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How to frame a Project Topic in Economics-II?

1. Look out for interesting stories that captures use of economic principles instatute/custom/case law. It can be a regulation (domestic or international) ororder or a case or even a custom. For example, I have picked up one news itemfrom August 28, 2008 issue ofBusiness Line, Delhi Edition, p. 10. The title is asfollows: Govt to go slow on steel quality control order: Unorganised sector to bekept out of purview initially.

2. Locate the issues, including theoretical ideas in the stories. In the onementioned above that I have picked, following are the issues:

(a) The decision by the Government is to ensure quality of steel items soas to make Indian products globally as well as locally competitive whenimport of these items has begun. This is a policy matter.

(b) While efficiency is addressed by this order, government also attemptsto ensure equity by keeping the unorganised sector out of its purview in atime bound manner. In other words, more time is given to some of the

agents who are differentially placed, a principle well established ineconomic laws [for example different treatment to developing countriesand least developed countries in adhering to various WTO laws].

(c) The agency, Bureau of Indian Standards (BIS) has been entrusted theresponsibility of implementation of the order including framing of theregulation. This basically illustrates the changing role of the governmentwith more emphasis on regulatory power from being a directgoods/service provider.

3. Once you have located the issues, one has to identifythe relevant theories, andframe the research questions accordingly. For instance, in this case they canbe one of the following:

(a) How justified is the concern that Indian steel products are not meetingthe quality norms? Have there been disputes involving steel products inthe international markets? Have the share of Indian products in thedomestic market suffered?

(b) Whether the institution, BIS, has the necessary resources, physical aswell as human, to undertake this responsibility? Is it possible to findsimilar cases where a sound policy decision could not be executed becauseof these factors [say, Anti-Dumping authorities]?

(c) Since over the years the size of the firms to be considered under thissector has been increased continuously, how justified is the claim that

unorganised sectors be treated differently?(d) In order to ensure the implementation of the order, i.e. smoothtransition of the unorganised sector from quality independent to qualityconscious, what are the steps that the government is taking? One mustnote that, the very reason for the differential treatment is the inability ofsome of the firms due to lack of financial resources, knowledge and so on,and without external assistance they may never be in a position to producequality products. It cannot be the case that, during this transition phasenothing is done, and at the end of it these firms turn ineligible to produce.

4. One has to focus on anyone set of questions of the four above for a 4,000 wordproject. Once it is done, proceed accordingly, i.e., write the synopsis

[Introduction, including nature and scope and limitations; theoretical ideas;research questions; literature review; methodology; selected bibliography] of 500words maximum.

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All the best.