Syllabus for IEcoS: General Economics-II

  1. Concept of economic growth and development and their measurement-Characteristics of less developed countries (LDCs) and obstacles to their development-growth, poverty and income distribution-Theories of growth: Classicial Approach: Adam Smith, Marx and Schumpeter-Neo-classical Approach: Robinson, Solow, Kaldor and Harrod-Domar-Theories of Economic Development: Rostow, Rosenstein-Rodan, Nurkse, Hirschman, Leibenstein and Arthur Lewis, Amin and Frank (Dependency school); respective role of the State and the market.

  2. International Economics: Gains from International Trade, terms of trade, trade policy, international trade and economic development-Theories of International Trade: Ricardo, Haberler, Heckscher-Ohlin and Stolper-Samuelson-Theory of Tariffs-Regional Trade Arrangements.

  3. Balance of Payments: Disequilibrium in Balance of Payments, Mechanism of Adjustments, Foreign Trade Multiplier, Exchange Rates, Import and Exchange Controls and Multiple Exchange Rates.

  4. Global Institutions: UN agencies; World Bank, IMF and WTO, Multinational Corporations.

  5. Money and Banking: Its functions and value-quantity Theory of Money: Cash Transaction Approach and the Cash Balances Approach, Friedman's Restatement of the Quantity Theory of Money-the instruments of monetary control-the neutrality of money-the money multiplier.

  6. Statistical and Econometric methods: Averages, dispersions, correlation and regression, time series, index numbers, sampling and survey methods, testing of hypotheses, simple non-parametric tests, drawing of curves based on various linear and non-linear functions; least square methods, other multivariate analysis (only concepts and interpretation of results); ANOVA, factor analysis, principal component analysis, discriminant analysis. Income distributions: Pareto Law of distribution-log-normal distrubution-measurement of income inequality-Lorenz Curve and Gini co-efficient.