COMMON POOL OF GENERIC ELECTIVES (GE) COURSES offered by

Department of Economics for Semester- 3rd, 5th & 7th

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

The Learning Objectives of this course are as follows:

• 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 Learning Outcomes of this course are as follows:

• 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,

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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 sur- plus, 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
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

Essential/recommended readings
– 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.

Note: Examination scheme and mode shall be as prescribed by the Examination

Branch, University of Delhi, from time to time.

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 GENERIC ELECTIVES (GE-2): BASIC DEVELOPMENT ECONOMICS

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 Basic 4 3 1 0 Class XII NIL
Development Pass
Economics
ECON029

Learning Objectives

The Learning Objectives of this course are as follows:

• 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

The Learning Outcomes of this course are as follows:

• 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 (09 hours)

Practical component (if any) - NIL

Essential/recommended readings

17
 – 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
(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

Note: Examination scheme and mode shall be as prescribed by the Examination

Branch, University of Delhi, from time to time.

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

The Learning Objectives of this course are as follows:

18
 • 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

The Learning Outcomes of this course are as follows:

• 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

Practical component (if any) - NIL

Essential/recommended readings

– 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

Note: Examination scheme and mode shall be as prescribed by the Examination

Branch, University of Delhi, from time to time.

19
 Generic Elective (GE-7): Theory of Public Finance

Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII Theory of
Public Passed Class ECON001/E
4 3 1 0
Finance – 12th CON025
ECON061

Learning Objectives

The Learning Objectives of this course are as follows:

• 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

The Learning Outcomes of this course are as follows:

• 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 (09 hours)

Product and Factor tax; Tax Burden; Tax Distortions; Tax Design

UNIT IV: Working of Fiscal and Monetary Policies (12 hours)

Fiscal policy; Banking system and creation of Money; Monetary Instruments and Policies; Fiscal and
Monetary Management in Indian Context.

Recommended readings

• 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

20
 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.

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

Generic Elective (GE-8): Money and Banking

Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII
Money and
Class
Banking – 4 3 1 0 NIL
12th Pass
ECON062

Learning Objectives

The Learning Objectives of this course are as follows:

• 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

The Learning Outcomes of this course are as follows:

This allows students to understand current monetary policies and financial market out- comes. It also enables
them to critically evaluate policies.

Syllabus

UNIT I: Money (12 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 (09 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

21
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

Recommended readings
• 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
• 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

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

Generic Elective (GE-9): Digitalisation and Development

Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII Digitalisation
and Class
4 3 1 0 NIL
Development 12th Pass
– ECON063

Learning Objectives

The Learning Objectives of this course are as follows:

• 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 Learning Outcomes of this course are as follows:

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 (09 hours)

UNIT II: The transformation of management practices; work and employment; social net- works, trust and
social capital in the digital economy; cultural and motivational aspects (12 hours)

22
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 (12 hours)

Recommended readings
• 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.
• 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.

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

Generic Elective (GE-10): Introduction to Comparative

Economic Development

Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII Introduction
to
Comparative Class
4 3 1 0 NIL
Economic 12th Pass
Development
– ECON064

Learning Objectives

The Learning Objectives of this course are as follows:

• This course investigates selected issues in industrialization and development in comparative
historical perspective.

23
 • 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 Learning Outcomes of this course are as follows:

• 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

UNIT I: Introduction (09 hours)

Theoretical issues and comparative historical background.

UNIT II: Agricultural transformation and its role in industrialization (09 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. (09 hours)

UNIT IV: The factory system and making of the industrial working class. Case studies: Britain and Japan
(09 hours)

UNIT V: The role of the state in industrial and developmental transitions. Case studies: Britain, Japan and
U.S.S.R. (09 hours)

Recommended readings
• Davies, R. (1998). Soviet economic development from Lenin to Khrushchev. Cam- bridge
University Press.
• Dobb, M. (1966). Soviet economic development since 1917. Routledge.
• 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.

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

24
 Generic Elective (GE-11): Education and Development

Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII Education
and Class
4 3 1 0 NIL
Development 12thPass
– ECON065

Learning Objectives

The Learning Objectives of this course are as follows:

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

The Learning Outcomes of this course are as follows:

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

UNIT I: Introduction (08 hours)

Defining the educational problem

UNIT II: Human capital theory (08 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. (08 hours)

UNIT IV: Education as a signal of skill (08 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 (08 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 (05 hours)

Basic issues and structure; Higher education policy

Recommended readings
• Borjas, George. Labor Economics. Boston, MA: McGraw-Hill, 2005
• Lovenheim, M., & Turner, S. E. (2017). Economics of education. Macmillan Higher Education.
• Feinstein, Leon. "Inequality in the Early Cognitive Development of British Children in the 1970
Cohort." Economica 70, no. 277 (2003): 73-97.

25
 • 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.

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

26
 Generic Elective (GE-12): Basic Resource and Energy
Economics

Semester
Duration (per week)
Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII Basic
Passed Class
Resource and
12th with ECON001/E
Energy 4 3 2 0
Mathema CON025
Economics –
tics
ECON066

Learning Objectives

The Learning Objectives of this course are as follows:

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 Learning outcomes of this course are as follows:

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)

Recommended readings
• 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.
• Chen, B., Xiong, R., Li, H., Sun, Q., & Yang, J. (2019). Pathways for sustainable energy transition.
Journal of Cleaner Production, 228, 1564-1571.

27
 • 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.

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

Generic Elective (GE-13): Principles of Microeconomics II

Semester
Duration (per week)
Course title & Eligibility
Credits Prerequisite
Code Practical/ Criteria
Lecture Tutorial
Practice
III/V/VII Introductory
Passed Class Microeconomics
Principles of 12th with (ECON001)
Microeconomics 4 3 1 0
Principles of
II – ECON027 Mathematics
Microeconomics
I (ECON025)

Learning Objectives

The Learning Objectives of this course are as follows:

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

Learning outcomes

The Learning outcomes of this course are as follows:

• 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

28
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.

UNIT IV: International Trade (09 hours)

Absolute advantage, comparative advantage, terms of trade, sources of comparative advantage, trade
barriers, free trade/ protectionism.

Recommended readings
• Mankiw, N. G. (2018). Principles of Microeconomics 8th ed.
• Bernheim, B., Whinston, M. (2009). Microeconomics. Tata McGraw-Hill.

Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

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