Mumbai University Economics

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Semester-V

Advanced economic theory growth and development
Elective Papers

Indian financial system
or
Industrial and labour economics
or
Economics of agriculture & co-operation
(in place of rural economics)
or
Economics of insurance

Elementary mathematics and statistics for
economic analysis
or
Research methodology
or
Economy of maharashtra

Introduction to econometrics
or
Evolution of economic ideas
or
International economics: theory and policy
or
Economics of gender and development
or
Regional economics

Corporate finance
Or
Export management
Or
Environmantal economics
Or
Computer applications to economic analysis

Semester-VI
ecoaet601 advanced economic theory
Ecogad602 growth and development

Group-ii elective papers

Ecoifsa603 indian financial system
Or
Ecoileb603 industrial and labour economics
Or
Ecoaacc603 agriculture & co-operation
(in place of rural economics)
Or
Ecoeoid603 economics of insurance

Ecoemsa604 elementary mathematics and statistics for
Economic analysis
Or
Ecoremb604 research methodology
Or
Ecoeomc604 economy of maharashtra

Ecoitea605 introduction to econometrics
Or
Ecoeeib605 evolution of economic ideas
Or
Ecoiepc605 international economics: theory and policy
Or
Ecoegdd605 economics of gender and development
Or
Ecoreee605 regional economics

Ecocofa606 corporate finance
Or
Ecoexmb606 export management
Or
Ecoenec606 environmantal economics
Or
Ecocaed606 computer applications to economic analysis
Or
Ecoesie606 entrepreneurship and small industries’
Management
University of Mumbai TYBA Economics syllabus
COURSE STRUCTURE
TYBA SEMESTER –V
COURSE CODE PAPER TITLE CREDIT MARKS
GROUP-I COMPULSORY PAPERS
ECOAET501 ADVANCED ECONOMIC THEORY 4 100
ECOGAD502 GROWTH AND DEVELOPMENT 4 100
GROUP-II ELECTIVE PAPERS
ECOIFSA503 INDIAN FINANCIAL SYSTEM 3 100
OR
ECOILEB503 INDUSTRIAL AND LABOUR ECONOMICS 3 100
OR
ECOEACC503 ECONOMICS OF AGRICULTURE & CO-OPERATION
(In place of Rural Economics)
3 100
OR
ECOEOID503 ECONOMICS OF INSURANCE 3 100
ECOEMSA504 ELEMENTARY MATHEMATICS AND STATISTICS FOR
ECONOMIC ANALYSIS
4 100
OR
ECOREMB504 RESEARCH METHODOLOGY 4 100
OR
ECOEOMC504 ECONOMY OF MAHARASHTRA 4 100
ECOITEA505 INTRODUCTION TO ECONOMETRICS 4 100
OR
ECOEEIB505 EVOLUTION OF ECONOMIC IDEAS 4 100
OR
ECOIEPC505 INTERNATIONAL ECONOMICS: THEORY AND POLICY 4 100
OR
ECOEGDD505 ECONOMICS OF GENDER AND DEVELOPMENT 4 100
OR
ECOREEE505 REGIONAL ECONOMICS 4 100
ECOCOFA506 CORPORATE FINANCE 3 100
OR
ECOEXMB506 EXPORT MANAGEMENT 3 100
OR
ECOENEC506 ENVIRONMANTAL ECONOMICS 3 100
OR
ECOCAED506 COMPUTER APPLICATIONS TO ECONOMIC ANALYSIS 3 100
OR
ECOESIE506 ENTREPRENEURSHIP AND SMALL INDUSTRIES’
MANAGEMENT
3 100
TYBA SEMESTER -VI
COURSE CODE PAPER TITLE CREDIT MARKS
GROUP-I COMPULSORY PAPERS
ECOAET601 ADVANCED ECONOMIC THEORY 4 100
ECOGAD602 GROWTH AND DEVELOPMENT 4 100
GROUP-II ELECTIVE PAPERS
ECOIFSA603 INDIAN FINANCIAL SYSTEM 3 100
OR
ECOILEB603 INDUSTRIAL AND LABOUR ECONOMICS 3 100
OR
ECOAACC603 AGRICULTURE & CO-OPERATION
(In place of Rural Economics)
3 100
OR
ECOEOID603 ECONOMICS OF INSURANCE 3 100
ECOEMSA604 ELEMENTARY MATHEMATICS AND STATISTICS FOR
ECONOMIC ANALYSIS
4 100
OR
ECOREMB604 RESEARCH METHODOLOGY 4 100
OR
ECOEOMC604 ECONOMY OF MAHARASHTRA 4 100
ECOITEA605 INTRODUCTION TO ECONOMETRICS 4 100
OR
ECOEEIB605 EVOLUTION OF ECONOMIC IDEAS 4 100
OR
ECOIEPC605 INTERNATIONAL ECONOMICS: THEORY AND POLICY 4 100
OR
ECOEGDD605 ECONOMICS OF GENDER AND DEVELOPMENT 4 100
OR
ECOREEE605 REGIONAL ECONOMICS 4 100
ECOCOFA606 CORPORATE FINANCE 3 100
OR
ECOEXMB606 EXPORT MANAGEMENT 3 100
OR
ECOENEC606 ENVIRONMANTAL ECONOMICS 3 100
OR
ECOCAED606 COMPUTER APPLICATIONS TO ECONOMIC ANALYSIS 3 100
OR
ECOESIE606 ENTREPRENEURSHIP AND SMALL INDUSTRIES’
MANAGEMENT
3 100
ADVANCED ECONOMIC THEORY
PREAMBLE: The Course deals with two areas of Economics viz. Microeconomics and
Macroeconomics. Macroeconomics also covers International Economics, Open- economy
macroeconomics and Public Economics.
Semester - V course covers only microeconomics including unit iv on Information Economics.
Public good games is a new topic introduced in game theory in Unit One, however other aspects
of the oligopoly market, which students have already studied in FYBA were deleted. In Unit
Three, two more topics were introduced. They are Kaldor-Hicks compensation principle and
Arrow’s Impossibility Theorem. Incorporation of these two topics will definitely help the
students to improve their understanding of welfare economics.
Semester –VI course covers various dimensions of Macroeconomics. Unit One deals with ISLM
model in detail, Unit Two deals with International Economics and is enriched by
introducing various concepts of terms of trade viz. net barter, gross barter and income terms of
trade; Unit Three deals with Open Economy Macroeconomics. In this unit Components of the
Balance of Payments is added. Unit Four is entirely devoted to Public Economics.
Incorporation of new topics such as the Coase theorem; concepts of impact, incidence and
shifting of a tax and concepts of tax incidence developed by Dalton and Musgrave will help to
improve applicability of the subject.
SEMESTER –V
COURSE CODE PAPER TITLE CREDITS MARKS
GROUP-I COMPULSORY PAPERS
ECOAET501 ADVANCED ECONOMIC THEORY PAPER - I 4 100
Unit I: Decision making under Oligopoly: (12 Lectures)
Cournot’s Model, Collusion: Cartels and Price Leadership, Game Theory: Nash Equilibrium and
Prisoner’s Dilemma, Public Goods Games.
Unit II: Theory of Factor Pricing: (14 Lectures)
Factor Pricing in Perfectly and Imperfectly Competitive Markets, Theory of Economic Rent,
Wage Determination under Bilateral Monopoly and the Role of Collective Bargaining, ,
Loanable Funds Theory; Risks, Uncertainty and Theory of Profits.
Unit III: General Equilibrium and Social Welfare: (12 Lectures)
Interdependence in the Economy – General Equilibrium and its Existence-The Pareto Optimality
Condition of Social Welfare, Marginal Conditions for Pareto Optimal Resource Allocation,
Perfect Competition and Pareto Optimality; - Kaldor- Hicks Compensation Criterion - Arrow’s
Impossibility Theorem.
Unit IV: Economics of Information: (12 Lectures)
Economics of Search: Search Costs, Information Failure and Missing Markets - Asymmetric
Information: The Market for Lemons, Adverse Selection: Insurance Markets, Market Signaling,
The Problem of Moral Hazard, The Principal-Agent Problem, Efficiency Wage Theory.
SEMESTER –VI
COURSE CODE PAPER TITLE CREDITS MARKS
GROUP-I COMPULSORY PAPERS
ECOAET601 ADVANCED ECONOMIC THEORY: PAPER - II 4 100
Unit I: IS-LM Model: (14 Lectures)
Money Market Equilibrium: The LM Curve; The Product Market Equilibrium: The IS
Curve, The IS and LM curves combined – Factors influencing Equilibrium income and the
interest Rate, Monetary influence: Shift in the LM schedule- Real influences: Shift in the IS
schedule; Relative Effectiveness of Monetary and Fiscal Policies: Policy Effectiveness and the
Slope of the IS schedule - Policy Effectiveness and the Slope of the LM schedule; Aggregate
Supply Curve, Aggregate Demand Curve and Determination of Price level - Phillips Curve.
Unit II: International Trade: (12 Lectures)
Classical Theory of International Trade, Haberler’s Theory of Opportunity Cost; Heckscher –
Ohlin Theory of Trade - Terms of Trade: Gross, Net and Income - Law of Reciprocal Demand
and Offer Curves- Equilibrium Price in International Trade, Commercial Policy - Tariffs and
their effects.
Unit III: Open Economy Macroeconomics: (12 Lectures)
Determination of Exchange Rate in Foreign Exchange Markets: Fixed and Flexible, Nominal and
Real Exchange rate - Mundell - Fleming Model- the Impossible Trinity; - Purchasing Power
Parity Theory. Balance of Payments: Components, Disequilibrium and Adjustments - Currency
Crisis.
Unit IV: Public Economics: (12 Lectures)
Public Goods, Externalities, Market Failure- Role of the state - the Coase Theorem - Principles
of Taxation: Ability to pay-principle and Benefit Principle -Concepts of Impact, Incidence and
Shifting of a Tax – Dalton’s & Musgrave’s concepts of Tax-Incidence - Demand and Supply
Theory of Incidence, Excess Burden of Taxation.
References:
1. Dornbusch R S, Fischer and R Startz, Macroeconomics 8e New Delhi Tata Mc Grow
Hill 2004 [UNIT- 6]
2. Dwiwedi D N , Principles of Economics, New Delhi, Vikas Publishing House, 2008
(UNIT- 7)
3. Froyen R T Macroeconomics : Theories and Policies , Delhi Pearson Education Asia,
2001 [UNIT- 5]
4. Mankiw N Gregory, Macroeconomics, 6e New York, Worth Publishers 2003, [UNIT-
5,6]
5. Mankiw N G , Principles of Economics, 6e New York, Worth Publishers 2003
6. Musgrave R A and P B Musgrave, Public Finance in Theory and Practice, 5e New
York, Mc Graw Hill International Edition, 1989 [UNIT- 8]
7. Koutsoyannis , Modern Microeconomics, Macmillan Press Ltd., London
8. Salvatore D Microeconomics : Theory and Applications , New Delhi Oxford, New
Delhi Oxford University Press 2006 [UNIT- 1-4]
9. Salvatore,D. (1997) International Economics, Printice Hall, New York [UNIT- 7]
10. Sodersten, Bo (1991), International Economics, The Mc Millan Press, London [UNIT- 7]
11. Stiglitz J Economics of Public Sector 3e New York W W Norton and Co 2000, [UNIT-
8]
12. Sujoy Chakravarty, Daniel Friedman, Gautam Gupta, Neeraj Hatekar, Santanu Mitra,
Shyam Sunder (2011) Economic & Political Weekly, August 27- September 2, 2011 Vol
XLVI No. 35 P 39-78
13. T.N. Hajela (2013): Macroeconomic Theory, 10th ed Ane Books Pvt. Ltd.
14. T.N. Hajela (2013): Public Finance - 3/e, Ane Books Pvt. Ltd.
GROWTH AND DEVELOPMENT
Preamble: The two papers on growth and development aim at introducing concepts, theories,
processes and policies regarding growth and development. The meaning of development as it has
evolved over the years is clarified. The contemporary as well as classical theories of growth,
development and underdevelopment are considered in detail. Theories and issues related to
population, poverty and human resources are considered. Urban and rural aspects of the
development process are studied and so too are the international aspects of development. The
approach has been to cover all important areas of development economics.
SEMESTER –V
COURSE CODE PAPER TITLE CREDITS MARKS
GROUP-I COMPULSORY PAPERS
ECOGAD502 GROWTH AND DEVELOPMENT PAPER - I 4 100
UNIT-I Meaning of Development (12)
Development and related concepts: economic growth, economic development, human
development, sustainable development, Sen’s views on development, Millennium
Development Goals (MDGs); Measurement: Income indicators and their limitations, Human
Development Index, Gender-related Development Index.
UNIT-II Theories of Development (14)
Rostow’s stages of growth, Big push, Critical Minimum Effort, Coordination Failure and
Multiple equilibria, Harrod-Domar growth model, Structural change and Lewis’ model of
unlimited supplies of labour, Solow’s growth theory, Schumpeter’s theory of development.
UNIT-III Issues in Development (10)
Rural-urban divide, development and environment, inclusive growth, rural credits,
microfinance, infrastructure in development.
UNIT-IV Poverty, Inequality and Development (14)
Measurement of poverty, Head-Count Index and Poverty Gap Indices, policy options for
alleviation of poverty, measurement of income inequality, economic growth and income
inequality – Kuznet’s inverted U hypothesis, impact of inequality on development, informal
sector.
SEMESTER -VI
COURSE CODE PAPER TITLE CREDITS MARKS
GROUP-I COMPULSORY PAPERS
ECOGAD602 GROWTH AND DEVELOPMENT: PAPER - II 4 100
UNIT-I Population and Human Resources (14)
Demographic transition, microeconomic household theory of fertility, approaches to
population policy, Human Capital and its role in development, Health and Nutrition in
development.
UNIT-II Structural Transformation (12)
The Kuznets-Clark thesis, Causes of urbanization, migration and development, policies for
the urban informal sector, women in the informal sector, Role of agriculture in economic
development, policies for rural development
UNIT-III International Aspects of Development (14)
Trade strategies for development: export promotion versus import substitution, financing of
balance of payments deficits, foreign direct investment and multinational corporations,
foreign portfolio investments and developing countries.
UNIT-IV Agencies of Development (10)
Market, State, and Voluntary sector as agencies of development, Types of Planning –
Changing role of development planning, Models of development planning, Gender
budgeting.
Role of International Agencies in development – World Bank and IMF – structural
adjustment and stabilization, WTO
References:
1. Todaro, Michael P. and Stephen C. Smith. Economic Development, 8e. Delhi: Pearson
Education, 2003.
2. Misra, S.K. and Puri. Growth and Development. Mumbai: Himalaya Publishers, 2005.
3. Thirlwall, A.P. Growth and Development 8e. New York: Palgrave MacMillan, 2005.
4. Meier, Gerald M. and James E. Rauch. Leading Issues in Economic Development, 8e. New
Delhi: Oxford Univ. Press, 2006.
For detailed syllabus , here is the attachment;