M.Sc. Economics or Master of Science in Economics is a postgraduate Economics course. It is the social science which analyses the production, distribution, and consumption of goods and services. The duration of M.Sc. (Economics) is mostly of two academic years but it may vary from institute to institute and may be on part time basis by certain institutes. The Master’s degree course is an important and valuable one that provides many job opportunities to the candidates after having passed it successfully. The syllabus for the course is divided into two semesters.
M.Sc. Economics Eligibility
M.Sc. Economics Course Suitability
Syllabus of Economics as prescribed by various Universities and Colleges.
Sem. I (Paper: I)  
Sr. No.  Subjects of Study 
I  Demand Analysis: Utility theory – Ordinal approachIndifference curve (income and substitution effects, Slutsky theorem, compensated demand curve) and their applications; Revealed preference theory; Revision of demand theory by Hicks; Characteristics of goods approach (Lancaster); consumer’s choice involving risk (NM hypothesis) – FriedmanSavage, Markowitz hypotheses; indirect utility functions (duality theory); Recent developments in demand analysis (pragmatic approach and linear expenditure systems); Intertemporal consumption; Elementary theory of price formation – demand and supply equilibrium; Cobweb theorem; lagged adjustment in interrelated markets. 
II  Theory of Production and Costs Production function – short period and long period; law of variable proportions and returns to scale; Isoquants – Least cost combination of inputs; Returns to factors; Economies of scale; Multiproduct firm; Elasticity of substitution; Euler’s theorem; Technical progress and production function; CobbDouglas, CES, VES and Translog production functions and their properties; Empirical work on production functions; Traditional and modern theories of costs – Empirical evidence; Derivation of cost functions from production functions; derived demand for factors. 
III  Price and Output Determination–Perfect competition and Monopoly Marginal analysis as an approach to price and output determination: perfect competition–hort run and long run equilibrium of the firm and industry, price and output determination, supply curve; Monopoly–short run and long run equilibrium, price discrimination, welfare aspects, monopoly control and regulation. 
IV  Monopolistic Competition and Oligopoly Models Monopolistic competition – general and Chamberlin approaches to equilibrium, equilibrium of the firm and the group with product differentiation and selling costs, excess capacity under monopolistic and imperfect competition, criticism of monopolistic competition; Oligopoly – Noncollusive (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg’s solution) and collusive (Cartels and mergers, price leadership and basing point price system) models; Price and output determination under monopsony and bilateral monopoly; Workable competition – Structure, conduct and performance norms – Concept of Contestable Market and global competition Baumol). 
V  Alternative Theories of the Firm Critical evaluation of marginal analysis; Baumol’s sales revenue maximization model; Williamson’s model of managerial discretion; Marris model of managerial enterprise; Full cost pricing rule; Bain’s limit pricing theory and its recent developments including SylosLabini’s model; Behavioural model of the firm; Game theoretic models. 
Sem. I (Paper II)  
I  National Income Circular flow of income in two, three and foursector economy; National income aggregates – measurement and interrelationship; National income and welfare. 
II  Classical Macro Economics Simple Classical model –equilibrium output and employment; Quantity Theory of Money; Classical theory of interest rate; policy implications of the Classical equilibrium model; Classical model with savings and investment. 
III  The Keynesian System Equilibrium in the Product Market – The aggregate demand and aggregate supply approach, Savings Investment approach; Changes in equilibrium income – the Multiplier; The Keynesian theory of interest rate and money demand. 
IV  Consumption Function Keynes’ psychological law of consumption; short run and long run consumption function; Income consumption relationship – absolute income, relative income, life cycle and permanent Income hypothesis; consumption function puzzle; Kuznets’ consumption function and Kuznets’ findings. 
V  Investment Function Components of investment; marginal efficiency of capital and investment; accelerator and investment behaviour. 
Sem. I (Paper III)  
I  Terminology, Concepts and tools Constants, variables, parameters, intercepts CoefficientsFunctionsinverse, general and specific functionsEquationsApplicationsDemand and supply functionsCost and revenue functions Consumption functionIS & LM functions Multivariable FunctionsMarket equilibrium. 
II  Differential Calculus Rules of differentiationslopeslinear and nonlinear functionspartial derivativeshigher order derivativesYoung’s TheoremConstrained & unconstrained optimization Lagrangian Multiplier InterpretationUse of derivatives in economics – Maximization, minimization, elasticities  Utility function – production function – revenue, cost and profit functions (simple problems). 
III  Integration Conceptsimple rules of integrationapplication to Consumer’s surplus & producer’s surplusCosts & revenues. 
IV  Matrices Fundamentals of linear algebramatrix, solving equationsCrammer’s ruleUsesInputoutput analysis. 
V  Linear Programming Basic Concepts, formulation of an LP problemfeasible, basic and optimal solution graphic and simplex methods formulation of the dual of a programme and its interpretation applications of LP technique. 
Sem. I (Paper IV)  
I  Economic development and its Determinants:  
II  Demographic Features & Infrastructure:  
III  Important Issues:  
IV  Foreign Trade:  
V  National Income, Planning and Economic Reforms: 
Sem. I (Paper V)  
I  Introduction: 
II  Public choice and rationale for public policy: 
III  Taxation I:  
• Effects of Taxation, Tradeoff between Equity and Efficiency  
IV  Taxation II:  
V  Public Expenditure: 
Sem. I (Paper VI)  
 Objective: To create awareness regarding current trends, issues and research as related to various aspects of economics. Students will be assigned a topic in the beginning of the semester. They will be required to prepare and submit a project report on the same. A panel of external examiners will evaluate the same. 
Sem. II (Paper I)  
Unit  Subjects of Study 
I  Distribution Neoclassical approach – Marginal productivity theory; Product exhaustion theorem; Elasticity of technical substitution, technical progress and factor shares; Theory of distribution in imperfect product and factor markets; Macro theories of distribution – Ricardian, Marxian, Kalecki and Kaldor’s. 
II  Welfare Economics Pigovian welfare economics; Pareto optimal conditions; Value judgement; Social welfare function; Compensation principle; Inability to obtain optimum welfare – Imperfections, market failure, decreasing costs, uncertainty and nonexistent and incomplete markets; Theory of Second Best – Arrow’s impossibility theorem; Rawl’s theory of justice, equity efficiency trade off. 
III  General Equilibrium Partial and general equilibrium, Walrasian excess demand and inputoutput approaches to general equilibrium, existence, stability and uniqueness of equilibrium and general equilibrium, coalitions and monopolies; Production without consumption – one sector model, homogeneous functions, income distribution; Production without consumption – two sector model, relationship between relative commodity and factor prices (Stolper Samuelson theorem), relationship between output mix and real factor prices, effect of changes in factor supply in closed economy (Rybczynski theorem), production and consumption – Introduction of contributions of Arrow and Debreu to General equilibrium analysis. 
IV  Economics of Uncertainty Individual behaviour towards risk, expected utility and certainty equivalence approaches, risk and risk aversion – sensitivity analysis, gambling and insurance, the economics of insurance, cost and risk, risk pooling and risk spreading, meanvariance analysis and portfolio selection, optimal consumption under uncertainty. 
V  Competitive Firm under Uncertainty Factor demand underprice uncertainty, the economics of search – different models, the efficient market hypothesis, stochastic models of inventory demand; Market with incomplete information, search and transaction costs, the economics of information. 
Sem. II (Paper II)  
I  Neo Classical and Keynesian Synthesis the IS LM model; factors that affect the equilibrium income and interest rate; relative effectiveness of monetary and fiscal policies. 
II  Macroeconomics in an open economy Mundell  Flemming model, imperfect capital mobility, perfect capital mobility. 
III  Inflation and unemployment Inflation –Unemployment trade off  The Phillips Curve; The natural rate of unemployment hypothesis and Adaptive expectation hypothesis; Relationship between short run and long run Phillips’ Curve; Sacrifice Ratio and Policy of disinflation. 
IV  Business Cycles Theories of Kaldor, Samuelson and Hicks; Goodwin’s model; Control of business cycles –relative efficacy of monetary and fiscal policies. 
V  New Classical Macroeconomics the Keynesian Theory and the New Classical (Lucas) critique; Rational Expectations Model and its policy implications; A critical evaluation of Rational Expectations Model. 
Sem. II (Paper III)  
I  Univariate Analysis Measures of central tendency, dispersion  standard deviation, coefficient of variation, Lorenz curve, Gini concentration ratio – Skewness (simple problems). 
II  Regression Analysis Correlation, regression, simple, multiple, linear (simple problems) – OLSassumptionsviolation of assumptions  heteroscedasticity, autocorrelation and multicollinearity (concepts only). Interpretation of Coefficient Introduction to nonlinear regression. 
III  Probability and distributions 
IV  Sampling Distributions Sampling distribution, standard errortesting of hypothesis: 
V  Index numbers and Time Series Uses, selection of number of items, base year price relativesFisher’s ideal indexFactor reversal testTime reversal test Chain indexBase shifting –conversion of current price data into constant price data price index numbers in India – Components of time series  Moving averagesStraight line trend Seasonal Index. 
Sem. II (Paper IV)  
I  Agricultural Sector I: 
II  Agricultural Sector II: 
III  Industrial Sector I: 
IV  Industrial Sector II: 
V  Prices, Money & Banking: 
Sem. II (Paper V)  
I  Public Debt: 
II  Fiscal Policy: 
III  Deficit Financing: 
IV  Investment Evaluation: 
V  Federal Finance: 
Sem. II (Paper VI)  
1  Objective: 
How is M.Sc. Economics Course Beneficial?
Syllabus of Economics as prescribed by various Universities and Colleges.
Sem. I (Paper: I) 

Sr. No. 
Subjects of Study 
I 
Demand Analysis: Utility theory – Ordinal approachIndifference curve (income and substitution effects, Slutsky theorem, compensated demand curve) and their applications; Revealed preference theory; Revision of demand theory by Hicks; Characteristics of goods approach (Lancaster); consumer’s choice involving risk (NM hypothesis) – FriedmanSavage, Markowitz hypotheses; indirect utility functions (duality theory); Recent developments in demand analysis (pragmatic approach and linear expenditure systems); Intertemporal consumption; Elementary theory of price formation – demand and supply equilibrium; Cobweb theorem; lagged adjustment in interrelated markets. 
II 
Theory of Production and Costs Production function – short period and long period; law of variable proportions and returns to scale; Isoquants – Least cost combination of inputs; Returns to factors; Economies of scale; Multiproduct firm; Elasticity of substitution; Euler’s theorem; Technical progress and production function; CobbDouglas, CES, VES and Translog production functions and their properties; Empirical work on production functions; Traditional and modern theories of costs – Empirical evidence; Derivation of cost functions from production functions; derived demand for factors. 
III 
Price and Output Determination–Perfect competition and Monopoly Marginal analysis as an approach to price and output determination: perfect competition–hort run and long run equilibrium of the firm and industry, price and output determination, supply curve; Monopoly–short run and long run equilibrium, price discrimination, welfare aspects, monopoly control and regulation. 
IV 
Monopolistic Competition and Oligopoly Models Monopolistic competition – general and Chamberlin approaches to equilibrium, equilibrium of the firm and the group with product differentiation and selling costs, excess capacity under monopolistic and imperfect competition, criticism of monopolistic competition; Oligopoly – Noncollusive (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg’s solution) and collusive (Cartels and mergers, price leadership and basing point price system) models; Price and output determination under monopsony and bilateral monopoly; Workable competition – Structure, conduct and performance norms – Concept of Contestable Market and global competition Baumol). 
V 
Alternative Theories of the Firm Critical evaluation of marginal analysis; Baumol’s sales revenue maximization model; Williamson’s model of managerial discretion; Marris model of managerial enterprise; Full cost pricing rule; Bain’s limit pricing theory and its recent developments including SylosLabini’s model; Behavioural model of the firm; Game theoretic models. 
Sem. I (Paper II) 

I 
National Income Circular flow of income in two, three and foursector economy; National income aggregates – measurement and interrelationship; National income and welfare. 
II 
Classical Macro Economics Simple Classical model –equilibrium output and employment; Quantity Theory of Money; Classical theory of interest rate; policy implications of the Classical equilibrium model; Classical model with savings and investment. 
III 
The Keynesian System Equilibrium in the Product Market – The aggregate demand and aggregate supply approach, Savings Investment approach; Changes in equilibrium income – the Multiplier; The Keynesian theory of interest rate and money demand. 
IV 
Consumption Function Keynes’ psychological law of consumption; short run and long run consumption function; Income consumption relationship – absolute income, relative income, life cycle and permanent Income hypothesis; consumption function puzzle; Kuznets’ consumption function and Kuznets’ findings. 
V 
Investment Function Components of investment; marginal efficiency of capital and investment; accelerator and investment behaviour. 
Sem. I (Paper III) 

I 
Terminology, Concepts and tools Constants, variables, parameters, intercepts CoefficientsFunctionsinverse, general and specific functionsEquationsApplicationsDemand and supply functionsCost and revenue functions Consumption functionIS & LM functions Multivariable FunctionsMarket equilibrium. 
II 
Differential Calculus Rules of differentiationslopeslinear and nonlinear functionspartial derivativeshigher order derivativesYoung’s TheoremConstrained & unconstrained optimization Lagrangian Multiplier InterpretationUse of derivatives in economics – Maximization, minimization, elasticities  Utility function – production function – revenue, cost and profit functions (simple problems). 
III 
Integration Conceptsimple rules of integrationapplication to Consumer’s surplus & producer’s surplusCosts & revenues. 
IV 
Matrices Fundamentals of linear algebramatrix, solving equationsCrammer’s ruleUsesInputoutput analysis. 
V 
Linear Programming Basic Concepts, formulation of an LP problemfeasible, basic and optimal solution graphic and simplex methods formulation of the dual of a programme and its interpretation applications of LP technique. 
Sem. I (Paper IV) 

I 
Economic development and its Determinants:  
II 
Demographic Features & Infrastructure:  
III 
Important Issues:  
IV 
Foreign Trade:  
V 
National Income, Planning and Economic Reforms: 
Sem. I (Paper V) 

I 
Introduction: 
II 
Public choice and rationale for public policy: 
III 
Taxation I:  
• Effects of Taxation, Tradeoff between Equity and Efficiency 

IV 
Taxation II:  
V 
Public Expenditure: 
Sem. I (Paper VI) 


Objective: To create awareness regarding current trends, issues and research as related to various aspects of economics. Students will be assigned a topic in the beginning of the semester. They will be required to prepare and submit a project report on the same. A panel of external examiners will evaluate the same. 
Sem. II (Paper I) 

Unit 
Subjects of Study 
I 
Distribution Neoclassical approach – Marginal productivity theory; Product exhaustion theorem; Elasticity of technical substitution, technical progress and factor shares; Theory of distribution in imperfect product and factor markets; Macro theories of distribution – Ricardian, Marxian, Kalecki and Kaldor’s. 
II 
Welfare Economics Pigovian welfare economics; Pareto optimal conditions; Value judgement; Social welfare function; Compensation principle; Inability to obtain optimum welfare – Imperfections, market failure, decreasing costs, uncertainty and nonexistent and incomplete markets; Theory of Second Best – Arrow’s impossibility theorem; Rawl’s theory of justice, equity efficiency trade off. 
III 
General Equilibrium Partial and general equilibrium, Walrasian excess demand and inputoutput approaches to general equilibrium, existence, stability and uniqueness of equilibrium and general equilibrium, coalitions and monopolies; Production without consumption – one sector model, homogeneous functions, income distribution; Production without consumption – two sector model, relationship between relative commodity and factor prices (Stolper Samuelson theorem), relationship between output mix and real factor prices, effect of changes in factor supply in closed economy (Rybczynski theorem), production and consumption – Introduction of contributions of Arrow and Debreu to General equilibrium analysis. 
IV 
Economics of Uncertainty Individual behaviour towards risk, expected utility and certainty equivalence approaches, risk and risk aversion – sensitivity analysis, gambling and insurance, the economics of insurance, cost and risk, risk pooling and risk spreading, meanvariance analysis and portfolio selection, optimal consumption under uncertainty. 
V 
Competitive Firm under Uncertainty Factor demand underprice uncertainty, the economics of search – different models, the efficient market hypothesis, stochastic models of inventory demand; Market with incomplete information, search and transaction costs, the economics of information. 
Sem. II (Paper II) 

I 
Neo Classical and Keynesian Synthesis the IS LM model; factors that affect the equilibrium income and interest rate; relative effectiveness of monetary and fiscal policies. 
II 
Macroeconomics in an open economy Mundell  Flemming model, imperfect capital mobility, perfect capital mobility. 
III 
Inflation and unemployment Inflation –Unemployment trade off  The Phillips Curve; The natural rate of unemployment hypothesis and Adaptive expectation hypothesis; Relationship between short run and long run Phillips’ Curve; Sacrifice Ratio and Policy of disinflation. 
IV 
Business Cycles Theories of Kaldor, Samuelson and Hicks; Goodwin’s model; Control of business cycles –relative efficacy of monetary and fiscal policies. 
V 
New Classical Macroeconomics the Keynesian Theory and the New Classical (Lucas) critique; Rational Expectations Model and its policy implications; A critical evaluation of Rational Expectations Model. 
Sem. II (Paper III) 

I 
Univariate Analysis Measures of central tendency, dispersion  standard deviation, coefficient of variation, Lorenz curve, Gini concentration ratio – Skewness (simple problems). 
II 
Regression Analysis Correlation, regression, simple, multiple, linear (simple problems) – OLSassumptionsviolation of assumptions  heteroscedasticity, autocorrelation and multicollinearity (concepts only). Interpretation of Coefficient Introduction to nonlinear regression. 
III 
Probability and distributions 
IV 
Sampling Distributions Sampling distribution, standard errortesting of hypothesis: 
V 
Index numbers and Time Series Uses, selection of number of items, base year price relativesFisher’s ideal indexFactor reversal testTime reversal test Chain indexBase shifting –conversion of current price data into constant price data price index numbers in India – Components of time series  Moving averagesStraight line trend Seasonal Index. 
Sem. II (Paper IV) 

I 
Agricultural Sector I: 
II 
Agricultural Sector II: 
III 
Industrial Sector I: 
IV 
Industrial Sector II: 
V 
Prices, Money & Banking: 
Sem. II (Paper V) 

I 
Public Debt: 
II 
Fiscal Policy: 
III 
Deficit Financing: 
IV 
Investment Evaluation: 
V 
Federal Finance: 
Sem. II (Paper VI) 

1 
Objective: 
Jaipur, Rajasthan
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