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NTA (UGC) NET June-December 2022 Syllabus for Economics

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NTA (UGC) NET Economics Syllabus 2012

Code No: 01

Subject: Economics


  • 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.


Micro-Economic Analysis

  • 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.

Macro-Economic Analysis

  • 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.

Public Finance

  • 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.

International Economics

  • 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.

Indian Economy

  • 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.

Statistical Methods

  • 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:

  • 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.

Frequently Asked Questions (FAQs)