Paper 3 has been removed from NET from 2018 (Notification)- now paper 2 and 3 syllabus is included in paper 2
NTA (UGC) NET June-December 2018 Syllabus for Economics
NTA (UGC) NET Economics Syllabus 2012
Code No: 01
- There will be two Question Papers, Paper II and Paper III.
- Paper II will consist of 50 questions worth 2 mark each.
- Paper III will consist of 75 questions worth 2 mark each.
NTA (UGC) NET Paper II
- Demand Analysis-Marshallian, Hicksian and Revealed preference approaches.
- Theory of Production and Costs.
- Pricing and output under different forms of market structure.
- Factor Pricing analysis.
- Elements of general equilibrium and new welfare economics.
- Determination of output and employment-Classical approach, Keynesian approach, Consumption hypotheses.
- Demand for Money-Fisher and Cambridge versions, Approaches of Keynesian, Friedman, Patinkin, Baumol and Tobin.
- Supply of Money, Determinants of money supply, High-powered money, Money multiplier.
- Phillips Curve analysis.
- Business cycles-Models of Samuelson, Hicks and Kaldor.
- Macro-economic Equilibrium-Relative roles of monetary and fiscal policies
Development and Planning
- Economic Growth, Economic Development and sustainable Development-Importance of institutions-Government and markets-Perpetuation of underdevelopment-Vicious circle of poverty, circular causation, structural view of underdevelopment-Measurement of development conventional, HDI and quality of life indices.
- Theories of Development-Classical, Marx and Schumpeter; Economic Growth-Harrod-Domar model, instability of equilibrium, Neoclassical growth-Solow's model, steady state growth. Approaches to development: Balanced growth, critical minimum effort, big push, unlimited supply of labour, unbalanced growth, low income equilibrium trap.
- Indicators and measurement of poverty.
- Importance of agriculture and industry in economic development-choice of techniques and appropriate technology-Investment criteria-Elementary idea of cost-benefit analysis.
- Trade and Aid-International trade as ‘engine of growth’ -Globalization and LDC's Objectives and role of monetary and fiscal policies in economic development Techniques of planning; Plan Models in India; planning in a market-oriented economy.
- Role of the Government in Economic activity-Allocation, distribution and stabilization functions; Private, Public and Merit goods.
- The Public Budgets-Kinds of Budgets, Zero-base budgeting, different concepts of budget deficits; Budgets of the Union Government in India Public Expenditure-Hypotheses; effects and evaluation.
- Public Revenue-Different approaches to the division of tax burden, incidence and effects of taxation; elasticity and buoyancy; taxable capacity Public Debt-Sources, effects, burden and its management.
- Fiscal Federalism-Theory and problems; Problems of Centre-State Financial relations in India.
- Fiscal Policy-Neutral and compensatory and functional finance; balanced budget multiplier.
- Theories of International Trade: Empirical verification and Relevance International Trade under Imperfect competition Terms of Trade and Economic Growth-Secular Deterioration of Terms of Trade Hypothesis-a critical review.
- Equilibrium/disequilibrium in Balance of Payment-Traditional, Absorption and Monetary approaches for adjustment in the Balance of Payments, Foreign Trade multiplier.
- Impact of Tariffs, Partial and general equilibrium analysis; Political economy of Non-Tariff Barriers.
- Theory of regionalism at Global level-Collapse of Bretton-Wood System-Recent.
- Monetary reforms.
- Trade Policy and Reforms in India.
- Basic Economic indicators-National income, performance of different sectors Trends in prices and money supply.
- Agriculture-Institutional and technological aspects, new agricultural policy Industry-New industrial policy and liberalization.
- Money and banking-Concepts of money supply, inflation, monetary policy and financial sector reforms.
- Public finance-Trends in revenue and expenditures of the Central and State Governments, Public debt; analysis of the Union Budget.
- Foreign trade-Trends, Balance of payments and trade reforms.
- Poverty, unemployment, migration and environment.
- Measures of Central tendency, dispersion, skewness and kurtosis.
- Elementary theory of probability-Binomial, Poisson and Normal distributions.
- Simple correlation and regression analysis.
- Statistical inferences-Applications, sampling distributions (t, x2 and F tests) sampling of attributes, testing of Hypothesis.
- Index numbers and time series analysis.
- Sampling and census methods, types of sampling and errors.
NTA (UGC) NET Paper III-A Core Group
- Theory of Demand-Axiomatic approach, Demand functions, Consumer behaviour under conditions of uncertainty.
- Theory of production.
- Collusive and non-collusive oligopolies.
- Different models of objectives of the firm-Baumol, Morris and Williamson.
- Factor pricing.
- General equilibrium and Welfare Economics.
- Keynesian and post-Keynesian approaches to theory of output and employment; concept of investment multiplier; consumption hypotheses Theories of investment and accelerator.
- Theories of demand for money-Keynesian and post-Keynesian.
- Different approaches to money supply; money supply; components and determinants; money multiplier.
- Output-price determination (aggregate supply and aggregate demand curve analysis).
- Fleming-Mundell open economy model.
- Development and Growth-Role of institutions.
- Theories of growth and development-Models of growth of Joan Robinson and Kaldor; Technical Progress-Hicks, Harrod and learning by doing, production function approach to the determinants of growth: Endogenous growth: Role of education, research and knowledge-explanation of cross country differentials in economic development and growth.
- Theories of development-Classical, Marx, Schumpeter and structural analysis of development-Imperfect market paradigm, Lewis model of development, Ranis-Fei model, Dependency theory of development.
- Factors in economy development-natural resources, population, capital, Human Resource Development and infrastructure.
- Trade and development-trade as engine of growth, two-gap analysis, Prebisch, Singer and Myrdal views; gains from trade and LDCs.
- Theories of taxation, types, incidence and effects.
- Theories of public expenditure-effects on savings, investment and growth Burden of public debt.
- Union Finance-Trends in Revenue and Expenditure of the Government of India.
- State finance-Trends in Revenue and Expenditure of the State Governments.
- Public Debt-India's Public debt since 1951-growth composition, ownership pattern and debt management.
- Union-State Financial Relations-Horizontal and vertical imbalances; the Finance Commissions.
- Fiscal Policy and Fiscal Reforms in India.
- Monetary approach and adjustment in the balance of payments.
- Regional blocs-multilateralism and world trading system.
- The Political Economy of imposition of non-tariff barriers.
- International trade under conditions of imperfect competition in goods market.
- Theory of International reserves.
- Optimum Currency Areas-Theory and impact in the developed and developing countries.
- WTO and its impact on the different sectors of the economy.
- Components of money supply.
- Role, constituents and functions of money and capital markets.
- RBI-recent monetary and credit policies.
- Commercial banks and co-operative banks.
- Specialized financial and investment institutions.
- Non-Bank financial institutions and Regional Rural Banks.
- Industrial structure and economic growth.
- Pattern of industrialization-Public and Private; large and small industries.
- Theories of Industrial location-Indian experience.
- Industrial productivity-measurement, partial and total trends Industrial Finance in India.
- Industrial Labour-Problems, policies and reforms in India Economic Reforms and industrial growth.
- Population and Economic development-interrelation between population, development and environment, sustainable development.
- Malthusian theory of population, Optimum theory of population, theory of demographic transition, population as ‘Limits to Growth’ and as ‘Ultimate Source’
- Concepts of Demography-Vital rates, Life tables, composition and uses, Measurement of fertility-Total fertility rate, gross and net reproduction rate-Age pyramids, population projection-stable, stationary and quasi-stationary population; characteristics of Indian population through recent census.
- Poverty in India-Absolute and relative; analysis of poverty in India.
- Environment as necessity-amenity and public goods; causes of environmental and ecosystem degeneration-policies for controlling pollution-economic and persuasive; their relative effectiveness in LDCs; Relation between population, poverty and environmental degradation-microplanning for environment and eco-preservation-water sheds, joint forest management and self-help groups.
- Role of State in environmental preservation-Review of environmental legislation in India.
- Role of Agriculture in Indian Economy-Share of Agriculture, interrelationship between agriculture and industry.
- Institutional aspects-Land reforms, Green revolution.
- Technological aspects-Agricultural inputs and shifts in production function.
- Capital formation in the rural sector-Savings, assets and credits.
- Strategies for rural development.
- Regional disparities in Indian agriculture.
- Cooperative movement in India-Organization, structure and development of different types of cooperatives in India.
- Application of Differential and Integral Calculus in theories of consumer behaviour, Production and pricing under different market conditions.
- Input-output analysis and linear programming.
- Application of Correlation and Regression.
- Testing of Hypothesis in Regression Analysis.
NTA (UGC) NET Paper III-B Elective or Optional
Single Equation Linear Model:
- Assumption and properties of OLS.
- Multiple Regression Model-Estimation and Interpretation.
- Multi-collinearity-Auto-correlation and heteroscedasticity-Causes, detection, consequences and remedy.
- Dummy variables, distributed lags-Need, limitations and interpretation.
- Applications in Economics.
Simultaneous Equation models:
- Structural and reduced forms.
- Endogenous and exogenous variables.
- Identification problems and conditions.
- Single equation methods of estimations-TSLS, indirect least squares and least variance ratio.
Techniques of Forecasting:
- ARMA, ARIMA.
- Econometric properties of time series, Unit root, integrated series, random walk and white noise.
- Theory of Consumer Behaviour and Theory of Firms.
- Theory of Pricing-Monopoly, Monopolistic competition, Duopoly and Oligopoly.
- Theory of Games-Two-person, Zero-sum Game, Pure and Mixed strategy, Saddle point solution, Linear programming and input output analysis.
- Static and Dynamic Multiplier and Accelerator, Samuelson-Hicks trade cycle model.
- Growth Models-Harrod and Domar, Neoclassical models-Solow, Meade, Kaldor's Model with technological progress, endogenous growth models.
- Employment and output determination with fixed and flexible prices (IS-LM, Aggregate demand and aggregate supply analysis).
- The Rise and Fall of Bretton-Wood and emerging International Monetary System.
- World Trading System-Evolution and Distortions.
- Globalization-Developments in Exchange Markets, Euro-Currency Markets, and International Bond Markets, International Debt crisis.
- Theory of Foreign Exchange Markets-Exchange Trading, Arbitrage and Market Hedging.
- Growth and Productivity trends in Indian Agriculture.
- Development of distributive institutions-Costs and price policies.
- Agricultural marketing and credit.
- Trends in migration and labour markets. Minimum Wages Act.
- WTO and sustainable agricultural development.
- Reforms in Indian agriculture.
- Planning and Economic Development.
- Costs, Prices, WTO and Indian Agriculture.
- Globalization, Liberalization and the Indian Industrial Sector.
- Infrastructure and Economic Development.
- Social Sector, Poverty and Reforms in India.
- Women, Environment and Economic Development.
- Trade Reforms and Liberalization.
- Financial sector reforms.
- Fiscal policy and fiscal reforms.