DR. BABASAHEB AMBEDKAR MARATHWADA UNIVERSITY, AURANGABAD. Revised Syllabus of Economics M.A. II Year SEMESTER - III & IV [ Effective from – June, 2010] Dr. Babasaheb Ambedkar Marathwada University, Aurangabad. Board of Studies in Economics Basic Framework for the proposed Post Graduate (Colleges ) syllabus. M.A.ECONOMICS (IIndYEAR) STRUCTURE OF COURCES SEMESTER-III ECO-209:- Indian Economic Policy (Compulsory) ECO-210:- Public Economics (Compulsory) ECO-211:- Economic Growth and Development (Optional) OR ECO-211A:- Mathematical Economics ECO-212:- Labour Economics (Optional) OR ECO-212A:- Computer Applications in Economic Analysis Dr. Babasaheb Ambedkar Marathwada University, Aurangabad. Board of Studies in Economics Basic Framework for the proposed Post Graduate (Colleges ) syllabus. M.A.ECONOMICS (IInd YEAR) STRUCTURE OF COURCES SEMESTER-IV ECO-213:- Fiscal Policy in India (Compulsory) ECO-214:- Banking Development in India (Compulsory) ECO-215:- Financial Institutions and Markets (Optional) OR ECO-215A:- Economics of Law ECO-216:- Economics of Environment (Optional) OR ECO-216A:- Econometrics M.A. Economics (Second Year) Semester –III ECO-209: Indian Economic Policy (Compulsory) Unit –I Economic Development and its Determinants: Approaches to Economic Development and its measurement Sustainable development; Role of State, market and other institutions; indicators of development PQLU, Human Development index (HDI), gender development indices. Unit –II Planning in India: Objective and strategy of planning; failures and achievements of plans: Developing grass root organizations for development panchayats, NGOs and pressure groups. Unit –III External Sector: Structure and direction of foreign trade, Balance of payment; issues in export import policy and FEMA. Exchange vate policy; foreign capital and MNCs in India; the progress of trade reforms in India. Unit –IV Economic Reforms: Relation of internal and external reforms; globalisation of Indian economy; W.T.O. and its impact on the different sectors of the economy, Need for and issues in good governance; issues in competition and safety nets in Indian Economy. Reading List: 1) Ahluwalia I.J. and I.M.D. Little (Eds) (1999), India's Economic Reforms and Development (Essays in honour of Manmohan Singh), Oxford University Press, New Delhi. 2) Bardhan P.K. (9th Edition) (1999), The Political Economy of Development in India, Oxford University Press, New Delhi. 3) Bawa R.S. and P.S. Raikhy (Ed) (1997) Structural changes in Indian Economy, Guru Nanak Dev University Press. Amritsar. 4) Brahmananda P.R. and V.R. Panchmukhi (Eds) (2001), Development Experience in the Indian Economy : Inter-state Perspectives, Bookwell, Delhi. 5) Chakrawarty s. (1987) Development planning : The Indian experience, Oxford University Press, New Delhi. 6) Dantwala M.L. (1996), Dilemmas of Growth; The Indian Experience, sage publications, New Delhi. 7) Jain A.K. (1986) Economic Planning in India. Ashish Publishing House, New Delhi. 8) Jalan B. ( 1996) India's Economic Policy – Preparing for the twenty first century, viking New Delhi. 9) Parikh K.s. (1999) India Development Report 1999-2000, Oxford University Press, New Delhi. 10) Reserve Bank of India, Report on currency and finance (Annual) 11) Sandesara, J.C. (1992), Industrial Policy and planning, 1947-1997. Tendencies, Interpretations and Issues, sage publications, New Delhi. M.A. Economics (Second Year) Semester –III ECO-210: Public Economic (Compulsory) Unit – I Introduction: Role of government in organizing society; changing perspective government in mixed economy; public & private sector, co-operation or competition , Government as an agent for economic planning & development, government as a tool for operational sing the planning process, private goods, public goods, merit goods, market failure. Unit – II Public Expenditure: Wagner's Law of increasing state activities, Wiseman peacock hypothesis; pure theory of public expenditure; structure of growth of public expenditure, criteria for public investment, social cost benefit analysis , project evaluation, estimation of costs, discount rate, reforms in expenditure budgeting : programme budgeting and Zero based budgeting. Unit – III Taxation: Theory of incidence, Alternative concepts of incidence, allocate and equity aspects of individual taxes, benefit and ability to pay approches; Theory of optimum taxation, excess burden of taxces, trade off between equity and efficiency. Unit – IV Public Debt: Burden of public debt; scurees of public debt, Debt through created money, public borrowings and price level; crowding out of private investment and activity, principles of debt management and repayment. Reading List: 1) Atkinson A.B. & J.E. Stiglitz (1980), Lectures of Public Economics, Tata McGraw Hill, New York. 2) Buchanan J.M. (1970), The Public Finances, Richard D Irwin Homewood. 3) Jha R. (1998) Modern Public Economics : Routledge London. 4) Musgrave, R.A. (1959), The Theory of Public Finance, McGraw Hill, Kogakhusha Tokoya. 5) Musgrave, R.A. and P.B. Susgrave (1976), Public Finance in Theory and practice, McGraw Hill Kogakhusha Tokyo. 6) Auerbach, A.J. and M. Feldstren (Eds) (1985), Handbook of Public Economics Vol-I North Halland, Amsterdam. 7) Goode R. (1986), Government Finance in Developing countries, Tata McGraw Hill, New York. 8) Cutt, J. (1969) Taxation and Economic Development in India, Prager Publishers, New york. 9) Friedman, A. (1986), Welfare Economic and Social Choice Theory, Martins Nijhoft, Bostan. 10) Premchand A. (1966), control of public Expenditure in India, Allied publishers, New Delhi. M.A. Economics (Second Year) Semester –III ECO-211 : Economic growth and Development (Optional) Unit – I Economic growth –I: Economic growth and development indicators of economic growth factor affecting economic growth, growth models – Harrod and Domor, instability of Equilibrium; New-classical growth models – Solow Model, John Robinsons growth Models. Unit – II Economic Growth -II: Technological progress – Embodied and disembodied technical progress; Hicks, Harrod; Learning by doing, production function approach to economic growth; total factor productivity and growth accounting; Growth models of Kaldor and Pasinetti. Unit –III Social and Institutional Aspect of Development: Development and underdevelopment – perpetuation of underdevelopment –poverty – Absolute and relative Measuring development and development gap-par capita income, inequality of income, Human Development index and other indices of development and quality of life – food security, education, health and nutrition; Human resource development. Unit –IV Approach to Development: Partial theories of growth and development vicious circle of poverty, circular causation, and unlimited supply of labour, big push balanced growth, unbalanced growth, critical minimum efforts theories, low income equilibrium trap. Reading list: 1) Adelman, 1 (1961), Theories of Economic Growth and Development Stanford University Press, Stanford. 2) Behrman S. and T.N. Srinivasan (1995) Handbook of Development Economics. Vol 3 Elsevir, Amsterdam. 3) Brown M. (1966), On the Theory and Measurement of Technical Change, Cambridge University Press, Cambridge, Mass. 4) Chenery H.B. etal (Eds) (1974), Redistribution with Growth, Oxford University Press, Oxford. 5) Chenery H. and T.N. Srinivasan (Eds.) (1989), Handbook of Development Economic. Vols. 1 & 2. Elevier, Amsterdam. 6) Dasgupta P. (1993), An Enquiry into Well-being and Destitution, Clarendon Press, Oxford. 7) Ghatak S. (1986), An Introduction to Development Economics, Allen and Unwin, London. 8) Gills M.D.H. Perkins M. Romer and D.R. Snodgrass (1992), Economics of Development (3rd Edition) W.W. Norton, New York. 9) Gimmell N. (1987), Surveys in Development Economics, Blackwell, Oxford. 10) Haggins B. (1959), Economic Development, W.W. Norton, New York 11) Kahkonon, S. and M. Olson (2000) A New Institutional Approach to Economic Development, Vistaar. 12) Kindelberger, C.P. (1977), Economic Development (3rd Edition) McGraw Hill, New York. OR ECO-211 (A): Mathematical Economic (Optional) Unit –I Theory of Consumer Behaviour: Cardinal and ordinal utility; Ordinal utility maximization; Slutsky equation, compensated demand functions, income, substitution, and price effects; Concept of elasticities – generalizations to n variable case; Separable and additive utility functions; homogeneous and homothetic utility functions; constant elasticity of substitution (CES) and transcendental logarithmic utility functions; indirect utility functions; duality theorem; consumer's surplus; Empirical demand functions; Consumer behaviour under risk and uncertainty. Unit –2 Theory of Production: Production function – homogeneous and non-homogeneous; Properties of Cobb-Douglas production function; CES; VES and trans-log production function; Simple derivation of short and long run cost functions; Modern approach to theory of costs; Cost function; Producer's equilibrium – Laws of return and returns to scale; Constrained optimization of a producer; Generalization to n variable case; Input demand functions; Adding up theorem; Technical progress through production function; Analysis of joint maximization and multi-product firm; Production possibility curve; Empirical uses of production function analysis. Unit – 3 Price Determinations in Various Markets: Price determination in perfect competition, monopoly, monopolistic competition, duopoly, oligopoly and monophony; Pricing of factors of production; bilateral monopoly. Unit –4 Market Equilibrium : Single market equilibrium – Marshallian and Walrasian equilibrium conditions ; Lagged marked equilibrium; Multi-market