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HIMACHAL PRADESH
AKAL SCHOOL OF ECONOMICS
COURSE STRUCTURE & SYLLABUS FOR M.A ECONOMICS
The M.Sc. in Economics will be a four semester full time programme. The course will be organised over two
years, each year consisting of two semestersthe odd semester and the even semester. The programme of study
consist of sixteen courses out of which 14 are core coursescompulsory for all studentsand 2 are elective
courses. The students will finalise the topic for their Research Project in consultation with the advisory
committee of the concern department in the beginning of III semester. The Research Project will be of 100
marks; 70 marks for written Research project and 30 marks for viva voice. The viva voice will be conducted by
internal committee constituted by Deptt. The courses will be offered according to the following schedule:
SEMESTER-I
All Compulsory Papers:
ECON- 501 Micro Economic Theory
ECON -502 Macro Economic Theory
MATH -505Quantitative Methods
ECON -503 History of Economic Thoughts
SEMESTER-II
All Compulsory Papers:
ECON -504 Advanced Micro Economic Theory
ECON -510 Research Methods for Economics
ECON -506 Money and Banking
ECON -507 International Economics
SEMESTER-III
There will be three Compulsory Papers:
ECON -508 Indian Economy
ECON - 509Economics of Growth and Development
ECON - 505 Advanced Macro Economic Theory
Any One of the following options for Papers ECON -511
(i) Agricultural Economics
(ii) Industrial Economics
(iii) Basic Econometrics
(iv) Health Economics-I
SEMESTER-IV
There will be two Compulsory Papers and one Compulsory Research report:
ECON -512 Public Finance
ECON -513 Advanced Economics of Growth and Development
Any one of the following options for Papers ECON - 514
Note: Students who opt for Agricultural Economics, Industrial Economics, Basic Econometrics and Health
Economics-I in Semester-III will have to opt for Agricultural Marketing, Labour Economics, Advanced
Econometrics and Health Economics-II respectively in Semester-IV).
(i) Agricultural Marketing
(ii) Labour Economics
(iii) Advanced Econometrics
(iv) Health Economics-II
Edu- 101 Human Value & Professional Ethics
ECON -515 Research Project
Selected Readings:
Ackley, G. (Latest) : Macroeconomics : Theory and Policy, Macmillan, New York.
Rudiger Dornbusch, Stanley Fischer, Richard Startz (2004 or latest edition) Macroeconomics, McGraw Hill
Irwin
Blanchard, O. J. and Fisher, S.( Latest) : Lectures in Macroeconomics, MIT Press, Cambridge.
Branson, W. H. & Litvack, J. M.( Latest): Macro-economics, Harper and Row, New York.
Rangarajan C, Dholakia B.H (2003), Principles of Macroeconomics, Tata Mcgraw-Hill.
Paul Anthony Samuelson, William D. Nordhaus (2004) Macroeconomics, McGraw-Hill
William J. Baumol, Alan S. Blinder (2009) Macroeconomics: Principles and Policy, South-western cengage
learning
Andrew B. A Bell, Bernanke Macroeconomics: Pearson Publication.( Latest Edi.)
Shapiro: Macroeconomics theory, Harcourt College Publications.
Richard T Froyen. Macroeconomics : Theory and Policies (Latest Edi.) Amazon Publication
Selected Readings:
Dasgupta, A.K. (Latest): Epochs of Economic Theory, Oxford University Press, New Delhi.
Brien, D.P.O: The Classical Economists, London, Oxford University Press, Latest.
Eric Roll (Latest): History of Economic Thought, Faber and Faber (Rupa).
Gide, C. and Rist C. (Latest) : A History of Economic Doctrines, George G. Harap & Co.
Blaug, M. (Latest): Economic Theory in Retrospect, Vikas Publishing House,
Schumpter, J.A. (Latest): History of Economic Thought, Oxford University Press.
Tom Bottomore : Dictionary of Marxist Thought, Basic Black Well, 1985
UNIT-II
Monopolistic Competition: Characteristics. A firms short and long run equilibrium with differentiated
products and selling costs (advertisement). Group equilibrium, excess capacity under Monopolistic Competition.
Oligopoly: Cournot, Kinked demand Curve, Dominant and low cost firm models of oligopoly. Stackellberg
Model. Collusion and Cartel Model. Game Theory and the Economics of Cooperation : Dominant Strategy and
Nash Equilibrium. The Prisoners Dilemma : Repeated Games: Collusion and Tit-for-Tat Strategy. Strategic
Moves. Public Policy towards Oligopoly. Contestable Markets.
UNIT-III
Pricing of Factors of Production: Demand for a factor of production, Supply of Labor: Trade-off between
Work and Leisure. Factor Market equilibrium with: Competitive Factor and Output markets. Competitive Factor
Market and Monopolized output market. Monopolized Factor Market and Competitive output market.
Monopolized Factor Market and Monopolized output market. Only one buyer of Labor services i.e. Monopsony.
UNIT-IV
Welfare Economics: Pareto-optimality conditions in Production, Consumption and Exchange. Perfect
Competition and Economic Efficiency: First and Second theorem of welfare economics. Compensation Criteria.
Economic Efficiency versus Equity. Social Welfare Function approach, Utilitarian, Rawlsian and BergsonSamuelson social welfare functions and optimization of Social Welfare.
Selected Readings:
Mankiw Gregory N. (Latest) : Principles of Economics; 3rd Edition, Thomson; 3rd Indian . Reprint (2007).
Boumol, William J. and Blinder: Microeconomics: Principles and Policy, 9th Edition,
Salvatore Dominick (Latest) : Microeconomics: Theory and Applications; 4th Edition, Oxford Univ. Press.
.
Pindyck, Robert S., Rubinfel : Micro Economics, Prentice Hall of India, New Delhi.
Boumol, William J and Blinder Alan S (2005) Microeconomics; Principles and Policy9th Edition, Thomson, 1st
Indian Edition (2007).
Maddala, G S and Millelr Ellen (1989) Micro Economics: Theory and Applications. Tata McGraw-Hill (Edition
2004)
UNIT-I
Growth and Structural Change in the Indian Economy since 1950: Nature, causes and changes in sectoral
income distribution and occupational structure of the economy. Infrastructure Development Need,
performance and government strategy on infrastructure development with special emphasis on Special
Economic Zones (SEZs). State of the economy in 1990-91. Features and appraisal of Economic Reform
Programme. Indias planned development successes and failure. Constitutional amendments for 3 Tier level of
Goverance.
UNIT-II
Policies for social justice: Nature, extent and policies for Alleviation of poverty, inequality and unemployment.
Economics of education And health. Role of public & private investment in human capital formation.CoOperative movement in India & Japan. Food Security: Threat, indicators & mechanism.
UNIT-III
External Sector: composition and direction of Indias foreign trade and trade policy during pre and post
reforms. Exchange rate policy and convertibility of rupee. Liberalised Exchange Rate Management System.,
FEMA..Foreign Direct Investment Trends and issues. India and the World Trade Organisation. Parallel
economy & its implication. Banking & financial sectors reforms.
UNIT-IV
Agriculture : Pattern of growth of Indian agriculture since 1950. Liberalisation and emerging trends in Indian
Agriculture. Policy regime for agricultural.
Industry : Trends in growth and structure of Indian industry. Industrial Policy Regime: Critique of Regulatory
measures,. Deregulation and liberalization of the private sector. Impact of New Economic Policy on Indian
Industry.
Services & others: Banking and financial sectors reforms. Parallel economy & its implication.
Selected Readings:
Brahmananda, P.R. and Panchmukhi, V. R. (eds.) (1987) : The Development Process of Indian Economy,
Himalya Publishing House, Bombay.
Jalan, B. (1992) : The Indian EconomyProblems and Prospects, Viking, New Delhi.
Kapila, Uma (Ed.) (2007) : Indian Economy Since Independence, Academic Foundation, New Delhi.
Misra & puri (Latest Edi.) Indian Econmy, Himalaya Publication
Dutt.& Sundram: ( Latest Edi.) Indian Econmy, S. Chand Publication
P.K Dhar ( Latest Edi.) Indian Econmy, Kalyani Publication.
S.K Ray ( Latest Edi.) Indian Economy Prentice-Hall India
Further Readings :
Byres, T.J. (Ed.) (1998): The Indian Economy: Major Debate Since Independence, Oxford University Press, And
New Delhi.
Rakesh Mohan: facets of Indian Economy. ( Latest Edi.) Oxford University Press
Chandra Shekhar Prasad .( Latest Edi.) : A performance review 1947-48 to 2010-11 New Century Publications
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Selected readings:
Gupta, S.P: Statistical methods, Sultan Chand publication.
Arora, P. N., Sumeet Arora and S. Arora (2007) : Comprehensive Statistical Methods, S. Chand & Company
Ltd.
Jai Narain Sharma: Research Methodology, Deep & Deep Publications.
Manas Das Gupta Research Methodology in Economics, Deep & Deep Publications.
Freund, J. E. (Latest) : Mathematical Statistics, Prentice Hall India, 5th Edition.
Arora, P. N., Sumeet Arora and S. Arora (Latest) : Comprehensive Statistical Methods, S. Chand & Company
Ltd.
David Anderson J. Dennis Sweeney: Statistics for Business and Economics CenGage Learning
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Johnston, J. and Dinardo (1997) : Econometric Methods, 4th Ed., McGraw Hill.
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Unit-II
Micro - economic tools for health economics: The law of demand, Price elasticity of demand, the law of supply,
equilibrium, the theory of firm behaviour, imperfect competition, specification and measurement of economic
variables and their relationship, health status indicators.
Unit-III
Health care: Indias Potential. Stakeholders of healthcare industry, Measurement of medical care, changes in
health status, demand for medical care, and Indias share of worlds health problems. Determinants of demand
for health care, progress of health care supply in India.
Unit-IV
Public policy on health and health care .Challenges in rural health care, public and private expenditure in health
care, policy reforms in health care sector, steps in building a high class health care facility.
Selected readings:
James W. Henderson, Health Economics and Policy; Thomson-South-Western, (Indian edition by Akash Press,
New Delhi) 2005.
Banerjee, D. (1975), social and Cultural Foundations of Health Service Systems of India, Inquiry, Supplement
to Vol. XII, June.
Banerjee, D. (1982), Poverty, class and Health Culture in India, Vol. I Parchi Prakashan, New Delhi.
Gandhian Institute for rural and Family Planning (1972), studies on Mortality in India, Monograph Series No. 5.
Madan, T. N. 91980), doctors and Society Three Asian Case Studies, Vikas Publishing House, Delhi.
Naik, J. P. 91977), an alternative System of Health Care services in India Some Proposals, ICSSR, Delhi
Feldstein, M. S. (1977), Economic analysis of Health Service Efficiency, North Holland, Amsterdam. Jimenez
E. (1987), Pricing Policy in the Social Sectors, The Johns Hopkins University.
V Renuka Devi, M.Gowhar Jhan: Health Economics Issues and Challenges, Deep & Deep Publication.
Philip Jacobs: (1997) The Economics of Health & medical care, Anaspen publication
UNIT-I
Scope of Public Finance: Meaning & scope of public finance. Private and Public Goods: Role of Government
in economic activity; allocation ,distribution& stabilisation functions . Efficient Provision of Public Goods in a
Partial and General Equilibrium Approach. Role of Budget with Special Reference to the Goal of Distribution.
Performance and programming budgeting. Classification of budgets.
UNIT-II
Meaning And Type Of Taxes: Requirements of a good tax structure. Approaches to taxation : micro analysis of
direct and indirect taxes; individual income tax, corporation income tax, sales tax including value-added tax and
expenditure tax. Incidence analysis in a partial and general equilibrium setting. Excess burden, Effects of
taxation on work efforts, Savings and investment.
UNIT-III
Growth And Structure Of Public Expenditure: Effects on savings, investment & growth. Wagners law and
Peacock-Wiseman Hypothesis. Pattern of public expenditure in India and recent reforms in India.
Fiscal Policy- Neutral & compensatory & functional finance; balanced budget multiplier
UNIT-IV
Deficit Finance. Issues Relating To Public Debt : Debt Burden Analysis and Management of Public Debt;
Recent Policy in India.
Union- state financial relations: Horizontal & vertical imbalances; the finance commission. Fiscal federalismtheory & problem; problem of centre state financial relations in india.
Selected Readings:
Brown, C. V. and Jackson, P. M. (1990) : Public Sector Economics, 4th edition, Basil Blackwell, Oxford.
Musgrave, R. A. & Musgrave, P. B. (Latest edition) : Public Finance in Theory and Practice, International Edi.,
McGraw Hill, 1973.
Houghton, R. W. (ed.) (1970): Public Finance, Harmondsworth Penguin Books.
Peacock, and Straw, G. K. (1970) : The Economic Theory of Fiscal Policy, George Allen & Unwin, London.
S.K Singh: Public Finance Theory & practices. S. Chand Publication
Raghabendra Jha (1999) : Modern Public Economics, Routledge.
Misra & puri (Latest Edi.) Indian Econmy, Himalaya Publication
Dutt.& Sundram: ( Latest Edi.) Indian Econmy, S. Chand Publication
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Economic Growth and Structural Change: Structural Changes in the composition of gross
domestic product, occupational structure, Structure of capital accumulation; and accumulation of
human capital; exploring the relationship between economic development and income distribution
(Kuznets inverted U shaped curve. Development & growth- role of Institutions.
UNIT-II
Agriculture-Industry Interface: Interdependence between agriculture and industry; industrialization
and urbanization (The models of Lewis, Fei and Ranis and Todaro); The Balanced Growth Doctrine
(Review of Rosenstein and Nurkse); The Strategy of Unbalanced Growth (Hirschmans version), and
the reconciliation of the two.
UNIT-III
Developmental aidRole, trends and constraints: Role of Foreign Direct Investment (FDI) and
Multi-national Corporations (MNCs) in the emerging scenario. Market and State : An overview of the
Economic Functions of the Market and State; Efficiency of the Competitive Market, Market Failure,
Government Failure, on the Choice of Economic System.
UNIT-IV
Planning & market Mechanism : State intervention vs. liberalization, and privatization debate. The
core areas of State intervention under liberalization. Process of plan formulation. Investment criteria
for plan projects, cost-benefit analysis. Determination of size, growth rate and priorities in planning.
Use of input-output and linear programming techniques in planning .
Selected Readings:
Agarwal, A. N. and S. P. Singh (eds.) (1977 ): The Economics of Underdevelopment, Third Impression, Oxford
University Press, New Delhi.
Arrow, Kenneth (1962) : The Economic Implications of Learning by Doing, Review of Economic Studies, June,
pp. 155-173.
Kuznets, S. (1966) : Modern Economic Growth, Rate Structure and Spread, Vakils, Feffer and Simons Private
Limited, Bombay.
Meier, Gerald M. and James E. Rauch (2000): Leading Issues in Economic Development, Oxford University
Press, New York.
Misra and Puri: Economics of Growth & Development, Himalaya Publication.
R.K Lekhi :Economics of Growth & Development, Kalyani Publication.
Ray, Debraj (2004): Development Economics, Seventh Impression, Oxford University Press, New Delhi.
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Selected Readings :
S.S.Acharya and N.L.Agarwal: Agricultural marketing in India oxford and IBH Publishing Co., New Delhi.
Government of India (Latest): National Agricultural Policy, Ministry of Agriculture, Government of India, New
Delhi.
A.S.Kahlon and D.S.Tyagi Agricultural price policy in India oxford and IBH Publishing Co., New Delhi.
S.S.Acharya and N.L.Agarwal Agricultural prices-analysis and policy oxford and IBH Publishing Co., New
Delhi.
R.L.Kohls and J.N.Uhl: Marketing of agricultural products Macmillan Publications Co. Inc., New York
Z.Y.Jasdanwalla: Marketing efficiency of Indian agriculture Allied Publishers Pvt. Ltd, Bombay.
M.E.Brunk and L.B.Darrah: Marketing of agricultural products The Ronald Press Co. New York
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T: 1
ETE 40
Tutorial: 1
PRE 30
6. Semester: First
7. Pre-requisites: Nil
8. Objective:
9. Details of Course:
S. No. Particulars
No. of lectures
1
Understanding the need, basic guidelines, content and process of 6
value education, self-exploration, continuous happiness and
prosperity, fulfillment of basic aspirations of human being
2
Understanding the human being as co-existence of Self (I) and 8
body, understanding myself, sanyama and svasthya,
understanding values in human relationships, from family order
to World family order, understanding the incorrectness and
mutual fulfilment understanding existence as co-existence,
3
Basis for universal human values and ethical human conduct, 6
basis for holistic alternative towards universal human order
4
Professional ethics, issues in professional ethics, inherent 6
contradictions and dilemmas and their resolutions
5
The holistic criteria for evaluation, case studies of typical holistic 6
technologies, management models and production systems,
strategy for transition from the present state to universal human
order: at the level of individual, at the level of society.
10. Practical
S. No. Particulars
1
Self-Introduction, goals of life, Differentiation between right and wrong,
Observations and analysis of achievements and shortcomings in life
2
Root cause and way out of various techno-genic maladies such as energy and
natural resource depletion, environmental pollution, global warming, ozone
depletion, deforestation, soil degradation etc.
3
Root cause and way out of various threats to human happiness and peace such as
nuclear proliferation, terrorism, criminalization of politics, large scale corruption,
suicidal attempts, generation gaps, depression, scams, and breakdown of relations.
4
Natural Acceptance in relationship-feeling of respect and disrespect, Desires
related to Self (I) or Body, nurturing, protection and right utilization of body, plants
and herbs around the campus and their use in curing diseases
5
Group discussions in classrooms about any two problems of society, respecting and
disrespecting the related ones, Writing a story, poem, essay, skit, narration,
dialogue to educate a child,
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