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 Non-competitive 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.


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,
Money & Banking : 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.

Statistics & Econometrics

● Probability Theory: Concepts of probability, Discrete random variables, continuous random variables, bivariate distributions, multivariate
distributions, point estimation, Distributions, Moments, Central Limit theorem
● Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers
● Sampling methods & Sampling Distribution
● Statistical Inferences, Confidence intervals, Hypothesis testing
● Linear Regression Models and their properties – BLUE
● Multiple Regression
● Functional forms of regression
● Multicollinearity, Heteroscedasticity, Autocorrelation
● Identification Problem
● Simultaneous Equation Models – recursive and non-recursive
● Discrete choice models
● Time Series Analysis

Mathematical Economics

● Mathematical logics
● Sets, functions, limits and continuity, sequence, series
● Differential Calculus and its Applications
● Linear Algebra – Matrices, Vector Spaces
● Static Optimization Problems and their applications
● Input-Output Model, Linear Programming
● Difference and Differential equations with applications

International Economics

● International Trade: Basic concepts and analytical tools
● Theories of International Trade
● International Trade under imperfect competition
● Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms
● Exchange Rate: Concepts and Theories
● Foreign Exchange Market and Arbitrage
● Gains from Trade, Terms of Trade, Trade Multiplier
● Tariff and Non-Tariff barriers to trade; Dumping
● GATT, WTO and Regional Trade Blocks; Trade Policy Issues
● IMF & World Bank 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
● Public expenditure
● Public Debt and its management
● Public Budget and Budget Multiplier
● Fiscal Policy and its implications Money and Banking
● Components of Money Supply
● Central Bank
● Commercial Banking
● Instruments and Working of Monetary Policy
● Non-banking Financial Institutions
● Capital Market and its Regulation Growth and Development Economics
● Economic Growth and Economic Development
● Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter,
● Rostow, Balanced & Unbalanced growth, Big Push approach.
● Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor
● Technical progress – Disembodied & embodied; endogenous growth
● Indicators of Economic Development: PQLI, HDI, SDGs
● Poverty and Inequalities – Concepts and Measurement
● Social Sector Development: Health, Education, Gender Environmental Economics and Demography
● Environment as a Public Good
● Market Failure
● Coase Theorem
● Cost-Benefit Analysis and Compensation Criteria
● Valuation of Environmental Goods
● Theories of Population
● Concepts and Measures: Fertility, Morbidity, Mortality
● Age Structure, Demographic Dividend
● Life Table
● Migration

Indian Economy

● Economic Growth in India: Pattern and Structure
● Agriculture: Pattern & Structure of Growth, Major Challenges, Policy Responses
● Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses
● Services: Pattern & Structure of Growth, Major Challenges, Policy Responses
● Rural Development – Issues, Challenges & Policy Responses
● Urban Development – Issues, Challenges and Policy Responses.
● Foreign Trade: Structure and Direction, BOP, Flow of Foreign Capital, Trade Policies
● Infrastructure Development: Physical and Social; Public-Private Partnerships
● Reforms in Land, Labour and Capital Markets
● Centre-State Financial Relations and Finance Commissions of India; FRBM
● Poverty, Inequality & Unemployment