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Sem-2 Macro Economics

The document outlines the course details for a Macro Economics class in the B.A. B.Ed. program, including objectives, outcomes, and content structure. Key topics include macroeconomic analysis, national income calculations, Keynesian principles, and money theory. The course involves various teaching methods and activities to enhance understanding of macroeconomic concepts.

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99 views3 pages

Sem-2 Macro Economics

The document outlines the course details for a Macro Economics class in the B.A. B.Ed. program, including objectives, outcomes, and content structure. Key topics include macroeconomic analysis, national income calculations, Keynesian principles, and money theory. The course involves various teaching methods and activities to enhance understanding of macroeconomic concepts.

Uploaded by

tiwaryutsav380
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Semester-II

Macro Economics
Course Details
Programme B.A. B.Ed. Course Code BAE121070
Semester II Credits 5+1
Contact Hours 60 Hours End Term & Internal Marks 60 & 40
Transaction Style Lecture, Group interaction, Discussion, Material review, Presentatio,
Assignment, Collaborative work, Seminars, Symposium, Case Studies,
Projects/fieldwork, Tutorial

Course Objectives:
o To differentiate between macro statics, macro dynamics, and comparative statics in the
context of macroeconomic analysis.
o To identify and resolve issues such as double counting in national income calculations and
understand the concepts of real and nominal GDP.
o To analyze Keynesian principles such as Effective Demand, aggregate demand, aggregate
supply, the consumption function (APC, MPC, and Keynes’s Psychological Law of
Consumption) and Investment function.
Course Outcomes:
After completing this course, the students will be able to:
• differentiate between macro statics, macro dynamics, and comparative statics, applying
these concepts to analyze macroeconomic phenomena.
• calculate and interpret GDP, GNP, NDP, and NNP at both market price and factor cost,
utilizing various measurement methods such as the product, expenditure, and income
methods.
• analyze the circular flow of income in different economic sectors, including its implications
for economic stability and growth.
• analyze Keynesian concepts such as Effective Demand, aggregate demand, aggregate
supply, and the consumption function (APC, MPC, and Keynes’s Psychological Law of
Consumption), applying them to real-world economic scenarios.
• evaluate the Classical Approach and Keynesian Liquidity Preference theory regarding the
demand for money and analyze their implications for monetary policy.

Course Contents
Unit-1: Introduction to Macroeconomics
• Nature, Scope, and Limitations of Macroeconomics,
• Distinction Between Macroeconomics and Microeconomics
• Macro Static, Macro Dynamics, and Comparative Statics
Unit-2: National Income and Its components
• Concept and Measurement of GDP; GNP; NDP; NNP at Market Price and Factor Cost.
• Methods of Measuring National Income (Product Method; Expenditure Method; Income
Method)
• Problem of Double counting
• Real and Nominal GDP; GDP Deflator
• Social Accounting
• The Circular Flow of Income in a Two Sector, Three Sector and Four Sector Model
• National Income and Economic Welfare
• Green Accounting.

Unit-3: Macro Economic Theory


• Classical Theory of Employment
• Say’s Law of market; Classical Dichotomy
• The Principle of Effective Demand: Aggregate Demand, and Aggregate Supply,
• Consumption function; APC; MPC; Keynes’s Psychological Law of Consumption
• Saving Function; APS; MPS; Determinants of Savings; The Paradox of Thrift
• Investment Function; Autonomous and Induced Investment; Marginal Efficiency of
Capital (MEC); Marginal Efficiency of Investment (MEI); Tobin’s Q Theory of
Investment.
• Saving Investment Equality: Classical View and Keynesian View
• Keynesian Theory of Employment
• Concept of Multiplier; Theory of Acceleration,

Unit-4: Approaches for Money


• Nature and Definition of Money; Types of Money; Functions of money
• Money and Near Money; Inside and Outside Money
• Demand for Money: Scale Viewpoint and Substitution Viewpoint,
• Theories of Demand for Money: Classical Approach and Keynesian’s Liquidity
Preference Theory
• Supply of Money: Definition, Determinants of Money Supply, High powered Money,
Money Multiplier,
• Measures of Money Supply in India

Unit-5: Quantity Theory of Money and its Variants


• Value of Money, Quantity Theory of Money: Fisher’s Cash Transactions Theory and
Cambridge Cash Balance Approach
• Transaction Theory Vs. Cash Balance Theory
• Superiority of Cash Balance Theory over Transaction Theory
Suggested Course Based Activities (Any Two of the following):

1. Debate on Macroeconomics vs. Microeconomics


2. Workshop on National Income Accounting with hypothetical Data.
3. Poster Making
4. Group discussion and presentation.
5. Case Study
6. Simulation Game
7. Conducting survey
8. Paper cutting

Text Books
1. Ahuja, H.L., Advanced Macro Economics, S. Chand Publications. (Both in English &
Hindi).
2. Jhingan, M.L., Macro Economics, Vrinda Publication (Both in English & Hindi).
3. Dornbusch, Fischer, Startz, Macro Economics, Mc Graw Hill, 11th edition, 2010.
4. E. Shapiro, Macro- Economic Analysis, Galgotia Publications, New Delhi
5. N. Gregory Mankiw, Macro Economics, Worth Publishers, 11th edition, 2021
6. Seth, M.L., Macro Economics, Laxmi Narayan Publications (Both in English &Hindi).
7. D.L. Romer, (1996): Advanced Macroeconomics, McGraw Hill Company Ltd., New
York.
8. G. Ackley, (1978): Macroeconomics: Theory and Policy, Macmillan, New York.
9. Hall, R.E. and J.B. Taylor (1986): Macroeconomics, W.W. Norton, New York.
10. Heijdra, B.J. and V.P. Frederick (2001): Foundations of Modern Macroeconomics,
Oxford University Press, New Delhi.
11. R. Dornbusch and F. Stanley (1997): Macroeconomics, McGraw Hill, Inc., New York.

References:
1. S.B Gupta: Monetary Economics Institutions Theory and Policy.
2. M. R. Baye and D. W. Jansen, Money, Banking and Financial Markets, AITBS, 1996
3. R.D. Gupta, Introduction to Keynesian Theory

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