Scheme for CBCS Curriculum for B.

A Pass Course

Semester Discipline Core Language Language Discipline General Ability Skill

(DC) Core Core Specific Elective Elective Enhancement Enhancement
(LC1) (LC2) (GE) Compulsory (SEC)
Bengali / English (AEC)
MIL

DC1:Introductory Bengali 1 / -- -- -- ENVS --

Microeconomics MIL
SEM-I (6 credit) (2)

DC2:
DC3: Bengali 2 / -- Communicative --
Introductory MIL Bengali /
SEM- II Macroeconomics Communicative
(6 credit) English / MIL
(2)
DC4:

DC5: Indian -- English-1 -- -- -- SEC-1: Basic

Economy Statistics (2)
(6 credit) (6)

SEM- DC6:
III

DC7: -- English-2 -- -- -- SEC-2: Indian

Development Financial
SEM- IV Economics (6) Instruments
(6 credit) and Markets
(2)

DC8:
-- -- -- DSE1: Any one of GE- 1 -- SEC-3:
the following: Contemporary
(i) International (6) Economic
Trade Issues (2)
SEM- V (ii)Public
Finance

DSE2:
-- -- -- DSE3: Any one of -- -- SEC-4: Data
the following: Analysis (2)

(i)Money and
SEM- VI Banking

(ii)Economic
History of India
(1857-1947)

DSE4:
Total
 Economics General Syllabus
Semester –I
Course Name: DC1 (A1)
Introductory Microeconomics (6 Credit)

Exploring the subject matter of Economics

Why study economics? Scope and method of economics; the economic problem: scarcity and
choice; the question of what to produce, how to produce and how to distribute output; science of
economics; the basic competitive model; prices, property rights and profits; incentives and
information; rationing; opportunity sets; economic systems; reading and working with graphs.

Supply and Demand: How Markets Work, Markets and Welfare

Markets and competition; determinants of individual demand/supply; demand/supply schedule

and demand/supply curve; market versus individual demand/supply; shifts in the demand/supply
curve, demand and supply together; how prices allocate resources; elasticity and its application;
controls on prices; taxes and the costs of taxation; consumer surplus; producer surplus and the
efficiency of the markets.

The Households

The consumption decision - budget constraint, consumption and income/price changes, demand
for all other goods and price changes; description of preferences (representing preferences with
indifference curves); properties of indifference curves; consumer‘s optimum choice; income and
substitution effects; labour supply and savings decision - choice between leisure and
consumption.

The Firm and Perfect Market Structure

Behaviour of profit maximizing firms and the production process; short run costs and output
decisions; costs and output in the long run.

Imperfect Market Structure

Monopoly and anti-trust policy; government policies towards competition; imperfect competition
Input Markets

Labour and land markets - basic concepts (derived demand, productivity of an input, marginal
productivity of labour, marginal revenue product); demand for labour; input demand curves;
shifts in input demand curves; competitive labour markets; and labour markets and public policy.
Reference Books

• Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education Inc., 8th
Edition, 2007.
• 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.
• Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New
York, International Student Edition, 4th Edition, 2007.
 Semester -II

Course Name: DC3 (A2)

Introductory Macroeconomics (6 Credit)

Introduction to Macroeconomics and National Income Accounting

Basic issues studied in macroeconomics; measurement of gross domestic product; income,

expenditure and the circular flow; real versus nominal GDP; price indices; national income
accounting for an open economy; balance of payments: current and capital accounts

Money:

Functions of money; quantity theory of money; determination of money supply and demand;
credit creation; tools of monetary policy.

Inflation:

Inflation and its social costs; hyperinflation.

The Closed Economy in the Short Run:

Classical and Keynesian systems; simple Keynesian model of income determination; IS- LM
model; fiscal and monetary multipliers.

Reference Books

• Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010.
• N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010.
• Olivier Blanchard, Macroeconomics, Pearson Education, Inc., 5th edition, 2009.
• Richard T. Froyen, Macroeconomics, Pearson Education Asia, 2nd edition, 2005.
• Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, Inc., 7th
edition, 2011.
• Errol D‘Souza, Macroeconomics, Pearson Education, 2009.
• Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics, Pearson
Education Asia, 9th edition, 2012.
 Semester –III
Course Name: DC5 (A3)

Indian Economy

Economic Development since Independence

Major features of the economy at independence; growth and development under different policy
regimes—goals, constraints, institutions and policy framework; an assessment of performance—
sustainability and regional contrasts; structural change, savings and investment.

Population and Human Development

Demographic trends and issues; education; health and malnutrition

Growth and Distribution

Trends and policies in poverty; inequality and unemployment

International Comparisons
International Comparisons with Indian Economy

Reference Books:
• Jean Dreze and AmartyaSen, Jean Dreze and AmartyaSen, 2013. An Uncertain Glory: India
and its Contradictions, Princeton University Press.
• PulapreBalakrishnan, 2007, the Recovery of India: Economic Growth in the Nehru Era,
Economic and Political Weekly, November.
• Rakesh Mohan, 2008, ―Growth Record of Indian Economy: 1950-2008. A Story of
Sustained Savings and Investment, Economic and Political Weekly, May.
• S.L. Shetty, 2007, ―India‘s Savings Performance since the Advent of Planning, in K.L.
Krishna and A. Vaidyanathan, editors, Institutions and Markets in India’s Development.
• Himanshu, 2010, Towards New Poverty Lines for India, Economic and Political Weekly,
January.
• Jean Dreze and Angus Deaton, 2009, Food and Nutrition in India: Facts and Intepretations,
Economic and Political Weekly, February.
• Himanshu. 2011, ―Employment Trends in India: A Re-examination, Economic and
Political Weekly, September.
• Rama Baru et al, 2010, ―Inequities in Access to Health Services in India: Caste, Class and
Region, Economic and Political Weekly, September.
• Geeta G. Kingdon, 2007, ―The Progress of School Education in India, Oxford Review of
Economic Policy
• J.B.G. Tilak, 2007, ―Post Elementary Education, Poverty and Development in India,
International Journal of Educational Development.
• T. Dyson, 2008, ―India‘s Demographic Transition and its Consequences for Developmentǁ
in Uma Kapila, editor, Indian Economy Since Independence, 19th edition, Academic
Foundation.
• KaushikBasu, 2009, ―China and India: Idiosyncratic Paths to High Growth, Economic and
Political Weekly, September.
• K. James, 2008, ―Glorifying Malthus: Current Debate on Demographic Dividend in Indiaǁ
Economic and Political Weekly, June.
• ReetikaKhera, 2011, ―India‘s Public Distribution System: Utilisation and Impact Journal of
Development Studies.
• Aniruddha Krishna and DevendraBajpai, 2011, ―Lineal Spread and Radial Dissipation:
Experiencing Growth in Rural India, 1992-2005, Economic and Political Weekly,
September.
• KaushikBasu and A. Maertens, Eds, 2013, The New Oxford Companion to Economics,
Oxford University Press.
 Semester –III
Course Name: SEC-1
Basic Statistics (2 credits)

Nature of statistical data –inaccuracies and approximation, interpolation Newton’s

forward, backward and Lagrangian

Tabular and graphical presentation of non-frequency type data Univariate frequency

distributions and their graphical representation

Measures of Central tendency-The mean, median mode and other quartiles Measures of
Dispersion

Moments, Skewness and Kurtosis

Bivariate frequency distribution-Simple and multiple correlation and regression

Suggested Readings

1. J. F. Kenney and E. S. Keeping. Mathematical Statistics: Part 1 & Part II, Chapman and
Hall, New York, 1954.
2. F. E. Croxton, D. J. Cowden and S. Klein. Applied Statistics, Prentice Hall; Applied
General Statistics. 3rd ed., Prentice-Hall, Inc., 1960.
3. R.G.Hogg and A.T.Craig. Introduction to Mathematical Statistics, Prentice Hall; 6th
Edition, 2004
4. A. M. Goon, M. K. Gupta and B. Dasgupta. Fundamentals of Statistics, The World Press,
1996
 Semester –IV
Course Name: DC7 (A4)

Development Economics (6 credits)

1. Demography and Development

Demographic concepts; birth and death rates, age structure, fertility and mortality;
demographic transitions during the process of development; gender bias in preferences and
outcomes and evidence on unequal treatment within households; connections between
income, mortality, fertility choices and human capital accumulation; migration

2. Land, Labor and Credit Markets

The distribution of land ownership; land reform and its effects on productivity; contractual
relationships between tenants and landlords; land acquisition; nutrition and labor
productivity; informational problems and credit contracts; microfinance; inter- linkages
between rural factor markets.

3. Individuals, Communities and Collective Outcomes

Individual behavior in social environments, multiple social equilibria; governance in
organizations and in communities; individual responses to organizational inefficiency

4. Globalization
Globalization in historical perspective; the economics and politics of multilateral agreements;
trade, production patterns and world inequality; financial instability in a globalized world

5. India in the Global Economy

A study on India in the global economy

Reference Books
• Debraj Ray, Development Economics, Oxford University Press, 2009.
• ParthaDasgupta, Economics, a Very Short Introduction, Oxford University Press, 2007.
• Abhijit Banerjee, Roland Benabou and DilipMookerjee, Understanding Poverty, Oxford
University Press, 2006.
• Thomas Schelling, Micromotives and Macrobehavior, W. W. Norton, 1978.
• Albert O. Hirschman, Exit, Voice and Loyalty: Responses to Decline in Firms,
Organizations and States, Harvard University Press, 1970.
• RaghuramRajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy,
2010.
• ElinorOstrom, Governing the Commons: The Evolution of Institutions for Collective
Action, CambridgeUniversity Press, 1990.
• DaniRodrik, The Globalization Paradox: Why Global Markets, States and Democracy
Can’t Coexist, Oxford University Press, 2011.
 • Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (ed.), Globalization in
Historical Perspective, University of Chicago Press, 2003
Semester –IV
Course Name: SEC-2
Indian Financial Instruments and Markets (2 credits)

Indian Financial System

• Meaning of financial system -significance and objectives of Indian financial system
• Financial intermediary , non-intermediary and other financial institutions
• Structure of Indian financial system –financial institutions, financial markets, financial
instruments of India
• Financial Service in India
Indian Banking System
• Concept and definition of Bank
• Commercial Banks- concept and functions, credit creation process
• Concept of Central Bank, functions of RBI-quantities and qualitative functions
Other Financial institutions
• Introduction to other financial institutions
• Insurance organisation
• LICI, GICI-structure, function
• Concept and evolution of Mutual Fund
Indian Money Market
• Introduction of Indian Money Market- concept, Definition, function and classification
• Characteristics of Indian Money Market
• Structure of Indian Money Market
• Instruments of Money market- Treasury Bill, Commercial Bill, Certificate of Deposit,
Acceptance House, Discount House, Call Money market
Indian Capital Market
• Introduction of Indian Capital Market- concept, definition, function
andclassification
• Characteristics of Indian Capital Market
• Structure of Indian Capital Market
• Reforms of Indian Capital Market
• Difference between Money Market and Capital market
 • Regulators of Indian Capital Market
• Security Market
• New issue market and Secondary market- concept, functions
• Methods of Trading of Securities in Stock Exchange
• Share Index- SENSEX- BSE, NIFTY
• SEBI –objectives and functions

Suggested Readings:
1. Nayak and Sana (2014) – Indian Financial System and Financial Market Operations. Rabindra
Library
2. Nandi Ajay kumar (2009) - Indian Financial System and Financial Market Operations.
B.B.Kundu Grandsons
3. Rules, Regulations and Byelaws of NSEIL & NSCCL
4. Indian Securities Market: A Review - NSEIL publication
5. NSE Newsletter – NSEIL publication
6. L. M. Bhole and J. Mahukud: Financial Institutions and Markets, Tata McGraw Hill, 5th
edition, 2011.
7. Larry Harris: Trading and Exchanges –Market Microstructure for practitioners, OUP
8. Modules for NCFM, NSE.
9. R. Nangalia and S. Kothari: Basics of Stock Market, Flame Investment Lab.
 Semester –V
Course Name: DSE1 (A1)
International Trade (Option 1)

Basics of trade theory

Arbitrage as basis and direction of trade; fundamental sources of cross-country price differences
and arbitrage; concept of comparative advantage; externalities, regulation and perverse
comparative advantage; International equilibrium; offer curves,
Technology and Trade (Ricardian Model)
Comparative versus Absolute Advantage, One-factor economy, production possibility frontier,
relative demand and relative supply, terms of trade; Trade in Ricardian world, Determination of
intermediate ToT,

Trade Policy
Partial Equilibrium Analysis: Tariff - cost–benefit, Quota, Quota- Tariff equivalence & non-
equivalence, effects of tariff, quota, subsidy and voluntary export restraint; General Equilibrium
Analysis- distinction between large and small economy, welfare effects of a tariff on small
country and large country, Offer curve and ToT, Tariff ridden offer curve, Tariff war, Optimum
tariff for large economy, Metzler’s Paradox.
Balance of Payments & Exchange Rate:
Balance of Payment accounts in an open economy; Determination of National Income, Transfer
problem, Introduction of foreign Country & repercussion effect - open economy multiplier with
& without repercussion effect; Fixed &Flexible Exchange Rate: adjustment of demand and
supply of Foreign Exchange, Effect of devaluation, Effects of exchange rate on domestic prices
and ToT,
International Organisations: GATT, WTO and IMF

Suggested Readings:
1. P. Krugman and M. Obstfeld- International Economics (8th Edition) ; Pearson Education
2. R. Caves, J. Frankel and R.W. Jones – World Trades & Payments (9th Ed); Pearson Education.
3. RajatAcharyya- International Economics; Oxford University Press, 2013.
4. Giancarlo Gandolfo, International Trade Theory and Policy, Springer, 2014
 Semester –V
Course Name: DSE1 (A1)
Public Finance (Option 2)

Fiscal Functions:

1. Overview of Fiscal Functions, Tools of Normative Analysis, Pareto Efficiency, Equity and the
Social Welfare.
2. Market Failure, Public Good and Externalities.
3. Elementary Theories of Product and Factor Taxation (Excess Burden and Incidence).

Issues from Indian Public Finance

1. Current Issues of India’s Tax System.

2. Working of Monetary and Fiscal Policies.
3. Analysis of Budget and Deficits
4. Fiscal Federalism in India
5. State and Local Finances

Reference Books
• Musgrave, R.A. and P.B. Musgrave, Public Finance in Theory and Practice, Mc- Graw
Hill, 1989.
• Mahesh Purohit , “Value Added Tax: Experience of India and Other Countries”, Gayatri
Publications, 2007.
• KaushikBasu, and A. Maertens (ed.), The Oxford Companion to Economics in India,
Oxford University Press, 2007.
• M.M Sury, Government Budgeting in India, Commonwealth Publishers, 1990.
• Shankar Acharya, “Thirty years of tax reform” in India, Economic and Political Weekly,
May 2005.
• Government of India, Report of the 13th Finance Commission.
• Economic Survey, Government of India (latest).
• State Finances: A Study of Budgets, Reserve Bank of India (latest).
 Semester –V
Course Name: SEC3
Contemporary Economic Issues (2 Credits)

Recent economic issues

1. Fiscal Policy, need for government spending, area of government spending in India.
2. Capital Expenditure, revenue expenditure, plan expenditure, non-plan expenditure.
3. Deficits (fiscal, primary, revenue), impact of fiscal deficits on economy, need to control fiscal deficits.
4. Capital receipts, revenue receipts, tax and non-tax revenue, direct and indirect taxes, need to rationalize tax
structure. Goods and Services Tax (GST).
5. Actuals, Revised Estimates, Budget Estimates
6. Zero-base budgeting
7. Gender budgeting
8. Fiscal devolution and centre-state financial relations in India
9. Index Numbers: Laspeyres, Paasche and Ideal index numbers, WPI, CPI and implicit deflators

Economic Survey:

Understanding Economic Survey

Union Budget:

Need for the budget, Understanding the process of budget making in India, Analysis of budget in terms
of various parameters such as:

1. Deficits: trends in fiscal deficit and revenue deficit

2. Receipts: proposed sources of revenue and expected growth in revenue; steps taken to increase
revenue such as tax simplification, improvement in tax administration, expansion of tax net;
3. Expenditure: expenditure pattern and expected growth in expenditure;
4. The thrust areas of the budget; areas/ sectors which have received higher or lower share of
expenditure, reasons and consequences thereof; steps proposed to ensure effective spending

Reference Books
Economic Survey (latest), Government of India, Ministry of Finance. Full chapter (excluding boxed items)
On‘Economic Outlook, Prospects, and Policy Challenges’ and ‘Fiscal Framework’. Other selections to be
determined each year.

‘Understanding the Budget Concepts and Terminologies’, Centre for Budget and Governance Accountability
http://www.cbgaindia.org/files/documents/Understanding%20the%20Budget%20Concepts%20and%20
Terminologies.pdf
The Key to Budget Documents, Budget At A Glance, Macroeconomic Framework Statement, Medium Term
Fiscal Policy Statement and Fiscal Policy Strategy Statement , all available at indiabudget.nic.in.
Economic and Social Classification of the Budget, available at http://finmin.nic.in/reports/
FunClass201415.pdf. http://www.unionbudget.nic.in/ub2016-17/bh/bh1.pdf (For Budget 2016-17 highlights)

Pranab Mukherjee (2012), “Budget Making”, in K. Basu and A. Maertens (eds), The New Oxford
Companion to Economics in India, OUP.
DipakDasgupta and Supriyo De (2012), “Fiscal Deficit”, in Basu and Maertens.
Uma Kapila (2016), “Fiscal and Budgetary Developments”, in Indian Economy Since Independence,
Academic Foundation, latest edition.

Y V Reddy (2015), “Continuity, Change and The Way Forward: Fourteenth Finance Commission”,
EPW Vol. 50, Issue No. 21, 23 May, 2015

14th Finance Commission Reporthttp://finmin.nic.in/14fincomm/14thFinanceCommission.htm

 Semester –VI
Course Name: DSE3 (A2)
Money and Banking (Option 1)

Money
Concept, functions, measurement; theories of money supply determination

Financial Institutions, Markets, Instruments and Financial Innovations

1. Role of financial markets and institutions; problem of asymmetric information – adverse

selection and moral hazard; financial crises.
2. Money and capital markets: organization, structure and reforms in India; role of financial
derivatives and other innovations.

Interest Rates

Determination; sources of interest rate differentials; theories of term structure of interest rates;
interest rates in India.

Banking System

1. Balance sheet and portfolio management.

2. Indian banking system: Changing role and structure; banking sector reforms

Central Banking and Monetary Policy

Functions, balance sheet; goals, targets, indicators and instruments of monetary control;
monetary management in an open economy; current monetary policy of India.

Reference Books

• F. S. Mishkin and S. G. Eakins, Financial Markets and Institutions, Pearson Education,

6th edition, 2009.
• F. J. Fabozzi, F. Modigliani, F. J. Jones, M. G. Ferri, Foundations of Financial Markets
and Institutions, Pearson Education, 3rd edition, 2009.
• M. R. Baye and D. W. Jansen, Money, Banking and Financial Markets, AITBS, 1996.
• Rakesh Mohan, Growth with Financial Stability- Central Banking in an Emerging
Market, Oxford University Press, 2011.
• L. M. Bhole and J. Mahukud, Financial Institutions and Markets, Tata McGraw Hill, 5th
edition, 2011.
• M. Y. Khan, Indian Financial System, Tata McGraw Hill, 7th edition, 2011.
• N. Jadhav, Monetary Policy, Financial Stability and Central Banking in India, Macmillan,
2006.
 • R.B.I. – Report of the Working Group: Money Supply Analytics and Methodology of
Compilation, 1998.
• R.B.I. Bulletin, Annual Report and Report on Currency and Finance (latest).
Semester –VI
Course Name: DSE4 (A2)
Economic History of India (1857-1947) (Option 2)

Introduction: Colonial India: Background and Introduction

Overview of the colonial economy
Macro Trends
National Income; population; occupational structure.
Agriculture
Agrarian structure and land relations; agricultural markets and institutions – credit, commerce and
technology; trends in performance and productivity; famines.

Railways and Industry

Railways; the de-industrialization debate; evolution of entrepreneurial and industrial structure;
nature of industrialization in the interwar period; constraints to industrial breakthrough; labor
relations.

Economy and Statein the ImperialContext

The imperial priorities and the Indian economy; drain of wealth; international trade, capital flows
and the colonial economy – changes and continuities; government and fiscal policy.

Reference Books
Lakshmi Subramanian, “History of India 1707-1857”, Orient Blackswan, 2010, Chapter 4.
SumitGuha, 1991, ‗Mortality decline in early 20th century India‘, Indian Economic and Social History
Review (IESHR), pp 371-74 and 385- 87.
Tirthankar Roy, The Economic History of India 1857-1947, Oxford University Press, 3rd edition, 2011.
J. Krishnamurty, Occupational Structure, Dharma Kumar (editor), The Cambridge Economic History of India,
Vol. II, (henceforth referred to as CEHI), 2005, Chapter 6.
Irfan Habib, Indian Economy 1858-1914, A People‘s History of India, Vol.28, Tulika, 2006.
Ira Klein, 1984, ―When Rains Fail: Famine relief and mortality in British Indiaǁ, IESHR 21.
Jean Dreze, Famine Prevention in India in Dreze and Sen (eds.) Political Economy of Hunger, WIDER
Studies in Development Economics, 1990, pp.13- 35.
John Hurd, Railways, CEHI, Chapter 8, pp.737-761.
Rajat Ray (ed.), Entrepreneurship and Industry in India, 1994.
AK Bagchi, ―Deindustrialization in India in the nineteenth century: Some theoretical implications,
Journal of Development Studies, 1976.
MD Morris, Emergence of an Industrial Labour Force in India, OUP 1965, Chapter 11, Summary
and Conclusions.
K.N. Chaudhuri, Foreign Trade and Balance of Payments, CEHI, Chapter 10.
B.R. Tomlison, 1975, India and the British Empire 1880-1935, IESHR, Vol.XII.
Dharma Kumar, the Fiscal System, CEHI, Chapter 12.
Basudev Chatterjee, Trade, Tariffs and Empire, OUP 1992, Epilogue.
IrfanHabib, Indian Economy 1858-1914 (A People‘s History of India), Vol.28, Tulika 2006.
Daniel Thorner, Agrarian Prospect in India, 1977

Semester- VI
Course Name: SEC4
Data Analysis (2 Credits)

Unit – 1

1. Sources of data. Population census versus sample surveys. Random sampling.

2. Frequency distribution and summary Statistics.

Unit – 2

Analysis of Indian Data: Economic Survey, RBI Bulletin on currency and finance, ASI DATA,
Foreign Trade Statistics, NSSO Consumer surveys.

Unit – 3

Application of Statistics
Estimation of descriptive statistics: mean, median, mode, measures of dispersion, skewness and
kurtosis, simple correlation; Graphical representation of data sets: pie chart, bar chart, linear and
nonlinear curve fitting;

Reference Book

• P.H. Karmel and M. Polasek (1978), Applied Statistics for Economists, 4th edition,
Pitman.
• M.R. Spiegel (2003), Theory and Problems of Probability and Statistics (Schaum Series).
• Official websites of RBI, Government of India, NSS, ASI.