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ECONOMICS COURSES
EN 101 : Microeconomics - I
Consumer theory: Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equation, revealed preference axioms
Theory of production and cost: Production technology, isoquants, production function with one and more inputs, returns to scale, short run and long run costs, cost curves in the short run and long run
General equilibrium and welfare: Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics
Market structure: Perfect competition, monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition and oligopoly
Game theory: Strategic form games, iterated elimination of dominated strategies, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, examples: Cournot, Bertrand duopolies, Prisoner's dilemma
Public goods and market failure: Externalities, public goods and markets with asymmetric information (adverse selection and moral hazard)
EN 102 : Macroeconomics - I
National income accounting: Structure, key concepts, measurements, and circular flow of income - for closed and open economy, money, fiscal and foreign sector variables - concepts and measurements
Behavioural and technological functions: Consumption functions - absolute income hypothesis, life-cycle and permanent income hypothesis, random walk model of consumption, investment functions - Keynesian, money demand and supply functions, production function
Business cycles and economic models (closed economy): Business cycles-facts and features, the Classical model of the business cycle, the Keynesian model of the business cycle, simple Keynesian cross model of income and employment determination and the multiplier (in a closed economy), IS-LM Model, Hicks' IS-LM synthesis, role of monetary and fiscal policies
Business cycles and economic models (open economy): Open economy, Mundell- Fleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, role of monetary and fiscal policies
Inflation and unemployment: Inflation - theories, measurement, causes, and effects, unemployment - types, measurement, causes, and effects
Growth models: Harrod-Domar, Solow and Neo-classical growth models (AK model, Romer model and Schumpeterian growth model)
EN 103 : Statistics for Economics - I
Probability theory: Sample space and events, axioms of probability and their properties, conditional probability and Bayes’ rule, independent events, random variables and probability distributions, expectation, variance and higher order moments, functions of random variables, properties of commonly used discrete and continuous distributions, density and distribution functions for jointly distributed random variables, mean and variance of jointly distributed random variables, covariance and correlation coefficients
Mathematical statistics: Random sampling, types of sampling, point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood procedures, properties of estimators, sampling distribution, confidence intervals, central limit theorem, law of large number
Hypothesis testing: distributions of test statistics, testing hypotheses related to population parameters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples
Correlation and regression: Correlation and types of correlation, the nature of regression analysis, method of Ordinary Least Squares (OLS), CLRM assumptions, properties of OLS, goodness of fit, variance and covariance of OLS estimator
EN 104 : Indian Economy - I
Indian economy before 1950: Transfer of tribute, deindustrialization of India
Planning and Indian development: Planning models, relation between agricultural and industrial growth, challenges faced by Indian planning
Indian economy after 1991: Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment
Banking, finance and macroeconomic policies: aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal and monetary policy, savings and investment rates in India
Inequalities in social development: India’s achievements in health, education and other social sectors, disparities between Indian States in human development
Poverty: Methodology of poverty estimation, Issues in poverty estimation in India India’s labour market: unemployment, labour force participation rates
EN 105 : Mathematics for Economics
Preliminaries and functions: Set theory and number theory, elementary functions: quadratic, polynomial, power, exponential, logarithmic, functions of several variables, graphs and level curves, convex set, concavity and quasiconcavity of function, convexity and quasi-convexity of functions, sequences and series: convergence, algebraic properties and applications, complex numbers and its geometrical representation, De Moivre’s theorem and its application
Differential calculus: Limits, continuity and differentiability, mean value theorems, Taylor’s theorem, partial differentiation, gradient, chain rule, second and higher order derivatives: properties and applications, implicit function theorem, and application to comparative statics problems, homogeneous and homothetic functions: characterisations and applications
Integral calculus: Definite integrals, fundamental theorems, indefinite integrals and applications
Differential equations, and difference equations: First order difference equations, first order differential equations and applications
Linear algebra: Matrix representations and elementary operations, systems of linear equations: properties of their solution, linear independence and dependence, rank, determinants, eigenvectors and eigenvalues of square matrices, symmetric matrices and quadratic forms, definiteness and semidefiniteness of quadratic forms
Optimization: Local and global optima: geometric and calculus-based characterisations, and applications, multivariate optimization, constrained optimization and method of Lagrange multiplier, second order condition of optima, definiteness and optimality, properties of value function: envelope theorem and applications, linear programming: graphical solution, matrix formulation, duality, economic interpretation.
EN 201 : Microeconomics - II
Theory of Consumer Behaviour: Cardinal Approach and Ordinal Approach; Consumer Preferences; Nature of the utility function; Marshallian and Hicksian demand functions; Duality Theorem. Slutsky equation and Comparative Statics. Homogeneous and Homothetic Utility Functions; Euler’s Theorem. The Theory of Revealed Preference: Weak Axiom of Revealed Preference and Strong Axiom of Revealed Preference, Theory of Production and Costs: Short-run and Long-run Analysis, Existence, Uniqueness and Stability of Market Equilibrium: Walrasian and Marshallian Stability Analysis. The Cobweb Model, Decision making under uncertainty and risk. Asymmetric Information: Adverse Selection and Moral Hazard. Theory of Agency costs. The Theory of Search, Non-Cooperative games: Constant sum game, Mixed Strategy & Pure Strategy, Bayesian Nash Equilibrium, SPNE, Perfect Bayesian Equilibria., Theory of Firm: Market Structures — Competitive and Noncompetitive equilibria and their efficiency properties. Structure-Conduct-Performance Paradigm, Factor Pricing: Marginal productivity Theory of Distribution in Perfectly Competitive markets; Theory of Employment in Imperfectly Competitive Markets — Monopolistic Exploitation, General Equilibrium Analysis. Welfare Economics: Fundamental Theorems, Social Welfare Function. Efficiency Criteria: Pareto-Optimality.
EN 202 : Macroeconomics - II
National Income Accounting: Closed Economy Concepts and Measurement and Open Economy Issues, Determination of output and employment: Classical & Keynesian Framework, Theories of Consumption: Absolute Income Hypothesis, Relative Income Hypothesis, Life Cycle Hypothesis, Permanent Income Hypothesis and Robert Hall’s Random Walk Model; Investment Function Specifications - Dale Jorgenson’s Neoclassical Theory of Capital Accumulation and Tobin’s, Keynesian Stabilization Policies, (Autonomous) Multipliers and Investment Accelerator, Demand and Supply of Money, Components of Money Supply, Liquidity Preference and Liquidity Trap, Money Multiplier, Interest Rate determination, Central Banking, Objectives, Instruments (Direct and Indirect) of Monetary Policy, Prudential Regulation, Quantitative Easing (Unconventional Monetary Policy), Commercial Banking, Non- Banking Financial Institutions, Capital Market and its Regulation, Theories of Inflation and Expectations Augmented Phillips Curve, Real Business Cycles, Adaptive Expectations Hypothesis, Rational Expectation Hypothesis and its critique. Closed Economy IS – LM Model and Mundell Fleming Model: Monetary and Fiscal Policy Efficacy. The Impossible Trinity.
EN 203 : Statistics for Economics - II
Probability Theory: Concepts of probability, Probability Distributions [Discrete and Continuous], Central Limit Theorem, Index Numbers and Construction of Price Indices, Sampling Methods & Sampling Distribution, Statistical Inferences, Hypothesis Testing, Linear Regression Models and the Gauss Markov Theorem, Heteroscedasticity, Multicollinearity and Autocorrelation, Spurious regressions and Unit roots, Simultaneous Equation Models – recursive and non-recursive. Identification Problem, Differential Calculus and its Applications, Linear Algebra – Matrices, Applications of Cramer’s Rule, Static Optimization Problems and Applications, Input-Output Model, Linear Programming, Difference equations and Differential equations with applications.
EN 204 : Indian Economy - II
Economic Growth in India: Pattern and Structure, Agriculture, Industry & Services Sector: Pattern & Structure of Growth, Major Challenges, Policy Responses, Rural & Urban Development – Issues, Challenges & Policy Responses, Flow of Foreign Capital, Trade Policies, Infrastructure Development: Physical and Social; Public-Private Partnerships, Reforms in Land, Labour and Capital Markets, Poverty, Inequality & Unemployment,\ Functioning of Monetary Policy in India, Fiscal Policy in the Indian context: Structure of Receipts and Expenditure, Tax reforms-Goods and Services Tax, Issues of Growth and Equity, Fiscal Federalism, Centre-State Financial Relations and Finance Commissions of India; Sustainability of Deficits and Debt, The Fiscal Responsibility and Budget Management Act 2003, Demonetization and aftermath. India’s balance of payments, Composition of India’s Trade, Competitiveness of India’s exports, India’s exchange rate policy.
EN 205 : International Economics
Theories of International Trade, International Trade under Imperfect Competition, Gains from Trade, Terms of Trade, Trade Multiplier, Tariff and Non- Tariff barriers to trade; Dumping and Anti-Dumping Policies, GATT, WTO and Regional Trade Blocks; Trade Policy Issues, Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms, Foreign Exchange Market and Arbitrage, Exchange rate determination, IMF & World Bank.
EN 206 : Public Economics
Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality, Regulation of Market – Collusion and Consumers’ Welfare, Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation, Public expenditure, Public Debt and its management, Public Budget and Budget Multiplier, Tax Incidence, Fiscal Policy and its implications, Environment as a Public Good, Market Failure and Coase Theorem, Cost-Benefit Analysis.
EN 207 : Development Economics
Theories of Economic Development: Adam Smith, David Ricardo, Karl Marx, J. Schumpeter, W. Rostow, Balanced & Unbalanced Growth, Big Push Approach, Indicators of Economic Development: HDI, SDGs, MDGs, Poverty and Inequalities – Concepts and Measurement Issues, Social Sector Development: Health, Education, Gender, Fertility, Morbidity, Mortality, Migration, Child Labor, Age Structure, Demographic Dividend, Models of Economic Growth: Harrod-Domar, Solow, Ramsey, Technical progress – Disembodied & Embodied, Endogenous Growth Models.
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