UGC NET Syllabus for Economics , Ph 078-380-239-56

UGC NET PAPER – II
1. Micro – Economic Analysis

• Demand Analysis – Marshallian, Hicksian and Revealed preference approaches.
• Theory of Production and Costs.
• Pricing and output under different forms of market structure.
• Factor Pricing analysis.
• Elements of general equilibrium and new welfare economics.

2. Macro – Economic Analysis

• Determination of output and employment – Classical approach, Keynesian approach, Consumption hypotheses.
• Demand for Money – Fisher and Cambridge versions, Approaches of Keynesian, Friedman, Patinkin, Baumol and Tobin.
• Supply of Money, Determinants of money supply, High – powered money, Money multiplier.
• Phillips Curve analysis.
• Business cycles – Models of Samuelson, Hicks and Kaldor.
• Macro – economic Equilibrium – Relative roles of monetary and fiscal policies

3. Development and Planning

• Economic Growth, Economic Development and sustainable Development – Importance of institutions – Government and markets – Perpetuation of underdevelopment – Vicious circle of poverty, circular causation, structural view of underdevelopment – Measurement of development conventional, HDI and quality of life indices.
• Theories of Development – Classical, Marx and Schumpeter; Economic Growth – Harrod – Domar model, instability of equilibrium, Neoclassical growth – Solow’s model, steady state growth. Approaches to development : Balanced growth, critical minimum effort, big push, unlimited supply of labour, unbalanced growth, low income equilibrium trap.
• Indicators and measurement of poverty.
• Importance of agriculture and industry in economic development – choice of techniques and appropriate technology – Investment criteria – Elementary idea of cost – benefit analysis.
• Trade and Aid – International trade as ‘engine of growth’ – Globalization and LDC’s Objectives and role of monetary and fiscal policies in economic development Techniques of planning; Plan Models in India; planning in a market – oriented economy.

4. Public Finance

• Role of the Government in Economic activity – Allocation, distribution and stabilization functions; Private, Public and Merit goods.
• The Public Budgets – Kinds of Budgets, Zero – base budgeting, different concepts of budget deficits; Budgets of the Union Government in India Public Expenditure – Hypotheses; effects and evaluation.
• Public Revenue – Different approaches to the division of tax burden, incidence and effects of taxation; elasticity and buoyancy; taxable capacity Public Debt – Sources, effects, burden and its management.
• Fiscal Federalism – Theory and problems; Problems of Centre – State Financial relations in India.
• Fiscal Policy – Neutral and compensatory and functional finance; balanced budget multiplier.

5. International Economics

• Theories of International Trade : Empirical verification and Relevance International Trade under Imperfect competition Terms of Trade and Economic Growth – Secular Deterioration of Terms of Trade Hypothesis – a critical review.
• Equilibrium / disequilibrium in Balance of Payment – Traditional, Absorption and Monetary approaches for adjustment in the Balance of Payments, Foreign Trade multiplier.
• Impact of Tariffs, Partial and general equilibrium analysis; Political economy of Non-Tariff Barriers.
• Theory of regionalism at Global level – Collapse of Bretton – Wood System – Recent.
• Monetary reforms.
• Trade Policy and Reforms in India.

6. Indian Economy

• Basic Economic indicators – National income, performance of different sectors Trends in prices and money supply.
• Agriculture – Institutional and technological aspects, new agricultural policy Industry – New industrial policy and liberalization.
• Money and banking – Concepts of money supply, inflation, monetary policy and financial sector reforms.
• Public finance – Trends in revenue and expenditures of the Central and State Governments, Public debt; analysis of the Union Budget.
• Foreign trade – Trends, Balance of payments and trade reforms.
• Poverty, unemployment, migration and environment.

7. Statistical Methods

• Measures of Central tendency, dispersion, skewness and kurtosis.
• Elementary theory of probability – Binomial, Poisson and Normal distributions.
• Simple correlation and regression analysis.
• Statistical inferences – Applications, sampling distributions (t, x² and F tests ) sampling of attributes, testing of Hypothesis.
• Index numbers and time series analysis.
• Sampling and census methods, types of sampling and errors.

UGC NET PAPER III (A) [ Core group ]
Unit – I

• Theory of Demand – Axiomatic approach, Demand functions, Consumer behaviour under conditions of uncertainty.
• Theory of production.
• Collusive and non – collusive oligopolies.
• Different models of objectives of the firm – Baumol, Morris and Williamson.
• Factor pricing.
• General equilibrium and Welfare Economics.

Unit – II

• Keynesian and post – Keynesian approaches to theory of output and employment; concept of investment multiplier; consumption hypotheses Theories of investment and accelerator.
• Theories of demand for money – Keynesian and post – Keynesian.
• Different approaches to money supply; money supply; components and determinants; money multiplier.
• Output – price determination ( aggregate supply and aggregate demand curve analysis ).
• Fleming – Mundell open economy model.

Unit – III

• Development and Growth – Role of institutions.
• Theories of growth and development – Models of growth of Joan Robinson and Kaldor; Technical Progress – Hicks, Harrod and learning by doing, production function approach to the determinants of growth : Endogenous growth : role of education, research and knowledge – explanation of cross country differentials in economic development and growth.
• Theories of development – Classical, Marx, Schumpeter and structural analysis of development – Imperfect market paradigm, Lewis model of development, Ranis – Fei model, Dependency theory of development.
• Factors in economy development – natural resources, population, capital, Human Resource Development and infrastructure.
• Trade and development – trade as engine of growth, two – gap analysis, Prebisch, Singer and Myrdal views; gains from trade and LDCs.

Unit – IV

• Theories of taxation, types, incidence and effects.
• Theories of public expenditure – effects on savings, investment and growth Burden of public debt.
• Union Finance – Trends in Revenue and Expenditure of the Government of India.
• State finance – Trends in Revenue and Expenditure of the State Governments.
• Public Debt – India’s Public debt since 1951 – growth composition, ownership pattern and debt management.
• Union – State Financial Relations – Horizontal and vertical imbalances; the Finance Commissions.
• Fiscal Policy and Fiscal Reforms in India.

Unit – V

• Monetary approach’ and adjustment in the balance of payments.
• Regional blocs – multilateralism and world trading system.
• The Political Economy of imposition of non – tariff barriers.
• International trade under conditions of imperfect competition in goods market.
• Theory of International reserves.
• Optimum Currency Areas – Theory and impact in the developed and developing countries.
• WTO and its impact on the different sectors of the economy.

Unit – VI

• Components of money supply.
• Role, constituents and functions of money and capital markets.
• RBI – recent monetary and credit policies.
• Commercial banks and co – operative banks.
• Specialized financial and investment institutions.
• Non – Bank financial institutions and Regional Rural Banks.

Unit – VII

• Industrial structure and economic growth.
• Pattern of industrialization – Public and Private; large and small industries.
• Theories of Industrial location – Indian experience.
• Industrial productivity – measurement, partial and total trends Industrial Finance in India.
• Industrial Labour – Problems, policies and reforms in India Economic Reforms and industrial growth.

Unit – VIII

• Population and Economic development – interrelation between population, development and environment, sustainable development.
• Malthusian theory of population, Optimum theory of population, theory of demographic transition, population as ‘Limits to Growth’ and as ‘Ultimate Source’.
• Concepts of Demography – Vital rates, Life tables, composition and uses, Measurement of fertility – Total fertility rate, gross and net reproduction rate – Age pyramids, population projection – stable, stationary and quasi – stationary population; characteristics of Indian population through recent census.
• Poverty in India – Absolute and relative; analysis of poverty in India.
• Environment as necessity – amenity and public goods; causes of environmental and ecosystem degeneration – policies for controlling pollution – economic and persuasive; their relative effectiveness in LDCs; Relation between population, poverty and environmental degradation – microplanning for environment and eco – preservation – water sheds, joint forest management and self – help groups.
• Role of State in environmental preservation – Review of environmental legislation in India.

Unit – IX

• Role of Agriculture in Indian Economy – Share of Agriculture, interrelationship between agriculture and industry.
• Institutional aspects – Land reforms, Green revolution.
• Technological aspects – Agricultural inputs and shifts in production function.
• Capital formation in the rural sector – Savings, assets and credits.
• Strategies for rural development.
• Regional disparities in Indian agriculture.
• Cooperative movement in India – Organization, structure and development of different types of cooperatives in India.

Unit – X

• Application of Differential and Integral Calculus in theories of consumer behaviour, Production and pricing under different market conditions.
• Input – output analysis and linear programming.
• Application of Correlation and Regression.
• Testing of Hypothesis in Regression Analysis.

UGC NET PAPER III (B) [ Elective / Optional ]
Elective – I
Single Equation Linear Model :

• Assumption and properties of OLS.
• Multiple Regression Model – Estimation and Interpretation.
• Multi – collinearity – Auto – correlation and heteroscedasticity – Causes, detection, consequences and remedy.
• Dummy variables, distributed lags – Need, limitations and interpretation.
• Applications in Economics.

Simultaneous Equation models :

• Structural and reduced forms.
• Endogenous and exogenous variables.
• Identification problems and conditions.
• Single equation methods of estimations – TSLS, indirect least squares and least variance ratio.

Techniques of Forecasting :

• ARMA, ARIMA.
• Econometric properties of time series, Unit root, integrated series, random walk and white noise.

Elective – II

• Theory of Consumer Behaviour and Theory of Firms.
• Theory of Pricing – Monopoly, Monopolistic competition, Duopoly and Oligopoly.
• Theory of Games – Two – person, Zero – sum Game, Pure and Mixed strategy, Saddle point solution, Linear programming and input output analysis.
• Static and Dynamic Multiplier and Accelerator, Samuelson – Hicks trade cycle model.
• Growth Models – Harrod and Domar, Neoclassical models – Solow, Meade, Kaldor’s Model with technological progress, endogenous growth models.
• Employment and output determination with fixed and flexible prices ( IS – LM, Aggregate demand and aggregate supply analysis ).

Elective – III

• The Rise and Fall of Bretton – Wood and emerging International Monetary System.
• World Trading System – Evolution and Distortions.
• Globalization – Developments in Exchange Markets, Euro – Currency Markets, and International Bond Markets, International Debt crisis.
• Theory of Foreign Exchange Markets – Exchange Trading, Arbitrage and Market Hedging.

Elective – IV

• Growth and Productivity trends in Indian Agriculture.
• Development of distributive institutions – Costs and price policies.
• Agricultural marketing and credit.
• Trends in migration and labour markets. Minimum Wages Act.
• WTO and sustainable agricultural development.
• Reforms in Indian agriculture.

Elective – V

• Planning and Economic Development.
• Costs, Prices, WTO and Indian Agriculture.
• Globalization, Liberalization and the Indian Industrial Sector.
• Infrastructure and Economic Development.
• Social Sector, Poverty and Reforms in India.
• Women, Environment and Economic Development.
• Trade Reforms and Liberalization.
• Financial sector reforms.
• Fiscal policy and fiscal reforms.

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