Department of ECONOMICS

Syllabus for
Master of Arts (Applied Economics)
Academic Year  (2021)

 
1 Semester - 2021 - Batch
Course Code
Course
Hours Per
Week
Credits
Marks
MEC111 MS EXCEL 4 4 100
MEC131 MICROECONOMIC THEORY AND APPLICATIONS-I 4 4 100
MEC132 MACROECONOMIC THEORY AND POLICY - I 4 4 100
MEC133 RESEARCH METHODOLOGY FOR APPLIED ECONOMICS 4 4 100
MEC134 STATISTICS FOR ECONOMICS 4 4 100
MEC141 APPLIED FINANCIAL ECONOMICS 4 4 100
MEC142 POLITICAL ECONOMY OF INDIA 4 4 100
MEC143 AGRICULTURAL ECONOMICS 4 4 100
MEC144 COMPARITIVE ECONOMICS IN SOUTH AND EAST ASIA 4 4 100
2 Semester - 2021 - Batch
Course Code
Course
Hours Per
Week
Credits
Marks
MEC211 BUSINESS ANALYTICS 2 2 50
MEC231 MICROECONOMIC THEORY AND APPLICATIONS-II 4 4 100
MEC232 MACROECONOMIC THEORY AND POLICY - II 4 4 100
MEC233 ADVANCED MATHEMATICAL ECONOMICS 4 4 100
MEC234 ECONOMETRIC METHODS 4 4 100
MEC241 ECONOMICS OF BANKING AND INSURANCE 4 4 100
MEC242 ECONOMICS OF INDUSTRIAL ORGANIZATION 4 4 100
MEC243 ECONOMICS OF GENDER 4 4 100
3 Semester - 2020 - Batch
Course Code
Course
Hours Per
Week
Credits
Marks
MEC311 SPSS AND STATA FOR DATA ANALYSIS 2 2 50
MEC331 HISTORY OF ECONOMIC THOUGHT 4 4 100
MEC332 ECONOMICS OF GROWTH AND DEVELOPMENT 4 4 100
MEC333 BEHAVIOURAL ECONOMICS 4 4 100
MEC334 APPLIED ECONOMETRICS 4 4 100
MEC341 SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT 4 4 100
MEC342 ETHICS AND ECONOMICS 4 4 100
MEC343 ECONOMICS OF HEALTH AND EDUCATION 4 4 100
MEC381 INTERNSHIP 0 2 50
4 Semester - 2020 - Batch
Course Code
Course
Hours Per
Week
Credits
Marks
MEC431 ECONOMICS OF LABOUR MARKETS 4 4 100
MEC432 PUBLIC FINANCE AND POLICY 4 4 100
MEC433 ENVIRONMENT AND RESOURCE ECONOMICS 4 4 100
MEC434 INTERNATIONAL ECONOMICS 4 4 100
MEC441 INTERNATIONAL FINANCE 4 4 100
MEC442 OPERATIONS RESEARCH 4 4 100
MEC443 ECONOMICS OF CLIMATE CHANGE 4 4 100
MEC481 DISSERTATION 0 4 100
      

    

Department Overview:

Established in 1969, the Department of Economics is one of the strongest and vibrant departments in the institution. The Department of Economics has distinguished itself to be one of the leading centers of learning Economics in the country. The Department has the distinction of having developed a unique and challenging curriculum and syllabi at the Undergraduate, Postgraduate, and Doctoral Research levels. Students and scholars are trained to analyse concrete problems with the help of conceptual frames, theoretical insights and mathematical, statistical, and econometric tools along with computer applications. Various academic programmes offer a comprehensive package with a thrust on both theoretical and practical applications. Along with core courses such as Microeconomics, Macroeconomics, Developmental Economics, International Economics, Behavioural Economics, Financial Economics, Environmental Economics, Econometrics and Mathematical Economics, a wide range of specialized courses including Labour Economics, Public Economics, Health Economics, and Operations Research are well integrated into the curriculum.

Mission Statement:

Vision- Achieving excellence, broadening horizons, building competencies, and developing a sustainable education model through critical thinking, ethical groundedness, and commitment to society.

Mission- Preparing students to understand and resolve the multitude of challenges in the economy through relevant research-ba

Introduction to Program:

The MA Applied Economics programme of the Department of Economics in CHRIST (Deemed to be University) aims to form ethically well-grounded students with the ability for incisive reasoning, deep knowledge of economic theory, and skill in empirical methodology. One of the highlights of the academic programmes is the emphasis on research-based curriculum and experiential learning. The Programme seeks to strike a sound balance between theory and application along with an interdisciplinary dimension without diminishing the focus on economics. This approach is meant to help students face dynamic challenges in terms of the market and academics. In line with this approach, the programme has a combination of papers related to economic theory, methodology, and three streams of specialisations which, on the one hand meet the needs of corporate employment and on the other create the ability to apply economic theory to development problems of the world. More specifically students will be equipped to take up careers in academics, teaching, research, business consulting and analytics, civil society and activist organisations, the public sector, government services, and international civil services.

Program Objective:

The Master of Arts in Applied Economics Programme aims to; 1. Build mastery in scientific analysis through advanced quantitative methods including statistics and econometrics 2. Make students competent to engage with real-world economic challenges in business, industry, public sector 3. Train students with critical thinking for higher academic pursuits in research 4. Provide intensive specializations in areas of finance and development.

At the end of the programme, students should be able to: (PO1. Disciplinary Knowledge): Exhibit competence in the discipline; Analyse seminal pieces of work in the area; Apply disciplinary principles to conduct academic inquiry; Evaluate aspects of social reality using the principles of the discipline (PO2. Critical Thinking): Recognise and examine the social structures underlying our society and how they shape our existence; Reflect upon lived experiences with reflexivity; Analyse and engage with their social surroundings, problematize and raise questions based on academic inquiry (PO3. Research Skills): Exhibit problem-solving skills, reflective thinking; Apply analytically and scientific thinking;

Assesment Pattern

At least two components for CIAs as decided by the concerned faculty.

Examination And Assesments

CIAs are composed of three components and carry 50% weightage CIA 1 and 3 are faculty-initiated ones, CIA 2 is the Mid-semester examination. End Semester Exam carries 50% weightage.

MEC111 - MS EXCEL (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The main objective of the paper is to introduce both traditional as well as modern ideas and theoretical concepts in microeconomics. It also deals with a fundamental understanding of market theory, theory of factor pricing, theory of general equilibrium, and welfare economics. It also includes understanding the role of institutions by focusing on transaction costs, absolute property rights, and relative property rights.

 

 

Learning Outcome

At the end of the course, the students would be able to :

  • Apply game theory for the strategic decision-making process
  • To analyze the nature of factor pricing in different markets
  • To use the general equilibrium framework for economic analysis
  • To evaluate the role of institutions in economic outcomes

Unit-1
Teaching Hours:10
Game Theory
 

Extensive and normal form representation of games– Nash equilibrium (impure and mixed strategies); definition and existence – subgame perfection dynamic games; Applications: strategic behaviour of firms in a market–Bertrand, Cournot and Stackelberg models and entry deterrence.

 

Unit-2
Teaching Hours:10
Distribution
 

Neo-classical approach: Marginal productivity theory - in perfect and imperfect product and factor markets; Product exhaustion theorem; Elasticity of technical substitution, technical progress and factor shares; Macro theories of distribution – Ricardian, Marxian, Kalecki, and Kaldor

Unit-3
Teaching Hours:10
General Equilibrium
 

Partial and general equilibrium; Walrasian excess demand and input-output approaches to general equilibrium; Existence, stability, and uniqueness of partial equilibrium and general equilibrium; Relationship between relative commodity and factor prices (Stopler-Samuelson theorem); Relationship between output-mix and real factor prices-effect of changes in factors supply in closed economy(Rybczynsky theorem).

Unit-4
Teaching Hours:10
Welfare Economics
 

Pigovian welfare economics; Pareto optimal conditions; Value judgment; Social welfare function; Compensation principle; Inability to obtain optimum welfare–Imperfections, market failure, decreasing costs; Uncertainty and non–existent and incomplete markets; Theory of second-best –Arrow’s impossibility theorem, Rawl’s theory of Justice; Equity efficiency trade-off.

Unit-5
Teaching Hours:20
New Institutional Economics
 

Definition of Transaction Cost and types of transaction costs; General Principles in Modelling Transaction Costs; Modelling Transaction Costs by modeling transaction activity. The emergence of Property Rights: The invisible hand and the optimistic theory; contracting for Property Rights: the role of political bargaining and the Liebcap Thesis. Principles of contractual obligations; economic theories of contract: agency theory, self-enforcing agreement theory and relational contract theory; types of private ordering and their dynamics.

 

 

 

 

Text Books And Reference Books:

1. Andreu Mas-Colell, M D Whinston and J R Green (1995), Microeconomic Theory, Oxford University Press.

2. Henderson, J.M., and R.E. Quandt (2003), Microeconomic Theory: A Mathematical Approach, McGraw Hill, New Delhi.

3. Kreps, David M. (1990), A Course in Microeconomic Theory, Princeton University Press, Princeton.

4. Krugman, Paul. and Wells, Robin. (2005), Microeconomics, Worth Publishers.

5.  Koutsoyiannis, A. (1979), Modern Microeconomics, (2nd Edition), Macmillan Press, London.
6.  Furburton & Richter, ‘Institutions and Economic Theory’, Dryden Press.
 

 

Essential Reading / Recommended Reading
  • Mukherjee, Anjan (2002), An Introduction to General Equilibrium Analysis, Oxford University Press.
  • Osborne, Martin J. (2009), An Introduction to Game Theory, Oxford University Press.
  • Sen, Anindya (2007), Microeconomics: Theory and Applications, Oxford University Press, New Delhi
  • Varian, H. (2000), Microeconomic Analysis, W.W. Norton, New York.
  • Pindyck, Robert & Rubinfeld, Daniel (2013), Micro Economics, 8th Edition, Pearson Education, USA
Evaluation Pattern

CIA I - 20 Marks

CIA II - 50 Marks (Mid Semester Examination)

CIA III - 20 Marks

ESE - 100 Marks

MEC131 - MICROECONOMIC THEORY AND APPLICATIONS-I (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

This paper aims at analyzing the Economic behavior of the firms and markets. It is mainly concerned with the objective of equipping the students in a comprehensive manner with various aspects of consumer behavior and demand analysis, Production theory and behavior of cost, equilibrium of firm and various forms of market.

 

Learning Outcome

Upon completing this course, the students should be able to:
• Describe the nature of economics in dealing with the issue of scarcity
• Perform supply and demand analysis to analyze the impact of economic events on markets
• Analyze the behavior of consumers in terms of the demand for products
• Evaluate the factors affecting firm behavior, such as production and costs
• Analyze the performance of firms under different market structures
• Use economic analysis to evaluate controversial issues and policies.

Unit-1
Teaching Hours:5
Methodology
 

Construction of theories: Deduction and induction; Empirical verification; Theories and tautologies.

 

Unit-2
Teaching Hours:15
Utility and Demand
 

Consumer preferences; Axioms of preference ordering; Utility function: existence and characteristics; concavity and quasiconcavity; Budget sets; Demand functions: Zero homogeneity; Income and substitution effects; Slutzky theorem: Indirect utility functions; Hicksian compensated demand functions; Expenditure functions; Substitutes and complements: gross and pure; Revealed preference.

Unit-3
Teaching Hours:20
Production and Supply
 

Production functions; Concavity and quasiconcavity; Returns to a factor and to scale; Total, marginal and average cost function; Long-run cost curves: envelopes; Factor demand functions, Conditional factor demands; Profit maximization; Supply functions, cost minimization – first and second-order conditions; Linear homogeneous production functions and their properties; Cobb-Douglas, CES, VES, and Translog production functions and their properties;Leontief’s production functions, Elasticity of substitution, its derivation for C-D and CES functions; the impact of tax/subsidy.

 

 

Unit-4
Teaching Hours:20
Markets
 

Characterizing perfect competition; Pricing and output under perfectly competitive markets; Monopoly markets: Pricing, discrimination; welfare costs; Monopolistic competition: Characteristics; Long run and short run behavior; Oligopoly: Cournot’s model; Stackelberg framework: Instability; Dominant firm; Compensating variation; Price and output determination under monopsony and bilateral monopoly;

Text Books And Reference Books:

Henderson, J. M., & Quandt R. E., (2003). Microeconomic Theory: A Mathematical Approach,New Delhi: McGraw Hill.

Koutsoyiannis, A., (1979). Modern Microeconomics. London: Macmillan Press.

Kreps, David M., (1990). A Course in Microeconomic Theory. Princeton: Princeton University Press.

Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory (Vol. 1). New York: Oxford university press.

Sen, Anindya., (2007). Microeconomics: Theory and Applications. New Delhi: Oxford University Press.

Varian, Hal R., (2000). Microeconomic Analysis. New York: W.W. Norton & Company.

Varian, Hal R., (2010). Intermediate microeconomics: a modern approach. Vol. 6. New York: W.W. Norton & Company.

Essential Reading / Recommended Reading

Ferguson, C. E. (1969), The Neoclassical Theory of Production and Distribution, Cambridge: Cambridge University Press.

Fuss, M., and McFadden, D., eds. Production Economics: A Dual Approach to Theory and Applications. Amsterdam: North-Holland Publishing Co., 1978.

G.S. Maddala and E. Miller (1989), Microeconomics: Theory and Applications, McGrow-Hill, New Delhi.

H L Ahuja (2012), Advanced Economic Theory – Microeconomic Analysis, S. Chand Ltd.

J. Henderson & Richard E. Quandt (2003), Microeconomic Theory: Mathematical Approach, Tata McGraw-Hill Publishing Company Limited, New Delhi.

J. De. V. Graff, Theoretical Welfare Economics, Cambridge University Press, 1963.

John A. Edgren (1995), On the Relevance of John Rawls theory of Justice to Welfare Economics, Review of Social Economy, Vol. 53.

Meunier, Valerie (2005). Lecture notes from Chapter 6: Moral Hazard, Strategic Behavior, Information and Contractual Relationships, available in Internet site, www.econ.au.dklfag/701O/F2005/default.ht

Pindyck, Robert & Rubinfeld, Daniel (2013), Micro Economics, 8th Edition, Pearson Education, USA

Paul A. Samuelson (1947), Foundations of Economic Analysis. 1983 edition, Cambridge, Mass: Haward University Press.

S. K. Nath (1969), A Reappraisal of Welfare Economics, London: Routledge and Kegan Paul Ltd.

Richard A. Musgrave and Peggy B. Musgrave, (1989), Public Finance in Theory and Practice, Singapore: McGraw-Hill International

W. J. Baumol, (1952), Welfare Economics and the Theory of the State, Harvard University Press.

Evaluation Pattern

CIA I   : 20 Marks

CIA II  : 50 Marks (Mid Semester Examination)

CIA III : 20 Marks

 

MEC132 - MACROECONOMIC THEORY AND POLICY - I (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

This paper aims at strengthening the knowledge of important macroeconomic variables and their role in determining the equilibrium level of output and employment and provides insights into the factors influencing the capital inflows and outflows in an open economy model. It helps the students to understand the theoretical foundation of macroeconomics and the contribution of different schools of thought to the further development of macroeconomics. The students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions.

Learning Outcome

Students will learn about the determinants of macroeconomic conditions (national output, employment, inflation), causes of business cycles, and interactions of monetary and financial markets with the real economy, familiarizing themselves in the process with major economic theories of relevance.

Specific Objectives:

a. Students will be able to identify the determinants of various macroeconomic aggregates such as output, unemployment, inflation, productivity and the major challenges associated with the measurement of these aggregates.

b. Students will be able to discuss the linkages between financial markets and the real economy, and how these linkages influence the impact of economic policies over differing time horizons.

c. Students will be able to describe the main macroeconomic theories of short term fluctuations and long term growth in the economy.

d. Students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions within a business cycle.

Unit-1
Teaching Hours:10
Income and Output determination
 

The development of macroeconomics- Actual and potential output-GNP identity on the product, income and disposition side-The government sector and foreign sector-Classical theory of income and employment- The saving investment balance- The labour market equilibrium-  Aggregate demand and supply, money and prices in classical model- Keynes’ theory of employment- Consumption function, investment demand- Effective demand- Determination of equilibrium income- Theory of multiplier-Derivation of the expenditure multiplier.

Unit-2
Teaching Hours:14
Demand side and Supply side Equilibrium
 

Equilibrium income and the interest rate determination in the product market- Equilibrium income and the interest rate determination in the money market- Derivation of IS and LM curves-Shift in IS and LM curves-Simultaneous equilibrium- Fiscal and monetary policy effects on demand-Interaction of monetary and fiscal policies- -Aggregate supply in the short run and long run-Supply side disturbances and reactions-Demand side disturbances and reactions-Determination of equilibrium income, employment, rate of interest and price level.

Unit-3
Teaching Hours:10
Consumption, Saving and Investment
 

Theories of aggregate consumption- Absolute income hypothesis- Relative income hypothesis- Life cycle hypothesis-Permanent income hypothesis- Robert Hall and Random Walk Hypothesis- Non-income factors affecting consumption-The MPS model-The wealth effect in the static model-The present value criterion for investment-The marginal efficiency of investment-Investment demand and output growth-The accelerator principle and stabilization policy-The rental cost of capital and investment-Tobin’s q theory of investment.

Unit-4
Teaching Hours:16
Monetary and Fiscal polocy
 

The instruments of monetary policy-The mechanism of monetary expansion- money growth targeting and inflation targeting -The effects of fiscal policy changes-Three ranges of LM curve-The effectiveness of monetary and fiscal policy: Monetarists and Fiscalists-Tax rate changes and the budget deficit-Fiscal stimulus and deficit financing- crowding out and crowding in controversy- Quantitative easing policies- macroeconomic policies in advanced and emerging economies.  

Unit-5
Teaching Hours:10
The External Sector equilibrium
 

The current account and product market equilibrium-The capital account and balance of payments equilibrium-Balance of payment adjustment and the LM curve- The Classical approach: The automatic adjustment method- Balance of payment adjustment by policy measures: Mundell-Fleming model- The expenditure changing policies- The expenditure switching policy: Devaluation- Monetary approach to Balance of payment adjustments.

Text Books And Reference Books:
  1. William.H.Branson (2005). Macroeconomic Theory and Policy, Third Edition, All India Traveller Book Seller Publishers, New Delhi.
  2. D.N. Dwivedi. (2005). Macroeconomics:Theory and Policy. 2nd Edition, Tata Mc Graw Hill Education.
  3. Levacic and Rebman.  (1982). Macro Economics: An Introduction to Keynesian and Neo-Classical Controversies. 2nd Edition, Macmillan Publishers.
Essential Reading / Recommended Reading
  1. William.H.Branson (2005). Macroeconomic Theory and Policy, Third Edition, All India Traveller Book Seller Publishers, New Delhi.
  2. D.N. Dwivedi. (2005). Macroeconomics:Theory and Policy. 2nd Edition, Tata Mc Graw Hill Education.
Evaluation Pattern

CIA 1- 20 marks based on the criteria specified in the course plan

CIA 2- 50 marks based on the midsemester examination

CIA 3- 20 marks based on the criteria specified in the course plan

End semester examination-100 marks

MEC133 - RESEARCH METHODOLOGY FOR APPLIED ECONOMICS (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 
  • To understand the importance of research in creating and extending the knowledge base of one's subject area 
  • To distinguish between the strengths and limitations of different research approaches regarding one's subject/research area

Learning Outcome

  • Knowledge of the range of qualitative and quantitative research methods potentially available.
  • The ability to differentiate between the role of practitioners and the role of researchers.
  • An understanding of and ability to critically reflect upon issues of ethics and role of the researcher
  • The skills to work independently, to plan and to carry out a small-scale research project.

Unit-1
Teaching Hours:15
Introduction to research & research methods
 

Ways of knowing and understanding the world and the research process - The nature of knowledge and theory - Philosophy of Social Science Research - Relevance of Social Science Research - Objectivity and Values in Social Sciences.

Unit-2
Teaching Hours:10
Logic of Scientific Investigation
 

Theory Construction in Social Science Research - Approaches to Social Science and Managerial Research, Theoretical, Applied and Action Research - Ethical Issues in Research on Human or Social Subjects - Non-sexist approach in Social Sciences.

Unit-3
Teaching Hours:15
Research Design
 

Review of Literature - Identification of Research Gaps and Research Needs - Identification, selection and formulation of research problem - Formulating Hypotheses/Propositions/Issues, conceptualizing research problem.

Unit-4
Teaching Hours:10
Overview of Social Science Methodology
 

Uni-disciplinary, inter-disciplinary, multi-disciplinary methodologies - Quantitative Research Methods: An Overview - Qualitative Research Methods: An Overview - Historical Method - Case Study Method - Action Research - Monitoring and Evaluation - Triangulation (including/mixing Qualitative and Quantitative) Methods.

Unit-5
Teaching Hours:10
Information needs and use in social sciences
 

Secondary Sources of Information: Using and Integrating secondary and primary information - Quantitative Data: Kinds and quality of Data, demography, labour force, agriculture, industry - Quantitative Data: Human resources, education, health, housing, employment, banking, rural data bas - Quantitative Data: Survey Reports, Research Studies, Historical Data Tools - Statistical Systems – International, National and Local: Objectivity, Reliability and Validity of Data - Surveys and Questionnaires: Questionnaire, Schedule Design and Construction, Sample Surveys, Survey Administration - Observation – Structured and unstructured, Recording and Interpretation of Observations, Ethnography -Interviews: Nature of the Interview Process - Structured and Unstructured Interviews, Focus Groups, Group Discussions.

Unit-6
Teaching Hours:10
Analysis of Qualitative and Quantitative Data
 

Choice of Statistical and Processing Techniques - Interpretative Narrative Methods - Theory of the Testing of Hypotheses - Presentation of Research Findings, Products of Research, Thesis Writing - Factors conducive to research utilization.

Text Books And Reference Books:
  1. Alan Bryman (2012). Social Research Methods, Oxford University Press.
  2. Foddy, W (1993). Constructing Questions for Interviews and Questionnaires: Theory and Practice in Social Research, Cambridge: Cambridge University Press
  3. Fitz-Gibbon, C. T. and L. L. Morris (1987). How to Analyse Data, Newbury Park: Sage Publications, Inc.
Essential Reading / Recommended Reading
  1. Alan Bryman (2012). Social Research Methods, Oxford University Press.
  2. Foddy, W (1993). Constructing Questions for Interviews and Questionnaires: Theory and Practice in Social Research, Cambridge: Cambridge University Press
Evaluation Pattern

CIA 1 and CIA 3 for 20 marks each; Mid- semester exam for 50 marks and End semester exams for 100 marks.

MEC134 - STATISTICS FOR ECONOMICS (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The objective of the paper is to make students familiar with theory and application of statistical methods.  This course covers the statistical foundations of data analysis including the statistical theory and its applications in Economics. In particular, this module broadly covers the descriptive statistics, theory of probability, statistical distributions, estimation and hypothesis testing, and non-parametric tests.

Learning Outcome

  • To provide an understanding of the concepts and methods of Statistics, for application in data analysis
  • To get statistical skill required for the analysis of socio-economic data
  • To provide hands-on training in data analysis (along with computer applications)
  • Emphasis is on application (including analysis and interpretation) rather than theoretical derivations. The idea is to impart training on how to make an argument with data

Unit-1
Teaching Hours:10
Probability Theory
 

 Concept of probability, conditional probability and Bayes’ theorem, random variables – discrete and continuous, density and distribution functions, joint, marginal and conditional distribution, moment generating function, law of large numbers and Central Limit theorem

 

 

 

Unit-2
Teaching Hours:10
Theory of Probability Distribution
 

Discrete versus continuous distribution, uniform, binomial, negative binomial, Poisson, geometric and hyper-geometric, normal, log-normal, exponential, gamma and beta distribution, characteristic function and moment generating function

Unit-3
Teaching Hours:10
Methods and Sampling distributions
 

 

Simple random sampling: with and without replacement, stratified random sampling, probability and non-probability sampling, statistic and sample moments, sampling distributions: Student’s-t, Chi square and F-distribution, determinants of sample size

 

Unit-4
Teaching Hours:15
Theory of Estimation
 

Point and interval estimation, properties of good estimators: unbiasedness, consistency, efficiency, different methods of estimation, maximum likelihood and method of moment estimation, properties of maximum likelihood and method of moment estimators, confidence interval for unknown parameters

Unit-5
Teaching Hours:15
Hypothesis Testing
 

 

Statistical hypothesis, simple versus composite hypothesis, critical region, types and size of error – type-I and type-II error, power of a test, Neyman-Pearson lemma, trinity of classical tests (Wald test, Lagrange multiplier, likelihood ratio), application of hypothesis testing with known and unknown variances, Chi-square test for testing independence of two-classification criteria, test for correlation

 

Text Books And Reference Books:

 

  1. Anderson, Sweeny & Williams, Statistics for Business and Economics
Essential Reading / Recommended Reading

  1.  Nabendu Pal & Sahadeb Sarkar, Statistics Concepts and applications
  2. Speigal. M.R.(1992), Theory and Problems of Statistics, McGraw Hill, London
  3. Monga,G.S.(1972), Mathematics and Statistics for Economists,Vikas Publications, New Delhi.
  4. Yamane, Taro (1975), Mathematics for Economists, PHI, New Delhi.
  5. Murray S. Speigel, Statistics, Schaum Series
  6. Nabendu Pal & Sahadeb Sarkar, Statistics Concepts and applications
Evaluation Pattern

CIA 1 - 20 MArks

Mid Sem Exam - 50 Marks

CIA 3 - 20 Marks

End Sem Exam - 100 Marks

MEC141 - APPLIED FINANCIAL ECONOMICS (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

Financial economics is the branch of economics concerned with the working of financial markets, such as the stock market and the finances of companies. The course focuses equally on the theoretical framework as well as the practical aspects of the functioning of financial markets. The course is intended to provide an in-depth understanding of the operational issues of capital and money market network along with its regulatory framework.

Learning Outcome

This course provides a thorough conceptual and practical operations of the financial markets, institutions and instruments network in Indian context.

Unit-1
Teaching Hours:8
Theoretical Foundation for Financial Economics
 

Introduction to Financial Economics - Finance and Economics – Role of Financial Intermediation - Financial System and Economic Development - Time Value of Money  - Future value  - Present value - Newman – Morgenstern Utility Index - Constructing N M Utility Index - Distinction between NM utility and neo-classical utility measurement – Application of NM Utility Index - Freidman Savage Hypothesis - Capital Asset Pricing Model - Limitations of CAPM - Arbitrage Pricing Model - Law  of one price

Unit-2
Teaching Hours:9
Risk- Return Trade off
 

Different sources of risk - The process of Risk Return Trade Off -  Measure risk - Markowitz’s Portfolio theory – Expected rate of returns- Variance and standard deviation – Covariance of return – Correlation – Standard deviant of portfolio – Efficient portfolio - Attitude towards Risk - Risk Averter vs. Risk Lover - Risk Lover’s gamble - Risk Neutral Situation  - Risk Aversion and Insurance - Estimating firm’s beta 

Unit-3
Teaching Hours:7
Market Efficiency
 

Financial Market efficiency – Weak form efficiency – Semi- strong form efficiency – Strong form efficiency – Departure from market efficiency - Financial market Efficiency – tests for market efficiency  - Financial Sector Reforms - Philosophy of Financial Sector Reforms – Achievements - Areas of Concerns in Financial Sector Reforms

Unit-4
Teaching Hours:8
Financial Markets
 

Components of financial markets - Money markets and capital markets - Primary and secondary markets – Organized and over-the counter markets – Commodity and currency market - Derivative market - Securities traded in financial markets - Financial Instruments  - T- Bills- Commercial papers – Certificates of Deposits – Repos and Reverse repos –  Bond Markets – Treasury bonds- State and Municipal Government bonds- Corporate Bonds – Zero Coupon Bonds – Convertible bonds- callable bonds- putable bonds – Fixed and floating rate bonds – International bonds- Instruments in capital markets

Unit-5
Teaching Hours:9
Primary Market
 

Initial Public Offers – Follow on public offer - Rights issue – Bonus issue – Qualified Private placements - Function of merchant banker – Pre-issue obligations – Post-issue obligations – Pricing of Public issue – price bands – Credit Rating – Dutch auction - Book Building -Post-Issue Obligations- Eligibility Norms- Contribution of Promoters and lock-in- Demat Issues- Euro Issues- Applications Supported by Blocked Amount (ASBA) -Qualified Institutions Placement (QIP) 

Unit-6
Teaching Hours:7
Secondary Market
 

Depository system – Stock exchanges – Demutualization of stock exchanges – Listing of securities – Internet trading – Trading in Secondary Markets – types orders – Limit orders – Market orders- Stop loss order – Day order – Cancel Order - Matching Orders - Circuit breakers – Insider Trading – Unfair trade Practices – Buy back - Over-the counter Markets

Unit-7
Teaching Hours:5
Derivative market
 

Forwards, Options and futures – Call and put option – Speculating with call option – Speculating with put options – Determinants of call option premium - Determinants of put option premium

Unit-8
Teaching Hours:7
Financial Planning
 

Specification of Investment goals - Investment Alternatives - Analysis of Individual’s Environment and Resources - Establishment of Financial Plans - The Capacity to Meet Financial Emergencies - Desire to Finance Identifiable Future Purchases such as Children’s Education - The Need for Additional Income - Desire to Accumulate an Estate - Desire to speculate - Asset allocation – Monitoring and evaluation - Active vs. passive portfolio management

Text Books And Reference Books:

  1. Copeland,T.E. and J.F.Weston, 1988, Financial Theory and Corporate Policy, Addison Wesley.
  2. Hull,J.M,2003, Futures, Options and other Derivatives, Prentice Hall.
  3. Ross.S.A., Randolph W Westerfield, Bradford D Jordan, and Gordon S Roberts,2005, Fundamentals of Corporate Finance, McGraw-Hill.
  4. Robert C Radcliffe, Investment Concepts, Analysis and Strategies.
  5. Machiraju H R, Indian Financial System, Vikas Publishing House
  6. Donald E Fisher, Roland J Jordan, Security Analysis and Portfolio management,Eastern Economy Edition.
  7. Doglas Hearth and Jannis K ziama, Conemporary investment: Security and (PortfolioAnalysis, The Dryden Press)
  8. J L. Farrell, Portfolio management Mc Grawhill
  9. Reghu Palat, Fundamental Analysis.
  10. Jay Shanken, The Arbitrage pricing Theory: is it testable? Journal of Finance; 37:5
  11. Journals-a.Journal of Finance, b.Journal of Financial Economics, c.Econometrica d. Review of Financial Studies
Essential Reading / Recommended Reading
  1. Copeland,T.E. and J.F.Weston, 1988, Financial Theory and Corporate Policy, Addison Wesley.
  2. Hull,J.M,2003, Futures, Options and other Derivatives, Prentice Hall.
  3. Ross.S.A., Randolph W Westerfield, Bradford D Jordan, and Gordon S Roberts,2005, Fundamentals of Corporate Finance, McGraw-Hill.
Evaluation Pattern

CIA I -20 marks

CIA II [MID SEMESTER] -50 Marks

CIA III -20 Marks

MEC142 - POLITICAL ECONOMY OF INDIA (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The core purpose of the course is to contextualise economic discourse through an interdisciplinary approach. The course introduces the interface between economics and politics. Secondly it extends this interface to issues of the Indian Economy since independence.

Learning Outcome

This course enables students to acquire an orientation to interdisciplinarity in the content of economics especially with reference to it interrelationship with political realities

Unit-1
Teaching Hours:5
Introduction & Importance of Political Economy
 

Economics and Liberal Theory – Economic Justice and Efficiency – Basics of Marxian Theory of Surplus Value and Capital Appropriation – The Invisible Hand Debate of the Markets  - Understanding the Problematic Convenience of Money, Banks and Finance – Political Economy debate of Comparative Advantage versus Imperialism – Introduction to Globalisation and the Political Economy of the External Sector.

Unit-2
Teaching Hours:20
Introduction to India's Political Economy
 

Origins of Comparative Development: A brief idea – Accommodative Politics and Radical Social Change – Class Conciliation and Class Struggle – Goals of Economic Planning – Problems of Rapid Industrialisation: The Deceleration in Industrial Growth – Growth in Agriculture and Slow Agrarian Reform.

Unit-3
Teaching Hours:15
Political Economy Debates on Implementation in Indian Economic Planning
 

Problems of Implementation – The Crisis to the Socialist Principles and Goals of Planning – Public Investment and Economic Growth - The Crisis of Planning & Political Stability.

Unit-4
Teaching Hours:20
The Political Economy of Reforms
 

Radicalisation of Indian Politics, Class Struggle and the challenge of Redistribution – Understanding India’s Economic, Social and Political Conflicts: Autonomy of the State, Dominance of the Proprietary Class & the Dominant Coalition – Impact of Conflicts: on Public Mobilisation, on Capital Management and the Democratic Process – Regulatory Mechanism and the Role of the State.

Text Books And Reference Books:

  1. Hahnel, Robin.  (2002), The ABCs of Political Economy – A Modern Approach, Pluto Press.
  2. Frankel, Francine R. (2005), India’s Political Economy – 1947 – 2004 (2nd ed.), Oxford University Press. 
  3. Bardhan, Pranab. (2011), The Political Economy of Development in India (12th ed.), Oxford University Press.
Essential Reading / Recommended Reading

  1. Mukherji, Rahul (Eds).(2007), India’s Economic Transition: The Politics of Reforms, Oxford University Press.
  2. Caparaso, James A. & Levine, David P. (1992).  Theories of Political Economy, Cambridge University Press.
  3. Weingast, Barry R. & Wittman, Donald A (2008), The Oxford Handbook of Political Economy, Oxford University Press.
Evaluation Pattern

CIA - 1: 20 marks.

CIA - 2: Mid Semester Examination - 50 marks; 2 hours.

CIA - 3: 20 marks.

MEC143 - AGRICULTURAL ECONOMICS (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The course aims to deepen students understanding of how economic theory can be applied to policy problems of the agricultural sector; the course is structured based on three stages of Agricultural Productions, namely Pre-production, Production and Post Production so that the students get an overall understanding of the agricultural issues and policy thereof.

Learning Outcome

To explore the economic foundations for public policy analysis related to agricultural issues.

Unit-1
Teaching Hours:9
Introduction
 

Agricultural Economics: meaning, nature and scope; History and Development; Contribution; Basic Theories; Hunger and Malnutrition; Food and Nutritional Security.

Unit-2
Teaching Hours:9
Pre-Production and Input Economics
 

Issues related to Land; Water; Energy; Seed; Fertilizers; Nexus issues; Credit; Indebtedness; Subsidies; Insurance and Capital formation.

Unit-3
Teaching Hours:9
Production and Rural Structures
 

Crop Production and Productivity; Labour Relations Employment and Wage; Non-farm Sector; Role of Technologies; Livestock Management; Structural Transformation and Mobility.

Unit-4
Teaching Hours:9
Post-Production, Marketing and Pricing Strategies
 

Cost of Cultivation and CACP; Pricing; Income; Issues in Marketing and its Channels; Value Addition and Processing; Research: Education and Extension.

Unit-5
Teaching Hours:9
Agriculture in an Interdependent World
 

WTO, Negotiations and Agreements; Trade and International Relations; Problems of Agricultural Subsidies; Patents; Agricultural Exports: Quantitative Restrictions (QRs) and Non-Tariff Barriers

 

Unit-6
Teaching Hours:9
Emerging Issues in Agriculture
 

Sustainable Agriculture; Climate Change and issues; Organic, Zero Budget, Climate Smart and Precision Farming; Law and Policies, Best Practices in Agriculture from around the World.

Unit-7
Teaching Hours:7
Database on Indian Agriculture
 

Introduction to Crop area and Production Statistics; Agricultural Census; Land Use Statistics; Cost of Cultivation; Livestock Census; National Income Statistics; Foreign Trade;  Agricultural Development Index; Labour Statistics; Credit Data Base; State Accounts

Text Books And Reference Books:

  1. Ray, D., Development Economics, 1998, Chapters 2, 9, 10, 12, and 16.
  2. von Braun, J, M.S. Swaminathan, and M W. Rosegrant, “Agriculture, Food Security, Nutrition, and the Millennium Development Goals,” Essay, IFPRI, Washington. DC, 2005.
  3. Besley, T. and R. Burgess, “Halving Global Poverty,” Journal of Economic Perspectives, Vol 17. No 3, Summer 2003, pp. 3-22. 
  4. Trostle, R., “Global Agricultural Supply and Demand: Factors Contributing to the Recent Increase in Food Commodity Prices,” USDA/ERS WRS-0801, May 2008, Washington, DC. 
  5. North, D., “Institutions, Transaction Costs, and Economic Growth,” Economic Inquiry, 1987.
Essential Reading / Recommended Reading

  1. Olson, M. Jr., “Big Bills Left on the Sidewalk: Why Some Nations are Rich and Others are Poor,” Journal of Economic Perspectives, Spring 1996. 
  2. Lee, R. “The Demographic Transition: Three Centuries of Fundamental Change,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 167-190. 
  3. Cohen, J., “Human Population: The Next Half Century”, Science, Vol. 302, November 14, 2003, pp. 1172-1177. 
  4. World Bank, “Demand and Supply Factor in Fertility Transitions,” Chapter 4 in Population and Development, 1994. 
  5. Hymer, S. and S. Resnick, “A Model of an Agricultural Economy With Non-Agricultural Activities,” American Economic Review, September 1969. 
  6. Singh, S. and S., “Agricultural Household Models, John Hopkins University Press, Baltimore, 1986, Introduction and Chapter 1. 
  7. Otsuka, K., “Efficiency and Equity Effects of Land Markets,” Chapter 51 in R. Evenson and P. Pingali, Handbook of Agricultural Economics, Volume 3, 2007, pp2671 – 2703. 
  8. Townsend, R.M., Consumption Insurance: An Evaluation of Risk-Bearing Systems in Low Income Economies, Journal of Economic Perspectives, Vol 9, no. 3, Summer 1995: 83-102. 
  9. Morduch, J., “Income Smoothing and Consumption Smoothing”, Journal of Economic Perspectives, Vol 9, No3, Summer 1995: 103-114. 
  10. Moyo, S., G.W. Norton, J.Alwang, M. Miah, and M. Deom, “Peanut Research and Poverty Reduction: Impacts of Vaeiety Research to Control Peanut Viruses in Uganda, American Journal of Agricultural Economics, May 2007, pp.448-460. 
  11. Thompson, R., “Globalization and the Benefits of Trade,” Chicago Fed Letter 236, March 2007.
  12. Yotopoulos, Pan, Asymmetric Globalization, Chapter 1 in Yotopoulos and Nugent (Ed) The Asymmetries of Globalization, Routledge: New York, 2007. 
  13. Schiff, Maurice and Alberto Valdez, “Agriculture and the Macroeconomy, with emphasis on developing countries”, in B.L. Gardner and G.C. Rausser, Handbook of Agricultural Economics, Volume 2A, 2002, Chapter 27, pp. 1421-1454. 
  14. Bouet, A. “How Much Will Trade Liberalization Help the Poor? Comparing Global Trade Models, IFPRI Research Brief N. 5, 2006. 
  15. Koo, W. and P.L. Kennedy, “The Impact of Agricultural Subsidies on Global Welfare,” American Journal of Agricultural Economics, 88:2 (December 2006): 1219-1226.
  16. Krueger, Schiff, and Valdes, “Agricultural Incentives in Developing Countries: Measuring the Effects of Sectoral and Economy-Wide Policies,” The World Bank Economic Review, 1988, pp. 255-271. 
  17. Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence” in Kaushik Basu (ed.), Agrarian Questions Oxford University Press. 
  18. V.M. Rao, (2001), “The Making of Agricultural Price Policy: A Review of the CACP ReportsJournal of Indian School of Political Economy vol. XIII, no. 1, Jan-March.
  19. Robert Evenson, Carl Pray and Mark Rosegrant (1999), Agricultural Research and Productivity Growth in India (IFPRI Research Report 109).
  20. Gunvant Desai and A. Vaidyanathan (1995), Strategic Issues in Future Growth in Fertiliser Use in India, Macmillan. 
  21. Ashok Gulati (2000), “Indian Agriculture in an Open Economy: Will it Prosper?” in Ahluwalia and Little (eds.), India’s Economic Reforms and Development: Essays for Manmohan Singh, Oxford University Press. 
  22. Schiff, M. and L.A. Winters, “Regional Integration Agreements: An Overview,” Chapter 1 in Regional Integration and Development, The World Bank, Washington DC, 2003, pp 1-30.
  23. Koo, W., P. Kennedy, and A. Skripnitchenko, “Regional Preferential Trade Agreements: Trade Creation and Diversion Effects,” Review of Agricultural Economics, 28 (3) (2006): 408-415. 
  24. Kelly, T., “Why Are Developing Countries Still Negotiating? The WTO’s Successes at the Doha Round, Challenge, Vol 48, No. 3 (May/June 2005): 109-124.
  25. Martin, W. and K. Anderson, “The Doha Agenda Negotiations on Agriculture: What Could They Deliver?” American Journal of Agricultural Economics, 88 (5) (2006): 1211-1218.
  26. Krugman, P. “What Should Trade Negotiators Negotiate About?Journal of Economic Literature, March 1997. 
  27. Calvo, G and F Mishkin, “The Mirage of Exchange rate Regimes for Emerging Countries,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 99-110.
  28. Fischer, S., “Exchange Rate Regimes: Is the Bipolar View Correct?”, Journal of Economic Perspectives, Vol 15, Spring, 2001, pp 3-24.
  29. Mellor, J.W., “Foreign Aid and Agriculture-Led Development”, Chapter 3 in C. Eicher and J. Staatz International Agricultural Development, Johns Hopkins, 1998.
Evaluation Pattern

CIA I: Out of 20 Marks

CIA II: Out of 50 Marks

CIA III: Out of 20 Marks

End Semester Examination: Out of 100 Marks

MEC144 - COMPARITIVE ECONOMICS IN SOUTH AND EAST ASIA (2021 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

Part 1: South Asia region has increasingly become one of the most important regions in the Global South, emerging over the past two decades as one of the fastest-growing regions in the world. Two decades into its 21st century, the region, specifically its constitute part – India, Bangladesh, and Sri Lanka, are at the crossroads. While Bangladesh has of late been enjoying one of the fastest growth phases in its post-independence history, the Indian growth story has appeared to taper off recently, even as Sri Lanka has been busy, rebuilding from the damages suffered during intense ethnic clashes that ended just a decade ago. The study of the region also assumes particular significance given that the region continues to be a home of some of the largest concentrations of poverty. Against this backdrop, it is important to critically examine how growth trajectories of these neighboring democratic nations have evolved historically, dating back to its Colonial period, which had a devastating effect on the region’s economy, triggering a deindustrialization process in the region. The post-independence period has witnessed the transition from the state-led development models to a market-driven model, accompanied by faster growth in their economies. What are the costs and benefits of the transition to the growth process managed by these nations? How have these states tackled poverty, inequality, and economic development? How are different social and religious groups accommodated in the growth story of each of these three nation-states in the post-liberalization period? Keeping these questions in mind, the course attempts to give a broad analytical and chronological outline of the macro political-economic development of three South Asian neighbours – India, Bangladesh, and Sri Lanka. The part also makes an attempt to look at what the region can learn from its East Asian Neighbour to foster faster, sustainable, and more inclusive development.

Part 2: This course is designed to give students a general historical introduction to the East Asian Economies including Korea, China and Japan in its historical foundation, present status, and future potential for sustainable growth. The course reflects my cumulative teaching experience of the East Asian Economies as a field in Korean Studies Program at the School of Advanced International Studies (SAIS), Johns Hopkins University (1996-1997), University of California San Diego (UCSD) Graduate School of International Relations and Pacific Studies (IR/PS )(Winter Quarter during 2005-2012) and “Understanding Market Economy” course at Seoul National University funded by the Federation of  Korean Industries (FKI) with about three hundred enrolled undergraduate students every year during 2006- 2017. It also reflects my research experience as Visiting Scholar at International Monetary Fund (1988-1989), University of Tokyo (1989-1990) and UNIDO (2004-2005), Institute of Economic Research at Hitotsubashi University (2005-6) and Asia Productivity Organization (2008, 2009, 2017, 2018, and 2020).

The first two weeks (August 11 and 18) begin with an introduction to historical foundations of the Korean economy’s modernization starting from the Lee Dynasty’s pre-colonial period (1895-1910). We move on to cover the Japanese colonial period (1910-1945) when Korea was annexed to Imperial Japan during which the Korean economy began to be modernized. The textbook by Mason et.al. carries a reasonably objective evaluation on the controversial period. We move on to learn and discuss about the process of Korea’s late industrialization through foreign trade under the authoritarian regimes of Rhee and Park Government. Since the textbook covers the period up to 1979 toward the end of the Park regime, the period from 1980 to the present is covered in the two weeks in October 6 and 13 by my own writings and articles with the emphasis on the more recent economic issues such as the Financial Crisis of 1997-1998, the global financial crisis of 2007-2008 and economic stagnation due to wage-led growth syndrome and ageing issues etc. during the post-crisis period. The course concludes with the current macroeconomic issues of wage-led growth policy and discusses the issues and perspectives for the future potentials of sustainable growth in Korea. The second two weeks (August 25 and September 1) lecture consists of the historical background of the Chinese Economy and the modernization in China after Mao and Deng quoting from Chai (2011) and US Congressional Research Service (2019). The third two weeks(August 8 and 15) lecture consists of the modernization of the Japanese Economy after the Meiji Restoration with reference to Ohkawa and Rosovsky (1973) and Economic History of Japan Wikipedia (available on www.google.com).The economy on North Korea is discussed in the last lecture using a recent paper by Pyo Rhee and Yang (2020) and recent publication (Pyo, Cho and Kim(2020)) by the Bank of Korea.

 

Learning Outcome

Learning outcome of the course:

LO1: Outline the history of economic development in India, Bangladesh and Sri Lanka from their pre and post-independence period

LO2:  Contrast the economies of India, Bangladesh and Sri Lanka in macroeconomic indicators 

LO3: Compare and contrast practices followed by these countries in addressing inequality, poverty alleviation and other social indicators?

Unit-1
Teaching Hours:10
Historical trajectory of Economic Development
 

A brief reflection on the colonial history of the Indian subcontinent, specially focusing on Indian subcontinent and its economic implication for the region. Challenges to Democratic & Participatory Development – A discussion on how main social cleavages based on ethnicity, tribe, caste and religious groups are accommodated by states through policies and regulations.

Agrarian Political Economy (Role of the state in agriculture –Land Reforms- with special focus on critical evaluation on Green Revolution),

Planning & Participatory development – Role of the state in the Post-Colonial Economic Development in South Asia– Discussion on comparative studies on industrialization experiences in both state led era and Post reform period ( Example -Gandhian vs Nehruvian Growth Model, Bhagawati vs Sen debate) 

Unit-2
Teaching Hours:10
Comparison of Macro Economic Performance
 

Comparison of overall and sectoral growth performance in the context of structural transformation (Comparative Analysis of the role of different sectors to the economy), specificities of growth models – of India, Bangladesh & Sri Lanka,  Service sector-led growth model of India vs Export driven model of Bangladesh etc). Role of trade, the relevance of the economy in the global economy

Unit-3
Teaching Hours:10
Comparative studies of policies to address inequality, poverty alleviation and social protection policies
 

Comparative studies of Regional Disparity – Economic Reforms and Rural-Urban Struggle, Migration – internal and international as post reform phenomenon period.  Labour and Reforms (State Labour Relations, Labour rights and Economic reforms).

 

Reform, inequality and Poverty (Comparative studies of inequalities and pre and post reform periods and agendas for inclusive development followed by the states in South Asia),

 

Social safety net and social protection program – comparative evaluation in South Asia- Importance of Right based approach to entitlement and its evolution, Role of NGOs and Civil Society Organization (Grameen Bank – Bangladesh, Right based campaign – right to education, food and health in India)

Unit-4
Teaching Hours:10
Economic Development in Korea
 

Introduction and modernization in the Third World and in Korea and the historical foundations of modern economic growth in Korea, economic development in Korea in macroeconomic terms, industrialization, and foreign trade in Korea, 

Unit-5
Teaching Hours:10
The Chinese Economy
 

History of Chinese economy before 1945, the Chinese economy under Mao and after Deng’s liberalization, economic history of China (1949-present), China’s economic rise: history, trends, challenges, and implications for the United States, Congressional Research Service (updated June 25, 2019)

Unit-6
Teaching Hours:10
The Economy of Japan and North Korea
 

Economic history of Japan and Japanese economic growth, the modern economy of Japan – Rise and stagnation, economy of Japan (overview, economic history, infrastructure, macro-economic trend, sectors of the economy, finance, labor force, law and government, culture, other economic indicators), the North Korean economy: poverty trap and labor productivity, the myth of East Asia: the financial crisis and its aftermath

Text Books And Reference Books:

Basu, K. (2018). ‘A Short History of India’s Economy: A Chapter in the Asian Drama’. WIDER Working Paper 2018/124. Helsinki: UNU-WIDER.

Bakht Z and N. Ahmed (2013): Globalization, Employment, Labour in Bangladesh in Reddy N ed(2013) Globalization, and Labour in South Asia, Panos South Asia.

Bardhan Pranab (1998): The Political Economy of Development in India, Oxford India Paper back, 1998.  

Mason, Edward S. and others, The Economic and Social Modernization of the Republic of Korea, Cambridge, MA, Harvard University Press, 1980

 

Pyo, Hak K. (2005), Productivity Performance in Developing Countries: Country Case Studies, Republic of Korea, United Nations Industrial Development Organization(UNIDO), Vienna

 

Pyo, Hak K. (2018a) Chapter 23 Productivity and Economic Development, in Tatje E., K. Lovell and R. Sickles eds. The Oxford Handbook of Productivity Analysis, Oxford University Press

 

Pyo, Hak K. (2018b) Chapter 7 Labor Productivity and a Test of the Kaldor-Verdoorn Law in East Asia, in Productivity Dynamics in Emerging and Industrialized Countries, edited by Deb Kusum Das, New Dehli, Routledge, Taylor & Francis

 

Pyo, Hak K., T. Cho and M. Kim(2020), Estimation of Capital Stock in North Korea and Implications, BOK Economic Research Working Paper 2020-24, The Bank of Korea (in Korean)

Pyo, Hak K. The Wage-led Growth without Growth: Implications and Limitations. Keynote Speech delivered to Korea International Economic Association Annual Meetings, December 23, 2020

Essential Reading / Recommended Reading

Bhaduri, A. (2018). ‘A Macroeconomic Perspective on Asian Development’. WIDER Working Paper 2018/91. Helsinki: UNU-WIDER

 

Bastian Sunil :2013: The Political Economy of Post War Sri Lanka , International Centre for Ethnic Studies , ICES Research Paper 7, 

 

Byiers Bruce, F Kratke, P. Jayawardena, L Rodriguez, A Wijesinha (2015): Manufacturing Progress? Employment Creation in Sri Lanka, Case Study Report, European Centre for Development Policy Management, March 2015. https://cdn.odi.org/media/documents/9492.pdf

 

Björkman James Warner 1985) Health Policy and Politics in Sri Lanka: Developments in the South Asian Welfare State, Asian Survey , May, 1985, Vol. 25, No. 5 (May, 1985), pp. 537-552

 

Chang, H.-J., and K. Zach (2018). ‘Industrial Development in Asia: Trends in Industrialization and Industrial Policy Experiences of Developing Asia’. WIDER Working Paper 2018/120. Helsinki: UNU-WIDER.

 

Chancel, L and T Piketty (2019), “Indian income inequality, 1922-2014: From British Raj to Billionaire Raj?”, Review of Income and Wealth.

 

Deaton Angus and Jean Drèze 2002, Poverty and Inequality in India: A Re-ExaminationEconomic and Political Weekly

 

Devarajan Shantayanan and I Nabi (2006): Economic Growth in South Asia: Promising, Unequalizing and Sustainable , Economic and Political Weekly, 41 (33), 3573-3580.  

 

Deshingker P (2006): Internal Migration, Poverty and Development in Asia – Promoting Growth and ending Poverty, Asia 2015. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.498.4724&rep=rep1&type=pdf 

 

Duara, P. (2018). ‘Nationalism and Development in Asia’. WIDER Working Paper 2018/95. Helsinki: UNU-WIDER.

 

Francine Frankel (2006), Indias Political Economy, Oxford University Paper Backs,

 

Findlay, R. (2018). ‘Asia and the world Economy in Historical Perspective’. WIDER Working Paper 2018/85. Helsinki: UNU-WIDER.

 

 

Himashu 2007 Recent trends in Poverty and Inequality: Some Preliminary Results , Economic and Political Weekly, Vol.42,  Issue No 06, Feb 10.

 

Hassan Mirza and Selim Raihan ( 2017): Navigating the Deals World, The Politics of Economic Growth in Bangladesh, in Lant Pritchett, Kunal Sen, and Eric Werker (2017)  Deals and Development: The Political Dynamics of Growth Episodes

 

Helal Mohammed and Md Amzad Hossain (2013): Four Decades of Economic Development of Bangaldesh, An Assessment, Journal of the Asiatic Society of Bangladesh (Hum.), Vol. 58(2), 2013, pp. 335-362

 

Isher J. Ahluwalia and Wahiduddin Mahmud (2004): Economic Transformation and Social Development in Bangladesh, Economic and Political Weekly , Sep. 4-10, 2004, Vol. 39, No. 36 (Sep. 4-10, 2004), pp. 4009-4011

 

Khatun  F,D. Bhattacharya, M Rahman, K Moazzem, T Khan, M Sabbih, S Saadat (2020) Four Years of SDGs in Bangladesh, Measuring Progress and Charting the Path Forward, Centre for Policy Dialogue.

 

Pedersen, J.D (2000), ‘Explaining Economic Liberalisation in India: State and Society Perspectives’, World Development, 28:2.

 

Kohli, A (2006), ‘Politics of Economic Growth in India, 1980-2005, Part I: The 1980s’, Economic and Political Weekly, April 1st, p1251-1259.

 

Kohli, A (2006), ‘Politics of Economic Growth in India, 1980-2005: Part II: The 1990s and Beyond’, Economic and Political Weekly, April 8th, p1361-1370.

 

Kanbur, R. (2018). ‘Gunnar Myrdal and Asian Drama in Context’. WIDER Working Paper 2018/102. Helsinki: UNU-WIDER.

 

Kebby Kathryn (2010): The Green Revolution of 1960s and the Impact on Small Farmers in India , Environmental Studies Undergraduate Student Theses. 10

 

Khan, M.H. (2018). ‘Institutions and Asia’s Development: The Role of Norms and Organizational Power’. WIDER Working Paper 2018/132. Helsinki: UNU-WIDER. 16

 

Kozul-Wright, R., and D. Poon (2018). ‘Asian Development after the Asian Drama’. WIDER Working Paper 2018/135. Helsinki: UNU-WIDER

 

Kumar Nagesh (2020): East Asia’s Path to Industrialization and Prosperity – Lessons for India and Other Latecomers in South Asia, Review Article,  Economic and Political Weekly, Vol. 55. Issue No. 50, 19 Dec, 2020. 

 

Kelegama Saman (2000): Development in Independent Sri Lanka: What Went Wrong?, Economic and Political Weekly , Apr. 22-28, 2000, Vol. 35, No. 17 (Apr. 22-28, 2000), pp. 1477-1490

 

Kohler Gabriele, Marta Cali and Mariana Stirbu (2009): Social Protection in South Asia : A Review, UNICIEF, Regional Office for South Asia  (ROSA), Nepal, https://www.unicef.org/socialpolicy/files/social_protection_in_south_asia_-_a_review_-_unicef_rosa_2009.pdf.

 

Kabeer Naila (2009): A review of social protection in South Asia, SPA Working papers 2009, Institute of Development Studies, Brighton, UK. http://socialprotection.gov.bd/wp-content/uploads/2017/06/A-review-of-social-protection-in-South-Asia.pdf

 

Mundle, S. (2018). ‘Fifty Years of Asian Experience in the Spread of Education and Healthcare’. WIDER Working Paper 2018/97. Helsinki: UNU-WIDER.

 

Nayyar, Deepak (2018) : Rethinking Asian Drama, WIDER Working Paper, No. 2018/150, ISBN 978-92-9256-592-3, The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki, http://dx.doi.org/10.35188/UNU-WIDER/2018/592-3

 

Osmani S.R. (2018): Socio-economic development in South Asia The past 50 years,  WIDER Working Paper, 2018/105, https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2018-105.pdf

Chai (2011), An Economic History of Modern China, available to subscribers on Elgaronline

Economic History of China (1949-present), Wikipedia

 

US Congressional Research Service (2019), China’s Economic Rise: History, Trends, Challenges, and Implications for the United States

Wikipedia (2020), Economic History of Japan (available on www.google.com)

 

Japanese Economic Growth, Trend Acceleration in the Twentieth Century, Ohkawa, K. and H. Rosovsky, Stanford University Press, 1973

 Shanmugaratnam N  (1982): Impact of Plantation Economy and Colonial Policy on Sri Lanka Peasantry, Economic and Political Weekly, Vol. 16, No. 3 (Jan. 17, 1981), pp. 69-71+73-80 (11 pages)

Wikipedia (2020), Economy of Japan (Overview, Economic History, Infrastructure, Macro-economic trend, Sectors of the Economy, Finance, Labor Force, Law and Government, Culture, Other economic indicators),

Fukao, K., T. Miyagawa, H. K. Pyo and K. H. Rhee(2012), “Chapter 9. Estimates of Total Factor Productivity, the Contribution of ICT and Resource Reallocation Effects in Japan and Korea”, in Matilde Mas and Robert Stehrer eds. Industrial Productivity in Europe, Growth and Crisis, Edward Elgar, Northampton, MA, USA.

 

Isaksson, Anders, Thiam Hee Ng and Ghislain Robyn (2005), “Productivity in Developing Countries: Trends and Polices”, UNIDO Research Programme, United Nations Industrial Development Organization, Vienna.

 

Krugman, Paul (1994), “The Myth of Asia’s Miracle,” Foreign Affairs, November/December.

 

Krugman, Paul (1995), “Mything My Point”, Letters to the Editor, Foreign Affairs, March/April.

 

Kim, Hyun Jeoung and Hak K. Pyo (2012), “Chapter 15 International Comparison of Productivity in Market Services: Korea with EU KLEMS Member Countries”, in Matilde Mas and Robert Stehrer eds. Industrial Productivity in Europe: Growth and Crisis, Edward Elgar, Northampton, MA, USA.

 Lucas, R. E. (1993), “Making a miracle”, Econometrica 61 (2):251-272.

 

Milanovic, B. (2013), “Global Income Inequality by the Numbers: in History and Now,” World Bank Economic Review, 4. 2., World Bank

Patnaik Utsa and Prabhat Patnaik (2021): The Drain of Wealth: Colonialism before the First World War, Monthly Review

 

Piketty, T. (2014), Capital in the Twenty-First Century, Cambridge, The Belknap Press of Harvard University Press

 

Vos, R. (2018). ‘Agricultural and Rural Transformations In Asian Development’. WIDER Working Paper 2018/87. Helsinki: UNU-WIDER. 

Pyo, Hak. K. (1993a), “The transition in the political economy of South Korean development”, Journal of Northeast Asian Studies 12(4), 74-87.

 

Pyo, Hak. K. (1993b), “Export-led growth, domestic distortions, and trade liberalization: The Korean experience during the 1980s”, Journal of Asian Economics1(2), 225-247.

 

Pyo, Hak. K. (1995), “A time-series test of the endogenous growth model with human capital”, In Growth Theories in Light of the East Asian Experience, NBER-EASE Volume 4 (pp. 229-245). University of Chicago Press.

 

Pyo Hak K., (2000)”Excess Competition, Moral Hazard and Industrial Trauma in Korea, 1997-8”, in Dadush U. D. Dasgupta and M. Uzan eds. Private Capital Flows in the Age of Globalization: The Aftermath of the Asian Crisis, The World Bank, Edward Elgar Publishing, Inc., Northampton, Mass.

 

Pyo Hak K. (2001) “Economic Growth in Korea (1911-1999) A Long-term Trend and Perspective” Seoul Journal of Economics Vol.14 No.1.

 

Pyo, Hak K. (2004), “Interdependency in East Asia and the Post-crisis Macroeconomic Adjustment in Korea”, Seoul Journal of Economics 17(1):117-151.

 

Pyo, Hak K. (2005) “Productivity Performance in Developing Countries, Country Case Studies, Republic of Korea”, United Nations Industrial Development Office (UNIDO)

 

Pyo, Hak K. (2012a), “A Dynamic Lon-term Profile of Educational Attainment in Korea (1910-2010)”, Hitotsubashi Discussion Paper, 0601, 2012.

 

Pyo, Hak K. (2012b), “Estimates of Returns to Schooling and Retirement Motives of Private Savings in Korea”, Hitotsubashi Discussion Paper, 0602, 2012.

 

Rhee, Keun Hee, and Pyo, Hak K. (2010) "Financial Crisis and Relative Productivity Dynamics in Korea: Evidence from Firm-level Data (1992–2003)." Journal of Productivity Analysis 34.2: 111-131.

 Young, Alwyn (1995) "The tyranny of numbers: confronting the statistical realities of the East Asian growth experience." The Quarterly Journal of Economics 110.3

Evaluation Pattern

The Departments of Economics will carry forward with the assessment out of 50 marks each and the course will be evaluated out of 100 marks. 

MEC211 - BUSINESS ANALYTICS (2021 Batch)

Total Teaching Hours for Semester:30
No of Lecture Hours/Week:2
Max Marks:50
Credits:2

Course Objectives/Course Description