1 Micro Economics

 Theory of Consumer Behaviour

 Theory of Production and Costs
 Modern Approach to Short-term and Long-term Costs
 Decision making under uncertainty Attitude towards Risk
 Game Theory – Non Cooperative games
 Market Structures, competitive and non-competitive equilibria and their efficiency
properties
 Behavioral theories of firm
 Factor Pricing
 General and partial equilibrium
 Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization
 Welfare Economics: Fundamental Theorems , Social Welfare Function
 Asymmetric Information: Adverse Selection and Moral Hazard
2 Macro Economics
 National Income: Concepts and Measurement,
- limitations
 Determination of output and employment: Classical & Keynesian Approach
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 Consumption Function
  Investment Function
 Multiplier and Accelerator
 Keynesianism and Monetarism
 Demand for Money
 Supply of Money
 Theories of Interest
 IS – LM Model Approach
 Inflation and Phillips Curve Analysis
 Business Cycles
 Monetary and Fiscal Policy
 Rational Expectation Hypothesis and its critique
3 Statistics and Econometrics
 Probability Theory: Concepts of probability, Distributions, Moments, Central Limit
theorem
 Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index
Numbers
 Sampling methods & Sampling Distribution
 Statistical Inferences, Hypothesis testing
 Linear Regression Models and their properties – BLUE
 Multicollinearity, Heteroscedasticity and Autocorrelation
 Econometric Modeling : Traditional and Alternative Methodologies
 Identification Problem
 Simultaneous Equation Models – recursive and non-recursive
 Discrete choice models
 Time Series Analysis
4 Mathematical Economics
 Sets, functions and continuity, sequence, series
 Differential Calculus and its Applications
 Linear Algebra – Matrices, Vector Spaces
 Static Optimization Problems and their applications
 Input-Output Model, Linear Programming
 Difference and Differential equations with applications
5 International Economics
 International Trade: Basic concepts and analytical tools
 Theories of International Trade
 International Trade under imperfect competition
 Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment
Mechanisms
 Exchange Rate: Concepts and Theories
 Foreign Exchange Market and Arbitrage
 Gains from Trade, Terms of Trade, Trade Multiplier
 Tariff and Non-Tariff barriers to trade; Dumping
 GATT, WTO and Regional Trade Blocks; Trade Policy Issues
 IMF & World Bank
 Foreign Direct Investment; Globalisation
6 Public Economics
 Market Failure and Remedial Measures: Asymmetric Information, Public Goods,
Externality
 Regulation of Market – Collusion and Consumers’ Welfare
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 Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-
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Progressive Taxation, Incidence and Effects of Taxation
  Public expenditure
 Public Debt and its management
 Public Budget and Budget Multiplier
 Fiscal Policy and its implications
 Central and State Government Finances in India
 Issues and Reforms in Indian Tax System
7 Money and Banking
 Components of Money Supply
 Quantity Theory of Money : Transactions vs. Cash Balances Approach
 Central Bank
 Commercial Banking
 Instruments and Working of Monetary Policy
 Non-banking Financial Institutions
 Money market, Capital Market and Markets for derivatives and its Regulation
8 Growth and Development Economics
 Economic Growth and Economic Development
 Theories of Economic Development: Adam Smith, Ricardo, Malthus, Marx, Schumpeter,
Rostow, Lewis, Fei-Ranis Model, Critical Minimum Effort Thesis; Balanced &
Unbalanced growth, Big Push approach.
 Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor, Meade, Pasinetti
 Capital-Output Ratio; Choice of Techniques; Investment Criteria in Economic
Development, Appropriate Technology
 Technical progress – Disembodied & embodied; endogenous growth
 Indicators of Economic Development: PQLI, HDI, SDGs
 Poverty and Inequalities – Concepts and Measurement
 Social Sector Development: Health, Education, Gender
9 Environmental Economics and Demography
 Environment as a Public Good
 Market Failure
 Coase Theorem
 Cost-Benefit Analysis and Compensation Criteria
 Environmental Pollution and Climate Change
 International Conferences on Enviornment
 Economics of resource management
 Valuation of Environmental Goods
 Theories of Population
 Concepts and Measures: Fertility, Morbidity, Mortality
 Age Structure, Demographic Dividend
 Life Table
 Migration
10 Indian Economy
 Economic Growth in India: Pattern and Structure
 Demographic Trends in India, Characteristics of Indian Population, Population policy 2000
 Agriculture: Pattern & Structure of Growth, Major Challenges, PolicyResponses
 Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses. Role
performance and challenges of MSMEs.
 Services: Pattern & Structure of Growth, Major Challenges, PolicyResponses
 Rural Development – Issues, Challenges & Policy Responses
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 Urban Development – Issues, Challenges and Policy Responses.
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 India and Sustainable Development Goals
 Foreign Trade: Structure and Direction, B O T , BOP, Flow of Foreign Capital, Trade
Policies
 Infrastructure Development: Physical and Social; Public-Private Partnerships
 Economics crisis in 1991 and Policy of Economic Reforms
 Reforms in Land, Labour and Capital Markets
 Centre-State Financial Relations and Finance Commissions of India;
 Recommendations of 14th and 15th Finance Commission
 FRBM
 Role of NITI Aayog
 Poverty, Inequality & Unemployment
 Impact of COVID-19 pandemic on Indian Economy

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