Micro Economics
Consumer Theory or Behaviour
Production Theory
Price and Output determination in Market
Welfare Economics
Game theory
Consumer Theory or Behaviour
- Demand
- Ordinary and compensated demand
- Marshallian and Hicksian demand functions
- Slutsky equation
- Utility
- Consumer Preferences: Nature of the utility function,
- Cardinal and ordinal approach
- Homogeneous and Homothetic Utility Functions
- Representation theorem
- Indifference Curve
- Budget constraint
- Revealed Preference Theory
- Weak Axiom of Revealed Preference and Strong Axiom of Revealed Preference
- Consumer Surplus
- Duality Theorem
- Euler’s Theorem
Production Theory
- Production Function Short-run and Long-run Analysis
- Production technology
- Isoquants
- Law of Variable Proportions
- Returns to Scale
- Existence, Uniqueness and Stability of Market Equilibrium: Walrasian and Marshallian Stability Analysis
- The Cobweb Model, Decision making under uncertainty and risk
- Factor Pricing: Marginal productivity Theory of Distribution in Perfectly Competitive markets.
- Theory of Search
- Theory of Agency costs
- Structure-Conduct Performance Paradigm
- Cost Function, types and concepts
- Short run and long run costs
Price and Output determination in Market
- Theory of Firm: Market Structures — Competitive and Non-competitive equilibria and their efficiency properties
- Perfect and Imperfect Competition
- Monopoly
- Price Discrimination
- Monopolistic
- Theory of Employment in Imperfectly Competitive Markets Monopolistic Exploitation
- Duopoly
- Oligopoly models
- Pricing with market power
Welfare Economics
- General Equilibrium Analysis
- Equilibrium and efficiency under pure exchange and production
- Overall efficiency and welfare economics
- Theorems of welfare economics
- Social Welfare Function
- Efficiency Criteria: Pareto-Optimality
- Liquidity Preference and Liquidity Trap
- Theories of Inflation and Expectations Augmented Phillips Curve
- Adaptive Expectations Hypothesis
- Rational Expectation Hypothesis and its critique
- The Impossible Trinity.
Game theory
- Strategic form games
- Iterated elimination of dominated strategies
- Nash equilibrium
- Mixed extension and mixed strategy Nash equilibrium
- Cournot duopoly
- Bertrand duopoly .
- Prisoner’s dilemma
- Non-Cooperative games: Constant sum game, Pure Strategy
- Bayesian Nash Equilibrium
- SPNE
- Perfect Bayesian Equilibria
Macro Economics
National Income
Income and Output Determination
Business cycles and economic models (closed economy)
Business cycles and economic models (open economy)
Inflation and unemployment
National Income
- National Income Accounting
- Structure, key concepts, measurements
- Circular flow of income – for closed and open economy
- Fiscal and foreign sector variables – concepts and measurements.
Income and Output Determination
- Income and Output Determination
- Aggregate Demand and Aggregate Supply
- Classical and Keynesian Theory
- Simple Keynesian cross model of income and employment determination in closed economy
- Effective Demand Principle
Business cycles and economic models (closed economy)
- Business cycles-facts and features
- Real Business Cycles
- Classical model of the business cycle
- Keynesian model of the business cycle
- IS-LM Model
- Hicks’ IS-LM synthesis
- Role of monetary and fiscal policies
- multiplier in a closed economy
Business cycles and economic models (open economy)
- 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.
- Philip’s Curve
Theories of Economic Development
Indicators of Economic Development
Social Sector Development
Growth models
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
Social Sector Development
- Health
- Education
- Gender
- Fertility
- Morbidity
- Mortality
- Migration
- Child Labor
- Age Structure
- Demographic Dividend
Growth models
- Harrod-Domar
- Solow
- Neo-classical growth models
- AK model
- Romer model
- Schumpeterian growth model
- Ramsey
- Technical progress – Disembodied & Embodied
- Endogenous Growth Models
Money and Inflation
- Demand and Supply of Money
- Components of Money Supply
- Money demand and supply functions
- Central and Commercial Banking
- Role of Reserve Bank of India and Commercial Banks
- Credit Creation
- Monetary and Fiscal Policy of India and its role.
- Objectives, Instruments (Direct and Indirect) of Monetary Policy
- Prudential Regulation, Quantitative Easing (Unconventional Monetary Policy)
- Money Multiplier and High Powered Money
- (Autonomous) Multipliers and Investment Accelerator
- Multiplier and Accelerator
- Quantitative Theories of Money
- Interest Rate determination
- Non-Banking Financial Institutions
- Capital Market and its Regulation
Consumption and Investment Function
Behavioural and technological functions:
Open Economy Models
Behavioural and technological functions:
- Absolute income, Permanent, Relative and Life Cycle Hypothesis
- Random walk model of consumption
- Investment functions – Keynesian
- Determinants of business fixed investment, residential investment and inventory investment
- Dale Jorgenson’s Neoclassical Theory of Capital Accumulation and Tobin’s
- Keynesian Stabilization Policies
Open Economy Models
- Mundell and Fleming Model (IS, LM and BP curve)
- Closed Economy IS – LM Model and Mundell Fleming Model: Monetary and Fiscal Policy Efficacy
- Balance of Payments
- Exchange rate determination
- Purchasing Power Parity
Statistical Methods in Economics
Statistical Methods in Economics:
Probability theory
Mathematical statistics
Hypothesis testing
Correlation and regression:
Statistical Methods in Economics:
- Mean, Mode, Median, Dispersion, Skewness, Quartile Deviation, Average Deviation, Standard Deviation
- Correlation
- Simple Regression Model
- Gauss Markov Theorem
- Multiple Regression and other non linear forms of regression
- Spurious regressions and Unit roots
- Simultaneous Equation Models – recursive and non-recursive
- Identification Problem
Probability theory
- Concepts of probability, Probability Distributions[Discrete and Continuous]
- Probability Distribution Sampling
- Sample space and events
- Axioms of probability and their properties
- Conditional probability and Bayes’ rule
- Independent events
- Random variables 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,sampling distribution
- Estimation of population parameters using methods of moments and maximum likelihood procedures
- Point and interval estimation,properties of estimators
- Confidence intervals
- Central limit theorem
- law of large number.
- Statistical Inferences
- Index Numbers and Construction of Price Indices
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
- Nature of regression analysis, method of Ordinary Least Squares (OLS)
- Properties of OLS
- Variance and covariance of OLS estimator
- Goodness of fit
- CLRM assumptions
- Relaxing the assumptions of CLRM: Heteroscedasticity, Multicollinearity
and Autocorrelation
Mathematical Methods in Economics
Mathematical Methods in Economics
Differential equations, and difference equations
Integral calculus
Preliminaries and functions
Mathematical Methods in Economics
- Sets and Vector
- Functions of one and several real variable Single and Multi variable optimization
- Determinants Matrix
- Linear Programming Probability
- Input-Output Model
Differential equations, and difference equations
- First order difference equations .
- First order differential equations and applications
- Difference equations
Integral calculus
- Definite integrals, fundamental theorems
- Indefinite integrals and applications.
- Integration of functions
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
Linear algebra
Optimization
Differential calculus
- Differential Calculus and its Applications
- 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.
Linear algebra
- Matrix representations and elementary operations
- Applications of Cramer’s Rule
- 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, matrix formulation, duality, economic interpretation
- Static Optimization Problems and Applications
Indian Economy
Macro Trends
Agriculture
Railways and Industry
Economy and State in the Imperial Context
Flows and the colonial economy
Macro Trends
- National Income; population; occupational structure.
- Economic Growth in India: Pattern and Structure
- 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
Agriculture
- Agrarian structure and land relations
- Agriculture, Industry & Services Sector: Pattern & Structure of Growth, Major Challenges, Policy Responses
- Agricultural markets and institutions
- Credit, commerce and technology
- Trends in performance and productivity
- Famines
Railways and Industry
- Railways
- De-industrialisation debate
- Evolution of entrepreneurial and industrial structure
- Nature of industrialisation in the interwar period
- Constraints to industrial breakthrough
- labour relations.
Economy and State in the Imperial Context
- The imperial priorities and the Indian economy
- Drain of wealth
- International trade and capital
Flows and the colonial economy
- Changes and continuities
- Government and fiscal policy
- New Economic Policy
Public Economics
Taxation
International Trade and Theories
Indian economy before 1950
Transfer of tribute
Public Economics
- Public and Private Goods
- Public goods and market failure
- Public goods and markets with asymmetric information (adverse selection and moral hazard).
- Externalities
- Budget and Deficits
- Public expenditure, Public Budget and Budget Multiplier
- Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation and Effects of Taxation
- Public Debt
- Sustainability of Deficits and Debt
- Fiscal Federalism in India
- Centre-State Financial Relations and Finance Commissions of India
- Fiscal Policy and its implications
- Fiscal Responsibility and Budget Management Act 2003
- Demonetization and aftermath
- Regulation of Market – Collusion and Consumers’ Welfare
- Environment as a Public Good, Market Failure and Coase Theorem, Cost-Benefit Analysis
Taxation
- Its economic effects
- Tax incidence
- Optimal taxation
- Efficiency and equity considerations
- Dead weight loss and distortion
- Tax reforms-Goods and Services Tax, Issues of Growth and Equity
International Trade and Theories
- Adam Smith
- Ricardo
- Heckscher-Ohlin model
- New Trade Theories
- 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
- Foreign Exchange Market and Arbitrage
- Exchange rate determination
- IMF & World Bank
Indian economy before 1950
- Transfer of tribute
Transfer of tribute
- Planning models
- Challenges faced by Indian planning
- Relation between agricultural and industrial growth
Indian economy after 1991
Banking, finance and macroeconomic policies
Inequalities in social development
Poverty
India’s labour market
Indian economy after 1991
- Balance of payments crisis in 1991
- Major aspects of economic reforms in India after 1991
- Composition of India’s Trade
- Competitiveness of India’s exports
- India’s exchange rate policy
- Reforms in trade and foreign investment.
Banking, finance and macroeconomic policies
- Aspects of banking in India
- CRR and SLR
- Financial sector reforms in India
- Functioning of Monetary Policy in India, Fiscal Policy in the Indian context: Structure of Receipts and Expenditure
- 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