Markets for a Single Network Good and Several Net- work goods (6
hours)
UNIT VII: Advertisement; Social Costs and Benefits of Advertising, Market Structure, Advertising as
Barrier to Entry, Product Differentiation and Competition (6 hours)
• Cabral, L. M. B. (2017), Introduction to Industrial Organization. Second edition, Cambridge, Mass:
MIT Press.
• Church, J. R., and Roger Ware, (2000), Industrial Organization: A Strategic Ap- proach.Boston:
Irwin McGraw Hill.
• Shy, O., (1995), Industrial Organization - Theory and Applications, MIT Press.
• Watson, J., (2013) Strategy: An Introduction to Game Theory, W. W Norton & Company.
• Waldman, D. and Jansen E., (2013), Industrial Organization: Markets and Strategies (second edition),
Pearson.
• Belleflamme, P., and Peitz, M. (2010), Industrial organization: markets and strategies. Cambridge,
UK, Cambridge University Press.
• Tirole , J. (1988), The theory of industrial organization, Cambridge, MA: MIT Press.
64
Discipline Specific Elective 26 (DSE-26): Introduction to Causal
Inference
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Introduction
Basic
to Causal Class
4 3 2 0 Econometric
Inference– 12th
s (ECON024)
ECON056
Learning Objectives

• This course intends to provide students with the essential econometric tools required for causal
inference analysis.
• The course will give an overview about potential outcomes framework, data design and analysis.
Learning outcomes

• The students will be able to understand, design and implement various techniques of causal inference
for data analysis as a tool for research.
• The students will be able to do an independent research project based on the techniques they will
learn in this course.
Syllabus
UNIT I: Potential Outcomes Framework (9 hours)

Causal Inference and Potential Outcomes Framework
UNIT II: Research Design (9 hours)

Observational data and experimental data; sample selection
UNIT III: Methods of Analysis (9 hours)

Overview: Ordinary Least Squares (OLS) and Limited Dependent Variables (LDV) Models, Instrumental
Variables
UNIT IV: Panel Data (including Difference-in-Difference) (9 hours)

Regression Discontinuity Design (RDD); Introduction to Matching
UNIT V: Hands-on Training (9 hours)

Project work using econometric software (EViews/ R/Stata/EXCEL/SPSS/Julia)
• Huntington-Klein, N. (2021). The effect: An introduction to research design and causality. Chapman
and Hall/CRC.
• Imbens, G. W., & Rubin, D. B. (2015). Causal inference in statistics, social, and biomedical sciences.
• Stock, J. H., & Watson, M. W. (2015). Introduction to econometrics (3rd updated edition).
• Rosenbaum, P. (2018). Observation and experiment. Harvard University Press.
65
• Angrist, J. D., & Pischke, J. S. (2014). Mastering metrics: The path from cause to effect. Princeton
university press.
• Imai, K. (2018). Quantitative social science: An introduction. Princeton University Press.
• Cunningham, S. (2018). Causal inference: The mixtape (V. 1.7)
• Gertler, Paul J.; Martinez, Sebastian; Premand, Patrick; Rawlings, Laura B.; Vermeersch, Christel
M. J.. (2016). Impact Evaluation in Practice, Second Edition. Washington, DC: Inter-American
Development Bank and World Bank.
• White, H., Raitzer, D. A. (2017). Impact Evaluation of Development Interventions: A Practical
Guide. Philippines: Asian Development Bank.
• Glewwe, P., & Todd, P. (2022). Impact Evaluation in International Development.
• Carolina Arteaga,The effect of human capital on earnings: Evidence from a reform at Colombia’s
top university, Journal of Public Economics, Volume 157, 2018, 212- 225
• Bertrand, M., & Mullainathan, S. (2004). Are Emily and Greg more employable than Lakisha and
Jamal? A field experiment on labor market discrimination. American Economic Review, 94(4), 991-
1013.
66
Discipline Specific Elective 27 (DSE-27): Introduction to
Macroeconomic Dynamics
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Introduction Advanced
to Mathematica
Macroecono Class l Methods
4 3 1 0
mic 12th for
Dynamics – Economics
ECON057 (ECON009)
Learning Objectives

• This is a course which introduces the student to the basics of macroeconomic modelling through
dynamic optimization.
• This includes Bellman equation, Euler’s equation, Hamiltonian techniques and optimal control
approaches.
Learning outcomes

• The student gets insights about the construction of abstract macroeconomic models.
• This enables appreciation of a good body of macroeconomic literature in different spheres.
• The course would prove to particularly useful for those interested in pursuing macroeconomics as a
field of research and inquiry.
Syllabus
UNIT I: Dynamic Optimization (15 hours)

Difference equations; differential equations; phase plane analysis; dynamic optimization
UNIT II: Infinite Horizon and Overlapping Generations model (15 hours)
Optimal growth, Ramsey Cass Koopmans model; overlapping generations model, Diamond Dybvig Model
UNIT III: Optimal Control Theory (15 hours)
• Hoy, Livernois, McKenna, Rees, Stengos (2011), Mathematics for Economics, Addison- Wesley.
• Chiang, Alpha C (1992), Elements of Dynamic Optimization, McGraw Hill.
• Romer, David (2019) Advanced Macroeconomics. McGrawHill India.
• Barro, Robert and Sala i Martin, Xavier(2004) Economic Growth. Second Edition
• Blanchard, Olivier and Fischer, Stanley (1996), Lectures on Macroeconomics, Pren- tice Hall. Eastern
Economy Edition.
• Turnovsky, Stephen(1995) Methods of macroeconomic dynamics Prentice Hall In- dia. Eastern
Economy Edition.
• Heijdra, Ben (2017) Foundations of Modern Macroeconomics. Oxford.
67
Discipline Specific Elective 28 (DSE-28): Labour Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Game
Labour Theory and
Class
Economics– 4 3 1 0 Strategic
12th
(ECON013)
Learning Objectives

• The curriculum is an introduction to labor economics, with an emphasis on applied microeconomic
theory and empirical methods critical to microeconomic analysis, as well as the link between
research and public policy.
• This course particularly focuses on some of the core theories on labor economics e.g. labor supply,
labor demand, role of human capital, incentives, agency, efficiency wages, wage differential and
discrimination. The main objective of this course is to enlighten students with some core topics in
labor economics with some of the important empirical methods.
Learning outcomes

• The students will be able to understand basic theories of labor markets, issues of unemployment,
and forms of employment.
• They will learn to critically analyse labour markets in diverse settings including in the
macroeconomic context.
• This course will enable the students to evaluate the government policies on labor market critically.
Syllabus
UNIT I: Labor Supply (Static and Intertemporal) (9 hours)

Measuring the Labor Force, Basic Facts about Labor Supply, The Worker’s Preferences, The Budget
Constraint, The Hours of Work Decision, To Work or Not to Work? The Labor Supply Curve, Estimates
of the Labor Supply Elasticity, Labor Supply of Women, Labor Supply over the Life Cycle, Policy
Application: Welfare Programs and Work Incentives, Policy Application: The Earned Income Tax Credit,
Policy Application: The Decline in Work Attachment among Older Workers.
UNIT II: Labor Demand (9 hours)

The Production Function, The Employment Decision in the Short Run, The Employment Decision in the
Long Run, The Long-Run Demand Curve for Labor, The Elasticity of Substitution, Marshall’s Rules of
Derived Demand, Factor Demand with Many Inputs, Overview of Labor Market Equilibrium, Adjustment
Costs and Labor Demand, Trade and Labor Demand, Policy Application: Affirmative Action and Production
Costs, Policy Application: The Employment Effects of Minimum Wages Application: Rosie the Riveter as
an Instrumental Variable
UNIT III: Human Capital (6 hours)

Education in the Labor Market: Some Stylized Facts, The Schooling Model, Education and Earnings,
Estimating the Rate of Return to Schooling, Do Workers Maximize Lifetime Earnings? Schooling as a
Signal, Post school Human Capital Investments, On-the-Job Training, On-the-Job Training and the Age-
68
Earnings Profile, Policy Application: School Construction in Indonesia, Policy Application: School Quality
and Earnings, Policy Application: Evaluating Government Training Programs
UNIT IV: Incentives, Agency and Efficiency Wages (6 hours)

Moral Hazard, Moral Hazard with Limited Liability, Multitasking, Career Concerns, and Applications,
Efficiency Wage Models
UNIT V: Wage Differential and Wage Structure (9 hours)

The Market for Risky Jobs, The Hedonic Wage Function, Compensating Differentials and Job Amenities,
The Earning Distribution, Measuring Inequality, The Wage Structure: Basic Facts, Inequality across
generations. Policy Application: How much is a life worth? Policy Application: Safety and Health
Regulations, Policy Application: Health Insurance and the Labor Market, Policy Application: Why did wage
inequality increase?
UNIT VI: Discrimination (Race and Gender) (6 hours)

Race and Gender in the Labor Market, The Discrimination Coefficient, Employer Discrimination, Employee
Discrimination, Customer Discrimination, Statistical Discrimination, Experimental Evidence on
Discrimination, Measuring Discrimination, Discrimination against Other Groups, Policy Application:
Determinants of the Black–White Wage Ratio, Policy Application: Determinants of the Fe- male–Male
Wage Ratio.
• George J. Borjas, Labor Economics, McGraw Hill (7th Edition)
• P. Cahuch, Stéphane Carcillo, and André Zylberberg. Labor Economics, Second Edition. MIT Press,
2014
• Lectures in Labor Economics By Daron Acemoglu and David Autor
• Acemoglu, D., D. Autor and D. Lyle, “Women, War and Wages: The Effect of Female Labor
Supply on the Wage Structure at Mid-century,” Journal of Political Economy (2004) 112: 497-551.
• Angrist, J. D., & Pischke, J. S. (2008). Mostly harmless econometrics. Princeton university press.
• Angrist, J. D., Caldwell, S., & Hall, J. V. (2021). Uber versus taxi: A driver’s eye view. American
Economic Journal: Applied Economics, 13(3), 272-308.
• Ashenfelter, O., K. Doran, and B. Schaller, “A Shred of Credible Evidence on the Long-run Elasticity
of Labour Supply,” Economica (2010), 77: 637
• Bertrand, M. and S. Mullainathan, ”Are Emily and Greg More Employable Than Lakisha and Jamal?
A Field Experiment on Labor Market Discrimination,” American Economic Review 94 (2004): 991-
1013 (Primary Reading)
• Cappelli, Peter and Keith Chauvin (1991) “An Interplant Test of the Efficiency Wage Hypothesis.”
Quarterly Journal of Economics, 106(3), 769 – 787.
• Card, David and A. B. Krueger, “Minimum Wages and Employment: A Case Study of the Fast-Food
Industry in New Jersey and Pennsylvania,” American Economic Review (1994) 84: 772- 793.
• Carl Shapiro and Joseph Stiglitz (1984) “Equilibrium Unemployment as Worker Discipline Device,”
American Economic Review, vol. 74(3), pages 433-44, June.
• Cesarini, D., Lindqvist, E., Notowidigdo, M. J., & Östling, R. (2017). The effect of wealth on
individual and household labor supply: evidence from Swedish lotteries. American Economic Review,
107(12), 3917-46.
• Charles, K.K. and J. Guryan, “Prejudice and Wages: An Empirical Assessment of Becker’s The
Economics of Discrimination,” Journal of Political Economy (2008), 16(5): 773-809.
• D. Acemoglu, and J-S. Pischke (1999). “Beyond Becker: Training in Imperfect Labor Markets,”
Economic Journal vol 109 February 1999, pp F112-142.
• D. Autor, (2001) “Why Do Temporary Help Firms Provide Free General Skills Training?”, Quarterly
Journal of Economics, Vol. 116, No. 3, pp. 1409-1448. (M)
• D. Card, ”Using Regional Variation to Measure the Effect of the Federal Minimum Wage,” Industrial
and Labor Relations Review, October 1992.
• D. Card, “Estimating the Return to Schooling: Progress on Some Persistent Econometric Problems.”
Econometrica 69 (September 2001).
69
• Fehr, E. and L. Goette, ”Do Workers Work More if Wages are High? Evidence from a Randomized
Field Experiment,” American Economic Review (2007), 1: 298-317.
• Goldin, C., and C.Rouse, ”Orchestrating Impartiality: The Impact of ”Blind” Auditions on Female
Musicians,” American Economic Review (2000), 90 (4): 715-741.
• Imbens, D. Rubin, and B. Sacerdote, “Estimating the Effect of Unearned Income on Labor Supply:
Evidence from a Survey of Lottery Players,” American Economic Review 91 (2001).
• J. Tyler, Richard J. Murnane and John Willett, “Estimating the Labor Market Signaling value of the
GED,” Quarterly Journal of Economics, May 2000. (M)
• J.D. Angrist and A. Krueger, ”Does Compulsory Schooling Attendance Affect Schooling and
Earnings?” Quarterly Journal of Economics, 106[4], Nov 1991, 979- 1014.
• Krueger, Alan B, and Lawrence H. Summers (1988) “Efficiency Wages and the Inter-Industry Wage
Structure,” Econometrica, 56(2) 259 - 93.
• Maiti, D., & Mukherjee, A. (2013). Trade cost reduction, subcontracting and unionised wage. Labour
Economics, 21, 103-110.
• P. Martorell and D. Clark, “The Signaling Value of a High School Diploma,” Journal of Political
Economy, 122[2], April 2014.
• Saha, B., Sen, K., & Maiti, D. (2013). Trade openness, labour institutions and flexibilisation: Theory
and evidence from India. Labour economics, 24, 180-195.
• T. MaCurdy, ”An Empirical Model of Labor Supply in a Life-Cycle Setting,” Journal of Political
Economy, 89[6], December 1981, 1059-1085.
• Weber, A. and E. Del Bono “Do Wages Compensate for Anticipated Working Time Restrictions?
Evidence from Seasonal Employment in Austria”, Journal of Labor Economics, 26(1), 181-221, 2008.
70
Discipline Specific Elective 29 (DSE-29): Sectoral Issues in Indian
Economy
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Sectoral
Issue in
Class
Indian 4 3 1 0 NIL
12th
Economy –
ECON059
Learning Objectives

The course imparts in-depth knowledge on the issues relating to the agricultural and industrial economy of
India, with the focus on the evolutionary path undertaken and the resultant concerns. This will cover issues
of MSMEs and small farms to inform the problems industrialisation as well as increased productivity of
agriculture.
Learning outcomes

This course will familiarize students with the problems, issues, current debates, and policy interventions for
long-term sustainability, efficiency, and resilience. The students will be able to understand, comprehend and
critically analyse the issues and policies and would be able to form a well-informed and well- articulated
opinion of their own.
Syllabus
UNIT I: Agricultural Performance since Independence: (6 hours)

Output and productivity growth Agricultural Performance since Independence in the context of land and
labour
UNIT II: The Policy Environment: Food security and nutritional concerns, MSPs, Agricultural price policy,
subsidies/cash transfers, The public distribution system; Capital formation (9 hours)
UNIT III: Current Issues in Indian Agriculture (selected topics) (15 hours)
Resource Use Efficiency-Fertiliser, Water, Other inputs; Diversification for future Growth and enhanced farm
income; Sustainable agricultural growth—concepts and constraints; Prospects for dryland/organic/zero
budget farming; trade and competitiveness; use of new technology and artificial intelligence;
Marketing/infrastructure; Crop insurance/agricultural finance
UNIT IV: Industry (15 hours)

Overview of the Industrial Scene in India- Trends in growth and productivity; Competitiveness and changes
in Policy Regimes- domestic competitiveness and export; Issues relating to Indian Industry (selected topics);
Scale and ownership, MSMEs and large industries, Public and Private Sector, Employment growth, labour
and capital (domestic and foreign), formal and informal sectors, Infrastructural bottle- necks, research and
development.
71
• Sukhamoy Chakravarty (1984) Aspects of India’s Development Strategy for 1980s? EPW vol 19 no
20-21
• J. Bhagwati (1993), India in Transition: Freeing the Economy, Clarendon Oxford 1993
• K. V. Ramaswamy (2015) Labour, Employment and Economic Growth in India Cambridge
University Press
• Isher Judge Ahluwalia (1985) Industrial Growth in India: Stagnation Since the Mid-sixties, Oxford
University Press
• R. Nagaraj (2015) Can the Public Sector Revive the Economy? Review of the Evidence and a
Policy Suggestion EPW vol 50 no 5
• S N Rajesh Raj, Kunal Sen (2020) The ‘Missing Middle’ Problem in Indian Manufacturing. What
Role Do Institutions Play? EPW April 18, 2020 vol 55 no 16
• Indian Industrialisation, ICSSR Research and Surveys and Explorations in Eco- nomics vol.1 (2015)-
C P Chandrasekhar (ed), Oxford University Press, Delhi
• Sabyasachi Mitra, Abhijit Sen Gupta, and Atul Sanganeria (2020) Drivers and Benefits of
Enhancing Participation in Global Value Chains: Lessons for India, ADB South Asia Working
Paper No. 79
• Raghuram Rajan (2015) Make in India, largely for India, Indian Journal of Indus- trial Relations,
Vol. 50, No. 3 (January 2015), pp. 361-372
• Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence” in Kaushik Basu
(ed.), Agrarian Questions Oxford University Press.
• Mahendra Dev (2016) Water Management and Resilience in Agriculture vol 51, No 8 EPW
Economic & Political Weekly
• Ramesh Chand (2012) Development Policies and Agricultural Markets EPW DE- CEMBER 29,
2012 vol 47 no 52
• Yoginder K Alagh (2021) Globalisation and the Indian Farmer EPW vol 56 no 28
• Chatterjee, S., Kapur, D. (2017). Six puzzles in Indian agriculture. India Policy Forum 2016, Vol.
17.
• NABARD Foundation Day, Paper on enhancing Farmers’ income by K J S Satyasai and Nirupam
Mehrotra. 12 July 2016
• Acharya, S.S. (2007) “Agribusiness in India: Facts and Emerging Issues”, Agricultural Economics
Research Review, Vol. 20, Conference Issue, pp. 409-424
• Mohan, R., (2006) Agricultural Credit in India: Status, Issues and Future Agenda, Economic and
Political Weekly, March 18, 2006, pp 1013-1021.
• Mishra S.N. and Chand, R., (1995) Public and Private Capital Formation in Indian Agriculture:
Comments on Complementarily Hypothesis, Economic and Political Weekly, June 24th, 1995
• GOI (2007), Report of The Working Group on Risk Management in Agriculture for the Eleventh
Five Year Plan (2007-2012), GOI, New Delhi
• Indian Agriculture Towards 2030-Pathways for Enhancing Farmers’ Income, Nutritional Security
and Sustainable Food and Farm Systems (2021) An open-access Springer publication.
• Government of India (2017) “Report of the Committee on Doubling Farmers’ In- come”. Ministry of
Agriculture and Farmers’ Welfare, Government of India
• PRS Legislative Research (2017), Swaminathan Report: National Commission on Farmers, at
Swaminathan Report: National Commission on Farmers, PRS India
• Acharya SS and NL Agarwal (2016), Agricultural Marketing in India, New Delhi: CBS Publishers
and Distributors
• Expert Committee Report on Marketing Infrastructure & Agricultural Marketing Reforms (2000)
Government of India, Department of Agricultural & Cooperation Krishi Bhavan, New Delhi
72
Discipline Specific Elective 30 (DSE-30): Topics in Game Theory
Semester
Duration (per week)
Lecture Tutorial
Practice
VI/VIII Game
Topics in
Theory and
Game Class
4 3 1 0 Strategic
Theory – 12th
Interactions
ECON060
(ECON013)
Learning Objectives

• This course deals with extensive form games. Students learn the concepts of subgame- perfect
equilibrium, Bayesian and Perfect Bayesian equilibrium in static and dynamic forms.
Learning outcomes

• The students will learn how to model multi-person decision making in an interactive setting.
• They will understand how to formulate different real-life situations as games and learn to predict the
optimal strategies of players and how the players can exploit strategic situations for their own benefit.
Syllabus
UNIT I: Extensive form games with perfect information (9 hours)

Extensive games with perfect information; strategies and outcomes; Nash equilibrium; subgame perfect
equilibrium; backward induction in finite games; commitment; bargaining; Stackelberg’s model of duopoly;
a race; other illustrations
UNIT II: Simultaneous move games (9 hours)

Entry into a monopolized industry; electoral competition with strategic voters; committee decision-making;
exit from a declining industry
UNIT III: Bayesian games (9 hours)

Strategies; Bayesian Nash equilibrium; Cournot’s duopoly game with imperfect information; providing a
public good; auctions; juries; other applications.
UNIT IV: Extensive form games with imperfect information (9 hours)

Strategies; Nash equilibrium; beliefs and sequential equilibrium; perfect Bayesian equilibrium; signaling
games; applications.
UNIT V: Repeated Games (9 hours)

Payoffs, strategies, Nash equilibrium and subgame perfect equilibrium of repeated games
• Martin J. Osborne, An Introduction to Game Theory, Oxford University Press, New Delhi, 2004.
73
DISCIPLINE SPECIFIC ELECTIVE COURSE 31(DSE-31) : FINANCIAL DERIVATIVES
Credit distribution, Eligibility and Pre-requisites of the Course

Semester
Duration (per week)
Credits Practical Prerequisite
& Code Criteria
Lecture Tutorial /
Practice
VI/VIII Class XII Introductory
Financial with Mathematical
Derivatives 4 3 1 0 Mathema Methods for
ECON077 tics Economics
ECON002
Learning Objectives
• To equip students with essentials tools for understanding Finance at undergraduate level.
• To provide analytical knowledge to understand complex financial Derivatives.
• To provide advance skills for pricing and formulating trading strategies using Derivative products
Learning outcomes
• After studying this course, students would be able to understand the core concepts of financial derivates.
The course would develop an analytical knowledge for understanding the mechanics and characteristics
of derivative products such as Future, Options and SWAP agreements.
• After studying this course, students would be able to understand and formulate complex trading strategies
adopted using financial derivate products.
SYLLABUS OF DSE: FINANCIAL DERIVATIVES
Unit 1: Futures Contract & SWAP (15 Hours)

Part I: Futures/Forward Contracts: Properties, Pricing and Hedging
a) Introduction to derivatives and options; forward and futures contracts; options;
other derivatives
Hull Chapter - 2: Mechanics of Futures Markets (Sections 2.1 - 2.4 & 2.11)
b) Forward and future prices

Hull Chapter-5: Determination of Forward & Futures Prices (Sections 5.1 - 5.5, 5.9, 5.11 & 5.12)
c) Stock index futures & the use of futures for hedging

Hull Chapter - 3: Hedging Strategies using Futures
Part II: Interest Rate Futures

d) Interest rate futures & duration-based hedging strategies
Hull Chapter - 6: Interest rate futures (6.1 to 6.4) [exclude page-158 & 159]
Part III: SWAP & FRA

e) Forward Rate, Forward Rate Agreement and SWAP
Hull Chapter - 4: Interest rate (4.1 to 4.3, 4.6 and 4.7)
Kolb Chapter – 37: Forward Rate Agreements (Page 575- 577)
Hull Chapter - 7: Swaps (7.1 to 7.4)
74
Kolb Chapter – 1: Swap Contracts (Page 11-13); Chapter - 28: Pricing and Valuation of SWAP (page 407-
410)
Unit 2: Options Contract (30 Hours)

Part I: Introduction and Properties of Option Contracts
f) Option markets; call and put options; factors affecting option prices; put-call parity
Hull Chapter - 10: Mechanics of options markets (10.1 to 10.7);
Hull Chapter -11: Properties of stock options (Full Chapter)
Part II: Option Strategies

g) Option trading strategies: spreads; straddles; strips and straps; strangles
Hull Chapter -12: Trading strategies involving options (Full Chapter)
Part III: Pricing of Options, BSM and Greek letters

h) The principle of arbitrage; discrete processes and the binomial tree model; risk
neutral valuation, Black Scholes Merton (BSM) Model, Greek letters
Hull Chapter - 13: Binomial trees. Sections 13.1-13.4, 13.6 - 13.9 & Appendix (Derivation of BSM)
Hull Chapter - 14: Section 14.6 ITOˆ ’S Lemma
Hull Chapter - 15: The Black–Scholes–Merton Model: Sections 15.3, 15.4, 15.5, 15.6, 15.8,15.11
Hull Chapter - 19: The Greek Letters
Hull, John C.,Options, Futures and Other Derivatives, Pearson Education, Inc, 9th Edition (Global
Edition), 2018.
Robert W. Kolb, James A. Overdahl, Financial Derivatives: Pricing and Risk Management, John Wiley &
Sons, 2010
75
Discipline Specific Elective 32 (DSE-32): Political Economy
and Globalisation
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Political
Economy and Class
4 3 1 0 NIL
Globalisation 12th
– ECON078
Learning Objectives

• To explore some of the fundamental structural changes and dynamics of the advanced capitalist
system since the early twentieth century to the contemporary period.
• To analyse the changes in the organization of production, labour market institutions as well as shifts
in corporate, managerial, fiscal, financial and inter-firm governance structures.
• To analyse the role of state in the era of globalization. It also integrates contemporary issues of
gender and environment in a political economy framework.
Learning outcomes
After completion of the course the learners will be able to:

• Do critical analysis in an integrated and broader political economy framework.
• Analyze some of the most contemporary trends and developments at the global level and evaluate
them.
• Analyze the issues studied in the compulsory courses on the Indian Economy and Development
Economics.
Syllabus
UNIT I: Changing Dynamics of Capitalist Production, Organisational Form and Labour Process (9 hours)
Historical Overview; changing dynamics of the organisation of production, markets and labour process;
Evolution of the multinational corporations and their economic logic; changing nature of employment, job
security and labour rights.
UNIT II: The State and the Economy (9 hours)

State and the economy; political economy of macroeconomic policy; state in the international political
economy - globalisation and imperialism.
UNIT III: Neoclassical political economy (9 hours)

State and rent seeking; market failure; government failure and decentralized development; institutions and
economic development; theory of political transitions.
UNIT IV: Political economy of fiscal consolidation and financialization (9 hours)

Principles of Political economy of Taxation; changing role of finance and the shifts in corporate governance
structures: financialization – its nature and consequences.
76
UNIT V: Broader Perspectives (Gender and Environment) (9 hours)
Dimensions of Gender in work, accumulation and globalization; political economic issues in environment,
sustainability and inequality.
• Acemoglu, D and J. A. Robinson (2001). “A Theory of Political Transitions”, The American
Economic Review, Vol. 91, No. 4 (September), pp. 938- 963
• Acemoglu, D., & Robinson, J. A. (1999). On the political economy of institutions and development.
American Economic Review, 91(4), 938-63.
• Acemoglu, D., Golosov, M., & Tsyvinski, A. (2007). Political economy and the structure of
taxation. MIT mimeo.
• Bardhan, Pranab (1996) Decentralised development. Indian Economic Review, 1996.
• Beaud, Michel (2001). A History of Capitalism, 1500-2000, translated by Tom Dickman and Anny
Lefebvre, New York: Monthly Review Press.
• Boyce, J. K. (2002). The Political Economy of the Environment, Edward Elgar.
• Chang, D. (2009). "Informalising Labour in Asia's Global Factory" Journal of Contemporary Asia,
39:2, 161-179.
• Datta-chaudhuri, Mrinal (1990) Market failure and Government Failure. Journal of Economic
Perspectives. Volume 4, Number 3—Summer 1990—Pages 25–39.
• Di John, J. (2006). The political economy of taxation and tax reform in developing countries (No.
2006/74). WIDER research paper.
• Dore, Ronald (2008). "Financialization of the Global Economy", Industrial and Corporate Change,
Volume 17, Number 6, pp. 1097-1112.
• Gandini, Alessandro (2019). "Labour Process Theory and the Gig Economy", Human Relations,
Vol. 72(6). [Particularly pages 1044-1051. The sections of "The point of production in the gig
economy", "Emotional labour and gig work",and "Control"].
• Gereffi, G, J. Humphrey and T. Sturgeon (2005): "The Governance of Global Value Chains", Review
of International Political Economy, Volume 12, pp. 78-104.
• Gottfried, Heidi (2013). Gender, Work and Economy - Unpacking the Global Economy, Polity.
[Chapter 10 "Gender, Global Labor Markets, Commodity Chains and Mobilities"]
• Hall, P. A. and D. Soskice (2001) ‘An Introduction to Varieties of Capitalism’ in Hall, P. A. and D.
Soskice Varieties of Capitalism: the institutional foundation of comparative advantage, Oxford
University Press, pp 1-68
• Huws, Ursula (2016). "A New Paradigm for work Organisation?", Work Organisation, Labour &
Globalisation, Vol 10 No. 1 pp 7-26, Pluto Journals.
• Hymer, Stephen (1975). "The Multinational Corporation and the Law of Un-even Development",
in H. Radice (ed.) International Firms and Modern Imperialism, Penguin Books.
• Kim, S. Y., & Spilker, G. (2019). Global value chains and the political economy of WTO disputes.
The Review of International Organizations, 14(2), 239-260.
• Kiser, E., & Karceski, S. M. (2017). Political economy of taxation. Annual review of political
science, 20, 75-92.
• Sen, Amartya K. (1990): "Gender and Cooperative Conflicts" in Irene Tinker (ed.) Persistent
Inequalities - Women and World Development, OUP.
• Srinivasan T N (1985) Neoclassical political economy, the state and economic development. Asian
Development Review Vol. 3.1985, 2, p. 38-58
Note: Examination scheme and mode shall be as prescribed by the Examination Branch,
University of Delhi, from time to time.
77
COMMON POOL OF GENERIC ELECTIVES (GE) COURSES
The Generic Elective courses offered by the Department of Economics
Components of
the course Eligibilit
Course No. of Lectur Tutoria Practic y Pre-
Year Semester Code Course Name Credits e l al Criteria requisites
1st/2nd/3rd/4 ECON0 Principles of XII
th I/III/V/VII 25 Microeconomics I 4 3 1 0 Nil
1st/2nd/3rd/4 ECON0 Basic Development XII
th I/III/V/VII 29 Economics 4 3 1 0 Nil
1st/2nd/3rd/4 ECON0 Essentials of XII
th I/III/V/VII 76 Economics 4 3 1 0 Nil
XII ECON00
ECON0 Theory of Public 1/ECON
2nd/3rd/4th III/V/VII 61 Finance 4 3 1 0 025
ECON0 Money and XII
2nd/3rd/4th III/V/VII 62 Banking 4 3 1 0 Nil
ECON0 Digitalisation and XII
2nd/3rd/4th III/V/VII 63 Development 4 3 1 0 Nil
Introduction to XII
Comparative
ECON0 Economic
ECON0 Education and XII
XII ECON00
ECON0 Basic Resource and 1/ECON
2nd/3rd/4th III/V/VII 66 Energy Economics 4 3 1 0 025
XII ECON00
ECON0 Principles of 1/ECON
2nd/3rd/4th III/V/VII 27 Microeconomics II 4 3 1 0 025
Corporate Finance, XII
ECON0 Governance and
3rd/4th V/VII 68 Development 4 3 1 0 Nil
1st/2nd/3rd/4 II/IV/VI/VI ECON0 Principles of XII
th II 26 Macroeconomics I 4 3 1 0 Nil
XII Maths in
1st/2nd/3rd/4 II/IV/VI/VI ECON0 Basic Statistics for Class
th II 22 Economics 4 3 1 0 XII
1st/2nd/3rd/4 II/IV/VI/VI ECON0 XII
th II 30 Indian Economy 4 3 1 0 Nil
XII ECON00
ECON0 1/ECON
2nd/3rd/4th IV/VI/VIII 24 Basic Econometrics 4 3 1 0 022
78
ECON0 Sectoral Issues in XII
2nd/3rd/ 4th IV/VI/VIII 59 Indian Economy 4 3 1 0 Nil
XII Maths in
ECON0 Game Theory and Class
2nd/3rd/4th IV/VI/VIII 67 Social Sciences 4 3 1 0 XII
ECON0 Economy of XII
2nd/3rd/4th IV/VI/VIII 69 Colonial India 4 3 1 0 Nil
Basic XII ECON00
ECON0 Environmental 1/ECON
2nd/3rd/4th IV/VI/VIII 70 Economics 4 3 1 0 025
XII ECON00
ECON0 Law and Economic 1/ECON
2nd/3rd/4th IV/VI/VIII 71 Development 4 3 1 0 025
ECON0 Public Finance in XII
2nd/3rd/4th IV/VI/VIII 72 India 4 3 1 0 Nil
ECON0 Health and XII
2nd/3rd/4th IV/VI/VIII 73 Development 4 3 1 0 Nil
ECON0 Global Political XII
2nd/3rd/4th IV/VI/VIII 74 Economy 4 3 1 0 Nil
ECON0 History of Indian XII
2nd/3rd/4th IV/VI/VIII 75 Economic Thought 4 3 1 0 Nil
XII ECON00
ECON0 Principles of 4/ECON
2nd/3rd/4th IV/VI/VIII 28 Macroeconomics II 4 3 1 0 026
79
GENERIC ELECTIVES (GE-1): PRINCIPLES OF MICROECONOMICS I
CREDIT DISTRIBUTION, ELIGIBILITY AND PRE-REQUISITES OF THE

COURSE
Semester Course title & Credits Credit distribution of the Eligibility Pre-
Code course criteria requisite
Lecture Tutorial Practical/ of the
Practice course
I/III/V/VII Principles of 4 3 1 0 Class XII NIL
Microeconomics pass
I
ECON025
Learning Objectives

• This course discusses the basic principles in Microeconomics and their applications. It includes
consumer’s problem, demand estimation, production function, cost functions and market analysis. It
illustrates how the concepts of microeconomics can be applied to analyze real-life economic situations.
Learning outcomes

• The students learn some basic principles of microeconomics of consumer and producers, and interactions of
supply and demand, characteristics of perfect competition, efficiency and welfare outcomes.
SYLLABUS OF GE-1
UNIT – I: Introduction (12 hours)

Problem of scarcity and choice: scarcity, choice and opportunity cost; production possibility frontier;
economic systems. Demand and supply: law of demand, determinants of demand, shifts of demand versus
movements along a demand curve, market demand, law of supply, determinants of supply, shifts of supply
versus movements along a supply curve, market supply, market equilibrium. Applications of demand and
supply: price rationing, price floors, consumer surplus, producer surplus. Elasticity: price elasticity of
demand, calculating elasticity, determinants of price elasticity, other elasticities
UNIT – II: Consumer Theory (12 hours)

Budget constraint, concept of utility, diminishing marginal utility, Diamond-water paradox, income and
substitution effects; consumer choice: indifference curves, derivation of demand curve from indifference
curve and budget constraint
UNIT – III: Production and Costs (12 hours)

Production: behaviour of profit maximising firms, production process, production functions, law of variable
proportions, choice of technology, isoquant and isocost lines, cost minimizing equilibrium condition
80
Costs: costs in the short run, costs in the long run, revenue and profit maximization, minimizing losses, short
run industry supply curve, economies and dis- economies of scale, long run adjustments
UNIT – IV: Perfect Competition (09 hours)

Assumptions: theory of a firm under perfect competition, demand and revenue; equilibrium of the firm in
the short run and long run; Long run industry supply curve: increasing, decreasing and constant cost
industries.
Welfare: allocative efficiency under perfect competition.
Practical component (if any) - NIL
– Mankiw, N. G. (2018). Principles of Microeconomics 8th ed.

– Frank, R. H., & Cartwright, E. (2010). Microeconomics and behavior. New York: McGraw-
Hill.
– Bernheim, B., Whinston, M. (2009). Microeconomics. Tata McGraw-Hill.
81
GENERIC ELECTIVES (GE-2): BASIC DEVELOPMENT ECONOMICS

COURSE
Semester Course title Credits Credit distribution of the Eligibility Pre-

& Code course criteria requisite
Practice course
I/III/V/VII Basic 4 3 1 0 Class XII NIL
Development Pass
Economics
ECON029
Learning Objectives

• This course exposes students to some of the key ideas and concepts in the areas of economic growth,
human development and globalisation building on the concept of growth and further links it up with
alternative conceptions of development.
Learning outcomes

• Students will develop a critical understanding of the contemporary issues in economic growth and
development and their paths. Students will thus be better prepared to face the professional world and can
use this knowledge base in a variety of jobs, including in the corporate, civil service and NGO sectors.
SYLLABUS OF GE-2
UNIT – I: Development and underdevelopment (12 hours)

Growth vs Development; Classic Approaches of Development; Contemporary theories of Development and
Underdevelopment
UNIT – II: Development goals and indicators, measures of underdevelopment

Various concepts and measures of poverty and inequality, poverty lines using various national and
international criteria. (12 hours)
UNIT – III: Capabilities, human development and sustainable development (12 hours)
UNIT – IV: Globalisation and development (9 hours)
– Debraj Ray, Development Economics, (DE), Princeton University Press, 1998.

– Robinson, J. A., & Acemoglu, D. (2012). Why nations fail: The origins of power,
prosperity and poverty (pp. 45-47). London: Profile.
– Abhijit Banerjee, Roland Benabou and Dilip Mookerjee (eds), Understanding Poverty
82
(UP), Oxford University Press, 2006.
– Angus Deaton, The Great Escape: Health, Wealth and the Origins of Inequality, Princeton
University Press, 2013.
– Gustav Ranis et.al, Economic Growth and Human Development, World Development Vol.
28, No. 2, Elsevier Science Ltd., 2000
– Amartya Sen, Development as Freedom, OUP, 2000
– Thomas Piketty and Emmanuel Saez, ‘Inequality in the Long Run’, Science, 344 (838),
2014
– Piketty, Thomas, 2019, Capital and Ideology, Harvard University Press,
– Séverine Deneulin with Lila Shahani (ed.), An Introduction to the Human Development and
Capability Approach: Freedom and Agency, Roultedge, 2009
83
GENERIC ELECTIVES (GE-3): ESSENTIALS OF ECONOMICS
CREDIT DISTRIBUTION, ELIGIBILITY AND PRE-REQUISITES OF THE COURSE
Semester Course Credits Credit distribution of the Eligibility Pre-

title & course criteria requisite
Code Lecture Tutorial Practical/ of the
Practice course
I/III/V/VII Essentials 4 3 1 0 Class XII NIL
of pass
Economics
ECON076
Learning Objectives

• This course will introduce the fundamental concepts of economics, the study of how people manage
resources. It contains basic principles of microeconomics (the behaviour of consumers, firms and
companies), macroeconomics (national production, employment, inflation and interest rates) and
international economics (balance of payment, exchange rate and trade) with graphical illustration and
contemporary examples.
Learning outcomes
• By studying this course, the students will learn to think like an economist and understand how a modern
market economy function. They will learn about the factors that determine long-run growth and short-
term fluctuations and role of government and financial institutions, so they can better understand how
economics applies to the everyday life.
SYLLABUS OF GE-3
UNIT – I: Microeconomic Foundations (15 hours)

Foundations of economics, how market works, firms and market structures, markets for factor of production,
role of government
UNIT – II: Macroeconomic Foundations (15 hours)

GDP (measuring total production, income and economic growth), unemployment and inflation; aggregate
demand and aggregate supply analysis; monetary and fiscal policies
UNIT – III: Foundation of International Economics (15 hours)

Comparative advantage and the gains from trade, macroeconomics in an open economy
– Hubbard, G., Garnett, A., & Lewis, P. (2019). Essentials of economics. 5th edition, Pearson
Higher Education AU.
– Sloman, J., & Garratt, D. (2016). Essentials of Economics, 7th edition, Pearson
84
GENERIC ELECTIVES (GE-4): PRINCIPLES OF MACROECONOMICS I
Semester Course title & Credits Credit distribution of the Eligibility Pre-
Code course criteria requisite
Practice course
II/IV/VI/VIII Principles of 4 3 1 0 Class XII NIL
Macroeconomics pass
I
ECON026
Learning Objectives

• This course introduces the basic concepts in Macroeconomics both in closed and open economy. It deals
with the behaviour and characteristics of aggregate economy.
• This course introduces the definition, measurement of the macroeconomic variables like GDP,
consumption, savings, investment and balance of payments.
• The course also discusses various theories and approaches of determining GDP.
Learning outcomes

• The students will learn the broad understanding of macroeconomic variables and their measurement issues
like GDP, inflation, money supply, interest rate and their interlinkages.
• It will also allow them to critically evaluate various macroeconomic policies and their effects on output
and interest rate in the economy.
SYLLABUS OF GE-4
UNIT – I: Introduction (9 hours)

What is macroeconomics? Macroeconomic issues in an economy
UNIT – II: National Income Accounting (9 hours)

Concepts of GDP and National Income; measurement of national income and re-
lated aggregates; nominal and real income; limitations of the GDP concept
UNIT – III: Determination of GDP (9 hours)

Actual and potential GDP; aggregate expenditure; consumption function; invest-
ment function; equilibrium GDP; concepts of MPS, APS, MPC, APC; autonomous expenditure; Concept of
multiplier
UNIT – IV: National Income Determination in an Open Economy with Government (9 hours)
Income determination; Fiscal Policy: impact of changes in government expenditure and taxes; net exports
function; net exports and equilibrium national income.
UNIT – V: Money in a Modern Economy (9 hours)
85
Concept of money in a modern economy; monetary aggregates; demand for money; quantity theory of
money; liquidity preference and rate of interest; money supply and credit creation; monetary policy.
Recommendedreadings
– Andrew Abel, Ben Bernanke and Dean Croushore (2011). Macroeconomics (7th edition).
Pearson
– Richard T. Froyen (2013). Macroeconomics: Theories and Policies (10th ed.), Pearson.
– Blanchard, O. (2018). Macroeconomics (7th edition). Pearson
– Blanchard, O. (2006). Macroeconomics (6th edition). Pearson
– Dornbusch, R., and S. Fischer. (1994). Macroeconomics (6th edition). McGraw- Hill
– R. Dornbusch, S. Fischer and R. Startz. (2018). Macroeconomics (12th edition). McGraw-
Hill
86
GENERIC ELECTIVES (GE-5): BASIC STATISTICS FOR ECONOMICS

COURSE
Semester Course title Credits Credit distribution of the course Eligibility Pre-
& Code Lecture Tutorial Practical/ criteria requisite of
Practice the course
(if any)
II/IV/VI/VIII Basic 4 3 1 0 Class XII Math in XII
Statistics for pass
Economics
ECON022
Learning Objectives

• The course teaches students the basics of probability theory and statistical inference based on simple
technical rigor.
• It includes introductory probability theories, sample distribution and hypothesis testing that set a
necessary foundation for the econometrics course taught as a General Elective.
Learning outcomes

• The student will be able to analyse the data using basic statistical concepts.
• They will understand sampling characteristics, estimation as well as examining the hypotheses using
discrete and continuous distributions.
SYLLABUS OF GE- 5
UNIT – I: Introduction and overview (12 hours)

Populations and samples; sample statistics; Descriptive Statistics.
UNIT – II: Basic concepts of probability (12 hours)

Spaces and events; probability concepts, conditional probabilities
UNIT – III: Probability distributions and Sampling (12 hours)

Random variables – discrete and continuous, various probability distributions - functions and characteristics;
Commonly used distributions - uniform, binomial, exponential, Poisson, hypergeometric and Normal
random variables. Jointly distributions- conditional distributions and expectations, covariance and
correlation
Unit – IV: Estimation and Hypothesis testing (9 hours)

Estimation of population parameters - methods of moments and maximum likelihood procedures; properties
of estimators; confidence intervals; Defining statistical hypotheses; distributions of test statistics; testing
hypotheses related to population parameters; Type I and Type II errors; power of a test
87
- Larsen, R., Marx, M. (2011). An Introduction to Mathematical Statistics and its Applications,
Prentice Hall.
- James McClave, P. George Benson, Terry Sincich (2017), Statistics for Business and
Economics, Pearsons Publication.
- Anderson D. R, Sweeney D.J. et. al (2019), Statistics for Business & Economics, 13th ed.
Cengage Learning.
- Sheldon Ross (2017), Introductory Statistics, 4th Edition, Academic Press
88
GENERIC ELECTIVES (GE-6): INDIAN ECONOMY
Semester Course Credits Credit distribution of the course Eligibility Pre-

title & Lecture Tutorial Practical/ criteria requisite
Code Practice of the
course
II/IV/VI/VIII Indian 4 3 1 0 Class XII NIL
Economy pass
ECON030
Learning Objectives

• This course introduces the economic problems related to the Indian economy by familiarizing them with
the research studies on areas relating to economic development and policy in India with an emphasis on
contemporary debates.
Learning outcomes

• The students will be able to learn the development paradigm adopted in India since independence and
evaluate its impact on economic as well as social indicators of progress.
• Students will have the ability to explore current policy debates and contribute to policy making in an
informed way using relevant databases.
• They will also learn how to conduct independent research in these areas
SYLLABUS OF GE-3
Unit 1 : Historical and general overview of Indian economy since Independence (9 hours)
Unit 2 : Growth and structural change (9 hours)
Unit 3 : The Indian economy in a comparative perspective (9 hours)
Unit 4 : Key issues: poverty, inequality, education, health and gender (9 hours)
Unit 5 : Agriculture, industry, services and international trade (9 hours)
– Kumar, Dharma (2005) ed the article on The Indian Economy 1970 to 2003 in revised
version of CEHI Vol II
– Balakrishnan, Pulapre(2010) Economic Growth in India: History and Prospect. OUP.
– Rakshit, Mihir (2011) Macroeconomics of Post-reform India. OUP
– Rakshit, Mihir (2010) Money and Finance in the Indian Economy. OUP
– Goyal, Ashima(ed) (2015 ) A Concise handbook of Indian Economy in the 21st Century
.OUP
– Ghate, Chetan ( ed) (2012 ) The Oxford Handbook of Indian Economy. OUP.
– Bosworth, B., Collins, S. M., & Virmani, A. (2007). Sources of growth in the Indian
89
economy.
– Goyal, A. (Ed.). (2019). A Concise Handbook of the Indian Economy in the 21st Century.
Oxford University Press.
– Pulapre Balakrishnan, 2007, “The Recovery of India: Economic Growth in the Nehru Era”,
Economic and Political Weekly, November.
– Rakesh Mohan, 2019, Moving India to a new Growth Trajectory: Need for a Com- prehensive
Big Push, Brookings India, Section 1 and 2, 9-30.
– Ahluwalia, M. S., 2019, “India’s economic reforms: Achievements and Next Steps”,
Asian Economic Policy Review, 14(1), 46-62.
James, K.S., & Srinivas Goli, 2016, “Demographic Changes in India: Is the Country Prepared
for the Challenge?” Brown Journal of World Affairs, Fall/Winter 2016, Volume XXIII, Issue
I.
Desai, S., 2015, “Demographic deposit, dividend and debt”, The Indian Journal of Labour
Economics, 58, 217-232
Arvind Subramanian and Josh Felman (2021) India’s Stalled Rise-How the State Has Stifled
Growth, Foreign Affairs on 14.12. 2021
Executive Summary, 2014, Report of the Expert Group to Review the Methodology for
Measurement of Poverty (Rangarajan Committee report), GOI, 1-5
– Thomas, J. J. (2020). ‘Labour Market Changes in India, 2005–18’, Economic and Political
Weekly, 55(34), 57
90
Generic Elective (GE-7): Theory of Public Finance
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII Theory of
Public Class ECON001/E
4 3 1 0
Finance – 12th CON025
ECON061
Learning Objectives

• This course will look into the efficiency and equity aspect of market mechanism of allocating
resources and also the design and implications of public sector policies including taxation and
monetary policies.
• It will deal with efficiency, equity, public goods, externalities, taxation, subsidies, fiscal multiplier,
money supply, interest rate and their interlinkages.
Learning outcomes

• This course aims to develop the broad conceptual frameworks which will enable students to learn
economic issues efficiency, equity, public goods, externalities, taxation, subsidies, fiscal multiplier,
money supply, interest rate and their interlinkages.
• It will also allow them to critically evaluate various micro and macro aspects of government policies
and their effects on output, distribution, and welfare in the economy.
• The course will be useful for students aiming towards careers in the government sector, policy
analysis, business and journalism.
Syllabus
UNIT I: Theories of Public Sector and Market Mechanism (12 hours)

Overview of Fiscal Functions; Tools of Normative Analysis; Pareto Efficiency; General Equilibrium
Framework; Equity and the Social Welfare
UNIT II: Market Failure (12 hours)

Sources of Market failures; Public Goods; and Externalities.
UNIT III: Theories of Taxation (12 hours)

Product and Factor tax; Tax Burden; Tax Distortions; Tax Design
UNIT IV: Working of Fiscal and Monetary Policies (9 hours)

Fiscal policy; Banking system and creation of Money; Monetary Instruments and Policies; Fiscal and
Monetary Management in Indian Context.
• R.A. Musgrave and P.B. Musgrave , Public Finance in Theory and Practice, 5th Edition.
• Rosen, H. & Gayer, T. (2014). Public finance (10th ed.). New York: McGraw-Hill.
• Stiglitz, J E & Rosengard J K (2015), Economics of the Public Sector, 4th ed, W.W. Norton.
• Jonathan Gruber, (2011), Public Finance and Public Policy, 3rd edition, Worth Publishers. (Main
91
Textbook)
• Cullis, J., Jones, P. (1998). Public finance and public choice, 2nd ed. Oxford University Press.
• Hindriks, J., Myles, G. (2013). Intermediate public economics, 2nd ed. MIT Press.
• A. Bagchi (ed.): Readings in public finance. Oxford University Press.
• Stiglitz, J. (2009). Economics of the public sector, 3rd ed. W. W. Norton.
92
Generic Elective (GE-8): Money and Banking
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII
Money and
Class
Banking – 4 3 1 0 NIL
12th
ECON062
Learning Objectives

• This course exposes students to the theory and functioning of the monetary and financial sectors of
the economy.
• It highlights the organization, structure, and role of financial markets and institutions. It also
discusses interest rates, monetary management, and instruments of monetary control.
• Financial and banking sector reforms and monetary policy with special reference to India are also
covered.
Learning outcomes

This allows students to understand current monetary policies and financial market outcomes. It also enables
them to critically evaluate policies.
Syllabus
UNIT I: Money (9 hours)

Understanding concept and functions of money, Measurement of money supply, Analytics and Methodology
of computation of money supply, Theories of money supply determination
UNIT II: Financial markets: an Introduction (12 hours)

Role of financial markets and institutions; Problems of Asymmetric information, Financial Crises; Financial
derivatives: Futures, Options and Swaps; Financial markets and Institutions in India: Organization, Structure
and Reforms in India
UNIT III: Interest Rates (12 hours)

Determination of interest rates; Sources of interest rates differentials and risk; Theories of term structure of
interest rates; Interest rates in India
UNIT IV: Central Banking and Monetary policy (12 hours)

Central Bank: Functions and Balance Sheet
Monetary Policy: Targets and instruments, Monetary management in an open economy
Monetary Policy Framework in India: Evolution and current scenario, critical evaluation
Digital currency: implications and emerging issues in Indian economy
• F J Fabozzi et al: Foundations of Financial Markets and Institutions, Pearson
• F S Mishkin , S G Eakins, T Jayakumar, R K Pattnaik : Financial Markets and Institutions Pearson
• N Jadhav: Monetary Policy, Financial stability and Central Banking in India Macmilla
93
• M.R. Baye and D.W. Jansen Money, Banking and Financial Markets AITBS, 1996
• Report of the Working Group: Money Supply Analytics and Methodology of Compilation, 1998
Annual Report; Master Circular - Prudential Norms on Capital Adequacy - Basel I Framework -
2011; RBI Bulletin; Report of Currency and Finance (latest).
• Dua, P., "Monetary Policy Framework in India", Indian Economic Review, Vol. 55, Issue 1, June
2020
• Ghate, C., & Kletzer, K. M. (Eds.). (2016). Monetary policy in India: A modern macroeconomic
perspective. Springer.
• Various publications of RBI and other agencies / institutions
94
Generic Elective (GE-9): Digitalisation and Development
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII Digitalisation
and Class
4 3 1 0 NIL
Development 12th
– ECON063
Learning Objectives

• The analysis of the impact of information and communication technologies (ICTs) on economies
and societies is a growing field. Technology is an enabling factor. Technological developments
become relevant to the extent that they are economically and socially meaningful.
• This course aims to offers an overview of the understanding of economics of digitalisation and its
impact on the life and livelihood with an interdisciplinary approach.
Learning outcomes

The students would understand the functions information technology and its socio- economic impact,
wellbeing and progress on the contemporary world.
Syllabus
UNIT I: Digital development - India and the World (12 hours)
UNIT II: The transformation of management practices; work and employment; social networks, trust and
social capital in the digital economy; cultural and motivational aspects (12 hours)
UNIT III: Unit ICTs, Digital Divide and the political economy of inequality (12 hours)
UNIT IV: Access to ICT and poverty and wellbeing, work-life balance (9 hours)
• Goldfarb, A., Gans, J.,& Agrawal, A. (2019). The Economics of Artificial Intelligence: An Agenda.
University of Chicago Press.
• Agrawal, A., Gans, J., & Goldfarb, A. (2018). Prediction machines: the simple economics of
artificial intelligence. Harvard Business Press.
• Goldfarb, A., & Tucker, C. (2019). Digital economics. Journal of Economic Literature, 57(1), 3-43.
• Goldfarb, A., Greenstein, S. M., & Tucker, C. E. (Eds.). (2015). Economic analysis of the digital
economy. University of Chicago Press.
• Maiti, D., & Awasthi, A. (2020). ICT exposure and the level of wellbeing and progress: A cross
country analysis. Social Indicators Research, 147(1), 311-343.
• Acemoglu, D., & Restrepo, P. (2018). Artificial intelligence, automation, and work. In The
economics of artificial intelligence: An agenda (pp. 197-236). University of Chicago Press.
• Acemoglu, D., & Restrepo, P. (2018). The race between man and machine: Im- plications of
technology for growth, factor shares, and employment. American Economic Review, 108(6), 1488-
1542.
95
• Varian, H. R. (2001). Economics of information technology. University of California, Berkeley.
• Maiti, D., Castellacci, F., & Melchior, A. (2020). Digitalisation and development: issues for
India and beyond. In Digitalisation and Development (pp. 3-29). Springer, Singapore.
• Singh, N. (2016). Information technology and its role in India's economic development: A review.
Development in India, 283-312.
• Castellacci, F., & Tveito, V. (2016). The Effects of ICTs on Well-being: A Survey and a
Theoretical Framework (No. 20161004). Centre for Technology, Innovation and Culture,
University of Oslo.
• Huyer, S., & Mitter, S. (2003). ICTs, globalisation and poverty reduction: Gender dimensions of the
knowledge society. Kampala (Uganda): http://gab. wigsat. org/policy. htm.
96
Generic Elective (GE-10): Introduction to Comparative Economic
Development
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII Introduction
to
Comparative Class
4 3 1 0 NIL
Economic 12th
Development
– ECON064
Learning Objectives

• This course investigates selected issues in industrialization and development in comparative
historical perspective.
• The course focuses on a set of countries which followed diverse trajectories and patterns of growth
to achieve their industrial transition and compares the outcomes of these diverse trajectories on
sectoral change, intersectoral relations, labour processes and industrial relations and compares the
role of the state in facilitating the respective trajectories.
Learning outcomes

• The students will be able to visualise economic development in a historical perspective and
assimilate material from diverse narratives.
• It will help them to understand the diverse paths of economic development in the advanced
economies.
Syllabus

Theoretical issues and comparative historical background.
UNIT II: Agricultural transformation and its role in industrialization (9 hours)

Agrarian and land relations, production and productivity, agrarian surplus in industrial development. Case
studies: Britain, Japan and U.S.S.R.
UNIT III: The industrialization process of Britain, Japan and U.S.S.R. (9 hours)
UNIT IV: The factory system and making of the industrial working class. Case studies: Britain and Japan
(9 hours)
UNIT V: The role of the state in industrial and developmental transitions. Case studies: Britain, Japan and
U.S.S.R. (9 hours)
• Davies, R. (1998). Soviet economic development from Lenin to Khrushchev. Cam- bridge
University Press.
• Dobb, M. (1966). Soviet economic development since 1917. Routledge.
97
• Hughes, J., Cain, L. (1994). American economic history, 4th ed. Harper Collins College Publishers.
• Hayami, Y. (1975). A century of agricultural growth in pre-war Japan: Its relevance to Asian
development. University of Minnesota Press.
• Hobsbawm, E. (1968). Industry and empire: An economic history of Britain since 1750. Weidenfeld
& Nicholson.
• Hobsbawm, E. (1984). Worlds of labour: Further studies in the history of labour. Weidenfeld &
Nicolson.
• Johnson, C. (1982). MITI and the Japanese miracle: The growth of industrial policy 1925-1975.
Stanford University Press.
• Macpherson, W. (1995). The economic development of Japan 1868-1941. Cam- bridge University
Press.
• Norman, E. (2007). Japan's emergence as a modern state: Political and economic problems of the
Meiji period. University of British Columbia Press.
• Okochi, K., Karsh, B., Levine, S. (1974). Workers and employees in Japan: The Japanese
employment relations system. Princeton University Press.
• Paul, G., Robert, C. (1990). Soviet economic structure and performance, 3rd ed. Harper and Row.
• Tauger, M. (2004). Soviet peasants and collectivization 1930-39: resistance and adaptation. Journal
of Peasant Studies, 31: 3-4. 427-456.
• Angus Maddison (2001). The World Economy, Vol. 1: A Millennial Perspective. OECD.
98
Generic Elective (GE-11): Education and Development
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII Education
and Class
4 3 1 0 NIL
Development 12th
– ECON065
Learning Objectives

This course discusses the role of education in development and policy analysis and formulation in the context
of development; the impact of the globalisation on, and the role of international agencies in, education for
development; human capital theory and human resource development; education and aid; research and
consultancy strategies and ethics. he emphasis in this course is laid on understanding the theoretical aspects
of education and linking it with the issues of education in a developing country like India.
Learning outcomes

This course will develop skills amongst the students to role of education and strategies to expand education
in highly unequal societies. This will further help to conduct research and analysis the role of institutions for
the outcome of education.
Syllabus

Defining the educational problem
UNIT II: Human capital theory (6 hours)

The basic economic perspective on education
UNIT III: Early childhood education: How important? When did earnings become so dependent on
education? Do our regression estimates overestimate the impact of education on earnings? The case of ability
bias. (9 hours)
UNIT IV: Education as a signal of skill (9 hours)

If the return to education is real, does it reflect skills learned or is it a signal? Why has the rate of return to
education increased? What skills are now rewarded in the workplace?
UNIT V: Schooling and Achievement (6 hours)

Do smaller classes raise achievement? School vouchers and parental choice; School accountability, standards
and testing; Teacher quality and teacher training; Can technology complement what teachers do?
UNIT VI: Higher Education (6 hours)

Basic issues and structure; Higher education policy
• Borjas, George. Labor Economics. Boston, MA: McGraw-Hill, 2005
• Lovenheim, M., & Turner, S. E. (2017). Economics of education. Macmillan Higher Education.
99
• Feinstein, Leon. "Inequality in the Early Cognitive Development of British Children in the 1970
Cohort." Economica 70, no. 277 (2003): 73-97.
• Duflo, Esther. "Schooling and Labor Market Consequences of School Construction in Indonesia:
Evidence from an Unusual Policy Experiment." American Economic Review 91, no. 4 (2001): 795-
800.
• Levy, Frank, and Richard J. Murnane. "Computers, Offshoring, and Skills." Working Paper.
September 18, 2005..
• Hanushek, E. A., Machin, S. J., & Woessmann, L. (Eds.). (2016). Handbook of the economics
of education. Elsevier.
• Bradley, S., & Green, C. (Eds.). (2020). The Economics of Education: A Com- prehensive
Overview.
• Hanushek, Eric A., 2005, Economic Outcomes and School Quality, International Academy of
Education and International Institute for Educational Planning.
• Goldin, C., & Katz, L. F. (2010). The race between education and technology. harvard university
press.
• Haveman, R., & Smeeding, T. (2006). The role of higher education in social mobility. The Future
of children, 125-150.
• Singh, A., Park, A., & Dercon, S. (2014). School meals as a safety net: an evaluation of the midday
meal scheme in India. Economic Development and Cultural Change, 62(2), 275-306.
• Krueger, Alan B. "Experimental Estimates of Education Production Functions." Quarterly Journal
of Economics 114, no. 2 (1999): 497-532.
• Loeb, Susanna, and Marianne E. Page. "Final Examinationining the Link between Teacher Wages
and Student Outcomes: The Importance of Alternative Labor Market Opportunities and Non-
pecuniary Variation." Review of Economics and Statis- tics 82, no. 3 (2000): 393-408.
• Winston, Gordon. "Subsidies, Hierarchy and Peers: The Awkward Economics of Higher
Education." Journal of Economic Perspectives 13, no. 1 (1999): 13-36.
• Azam, M., & Kingdon, G. G. (2015). Assessing teacher quality in India. Journal of Development
Economics, 117, 74-83.
100
Generic Elective (GE-12): Basic Resource and Energy Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII Basic
Class
Resource and
12th with ECON001/E
Energy 4 3 2 0
Mathema CON025
Economics –
tics
ECON066
Learning Objectives

This course will introduce the basics of Resource and Energy economics. The objective of this course is to
provide theoretical and empirical topics on Resource economics, energy economics, energy transition, and
energy security. This course introduces the conceptual and theoretical foundations of Resource Economics.
In particular, the policies and potential sources are both renewable and non-renewable. The objective of this
course is to provide knowledge on the principles of governing and managing natural resources.
Learning outcomes

The students will learn some issues of resource economics relating to the basics of supply, demand, and
prices, income elasticities, world oil markets, and depletable resources, pathways of energy transition from
conventional to renewable energy sources.
Syllabus
UNIT I: Resource Economics (Renewable and non-renewable sources) (15 hours)

Optimal extraction of a non-renewable resource, Optimal management of renewable resources -Fishery and
Forestry, Tom Tietenberg and Lynne Lewis, Environment and Natural Resource Economics, 9th edition,
Chapter 5,6,12 and 13
UNIT II: Energy Economics (15 hours)

Types of energy sources, Introduction to Basics of supply, demand, and prices, energy supply and
economics of depletable resources, world oil markets
UNIT III: Energy transition and energy security Pathways of energy transition from conventional to
renewable energy sources, Policy instruments, Energy security, accessibility and 4 A definition, and Energy
poverty (15 hours)
• Tom Tietenberg and Lynne Lewis, Environment and Natural Resource Economics, 9th edition
• Review of the Basics of Supply, Demand and Price Formation in Competitive Markets Pindyck and
Rubinfeld. 2005
• Fouquet, R. Historical energy transitions: speed, prices and system transformation. Energy Res. Soc.
Sci. 22, 7–12 (2016).
• McGowan, J., and S. Conners. ”Windpower: A Turn of the Century Review.” Annual Review of
Energy and the Environment 25 (2000): 147-197.
101
• Chen, B., Xiong, R., Li, H., Sun, Q., & Yang, J. (2019). Pathways for sustainable energy transition.
Journal of Cleaner Production, 228, 1564-1571.
• Palmer, K., and D. Bullaw. ”Cost-Effectiveness of Renewable Electricity Policies.” Energy
Economics 27 (2005): 873-894
• Deffeyes, K. Hubbert’s Peak: The Impending World of Oil Shortage. Princeton, NJ: Princeton
University Press, 2001, chapter 1. ISBN: 0691116253.
• Lynch M. ”The Pessimism About Petroleum Resources: Debunking the Hubbert Model (and Hubbert
Modelers).” Minerals and Energy - Raw Materials Report 18, no. 1 (2003): 1-18.
• Watkins, G. ”Oil Scarcity: What Have the Past Three Decades Revealed?” Energy Policy 34 (2006):
508-514.
• Cherp, A., & Jewell, J. (2014). The concept of energy security: Beyond the four As. Energy policy,
75, 415-421.
• Carley, S., & Konisky, D. M. (2020). The justice and equity implications of the clean energy
transition. Nature Energy, 5(8), 569-577.
102
Generic Elective (GE-13): Principles of Microeconomics II
Semester
Duration (per week)
Lecture Tutorial
Practice
III/V/VII Introductory
Microeconomics
Principles of Class 12th
(ECON001)
Microeconomics 4 3 1 0 with
Principles of
II – ECON027 Mathematics
Microeconomics
I (ECON025)
Learning Objectives

• This course covers imperfect markets and equilibrium analysis, consumer and producer theories
under various markets and its failure, and international trade.
Learning outcomes

• This course helps the students to understand different forms of market imperfections and market
failures observed in real life situations.
• The students learn about the environment where the standard market mechanism fails to generate
the desirable outcomes.
• They develop a sense of how the production is distributed among the different factors of production
and the demand for inputs.
• Some preliminary concepts of international trade are also covered in this course.
Syllabus
UNIT I: Market Structures (12 hours)

Theory of a Monopoly Firm: Concept of imperfect competition; short run and long run price and
output decisions of a monopoly firm; concept of a supply curve under monopoly; comparison of perfect
competition and monopoly, social cost of monopoly, price discrimination; remedies for monopoly:
Antitrust laws, natural monopoly
Imperfect Competition: Monopolistic competition: Assumptions, SR and LR price and output
determinations under monopolistic competition, economic efficiency and resource allocation; oligopoly:
assumptions, oligopoly models, game theory, contestable markets, role of government
UNIT II: Consumer and Producer Theory (12 hours)

Consumer and Producer Theory in Action: Externalities, marginal cost pricing, internalising externalities,
public goods; imperfect information: adverse selection, moral hazard, social choice, government
inefficiency.
Markets and Market Failure: Market adjustment to changes in demand, efficiency of perfect competition;
sources of market failure: imperfect markets, public goods, externalities, imperfect information; evaluating
the market mechanism.
UNIT III: Income Distribution and Factor pricing (12 hours)

Input markets: demand for inputs; labour markets, land markets, profit maximisation condition in input
markets, input demand curves, distribution of Income.
103
UNIT IV: International Trade (9 hours)
Absolute advantage, comparative advantage, terms of trade, sources of comparative advantage, trade
barriers, free trade/ protectionism.
• Mankiw, N. G. (2018). Principles of Microeconomics 8th ed.
• Bernheim, B., Whinston, M. (2009). Microeconomics. Tata McGraw-Hill.
104
Generic Elective (GE-14): Corporate Finance, Governance and
Development
Semester
Duration (per week)
Lecture Tutorial
Practice
V/VII Corporate
Finance, Class
Governance 12th with ECON001/E
4 3 2 0
and Mathema CON025
Development tics
– ECON067
Learning Objectives

• This course covers the important financial decisions that face companies and corporate world in the
modern economies.
• This will cover investment, financing and dividend decisions, together with the management of risk.
Learning outcomes

• The students will be able to under the risk and decisions taken by the corporate world in the present-
day situations.
• The student will learn the practical issues of assets formation in the share and equity markets.
• They will also learn the role of institution in regulating uncertain and risky behaviours of the
corporate firms.
Syllabus
UNIT I: Investment decisions (12 hours)

Traditional methods of investment appraisal, Investment–consumption decision model, The discounted cash
flow approach, Net present value and internal rate of return, Project cash flows, Capital rationing
UNIT II: Risk analysis (12 hours)

Simple risk techniques, Risk and return, Portfolio theory, The capital asset pricing model, Option
valuation, Interest rate risk
UNIT III: Financing decisions (12 hours)

Financial markets, the cost of capital, Weighted average cost of capital, Capital structure in a simple world,
Capital structure in a complex world, Investment and financing interactions, The dividend decision
UNIT IV: International issues (9 hours)

Foreign exchange, Foreign exchange hedging, Foreign direct investment
• Quiry, P., Le Fur, Y., Vernimmen, P. (2022). Corporate finance: theory and practice. John
Wiley & Sons.
105
• Lumby, S., & Jones, C. (2003). Corporate finance: Theory & practice. Cengage Learning EMEA.
106
Generic Elective (GE-15): Principles of Macroeconomics II
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Macroeconomics
Principles of Class 12th (ECON004)/
Microeconomics 4 3 1 0 with Principles of
I – ECON028 Mathematics Macroeconomics
I (ECON026)
Learning Objectives

• This course introduces labour markets and derives the aggregate supply (AS) curve.
• Then, it integrates with Aggregate Demand (AD) to determine equilibrium prices and output.
• Both adaptive and rational expectations are introduced.
Learning outcomes

• The students would learn an analytical framework to analyse the basic functioning of the aggregate
macroeconomy under closed and open economy.
• It also enables them to analyse the functioning of the economies in term of the effects of fiscal and
monetary policy and trade-off between inflation and unemployment.
Syllabus
UNIT I: IS-LM Analysis for income determination (12 hours)

Derivations of the IS and LM functions; IS-LM and aggregate demand; shifts in the AD curve
UNIT II: GDP and Price Level in Short Run and Long Run (12 hours)
Aggregate demand and aggregate supply; multiplier analysis with AD curve and changes in price levels;
aggregate supply in the SR and LR
UNIT III: Inflation and Unemployment (12 hours)

Concept of inflation; determinants of inflation; relationship between inflation and unemployment: Phillips
Curve in short-run and long-run
UNIT IV: Balance of Payments and Exchange Rate (9 hours)

Balance of payments: current account and capital account; market for foreign exchange; determination of
exchange rate
• C.L.F. Attfield, D. Demery and N.W. Duck, Rational Expectations in Macroeconomics: an
introduction to theory and evidence (1991, 2nd Ed.).
• Sheffrin, Steve Rational Expectations. Cambridge University Press (1996, 2nd ed.).
• Dornbusch, R., Fischer, S. (1994). Macroeconomics, 6th ed. McGraw-Hill.
• R. Dornbusch, S. Fischer and R. Startz. (2018). Macroeconomics (12th edition). McGraw-Hill.
107
Edition, OUP.
108
Generic Elective (GE-16): Basic Econometrics
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Basic
Mathematics in
Econometrics 4 3 2 0 Class 12th
Class XII
– ECON024
Learning Objectives

• This course introduces students to the econometric methods used to conduct empirical analysis
based on the basic statistics.
• It offers the basic quantitative techniques needed to undertake applied research projects to establish
the relationship between variables of interests across wide variety of disciplines.
Learning outcomes

• Students will learn to estimate simple estimation and inferences about population parameters, to
formulate empirical models and analyze data.
• An expertise in econometrics increases the job prospect of the students significantly.
Syllabus
UNIT I: Regression Models (15 hours)

OLS estimators, hypothesis Testing using software and practical application; multiple Regression Model
- estimation, Testing and practical application using software like GRETL/EViews/ R/Stata/EXCEL etc.
UNIT II: Qualitative variables and Estimation (15 hours)

Application of qualitative variables, Nonlinear Models, Applications of dummy variables
UNIT III: Issues with Classical Assumptions (15 hours)

Violation of normal distribution, Collinearity with independent variables, heteroscedasticity,
autocorrelation, practical application
• Christopher Dougherty, Introduction to Econometrics, 4th edition, OUP, Indian edition.
• Damodar Gujarati, Econometrics by Example, 2nd edition, Palgrave Macmillan, 2014.
• Gujarati, D., Porter, D. (2010). Essentials of Econometrics, 4th ed. McGraw-Hill.
109
Generic Elective (GE-17): Sectoral Issues in Indian Economy
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Sectoral
Issue in
Class
Indian 4 3 1 0 NIL
12th
Economy –
ECON059
Learning Objectives

• The course imparts in-depth knowledge on the issues relating to the agricultural and industrial
economy of India, with the focus on the evolutionary path undertaken and the resultant concerns.
• This will cover issues of MSMEs and small farms to inform the problems industrialisation as well as
increased productivity of agriculture.
Learning outcomes

• This course will familiarize students with the problems, issues, current debates, and policy
interventions for long-term sustainability, efficiency, and resilience.
• The students will be able to understand, comprehend and critically analyse the issues and policies
and would be able to form a well-informed and well- articulated opinion of their own.
Syllabus
UNIT I: Agricultural Performance since Independence: (9 hours)

Output and productivity growth Agricultural Performance since Independence in the context of land and
labour
UNIT II: The Policy Environment: Food security and nutritional concerns, MSPs, Agricultural price policy,
subsidies/cash transfers, The public distribution system; Capital formation (12 hours)
UNIT III: Current Issues in Indian Agriculture (selected topics) (12 hours)
Resource Use Efficiency-Fertiliser, Water, Other inputs; Diversification for future Growth and enhanced farm
income; Sustainable agricultural growth—concepts and constraints; Prospects for dryland/organic/zero
budget farming; trade and competitiveness; use of new technology and artificial intelligence;
Marketing/infrastructure; Crop insurance/agricultural finance
UNIT IV: Industry (12 hours)

Overview of the Industrial Scene in India- Trends in growth and productivity; Competitiveness and changes
in Policy Regimes- domestic competitiveness and export; Issues relating to Indian Industry (selected topics);
Scale and ownership, MSMEs and large industries, Public and Private Sector, Employment growth, labour
and capital (domestic and foreign), formal and informal sectors, Infrastructural bottle- necks, research and
development.
• Sukhamoy Chakravarty (1984) Aspects of India’s Development Strategy for 1980s? EPW vol 19 no
20-21
• J. Bhagwati (1993), India in Transition: Freeing the Economy, Clarendon Oxford 1993
110
• K. V. Ramaswamy (2015) Labour, Employment and Economic Growth in India Cambridge
University Press
• Isher Judge Ahluwalia (1985) Industrial Growth in India: Stagnation Since the Mid-sixties, Oxford
University Press
• R. Nagaraj (2015) Can the Public Sector Revive the Economy? Review of the Evidence and a
Policy Suggestion EPW vol 50 no 5
• S N Rajesh Raj, Kunal Sen (2020) The ‘Missing Middle’ Problem in Indian Manufacturing. What
Role Do Institutions Play? EPW April 18, 2020 vol 55 no 16
• Indian Industrialisation, ICSSR Research and Surveys and Explorations in Eco- nomics vol.1 (2015)-
C P Chandrasekhar (ed), Oxford University Press, Delhi
• Sabyasachi Mitra, Abhijit Sen Gupta, and Atul Sanganeria (2020) Drivers and Benefits of
Enhancing Participation in Global Value Chains: Lessons for India, ADB South Asia Working
Paper No. 79
• Raghuram Rajan (2015) Make in India, largely for India, Indian Journal of Indus- trial Relations,
Vol. 50, No. 3 (January 2015), pp. 361-372
• Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence” in Kaushik Basu
(ed.), Agrarian Questions Oxford University Press.
• Mahendra Dev (2016) Water Management and Resilience in Agriculture vol 51, No 8 EPW
Economic & Political Weekly
• Ramesh Chand (2012) Development Policies and Agricultural Markets EPW DE- CEMBER 29,
2012 vol 47 no 52
• Yoginder K Alagh (2021) Globalisation and the Indian Farmer EPW vol 56 no 28
• Chatterjee, S., Kapur, D. (2017). Six puzzles in Indian agriculture. India Policy Forum 2016, Vol.
17.
• NABARD Foundation Day, Paper on enhancing Farmers’ income by K J S Satyasai and Nirupam
Mehrotra. 12 July 2016
• Acharya, S.S. (2007) “Agribusiness in India: Facts and Emerging Issues”, Agricultural Economics
Research Review, Vol. 20, Conference Issue, pp. 409-424
• Mohan, R., (2006) Agricultural Credit in India: Status, Issues and Future Agenda, Economic and
Political Weekly, March 18, 2006, pp 1013-1021.
• Mishra S.N. and Chand, R., (1995) Public and Private Capital Formation in Indian Agriculture:
Comments on Complementarily Hypothesis, Economic and Political Weekly, June 24th, 1995
• GOI (2007), Report of The Working Group on Risk Management in Agriculture for the Eleventh
Five Year Plan (2007-2012), GOI, New Delhi
• Indian Agriculture Towards 2030-Pathways for Enhancing Farmers’ Income, Nutritional Security
and Sustainable Food and Farm Systems (2021) An open-access Springer publication.
• Government of India (2017) “Report of the Committee on Doubling Farmers’ In- come”. Ministry of
Agriculture and Farmers’ Welfare, Government of India
• PRS Legislative Research (2017), Swaminathan Report: National Commission on Farmers, at
Swaminathan Report: National Commission on Farmers, PRS India
• Acharya SS and NL Agarwal (2016), Agricultural Marketing in India, New Delhi: CBS Publishers
and Distributors
• Expert Committee Report on Marketing Infrastructure & Agricultural Marketing Reforms (2000)
Government of India, Department of Agricultural & Cooperation Krishi Bhavan, New Delhi
Note: Examination scheme and mode shall be as prescribed by the Examination

Branch, University of Delhi, from time to time.
111
Generic Elective (GE-18): Game Theory and Social Sciences
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Game
Theory and
Class Math in class
Social 4 3 1 0
12th XII
Sciences –
ECON068
Learning Objectives
• This course will teach the basic elements of game theory with applications to political science and
other social sciences.
• It will cover simultaneous games, extensive-form games, repeated games, and spatial models of
elections.
• The course will also focus on using the logic of games to make inferences and arguments about
political and social behavior, with readings on collective action, voting, bargaining, repeated
interaction, war, and other Final Examples.
Learning outcomes
• The students will learn how to apply multi-person decision making in an interactive setting.
• They will understand how to formulate different real-life situations as games and learn to predict the
optimal strategies of players and how the players can exploit strategic situations for their own benefit.
• They will solve basic and intermediate games, including simultaneous-move and extensive-form
games, as well as basic games of asymmetric information.
• The students can create and solve an original model designed to understand a social or political
problem of interest.
Syllabus
UNIT I: Rational choice; interacting decision-makers; the normal/strategic form (9 hours)
UNIT II: Dominant and dominated strategies; rationalizability; iterated elimination of dominated strategies;
dominance solvability; best response functions; Nash equilibrium. (12 hours)
UNIT III: Extensive-form and simultaneous game, Strategic game and its application in social sciences,
electoral competition; the war of attrition, auctions; accident law; mixed strategies; finding mixed strategy
equilibria; symmetric games and symmetric equilibria; illustrations: reporting a crime; expert diagnosis (12
hours)
UNIT IV: Strictly competitive equilibrium and maximization (12 hours)
• Martin J. Osborne, An Introduction to Game Theory, Oxford University Press, New Delhi, 2004.
112
Generic Elective (GE-19): Economy of Colonial India
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Economy of
Colonial Class
4 3 1 0 NIL
India – 12th
ECON069
Learning Objectives

• This course Final Examples some key spheres and trends of India’s economy under colonial rule and
situates them in the realms of land, labour, capital and state policy as they emerged from the shadows
of the Mughal decline and moved into the colonial era.
• A special focus will be given on the peasants, artisans, migrants and their changing relationships
with state power.
• The course will revisit some influential debates of Indian economic history: deindustrialisation, the
nature of growth under colonial conditions, forced commercialization, the modernity of its
industrialisation, working classes, drain of wealth and the role of the colonial state.
Learning outcomes

• The students will be able to learn economic transformation from pre-colonial period to the British
colonial regime that paved the way of distorted path of growth and development.
• They will understand the nature of colonial economy and how resources of colonies were exploited
by the colonial power.
• They will acquire skill to critically engage with ideas of economic changes in the last two centuries.
Syllabus
UNIT I: Economic transformation from pre-colonial to colonial regime (12 hours)

Economic transition, Colonial exploitation and resultant tyranny affected the trend of population, national
income; occupational structure, merchandise trade, emergence of state with the East India Company and
nature of its rule.
UNIT II: Agrarian Transformation (12 hours)

Colonial Rule on Indian Soil affected land revenue settlements, commercialization of agriculture, changing
cropping pattern, land market, rural credit and indebtedness. It further influenced agrarian relations that
includes agricultural labour, regional variations, peasant commodity production and generated debates on
the ‘mode of production in Indian agriculture’, the ‘invisible’ women of India’s agrarian history.
UNIT III: The de-industrialisation debate (12 hours)

Role of infrastructure for merchandise trade, evolution of entrepreneurial and industrial structure; constraints
on industrial growth; labour relations; drain of wealth; international trade and Balance of Payments
UNIT IV: Evolution of State and Financial Market (9 hours)

Evolution of state and its function for social welfare and relief under famine and starvation; Public Finance,
Government revenue, expenditure and investment over the years; Emergence of Modern Banking in India
and its role in economy; Overall assessment of colonial economy: stagnation and decline with regional
variations.
113
• Guha, S., 1991, Mortality decline in early 20th century India, Indian Economic and Social
History Review, vol. 28
• Roy, T, 2011, The Economic History of India 1857-1947, 3rd edn, Orient Longman, Delhi.
• Irfan Habib, 2006, Indian Economy 1858-1914, A People’s History of India, vol. 28, Tulika, Delhi
• Chaudhary, L., B. Gupta, T Roy and A. V. Swami (eds.), A New Economic History of Colonial
India, Routledge, London and New York.
• Parthasarathi, P. 2009, Historical Issues of Deindustrialization in Nineteenth Cen- tury South India,
in T Roy and Giorgio Riello (eds) How India Clothed the World: The World of South Asian Textiles,
1500-1850 , Brill, Leiden
• Morris, M.D , 1965, Summary and Conclusions in Emergence of an Industrial Labour Force in
India, OUP, Delhi
• Roy, T., 2018, Capital and Empire (1850-1930): Trade and Finance in A Business History of
India: Enterprise and the Emergence of Capitalism from 1700, Cambridge University Press, Delhi
• Chatterjee, B., 1992, Trade, Tariffs and Empire, Oxford University Press, Delhi, Epilogue.
• Washbrook, D. , 2012, The Indian Economy and the British Empire in Douglas M Peers and Nandini
Gooptu (ed.) India and the British Empire, OUP, Delhi.
114
Generic Elective (GE-20): Basic Environmental Economics
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Basic
Environment Class ECON001/E
4 3 1 0
al Economics 12th CON025
– ECON070
Course Objectives:
• The objective of this course is to provide basic knowledge of environmental economics,
and its relationship between microeconomics and welfare economics.
• It covers the significance and application of Environmental Economics in the present
environmental challenges in India. It describes and comprehends various
environmental policies by deploying various policy instruments as well as measure the
various market and non-market benefits of environmental policies.
• Finally, the course addresses the transboundary environmental problems, and
challenges related to trade and the environment.
Course Learning Outcomes

• The students will be able to learn the basic factors influencing the environmental challenges
faced by the present world.
• They will comprehend the functions of state and institution in mitigating such challenges.
Content (Unit-wise):
Unit 1 : Introduction to Environment Economics (9 hours)
What is environmental economics, Overview of environmental problems in India
Unit 2 : Welfare economics and inefficiencies (9 hours)
Pareto efficiency in consumption (Edgeworth Box), Pareto efficiency in Production,
Theorems of welfare economics
Unit 3 : Externalities, property rights and Environmental Policy (9 hours)
Market Failure, externalities in Production and consumption, Externalities in prop-
erty rights. Types of environmental goods (use and non-use value)
Unit 4 : Bargaining Solutions and Environmental Policies (9 hours)
Coase Theorem and its implications, Overview of regulatory policies related to
environment, implementation of environmental policy
Unit 5 : International Environmental Problems (9 hours)
Environment and World Trade Organization, GATT, Multilateral Environmental
Agreements, Transboundary environmental problems
Suggested Readings:
– Charles Kolstad. Intermediate Environmental Economics, Oxford University Press, 2nd
edition (2012). [Indian reprint available.]
115
– Roger Perman, Yue Ma, James McGilvray and Michael Common. Natural Re- source and
Environmental Economics, Pearson Education/Addison Wesley, 4th edition (2011).
– Robert N. Stavins (ed.). Economics of the Environment: Selected Readings, W.W. Norton, 6th
edition (2012).
116
Generic Elective (GE-21): Law and Development
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII
Law and
Class ECON001/E
Development 4 3 1 0
12th CON025
– ECON071
Course Objectives:
• Law is widely thought of a prerequisite to economic development. The course focuses on how
property rights play a central role in economic development and individuals invest if they can reap
the future benefits of their investments as well formation of assets with collateral.
• The course deals with the questions, where property rights come from, how they are made and
evolve, why, by whom and in what manner attributes of property rights are grafted onto different
objects, claims, or assets.
• More specifically, the course covers key areas such as property rights, business transactions, and
industrial promotion, with guidance for pro-development legislation in each.
Course learning outcomes:

• The students will acquire understanding the efficacy of laws and institutions in the modern
economies for property rights and debt that helped equity and transparency for economic
development.
• The students will learn the facility in comparative law, approaches to legal institutionalism, and law
and political economy.
Content (unit-wise):
Unit 1 : Introduction (9 hours)
The Importance of Laws and institutions for Economic Development
Unit 2 : Property Rights and Economic Development (12 hours)
Property rights and their role in resource allocation (Market and non-market
mechanism for land transfer); Intellectual Property Rights (IPRs) Patents,
Copyright and Trademarks. Cost and benefits of private IPRs; Individual
rights vs common good
Unit 3 : Legal Frameworks for Business Transactions and Economic Development
(12 hours)
Economics of Contract Law Legal contract; Role of Contracts for
functioning of markets; Incomplete contracts; Efficient contracts; Damages
measures and their efficiency properties.
Unit 4 : Law and Industrial Promotion as Tools for Economic Development (12 hours)
Anti-trust laws, Competition Policy; Legal Process: Litigation – its causes
and consequences; Benefits of legal certainty
• Suggested Readings:
– Lee, Yong-Shik (2017) ”General Theory of Law and Development,” Cornell
117
Interna- tional Law Journal: Vol. 50 : No. 3 , Article 2. Available at:
https://scholarship.law. cornell.edu/cilj/vol50/iss3/2
– Cooter, Robert and Thomas Ulen, Law and Economics, Sixth Edition,
Addison Wesley 2013, ISBN 9780132540650. Free here Law and Economics,
6th edition (jku.at)
– Lee, Y.S., Call for a New Analytical Model for Law and Development
(Septem- ber 16, 2016). Law and Development Review, Vol. 8, No. 2 (June
2015), 1-67, Available at SSRN: https://ssrn.com/abstract=2839943
– Lee, Y.S.; General Theory of Law and Development;
https://ww3.lawschool.cornell.edu/research/I final.pdf
– Trubek, D. M., & Santos, A. (Eds.). (2006). The new law and economic
development: a critical appraisal. Cambridge University Press.
– Dam, K. W. (2007). The law-growth nexus: The rule of law and economic
development. Brookings Institution Press.
118
Generic Elective (GE-22): Public Finance in India
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Public
Finance in Class
4 3 1 0 NIL
India – 12th
ECON072
Course Objectives:
• This course covers an overview of recent trends and issues in government finances of India.
• It will look into the recent trends in budget, deficits, reforms in taxes of the centre, states and
the local governments and the issues of fiscal federalism and decentralisation in India.
• It also offers an overview of principles and finances of India’s flagships welfare programs.
Course Learning Outcomes:
• The students will learn India’s recent trends and issues in direct and indirect taxes,
intergovernmental transfers and welfare policies.
• It will enable them to compare and contrast India’s public sector performance with the
conceptual standards and perfor- mances of other nations.
• It will also equip them to engage in empirical based public policy debates around taxation,
fiscal federalism and welfare policies.
• The course will be useful for students aiming towards careers in the government sector,
policy analysis, business and journalism.
Unit 1 : Current Issues of India’s Tax system (12 hours)

Overview of India’s tax system and performance; GST; Issues in Direct Taxes; other
issues in indirect taxes (eg. taxes on petroleum products)
Unit 2 . Analysis of Budget and Deficits: (12 hours)
Union and State Budget analysis; Deficit and Debt Management; Unit
3 Fiscal Federalism in India (12 hours)
Theories of Fiscal Federalism; Overview of Fiscal Federalism Structure in India;
Intergovernmental Transfers; Local Finances in India
Unit 4 : Development and Welfare Policies- (9 hours)
India’s Flagship Programs- Public Distribution system, National Health Mission, Universal
Health Insurance, Education, other Central and State sponsored schemes
Suggested Readings:
• Relevant chapters from Latest Finance Commission Reports

• Relevant chapters from the latest Economic Survey
119
• Latest Budget Document
• Rangarajan, Chakravarthy, and D. K. Srivastava. ”Fiscal deficits and government debt: implications
for growth and stabilisation.” Economic and Political Weekly (2005): 2919-2934
• Rao, M. Govinda. ”Central transfers to states in India: rewarding performance while ensuring
equity.” Final report submitted to NITI Aayog (2017).
• Relevant articles from reputed journals
120
Generic Elective (GE-23): Health and Development
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII
Health and
Class
Development 4 3 1 0 NIL
12th
– ECON073
Course Objectives:
• This course deals with the interface between the health and development, both monetary and
non-monetary terms.
• It identifies how health care markets differ from other goods and services, the unique role of
health insurance for health equity.
• The course address how medical spending has evolved over time, role of state and institution
for delivering health care services.
• It also covers the various strategies address by the nation and international organisations
for ensuring health care and better life.

• The students will be able to understand economic dimensions of health services, deter-
minants of health care, role of state and institution, policies relating to health equity and
strategies to deal with communicable and non-communicable diseases
Course Outline:
Unit 1 : Health, Wealth, and Welfare; Utility and Health; Causes and Consequences of Regional
Variations in Health Care (9 hours)
Unit 2 : Health expenditure
Health Care Spending Growth; The Transformation of Medical Care to Health; The Demand
for Medical Care; out-pocket expenditure (9 hours)
Unit 3 : Health Insurance (9 hours)
Externalities in Health and Medical Care; The Demand for Health Insurance; Health
Insurance Supply and Managed Care; Government Provision of Health Insurance; Universal
Insurance Issues and International Comparisons of Health Care Systems; managing market (9
hours)
121
Unit 4 : Economics and mental health (9 hours)
Unit 5 : Health Systems (9 hours)

International health systems and Indian experiences, and health care financing.
Suggested Readings: Following is the suggested list of books/papers, which can be

updated with more recent papers as ans when they become available.
Main Textbooks
– Deaton, A. (2007). Height, health, and development. Proceedings of the

national academy of sciences, 104(33), 13232-13237.
– IMF (2004), Health and Development, https://www.imf.org/external/pubs /ft/health/eng/hdwi/h
– Satpathy SK, Bansal RD. Health economics–concepts and conceptual
problems. Health Popul Perspect Issues. 1982 Jan-Mar;5(1):23-33. PMID:
10310083.
– Frank, R. G., & McGuire, T. G. (2000). Economics and mental health.
Handbook of health economics, 1, 893-954.
122
Generic Elective (GE-24): Global Political Economy
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII Global
Political Class
4 3 1 0 NIL
Economy – 12th
ECON074
• Course Objectives:
• This course introduces students to the contemporary structures, trends and
developments in the world economy from a political economy perspective.
• The period covered is from the end of Second World War up to global
economic crisis of 2008. Areas covered include the organization of
production and corporate structure; changes in labour processes and
labour regimes;
• The financialization of the world economy; and the shift in the
understanding of the nature and role of the state under globalisation.
• Course Learning Outcomes:

• This course enables students to develop a critical understanding of the
contemporary global economy, changing dynamics of political economic
relation and developments over the last five or six decades.
Unit 1 : Introduction (6 hours)

The political economy of globalisation, a theoretical and historical overview.
Unit 2 : Changing dynamics of capitalist production. (9 hours)

Organisational forms and labour processes in the Fordist and Post-Fordist production
regimes; multinational corporations – evolution, structural form and dynamics; global
value chains and production networks; the nature of employment, job security and labour
rights in a globalising world.
Unit 3 : Institutional setting of global trade. (6 hours)
Evolution of the role, structure and mechanisms of the international trade regime.
Unit 4 : The role of finance in the globalised economy. (9 hours)
Financialization– trends, instruments, features and consequences.
Unit 5 : The state in the era of globalisation: (6 hours)
Globalisation and the limits of the welfare and developmental states; the neoliberal state.
Unit 6 : Global economic instability and crisis: (9 hours)
The 2008 global economic crisis – prelude; proximate and long-term causes; and policy response.
– Dore, R. (2008). Financialization of the global economy. Industrial and Corporate Change,
17, 1097-1112.
– Harvey, D. (2005). A brief history of neoliberalism. Oxford University Press.
123
– Hymer, S. (1975). The multinational corporation and the law of uneven development. In
H. Radice (ed.): International firms and modern imperialism. Penguin Books.
– Nayyar, D. (2003). Globalisation and development. In H.-J. Chang (ed.): Re- thinking
development economics. Anthem Press.
– Reddy, N. (2003). Economic globalisation, past and present: The challenges to labour. In
K. Jomo, K. Jin (eds): Globalization and its discontents, revisited. Tulika Books.
– Thun, E. (2011). The globalization of production. In J. Ravenhill (ed.): Global political
economy. Oxford University Press.
– Tonkiss, F. (2008). Contemporary economic sociology: Globalisation, production,
inequality. Routledge.
– Vakulabharanam, V. (2009). The recent crisis in global capitalism: Towards a Marxian
understanding. Economic and Political Weekly, 44, 144-150.
– Varoufakis, Y. (2011). The global Minotaur: America, the true origins of the financial
crisis and the future of the world economy. Zed Books.
– Winham, G. (2011). The evolution of the global trade regime. In J. Ravenhill (ed.):
Global political economy. Oxford University Press.
124
Generic Elective (GE-25): History of Indian Economic
Thought
Semester
Duration (per week)
Lecture Tutorial
Practice
IV/VI/VIII History of
Indian
Class
Economic 4 3 1 0 NIL
12th
Thought –
ECON075
Course Objectives:
• The purpose of this course is to develop understanding among the students about Indian
Economic Thinking in ancient and pre-independence India.
• This course exposes students to prominent Indian economic thinkers from the ancient
period till the early 20th century. The course will provide intellectual underpinning of
ancient Indian economics, which will help them solve many ongoing economic problems.
• The students will be able to have idea about the ancient Indian economic system
• The course will help the students to understand the current economic system in view of the
economic history of the country
• Content (Unit-wise):
Unit 1: Ancient and pre-colonial period (15 hours)
Postulates of Ancient Indian Economics; Buddhism and economics; Consumption, production,
exchange and distribution in Ancient Indian Economy; Public finance and economic functions of
government.
Unit 2 : Colonialism, Exploitation and Economic development (15 hours )
Classical & Neoclassical economics and Indian economic thought during colonial period; Theory of
wealth drain and, famine and poverty; Industrialization, agrarian policy, infrastructure and structural
changes.
Unit 3 : Economic thought: Indian Freedom Movement (15 hours )
Gandhian Economic model of swadeshi; Gokhle and Economics of Education; free trade to
discriminating protection; Ranade and Economics of development; Ambedkar’s thought on
population, agriculture, banking and industrilisation.
• Kangle, R. P. (1986). Kautiliya Arthasastra (vol. No. 1-3) Motilal Banarsidass Publication.
• Bahadur, R. and Aiyanger, K.V.R. (1934). Aspects of Indian Economic Thought. The Madras
Law Journal Press, Mylapore, Madras.
• Dasgupta, A. (1993). The history of Indian Economic Thought. Routledge, London and New
York.
• Shah, K.T. (1954). Ancient Foundations of Economcis in India. Vora & Co. Publishers Ltd.
Bombay.
• Mahadev Govind Ranade (2000). Indian political Economy. Indian economic association trust
for research and development. Ch 1.
• J. Krishnamurty (ed.; 2011). Towards Development Economics: Indian Contribu- tions 1900 –
1945, OUP.
• Government of Maharashtra Education Department (1982). On Measures for Birth Control’
Dr. Babasaheb Ambedkar: Writings and Speeches, Volume.-2, Appendix-1 Government of
125
Maharashtra, page 261.
• Waldauer, C., Zahka, W. J., & Pal, S. (1996). Kautilya's Arthashastra: A neglected precursor
to classical economics. Indian Economic Review, 101-108.
• Tisdell, C. A. (2003). A western perspective on Kautilya's' Arthasastra': Does it provide a
basis for economic science? (No. 1742-2016-140719, pp. 1-13).
• Adams, J. (2006). Economics, economists, and the Indian economy. India Review, 5(1), 37-
61.
• Skare, M. (2013). The missing link: From Kautilya’s The Arthashastra to modern
economics. Journal of Philosophical Economics, 6(2), 2-31.
• Deodhar, S. Y. (2018). Indian antecedents to modern economic thought.
• Ambedkar, B. R. (1918). Small holdings in India and their remedies. Journal of Indian
Economic Society, 1, 1900-1945.
126

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Appendix-27

EC Resolution No. 14-1 (14-1-3)

S.No. Contents Page No.

BA. (Hons.) Economics– DSC

BA (Prog) with Economics as Major

BA (Prog) with Economics as Non-Major

BA. (Hons.) Economics– DSC

1. Game Theory and Strategic Interactions

BA (Prog) with Economics as Major

BA (Prog) with Economics as Non-Major

4 Common Pool of Generic Elective for IV/V/VI

STRUCTURE OF FOURTH SEMESTER

DISCIPLINE SPECIFIC CORE COURSE -10 (DSC-10):Intermediate

Duration (per week)

The Learning Objectives of this course are as follows:

The Learning outcomes of this course are as follows:

UNIT I: Monopoly (9 hours)

UNIT II: General equilibrium (9 hours)

UNIT III: Models of Monopolistic Competition (9 hours)

UNIT IV: Externalities (9 hours)

UNIT V: Public Good (9 hours)

Duration (per week)

The Learning Objectives of this course are as follows:

UNIT II: Financial markets and crisis (15 hours)

UNIT III: Issues in open economy (15 hours)

Duration (per week)

The Learning Objectives of this course are as follows:

The Learning outcomes of this course are as follows:

UNIT I: Linear Regression Model (9 hours)

UNIT II: Multiple Regression Model (9 hours)

UNIT III: Functional Forms and Qualitative independent variables (9 hours)

UNIT IV: Violations of Assumptions (9 hours)

UNIT V: Specification Bias (9 hours)

DISCIPLINE SPECIFIC CORE COURSE -7 (DSC-7): Intermediate

Duration (per week)

The Learning Objectives of this course are as follows:

The Learning outcomes of this course are as follows:

UNIT I: Short-run and medium-run equilibrium (15 hours)

UNIT II: Philips Curve and Theory of Expectations (15 hours)

UNIT III: Microeconomic foundations of macroeconomic behaviours (15 hours)

Duration (per week)

The Learning Objectives of this course are as follows:

The Learning outcomes of this course are as follows:

UNIT I: Regression Models (15 hours)

UNIT II: Qualitative variables and Estimation (15 hours)

UNIT III: Issues with Classical Assumptions (15 hours)

DISCIPLINE SPECIFIC CORE COURSE -4 (DSC-4): Intermediate

Duration (per week)

The Learning Objectives of this course are as follows:

The Learning outcomes of this course are as follows:

UNIT I: Short-run and medium-run equilibrium (15 hours)

UNIT II: Philips Curve and Theory of Expectations (15 hours)

UNIT III: Microeconomic foundations of macroeconomic behaviours (15 hours)

DISCIPLINE SPECIFIC CORE COURSE -13 (DSC-13): Game Theory

Duration (per week)

The Learning Objectives of this course are as follows:

The Learning outcomes of this course are as follows:

UNIT II: Complete information extensive form game (9 hours)

UNIT III: Topics from Industrial Organization (9 hours)

UNIT IV: Incomplete information (9 hours)