Symbiosis College of Arts and Commerce

(An Autonomous College Affiliated to University of Pune)

Subject code Semester I II III IV V VI M.A. I II III IV

Title of Subject
MACRO ECONOMIC ANALYSIS-1
Objectives 1.To expose students to Macro Economic concepts and inculcate an analytical
&learning approach to the subject matter.
Outcomes
2. To equip the students at the postgraduate level to latest theoretical developments for
empirical analysis.

3.To study the relevance of economic theories to contemporary economic issues.

4. To Study the inter-relationship between macroeconomic aggregates and its policy

implications

Detailed syllabus
Number of
Unit Contents of the syllabus
Hours
1 National Income Accounting
Contents :
1.1 The Economy’s Income and Expenditure-Related National Income
Concepts-Definitions and Inter-relationships-Real vs Nominal
Income,Computing Real GDP/GNPDeflator.
1.2 Methods of measurement of National Income and computational 12
difficulties.
1.3 Circular flow of Income –four sector model
1.4 Different forms of National Income accounting –Social accounting,Flow of
funds accounting ,Balance of payments accounting.
1.5 Concept of ‘Economic Well- Being’ from GDP to GNH
2 2. Demand and Supply of Money and Inflation
Contents :
2.1. RBIs approach to Money supply,High Powered Money and Money Multiplier
2.2 Demand for Money-Classical and Keynesian approach to demand for
Money,Milton Friedmans approach,Portfolio Balance approach (Tobin &
18
Baumol),Patinkins Real Balance approach.
2.3 Theories of Inflation,Measuring Inflation,Phillips CurveAnalysis,Natural Rate
of Unemployment,Tobins Modified Phillips Curve, Policies to control Inflation.

3 3. Neo-Classical and Keynesian Synthesis.

Contents :
3.1 General Equilibrium of Product and Money Markets.-The IS-LM Functions.
3.2 Product Market Equilibrium
14
3.3 Money Market Equilibrium
3.4 General Equilibrium of Product and Money Markets
3.5. Relative effectiveness of Monetary and Fiscal Policy.
4 Recent Developments in Macroeconomics
Contents :
4.1 Rational Expectations Hypothesis-Lucas Critique.
16
4.2 Real Business Cycle Theory
4.4 Fin Kydland and Edward Prescott
4.5 The 2008 Recession –Revival of Keynes’s economics?
Total Number of Hours 60
Suggested Reference Books
 Ackley,G. (1978), Macroeconomics : Theory and Policy, Macmillan, New York.
 Branson, W.A. (1989), Macroeconomic Theory and Policy, (3rd Edition), Harper and Row,
New York.
 Dornbusch, R. and F. Stanley (1997), Macroeconomics, McGraw Hill, Inc., New York.
 Hall, R.E. and J.B. Taylor (1986), Macroeconomics, W.W. Norton, New York.
 Mankiw, N.G. and D. Romer (Eds.) (1991), New Keynesian Economics, (2 vols.), MIT Press,
Cambridge.
 D‟Souza, Errol (2008), Macroeconomics, Pearson Education, Delhi.
 Gupta R.D.andRana A.S. (1998): Post-Keynesian Economics, Kalyani Publishers, Ludhiana.
 Heijdra, B.J. and V.P. Fredericck (2001), Foundations of Modern macroeconomics, Oxford University
Press, New Delhi.
 Jha, R (1991) : Contemporary Macro Economic theory and Policy, Wiley Eastern Ltd.,
 Jhingan, M.L.(1999) : Macro Economics
 Keynes, J.M (1936) : General Theory of Employment, Interest and Money
 Mithani D. M., Money, Banking, International trade and public finance, Himalaya Publications
 Mankiw, N. G., Macroeconomics, fifth edition, Worth Publishers, 2002
 Hall, E. and Taylor, J. B. Macroeconomics. W. W. Norton and Company, 1986
 Barro, R.J. Macroeconomics, Fifth edition, MIT Press 1997
 Abel A.B. & Bernanke B.S., Macroeconomics, Pearson Education
 Gupta S.B. (1994) Monetary Economics, S. Chand and Co. Delhi
 Samuelson P. A. &Nordhaus W. D., Economics, Tata Mcgraw Hill
 Shapiro E (1996) Macro Economic Analysis; Galgotia Publication, New Delhi
 Vaish M. C. (2002) Macro Economic Theory, Vikas Publishing House, N. Delhi

Suggested Journals
 Economic Survey:Various Issues
 Journals,World Development Reports,GOI Publications
 CMIE DATSBASE
 Symbiosis College of Arts and Commerce
(An Autonomous College Affiliated to University of Pune)

Subject code Semester I II III IV V VI M.A. I II III IV

Title of Subject
Microeconomics : Theory and Applications
Objectives 1.To expose students to Micro Economic concepts and inculcate an analytical
approach to the subject matter.

2.To stimulate the students interest by showing the relevance and use of various
economic theories.

3.To apply economic reasoning to problems of business.

4.To guide the students to understand the real world market situations.

5.To help the students to analyze the concepts practically for decision making.

Detailed syllabus
Number of
Unit Contents of the syllabus
Hours
1 1. Themes of Microeconomics
Contents :
1.1 Basic Economic Problem – Choice and Scarcity
1.2 Deductive and Inductive Methods of Analysis
1.3 Positive and Normative Economics 12
1.4 Static and Dynamic Analysis
1.5 Characteristics of Equilibrium and Disequilibrium Systems
1.6 General Equilibrium v/s Partial Equilibrium

2 2. Demand Analysis
Contents :
2.1 Theories of Demand- Utility , Indifference Curve, Marginal Rate of Substitution
2.2 Hicks and Slutsky’s Substitution Effect
2.3 Ordinary and Compensated demand curve and their applications.
16
2.4 Samuelson’s Revealed Preference Theory
2.5 Revision of Demand theory by Hicks
2.6. Concept of Elasticity: Price, Income and Cross
2.7. Consumers Surplus through Indifference Curve, Hicks Reformulation of
Consumers Surplus.
3 3. Theory of Production and Cost
Contents :
3.1 Production Function- Lawof Variable Proportions & Returns to scale.
3.2 Isoquants- Properties, Producers Equilibrium
3.3 Economies of Scale- Internal &External Economies & Diseconomies 16
3.4 Cobb- Douglas Production Function
3.5. Cost Function.
3.6 Theories of Costs( Traditional and Modern)
4 4. Price and Output Determination
Contents :
4.1 Perfect Competition (Short run & long run equilibrium of the firm & industry)
4.2 Monopoly (Short run & long run equilibrium)
4.3 Price Discrimination, Monopoly control and regulation.
4.4 Monopolistic Competition- General & Chamberlin approaches to equilibrium 16
4.5. Excess capacity under Monopolistic & Imperfect Competition
4.6 Oligopoly- Non- Collusive ( Cournot, Bertrand, Edgeworth,
Chamberlin,Stackelbergs solution)
4.7. Collusive Cartels & Price Leadership Models
4.8. Price & output determination under Monopsony& Bilateral Monopoly.
Total Number of Hours 60

Suggested Reference Books

1. Gravelle H. and Rees R.(2004), Microeconomics,3rd edition, Pearson Education Ltd., New Delhi.
2. Stigler G. (1996), Theory of Price, 4thEdition, Prentice Hall of India, New Delhi.
3. Sen. A. (1999), Microeconomics : Theory and Application, Oxford University Press, New Delhi.
4. Kreps David M. (1990), ACourse in Microeconomic Theory, Princeton University Press, Princeton.
5. Varian H. (2000), Microeconomic Analysis, W.W. Norton, New York.
6. McConnell & Brue –Economics Principles, Problems and Policies, McGraw Hill Publication
7. Paul Krugman& Robin Wells- Princeton University, Worth Publishers
8. Samuelson, P.A. and W.D. Nordhaus (1998), Economics, Tata McGraw Hill, New Delhi.
9. Stonier, A.W. and D.C. Hague (1972), A Textbook of Economic Theory, ELBS &Longman Group,
London
10. Lipsey, R.G. and K.A. Chrystal (1999), Principles of Economics (9th Edition),Oxford University Press,
Oxford.
11. Modern Micro Economics – Theory and Applications H.L. Ahuja S. Chand and Co Ltd.Delhi.
12. Henderson J. and R.E. Quandt (1980), Microeconomic Theory : A Mathematical Approach,McGraw Hill,
New Delhi.
13. Understanding Microeconomics- Robert L. Helibroner and Lester C. Thurow. Prentice Hall,International
Inc. London.
14. Micro Economic Theory An Analytical Approach – J M Joshi and R. Joshi WishwaPrakashan (Division of
Wiley Eastern Limited) N. Delhi.
15. Koutsoyiannis, A. (1990), Modern Microeconomics, Macmillan.
16. Heathfield and Wibe (1987), An Introduction to Cost and Production Functions,Macmillan,London.
17. Mansfield, E. (1997), Microeconomics (9th Edition), W.W. Norton and Company,New York.
18. Ray, N.C. (1975), An Introduction to Microeconomics, Macmillan Company ofIndiaLtd.Delhi.

Suggested Journals
1. Business & Economy ( Fortnightly)
2. Economic & Political Weekly
 Symbiosis College of Arts and Commerce
(An Autonomous College Affiliated to University of Pune)

Subject code Semester I II III IV V VI M.A. I II III IV

Title of Subject
Mathematical Methods for Economics
Objectives 1.To provide a wider and deeper exposure to the Calculus of functions and their
application to the discipline of Economics.

2.To help students gain an understanding of how to solve mathematical

problems that are common to economic modeling.

3. To facilitate the ability of students to demonstrate the economic applications

of differentiation, and use it to formulate economic problems.

4. To help in developing the ability to accurately translate complex economic

problems into mathematical models and hone the skills to solve the problems
through a wide array of mathematical techniques.
Detailed syllabus
Number of
Unit Contents of the syllabus
hours
1 1. Economic Models
Contents :
1.1 Requisites of Mathematical Models in Economics –variables,
constants, parameters, equations, identities
1.2 Set theory – Basic operations and properties , Introduction to concept
12
of Limit Points- open and closed sets, concave and convex sets
1.3 Revisiting Functions, domain, range, types of functions, relative
minima and maxima
1.4 Limits and continuity of functions

2 2. Static (Equilibrium) analysis

Contents :
2.1 Meaning of static analysis
2.2 Partial Market equilibrium – Linear and non-linear one commodity market
10
model
2.3 General Market Equilibrium –Two commodity market model
2.4 Limitations of static analysis

3 3. Comparative-Static Analysis
Contents :
3.1 Meaning of Comparative-static analysis
3.2 Derivatives and differentiability of functions 14
3.3 Rules of differentiation for one variable functions
3.4 Rules of differentiation for two variable functions
3.5. Partial and Total Derivatives, Higher order derivatives
 3.6 Implicit function Theorem
3.7 Applications- Marginal and elasticity concepts, Linear homogeneous
functions
4 4. Optimization Problem
Contents :
4.1 Concept of optimal and extreme values, relative maximum and minimum
4.2 First and Second order conditions in relation to maxima, minima ,
concavity, convexity
10
4.3 Unconstrained optimization –first and second order conditions
4.4 Langrangian Method of Constrained Optimization
4.5. Hessian and Jacobian Matrices
4.6 Applications – Utility Maximization , Cost Minimization, Output
Maximization
5. Dynamic analysis
Contents :
5.1 Meaning of Dynamic analysis
5.2 Dynamics and Integration – definite and indefinite integrals
14
5.3 First and Second order differential equations
5.4 Difference equations
5.5 Applications – Harrod-Domar and Solow’s Model

Total Numberof hours 60

Suggested Reference Books

1. Simon, C. and L. Blume, Mathematics for Economists, Norton, London, 1994
2. Chiang, A. C., Fundamental Methods of Mathematical Economics, McGraw-Hill,1984
3. Sydsaeter, K. and P. J. Hammond, Mathematics for Economic Analysis, Pearson, Education
Asia, 1995
4. Intriligator, M.D., Mathematical Optimization and Economic Theory, Prentice-Hall, 1971
5. Roberts B. and D.L. Schultze, Modern Mathematics and Economic Analysis, W.W. Norton
and Company, 1973
6. Dowling, Edward T. Introduction to Mathematical Economics. Tata McGraw-Hill Edition
7. Mathematics for Economics, third edition by Michael Hoy, John Livernois, Chris McKenna,
Ray Rees and Thanasis Stengos , mitpress
8. Renshaw, G. Maths for Economics (2nd Edition, Oxford University Press, 2009)

Journal:

1. http://www.journals.elsevier.com/journal-of-mathematical-economics/
 Symbiosis College of Arts and Commerce
(An Autonomous College Affiliated to University of Pune)

Subject code Semester I II III IV V VI M.A. I II III IV

Title of Subject
Total Credits = 4
Paper-3 INDIA IN THE WORLD CONTEXT
Teaching =3 Credits
Self -learning= 1 Credit

The broad focus of this course will be:

 To review and understand India in Historical Perspective.
 To examine the broad pattern of changes in the Indian economy on the
eve of Independence.
 The course aims to acquaint and familiarize students with rationale of

Objectives
internal and external reforms in Indian economy.
 The prime objective of the course is to expose the students to the
complexities and dynamics of current global politics and international
relations.
 The course aims at providing a theoretical exposition and meaningful
insights relating to Indias interface with Global and regional players.

Detailed syllabus
Number of
Units Contents of the syllabus
Lectures
1. 1.Title of the topic : State of Indian Economy on the eve of
independence

Contents :
1.1 Indian Economy: A Historical Perspective

1.2 Colonial Legacy

1.3 Economic stagnation and Drain of wealth 15

1.4 Political Economy of Indias growth and Economic Policy since

independence

1.5 Models of Economic Development(Nehru vs Gandhi)

2. 2.Title of the topic : Economic Reforms 15

 Contents :
2.1 The Background:International Factors and Domestic circumstances

2.2 The Macroeconomic Crisis

2.3 Rationale for the Reforms

2.4 Macroeconomic and Structural Reforms

2.5 An Appraisal of Economic Reforms

2.6 Economic Reforms and Jobless Growth in India in 1990s

3. 3.Title of the topic : India and the Global Economy

Contents :
3.1Locating India in the new global Economy

3.2 Engaging the world

15
3.3 Globalisation debate and India
3.4 India at the WTO:From Uruguay to Doha and Beyond
3.5 WTO and its impact on the different sectors of the economy

4.Title of the topic: India and the World

Contents:
4.1 India's Contribution to the Non-Alignment Movement: Different phases
and current role

4.2India and South Asia:

a.Regional Co-operation: SAARC – past performance and future

prospects
4. 15
b.South Asia as a Free Trade Area
c.India's "Look East" policy
d.Impediments to regional co-operation

4.3 India and the Global South: Relations with Africa and Latin America,
leadership role in the demand for NIEO and WTO negotiations

4.4 India and the Global Centres of Power: USA, EU, Japan, China and
Russia.
 Total Number of Lectures 60
Suggested Reference Books
 Ahulwalia I.J. and I.M.D. Little : India's Economic Reforms and Development, Oxford University
 Press, (1999).
 Bardhan P.K.: The Political Economy of Development in India, Oxford University Press, (1999).
 BimalJalan : Indian Economy - Problems and Prospects
 BimalJalan : India's Economic Policy - Preparing for twenty first century, Vikas Publishers (1996).
 Brahmananda P.R. and V.R. Panchamukhi : Development Experience in the Indian Economy: Inter-
 State Perspectives (2001).
 Chakravarthy S.: Development Planning: The Indian Experience, Oxford University Press, (1987).
 DadabhaiNaoroji : Poverty and Un British rule in India.
 Dantawala M.L.: Dilemnas of Growth: The Indian Experience, SAGE Publications (1996).
 Dutt R. &Sunderam, K.P.M : Indian Economy, S. Chand & Co.
 Mishra &Puri : Indian Economy, Himalaya Publishing Company,.
 Sandesara J.C.: Industrial Policy and Planning 1947-1991: Tendencies, Interpretations and issues
 SAGE (1992).
 Kapila, U. (ed.), Indian Economy since Independence, Academic Foundation, 2011-12,22nd edition
 Jalan, B. (ed.), The Indian Economy: Problems and Prospects, Penguin Books, 1992
 Rangarajan, C., Select Essays on Indian Economy, Vol.1&2, Academic Foundation,
2004
 Krueger A. (ed.), Economic Policy Reforms and the Indian Economy, Oxford
University Press, 2003
 Sinha Kumar Ajit:India Towards economic Super power: A jOurney of Economic Reforms,Deep and
Deep Publication Pvt Ltd,2005.
 Mungekar,Nachane,Rao(2001) Indian Economy in the new milliennium,Himalaya Publishing House
 Ghate Chetan(ed.)The oxford Handbook of the Indian Economy,2012
 Rajan.R,Fault lines,How hidden fractures still Threaten the world Economy,2011

Suggested Journals
 Economic & Political Weekly
 Foreign Trade Review
 Global Business Review
 IMF Economic Review Quarterly
 Indian Economic Journal
 Indian Economic Review
 Indian Economic Review
 International Studies
 Journal of Indian School of Political Economy
 South Asian Economic Journal
 World Development Quarterly
 World Economy
 World Bank Research Observer
 The Economist
 World Development Reports
Web sites :
 indianplanningcommission.nic.in

 indiabudget.nic.in

 www.wto.org

 www.imf.org