REGULATIONS
&
SYLLABUS
Master of Arts Economics (MEC)
(DISTANCE MODE)
Directorate of Distance & Continuing Education
Fakir Mohan University
Vyasa Vihar, Balasore – 756019
Phone: (06782) 241840
Web: www. fmuddce.org
REGULATIONS FOR MA ECONOMICS (MEC) PROGRAMME
1. Course Title:
The two years Master of Arts (Economics is a general degree programme under distance
mode consisting of four semester examinations. After successful completion of the
programme the MEC degree will be awarded by the University.
MA Programme in Economics has been developed with a view to provide an opportunity
to those learners who wish to go for higher studies in Economics.
The Programme would be of great use for the teachers working in schools, personnel
working in various institutions associated with Economics, working people in various
organisations and all graduates who are desirous of acquiring a Masters Degree in
Economics.
2. Eligibility Criteria for Admission:
A student who has passed Bachelor Degree with Economics or Mathematics or Statistics
as a subject of study from any recognized University shall be eligible for admission into
the MEC programme.
3. Components of MEC Programme:
The MEC programme comprises 24 courses, 6 papers in each semester.
4. Medium of Instruction:
Students are required to answer in English only.
5. Duration of the Course:
The duration of the course is minimum two year and maximum four years. In case a
student is not able to secure the pass percentage in four years, he/she has to take re-
admission as a fresh candidate, in case he/she wants to pursue the programme.
6. Attendance:
A student has to attend a minimum of 60% of the classes to be permitted to sit in the
semester examinations. In case of medical ground if certified by a Medical Officer not
below M.B.B.S. doctor, his/her case may be considered. In case a Candidate is unable to
acquire the stipulated attendance, he/she will not be allowed to take the examination. The
candidate shall have to take re-admission to continue the programme.
7. Counseling Sessions:
The counseling sessions are held at the center during week ends, i.e. on Saturdays and
Sundays and Vacations.
Counseling sessions are very different from class room teaching. Counselors will not be
delivering lecturers as in the conventional teaching method. They will try to overcome
difficult that you may face in your study. Before attending the counseling sessions, the
students are advised to go through their course material. Counseling session will be made
available by the study center.
8. Examination and Evaluation:
A student will take four semester examinations to complete the course in two
academic years.
The examination relating to this course has two components:
a) Continuous evaluation 20%
b) Terminal examination 80%
Continuous evaluation is related to the assignment (that each student has to submit one
assignment in each Theory paper) before being declared eligible to appear for the terminal
examination.
The term end examination will be of 3 hours duration. To pass, a student has to secure
minimum 40% mark both in continuous evaluation and term end examination of
each paper, On the basis of aggregate marks obtained in all the courses the division will
be awarded as under.
First Division : 60% and above
Second Division : 50% and above but less than 60%
Third Division : 40% and above but less than 50%
9. Evaluation of Answer scripts:
Answer scripts of the final examination will be valued by the examiners appointed by this
University.
10. Back Examination:
If a candidate fails in any one paper (or papers) in any semester/yearly examination he/she
has to appear the end semester examination for that paper(s) only whenever the said examination
is held.
11. Course Structure, Distribution of Marks and Pass Marks:
Year/
Sem.
Course
Code
Course Mark Distribution and Pass Mark
Continuous
Evaluation
Term End
Exam.
Total
Mark
Pass
Mark
Full
Mark
Pass
Mark
Full
Mark
Pass
Mark
First
Year
1st
Sem.
MEC-101 Computer Application 10 4 40 16 50 20
MEC-102 Global Political Economy 10 4 40 16 50 20
MEC-103 Indian Economy 10 4 40 16 50 20
MEC-104 Society in Modern Indian 10 4 40 16 50 20
MEC-105 Indian Government and Politics 10 4 40 16 50 20
MEC-106 Computer Application for Social Science (Practical)
50 20
TOTAL: 300 120
First
Year
2nd
Sem.
MEC-201 Micro Economic Theory 10 4 40 16 50 20
MEC-202 History of Economic Thought 10 4 40 16 50 20
MEC-203 Public Economics 10 4 40 16 50 20
MEC-204 Development Economics 10 4 40 16 50 20
MEC-205 Statistics and Quantitative Methods 10 4 40 16 50 20
MEC-206 Economics of Social Sector 10 4 40 16 50 20
TOTAL: 300 120
2nd
Year
3rd
Sem.
MEC-301 Macro Economics 10 4 40 16 50 20
MEC-302 International Trade 10 4 40 16 50 20
MEC-303 Financial Institutions and Markets 10 4 40 16 50 20
MEC-304 Economics of Health 10 4 40 16 50 20
MEC-305 Mathematical Economics 10 4 40 16 50 20
MEC-306 Agricultural Economics/Industrial Economics
10 4 40 16 50 20
TOTAL: 300 120
2nd
Year
4th
Sem.
MEC-401 Research Methodology 10 4 40 16 50 20
MEC-402 Growth Economics/Labour Economics
10 4 40 16 50 20
MEC-403 Environmental Economics 10 4 40 16 50 20
MEC-404 Econometrics 10 4 40 16 50 20
MEC-405 Dissertation 10 4 40 16 50 20
MEC-406 Presentation and Viva-Voce 50 20
TOTAL: 300 120
GRAND TOTAL: 1200
DETAIL SYLLABUS OF MA ECONOMICS
1ST
SEMESTER
MEC-101: Computer Application
Total Marks = 50 (End Term-40 + Internal-10)
UNIT: - 1: Introduction and data representation
What is an Algorithm? Flowcharting, Problem and its algorithm, Concepts of Programming Language,
Categories of Language of Programming Language.
UNIT:- II: Introduction to Assembler
Advantages of a Translator, Types of Translators, Assembles Implementation, Macro and Macro
Processor, Loaders.
Introduction to Compiler: What is a Computer? Approaches to Compiler Development, Compiler
Designing Phases, Software Tools.
GUI (Graphical User Interface): What is Graphical User Interface, Evolution of Human and Machine
Interface, Common Graphical User Interface Terms, Functionality of Graphical User Interface, A Look at
some Graphical User Interfaces.
UNIT-III :- Introduction to Operating System
What is an Operating System? Evolution of Operating System, Types of Operating System. Operating
System Structure. Future Operating System ---- Basic Commands of DOS.
UNIX Operating System: Basic Feature of UNIX Operating System. Getting Started, Files and Directories.
UNIX-Getting Started Looking At File Contents. Your own Directories, File Permission, Basic Operation on
Files, Changing Permission Modes, Standards Files, Processes.
Text Manipulation: Inspecting Files, Operating on Files.
Editors: General Characteristics of Vi, the Line Editors Ex and Ed, the Stream Editor SED, Changing Several
Files in SED,AWK.
UNIT- IV:- MS-Office
MS-Word, MS-Power Point, MS-Excel, MS-Access, Features of Office Packages
MEC-102: Global Political Economy
Total Marks = 50 (End Term-40 + Internal-10)
UNIT- 1: The nature and dynamics of Globalization
The Historical Context of Globalization—Colonialization and after Characteristics of Globalization, The
role of Information and communication technology.
UNIT –II: Agencies of Globalization
Political economy of Globalization — Agencies of globalization: Multinational corporations (MNCs)
nation- state, media, market, non Governmental Organizations (NGOs), International Agencies
(International Monetary Fund, World Bank, WTO).
UNIT – III: Globalization and Culture
The ethos of globalization (individualism, consumerism) cultural Patters through the media -- Cultural
homogenization, hegemony and dominance – Globalization and national and cultural identity crisis,
global tourism, diasporic communities, transnational ethnic and religious movements, religious
fundamentalism.
UNIT – IV: Globalization and State
Erosion of state sovereignty, inequality within and among nation states – Differential perception of
globalization, socio-economic impact of globalization. Globalization and the Indian experience.
MEC-103: Indian Economy
Total Marks = 50 (End Term-40 + Internal-10)
Unit:-I:
Structure of the Indian Economy- Colonialism and under development of the Indian Economy, meaning of
colonialism, British Rule and the Exploitation of India, the British Rule and India Under Development,
Nature of the Indian Economy-India-An Under development Economy, India-A Developing Economy,
India- A mixed Economy.
Unit:-II:
The Population Problem and the Economic development-meaning of Population explosion, India’s
Population size and growth trends, cause of the rapid growth of population, India’s Population: the future
population and Economic development, Remedies for population explosion, population policy. Trends
and structure of employment- Unemployment.
Unit:-III:
Basic issues in Agriculture- Indian Agriculture; role, Nature, and crop pattern, Agricultural production and
Productivity trends, land reforms, Agriculture inputs and Green Revolution, Agricultural Finance and
Marketing.
Unit:-IV:
Industrial Development and the related issues, Industrial Development during planning period, Small
scale and Cottage Industries, Industrial Policy, Public Sector in the Indian Economy, Privatization of Public
Sector Enterprises: Private Sector in the Indian Economy, Industrial Sickness in India.
MEC-104: Society in Modern India
Total Marks = 50 (End Term-40 + Internal-10)
Unit –I Modernity and Sociology
o Emergence of Modernity in Europe
o Enlightenment
o Industrial Revolution
o French Revolution
o Sociology in Modern Societies Unit-II India’s Colonial Modernity and Sociology
o Structural changes in colonial India
o Cultural changes in colonial India
o Emergence of Sociology in India Unit-III Social Issues in Modern India
o Domestic Violence
o Caste System in India
o Dalits in Modern India
o Tribes in Modern India Unit-IV Education and Health Issues in Modern India
Education in Modern in India
o Universalization of Primary Education
o Women‟s Education
o Literacy, Enrollment Ratio and Drop –outs
Health in Modern India
o Gender and Health
o Infant Mortality
Maternal Mortality
MEC-105: Indian Government and Politics
Total Marks = 50 (End Term-40 + Internal-10)
Unit-I:
Constitutional Development in India: A Historical Overview
Fundamental Rights and Duties
Directive Principles of State Policy Unit-II:
President
Prime Minister
Council of Ministers Unit-III:
Parliament- Parliamentary Committees
Functioning of Parliamentary system in India
Supreme Court :Judicial Review, Judicial Activism, Public Interest Litigation Unit IV:
Indian Federalism: Centre –State relations
Issues in Indian Politics: Regionalism, Problems of Secularism, National Integration
Politics of caste, tribe, language and ethnicity and Women Politics
SCO-106: Computer Application for Social Science Research (Practical)
Books Recommended
MEC-101
1. Pradeep K. Sinha, Priti Sinha “Computer Fundamentals” BPB Publications.
2. V. Rajaraman, Fundamentals of Computers” PHI Publications.
3. Rajeev Shah, Tilak Shetty, Meta Gandhi “The C Odyssey-Unix” BPB Publications.
MEC-102
1. Appadurai, Arjun.1997. Modernity at large: Cultural dimensions of globalization. New Delhi: Oxford University Press.
2. Baylis, John and Smith Steve. 2010. Globalisation of world politics. Oxford University Press: London.
3. O’Brien, R and M. Williams (2004), Global Political Economy: Evolution and Dynamics, London: Palgrave.
4. Ravenhill, J. (ed.) (2005), Global Political Economy, Oxford, O.U.P. 5. Coates, David (2000), Models of Capitalism: Growth and Stagnation in the Modern Era Cambridge:
Polity Press. 6. Schwartz, Herman (1994), States versus Markets. London, Macmillan, 1994. 7. Frieden, J. and D. Lake (eds.) (2000), International Political Economy. Perspectives on Global Power
and Wealth, London: Routledge 8. Held, D., and A. McGrew, (2001), The Global Transformations Reader, Oxford, Cambridge: Polity. 9. Hirst, P. and G. Thompson (1996) Globalization in Question: the International Economy and the
Possibilities of Governance, Cambridge: Polity Press. 10. Palan, Ronen & Abbott, Jason (1999), State Strategies in the Global Political Economy, London:
Cassel, 11. Strange, Susan (1988), State and Markets. London: Pinter. 12. Stubbs, R. and J. Underhill (eds.) (2000) Political Economy and the Changing Global Order, Oxford:
OUP. 13. David N. Balaam and Michael Veseth, “What is IPE” in Introduction to International
PoliticalEconomy, New Jersey, Pretice Hall, 2001. 14. Susan Strange, “Political Economy and International Relations” in Ken Booth and Steve Smith, eds.
International Relations Theory Today, Pennsylvania, Pennsylvania State University Press, 1995. 15. Robert Gilpin, “Three Ideologies of Political Economy” in The Political Economy of International
Relations, Princeton University Press, Princeton, 1987. 16. John Baylis and Steve Smith, eds., The Globalization of World Politics, 4th edition, Oxford: Oxford
University Press, 2007. 17. David Held and Anthony McGrew (eds.), “The Great Globalization Debate” in D. Held and A. 18. McGrew (eds.) The Global Transformations Reader, 2nd edition, Cambridge UK, Polity Press, 2002. 19. Richard Stubbs and Geoffrey R.d. Underhill (eds.) Political Economy and the Changing Global Order, st.
Martin’s Press, New York, 1994. 20. Amit Bhaduri, Nationalism and Economic Policy in the Era of Globalization” in Deepak Nayyar (ed.)
Governing Globalization: Issues and Institutions, OUP, Delhi, 2000; pp. 19-50. 21. Robert Keohane, “The Theory of Hegemonic Stability and Changes in International Economic Rgimes,
1967-77” in Ole R. Holsti, Randolph M. Severson and Alexander L. George (eds.) Change in the International System, Boulder, Westview Press, 1980.
22. Bruno Frey, “Public Choice View of International Political Economy” in Peter Katzenstein, Robert Keohane and Stephen Krasner (eds.) Exploration and Contestation in the study of World Politics, MIT press, Cambridge, Mass. 1999.
23. Bina Agarwal, A Field of One’s Own: Gender and Land Rights in South Asia, Cambridge, CUP, 1995. 24. Sunanda Sen, “On Methods and Analysis in Feminist Economics” in Asian Women, pp. 17-29. 25. Adrian Wood, “North-South trade and Female Labour in Manufacturing: An Asymmetry” in Journal of
Development Studies, Vol. 27 No.2. 26. C. Roe Goddard, Patric Cronin and Kishore C. dash (eds.) International Political Economy: State-Market
Relations in a Changing World Order, Boulder, Lyne Reinner, 2003. 27. John H. Jackson, Chapters 1, 2, 3, 4 in The World Trade Organization: Constitution and Jurisprudence,
London, Royal Institute of International Affairs, 1998. 28. Scholte, “Global Trade and Finance” in Baylis and Smith, The Globalization of World Politics, 4th edition,
2007.
29. Robert Gilpin, chapter 8 in The Political Economy of International Relations, Princeton University Press, Princeton, 1987.
30. Joseph Stiglitz, Globalization and its Discontents, Allen lane, London, 2002. 31. Jagdish Bhagwati, InDefense of Globalization, OUP, Delhi, 2004. 32. Ha-Joon Chang, Kicking away the ladder: Development Strategy in Historical perspective, Anthem Press,
London, 2002. 33. Sanjaya Lall, “Transnational Corporations and Technology flows” in Deepak Nayyar, Governing
Globalization: Issues and Institutions, OUP, Delhi, 2000 Avinash Jha, Background to Globalization, Centre for Education, Bangalore, 2000. MEC-103
1. Dutta ,R & Sundaram ; “Indian Economy” 2013 Edition, S.Chand Publication House.
2. Mishra &Puri: “Indian Economy”, 2014 Edition, Himalaya Publication House.
3. Aggarwal, A.N: Indian Economy, Latest Edition, New Age International Pub. (P) Limited.
4. Kapila, Uma: Indian economy, Indian Economy: Performance and Policies, Latest Edition, Academic Foundation
MEC-104
1. Tunner, J. H.: Sociology.
2. Thomption, K and Bocack ,H.R: Modernity(ed)
3. Doshi, S.L: Neo-Sociological Theory
4. Bottomare,T.B.: T. B., Sociology.
5. Smetsher, N.: An Introduction to Sociology.
6. Michel, S:Dalit Vision Banergie,D: Poverty, Class and Health Culture and in India, Lok Prrakash
Publication, India.
7. Kumar, K, Political Agenda of Education, Sage publication
8. More, H.E.,: Social Institutions.
9. Kumar, R:History of Doing,Kali for Women
10. Sarangi, K and Vaid, S :Recasting Women(ed.),Kali for Women
11. Davis, K,: Human Society.
12. Lappire,: R.T., Social Change
13. Singh, Y.: Modernigation of Indian Tradition
MEC-105 1. Basu, Durga Das, Introduction to the Constitution of India, New Delhi, 1996 2. Chandra, Bipan., Communalism in Modern India, New Delhi, 1984 3. Granville, Austin, The Indian Constitution: Cornerstone of a Nation, 1999 4. Granville, Austin, Working a Democratic Constitution: The Indian Experience, 2000. 5. Kothari, Rajni, Caste and Politics in India, New Delhi, 1970. 6. Kothari, Rajni, Politics in India, Delhi, 1985 7. Morris-Jones, W.H., Government and Politics of India, 1974. 8. Naranga, A.S., Indian Government and Politics, 2000. 9. Paul, R. Brass, Politics of India since Independence, 1994 10. Pylee, M.V., An Introduction to the Constitution of India, 1998 11. Ray, Amal, Tension Areas in India’s Federal System, Calcutta, 1970 12. Weiner, Myron, The Indian Paradox, New Delhi, 1989. 13. Chakraborty, Bidyut and Pandey Rajendra. 2008. Indian Government and Politics. Sage Publications: New
Delhi.
14. Peu, Gosh. 2012. Indian Government and Politics. PHI: New Delhi. 15. Arora, Balveer and Verney, Douglas edited, Multiple Identities in a Single Stale: Indian Federalism in
Comparative Perspective, Delhi, Konark, 1995.
16. Austin, Granville, Working of a Democratic Constitution, New Delhi, Oxford, 2000. 17. Brass, Paul edited, Ethnic Groups and the State. London, Croom Helm, 1985. 18. Corbridge, Stuart and John Harris, Reinventing India: Liberalization, Hindu Nationalism and Popular
Democracy, New Delhi, Oxford, 2000. 19. Frankel, Francine et. al edited. Transforming India, Delhi, Oxford, 2000. 20. Jayal, Niraja Gopal edited, Democracy in India, New Delhi, Oxford, 2001. 21. Kohli, Atul edited, The Success of India's Democracy, Cambridge, Cambridge University Press, 2001.
2ND
SEMESTER
MEC-201: Micro Economics
Total Marks = 50 (End Term-40 + Internal-10)
UNIT- I:
Demand analysis and Concept of Elasticity of demand, Marshallian Utility analysis, Indifference curve approach
to consumer’s equilibrium, Consumer Surplus.
Production – Agents of Production – Production Function – short-period and long-period analysis, Law of
Variable Proportion and Law of Returns to Scale.
UNIT –II:
Cost Concept – Different types of costs. Nature and shape of short run and long run Average cost curves and
Marginal cost curve Insolents – least cost combinations of factors.
Cost and Revenue analysis
UNIT – III:
Price and Output Determination in Perfect Competition Market, Monopoly, Monopolistic market—Individual
and group equilibrium. Oligopoly-features, Kinked demand curve hypothesis.
UNIT – IV:
Theories of distribution – Marginal Productivity theory – Real Wage and Money Wage, Classical and Modern
Theory of Rent, Theories of Interest rate and Profit , – Pareto optimal conditions – compensation principle –
Scitovsky Criteria.
MEC-202: History of Economic Thought
Total Marks = 50 (End Term-40 + Internal-10)
UNIT-I Adam Smith, David Ricardo, T.R. Malthus, Jeremy Bentham, James Mill, J.S. Mill UNIT-II A.C Pigou, Alfred Marshall, Karl Marx, Paul Sweezy, UNIT-III J. M Keynes, Harrod Domar, Joan Robinson, Milton Friedman UNIT-IV M. K Gandhi, D.B Naroji, Binova Bhave, Jaya Prakash
MEC-203: Public Economics
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Public goods and private goods, theoty of public goods, Market failure- imperfections, decreasing costs,
externalities, public goods ,Fiscal Policy- full employment, anti-inflation, economic growth, redistribution of
income and wealth, interdependence of fiscal and monetary policies, Fiscal policy for stabilization-automatic
vs. discretionary stabilization.
UNIT II:
Public expenditure- Wagner’s low of increasing state activities; Wiseman-Peacock hypothesis; Pure theory of
public expenditure; Criteria of public investment; Social cost-benefit analysis- project evaluation, Estimation of
costs, discount rate; Budgeting and zero base budgeting.
UNIT III:
Taxation – Theory of incidence; Alternative concepts of incidence- A locative and equity aspects of individual
taxes; (02) benefit and ability to pay approaches; (02)Theory of optimal taxation; Excess burden of taxes; (04)
The problem of
double taxation. (01)
UNIT IV:
Public debt- Classical view of public debt ; Burden of public debt –internal debt and external debt; Sources of
public debt ; debt through created money; (05) public borrowings; Crowding out of private investment and
activity; (0Principles of debt management and repayment. (04)
MEC-204: Development Economics
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Social and Institutional Aspects of Development – Development and underdevelopment – Perpetuation of
underdevelopment, Poverty-Absolute and relative, Measuring development and development gap- per capita
income, inequality of income, Human development index and other indices of development and quality of life,
education health and nutrition. Sen’s Development Approach (10 classes)
UNIT II:
Theories of development – Classical theory of development , contributions of Adam Smith, Ricardo, Malthus,
Karl Marx and development of capitalistic economy- theory of Social change, surplus value and profit,
Immutable laws of capitalistic development, crisis in capitalism- Schumpeter and capitalistic development;
Innovation- role of credit, profit and degeneration of capitalism; Structural analysis of development. ( 10
classes)
UNIT III:
Trade and economic development- International trade as engine of growth; Static and dynamic gains from
trade, Prebisch, Singer and Myrdal thesis vs. Free trade; Export- led growth; balance of payments; tariffs and
effective protection; Post-GATT international economic order; WTO and developing countries including India.
UNIT IV:
Planning and development- Need for planning – democratic, decentralized and indicative planning, micro-
planning, review of Indian plan models and planning.
MEC-205: STATISTICS AND QUANTITATIVE METHOD
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Set Theory, Types of Set, Set Operations, Concepts of function, Types of function, limit, Continuity and
derivative; Rules of differentiation and its economic Applications; Elasticities and their types; Rules of partial
differentiation and interpretation of partial derivatives. Problems of Maxima and minima in single and
multivariable functions
UNIT II:
Concept of integration and Its Economic Application; simple rules of integration, Methods of Integration:
Integration by Parts, Definite Integrals, Determinants and their basic properties; Solution of Simultaneous
equations through Cramers rule, concept of matrix and Matrix inversion and rank of a matrix, Concept of
vector- its properties; Matrices and vectors, Concepts of Quadratic forms- Eigen roots and Eigen vectors.
UNIT III:
Classical Optimization Techniques, Unconstraint minimization and Maximization, Lagrangian Multiplier:
Economic Application, Constraint Optimization with more than two variables, Hassian and Boarder Hassian
Matrix, Jacobian Determinant and Economic Application.
UNIT IV:
Importance of Statistics in Social Research, Population vs sampling, Types of sampling , sampling error and non-
sampling error, Theory of probabity , Conditional probability , Normal distribution and its properties, Binomial
distribution and its properties, Poisson Distribution and its properties, Point estimation, good estimator, Test of
significance, confidence interval, T-Test, F-Test and Chi-square test, Correlation and Regression.
MEC-206: Economics of Social Sector
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Economics of education: education as an instrument for economic growth, human capital vs. physical capital,
components of human capital; demand for education – private demand and social demand; Determinants of
demand; cost of education-expenditure on education, private cost and social cost and wastage and stagnation;
Benefits of education – direct and indirect benefits, private and social benefits.
UNIT II:
Health economics – The Origin and Evolution of Health, Determinants of Health, Indicators of health, Economic
dimensions of health care – demand and supply of health care; Financing of health care and resource
constraints.
UNIT III:
Housing, Drinking Water, Sanitation: Role of Housing, qualitative and quantitative problems of housing in India,
Housing policy, Indira Awas Jojana, Problems of drinking water, National drinking water mission, Problems of
Sanitation, Sanitation policy
UNIT IV:
Approaches to economic development and its measurement – sustainable development: Role of state, market
and other institutions; Indicators of development – PQLI, Human development Index (HDI), Gender
Development Indices.
Books Recommended
MEC-201
1. Koutsoyiannis “Modern Microeconomics” 2e, 2nd Revised edition 2. Varian, Hal R., Intermediate Microeconomics, 1990, 5th Edition, W.W. Norton and Company (Varian -
5). 3. Varian, Hal R., Microeconomic Analysis, 1992, 3rd Edition, W.W. Norton and Company (Varian -3). 4. Henderson & Quandt, 1988, Microeconomic Theory - A Mathematical Approach, McGraw Hill.
(Henderson). 5. David N.Hyman (1989): Modern Micro Economics Analysis and Applications.
6. Steven Landsburg (2010): Modern Micro Economic Theory: Price theory and Application. 7. Geoffrey Alexander Jehle, Philip J. Reny (2011): Advanced Micro Economic Theory. 8. Broadway R.W.andN.Bruce (1984) : Welfare Economics, Basil Blackwell, London. 9. Dacosta, G.C (1980): Production Prices and Distribution, Tata McGraw Hill, New Delhi. 10. Sen,Anindya (2009): Micro Economics: Theory and Applications, Oxford University.
MEC-202 1. Paul R.R. “History of Economic Thought” Kalyani Publisher, 2013 Edition. 2. E. K. Hunt, Mark Lautzenheiser “History of Economic Thought: A Critical Perspective” Routledge;
3 edition (April 15, 2011) 3. Agnar Sandmo “Economics Evolving: A History of Economic thought” Princeton University Press,
2011 4. Ajit K. Dasgupta “A History of Indian Economic Thought” Routledge; latest edition 5. Warren J. Samuels,Jeff E. Biddle,John B. Davis “A Companion to the History of Economic Thought”
June 2003, Wiley-Blackwell 6. Alessandro Roncaglia “ The Wealth of Ideas: A History of Economic Thought” Cambridge
University Press, 2006
MEC-203 1. Richard A. Musgrave (1989), Public Finance in Theory and Practice, McGraw Hill 2. Book Company, New York. 3. Buchaman J.M. (1970), The Public Finances, Richard D.Irwin, Homewood. 4. Jha H. (1998), Modern Public Economics, Routledge, London. 5. Singh S.K. (1986) Public Finance in Developed and Developing Countries, S.Chand 6. and Company Ltd, New Delhi. 7. Chelliah R.J. (1971), Fiscal Policy in Underdeveloped Countries. 8. Hemlata Rao (2006) Fiscal Federalism –Issues and Policies, New Countury 9. Publications, New Delhi. 10. Atkinson A.B. and J.E. Siglitz (1980). Lectures on Public Economics, Tata MacGraw 11. Hill, New Delhi 12. Musgrave and Musgrave: Public Finance, Mcgraw-Hill College; 5 Sub edition (February 1989)
MEC-204 1. A.P. Thirwall, (1999), growth and Development, Sixth Edition, Macmillan.
2. Benjamin Higgin : Economic Development” WW Norton & Co, April 1, 1968
3. Debaraj Ray (1998) Development Economics, Oxford University Press.
4. Machael P. Todaro (19997), Economic development (Sixth Ed), Addision Weslely.
5. Mukerjee, Suman K. (1994), Text Book Economic development, Orent Longman.
6. Meier, Geraldm, Rauch, James,(2000), Eds. Leading issues Economic Development. Oxford, Oxford
University Press.
7. Chenery H. and T.N. Srinivasan, Hand Book of Development Economics, Vol. 1 and 2 E Series.
8. Behrman, S. and T.N. Srinivasan (1995), Hand Book of Development Economics, Vol. 3, E. Series.
9. G.M.Meir “Leading Issues in Economic Development”, Oxford University Press, London, 1971
10. Ghatak S (1986): An Introduction to Development Economics Allen and Unwin
11. Jagdish Bhagwati, “Economic of Underdeveloped countries” McGraw-Hill (June 1966)
MEC-205
1. A C Chiang, “Fundamental method of mathematical Economics”, 34 ed., McGraw-Hill, Inc., 2. R.G.D Allen, “Mathematics for Economists”, Latest Edition, Macmillan And Company Limited. 3. Taro Yamane, “Mathematics for Economists”, Edition 2nd, Prentice-Hall, 1968 4. S. P Gupta, “Elementary Statistics”, Latest edition, Sultan Chand & Sons
5. Levin and Rubin “Statistics for Management”, 19th Edition, London: Prentice Hall International
MEC-206
1. S. C Srivastava and Smt. Sangya Srivastava “Economics of Social Sector and Environment”
2. U.P. Sinha “Economics of Social Sector and Environment”
3. Theodore Schultz, 1961, “Investment in Human Capital” American Economic Review, Vol.60,
and No.1.
4. Mark Blaug, 1960, “Economics of Education”, 2 vols.
5. Schultz, T.W. (1961), “Investment in Human Capital”, American Economic Review, Vol. 60,
1961.
6. E A Hanushek (1976), “Comments” in Fromkin J et. al, “Education as an Industry”, Ballinger,
Cambridge MA
7. Feldstein, P. J., (1979), Health Care Economics, John Wiley & Sons, New York. Folland,
Goodman & Stano (1997), The Economic of Health and Health Care, Prentice Hall, New
Jersey.
8. Chakrabarti, A and Joglekar R (2006), “Determinants of Expenditure on Education: An
Empirical Analysis Using State Level Data”, Economic and Political Weekly, April 15.
9. Johnstone, D. B. (2003), “Cost Sharing in Higher Education: Tuition, Financial Assistance, and
Accessibility in a Comparative Perspective”, Institute of Sociology, Academy of Sciences of the
Czech Republic, Prague
10. WHO, (2003), Social Determinants of Health: The Solid Facts, 2nd
Edition, eds. Wilkinson, R.,
& Marmot, M, Geneva.
3RD
SEMESTER
MEC-301: Macro Economic Theory
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
National Income and Accounts- Three and four sector economy; different forms of national income accounting-
social accounting, input-output accounting, flow of founds accounting and balance of payments accounting.
UNIT II:
Consumption Function- Keynes’s Psychological law of Consumption- Empirical evidence on Consumption
Function; Theory of Income determination, Income- Consumption relationship- Absolute Income, Relative
Income, Life Cycle and Permanent Income Hypotheses. Theory of Multiplier- Investment Multiplier,
Government Purchase Multiplier, Balanced Budge Multiplier, Foreign Trade Multiplier, Taxation and Multiplier,
Theory of Acceleration.
UNIT III:
Neo-Classical and Keynesian Synthesis –Neo- classical and Keynesian views on interest; The IS-LM model;
Extension of IS-LM model with Government sector; Relative effectiveness of monetary and fiscal Policies;
Extension of IS-LM models with labour market and Flexible price. Post-Keynesian Demand for Money – Post –
Keynesian approaches to demand for money – Friedman and the modern quantity theory; Crisis in Keynesian
economics and the revival of monetarism.
UNIT IV:
Theory of Inflation- Keynesian and Monetarist approaches to inflation; Structuralist theory of inflation; Phillips
curve analysis – Short run and long run Philips curve, Samuelson and Solow- the natural rate of unemployment
hypothesis, Tobin’s modified Phillip’s curve; Adaptive expectation and rational expectations, Policies to control
inflation.
M
EC-302: International Trade
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Theory of International trade- Theories of absolute advantage, comparative advantage and opportunity cost s,
modern theory of International trade, Theorem of factor price equalization; Empirical testing of theory of
absolute cost and comparative cost- Heckscher –Ohlin theory of trade; Kravis and linder theory of trade.
UNIT II:
Measurement and gains and theory of interventions- Measurement of gains from and tread and their
distribution; concept of terms of tread ,their uses and Limitation; and Hypothesis of secular deteriorations of
terms of trade, its empirical relevance and policy implications for less developed countries; Trade as an engine
of economic growth.
UNIT III:
Welfare implications – Empirical evidence and policy issues; Theory of Interventions (Tariffs, Quotas and non-
tariff barriers); Economic effects of tariffs and quotas on National income, output, employment, terms of trade,
income distribution. The political economy of non-tariff barriers and their implications; nominal, effective and
optimum rates of tariffs- their measurement, impact and welfare implications.
UNIT IV:
Balance of Payments: Meaning and components of balance of payments; Equilibrium and dis-equilibrium in the
balance of Payments; The Process of adjustment under systems of gold standard, Fixed exchange rates and
flexible exchange rates; Expenditure-reducing and Expenditure-switching policies and direct controls of
adjustment; policies for achieving internal and external equilibrium simultaneously under alternative exchange
rate regimes; Monetary- fiscal mix: swan model and Mundel model.
MEC-303: Financial Institutions and Markets
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Nature and Role of Financial system: Money and Finance, Money and near money, Financial intermediation and
financial intermediaries; The structure of the financial system; Functions of the financial sector; Indicators of
financial development; Equilibrium in Financial markets; Financial system and Economic development; Criteria
to evaluate assets; Risk and financial assets- types of risk, return on asset, Risk-Return trade-off; valuation of
securities.
UNIT II:
Structure of interest rates: Theories of interest rate determination; Level of interest rates; long period and
short period rates; Term structure of interest rates; Spread between lending and deposit rates; Administered
interest rates; appropriate interest rate policy.
UNIT III:
The Central Bank, Commercial bank and Monetary Policy: Function of Central Bank; The aims and objectives of
the monetary policy in developed and developing countries; Instruments of monetary policy; Proliferation of
banking and non-bank financial intermediaries; Effectiveness of monetary policy; Credit creation and its
control; Profitability and efficiency of banks; Development banks- role and functions; Investment banking and
merchant banking; Financial sector reforms in India.Non-bank Financial Intermediaries – Definition and types of
non-banking financial institutions; their growth and impact on India’s economic development
UNIT IV:
Financial Markets – Role and structure of money market and capital market: call money market, Treasury bill
market, Commercial bill market including commercial paper and certificate of deposits, Discount market,
Government securities market, markets for derivatives; future and options, and other derivatives; types, uses
and pricing of derivatives – Primary and secondary market for securities; SEBI; its impact on the working of
capital market in India; IRDA and its role in financial markets.
MEC-304: Health Economics
Total Marks = 50 (End Term-40 + Internal-10)
Unit-1: History of Health Economics
The Origin and Evolution of Health Economics, Economic Development and Health: State and Scope of Health
Economics, Difference between health and health care, Health as a commodity: Is Health a consumption Good
or an investment good, Determinants of Health, Indicators of health.
Unit-2: Basic Concepts in Health Economics
Health, Health care and Health status, Types of health care services- curative, preventive and promotive,
Maternal and Child Health, Fertility, Mortality, morbidity-Prevalence and Incidence, Birth rate, Death rate,
Infant mortality, Child mortality and Maternal mortality, Diseases Specific death rate, Access to Basic Health
Care Services: Rural, Urban and Measurement Issue, Measurements of Health status Morbidity and Mortality;
Burden of Diseases; Concepts of DALY and QALY
Unit-3: Economic Dimension of Demand for Health and Health care
Meaning and relationship between Need, Demand and utilization of health care services, Nature of demand for
health and determinants of demand, Elasticity of demand for health and health care, Models of demand for
health-Grossman household health production function, The Demand for Health Care, Asymmetry of
Information and Imperfect Agency, Aggregate Demand for Health Care, Health Care: A Normal, Superior, or
Inferior Good?, Cost- Benefit approach in Health, The hospital as an economic agent, Organization of health
care
Unit-4: Supply and Financing of Health Care Services
Nature of supply of health, Production of Health care services: health production function, Pricing of Health
care services, Cost of health care services, Market failure, Externalities, Public goods, Private or public financing
of Health care, Health expenditure, Health insurance, Moral Hazard, Health insurance through Health care
Cooperatives, Health sector reforms in India, health care expenditure in India and Role of NGOs in health care –
inequalities of health and health care in India with special reference to Odisha.
MEC-305: Mathematical Economics
Total Marks = 50 (End Term-40 + Internal-10)
Unit-1: Consumer Behaviour
Definition and scope of mathematical economics. Theory of consumer behavior-utility function, properties of
utility function, ordinal analysis, consumer’s equilibrium, Sultsky equation, ordinary and compensated demand
function, Income, substitution and price effects. Concept of elasticity of demand, separable and additive utility
functions. Homogeneous and Homothetic utility functions, indirect utility functions and duality in consumption.
Theory of revealed preference, weak axioms and strong axioms. Composite commodities, Consumer surplus,
Modern utility analysis under risk and uncertainty.
Unit-II: Producer Behaviour
Theory of firm and producer behavior, Production functions. Homogeneous and Non –homogeneous
production function, Homothetic Production function, Linear and Non- linear production functions, Cobb-
Douglas Production function, CES production function. VES production function. Output elasticity and scale
elasticity, Cost Function-short run and long run cost function, Revenue maximization, Duality in Production
function, Producers equilibrium: Constraint output maximization and cost minimization. Market equilibrium
under perfect competition and imperfect market: Monopoly, Monopolistic & Oligopoly.
UNIT-III: Linear Programming
Basic concepts and Characteristics of linear programming, Graphical solution of maximization and minimization,
Simplex method (Maximization and Minimization), Duality Theorem- Transportation Model, Economic
applications, shadow Pricing, Infeasibility and degeneracy , Non Linear Programming, Its Characteristics, Kuhn
Tucker Optimality Criteria.
UNIT-IV: Game Theory and Input Output Analysis
Basic concepts and Characteristics of game, Payoff Matrix, Types of game- constant sum and Non-constant sum
game, Zero sum game and non-zero sum game, Pure and mixed strategies, saddle point solution, Application of
Linear Programming in Game theory, Prisoners’ dilemma, Nash Equilibrium. Input-output analysis, input-output
matrix, Leontief Model- Open and closed model, Dynamic input-output model, Hawkins- Simon Condition,
Samuelson’s non-substitution theorem.
MEC-306: AGRICULTURAL ECONOMICS/ INDUSTRIAL ECONOMICS
Total Marks = 50 (End Term-40 + Internal-10)
UNIT-I: AGRICULTURE AND ECONOMIC DEVELOPMENT
Role of agriculture in economic development; Interdependence between agriculture and industry;Features of
pre capitalist and capitalist agriculture; Traditional agriculture and its modernizationApproaches of Schultz,
Mellor and Boserup.
UNIT-II: AGRICULTURAL PRODUCTION AND PRODUCTIVITY
Agricultural production — Resource use and efficiency; Production function analyses inagriculture; Factor
combination and resource substitution; Cost and supply curves; Size of farm and productivity debate.
UNIT-III: DIVERSIFICATION OF RURAL ECONOMIC ACTIVITIES
Livestock economics-Livestock resources and their productivity; Problems of marketing; Whiterevolution;
Fishery and poultry development; Forestry, horticulture and floriculture; Issues and problems in rural
industrialization and development of agro-based industries.
UNIT-IV: LAND REFORMS AND LAND POLICY
Principles of land utilization; Land distribution — Structure and trends; Land values and rent;Land tenures and
farming systems — Peasant, capitalist, collective and state farming; Tenancyand crop sharing-Forms, incidence
and effects; Land reform measures and performance; Women and land reforms; Problems of marginal and
small farmers.
ELECTIVE, MEC-306: AGRICULTURAL ECONOMICS/ INDUSTRIAL ECONOMICS
Total Marks = 50 (End Term-40 + Internal-10)
UNIT-I: ORGANIZATIONAL FORM AND ALTERNATIVE MOTIVES OF THE FIRM
Types of organizational forms: private sector-single proprietorship, partnership and joint stock Company; public
sector firms-departmental organization, government companies and public corporation; joint sector; choice of
form of organization; Formation of company: promotion, promoter, Incorporation, commencement of
business; Business motive-profit maximization, sales maximization, growth maximization, managerial
motivation; Evaluation of goals.
UNIT-II: THEORIES OF INDUSTRIAL LOCATION
General determinants of industrial location; advantages and disadvantages of localization; Decentralization of
industries and its advantages; Approaches to industrial location analysis - Alfred Weber’s theory; sergeant
Florence’s theory of industrial location, market area theory; industrial location trends in India.
UNIT-III: INDUSTRIAL FINANCING
Need for finance; types of finance; sources of finance; choice of funding-external versus internal sources,
Institutional finance with special reference to IFCI,ICICI,IDBI; Critical assessment of role played by public sector
financial institutions.
UNIT-IV: SOME LARGE SCALE INDUSTRIES AND SMALL SCALE INDUSTRIES IN INDIA Some large scale industries
in India-Iron and steel, cotton textiles, sugar, cement and engineering goods industries; small scale industries in
India policies and program for the development of small scale industries; financial assistance through public
financial institutions- NSIC,SIDBI,SFC,SIDC,IDBI, Khadi and village industries commission.
Books Recommended MEC – 301
1. Ackeley G. (1978): Macro Economics: Theory and Policy, McMillan, New York.
2. Blackhouse, R and A. Salansi (Eds) (2000): Macro Economics and the Real World, OUP, London.
3. Branson, W.A. (1989): Macro Economic Theory and Policy, Harper and Row, New York.
4. Dornbusch, R and F. Stanley (1997): Macro Economics, McGraw Hill, New York.
5. Edward Shapiro (1996): Macro Economic Analysis, Galgotia Publications, New Delhi.
6. Romer, D.L. (1996): Advanced Macro Economics, McGraw Hill, New York.
7. Gordon,R.and Harris S.G. (1998): Macro Economics Addison Wesley.
8. Taylor.K. (1983): Structuralist Macro Economics Basic Books, New Longman.
9. Turnovsky, S.J. (1977): Macro Economic Analysis and Stabilization Policy CUP, Cambridge.
10. Lucas,R. (1981): Studies in Business Cycle Theory MIT Press, Cambridge.
11. Sheffrin, S.M. (1996): Rational Expectations CUP, Cambridge.
12. Mankiw, N.G.and D. Romer: New Keynesian Economics (2 vols).
13. Laidler, D.F.W. (1977): Demand for Money: Theory and Evidence, Dum-Don Valley, New York.
14. Hall.R.E. and J.B.Taylor. (1986): Macro Economics, W W Norton, New York.
MEC-302
1. Bhagwati, J.(E.d)(1981), International Trade, Selected Readings, Cambridge university press
Massachsetts.
2. Carbough, R.J.(1999), International Economics, International Thomposon Publishing, New
York. Chacholiadas, M.(1990), International trade: Theory and Policy, McGraw Hill,
Kogakusha, Japan. Dana, M.S.(2000), International Economics : Study Guide and Work Book
(5th
Edition), Routiedge Publishers, London.
3. Kindleberger, C.P.(1973), International Economics, R.D.Irwin, Homewood.Policy: A Reader,
McGraw Hill International, Singapore.
4. Krugman, P.R. and M.Obstfeld (1994), International economics: Theory and Policy, Glenview,
Foresman.
5. Salvalore, D.(1997), international Economics, Prentce Hall, Upper Saddle River, N.J. New
York.
6. Soderston, B.O.(1991), International economics, The Macmillan Press Ltd., London.
MEC-303
1. Bhole, L.M, “Financial Institutions and Markets”
2. Meir G. Kohn, “Financial Institutions and Markets”
3. Frederic S Mishkin “Financial Markets and Institutions”
4. Bharati V. Pathak “The Indian Financial System: Markets, Institutions and Services”, 3r Publisher:
Pearson Education India
5. Jakob de Haan, Sander Oosterloo and Dirk Schoenmaker “Financial Markets and Institutions”
MEC-304
1. Becker, G.S, (1972) - Human Capital, 2ndedn, NBER, New York.
2. Henderson, J.W, -Health Economics and Policy, 6th Edition, Baylor University Press
3. Folland- Goodman-Stano- The economics of health and health care, 7/E, Pearson
4. Alistair McGuire, John Henderson and Gavin Mooney “The economics of health care: An
introductory text” Routledge & Kegan Paul, 1988. 5. Barbara Mcpake, Lilani Kumaranayake and Charles Normand “Health Economics: An
international Perspective” 2nd Edition
, Routledge Publication.
6. David Wonderling, Reinhold Gruen and Nick Black “Introduction to Health Economics”
Latest Edition, McGraw-Hill Education.
7. Diane M. Dewar, “Essentials of Health Economics”, Latest Edition, Jones and Bartlett
Publishers.
8. Rexford E. Santerre and Stephen P Neun “Health Economics: Theory, Insights and
Industry Studies”
9. Thomas Rice and Lynn Unruh “The Economics of Health: Reconsidered, Health
Administration Press; 3 edition (August 20, 2009)
10. Panchamukhi, P.R., „Economics of Health: A Trend Report in ICSSR, A Survey of
Research in Economics, Vol. VI, Infrastructure, Allied Publishers, 1980.
11. World Bank, Financing Health Services in Developing Countries: An Agenda for Reform,
World Bank Policy Study, 1987.
12. Govt. of India, Health Information India (Annual).
13. Govt. of India, National Health Policy, 1983 & 2002
MEC-305
1. Henderson and Quandt- Mathematical Economics, Mc Graq Hill
2. JAG green, Consumers Theory
3. A Koutsoyannis, Modern Micro Economics
4. SI Gass- Linear Programming
5. Dorfman, Solow and Samuelson- Linear Programming
6. A C Chiang- fundamental Methods of Mathematical Economics
MEC-306
1. Drummond, H. Evan and John W. Goodwin2004 Agricultural Economics, Pearson Delhi. 2. Ellis Frank, 1988, Peasant Economics, Cambridge University Press. 3. Lekhi R.K. and Joginder Singh Agricultural Economics An Indian Perspective, Kalyani Publisher. 4. Heady Earl O and John L. Dillon, 1960, Agricultural Production Functions, Kalyani Publisher. 5. Soni, R.N. Leading Issues in Agricultural Economics, Vishal Publishing. 6. Bilgrami, S.A.R. (1996), Agricultural Economics, Himalaya Publishing House, Delhi. 7. Government of India, Economic Survey (Annual), New Delhi. 8. Rudra, A. (1982), Indian Agricultural Economics Myths and Reality, Allied Publishers,
DelhiDrummond, H. Evan and John W. Goodwin200
Elective, MEC-306 1. Donald A hay and D J Morris, Industrial Economics theory and evidence. 2. R R Barthwal, Industrial economics, new Age international publisher. 3. SSM desai and Nirmal Valerao ,Industrial economy of India, Himalaya Publishing Home. 4. K V Sivaya and V B M Da , Indian industrial economy, sultan chand. 5. I J Ahluwalia Industrial growth in india, oxford university press, 1985. 6. Ranjana Seth ,Industrial Economics, Ane Books Pvt Ltd. 7. Singh, A and A.N. Sandhu (1988), Industrial Economics, Himalaya Publishing House, Bombay. 8. Cherunilam, F. (1994) , Industrial Economics Indian Perspective (3rd Edition),Himalaya Publishing
House, Mumbai.
4TH
SEMESTER
MEC-401: Research methodology
Total Marks = 50 (End Term-40 + Internal-10)
UNIT-I: Scientific Method
The Nature of Scientific Method and its application to Social Research - Problems of objectivity; Ethical
considerations in Social Research.
UNIT-II: The Research Problems
Review of Literature; Formulating Research Problems; Hypothesis: Meaning, Importance of hypothesis, Role of
hypothesis in social research, types of hypothesis; Research Design: Sampling: Types of Sampling.
UNIT-III: Methods of Data Collection
Observation: Participant & Non-Participant; Case Study; Content Analysis; Interview method.
UNIT-IV: Tools of Research
Construction of Schedule & Questionnaire; Mailed questionnaire; Rapport Building; Pre Testing & Pilot Study;
Scaling Technique, Qualitative & Quantitative data analysis; Preparation of Research report
MEC-402: GROWTH ECONOMICS/LABOUR ECONOMICS
Total Marks = 50 (End Term-40 + Internal-10)
UNIT I:
Economic Growth vs. development – factors affecting economic growth; capital, labour and technology; Ethical
Issues; A Brief History of Modern Growth Theory.
UNIT II:
Growth Models – Harrod and Domar, instability of equilibrium; Neo-classical growth models- Solow, Swan and
Meade; Models of kaldor and passinettti.
UNIT III:Technological progress – embodied and dis embodied technical progress, Hicks, Harrod, Exogenous and
endogenous technical progress, Concept of Neutrality; Two – sector and Multi-sector Models of Uzawa and Von-
Neumann; Modern Controversies in Capital Theory; learning by doing.
UNIT IV:
Growth and Welfare; Financing Growth; Human Capital, Externalities and Growth; growth and Inequality; Trade
and Growth; India’s Growth perspectives: A Historical Account.
ELECTIVE, MEC-402: LABOUR ECONOMICS
Total Marks = 50 (End Term-40 + Internal-10)
UNIT-I : Labour Market
Nature and characteristics of labour markets in Developing countries like India, Paradigms of Labour Market:
Classical, Neo- classical and dualistic model,Analysis of demand supply forces- Demand for Labour market relating
to size and pattern of investment,choice of technology and Government Labour policies and Their orientation,
Supply of Labour in relation to growth of Labour force - Labour Market process
UNIT-II : Employment
Importance of employment in the context of poverty in developing countries, Concept and measurement of
unemployment, Causes – Issues relating to employment, rationalization, technological, change and
modernization, Rural Unemployment and educated Unemployment, Employment policy under the five-year plans
- Evaluation of employment policy in India
UNIT-III: Wage Determination: Theory and Practice
Classical, Neo classical and bargaining theories of wage determination, Concepts of wages - fair, living- minimum
problems of implementation of minimum wages, Wage determination by sectors - Urban and Rural Organised
and Unorganised sectors, Wage and non - wage components of Labour recommendation, Wage and productivity
and wage and inflation relationship - productivity and profit sharing schemes, Wage differentials in terms of firm,
Industry, Occupation, Region, Sex and Skills wage standardization - wage policy in India
UNIT-IV: Industrial Relations and Trade Unions
Growth of Industrialization and emergence of Unionism, Theories of Labour movement - Growth structure and
pattern of trade union in India, Comparative Labour movements in U.K. ,U.S.A., and EU, Achievements and
failures of trade union movements, Determinants of Industrial disputes – Steps to achieve peace – Methods of
settling industrial disputes – Collective bargaining, conciliation, arbitration, adjudication - Grievance settlements,
Labour participation in management
MEC-403: Environmental Economics
Total Marks = 50 (End Term-40 + Internal-10) UNIT I:
Fundamentals : Environmental Economics, Basic theory of Environmental economics, Environmental quality as a
public good, natural resources, economics, renewable and non- renewable resource, conservation of natural
resources.
UNIT II:
Cost-benefit analysis and the valuation of environmental resources cost – benefit analysis and their institutional
and non-institutional assumptions, environmental costs of economic goods, limits of growth, environmental
issues in developing countries.
UNIT III:
Market failure, the theory of externalities and Coase theorem and related theories. The nature of market failure
and problems of externalities associated with environmental problems. Coase theorem and its implications in
environmental regulations; property rights and its distribution; functioning of market as an allocation mechanism
for rights and property rights.
UNIT IV:
Theories of optimal use of exhaustible and renewable resources; Environmental and development trade off and
the concept of sustainable development; integrated environmental and economic accounting and the
measurement of environmentally corrected GDP; Macro-economic policies and environment., The tragedy of the
commons and resource management in the context of different ownership structure.
MEC-404: Econometrics
Total Marks = 50 (End Term-40 + Internal-10) UNIT-1: DEFINITION AND SCOPE
Definition, origin and meaning of Econometrics, scope of econometrics, objectives of Econometrics,
Characteristics of Econometric Equations, Basic concepts of Econometrics, Methodology of Econometric research,
Econometrics and Mathematics, Econometrics and Statistics, Hypothesis- sources of Hypothesis, Economic
models and Econometric Models, Time series models and Cross section models.
UNIT-2: SIMPLE REGRESSION MODELS
Simple linear Regression Model with two variables- Assumptions, Central Limit Theorem, Least square principle,
Goodness of Fit, Point Estimation and interval Estimation, OLS method of Estimation and properties of
Estimators, BLUE, Gauss-Markov Theorem, Standard Error of the Regression Coefficients, Concepts and
derivation of R2 and Adjusted R2, Normality Assumptions, Statistical Inferences, Concept and Application of
ANOVA in Regression Analysis.
UNIT-3: PROBLEMS OF REGRESSION ANALYSIS
Multiple Regression Model, K- variable regression model, OLS estimators and their properties, Adjusted R2 ,
Maximum likelihood Estimation, Multi colinearity: Sources, Effects, detection and solution, Specification errors-
sources, estimation, consequences and remedial measures, Heteroscedasticity- tests, consequences, solution-
GLS and WLS, Auto Correlation- sources, Consequences, tests and estimation, Durbin-Watson Test.
UNIT-4: ECONOMETRIC MODELS WITH DUMMY VARIABLES
Dummy independent Variables, dummy variable trap, seasonal adjustment, testing structural stability of
regression models, interaction effect, seasonal effects, ANOVA and ANCOVA, Dummy Dependent
variables/Qualitative Response Regression Models: The Nature of Qualitative Response Models, The Linear
Probability Model (LPM), alternatives To LPM, The Logit Model, Estimation of The Logit Model, The Probit Model,
Estimation of The Probit Model, Logit and Probit Models, The Tobit Model.
MEC-405: DISSERTATION Total Marks = 50
MEC-406: PRESENTATION AND GRAND VIVA-VOCE Total Marks = 50
Books Recommended
MEC-401 1. Methods of Social Research – Goode and Hart 2. Social Survey and Social Research – P. V. Young. 3. Research Methods in Social Relations – Jahoda and Cook 4. The Tools of Social Investigation – John Madge. 5. Social Research – Lundberg. 6. Survey Methods in Social Investigation – Moser and Kalton 7. Handbook of Social Psychology – Vol. I G. Lindzey. 8. Sampling Techniques – W.G. Cocharam. 9. Survey, Tools and Sampling – Mildren Parten 10. Mathematical Thinking in the Social Science – P. G. Lindzey. 11. The language of Social Research: Reader in the Methodology of Social Research –P. G. L. & M.
Rosenber. 12. Theory and Methods of Social Research – John Galtung.
MEC-402 1. Aghion, Philippe and Durlauf, Steven N. (2005). Handbook of Economic Growth. North-Holland,
Amsterdam. 2. Solow, Robert M. (2000). Growth theory: an exposition (2nd edition). Oxford University Press,
Oxford. 3. Gylfason, Thorvaldur (1999). Principles of Economic Growth. Oxford University Press, Oxford. 4. Aghion, Philippe and Howitt, Peter (1998). Endogenous growth theory. The MIT Press,
Cambridge. 5. Jones, Charles I. (1997). An introduction to economic growth. Norton. 6. Jones,H.G. (1976), An Introduction to Modern Theories of Economic Growth, 7. Barro, R. J. and Sala-i-Martin, X. (1995). Economic growth. McGraw-Hill, Boston, Mass. 8. David N. Weil “Economic Growth” Prentice Hall; 2 edition (March 10, 2008)
MEC-402
1. C.R. Mc Connell and S.L. Brue, Contemporary Labour Economics, McGraw Hill, 1986
2. Papola T.S. P.P. Ghosh and A.N.Shama ( EDS ) ( 1993 ) Labour employment: Industrial
relation in India, B.R. Publishing Corporation
3. Praveen Jha B.R. Agricultural labour in India, Vikas publication, 2000
4. R.A. Lester, Economics of Labour, Macmillan, 1964
5. Bhogliwala T.N “Economics of Labour”
MEC-403 1. Bhattacharya, R.N.(E.d)(2001), Environmental Economics : An Indian perspective, Oxford
University Press, New Delhi. 2. Baumol, W.J. and W.E.Oates (1988), The theory of Environmental policy (2nd edition), Cambridge
university Press, Cambridge. 3. Fisher, A.C.(1981), Recourses and Environmental Economics, Cambridge University Press,
Cambridge. 4. Hanely, N., J.F. Shogern and B.White (1997), environmental Economics in Theory and Practices,
Macmillan. 5. Hussen, A.M. (1999), Principles of Environmental Economics, Routledge, London. 6. Jereen, C.J.M.Ven Den Berg (1999), Handbook of Environmental and resource economics, Edward
Elger publishing Ltd., Jk. 7. Kolstad C.D. (1999), Environmetal Economics, oxford University press, New Delhi. 8. Pearce, D.W. and R. Turner (1991), Economics of natural Resource use and Environment. Jhon
Hopkins University Press, baltimere. 9. Perman, R.M. and J.McGilvary (1996), Natural Resource and Environmental economis, Longman,
London. 10. Sankar, U.(Ed) (2001), Environmental Economis, Oxford, university Press, New Delhi. 11. Tietenber.T.(1994), environmental Economics and policy, Harper Collins, New York.
MEC-404 1. Koutsoyiannis A, “Theory of Econometrics” Rowman & Littlefield Publishers; 2 edition (June 1978) 2. Johnston J- Eonometrics Methods 3. Damodar Gujarati, “Basic Econometrics” Latest Edition, McGraw-Hill. 4. S K Ghosh, “Econometrics”, Prentice Hall Delhi 5. D M Nachne, Econometrics, Oxford University Press, Delhi 6. Johnston, J. and J. Dinardo, Econometric Methods, Fourth Edition, McGraw-Hill, Latest Edition. 7. Stewart, J. and L. Gill: Econometrics, Second Edition, Prentice Hall, 1998.
8. Wooldridge, J.M. (2000): Introductory Econometrics: A Modern Approach, South Western College Publications.
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