Syllabus for IEcoS: General Economics III

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  1. Environmental Economics: Club of Rome, Founex report, Stockholm and Rio Earth summit reports, Convention on Biodiversity, Montreal Protocol on CFC, global warming; externalities, public goods, economic implication of various types of environmental degradation-air, noise, water pollution and exhaustion of non-renewable resources; resource accounting, biological wealth and its depletion or accretion as a part of GDP estimates and sustainable development; remedies: Regulations, taxes, market based solutions such as privatisation and pollution permits.

  2. Urbanisation and migration-Lewis, Todaro; informal sector, urban labour market, urban poverty.

  3. Project Appraisal: Criteria for project choices: Internal rate of return, net present value and benefit-costs ratio-social rate of discount-shadow prices of capital, unskilled labour and foreign exchange. Use of project appraisal methods in India.

  4. Financial and Capital Markets: Finance and economic development-financial markets-stock market, gilt market, foreign exchange market-Banking and insurance.

  5. Fiscal policy and its objectives-limitations of fiscal policy-theories of taxation and expenditure-objectives and effects of public expenditure-effects and incidence of taxation-deficit financing-theory of public debt, debt management, complementarity of monetary and fiscal policy with debt.

  6. State, Market and Planning: Concept and types of planning-rationale of planning in a developing economy-limitations of planning, economics of regulations, decentralised planning.