Economics

Part I : General Economics

Micro-Economics

• Production : Agents of Production, Costs and Supply, Isoquants
• Consumption and Demand; Elasticity concept
• Market Structure and concepts of equilibrium
• Determination of prices
• Components and Theories of Distribution
• Elementary concepts of Welfare economics: Pareto-optimality-Private and social products-consumers surplus.

Macro-Economics

• National Income concepts
• Determinants of National Income Employment
• Determinants of consumption, savings and Investment
• Rate of Interest and its determination
• Interest and profit

Money, Banking and Public Finance

• Concepts of Money and measures of money supply, velocity of money
• Banks and credit creation, Banks and portfolio management
• Central Bank and control over money supply
• Determination of the price level
• Inflation, its causes and remedies
• Public, Finance-Budgets-Taxes and non-tax revenues-Types of Budget deficits.

International Economics

• Theories of International Trade-comparative costs-Heckscher-Ohlin-Gains from Trade-Terms of Trade
• Free Trade and Protection
• Balance of Payments accounts and Adjustment
• Exchange rate under free exchange markets
• Evolution of the International Monetary System and World Trading order-Gold Standard-the Brettonwoods system
• IMF and the World Bank and their associates
• Floating rates-GATT and WTO

Growth and Development

• Meaning and measurement of growth, Growth, distribution and Welfare
• Characteristics of underdevelopment
• Stages of Development
• Sources of growth-capital, Human capital, population, productivity, Trade and aid, non-economic factors, growth Strategies
• Planning in a mixed economy-Indicative planning-Planning and growth

Economic Statistics

Types of averages-measures of dispersion-correlation-Index numbers; types, uses and limitations.

Part II : Indian Economics

Main features; Geographic size-Endowment of natural resources, Population; size, composition quality and growth trend-Occupational distribution-Effects of British Rule with reference to Drain theory and Laissez Faire policy.

Major problems, their dimensions, nature and broad causes; Mass poverty-Unemployment and its types-Economics effects of population pressure-Inequality and types thereof-Low productivity and low per capita income, Rural-urban disparities-Foreign Trade and payments imbalances. Balance of Payments and External Debt- Inflation, and parallel economy and its effects-Fiscal deficit.

Income and Employment: Growth in income and employment since Independence-Rate, Pattern, Sectoral trends-Distributional Changes-Regional disparities.

Economic Planning in India: Major controversies on planning in India-Alternative strategies-goals and achievements, shortfalls of different plans-planning and the Market.

Broad Fiscal, monetary, industrial trade and agricultural policies-objectives, rationale, constraints and effects.