JECRC UNIVERSITY JAIPUR

SCHEME AND SYLLABUS

FOR THE DEGREE

OF

MASTER OF ARTS

IN ECONOMICS

DEPARTMENT OF ECONOMICS

JECRC UNIVERSITY JAIPUR

[2013-2015]

MA (ECONOMICS) COURSE OUTLINE

Paper

Code

Subjects L T P C

Semester-I

H11013 Theory of Consumer Behavior and Firm 5 1 0 6

H11014 Macroeconomic Theory I 4 1 0 5

H11015 Linear Algebra and Calculus 4 1 0 5

H11016 Public Economics 4 1 0 5

Total Credits 21

Semester-II

H12013 Theory of Distribution and Welfare 5 1 0 6

H12014 Macroeconomic Theory II 4 1 0 5

H12015 Dynamic Economic Analysis and Linear Programming 4 1 0 5

H12016 Economics of Fiscal Policy 4 1 0 5

Total Credits 21

Semester-III

H13013 Economics of Growth and Development 4 1 0 5

H13014 Indian Economic Policy 4 1 0 5

H13015 Elective 4 1 0 5

H13016 Elective 4 1 0 5

H11024 Research Methodology 3 1 0 4

Total Credits 24

Semester-IV

H14013 International Trade 4 1 0 5

H14014 Elective 4 1 0 5

H14015 Elective 5 1 0 6

H14025 Dissertation 0 0 10 5

H14016 Open Elective 2 1 0 3

Total Credits 24

Grand Total of Credits 100

ELECTIVES

A student has to choose any of the two groups for electives. Group A courses designates

specialization in Econometrics while group B designates specialization in Environmental

Economics

Group A Group B

H13015-A Fundamentals of Econometrics H13015-B Ecosystem Services and

Ecological Economics

H13016-A Advances Econometrics H13016-B Environmental Economics I

H14014-A Time Series Analysis H14014-B Environmental Economics II

H14015-A Game Theory and Applications H14015-B Sustainable Development and

Business Environment

Semester-I

Paper-I

H11013 THEORY OF CONSUMER BEHAVIOR AND FIRM {5 1 0 6}

Course Description

This paper analyses the economic behaviour of individuals, firms and markets. It is mainly

concerned with the objective of equipping the students in a rigorous and comprehensive manner

with the various aspects of consumer behaviour and demand analysis, production theory and

behaviour of costs, the theory of traditional markets and equilibrium of firm.

Course Objectives

After completion of this course students will be able to

1. Apprehend the methods of analysis in economics.

2. Interpret the consumer’s optimizing behavior and firms profit maximizing behavior.

3. Differentiate between various costs of production and their effect on short and long run

decisions of the firms.

4. Apply concept of price output determination under different market structures.

Course Detail

Introduction and Basic Concepts

Problem of Choice and Scarcity in Economics; Deductive and Inductive Methods of Analysis;

Positive and Normative Economics; Economic Models; Characteristics of Equilibrium and

Disequilibrium Systems.

Demand Theory

Elasticities of demand — theoretical aspects and empirical estimation; elasticity of supply;

Optimizing Behavior of the consumer under alternative preference structures- — utility;

indifference curve (income and substitution effects, Slutsky theorem, compensated demand

curve) and Revealed preference theory. Indirect utility functions (duality theory); Recent

developments in demand Theory (pragmatic approach and linear expenditure systems);

Consumer’s surplus; Inter-temporal consumption; Elementary theory of price formation —

demand and supply equilibrium; Cobweb theorem; lagged adjustment in interrelated markets.

Theory of Production and Costs

Production function: law of variable proportions and returns to scale; Isoquants — Least cost

combination of inputs; Economies of scale; Multi-product firm; Elasticity of substitution; Euler’s

theorem; Technical progress and production function; Cobb-Douglas, CES, VES and Translog

production functions and their properties; Traditional and modern theories of costs — Empirical

evidence; Derivation of cost functions from production functions.

Price and Output Determination

Perfect competition — short run and long run equilibrium of the firm and industry, price and

output determination, supply curve; Monopoly — short run and long run equilibrium, price

discrimination, welfare aspects, monopoly control and regulation; Monopolistic competition —

general and Chamberlin approaches to equilibrium, equilibrium of the firm and the group with

product differentiation and selling costs, excess capacity under monopolistic and imperfect

competition, Oligopoly — Non-collusive (Cournot, Bertrand, Edgeworth, Chamberlin, Kinked

demand curve and Stackelberg’s solution) and collusive (Cartels and mergers, price leadership

and basing point price system) models.

Readings

1. Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education, Inc., 8th

edition, 2007.

2. N. Gregory Mankiw, Economics: Principles and Applications, India edition by South

Western, a part of Cengage Learning, Cengage Learning India Private Limited, 4th

edition, 2007.

3. Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New

York, International Student Edition, 4th edition, 2007

4. Hal R. Varian, Intermediate Microeconomics: A Modern Approach, W.W. Norton and

Company/Affiliated East-West Press (India), 8th edition, 2010.

5. C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning

(India), 2010.

6. B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw-Hill

7. Paul Samuelson and Nordhaus, Economics, 19 th Edition, Tata McGraw-Hill

8. Ahuja, H.L., Advanced Economic theory, Sultan Chand &Sons, New Delhi

9. Jain K.P. Advanced Economic theory

10. Jhingan M.L. Modern Micro Economics

Paper-II H11014 MACROECONOMIC THEORY I {4 1 0 5}

Course Description This course introduces students to the basic concepts in Macroeconomics. Macroeconomics deals

with the aggregate economy. In this course the students are introduced to the definition,

measurement of the macroeconomic variables like GDP, money supply and money demand. It

also deals with macroeconomic theory like the fiscal and monetary policy.

Course Objectives

This course will enable the students to

1. Examine the major macroeconomic issues which economy and business functions face.

2. Evaluate the measures of money supply and the liquidity trap situation.

3. Assess the working of flow of income and measure NI aggregates.

4. Develop understanding of effectiveness of macroeconomic policies under different

economic conditions.

Course Detail

1. Introduction to Macroeconomics and National Income Accounting

Basic issues studied in macroeconomics; national income aggregates and its measurement, the

circular flow of ; real versus nominal GDP; price indices; national income accounting for an

open economy; balance of payments: current and capital accounts.

2. Supply of Money

Concept of money supply, A mechanistic model of bank deposit determination, A demand –

determined money supply process. RBI approach to money supply, High powered money and

money multiplier, Budget deficit and money supply, money supply and open economy, control

of money supply.

3. Demand for Money

Classical approach to demand for money – Quantity theory approach – Fisher’s equation,

Cambridge quantity theory, Keyne’s liquidity preference approach, aggregate demand for

money.

4. Keynesian and post Keynesian demand for money

Macroeconomic equilibrium: Aggregate Demand and Aggregate Supply, Keynesian views on

Interest. IS and LM model extension of IS-LM model with government sector; relative

effectiveness of monetary and fiscal policy; Post-Keynesian approaches to demand for money —

Patinkin and the Real Balance Effect, Approaches of Baumol and Tobin; Friedman and the

modern quantity theory; Crisis in Keynesian economics and the revival of monetarism.

Readings:

1. Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010.

2. N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010.

3. Olivier Blanchard, Macroeconomics, Pearson Education, Inc., 5th edition, 2009.

4. Steven M. Sheffrin, Rational Expectations, Cambridge University Press, 2nd edition, 1996.

5. Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, Inc.,7th

edition, 2011.

6. Errol D’Souza, Macroeconomics, Pearson Education, 2009

7. Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics, Pearson

Education Asia, 9th edition, 2012.

8. M.L.Jhingan, Macro Economic Theories

9. M.C.Vaishya,Macro Economic Theories

10. Sunil Bhaduri,Macro Economic Analyses

11. D.M. Mithani, Macroeconomics, Himalaya Publishing Company, New Delhi

12. G S Gupta, Macroeconomics: Theory and Applications,2e, Tata McGraw-Hill Education,

2004.

Paper-III H11015 LINEAR ALGEBRA AND CALCULUS {4 1 0 5}

Course Description

The main objective of this paper is to train the students to use the techniques of mathematical

analysis, which are commonly applied to understand and analyze economic problems. The

emphasis of this paper is on understanding economic concepts with the help of mathematical

methods rather than learning mathematics itself. Hence in this paper a student will be initiated

into various economic concepts, which are amenable to mathematical treatment.

Course Objectives

Students will

1. Acquire the ability to use relevant mathematical techniques in manipulating the models

that embody the theories studied.

2. Extend their knowledge of the subject content of mathematical economics, specifically in

the area of Optimization.

3. Develop the necessary skills to be intellectually independent in reading the advanced

economics literature, specifically through being able to use more advanced mathematical

techniques.

Course Detail

Introduction

Concept of function and types of functions; Limit, continuity and derivative; Rules of

differentiation; Interpretation of revenue, cost, demand, supply functions; Elasticities and their

types.

Differentiation

Multivariable functions; Concept and types of production functions; Rules of partial

differentiation and interpretation of partial derivatives; Problems of maxima and minima in

single and multivariable functions; Unconstrained and constrained optimization in simple

economic problems; Simple problems in market equilibrium.

Integration

Concept of integration; Simple rules of integration; Application to consumer’s surplus and

producer’s surplus; Growth rates and simple properties of time path of continuous variables.

Matrix Algebra

Determinants and their basic properties; Solution of simultaneous equations through Cramer’s

rule; Concept of matrix — their types, simple operations on matrices, matrix inversion and rank

of a matrix; Concept of vector — its properties; Matrices and vectors; Concept of quadratic

forms — Eigen roots and Eigen vectors.

Readings:

1. Chiang, Alpha C. (1984) Fundamental Methods of Mathematical Economics. New York:

McGraw-Hill, Inc..

2. Hefferon, James S. 2000. Linear Algebra.

3. Hoy, Michael. (2001) Mathematics for Economists. Cambridge, MA: MIT Press.

4. Klein, Michael W. (2002) Mathematical Methods for Economics. Boston, MA: Addison-

Wesley.

5. K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson Educational

Asia, Delhi, 2002.

6. Simon, Carl P, and Lawrence Blume. (1994) Mathematics for Economists. New York:

W.W. Norton & Company, Inc..

7. A. K. Dixit, Optimization in Economic Theory,2nd Edition, Oxford University Press.

8. Mehta and Madnani, Mathematics for Economists, Sultan Chand &Sons, Delhi

Paper-IV

H11016 PUBLIC ECONOMICS {4 1 0 5}

Course Description

Role and functions of the Government in an economy have been changing with the passage of

time. Further, the existence of externalities, concern for adjustment in the distribution of income

and wealth, etc. require political processes for their solution in a manner which combines

individual freedom and justice. This paper combines a thorough understanding of public choice

with a careful analysis of the issues which underline issues related to public policies and resource

allocation.

Course Objectives

1. To develop the conceptual framework about government’s public Economic policies and

annual budgeting.

2. Analyzes the impact of public policy on the allocation of resources and the distribution of

income in the economy.

Course Detail

Introduction

Role of Government in organized society; Changing perspective — government in a mixed

economy: public and private sector, cooperation or competition; Government as an agent for

economic planning and development; Government as a tool for operationalizing the planning

process; private goods, public goods, and merit goods; Market failure — imperfections,

decreasing costs, externalities, public goods; Uncertainty and non-existence of futures markets;

Informational asymmetry — Theory of second best.

Public Choice

Private and public mechanism for allocating resources; Problems for allocating resources;

Problems of preference revelation and aggregation of preferences; Voting systems; Arrow

impossibility theorem; An economic theory of democracy; Politico-eco-bureaucracy; Rent

seeking and directly unproductive profit seeking (DUP) activities.

Rationale for Public Policy

Allocation of resources — provision of public goods; Voluntary exchange models; Impossibility

of decentralized provision of public goods (contributions of Samuelson and Musgrave); Demand

revealing schemes for public goods — Contributions of Clarks, Groves and Leyard, Tiebout

model, theory of club goods; Stabilization Policy — Keynesian case for stabilization policy;

Uncertainty and expectations; Failure of inter-temporal markets; Liquidity preference; Social

goals; Poverty alleviation; Provision of infrastructural facilities, removing distributional

inequalities and regional imbalances.

Public Expenditure

Wagner’s law of increasing state activities; Wiesman- Peacock hypothesis; Pure theory of public

expenditure; Structure and 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 base budgeting.

Readings

1. Atkinson, A.B. and J.E. Siglitz (1980), Lectures on Public Economics, Tata McGraw

Hill, New York.

2. Auerbach, A.J. and M. Feldstern (Eds.) (1985), Handbook of Public Economics, Vol. I,

North Holland, Amsterdam.

3. Buchanan, J.M. (1970), The Public Finances, Richard D. Irwin, Homewood.

4. Goode, R. (1986), Government Finance in Developing Countries, Tata McGraw Hill,

New Delhi.

5. Houghton, J.M. (1970), The Public Finance : Selected Readings, Penguin,

Harmondsworth.

6. Jha, R. (1998), Modern Public Economics, Routledge, London.

7. Menutt, P. (1996), The Economics of Public Choice, Edward Elgar, U.K.

8. Musgrave, R.A. (1959), The Theory of Public Finance, McGraw Hill, Kogakhusa,

Tokyo.

9. Musgrave, R.A. and P.B. Musgrave (1976), Public Finance in Theory and Practice,

McGraw Hill, Kogakusha, Tokyo.

10. Shome, P. (Ed.) (1995), Tax Policy: Handbook, Tax Division, Fiscal Affairs Department,

International Monetary Fund, Washington D.C.

11. Mithani, D.M. (1998), Modern Public Finance, Himalaya Publishing House, Mumbai.

12. Gupta, S.B. (1994), Monetary Economics, S. Chand & Company, New Delhi.

Semester-II

Paper-I

H12013 THEORY OF DISTRIBUTION AND WELFARE {5 1 0 6}

Course Description

This course deals with the alternative theories of firms and gives a comparative analysis with the

marginal theory of firm. It also introduces students to the different theories of welfare economics

and the working of the input market. General Equilibrium analysis is also dealt in this course.

Course Objectives

Students will be able to

1. Interpret the different theories of firm and compare it with the traditional theory of

marginal analysis.

2. Examine the theory of distribution in the input market.

3. Differentiate partial equilibrium analysis from the general equilibrium analysis.

4. Develop a profound understanding of economics of well-being and uncertainty.

Course Detail

Alternative Theories of the Firm

Critical evaluation of marginal Theory; Baumol’s sales revenue maximization model;

Williamson’s model of managerial discretion; Marris model of managerial enterprise; Full cost

pricing rule; Bain’s limit pricing theory and its recent developments including Sylos-Labini’s

model; Public Utility Pricing: Marginal cost pricing, Peak load pricing. Behavioural model of the

firm; Game theoretic models.

Theory of Distribution

Neo-classical approach — Marginal productivity theory; Product exhaustion theorem; Elasticity

of technical substitution, technical progress and factor shares; Theory of distribution in imperfect

product and factor markets.

Welfare Economics and General Equilibrium

Introduction to general equilibrium, pure exchange economy, contract curves, general

introduction to the first and second welfare theorems.

Pigovian welfare economics; Pareto optimal conditions; Value judgement; Social welfare

function; Scitovsky and Hicks criterion. Samuleson and Bergenson social welfare criterion.

Compensation principle; Inability to obtain optimum welfare — Imperfections, market failure,

decreasing costs, uncertainty and non-existent and incomplete markets; Theory of Second Best

— Arrow’s impossibility theorem; Rawl’s theory of justice, equity-efficiency trade off.

Economics of Uncertainty

Individual behaviour towards risk, expected utility and certainty equivalence approaches, risk

and risk aversion — sensitivity Theory.

Readings

1. Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education, Inc., 8th edition,

2007.

2. N. Gregory Mankiw, Economics: Principles and Applications, India edition by South

Western, a part of Cengage Learning, Cengage Learning India Private Limited, 4th edition,

2007.

3. Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New York,

International Student Edition, 4th edition, 2007

4. Hal R. Varian, Intermediate Microeconomics: A Modern Approach, W.W. Norton and

Company/Affiliated East-West Press (India), 8th edition, 2010.

5. C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning (India),

2010.

6. B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw-Hill

7. Paul Samuelson and Nordhaus, Economics, 19 th Edition, Tata McGraw-Hill

T.R Jain, O.P. Khanna, Vir Sen, Mukesh Trehan, Microeconomics and Indian Economy,VK

Publications.

9.H.L.Ahuja, Advanced Economic Theory:Microeconomic Analysis,S.Chand &Co.Limited.,2007

10.Sen, Anindya, Microeconomics- Theory and Applications,2nd Edition, Oxford University

Press.

Paper-II H12014 MACROECONOMIC THEORY II {4 1 0 5}

Course Description This course is the second part to Macroeconomics. In this course the students are introduced to

the theories of inflation and also to consumption, savings, and investment functions. It also

introduces the students to various theoretical issues related to an open economy. Different

economic thinking’s on business cycle is featured in this course.

Course Objectives:

Students will be able

1. To recognize the macroeconomic issues in the globalized economy.

2. To develop skills and perspectives to locate inflation issues in the wider context of macroeconomic policy choices.

3. To assess investment opportunity, and make intelligent decision in the context of returns

to a project.

Course Detail

1. Macro Economics in an open economy

Mundell-Fleming model — Asset markets, expectations and exchange rates; Monetary approach

to balance of payments.

2.Consumption function

Classical and Keynesian theories of income and employment. Keyne’s psychological law of

consumption, implications of law, short run and long run consumption function. Income

consumption relationship – Absolute income, Relative income, lifecycle and permanent income

hypotheses.

3. Investment function

Marginal efficiency of investment and level of investment, Marginal efficiency of capital and

investment, short run and long run theories of investment and accelerator. Investment multiplier

4. Theories of inflation and Business cycles

Classical, Keynesian and Monetarist approaches to inflation; Structuralist theory of inflation;

Philips curve analysis — Short run and long run Philips curve; Samuelson and Solow — the

natural rate of unemployment hypothesis; Tobin’s modified Philips curve; Adaptive expectations

and rational expectations Schumpeter, Kaldor, Samuelson and Hicks theories of Business cycle,

Goodwin’s model of Business cycle.

Readings

1. Ackley,G. (1978), Macroeconomics : Theory and Policy, Macmillan, New York.

2. Blackhouse, R. and A. Salansi (Eds.) (2000), Macroeconomics and the Real World (2

Vols.),Oxford University Press, London.

3. Branson, W.A. (1989), Macroeconomic Theory and Policy, (3rd Edition), Harper and

Row,New York.

4. Dornbusch, R. and F. Stanley (1997), Macroeconomics, McGraw Hill, Inc., New York.

5. Hall, R.E. and J.B. Taylor (1986), Macroeconomics

6. M.L.Jhingan, Macro Economic Theories

7. M.C.Vaishya,Macro Economic Theories

8. Sunil Bhaduri,Macro Economic Analyses

9. D.M. Mithani, Macroeconomics, Himalaya Publishing Company, New Delhi

10. G S Gupta, Macroeconomics: Theory and Applications,2e, Tata McGraw-Hill Education,

2004.

Paper-III H12015 DYNAMIC ECONOMIC ANALYSIS {4 1 0 5}

AND LINEAR PROGRAMMING

Course Description

This course deals with the mathematical tools required in economic analysis. It deals with

difference and differential equations. Linear Programming and game theory, a highly important

tool in decision science is a part of this course. Linear 12ehavior12ng is a mathematical method

for determining a way to achieve the best outcome such as maximum profit or lowest cost given

linear equality and inequality constraint.

Course Objectives:

Students will

1. Enhance specific methodological competencies, required for advanced economic

analysis.

2. Develop strategic decision making competencies using game theory approach.

3. Describe the rules that govern the development of a system over time using the

knowledge of difference and differential equations.

Course Detail

Difference and Differential Equations

Envelope Theorem, Introduction to input-output analysis; Leontief’s input output analysis.

Difference equations and Differential Equations — Solution of first order and second order

difference and differential equations; Applications in trade cycle models; Growth models and

lagged market equilibrium models.

Linear Programming

Linear programming — Basic concept; Formulation of a linear programming problem — Its

structure and variables; Nature of feasible, basic and optimal solution; Solution of linear

programming through graphical and simplex method; Statement of basic theorems of linear

programming; Formulation of the dual of a programme and its interpretation.

Duality Approach:

Duality in the theory of consumer 12ehavior: Indirect Utility Function and Roy’s identity,

expenditure function and its properties, derivation of Slutsky equation. Properties of cost

function and Shepard’s Lemma, duality between production and cost.

Properties of profit function and Hotelling’s Lemma, Properties of factor demand function under

profit maximization, Slutsky equation for factor demands.

Game Theory and its applications

Two person zero sum game, concept of pure strategy and mixed strategy. One shot game,

concept of Nash equilibrium and method of dominance. Applications: Cournot model, problem

of prisoner’s dilemma and cartel instability, The Commons problem, strategic trade. Sequential

game and backward induction. Application: Stackelberg equilibrium, time consistent

macroeconomic policy.

Readings:

1. Chiang, Alpha C. (1984) Fundamental Methods of Mathematical Economics. New York:

McGraw-Hill, Inc..

2. Hefferon, James S. 2000. Linear Algebra.

3. Hoy, Michael. (2001) Mathematics for Economists. Cambridge, MA: MIT Press.

4. Klein, Michael W. (2002) Mathematical Methods for Economics. Boston, MA: Addison-

Wesley.

5. K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson Educational

Asia, Delhi, 2002.

6. Simon, Carl P, and Lawrence Blume. (1994) Mathematics for Economists. New York:

W.W. Norton & Company, Inc.

Paper-IV

H12016 ECONOMICS OF FISCAL POLICY {4 1 0 5}

Course Description This course is designed to provide the students with the nitty-gritties of the fiscal environment. It

deals with taxation, public debt, fiscal Policy and also the distribution of revenue between the

center and state. There are vast array of fiscal institutions — tax systems, expenditure

programmes, budgetary procedures, stabilization instruments, debt issues, levels of government,

etc., which raise a spectrum of issues arising from the operation of these institutions.

Course Objective

Students will be able to

1. Relate the incidence of taxation with the equity issues.

2. Analyze the implications of excessive public debt and crowding out of private

investment.

3. Assess the fiscal instruments for resource mobilization and the subsequent impact on

growth and stabilization of the economy.

4. Appreciate the fiscal federalism and regional imbalances.

Course Detail

Taxation

Theory of incidence; Alternative concepts of incidence — Allocative and equity aspects of

individual taxes; Benefit and ability to pay approaches; Theory of optimal taxation; Excess

burden of taxes; Trade-off between equity and efficiency; Theory of measurement of dead

weight losses; The problem of double taxation.

Public Debt

Classical view of public debt; Compensatory aspect of debt policy; Burden of public debt;

Sources 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.

Fiscal Policy

Objectives of fiscal policy — full employment, anti-inflation, economic growth, redistribution of

income and wealth; Interdependence of fiscal and monetary policies; Budgetary deficits and its

implications; Fiscal policy for stabilization — automatic vs. discretionary stabilization;

Alternative measures of resource mobilization and their impact on growth, distribution and

prices; Balanced budget multiplier.

Fiscal Federalism

Principles of multi-unit finance; Fiscal federalism in India; Vertical and horizontal imbalance;

Assignment of function and sources of revenue; Constitutional provisions; Finance Commission

and Planning Commission; Devolution of resources and grants; Theory of grants; Resource

transfer from Union to States — Criteria for transfer of resources; Centre-State financial

relations in India; Problems of states’ resources and indebtedness; Transfer of resources from

Union and States to local bodies.

Readings

1. Atkinson, A.B. and J.E. Siglitz (1980), Lectures on Public Economics, Tata McGraw

Hill, New York.

2. Auerbach, A.J. and M. Feldstern (Eds.) (1985), Handbook of Public Economics, Vol. I,

North Holland, Amsterdam.

3. Buchanan, J.M. (1970), The Public Finances, Richard D. Irwin, Homewood.

4. Goode, R. (1986), Government Finance in Developing Countries, Tata McGraw Hill,

New Delhi.

5. Houghton, J.M. (1970), The Public Finance : Selected Readings, Penguin,

Harmondsworth.

6. Jha, R. (1998), Modern Public Economics, Routledge, London.

7. Menutt, P. (1996), The Economics of Public Choice, Edward Elgar, U.K.

8. Musgrave, R.A. (1959), The Theory of Public Finance, McGraw Hill, Kogakhusa,

Tokyo.

9. Musgrave, R.A. and P.B. Musgrave (1976), Public Finance in Theory and Practice,

McGraw Hill, Kogakusha, Tokyo.

10. Shoup, C.S. (1970), Public Finance, Aldine, Chicago.

11. Shome, P. (Ed.) (1995), Tax Policy : Handbook, Tax Division, Fiscal Affairs

Department, International Monetary Fund, Washington D.C.

Semester-III

Paper-I

H13013 ECONOMIC GROWTH AND DEVELOPMENT {4 1 0 5}

Course Description

The course instigates a discussion of alternative conceptions of growth and development and

their justification. It then proceeds to aggregate models of growth and cross-national

comparisons of the growth experience that can help evaluate these models. The axiomatic basis

for inequality measurement is used to develop measures of inequality and connections between

growth and inequality are explored.

Course Objectives:

The course will enable a student to

1. Interpret the various concepts of growth and development and also the various measures

of economic growth.

2. Analyze the development of economists’ view on economic growth and development.

3. Estimate the development process as regards the different development theories.

Course Detail

Economic Growth — I

Economic growth and development — Factors affecting economic growth : capital, labour and

technology; Growth models — Harrod and Domar, instability of equilibrium; Neo-classical

growth models — Solow and Meade, Mrs. Joan Robinson’s growth model; Cambridge criticism

of Neoclassical analysis of growth, The capital controversy.

Economic Growth — II

Technological progress — embodied and disembodied technical progress; Hicks, Harrod;

learning by doing, production function approach to the economic growth; Total factor

productivity and growth accounting; Growth models of Kaldor and Pasinetti, optimal savings

and Ramsay’s rule, golden rule of accumulation, two-sector model of Ujawa, Stability of

equilibrium; money in economic growth, Tobin,and Patinkin; Endogenous growth; Intellectual

capital: role of learning, education and research; AK model — Explanations of cross country

differentials in economic growth.

Theories of Development

Classical theory of development — contributions of Adam Smith, Ricardo, Malthus and James

Mill; Karl Marx and development of capitalistic economy — theory of social change, surplus

value and profit; Immutable laws of capitalist development; Crisis in capitalism — Schumpeter

and capitalistic development; innovation — role of credit, profit and degeneration of capitalism;

Structural analysis of development; Imperfect market paradigm.

Approaches to Development

Partial theories of growth and development — vicious circle of poverty, circular causation,

unlimited supply of labour, big push, balanced growth, unbalanced growth, critical minimum

effort thesis, low-income equilibrium trap; Dualism — technical, behavioural and social; Ranis

and Fei model; Dixit and Marglin model, Kelly et. Al. Model.

Readings

1. Adelman, I. (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,Elsevier, Amsterdam.

3. Brown, M. (1966), On the Theory and Measurement of Technical Change, Cambridge

University Press, Cambridge, Mass.

4. Chenery, H.B. et. Al. (Eds.) (1974), Redistribution with Growth, Oxford University

Press,Oxford.

5. Chenery, H. and T.N. Srinivasan (Eds.) (1989), Handbook of Development Economics,

Vols.1 & 2, Elsevier, Amsterdam.

6. Higgins, B. (1959), Economic Development, W.W. Norton, New York.

7. Hogendorn, J. (1996), Economic Development, Addison, Wesley, New York.

8. Mishan, E.J. (1975). Cost Benefit Analysis, (2nd

Edition). Allen and Unwin, London.

9. Ray, Debraj (1998). Development Economics, Oxford University Press, Delhi.

10. Sen, A.K.(Ed.)(1990). Growth Economics, Penguin, Harmondsworth.

11. Chakravarti, S. (1987), Development Planning : The Indian Experience, Clarendon Press,

Oxford.

Paper-II

H13014 INDIAN ECONOMIC POLICY {4 1 0 5}

Course Description

The purpose of this paper is to enable students to have an understanding of the various issues of

the Indian economy so that they are able to comprehend and critically appraise current Indian

economic problems. For this, it is essential to have a good deal of understanding about the major

developments in the Indian economy before independence, at the time of independence and

during the post-independence period.

Course Objectives:

Students taking this course will be able to

1. Develop the understanding towards planning in India and the corresponding growths in

each plan period.

2. Appreciate the sectorial changes especially in agriculture and industry in India

3. Analyze the process of economic reforms and capital market.

Course Detail

Framework of Indian Economy

1 . Economic Policy: An Introduction

2 . Trend and Structure of National Income

3 . Demographic Features and Indicators of Development

4 . Poverty and Inequality:Policy Implications

5 . Employment and Unemployment: Policy Implications

Development Strategies in India

1. Economic Reforms in India

2. Critique of Economic Reforms

Sectoral Performance

1. Agricultural Growth, Productivity Trends and Crop Patterns

2. Issues and Concerns in Indian Agriculture

3. Industrial Sector in Pre-reform Period

4. Industrial Sector in Post-reform Period with Emphasis on Small-Scale Sector

5. Infrastructure.

6. Indian Financial System: Money Market and Monetary Policy

7. Capital Market in India and Working of SEBI

Economic Planning In India

1. Rational features and objective . The strategy of panning

2. Resource relocation in Indian plans: Eleventh five year plan.

Readings

1. Mishra and Puri,Indian Economy,Himalaya Publishing House, New Delhi.

2. Ruddar Datt and K.P.M. Sundharam,Indian Economy,S.Chand & Co.New Delhi.

3. Jain A K (1986) Economic planning in India, Ashish Publishing House, New Delhi.

4. Jalan B. (1992) The Indian Economy - Problems and Prospects. Viking, New Delhi,

5. Sen, R.K. and B. Chatterjee (200l) Indian Economy Agenda for 21st Century (Essays in

honour of Prof. P.R. Brahmananda), Deep & Deep Publications, New Delhi.

Paper-V H11024 RESEARCH METHODOLOGY {3 1 0 4}

Course Description

This course is designed to develop research insights and discernments among the students. It

deals with the steps involved in conducting a research and also the techniques that can be used in

data analysis. It gives hands on experience of data handling with the use of SPSS software.

Course Objectives:

Students will be able to

1. Inculcate research interest with a thorough understanding of the research methodology.

2. Apply statistical techniques for data analysis.

3. Use SPSS to carry out advance statistical techniques.

Course Detail

Introduction to Research

Nature and Scope of Research Methodology; Problem Formulation and Statement of Research

Objectives; Research Process; Research Designs - Exploratory, Descriptive and Experimental

Research Designs; Sampling: Meaning, Types & Methods of Sampling. Determination of

Sample Size.

Types of Research

Quantitative Research : Methods of Data Collection - Observational and Survey Methods;

Questionnaire Design, Interview Schedule, Reliability and Validity in Quantitative Research.

Qualitative Research Techniques: Interview Guide, Participant Observation, Case Study

Method, Action Research, Reliability & Validity in Qualitative Research. Sample Design, Field

work and Tabulation of Data.

Measurement in Research

Measurement scales – Tests of good measurement, construction of Likert and Semantic

Differential scales-Source of errors in measurement- Scale validation.

Data Analysis

Hypothesis Testing and estimation: Fundamentals of hypothesis testing-Standard errorpoint and

interval estimates Techniques for Data Analysis- ANOVA, MANOVA, Level of Significance, T-

Test, Z – test, F – test, Non-Parametric Tests: Chi Square, Sign test, Mann Whitney U test,

Kruskal Wallis H test; Use of SPSS Software, Report writing..

Readings:

1. Jay L. Devore, Probability and Statistics for Engineers, Cengage Learning, 2010.

2. John E. Freund, Mathematical Statistics, Prentice Hall, 1992.

3. Richard J. Larsen and Morris L. Marx, An Introduction to Mathematical Statistics and its

Applications, Prentice Hall, 2011.

4. Hari Shankar Asthana,Statistics for Social Sciences (with SPSS applications): Prentice-

Hall India Pvt Ltd, 2007.

5. Nagar, A. L. and R. K. Das (1993) Basic Statistics, Oxford University Press, New Delhi.

6. M. R. (1992) Theory and Problems of Statistics, McGraw Hill Book Co. London.

7. Donald R. Cooper, Pamela S. Schindler. Business Research Methods, Tata McGraw Hill

Publication, New Delhi.

8. Kothari C.R. (2006). Research Methodology Methods and Techniques, New Age

International Publication, New Delhi.

9. K.R. Sharma; Operational Research & Quantitative Techniques, Kalyani Publications.

10. V.K. Kapoor; Operational Research, Sultan Chand & Co.,Delhi.

Semester-IV

Paper-I H14013 INTERNATIONAL TRADE {4 1 0 5}

Course Description

This course provides a thorough understanding and deep knowledge about the basic principles

that tend to govern the free flow of trade in goods and services at the global level. Besides this,

the contents prepare the students to know the impact of free trade and tariffs on the different

sectors of the economy as well as at the macro level.

Course Objective:

Student will be able to

1. Appreciate the current economic environment in some major economies.

2. Elucidate international trade theories.

3. Analyze the implications of tariffs and quotas on free flow of goods and services.

4. Interpret the implications of trade policy of individual countries and regional trade blocks as

well as regulatory environment created by WTO.

Course Detail

Theories of International Trade

Pure theory of trade – Classical theory, Comparative advantages and labour productivity

differences as the basis of trade. ―Trade is better than no trade. Constant costs and complete

specialization in a two good, one factor model. Extension to multi country and multi commodity

trade. Neo- classical trade theory – two factor, two goods and variable cost model. Opportunity

cost. Role of demand even with same production function. Incomplete specialization. General

equilibrium in two-country, two goods open economy model.

Heckscher Ohlin factor endowment model. From equalization of commodity prices to factor

price equalization. Stolper-Samuelson theorem. Specific Factor Model

Trade Patterns and Welfare effects of Trade

Leontieff Paradox and factor intensity reversals and pattern of trade.Intra-industry and intra-firm

trade. Modern explanations of trade patterns, Transportation costs. Increasing returns. Product

differentiation. Trade under imperfect competition, Technology and demand.

Solow, Arrow-Minhas results with CES production function. Global trade patterns. Gains from

trade. Distribution and welfare. Terms of trade and Offer curves.

Growth and terms of trade effects. Rybczynski theorem. Immiserizing growth. Growth and factor

mobility – immigration and capital mobility.

Trade Barriers and Trade Groups Trade policy and Theory of trade interventions. General equilibrium effects of tariffs on welfare.

Offer curves and tariffs. Arguments for protection. Quotas. Comparison of tariffs and quotas.

Countervailing duties and export subsidies. Effects of tariffs on factor prices. Effective rate of

protection. Dumping. Non-tariff barriers. Voluntary Export Restraints, Export Subsidies etc.

Theory of customs union – second best argument – trade creation and trade diversion, Stages of

integration Regional trade groupings, GATT and WTO

Readings 1. Pugel, T.A.( 2008), International Economics, 13th Edition, Tata Mcgraw hill publishing

Co, New Delhi.

2. Bhagwati, J. N., A. Panagariya and T.N.Srinivasan(1998), Lectures on International

Trade, OUP,NewDelhi, Second Edition.

3. Krugman, P.A. and M Obstfeld (2003), International Economics: Theory and

Policy,Sixth Ed

4. C.P. Kindlberger, R.D. Irwin, Home, International Economics:

5. D.M.Mithani, International Economics, Himalaya Publishing House, New Delhi.

6. M.L. Jhingan, International Economics, Vrinda Publications (P) Ltd., Delhi.

7. Salvatore, D. (1997), International Economics, Prentice Hall, Upper Saddle River, N.J.,

New York.

ELECTIVES H13015-A FUNDAMENTALS OF ECONOMETRICS {4 1 0 5}

Course Description

The aim of the course is to provide the basic knowledge and skills of econometric analysis. After

successfully attending the course, students will be able to apply the knowledge to the

investigation of economic relations and processes, and also to understand econometric

approaches, methods, and conclusions met in most economic books and articles.

Course Objectives

Students will be able to

1. Use basic econometric skills to answer an economic question.

2. Use data to conduct an econometric analysis of an economic question.

3. Write a clear description of your econometric analysis.

Course Detail

1. Ordinary least squares model: Estimation, inference (including tests of multiple

exclusion and linear restrictions; nested and non-nested hypotheses), prediction

(prediction intervals) and specification problems in the bivariate and multivariate

models.

2. The problem of multicollinearity:

3. Binary variables in linear regression, including an introduction to binary dependent

variables and the linear probability model

4. The problem of heteroskedasticity

5. Introduction to time series regression: Autocorrelation, unit root tests, cointegration

6. Maximum likelihood estimation

Readings

1. Wooldridge, J.M. (2007) : Introductory econometrics, A modern approach, New Delhi ,

Cengage Learning

2. Amemiya, T. (1994) : Introduction to Statistics and Econometrics, Cambridge,

Massachusetts, Harvard University Press

3. Freund, J.E. (2000) : Mathematical statistics, , India, Prentice Hall

4. Greene, W.H. (2000) : Econometric Analysis, New Delhi, Pearson Education

5. Kmenta, J. (1986) : Elements of Econometrics, New York, Macmillan

6. Maddala, G.S. (2002) : Introduction to Econometrics, India, John Wiley & Sons

7. Ramanathan, R. (2002): Introductory econometrics with applications, New Delhi,

Cengage Learning

8. Damodar N,Gujrati,Basic Econometrics,Fourth Edition.

H13016-A ADVANCED ECONOMETRICS {4 1 0 5}

Course Description

This course covers a range of techniques in econometrics that are widely used in applied

microeconomics, macroeconomics, and other fields. The class aims at preparing students for

carrying out empirical research in economics, and there will be an emphasis on the relationship

between economic models and observable data.

Course Objectives

The objective of this course is threefold:

1. To provide a profound understanding of modern econometric methods;

2. To give a critical assessment of the presented methods;

3. To constitute an introduction and a basis for the more specific econometric courses of the

Masters.

Course Detail

Pooled cross section and panel data models ; Pooling time series and cross-section data; fixed

effects; random effects; dynamic models

Instrumental variables : Two-stage least squares; measurement error; method of moments

estimation; overidentification and overidentifying restrictions

Simultaneous equations models : The identification problem and problem of aggregation

Qualitative response models and limited dependent variable models : Logit and probit models;

truncated and censored distributions; tobit models

Readings

1. Wooldridge, J.M. (2007): Introductory econometrics: , a modern approach, New Delhi,

Cengage Learning .

2. Baltagi, B.H. (2005): Econometric analysis of panel data , New York,John Wiley and

Sons Ltd.

3. Cameron, A. and P.Trivedi (1998) : Regression analysis of count data, Cambridge ,

Cambridge Press University

4. Davidson, R. and J.MacKinnon (2004): Econometric theory and methods, Oxford,

Oxford university press.

5. Hsiao, C. (1986) : Analysis of panel data, Cambridge , Cambridge University Press

6. Maddala, G. (1983) : Limited-dependent and qualitative variables in econometrics

Cambridge , Cambridge University Press

7. Wooldridge, J.M. (2002): Econometric analysis of cross-section and panel data,

Cambridge, Mass. MIT Press.

H14014-A TIME SERIES ANALYSIS {4 1 0 5}

Course Description

This course introduces the theory and practice of time series analysis, with an emphasis on

practical skills. Topics covered will include univariate stationary and non-stationary models,

vector autoregressions, frequency domain methods, models for estimation and inference in

persistent time series, and structural breaks.

Course Objectives 1. To develop the skills needed to do empirical research in fields operating with time series

data sets.

2. To provide students with techniques and receipts for estimation and assessment of quality

of economic models with time series data.

3. To model and forecast a time series as well as read papers from the literature and start to

do original research in time series analysis.

4. To appreciate recent developments in time series analysis research.

Course Details

1. Stationary Univariate Models. Wold decomposition theorem, Difference equations,

ARMA models and Box-Jenkins methodology, Model Selection, Forecasting

methodology.

2. Nonstationary Univariate Models. Trend/Cycle decomposition, Beveridge-Nelson

decomposition, Deterministic and stochastic trend models, Unit root tests, Stationarity

tests

3. Structural Change And Nonlinear Models. Tests for structural change with unknown

change point. Estimation of linear models with structural change. Regime switching

models.

4. Stationary Multivariate Models. Dynamic simultaneous equations models, Vector

autoregression (VAR) models, Granger causality, Impulse response functions,

Variance decompositions, Structural VAR models.

5. Nonstationary Multivariate Models. Spurious regression, Cointegration, Granger

representation theorem, Vector error correction models (VECMs), Structural VAR

models with cointegration, Testing for cointegration, Estimating the cointegrating

rank, Estimating cointegrating vectors.

Readings

1. Pindyck,Robert S. and Daniel L. Rubinfeld. (1997): Econometric Models and Economic

Forecasts, New York, McGrawHill

2. Box, George E.P., G.M. Jenkins and G.C. Reinsel (2009): Time Series Analysis:

forecasting and control, Pearson Education.

3. Michael K. Evans,( 2003). Practical Business Forecasting, UK, Blackwell

4. Spyros Makridakis, Steven C. Wheelwright and Rob J. Hyndman ( 1998): Forecasting,

Methods and Applications. USA, John Wiley and Sons, USA, John Wiley and Sons

5. Hanke, J.E.and D.W. Wichern(2009): Business forecasting, (8th Edition) Pearson

Education.

H14015-A GAME THEORY AND APPLICATION {5 1 0 6}

Course Description

This course in game theory concerns with the economic situations in which rational decision-

makers interact. The course is intended to teach students the tools necessary to use game

theoretic models in a wide variety of applications.

Course Objective:

At the end of the course, students should be able to

1. Understand solution concepts in games in strategic or extensive form, and

2. Develop analytical and problem solving skills regarding the analysis of games.

Course Detail

1. Strategic games : Concepts of dominance, pure and mixed strategy Nash equilibrium

2. Extensive games : Backward induction outcomes in games with perfect information,

subgame perfect equilibrium in games with imperfect information; Rubinstein bargaining

solution

3. Repeated games : Nash folk theorems; finitely and infinitely repeated games

4. Static and dynamic games of incomplete information : Bayesian-Nash equilibrium,

perfect Bayesian equilibrium and sequential equilibrium

5. Cooperative games: Nash bargaining solution, concepts of core, shapely value etc.

Readings

1. Gibbons, R. (1992): Game theory for applied economists, Princeton, Princeton University

Press

2. Fudenberg D. and J. Tirole (1994): Game theory, Cambridge, Mass, MIT Press.

3. Kreps D. (1990) : A course in microeconomic theory, Princeton ,Princeton University

Press.

4. Mas-Colell A., J. Green and M.Whinston (1995): Microeconomic theory,U.K.Ooxford

University Press.

5. Myerson R. (1997): Game theory: analysis of conflict,USA, Harvard University Press.

6. Shubik M. (1982): Game theory in the social sciences, Cambridge, Mass: MIT Press.

7. Osborne M. and A. Rubinstein (1994): A course in game theory, Cambridge, Mass, MIT

Press.

H13015-B ECOSYSTEM SERVICES AND ECOLOGICAL ECONOMICS {4 1 0 5}

Course Description

This course outlines the concepts that underlie the burgeoning interdisciplinary field of

ecological economics. This field takes a holistic perspective, incorporating our ever-expanding

knowledge of ecology into traditional economic theory. This course is interdisciplinary in nature

and will include concepts from other fields, especially physics, philosophy, ecology, and public

policy.

Course Objectives

Students will

1. Develop clear understanding of the principles and applications of ecological economics.

2. Be able to critically evaluate the underlying concepts and unspoken values implicit in

neoclassical economic theory.

3. Identify appropriate tools from ecological economics to address environmental issues and

achieve viable, sustainable economies.

4.

Course Details

1. Introduction: Current dilemma and overview of ecological economics-definition and

scope

2. Historical review and methodological considerations

3. Theory and principles of ecological economics: Theory of value- neoclassical approach

and its limitation, types of values and assigning values in resource allocation; sustainable

scale, equity and efficiency, and the steady-state economy; ecosystems - sustainability

and ecological services; valuing ecosystem services; energy and resource flows - entropy

and the laws of thermodynamics and economic process, concepts and theory of capital:

human-made, natural and cultural

4. Analysis, policies and instruments: Overview of policy approaches, policy approaches

for renewable resources, policy instruments and property rights

5. Industry-ecology interface: Firm objectives, modelling resource extraction under

different industry structures, stakeholder management.

Readings:

1. Costanza, R., (1991): Ecological economics, the science and management of

sustainability, New York, Colombia University Press.

2. Costanza, R., J. Cumberland, H. Daly, R. Goodland, R. Norgaard,(1997): An

introduction to ecological economics, . Boca Raton, FL.St. Lucie Press

3. Costanza R, O. Segura and J. Martinez-Alier (eds.) (1996): Getting down to earth,

practical application of ecological economics, Washington DC, Island Press

H13016-B ENVIRONMENTAL ECONOMICS I {4 1 0 5}

Course Description

The course examines the continuing conflict between market forces and environmental integrity

and explains how economic theory views the relationship between economic activity and the

natural world. Examples of local, regional, national, and international issues are presented and

discussed. The course will give students an opportunity to develop a critical understanding of the

different ways in which economic decisions, market forces, and government policies can affect

environment.

Course Objectives: Students will be able to

1. apply economic theory to environmental sustainability

2. Understanding the conflict between market forces and environmental integrity

3. Develop critical understanding of different ways in which economic decisions, market

forces and government policies can affect environment.

4. Develop critical understanding how consumer market and business initiative can lead a

way into sustainable environment.

Course Detail

1. Environmental Economics-Meaning Nature Scope and its relationship with other

branches of Economics.

2. Market Failure: Externality and Pure Public Goods; tragedy of Commons with focus on

exclusion and rivalry.

3. Intertemporal Efficiency and Intergenerational Equity

4. Environmental Damages: Socio-Environmental Cost Benefit Analysis ; Environmental

Impact Assessment and Project Planning and appraisal.

5. Valuation of Environmental Assets: Use and non-use value; Valuation Methods:

Contingent Valuation, Hedonic Pricing and Travel Cost Method.

6. Economic Development and the Environment: Environment Kuznets Curve.

Readings

1. Kolstad, C, D. (2003) Environmental Economics, Oxford university Press

2. Hanely, Nick, Jason F.Shorgen, and Ben White, Environmental Economics: In Theory

and Practise 1999, MacMillian

3. Robert N. Stavins (ed.), Economics of the Environment: Selected Readings, W.W.Norton,

5th edition, 2005.

4. Roger Perman, Yue Ma, James McGilvray and Michael Common, Natural Resource and

Environmental Economics, Pearson Education/Addison Wesley, 3rd edition, 2003.

H14014-B ENVIRONMENTAL ECONOMICS II {4 1 0 5}

Course Description

The environmental effect of increased globalization is a politically charged issue. The spectrum

of views range from the position that globalization should be opposed because (among other

things) it harms the environment, to the view that globalization brings many general benefits, and

has a small, perhaps positive, effect on the environment. This course provides background that

will help students make an informed assessment of these kinds of views.

Course Objectives

1. To provide knowledge and understanding of how economic policy alters environmental

outcomes.

2. To develop an appreciation of the insights which economic analysis can bring to

environmental issues?

3. To develop the ability to appraise investment projects using a variety of techniques such

as environmental cost-benefit analysis.

4. To develop an understanding of the techniques to evaluate environmental policy

programs.

Course Detail

1. Global Environmental Problems: Pollution, Climate Change, Deforestation, Soil

Degradation, Degradation of Marine Resources, Ground Water Exploitation.

2. Major Environmental Problematic Projects in developed and developing countries with

special focus to India.

3. Conventional National Income Accounting Vs Green Accounting

4. Environmental Policy: Market Based and Non Market Based Instruments for controlling

and conservation of Environmental resources. Economic incentives for Environmental

Protection : Fiscal Instruments and Marketable Pollution Permits.

5. Concept of Sustainable Development, Measuring Sustainable Development.

Environmental. Cost-Benefit Analysis for Sustainable Development. Rationale of

Discounting the Future in the context of Sustainability.

Readings

1. Johansson Per-Olov: The Economic Theory and Measurement of Environmental

Benefits, Cambridge University Press, Cambridge, 1987.

2. Kolstad C.D., Environmental Economics, Oxford University Press, 2000.

3. Bhattacharya R.N. (ed.), Environmental Economics: An Indian Perspective, Oxford

University Press, 2001.

4. M.N. Murthy Environment, Sustainable Development, and Well-being Valuation, Taxes,

and Incentives, OUP May 2009

5. Jeoren,C.J.M van den Bregh (Ed) Hand Book of Environmental and Natural Resource

Economics, (Edward Elgar, 1999) Part VI paper numbers 42, 44, 45, 46.

6. Pearce D.W. And R.K. Turner, Economics of Natural Resources and the Environment,

Harvester Wheatsheaf, 1990.

7. Kadekodi, Gopal K., Environmental Economics in Practice, Oxford University Press,

2004.

8. Dasgupta P., Human Well-being and the Natural Environment, Oxford University Press,

2001.Chapter 9

9. Kanchan Chopra and Vikram Dayal (Ed). Hand book of Environmental Economics in

India. Oxford University Press 2009. Chapter 2 by Partho Dasgupta and Maelier

H14015-B SUSTAINABLE DEVELOPMENT AND BUSINESS {5 1 0 6}

ENVIRONMENT

Course Description

This course highlights the importance of including sustainable development as a key component

of the decision making process. It instigates to think of sustainable development principles as

essential to developing future competitive advantage, rather than as an 'add on' to existing plans.

It not only looks at the macro-issues, but also presents the student with micro-enterprise-level

discussions for developing an effective environmental strategy.

Course Objectives:

Students taking this course will

1. Develop a strategic view of environmental issues and sustainable development.

2. Gather insights into environmental laws focusing Indian legal environment.

3. Appreciate environmental concerns along with their social, economical, and political

relationships

4. Assess climate change and its effect on business

Course Details

1. Sustainable development and the firm

2. Climate change and sustainable agriculture and business

3. Environment management system and business(EMS): ISO - 14000; green reporting

auditing and life cycle assessment

4. Energy , technology and its impact on environment energy economics and policy

5. Legal environment of business: Multilateral environment agreements, Indian legal

environment

6. Conservation finance

7. Eco system services

8. Strategic corporate social responsibility

9. Business strategy and environment: environment product differentiation, risk

management, total environment quality management (TEQM)

10. The political economy of the environment

Readings

1. Stead, W., Edward and Jean Garner Stead (2004). Sustainable strategic management,

New York, Arnonk

2. Dekluyver. Cornelius A . and John A. Plearce II, (2003). Strategy a view from the top,

New Jersey, Prentice Hall

3. Gretchen Daily and Katherine Ellison (2002): The new economy of nature

4. Kai Chan et al (2006). Conservation planning for ecosystem services

5. Robin Naidoo and Taylor Ricketts (2006): Mapping the economics cost and benefits of

conservation

6. Arkema , K.K , S. C. Abramson and B. M. Dewsbury, (2006): Marine ecosystem based

management from characterization to implementation

7. Welford, W. ( latest ed ) :Environment management system

8. Stuart L. Hart (1997): Strategies for sustainable, world. Harvard business review

9. Lele Sharat Chandra (latest ed): Sustainable development, a critical review, world

development , Vol 19, No.16

Paper-IV

H14016 Open Elective {2 1 0 3}

H14025 DISSERTATION {0 0 10 5}