Paper – I
(a) Marshallian and
(b) Alternative Distribution Theories: Ricardo, Kaldor, Kaleeki
(c) Markets Structure: Monopolistic Competition, Duopoly, Oligopoly.
(d) Modern Welfare Criteria: Pareto Hicks & Scitovsky, Arrow’s Impossibility Theorem, A.K. Sen’s Social Welfare Function.
- Advanced Macro Economics: Approaches to Employment Income and Interest Rate determination: Classical, Keynes (IS-LM) curve,
Neo classicalsynthesis and New classical, Theories of Interest Rate determination and Interest Rate Structure.
- Money – Banking and Finance:
(a) Demand for and Supply of Money: Money Multiplier Quantity Theory of Money (Fisher, Pique and Friedman) and
(b) Public Finance and its Role in Market Economy: In stabilization of supply, allocation of resources and in distribution and development. Sources of Govt. revenue, forms of Taxes and Subsidies, their incidence and effects. Limits to taxation, loans, crowding-out effects and limits to borrowings. Public Expenditure and its effects.
- International Economics:
(a) Old and New Theories of International Trade
- (i) Comparative Advantage
- (ii) Terms of Trade and Offer Curve.
- (iii) Product Cycle and Strategic Trade Theories.
- (iv) Trade as an engine of growth and theories
ofunder development in an open economy.
(b) Forms of Protection: Tariff and quota.
- (i) Price versus income, income adjustments under fixed exchange rates,
- (ii) Theories of Policy Mix
- (iii) Exchange rate adjustments under capital mobility
- (iv) Floating Rates and their
Implicationnsfor Developing Countries: Currency Boards.
- (v) Trade Policy and Developing Countries.
- (vi) BOP, adjustments and Policy Coordination in open economy macro-model.
- (vii) Speculative attacks
- (viii) Trade Blocks and Monetary Unions.
- (ix) WTO: TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.
- Growth and Development:
(a) Theories of growth:
- (i) Harrod’s model,
- (ii) Lewis model of development with surplus labour
- (iii) Balanced and Unbalanced growth,
- (iv) Human Capital and Economic Growth.
- (v) Research and Development and Economic Growth
(b) Process of Economic Development of Less developed countries: Myrdal and Kuzments on economic development and structural change: Role of Agriculture in Economic Development of less developed countries.
(c) Economic development and International Trade and Investment, Role of Multinationals.
(d) Planning and Economic Development:
(e) Welfare indicators and measures of growth – Human Development Indices. The basic needs approach.
(f) Development and Environmental Sustainability – Renewable and
Paper – II
- Indian Economy in Pre-Independence Era
: LandSystem and its changes, Commercialization of agriculture, Drain theory, Laissez fairetheory and critique. Manufacture and Transport: Jute, Cotton, Railways, Money and Credit.
- Indian Economy after Independence:
A The Pre Liberalization Era:
Contributionof Vakil, Gadgil and V.K.R.V. Rao.
- (ii) Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation in agriculture,
- (iii) Industry Trends in composition and growth, Role of
publicand private sector, Small scale and cottage industries.
- (iv) National and Per capita income: patterns, trends, aggregate and Sectoral composition and changes
- (v) Broad factors determining National Income and distribution, Measures of poverty, Trends in poverty and inequality.
B The Post Liberalization Era:
- (i) New Economic Reform and Agriculture: Agriculture and WTO, Food processing, Subsidies, Agricultural prices and public distribution system, Impact of public expenditure on agricultural growth.
- (ii) New Economic Policy and Industry: Strategy of industrialization, Privatization, Disinvestments, Role of foreign direct investment and multinationals.
- (iii) New Economic Policy and Trade: Intellectual property rights: Implications of TRIPS, TRIMS, GATS and new EXIM policy.
- (iv) New Exchange Rate Regime: Partial and full convertibility, Capital account convertibility.
- (v) New Economic Policy and Public Finance: Fiscal Responsibility Act, Twelfth Finance Commission and Fiscal Federalism and Fiscal Consolidation.
- (vi) New Economic Policy and Monetary system. Role of RBI under the new regime.
- (vii) Planning: From central Planning to indicative planning, Relation between planning and markets for growth and decentralized planning: 73rd and 74th Constitutional amendments.
- (viii) New Economic Policy and Employment: Employment and poverty, Rural wages, Employment Generation, Poverty alleviation schemes, New Rural, Employment Guarantee Scheme.