Note: For the Students taken admission after 2015-16
Paper I : MACRO-ECONOMICS AND PUBLIC FINANCE M.M. 75
Macro-economics : Meaning, Nature, Scope, Importance and Limitations. Types of Macroeconomics.
Basic Concepts of Macroeconomics. Output and Expenditure Flows.
National Income : Meaning, Measurement and Importance.
Classical Theory of Employment : Say’s Law of Markets and Keynes’s Theory of Employment.
Aggregate Demand and Aggregate Supply Functions. The Principle of Effective Demand. Consumption
Function. Average and Marginal Propensity to Consume. Factors Influencing Consumption Spending.
Keynesian Economics and Developing Countries.
Public Finance : Meaning, Nature, Scope, Role and Importance. Principle of Maximum Social Advantage.
Public Expenditure : Meaning, Scope, reason & Canon, Aims and Objects, Classification, Principles and
Importance. Effects of Public Expenditure.
Public Revenue : Meaning, Sources and Classification. Taxation : Meaning, Characteristics, Objectives,
Canons and Elements of a Good Tax System. Kinds of Taxes. Principles of Taxation. Impact, Incidence
and Shifting of Taxes. Taxable Capacity. Effects of Taxation.
Public Debt : Meaning, Objectives and Sources. Effects and Burden of Public Debt. Methods of Debt
Redemption. Role of Public Debt in Developing Countries. Management of Public Debt. Deficit
Financing. Fiscal Policy : Meaning, Objectives in a developing Economy.
Recommended Reading: ( Latest Editions ) :
1. Dewett, K.K. : Modern Economic Theory.
2. Sethi, T.T. : Macro Arthashastra.
3. Seth, M.L. : Macro Economics.
4. Mithani, D.M. : Macro Economics.
5. Ackley, G. : Macroeconomics: Theory and Policy.
6. Schapiro, E. : Macroeconomic Analysis.
7. Mithani, D.M. : Modern Public Finance.
8. Andley, K.K. and Sundharam, K.M.P. : Public Finance and Public Economics.
Paper II
: MONEY, BANKING AND INTERNATIONAL TRADE
M.M. 75
Nature, Functions,
Significance and Classification of Money. Role of Money in Capitalist, Socialist
and Mixed Economies. Monetary Standards. Gresham’s Law. Systems of Note Issue.
Supply
of and Demand for Money. The Quantity Theory of Money. Income Theory of Money.
Keynes’ Theory
of Money and Prices. Value of Money and its Measurement. Inflation and Deflation
– Definition, Types, Causes and Effects on Different Sectors. Phases of Trade
Cycle, Contra-cyclical
Policies. Trade-off between Inflation and Unemployment.
Financial
Markets: Money and Capital Markets. Commercial Banking : Meaning, Functions,
Credit
Creation – Process, Purpose and Limitations. Recent Reforms in Banking Sector
in India. Central Banking
: Meaning, Necessity, Principles, Comparison and Functions. Objectives and Methods of
Credit Control. Role and Functions of the Reserve Bank of India. Monetary Management
in India.
Inter-regional
and International Trade. Classical and Modern Theories of International Trade : Theory of
Absolute Advantage, Theory of Comparative Advantage, Heckscher-Ohlin Theory. Gains
from Trade. Balance of Payments and Balance of Trade. Disequilibrium in the
Balance of Payments:
Causes and Correction.
Rate of Exchange.
Theories of Exchange Rate Determination. Fixed vs. Flexible Exchange Rates.
Exchange Control. Free Trade vs. Protection. International Monetary Fund. World
Bank. GATT/WTO.
Recent Changes in the Composition and Direction of India’s Foreign Trade. Need for and
Rationale of Trade Reforms in India (including partial and full convertibility
of rupee). Instruments
of Export Promotion. India’s Foreign Trade Policy Since 1991.
Recommended
Reading: ( Latest Editions ) :
1. Ackley,
G. : Macroeconomics: Theory and Policy.
2. Kindleberger,
C.P. : International Economics.
3. Sodersten,
Bo : International Economics.
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