PAPER – I
Advanced Micro Economics:
and Walrasiam Approaches to Price determination.
(b) Alternative Distribution Theories: Ricardo, Kaldor,
Structure: Monopolistic Competition, Duopoly, Oligopoly.
Welfare Criteria: Pareto Hicks & Scitovsky, Arrow’s
Impossibility Theorem, A.K. Sen’s Social Welfare
Approaches to Employment Income and Interest Rate
determination: Classical, Keynes (IS-LM) curve, Neo
classical synthesis and New classical, Theories of Interest
Rate determination and Interest Rate Structure.
Banking and Finance:
for and Supply of Money: Money Multiplier Quantity Theory of
Money (Fisher, Pique and Friedman) and Keyne’s Theory on
Demand for Money, Goals and Instruments of Monetary
Management in Closed and Open Economies. Relation between
the Central Bank and the Treasury. Proposal for ceiling on
growth rate of money.
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.
(a) Old and
New Theories of International Trade
of Trade and Offer Curve.
(iii) Product Cycle and Strategic Trade Theories.
(iv) Trade as an engine
of growth” and theories of under development in an open
(b) Forms of
Protection: Tariff and quota.
of Payments Adjustments: Alternative Approaches.
(i) Price versus income,
income adjustments under fixed exchange rates,
(ii) Theories of Policy
(iii) Exchange rate
adjustments under capital mobility
(iv) Floating Rates and
their Implications for Developing Countries: Currency
(v) Trade Policy and
(vi) BOP, adjustments and
Policy Coordination in open economy macro-model.
(vii) Speculative attacks
(viii) Trade Blocks and
(ix) WTO: TRIMS, TRIPS,
Domestic Measures, Different Rounds of WTO talks.
(a) (i) Theories
of growth: Harrod’s model,
(ii) Lewis model of development with surplus labour
(iii) Balanced and Unbalanced growth,
(iv) Human Capital and Economic Growth.
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: changing role of
Markets and Planning, Private- Public Partnership
(e) Welfare indicators and measures of growth – Human
Development Indices. The basic needs approach.
(f) Development and Environmental Sustainability – Renewable
and Non Renewable Resources, Environmental Degradation,
Intergenerational equity development.
PAPER – II
Economy in Pre-Independence Era:
Land System and its changes, Commercialization of
agriculture, Drain theory, Laissez faire theory and
critique. Manufacture and Transport: Jute, Cotton, Railways,
Money and Credit.
Economy after Independence:
(A). The Pre Liberalization Era:
Contribution of Vakil, Gadgil and V.K.R.V. Rao.
Agriculture: Land Reforms and land tenure system, Green
Revolution and capital formation in agriculture,
Industry Trends in composition and growth, Role of public
and private sector, Small scale and cottage industries.
National and Per capita income: patterns, trends, aggregate
and Sectoral composition and changes their in.
factors determining National Income and distribution,
Measures of poverty, Trends in poverty and inequality.
(B). The Post Liberalization Era:
Economic Reform and Agriculture: Agriculture and WTO, Food
processing, Subsidies, Agricultural prices and public
distribution system, Impact of public expenditure on
Economic Policy and Industry: Strategy of industrialization,
Privatization, Disinvestments, Role of foreign direct
investment and multinationals.
Economic Policy and Trade: Intellectual property rights:
Implications of TRIPS, TRIMS, GATS and new EXIM policy.
Exchange Rate Regime: Partial and full convertibility,
Capital account convertibility.
Economic Policy and Public Finance: Fiscal Responsibility
Act, Twelfth Finance Commission and Fiscal Federalism and
Economic Policy and Monetary system. Role of RBI under the
Planning: From central Planning to indicative planning,
Relation between planning and markets for growth and
decentralized planning: 73rd and 74th
Economic Policy and Employment: Employment and poverty,
Rural wages, Employment Generation, Poverty alleviation
schemes, New Rural, Employment Guarantee Scheme.