Programme: Bachelors of Science (B.Sc.)

Programme Structure 

(followed by our college)

●       The Bachelor of Science (B.Sc. degree) is an undergraduate academic degree offered by this institute under the guidelines of University of Calcutta.

●       The study duration of a B.Sc. programme under University of Calcutta is three years

●       K.K.Das College offers B.Sc. degree programme for Honours and General course of studies in 4 subjects, viz. Mathematics, Computer Science, Statistics and Economics.

Programme Outcome : B.Sc. (Honours)

●        Academic degree given to undergraduate students

●        Usually, the Bachelor of Science (B.Sc.) degree is mainly awarded to students in the areas of Natural Sciences, Business & Management, Engineering Sciences, Mathematics, and Informatics. It is a foundation course for students who want make their career in the field of Science. 

●        In most cases a B.Sc. degree is the first step that students need to take before they begin their career in a technical and analytical field. 

●        The Bachelor of Science degree focuses on developing mathematical, analytical, observation, scientific, experimental, problem solving, logical and research skills of the students.

●        Students specialize in one subject with two or three subjects as subsidiary subjects which assists in appropriate understanding of the specialized subject.

●        Develops advanced theoretical and research skills.

●        It is an appropriate course for students who want to purse Masters in Science.

●       After the completion of a B.Sc. degree, candidates can choose to pursue Master of Science (M.Sc.), secure admission in a professional job-oriented course (like MBA) and opt for jobs both in government and private agencies.

Programme Outcome : B.Sc. (General)

●        Only difference with an Honours course is that it is more balanced and has a multidisciplinary approach.

●        The course content is lighter and easier than an Honours course.

●        It also focuses on developing mathematical, analytical, observation, scientific, experimental, problem solving, logical and research skills of the students.

●       After the completion of a B.Sc. degree, candidates can secure admission in a professional job-oriented course (like MBA) and opt for jobs both in government and private agencies.

Program Specific Outcome: Economics (Honours)

Program Structure

(followed in our college)

●  3 year honours (hons.) programme.

●  Economics is the main subject in which the students will specialize in. 

●  Along with Economics the students have to study 4 other subsidiary subjects. The subsidiary subjects offered in K.K.Das College with Economics (Hons.) are Mathematics, Statistics, Computer Science, Sociology (pass paper; students are required to choose any two) and Compulsory Bengali/English and ENVS.   

Program Specific Outcome

● Economics (Honours) students in general will be able to pinpoint and understand the past, present economic conditions of the country. They will also be able to forecast the future course of changes and development through their knowledge of policies and programmes set by the governments and other development agencies. They are equipped with the techniques to find solution of the problems like mobilization of manpower and materials available in the country.

● As the Under Graduate Course (UGC) contains the fields like statistics, mathematics and economics principles, it enhances them to compute and assess the real situation of the economy including the size and changes of population, income pattern, nature of an extend of employment, rate of development with pattern of investments and savings, policies in relation to other countries, and social security measures adopted in the country. 

● Basically, economic graduates are familiar with the knowledge and application of microeconomics and macroeconomics for the formulation of policies and planning. They are equipped with all the relevant tools/ knowledge based on economic principles including market functions and structures, efficiency in manpower and resources management, need of credit/finance for initiating and accelerating projects.

● Students will learn techniques to collect and disseminate information like primary and secondary data, preparation of questionnaire. Students are deployed to do survey and on the spot interaction with the personnel of the case under study. Students who graduated from this institution are directly involved and effectively participate in the discussions and final presentation of the findings of the projects undertaken.

●  An economics degree will boost the student’s employability in many areas in India. Careers in economics are as diverse as they come, with job roles covering everything from food and agriculture to business and banking. Depending on the student’s area of interest, an economics degree will help them to develop specialized analytical skills, enabling one to successfully enter multiple industries as a professional economist, or as another type of professional with an eye for economics. Common career paths for economics graduates include: Economist, Financial risk analyst, Data analyst, Financial planner, Accountant, Economic researcher, Financial consultant, Investment analyst and Teacher in private and public sectors.

●  One can also choose to purse higher studies completing Masters Courses and further opt for research. 

Course Outcome

Semester I

Type of Course: CC1

Name of Course: Introductory Microeconomics

Unit 1: Exploring the subject matter of Economics

Objectives:

●  To study Scope and Method of Economics

●  Understanding the Principles of Microeconomics

●  Explaining Interdependence and the Gains from Trade

Learning Reading and working with graphs 

course outcome:

● Students will learn concepts like wants, scarcity, competing ends and choice – which are basics to define Economics. Students will learn to answer basic economic questions involving microeconomics and macroeconomics.  

● Students shall gain knowledge on principles of individual decision making and principles of economic interactions. Using concepts of trade off, opportunity cost, efficiency, marginal changes and cost-benefit they shall be able to explain  how trade, market economy, property rights, market failure, externality and market power occurs

●  With the help of production possibilities frontier and increasing costs concepts basis of why trade occurs and gains from trade can be understood 

Reading and working with graphs will make the course matter easy to understand 

Unit 2: Demand and Supply: How Markets Work

Objectives:

●   Understanding the elementary theory of demand and supply

●   Knowing how market prices for goods are determined

●   Learning how market adjustments take place without Government

course outcome:

●   Students shall learn the determinants of household and market demand – when and how the changes in such demand takes place

●   Clarity shall be gained on factors affecting supply and their role in influencing individual and market supply

● Knowledge of demand and supply conditions in an economy the students shall be able to know how equilibrium prices in a competitive market is determined

The above stated knowledge shall in turn help the students to know how to allocate economy’s scarce recourses.

Unit 3: Market and Adjustments

Objectives:

●  Understanding how market economies evolved and works

course outcome:

●  In this unit students shall learn how guided by self-interest of economic agents goods and services are bought and sold in a market through the price system

●   Insights on how different markets operate are also gained

● Students will learn to distinguish between market competitiveness, goods and factor markets, free and controlled markets, Market and non-market sectors, public and private sectors, economies- free market, command and mixed economy

• Role and need of government intervention is also introduced in this unit in gist 

Unit 4: Market Sensitivity and Elasticity

Objectives:

• Learning the concept of elasticity; its methods of calculations

• Knowing the determinants of elasticity

• Evaluating its importance through case studies

course outcome:

• This unit will help the students to understand the driving force behind formulation of government policies, factor price determinations and how business firms make decisions regarding prices and amount of goods and services to be produced

• Applying the concept to real life economic situations shall improve the understanding of the students 

Unit 5: Government Intervention

Objectives:

• Learning The Economic Role of Government with respect to Market

• Knowing the Comparison of markets with and without government

course outcome:         

• This section shall elucidate the role of government in a market economy

• It shall help one to understand why the government needs to administer agricultural prices, impose rent controls and minimum wage laws

• The students shall get a brief idea on why black markets exist, role of government in controlling them

• Comparison of markets with and without government shall clear the understanding on working of the economy 

Unit 6: Utilitarian Approach

Objectives:

• Learning the cardinal utility approach

• Learning to derive the consumer’s demand from cardinal utility theory

• Knowing the limitations of this theory

• Knowing the neo-classical theory of consumer’s preference

• Learning to construct consumer’s utility function from preference ordering

• Knowing the concept of affordability

• Understanding consumer’s choice problem

• Learning to derive consumer’s demand from ordinal approach of utility theory

course outcome:

• This section first try to make students understand that how consumer’s utility is measured in terms of money

• It then tries to make an elaboration of consumers demand and hence an understanding of consumer’s preference and choice

• However, as this theory works under very restrictive conditions, hence students are then elaborated with the ordinal utility theory

• This is helpful for the students to understand the logical reversal of the neo-classical theory – from preference to utility – as opposed to the cardinal utility theory – from utility to preference

• With the help of consumer’s preference ordering and the budget constraint that consumer faces, students can get an intuitive idea of how an economic agent’s (consumer) psyche actually functions in an market driven structure

• From the equilibrium of the consumer, students might get an idea of consumer’s choice problem when given with a number of bundles of commodities

• Intuitively the ideas of bargaining-agreement-contract can be understood by the students

• Through the mathematical and diagrammatic techniques students can formally elaborate their intuitions 

CC1 Outcome: This course is an introductory course on Microeconomics. One shall study how individuals and the government make decision, in rudiment. The course will provide a useful tool to explain how efficient allocation of resources can be achieved. One shall also know the need for government intervention. 

Semester I

Type of Course: CC2

Name of Course: Mathematical Methods in Economics-I

Unit 1: Preliminaries

Objectives:

• Learning about Sets and set operations

• Number systems

• Convex sets; convex functions, their characterizations, properties and applications; 

• Quasi-convex functions

• Limit and continuity 

This unit shall enable the students to learn about

• Functions and their properties

• Geometric properties of functions: convex functions, their characterizations, properties and applications

• Quasi-convex functions, their characterizations, properties and applications

• Theorems with proof along with the concept of first principle using the concept of continuity 

Unit 2: Functions of one real variable

Objectives:

• Continuous functions of different types and their graphs

• Concept of derivatives

• Application in economics - concept of marginal, Concept of elasticity, Concept of average function

This unit shall help the students to learn about

• Various types of functions like quadratic, polynomial, power, exponential, and logarithmic

• The limit of a function at a point numerically and algebraically using appropriate techniques including L’Hospital’s rule

• Graphical meaning of derivatives - sketch the graph of the derivative from the given graph of a function

• Derivatives of first and second order and their properties - interpret the derivative of a function at a point as the slope

• Convex, concave and linear function

• Concept of average and marginal function

• Concept of elasticity 

Unit 3: Single variable optimization

Objectives:

• Local and global optima

• Interpretation of necessary and sufficient conditions with examples

• Applications in Economics - profit maximization and cost minimization

In this unit, the students shall learn about

• Geometric characterizations, characterizations using calculus

• Significance of first and second order conditions

• Interpretation of necessary and sufficient conditions with examples

• Applications in Economics- profit maximization and cost minimization 

Unit 4: Integration of functions

Objectives:

• Integration of different types of functions

• Methods of Substitution and integration by parts

• Applications in economics - obtaining total from the marginal 

On completing the course, 

• students can now evaluate a definite integral using properties of definite integrals

• Using the Fundamental Theorem of Calculus the students will be able to find the area under a curve, as used to interpret different economic activities 

Unit 5:  Matrix Algebra 

Objectives:                                                                                                  

• To study the elementary operations and different types of matrix.

• To understand the concepts of Determinants and inverse of a square matrix.

• To learn the concept of comparative statics 

A proper completion of this course shall make the students 

• able to learn how to calculate the Rank of matrix and also to calculate the inverse of a square matrix

• This course helps to solve the system of linear equations by applying Cramer‘s rule; and System of nonlinear equations by using Jacobian determinant

• The students become capable enough to apply Matrix Algebra in input-output analysis-the Leontief Static Open Model (LSOM) and the Hawkins-Simon conditions and explain the interdependence of the two industries in a economy, easily, through input-output matrix operations 

Unit 6: Game Theory

Objectives:

• To get a clear concept of a game, strategies and payoffs

• To understand the Zero-sum games and learn to solve them

• To learn Dominant Strategy Equilibrium and Nash equilibrium 

A successful completion of the course shall make the students 

• able to distinguish between a game situation from a pure individual’s decision problem

• able to solve a game and arrive at the optimal strategy and value of game by using, i) dominance principle, ii) maxi-min criteria, iii) randomization principle

• have a clear idea about a pure strategy and mixed strategy equilibrium

• From the concept of Nash equilibrium student are now efficient enough to solve some common games like – Prisoners’ Dilemma, Battle of Sexes, Matching Pennies 

CC2 Outcome: This course in a preliminary course in Mathematical Methods in Economics. This course intends to equip the students about set theory, types of functions and their properties and graphical representation.  They will also get an idea about derivatives, single variable optimization and their economic applications. Students also learn the elementary operations of matrix algebra and apply different methods to solve linear and non-linear equation. Game theory makes the students use the strategic behaviors in solving certain common games. 

Semester II

Type of Course: CC3

Name of Course: Introductory Macroeconomics

Unit 1: National Income Accounting

Objectives:

• • Knowing the basic concept of National Income Accounting

  • Understanding the concepts of different measures of National Income in market price and factor cost

  • Knowing the methods of national income accounting

  • An overview of India’s national income

 From this unit,  

• • students might get a theoretical idea of how the macroeconomy functions in a closed economy and how the national income of that economy can be determined

  • Along with this, students can also get a clear understanding of how the national income measure can be adjusted for inflation

  • This unit tries to provide the understanding of different methods of measuring national income, their associated problems and the techniques that are being followed to avoid those problems

  • It provides the basis of understanding the income determination model in the short run 

Unit 2: Income Determination in the Short Run (Part I): The Simple Keynesian Model in a Closed Economy

Objectives:

• • Knowing the basic framework of demand side analysis of an economy

  • Understanding the income determination in the short run

  • Providing an idea of Keynesian consumption function, saving function and investment function

  • Understanding the importance of fiscal policy through multiplier analysis

This unit fundamentally provides an idea of Keynesianism – a structuralist understanding of the economy

• • From the Keynesian cross model students might get a clear idea of functioning of the economy in a depression situation

  • It is to make students understand that the depression can be do away with a expansionary fiscal policy that generates a multiplier effect on the national income by expanding the effective demand – the demand side argument

  • Students might get an understanding of Keynesian consumption function, saving function (structuralist) and investment function (humanist) from this unit

  • Other associated problems such as paradox of thrift is described and analysed to provide the students a clear idea of the demand side argument of Keynes

  • This unit also analyses the different kind of multipliers that a government can follow in order to stabilize the economy

  • This unit, thereby, tries to make students understand the role of government intervention in an economy as opposed to laissez-faire policy 

Unit 3: The Classical System

Objectives:

• • Knowing the basic idea of supply side analysis of the market economy

  • Understanding the output and employment determination in the classical system – full employment output determination when wages and prices are flexible

  • Explaining the dichotomy between real sector and monetary sector and hence ineffectiveness of monetary policy 

  • The quantity theory of money and Say’s tries to make students understand the supply side argument of functioning of market

  • It explains how full employment and output are determined in the long run when wages and prices are flexible

  • Through the analysis of classical dichotomy students might get a clear idea of the methodological individualist advocacy of laissez-faire policy 

Unit 4: Macroeconomic Foundations - I

Objectives:

• • Knowing the concept of bond market and money market

  • Determination of rate of interest – Keynesian Liquidity Preference

  • Learning the Theory of Investment

Course outcome:

• • This unit shall clear the student’s understanding on how market rate of interest is determined and its impact on the economic activity of a country

  • The Keynesian Theory of Liquidity Preference shall help one to understand the role of money in determining the rate of interest

  • The students will form an idea on influence of monetary authority on market rate of interest

  • Investment expenditure plays a key role in theories of business cycle. This unit will help the students to understand the main determinants of investment. One shall get profound knowledge on rate of interest as the main determinant of investment 

CC3 Outcome: This course is an introductory course on Macroeconomics. Students will be introduced to concepts essential to study the behavior of the aggregate economy. One will understand how an economy works. 

Semester II

Type of Course: CC4

Name of Course: Mathematical Methods in Economics-II

Unit 1: Function of several variables

Objectives

• Continuous and differentiable functions

• Euler‘s theorem, implicit function theorem (without proof) 

• Economic applications

The students will be equipped to handle:

• Partial derivatives and Hessian matrix

• Homogeneous and homothetic functions

• Application to comparative statics problems

• The idea of level curves, theories of consumer behavior and theory of production 

Unit 2: Multi-variable optimization

Objectives

• Optimization of nonlinear functions

• Unconstrained optimization

• Constrained optimization with equality constraints

• Inequality constraints

• Value function and Envelope theorem

• Economic applications – consumer behavior and theory of production

• Optimization of linear function

• Economic Applications of Linear programming 

After the completion of this unit, students would have known the following concepts:

• Unconstrained optimization

• Lagrangian multiplier method and the role of Hessian determinant

• Kuhn-Tucker Conditions

• Economic applications – consumer behaviour and theory of production

• Linear programming - how to develop linear programming models for simple problems, graphical solution of a two variable linear programming model, importance of extreme points 

• Know the use and interpretation of the concepts of slack and surplus variables (graphical solution only), describe the process of decision making

• The Duality Theorem 

Unit 3: Difference Equations

Objectives

• Finite difference equations

• Application in Economics 

In this section, the students will learn about:

• Equations of first and 2nd orders and their solutions

• Cobweb model, Multiplier-Accelerator model 

Unit 4: Differential Equations

Objectives

• Differential equations

• Economic Application

• Economic application- 

• Qualitative graphic solution to 2x2 linear simultaneous non-linear differential equation system

After the completion of this unit, students will know:

• Solution of Differential equations of first order and second order of linear differential equations and the meaning of the solution 

• Price dynamics in a single market- multimarket supply demand model with two independent markets

• Phase diagram, fixed point and stability

• Economic applications in microeconomics and macroeconomics 

CC4 Outcome: This course is a continuation of CC2 - Mathematical Methods in Economics. In this course the students will further get an idea about functions of several variable, constrained and unconstrained optimizations and their application in Economics. They will be equipped to solve first and second order difference and differential equations and their economic applications. 

Semester III

Type of Course: CC5

Name of Course: Intermediate Microeconomics –I

Unit 1: Theories of Consumer Behaviour and Applications

• Inter-temporal choice (saving and borrowing)

• Revealed preference

• Choice under uncertainty – utility function and expected utility, risk aversion and risk preference

• Applications of Consumer Behaviour in Construction of Price Indices – Laspeyers and Paasche‘s 

In this course students learn to apply the elementary theories and mathematical operations they have learnt in their previous semesters

• This course makes the students to deal with more realistic problems of consumer’s decision making problem regarding their spending habits: today or in future. Also various investment decisions involve intertemporal choice, which the students are now well equipped to deal with

• Revealed preference theory gives the students a scientific explanation to use the behaviouristic method in order to derive the demand theorem and establish the law of demand

• Students also get the concept of lottery and what risk means. Thus they now are able to select among different lotteries according to their preferences. 

Unit 2: Technology 

• General concept of Production Function - Production with one and two variable inputs

• Cost structure 

The students will be equipped to handle:

• Define the term “production” and explain what a production function is; define the term “production inputs,” and differentiate between labor, land, capital, entrepreneurship, technology

• Define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product; explain diminishing marginal product and diminishing marginal returns

• Isoquants and marginal rate of technical substitution

• Isocost line and firm‘s equilibrium elasticity of substitution

• Types of production functions - Cobb-Douglas, fixed-coefficient and CES functions

• Differentiate between Explicit and Implicit Costs, Accounting and Economic Profit

• Identify sunk costs

• Define and differentiate between marginal, average, and total cost; compute and graph marginal, average, and total cost; differentiate between variable and fixed costs

• Differentiate between short-run and long-run costs; interpret the relationship between short-run and long-run costs

• Calculate and graph the firm’s fixed, variable, average, marginal and total costs; 

• Define and explain long-run costs, economies of scale, diseconomies of scale, and constant returns to scale

• Cost minimization and expansion path, economies of scale 

Unit 3: The Firm and Perfect Market Structure

• Define the characteristics of Perfect Competition

• Revenue

• Equilibrium

• Understand why perfectly competitive markets are efficient

In this section, the students will learn the following concepts

• Understand the difference between the firm and the industry; explain and illustrate the differences between the demand curve for a perfectly competitive firm and that for a perfectly competitive industry

• Calculate and graph the firm’s average, marginal and total revenues; determine the profit maximizing output level and price using graphs and demand schedules; calculate and graphically illustrate where marginal revenue equals marginal costs

• Calculate and graphically illustrate profit and losses for a perfectly competitive firm

• Determine the break-even, and the shutdown points of production for a perfectly competitive firm

• Short run and long run supply curve 

• Explain the difference between short-run and long-run equilibrium; explain the concept of “zero economic profit”

• Consumer and Producer surplus, welfare and efficiency of competitive equilibrium. Government intervention and dead weight loss, Application- Minimum prices and price supports (price ceiling and price floors) 

Unit 4: Input Market in Perfect Competition

• Basic concepts

• Labour market

• Land market

• Derived demand, productivity of an input, marginal product of an input, marginal revenue product

• Marginal productivity theory of distribution

• Labor market-supply of labor, competitive labor markets

• Land markets and rent 

CC5 Outcome: This course mainly allows the students to apply the theoretical concepts of consumer behavior they have learnt in their previous semesters. They will learn to explain how consumer behavior shapes the demand curve with respect to utility and loss, analyze the relationship between inputs used in production and the resulting outputs and costs and assess how resource markets/factors of production work under perfect competition. 

Semester III

Type of Course: CC6

Name of Course: Intermediate Macroeconomics –I

Unit 1: Income Determination in Short Run (Part II): The IS-LM Model

Objectives:

• • Knowing the simultaneous equilibrium in commodity market and money market

  • Understanding the stability of the equilibrium and the crowding out effect

  • Understanding the idea of policy effectiveness 

  • On the basis of the understanding of the Simple Keynesian system in the previous semester, here, in this section, the money market is brought in to discussion along with the commodity market which might provide the students more clarity in understanding the phenomenon of short run equilibrium income determination

  • This section deals with money market and commodity market simultaneously and thereby explains the simultaneous equilibrium of these markets and the stability of the equilibrium

  • The analyses of the multipliers and different shapes of the IS and LM curves in this system might give the students the idea of policy effectiveness – both fiscal and monetary policies – in different situations

  • However, this unit shows the students how monetary policy affects short run equilibrium income as opposed to the classical analysis of neutrality of money 

Unit 2: Aggregate Demand and Aggregate Supply – the Complete Keynesian Model

Objectives:

• • Learning to derive aggregate demand and aggregate supply curves in complete Keynesian system

  • Understanding the simultaneous equilibrium in the economy in short run and its stability

  • Knowing the fiscal and monetary policy effectiveness.

  • Getting an idea of unemployment equilibrium, its causes and remedies including the real balance effect 

  • In this section we bring labour market in the discussion of Keynesian system and try to make students learn to derive the aggregate demand and supply curve in the short run

  • From the analysis of aggregate demand and supply curves students might get a clear idea of the macroeconomic equilibrium in the short run and how stable it is

  • It is aimed to provide students a clear idea of fiscal and monetary policy effectiveness in this system

  • In the end, this section tries to analyse the reasons behind unemployment equilibrium and how this can be overcame, with special reference to real balance effect 

Unit 3: Keynes vs. Classics

Objectives:

• • Understanding the Keynesian system vis-à-vis the Classical system

  • Learning some hybrid models under Classical and Keynesian framework

  • Knowing Friedman’s restatement of Classical ideas 

This section first tries to make a comparative analysis Keynesian system vis-à-vis the Classical system to make students understand the methodological, analytical and philosophical differences between these two frameworks

• Through the elaboration of some hybrid models students might get an idea of incorporating classical arguments in Keynesian framework and Keynesian arguments in classical framework

• In the end of this section, it will be tried to provide students with the idea of Friedman’s restatement of the classical system which makes classical economics stronger to defend the Keynesian attack 

Unit 4:Money Supply, Monetary Policy and Government Budgetary Operations

Objectives:

• • Knowing the measures of money supply with special reference to India

·         Learning the importance of money supply in stimulating the economy

·         Learning the monetary policy operations of the Central bank

·         Understanding the budgetary operations of the Government

·         From this unit one shall get insights on concept of money supply and its role in stimulating economic activities

·         Concepts of multipliers in the context of theory of money supply shall help the students to measure the maximum amount of money that can be created by various financial institutions

·         The balance sheet view of the banking sector and the RBI shall clear their understanding on the workings of the institutions

·         Knowledge on conduct of monetary policy will help the students to know the function of RBI in fostering economic growth

Conceptions on budget deficits, its causes and its impacts shall facilitate the students in understanding the working of the government 

Unit 5:Inflation, Unemployment and Expectations

Objectives:

·         To study the concept of inflation, its causes, its impact 

·         Learning Central Bank’s role in controlling inflation

·         Knowing the need to control inflation

·         This unit shall help the students to understand why prices of goods and services vary over time and across countries

·         The theories on inflation shall illustrate the meaning of inflation, deflation, stagflation and reflation, identify different kinds of inflation, causes and effects of inflation on different sectors of the economy, and describe different measures to control inflation

The students will also learn why and how RBI intervenes in controlling inflation 

CC6 Outcome: In this course you will learn major principles of macroeconomics.  Students will get to learn core macroeconomic models. 

Semester III

Type of Course: CC7

Name of Course: Statistical Methods for Economics

Unit 1: Introduction and Overview

Objectives:

• • Knowing the subject matter of statistics

  • Representation of data 

  • This section shall give you an overview on the subject matter of economics

  • You will learn how to represent statistical information in graphical and tabular form 

Unit 2: Descriptive Statistics

Objectives:

• • Learning measures of descriptive statistics

  • Measures of Central Tendency (Mean, Median,Mode)

  • Measures of Dispersion (Absolute and relative measures)

  • Moments, Skewness and Kurtosis

  • Learning correlation and regression 

In this unit you shall learn various measures of descriptive statistics

• • Descriptive statistics will assist you to quantitatively describe the main features of a collection of information, called data. It will enable you to present the data in a more meaningful way, which allows simpler interpretation of the data 

Unit 3: Elementary Probability Theory

Objectives:

• • Sample spaces and events (concepts and definitions using set theory)            

  • Axiomatic definition of probability and properties, theorem of total probability

  • Conditional probability, theorem of compound probability

  • Bayes‘ theorem and its applications

     Course outcome:

• • Because data used in statistical analyses often involves some amount of "chance" or random variation, understanding probability helps you to understand statistics and how to apply it

  • Its application in economic theories will help you to explain economic situations that you often come across in newspaper

Unit 4: Probability Distributions

Objectives

• • Learning – Random Variables

  • Probability Distributions (Binomial, Poisson and Normal

  • Expected Value of Random Variables

  • Joint Distribution functions of random variables

      Course outcome:

• • In economics, we do not deal with homogeneous cases. Human action and economic actions cannot be analyzed in the same way that one would analyze objects. To make sense of an historical data one must scrutinize it not by means of statistical methods but by means of trying to grasp and understand how it emerged. The knowledge on probability distributions will help you to understand economic situations well 

Unit 5: Sampling

Objectives:

• • Learning - Principal steps in a sample survey (concepts of population, sample, parameter, statistic)

  • Methods of sampling

  • Sampling distribution of sample mean and sample proportion

Course outcome:

• • In this unit you will learn methods of sampling from within a statistical population to estimate characteristics of the whole population. Economists attempt for the samples to represent the population in question. Two advantages of sampling are lower cost and faster data collection than measuring the entire population 

Unit 6: Statistical inference

Objectives:

• • Learning methods of statistical inference

  • Point and Interval Estimation

  • Basic principles of ordinary least squares, maximum likelihood and method of moments

  • Testing of Hypothesis

course outcome:

• • This unit will help you to interpret economic situations precisely

  • With techniques of hypothesis testing you shall be able to refute or accept economic theories for real life data 

CC7 Outcome: Statistics play a vital role in every field of human activity. In particular, they are quantitative tools widely used in the areas of economics and finance. Knowledge of modern probability and statistics is essential for the development of economic and finance theories and for the testing of their validity through robust analysis of real-world data. For example, probability and statistics could help to shape effective monetary and fiscal policies and to develop pricing models for financial assets such as equities, bonds, currencies, and derivative securities. 

Semester III

Type of Course: SEC I

Name of Course: Skill Enhancement Course I

(A) Data Analysis

Objective:

• • One shall learn: Collection and representation of data

  • Methodology of  collection of Indian official statistics

   Course outcome:

• • The data analysis unit will help improve your analytical skills

  • This unit shall facilitate you to apply the theories of statistics learnt in practice

  • The knowledge of statistical packages like STATA/E-Views/R shall help you in management of data

  • You shall  gather profound knowledge on how Indian official statistics offices (CSO, NSSO, RBI) collect and disseminate data on important economic variables like GNP, GDP, Price, Monetary aggregates, Consumer Expenditure, Employment and unemployment, Census, etc. 

(B) Rural Development

Objective:

• • Students shall learn: - Aspects of Rural Development

  • Development of Panchayats and rural areas 

  • Working of self help groups and rural credit

  • Critically evaluate  selected government programmes and rural development 

Course outcome:

• • This unit will help you to understand the aspects of rural development. You will get to learn what is rural development, its nexus with agricultural development, role of NGOs in rural development

  • You shall know the reason for decentralized planning in India and the role of panchayats in rural development with special reference to West Bengal

  • You will be able to discern the necessity of rural credit and role of grameen banks and self-help groups in necessitating the availability of rural credit

  • You shall be able to critically evaluate various government programmes (MNREGA, Mid-day meal, NRHM, etc.) undertaken to facilitate rural development

SEC I Outcome: The course content of SEC I will facilitate the students to understand and interpret economic situations analytically. It will help in practical analysis of economic theories.  Students will get to learn the working of the government and various government statistical organizations. It will help them to understand how theories are applied in practice. 

Semester IV

Type of Course: CC8

Name of Course: Intermediate Microeconomics II

Unit 1: Imperfect Market Structure

Objective:

• • To study the Monopoly market structure, output determination and price rule

  • To learn how to measure and locate the sources of monopoly power and also to get an idea of social costs of monopoly power-deadweight loss

  • Study the mechanism of pricing with market power- first, second and third degree price discrimination, multiplant monopoly

  • To study Monopolistic competition

  • To study Oligopoly market and solve Oligopoly equilibrium as Nash equilibrium

  • To use isoprofit curves and simple game theoretic interpretation

  • Study Sweezy‘s kinked demand curve model and non-collusive equilibrium

Course outcome:

• •      Students will also learn the concept of competition versus collusion. the Prisoners‘ Dilemma. Collusive          Oligopoly –Cartels and Price Leadership 

  • On successfully completing the course students will be able to distinguish between a perfectly competitive market situation from the set of imperfect market structures

  • On studying the pricing with market power students can apply such concepts in daily life and also solve different types of real life pricing problems

  • Studying the monopolistically competitive market structure students will be able to arrive at the short run and long run equilibrium, using the concept of the two sets of demand curves, proportional and perceived. Students also now have a clear idea of excess capacity in the market

  • As the students have already studied game theory in the semester I in their CC2 course it will be an area to apply the theory in order to solve the different oligopolistic models like Cournot, Bertrand and Stackelberg Model. They also apply the concept of game theory in the concept of collusion and competition 

Unit 2: Input market under Imperfect Competition    

Objective: 

• • To learn about other market forms 

Course outcome:

• • To learn how labour market works under Monopsony, bilateral monopoly 

Unit 3: General Equilibrium, Efficiency and Welfare

Objective: 

• • To understand the concepts of General equilibrium and efficiencies  

  • To know about market failure

  • To get an idea about asymmetric information 

Course outcome:

The students will get an idea about 

• • Exchange, production and welfare, Pareto Optimality, Edgeworth box and contract curve, Pareto efficiency and perfect competition

  • Reasons for Market failure, Pareto efficiency and market failure (externalities and public goods), property right and Coase Theorem

  • Markets with asymmetric information-adverse selection, moral hazards, agency problems 

CC8 Outcome: In this course students get a departure from the perfectly competitive market structure in both eth commodity and factor markets into their respective imperfect market structures and gives the students an idea about how prices and output are determined under imperfect markets and the social costs associated with it. The students will also learn about determination input prices under imperfect markets. They will know the concept of general equilibrium, economic efficiency and market failures. They will get an idea about how markets work in presence of asymmetric information. 

Semester IV

Type of Course: CC9

Name of Course: Intermediate Macroeconomics II

Unit 1: Basic Tenets of New Classical and New Keynesian Theories

Objective:

• • Learning the introductory ideas of New Classical Theory

  • Learning the introductory ideas of New Keynesian Theory

  • This section gives a brief idea of rational expectation and the theory of real business cycle. This helps students to understand the idea of new classical theories

     Course outcome:

• • The discussion of the ideas of New Classical theories make students understand the philosophical stand point of this doctrine and hence the methodological favour towards a laissez-faire policy

  • It also helps students to understand the real sector analysis and neutrality of money

  • The students get an idea of New Keynesian Theories as well from this section. It is helpful for the students to understand how the short run Keynesian system can be extended to long run

  • At the end of this section, students might get the ideas of nominal rigidities, real rigidities, rigidities in interest rates in this context and the introductory idea of credit rationing 

Unit 2: Macroeconomic Foundations –II

Objective:

• • Learning theories of consumption

  • Learning theories of demand for money

Course outcome:

• • This unit will help you to determine the driving forces of economic growth

  • Consumption is one of the bigger concepts in economics and is extremely important because it helps determine the growth and success of the economy. Theories of consumption will help you to understand the determinants of it and what can be done to increase the level of consumption in an economy 

  • The theories of demand for money will provide you a set of tools to analyze monetary policy and the financial sector effectively

  • It will also help you to analyze household’s decision of how much money to hold 

Unit 3: Economic Growth

Objectives:

• • Learning economic growth models – Harrod-Domar Model, Solow model of economic growth,  Endogenous growth theory 

Course outcome:

• • The subject of the course is theories of economic growth: tradeoff between present and future consumption, stability of capitalist economies, effects of technological progress and consequence of sustained economic growth

  • This section will help you to explain causes of difference in income over time and across countries

  • You will understand that economic growth is a relatively recent phenomenon, and identify key institutional factors that contribute to economic growth 

CC9 Outcome: This course provides advanced insights into macroeconomic theories.  The course content will demonstrate an understanding of the connection between microeconomics and macroeconomics. Students will understand standard models of economic growth and shall be able to evaluate the long-run macroeconomic behavior and short-run macroeconomic behavior of relevant macroeconomic variables like income, output, rate of interest, etc. Use these models to will help you to analyze the macroeconomic effects of monetary and fiscal policy changes as well as other economic shocks. Use these models to interpret historical and current macroeconomic events. 

Semester IV

Type of Course: CC10

Name of Course: Introductory Econometrics

Unit 1: Nature and Scope of Econometrics

Objectives:

• • Learning – Distinction between economic and econometric models 

  • Importance of econometrics in economics 

Course outcome:

• • This section will help the students in distinguishing between economic and econometric models

  • Students will be able to learn the role of random disturbance in econometric models

  • You shall be able to apply econometrics in different branches of social science 

Unit 2: Classical Linear Regression Model (Simple linear regression and multiple linear regression) Part I:

Objectives:

• • Learning – Estimation of Simple and Multiple Linear Regression Models by Ordinary Least Squares Methods

Course outcome:

• • This unit shall help the students learning the basic interpretations of linear regression models.

  • Knowledge on concepts of population regression function and sample regression function shall facilitate the students to interpret regression results

  • Learning Estimation techniques will help the students to estimate econometric model

  • This unit will provide a foundation to advance econometric estimations

  • Students will learn to interpret the results of simple and multiple linear regression models will the help of the concepts of simple correlation, partial correlation and multiple correlation

  • At the end of the unit students will be able to make economic interpretations of econometric models 

Unit 3: Classical Linear Regression Model (Simple linear regression and multiple linear regression) Part II:

Objectives:

• • Learning – BLUE Property of estimators in SLRM (Simple Linear Regression Model)

  • Introduction to dummy independent variable models

  • Forecasting

Course outcome:

• • This section will demonstrate the  properties of the Least Squares Estimators (BLUE) in SLRM- Gauss-Markov theorem

  • Given variables can be both quantitative and qualitative, this section will also help the students to learn how to estimate models in the presence to attributes

  • You will be able to learn interpretation of dummy variables

  • Forecasting models will help you to utilize relevant and reliable information about the past and present events and the forecast the likely future events. You will be able to learn how to mitigate forecasting errors 

Unit 4: Statistical inference in linear regression model

Objectives:

• • • Learn  -  Use of standard normal, chi2, t, and F statistics in linear regression model

    • Testing hypothesis

    • Goodness of fit (in terms of R2, adjusted R2 and F statistic), Analysis of Variance (ANOVA)

    • Statistical significance and economic importance  

Course outcome:

• • • This unit will help the students to infer econometric results

    • One will be able to interpret the statistical significance of the regression results and deduct the economic importance of the results 

Unit 5: Violations of Classical Assumptions

Objectives:

• • • Learning - Multicollinearity - Consequences, Detection (Variance Inflationary Factor (VIF)) and Remedies

    • Heteroscedasticity - Consequences, Detection (Lagrange Multiplier test) and Remedies      

    • Autocorrelation - Consequences, Detection (Durbin-Watsontest) and Remedies 

    • The classical linear regression model is based to certain set of assumptions, which makes the OLS estimators the best estimators. Violation of any one of the assumption reduces the efficiency of the OLS estimator

Course outcome:

• • • In this unit students will learn the consequences of the violations of classical assumptions

    • Students will learn how to detect the problems of multicollinearity, heteroscedaticity and autocorrelation 

    • Students will also learn how the regress the models in the presence of such problems 

Unit 6: Specification Analysis

Objectives:

• • • Learn – Omission of a relevant variable 

    • Inclusion of irrelevant variable

    • Tests of specification errors

    • Testing for linearity and normality assumptions 

Course outcome:

• • • From this unit students will be able to diagnose appropriateness of a regression model that is required to be fitted to interpret any economic model 

CC10 Outcome: On successful completion of this course, students will be able to explain econometric concepts and results intuitively and conduct independent data analysis and inquiry using the tools of statistics and econometrics. The course focuses on the estimation, inference and identification of linear regression models. Particular attention is paid to the econometric theory and to the interpretation of the estimation results. 

Semester IV

Type of Course: SEC II

Name of Course: Skill Enhancement Course II

(A)  Research Methodology

Objective: 

• • Students will learn methodological issues in theoretical and empirical research in economics

Course outcome:

• • The research methodology course is designed for the students to plan to persuade research in economics after completion of their post-graduation in economics

  • This unit will show how to use economic theories, statistical and econometric methods for conducting research to find answers to puzzling issues in modern economies.

  • One will learn how to test predications of models based on theoretical analysis from optimizing models in micro or macro, finance or business related fields of economics using empirical evidence using basic econometric or statistical or applied general equilibrium or strategic analyses is discussed and illustrated 

(A) Managerial Economics

Objective: 

• • One will learn – Demand and Profit Analysis of Firms

  • Pricing policies of firms

  • Capital Budgeting

  • Inventory Management 

Course outcome:

• • This unit is used synonymously with business economics

  • The content of the unit is profoundly designed for students who wish to pursue professional and job oriented courses after graduating in economics

  • This course will help the students to deal with the application of microeconomic analysis to decision-making techniques of businesses and management units 

SEC II Outcome: The SEC II course aims at bridging the gap between “theory and practice”. A student can choose between Research methodology and Managerial Economics. Students who wish to pursue research in economics can opt for the research methodology course. Aim of this course is to complement to the programme in order to achieve an excellence in research methods required for economics. The Managerial economics course will facilitate the analytical skill of the students. This course will enable the students to apply their microeconomic knowledge in the field of business decisions. This course improves the managerial skills of the students and hence is job-oriented. 

Semester V

Type of Course: CC11

Name of Course: International Economics

Unit 1: Absolute and Comparative Advantages of Trade

Objective       

• • Learning the absolute advantage hypothesis and its shortcomings

  • Learning Ricardian comparative advantage hypothesis

  • Understanding the basis and direction of trade.

  • Knowing how trade occurs in a Ricardian one factor world 

Course outcome:

• • This unit deals with the basics of classical trade models. This helps students to understand the basic idea of trade theory

  • The first question that occurs in the discussion is that why countries trade. In the process of answering this question students might get an idea of Adam Smith’s absolute advantage hypothesis which is followed by its limitations and the Ricardian intervention in to this genre with his idea of comparative advantage

  • This unit provides the analysis, to the students, of arbitrage as the basis and direction of the trade and the arbitrage-concept of comparative advantage

  • This also helps students to understand the role of externalities, regulation and perverse comparative advantage in trade.

  • With the elaboration of the one factor Ricardian World, this section tries to make students clear about the following:

    • The production possibilities in the Ricardian World

    • Relative demand and relative supply

    • Determination of terms of trade

    • Complete and incomplete specialization

    • And lastly, the gains from trade

  • The unit also establishes the three basic questions that students have to keep in mind while studying trade theory. These questions are:

    • What is the ‘terms of trade’?

    • What is the equilibrium price ratio?

  • And last but not the least, whether the countries gain from trade or not 

Unit 2: The Building Blocks of Trade Theory

Objectives:

• • Learning the concept of social indifference curve and its properties

  • Understanding trade indifference curve, offer curve, international equilibrium and the stability of equilibrium

  • Knowing gains from trade in detail 

Course outcome:

• • It is helpful for the students to learn how a social indifference curve can be constructed

  • The elaboration of social indifference curve might be helpful for the students to conceptualize, under what circumstances and assumptions a social indifference curve behaves like individual indifference curve

  • This unit also makes students understand the need for a trade indifference curve. It is also helpful to learn how to derive a trade indifference curve

  • From the trade indifference curve it is possible to derive offer curve for a country. This helps students to understand how much one country will export for each quantity of the other country’s product that it imports

  • From this unit, students can learn how to derive international trade equilibrium and the equilibrium price ratio using offer curves

  • Students can also get an idea about the elasticity of offer curve, demand for exports and supply of imports and hence understand the stability of the equilibrium and the condition for stability

  • The detailed analysis of gains from trade using production possibility frontier and social indifference curve, students might learn how to decompose gains from trade into production gain (gain due to resource mobilization) and consumption gain (gain due to change in the price ratio) 

Unit 3: Factor Endowment and Trade (Heckscher-Ohlin-Samuelson Model)

Objectives:

• • Knowing Heckscher-Ohlin theorem and different definitions of relative factor abundance

  • Learning the concept of factor intensity reversal in the context of this theorem

  • Understanding Stolper-Samuelson theorem

  • Knowing Rybczynski’s theorem

  • Getting an idea about the factor price equalization theorem

  • Learning the Leontief Paradox 

Course outcome:

• • As opposed to classical trade models of Smith and Ricardo, Neo-classical trade model deals with a 2X2 framework (two factors – two commodities). Studying this model might help the students to get an idea about another source of comparative advantage – relative factor abundance

  • Elaboration of this model helps students to learn that a country specializes and exports that commodity which uses the abundant factor more intensively

  • Understanding the concept of factor intensity reversal students might get the idea of invalidity of Heckscher-Ohlin theorem in presence of factor intensity reversal

  • Students can understand the one-to-one correspondence between commodity price ratio and factor price ratio by studying Stolper-Samuelson theorem

  • Students can also get an idea about the one-to-one correspondence between factor endowment ratio and production proportion by studying the Rybczynski’s theorem

  • Factor price equalization theorem states that when trade takes place between two countries ultimately the factor prices in two countries will be equalized. Learning this theorem might help the students to conceptualize the process through which the factor prices are actually equalized in two countries under free trade

  • A brief empirical study in the end might foreground a paradox – namely Leontief Paradox – to the students 

Unit 4: Application of Neo-classical Trade Models for Developing Countries

Objective:

• • Learning Jones model

  • Knowing the significance of constant returns to scale

  • Knowing the implications of Stolper-Samuelson and Rybczynski theorems in this context

  • Knowing the specific factor model elaborated by Jones 

Course outcome:

• • Jones model is based on Heckscher-Ohlin type of 2X2 model. Learning this model will help students to understand how trade affects a small open developing economy

  • It will be also helpful for the students to understand the significance of

    • The assumption of constant returns to scale

    • The decomposability property

    • The capital intensity condition in physical and value terms

  • Students can learn the implications of Stolper-Samuelson and Rybczynski theorems in the context of a small open developing economy.

  • It will be also helpful for the students to conceptualize the price and output magnification effects

  • Through the study of the specific factor model students might get a clear idea of a 3X2 framework (three factors – two commodities) where one factor is specific to one commodity

  • Students might also understand from this model:

    • The significance of the assumption of constant returns to scale

    • The indecomposability property

    • The implications of price magnification effects in specific factor model 

Unit 5: Trade Policy

Objectives:

• •  Learning the partial equilibrium analysis in presence of:

    • Tariff and Quota

    • Trade subsidy

    • Voluntary export restraint

  • Understanding the tariff-quota equivalence and nonequivalence

  • Knowing the monopoly effects of quota

  • Learning the general equilibrium analysis

  • Understanding the distinction between large and small country and the welfare effect of tariff on them

  • Learning to derive the tariff ridden Offer Curve, optimal tariff for a large country and the Metzler’s Paradox 

Course outcome:

• • Students can learn the equilibrium of one country in presence of tariff, quota, trade subsidy and voluntary export restraint. However these all are hindrances to free trade

  • By studying this unit students might understand when tariff and quotas are equivalent and when they are not. Students can also get an idea of the monopoly effects of quota

  • Students also learn to conceptualise the simultaneous equilibrium in both countries in presence of trade restrictions

  • Through the study of the distinctive features of large country and small country the students might understand the welfare effect of tariff on a small country

  • Students can also learn to derive the tariff ridden offer curve from this unit

  • The unit on the other hand teaches the students how to derive the optimal rate of tariff for a large country

  • In the end the section tries to provide the basic idea of Metzler’s paradox to the students 

Unit 6: Open Economy Macro Economics and Balance of Payment

Objectives:

• • Learning to determine the equilibrium income in an open economy

  • Knowing the Balance of Payment account in an open economy

  • Understanding the fixed and flexible exchange rate regimes 

Course outcome:

• • This unit deals with the macroeconomic analysis of an economy in presence of trade. This helps the students to know how the equilibrium income is determined in such a situation

  • Students might also get an idea of foreign trade multiplier with and without repercussion effects from the study of the macroeconomics of an open economy

  • The study of balance of payments helps students to get an idea of the accounting structure of the BoP. It also helps the students to understand the ideas of autonomous and accommodating transactions

  • The study of fixed and flexible exchange rate regimes distinctively tries to make students to conceptualise the adjustment of demand and supply of foreign exchange

  • From this students also might get an understanding of the effect of devaluation

  • The study of Mundel-Fleming Model in the end of this section helps students to know how the IS-LM model can be analysed for an open economy. The model then becomes the IS-LM-BP (BoP) model that actually deals with the simultaneous equilibrium in real sector, monetary sector and external sector 

CC11 Outcome: This course tries to provide an overview of international economic theories to the students. From this one might build an understanding of different theories of international trade elaborated by economists from classical and neo-classical schools of thoughts. This section also tries to explain how the macroeconomic structure of a country functions in presence of trade. Along with the theory part, this paper also tries to give a brief overview of the international trade policy that a country might follow. 

Semester V

Type of Course: CC12

Name of Course: Indian Economy

Unit 1:Economic Development since Independence

Objective

• • To learn:  

    • Growth and development under different policy regimes

    • Structural changes in the post-reforms period

    • Regional variation of growth and development 

Course outcome         

• • In this unit you shall learn the various growth and development strategies that have been undertaken in India since independence. 

  • You shall gain knowledge on the objectives, achievements and failures of Indian planning

  • You will be able to analyze the structural transformation of India during the plan periods

  • Student shall critically analyze economic reforms 

Unit 2: Population and Human Development

Objective

• • To learn the trends and pattern of population growth in India 

  • At the end of the unit the students will gain knowledge on the demographic trends and issues of India

Course outcome:

• • Students will learn the policies adopted in India to develop human resources

  • The unit shall provide knowledge on the education and health policies adopted in India (like RTE, 2009) 

Unit 3: Growth and Distribution

Objective

• • To learn:

    • Trends in GDP and Per-capita GDP 

    • Growth, poverty and inequality 

    • Youth unemployment

    • Policy perspective in growth and distribution

Course outcome:

• • This unit discusses the development issues facing the Indian economy

  • Studying the trends in GDP and per-capita GDP will help the students to analyze the growth path of the Indian economy

  • In this unit you will be introduced to the poverty and inequality scenario of Indian economy over the last 7 decades

  • Given human resources is one of the important factor that fosters economic growth, this unit will also help the students to get an idea about the employment and unemployment situations in India

  • You shall also be able to critically evaluate the policy perspectives in growth and distribution 

Unit 4: Economic Reforms in India

Objective

• • To Learn: 

  • Banking sector reforms

  • Reforms in tax policy

  • Reforms in external sector

  • Reforms in labour market 

  • Reforms are aimed at bringing rapid economic growth

Course outcome:

• • As the macroeconomic theories posits effective and collaborative working of various sectors like industrial sector, agricultural sector, trade, public sector, financial sector, etc. is needed for economic growth 

  • In this unit students will gain knowledge on the reforms that have been targeted at various sectors in India over the years since independence

  • Students will learn how a structural transformation took place in India in 1991. 

  • Learning the policy objectives you will learn how India transformed into a globally competitive economy

  • You shall also be able to critically evaluate the success of this reforms 

CC12 Outcome: On the completion of the course students will be able to develop ideas of the basic characteristics of Indian economy, its potential on natural resources. You will understand the importance, causes and impact of population growth and its distribution, translate and relate them with economic development. Students will be able to grasp the importance of planning undertaken by the government of India, have knowledge on the various objectives, failures and achievements as the foundation of the ongoing planning and economic reforms taken by the government. 

Semester V

Type of Course: DSE A(I)

Name of Course: Discipline Specific Elective - A(1)

(A) Econometrics

Objective

• • To learn:

    • Steps in empirical research 

    • Regression diagnostics and specification

    • Application of Regression Analysis

Course outcome:

• • The econometrics course is prepared for students to teach the use of econometric models in empirical research

  • The course will help the students to apply the theories learnt in CC10 and Sec II course in practice

  • Application of regression analysis to real life data (like survey data of NSSO or any time series data) will increase the capability of students to comprehend economic situations

  • You will learn how to use the programme package STATA to do regression analyses of empirical data 

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

Objective

• • To learn:

    • The impact of British rule in India

    • Aspects of Economic Policies in British India 

Course outcome:

• • At the end of the course students will get an idea on The Pre-British Indian economy.

  • Students will acquire knowledge on features of British India - the economic exploitation of India, Rationale of economic planning after independence and features of the globalized economy 

DSE A(I) Outcome: The course contains two option out of which students have to choose any one. 

The Econometrics course specifically prepares the students today's world where good decision making relies on data and data analysis. This course helps students develop the understanding that they will need to make informed decisions using data, and to communicate the results effectively. The focus is on concepts, reasoning, interpretation and thinking rather than computation, formulae and theory. Much of the work will require students to write effectively and communicate their ideas with clarity. The course covers two main branches of statistics: descriptive statistics and inferential statistics.

The Economic history of India course will assist the students to know the Indian economy in retrospect. The knowledge of the structure of Indian economy during the pre independence era will help the students to understand the rationales for adapting the economic policies as taught in CC12 course. 

Semester V

Type of Course: DSE B (I)

Name of Course: Discipline Specific Elective - B(1)

(A) Comparative Economic Development (1850-1950)

Objective

• • To learn:

    • Strategies and Policies for Economic Development

    • Regions of contemporary development

Course outcome:

• • From this unit students will learn to deal with comparing and contrasting economic systems and transitions between them

  • You will gather knowledge on the strategy of industrialization in Soviet Union

  • You will get to learn Success stories of Asia : Japan, South East Asia and China 

  • The crisis and failures of Latin America and Africa shall also be taught

  • By utilizing comparative economic systems, one will be able to identify similarities, differences, and problems and their solutions that of specific economy types 

(B) Financial Economics

Objective:

• • To Learn – 

    • Investment Theory and Portfolio Analysis

    • Options and Derivatives

    • Corporate Finance 

Course outcome:

On successful completion of this course, students will be able to:

• • Apply utility theory to describe and analyze investment decisions under risk aversion

  • Describe and apply modern portfolio theory

  • Describe, apply and criticize single and multiple factor models of risk and return

  • Describe, apply, compare and criticize the efficient markets hypothesis and behavioural finance theory

• Identify and describe the risks of managing portfolios of fixed income securities 

DSE B (I) Outcome: Like the previous course this one also provides the students with two options of comparative economic development and financial economics, between they need to choose one. 

The first course of Economic development helps the students to compare and contrast economic systems and transitions between them. Students also learn about the success stories of East Asian countries, Japan and China. On learning about the Industrialization of Soviet Union, and crisis in the Africa and Latin America, students can compare between their problems and solutions. 

From the second option of Financial economics students get to understand and apply investment decision under risk aversion, modern portfolio theory, single and multiple factor models of risk and return, risks of managing portfolios of fixed income securities. 

Semester VI

Type of Course: CC13

Name of Course: Public Economics

Unit 1: Government in market economy

Objective

• • To learn:

  • The role of government in market economy 

Course outcome:

• • This unit will enable the students to understand the role of government in a market economy

  • As learnt in the previous courses, market economy allocates scarce resources efficiently

  • In this section you will get to know how in the presence of market failure, externalities, public and merit goods government intervene to ensure efficient allocation of resources

  • The role of public expenditure for financing development shall be emphasized in this unit 

Unit 2: Choice and Public Economics

Objectives

• • To learn in details the characteristics of pure public goods

  • Knowing the distinction between public and private goods 

  • Understanding Private and Public Provisioning of public goods – the equilibrium theories 

Course outcome:

• • At the end of the unit students shall be able to distinguish between public and private goods

  • With the help of Lindahl and voting equilibrium models one will understand how the provisioning of public good in done by the government

  • Students shall be able to answer the questions of how to raise the cost of providing public good and how to distribute public good 

  • They shall be able to analyse policy challenges facing governments around the world and learn about potential solutions to these challenges as well as obstacles in implementing them 

Unit 3: The Revenue and Expenditure of the Government

Objective:

• • To learn the Principles of Taxation 

  • This unit will be useful to students in understanding the principles of taxation

  • Tax being one of the main revenue source of the government of finance its expenditure needs an explicit understanding

Course outcome:

• • From this unit one will know 

    • the classification of taxes and the characteristics of a good tax system

    • the principles guided by which the government should impose

      • tax

      • concept of the incidence and burden of taxation

      • comparison between direct and indirect tax

      • the optimal tax

    • Students shall be able to formulate a perspective on how public policies on taxes are formulated 

Unit 4: Public Finance

Objective

• • To learn:

    • The meaning and classification of Public expenditure

    • Meaning of public debt

    • Indian Public Finance 

Course outcome:

• • At the end of the module one will attain the advantages and knowledge of public investments and other government expenditures.

  • Understand the causes of growing public expenditures for various programmes and policies within and outside the country

  • Understand the needs of public borrowing from all possible sources to meet necessary public investment/expenditures

  • Deliver effectively the preparation of budget and how they are passed in the house. Understand the changes in size and flexibility of state and central budget along with the role played by Finance Commission 

CC13 Outcome: The course investigates the role of public sector in economic area. On completion of this course, students would be able to know the scope and breadth of public economics. They will understand the core principles of efficiency and welfare distribution and their application to problems in public economics. One will be able to utilize the detailed skills and techniques to address and facilitate public economic policy, such as mechanism design schemes and setting of tax structures. 

Semester VI

Type of Course: CC14

Name of Course: Development Economics

Unit 1: Meaning of Economic Development

Objective

• • To understand the Income Approach and Capability Approach

  • To learn the Construction and interpretation of HDI

  • To study the Dependency school of development 

Course outcome:

• • Students would get a clear idea to differentiate between the two approaches 

  • Students learn how the HDI is constructed and also get to know other indices that measure development over the globe and compare and rank the nations on the basis of their individual development trajectory

Unit 2: Poverty and Inequality

Objective

• • To study the Inequality axioms; a comparison of commonly used inequality measures

  • To learn the Gender Inequality, connections between inequality and developmentand the different Poverty measurements 

Course outcome:

• • From this course the students get the multidimensional concept of poverty and learn different measure to compute inequality and poverty, like the HPI

  • Along with this they also learn the problems related to the developing economies like the poverty traps and the vicious circle of Poverty 

Unit 3: Dual Economy Models

Objective

• • To learn the concept of surplus labour 

  • To understand the concept of Dualism with and without surplus labour

  • To study the  Lewis model and Ranis-Fei modeland the Harris- Todaro model 

Course outcome

• • Studying the labour surplus concept helps the students to understand the problem of disguised unemployment

  • Students get to understand the interdependence between the agricultural sector and the industrial sector on studying the two models of Lewis and Ranis-Fei

  • The Harris- Todaro model help the students to get the concept of the rural- urban migration 

Unit 4: Population Growth and Economic Development

Objective

• • To teach the basic concepts (Birth and Death Rates, mortality, fertility)

  • To learn the demographic transition theory

  • Study the Low Level Equilibrium Trap models 

Course outcome:

• • The basic concepts of population help the students to easily go through the theories related to the population growth as now students are more accustomed to the terms

  • Students can now follow the demographic graph easily and can understand in which stage a nation is 

  • Students read the model and also their criticism, they also get to understand the concepts of critical minimum effort theory given by Nelson and Leibenstein 

Unit 5: Development Strategies

Objective

• • To understand the Balanced and Unbalanced Growth Theories

  • To study Choice of Techniques 

Course outcome:

• • Here students learn the two very important development strategies and also the arguments for and against such theories

  • The choice between labor and capital intensive techniques are made clear through this course and students get to understand how the technique to be used is decided 

Unit 6: Political Institutions and the State

Objective

• • Study the definition of institutions, Evolution of Political and Economic Institutions

  • Study the determinants of democracy

  • Study the within-country differences in the functioning of state institutions. State ownership and regulation 

Course outcome:

• • Students get to know the different political institutions and also regarding their evolution

  • Students also learn in this course the alternative institutional trajectories and how they are related to the economic performances

  • This course also makes the students aware of the Government failures and corruption 

CC14 Outcome: Through this course of economic development students cover a wide range of theories related to the development. Different approaches to define development and different indices to measure developmental trajectory are taught. The multidimensional poverty concepts and the different measures have also been covered. The course explains the demographic transition and deals with the problem of population growth. The course also covers the political institutions and the concepts of democracy and makes students aware of the Government failures and corruption. 

Semester VI

Type of Course: DSE A(2)

Name of Course: Discipline Specific Elective A(2)

(A) Money and Financial Markets 

Objective:

• • To learn theories of money supply determination

  • Understanding the role of financial markets, institutions, instruments and financial innovations

  • Knowing the working of financial markets and interest behavior

  • Perceive the structure of banking system 

  • Comprehending the role of central bank and its conduct of monetary policy 

Course outcome

• • On successful completion of this course, students will be able to:

  • Identify the economic principles underlying the operation of financial intermediaries

  • Explain how central banks conduct monetary policy

  • Use models to analyze monetary and macroeconomic issues

  • Conduct a theoretical analysis of real-world issues and phenomena 

(B) Issues in Indian Economy

Objective:

• • Analyzing the growth and structural changes in India

  • Grasping the macroeconomic policies undertaken in India and their impact

  • Knowing the policies and performance of Indian agricultural sector

  • Knowing the policies and performance of Indian industrial sector

  • Studying the trends and performance of Indian services sector 

Course outcome:

• • On successful completion of this course, students will be able to:

    • Analyze the growth and structural changes that took place in India using Indian official statistics as disseminated by NSSO and NAS

    • Evaluate the financial, fiscal, monetary and trade and investment policy adopted in India to bring about structural transformation

    • Know the nature and policies on the agricultural, industrial and tertiary sector in Indian context  

DSE A(2) Outcome: The course consists of two parts where the students have to choose any one. 

The Money and financial markets course links the fields of macroeconomics and central banking. The role of money in the economy and the impact of monetary policy on the macroeconomy are examined. The course aims at providing students with the means to analyse monetary questions and institutions. The course is also designed to further technical expertise in the instruments used in financial markets.

The Issues in Indian Economy course links the theories of macroeconomics in policy making. The evaluation of policies undertaken in Indian context will help the students to understand how the economy emerged itself as a global economy over the period of time. 

Semester VI

Type of Course: DSE B(2)

Name of Course: Discipline Specific Elective B(2)

(A) Environmetal Economics

Objective: 

• To learn what environmental economics is all about

• To know about the Efficiency and Market Failure

• To understand the Design and Implementation of Environmental Policy

• To have an idea about International Environmental Problems

• To get equipped regarding measurement of the values of Environmental Costs and Benefits

The students will be acquainted with:

• Review of microeconomics and welfare economics.

• Interlinkages between the economy and environment

• Pareto optimality and market failure in the presence of externalities

• Property rights and the Coase theorem

• Public goods/ bads and market failure

• Pigouvian Fees – Single Polluter, Multiple Polluters, Fees vs Subsidies

• Regulating Pollution : Command and Control, Economic Incentives

• The Basic Theory of Tradeable Pollution Permits

• Transboundary Pollution – Transboundary Pollution as a problem of international externalities

• International Trade and Environment – Pollution Havens

• International Environmental Agreements – Basic idea about Montereal and Kyoto Protocol and Talks on Climate Change

• Concepts of Willingness to pay (WTP) and Willingness to accept compensation (WTAC), Difference between the two concepts

• Direct and Indirect Methods of Valuation – Contingent valuation, Travel Cost, hedonic Pricing – basic concepts only (no econometric techniques) – when they should be used, what are the advantages and disadvantages of these methods 

DSE B (2): This Discipline Specific Course will make the students aware about some environmental issues and its link with Economics. It will help the students to know why market failures occur or how market efficiencies are affected in presence of externalities created due to various environmental conditions. They will get an idea about various international environmental problems and the designing and implementation of different policies to deal with such problems. They will also learn about the measurement of environmental costs and benefits. 

(B) Issues in Development Economics

Objective: 

• To know the meaning of Economic Development

• To understand what poverty and inequality is all about 

• To study about the dual economy models

• To understand the relationship between population growth and economic development

• To envisage the development strategies

• To become aware about the political institutions and the state

The students will be acquainted with:

• Income Approach and Capability Approach

• Construction and interpretation of HDI; international variations in development measures; comparing development trajectories across nations and within them

• Dependency school of development

• Inequality axioms; a comparison of commonly used inequality measures

• Gender Inequality, connections between inequality and development

• Poverty measurement, HPI; poverty traps and path dependence of growth processes

• Vicious Circle of Poverty Hypothesis

• The concept of surplus labour and disguised unemployment 

• Peasants and Dualism with and without surplus labour 

• Interdependence of agriculture and Industry (Lewis model, Ranis-Fei model) 

• Rural-Urban Migration (Harris- Todaro model) 

• Basic concepts (Birth and Death Rates, mortality, fertility) 

• Demographic transition theory 

• Cost of children, externalities 

• Low Level Equilibrium Trap models and their criticism-critical minimum effort theory (Nelson and Leibenstein) 

• Balanced vs. Unbalanced Growth Theories

• Choice of Techniques

• Definition of institutions, Evolution of Political and Economic Institutions

• The determinants of democracy

• Alternative institutional trajectories and their relationship with economic performance

• Within-country differences in the functioning of state institutions

• State ownership and regulation

• Government failures and corruption 

Program Specific Outcome: Economics (General)

Program Structure

(followed in our college)

• 3 year degree programme.

• The subject Economics falls under both BA and BSc two types of structures

• Honours students in any other discipline can choose Economics as a subsidiary subject in any two of Sem I to IV.

• Candidates opting for general course can have Economics as a core subject or generic elective subject. When chosen as a core subject, Economics will be one subject among any of the three subjects chosen for the entire course of study. The course will be covered in all the semesters

• When Economics is opted as a generic elective subject it shall be studied in any one semester covering Semester I and II.

Program Specific Outcome

      Generally a course which can be chosen from a pool of courses and which may be very specific or specialized or advanced or supportive to the discipline/ subject of study or which provides an extended scope or which enables an exposure to some other discipline/subject/domain or nurtures the candidate’s proficiency/skill is called an Elective Course or General course

●        The Economics major shall develop three skills: logical thought used in solving problems, observation and inference from data. 

●        A degree in Economics provides students with the flexibility to adapt in a changing environment and take advantage of new opportunities. Majoring in Economics is excellent preparation for a variety of careers and occupations. Individuals who wish to be competitive in today's job market need to be ready and able to adapt as our economy evolves and grows.

●       Graduates of the Economics program can pursue a variety of careers, including entry-level business/management, sales, data processing, staff analysis and research, and teaching. 

Semester I

Introductory Microeconomics (CC1/GE1)

On successful completion of this course students will be able to:

• Explore the subject matter of economics. Students will be able to address the economic problem of scarcity and choice and can find solutions to the three basic choices faced by an economy: what to produce, how to produce and for whom to produce

• The course provides an analysis of the way in which the market system functions as a mechanism for coordinating the independent choices of individual economic agents. It develops a basis for evaluating the efficiency and equity implications of competition and other market structures, and a perspective on the appropriate role of government

• Explain consumers’ and firms’ behavior using mathematical tools

Semester II

Introductory Macroeconomics (CC2/GE2)

This course will help the students to:

• Get a broad overview of macroeconomics. They will study the behavior of the economy as a whole

• Explain national income, calculation methods of national income, and concepts related to national income

• Comprehend why some experience high inflation while others have stable prices and why all countries experience recessions and booms. The theories of aggregate output, money and inflation shall also help the students to know if government policies can have an impact on these factors

• Interpret macroeconomic issues such as money, foreign exchange, inflation, unemployment, economic growth and foreign trade

• Relate basic macroeconomic theory and principles to current macroeconomic issues

Semester III

Issues in Economic Development and India (CC3/GE3)

At the end of the course, students will be able to:

• Comprehend the understanding of the difference between growth and development, major growth theories, the measurement of inequality, significance of agriculture in developing countries, poverty and population issues facing the world, international trade, and importance of foreign aid. 

• Analyze empirical evidence on the patterns of economic development in the context of India.

• Special references to education and health sectors in India and growth and development of Indian economy under different policy regimes shall facilitate their understanding of transition of Indian economy from an under-developed to a developing country

• Know the importance of international organizations (IMF, World Bank, WTO) and their roles in economic development of economies, specifically India.

Semester IV

Indian Economic Policies (CC4/GE4)

On the completion of this course students will be able to:

• Know various economic policies that have been adopted in India since independence

• Comprehend the impact of fiscal policy, trade and investment policy, financial and monetary policies, labour regulation on Indian economy

• Interpret the performance of Indian agriculture and industrial sector. 

• Evaluate the policies adopted in India to develop the two sectors shall  

• Analyze the performance and policies of Indian foreign trade – know the balance of payments position of India in recent years; India’s export and import policies

Semester V

(students are required to chose any one)

(only for general candidates taking Economics as core subject)

Money and Banking (DSE – A)

The course aims to provide the student with:

• An introduction to the role of money, financial markets, financial institutions and monetary policy in the economy, thus providing a solid foundation for further study or employment in the financial services industry.

• An understanding of the role of financial markets in the economy with a particular emphasis on bond markets and interest rate determination. 

• An insight into the main aspects of banks and other financial institutions before turning to an investigation of the role of money, central banking and monetary policy in the context of India

Sustainable Development (DSE – A) 

After completion of this course, the students will be able to comprehend:

• Key environmental issues and problems, economic way of thinking about these problems, circular flow of environmental pollutants and waste recycling-laws of thermodynamics, renewable and non-renewable resources-the issue of sustainability

• Different definitions of sustainable development, rules of sustainable development, measures of sustainable development, sustainable management of resources-the role of property rights, stakeholders associated with sustainble management of different types of renewable resources-fishery, forestry and water, the concept of sustainable livelihood in the context of sustainable resource management

• Implementation of environmental policies in developing countries and international experience; transboundary environmental problems-international meetings, protocols and treaties; economics of climate change-basic ideas of the carbon credit market-clean development mechanism and international emission trading

Water policy, forestry policy and fishery policy of India. Basic objectives of the policies along with goals and visions

Semester VI

(students are required to chose any one)

(only for general candidates taking Economics as core subject)

Public Finance (DSE B)

Students successfully completing this unit will have the ability to:

• Understand the sources of finance both public and private; demonstrate the role of government to correct market failures and possible advantage of public financing.

• Attain the advantages and knowledge of public investments and other government expenditures. Understand the causes of growing public expenditures for various programmes and policies within and outside the country.

• Understand the possible burden, benefits and distribution of various types of taxes among various classes of people, know the general trend and impact on general welfare and arouse them to suggest good and bad tax system.

• Deliver effectively the preparation of budget and how they are passed in the house. Understand the changes in size and flexibility of state and central budget along with the role played by Finance Commission

Economic History of India (1857-1947) (DSE B)

On completion of the course students shall:

• Get an over view of colonial Indian economy

• Know the structure of Indian economy by analyzing the macro trends of national income, population and occupational pattern during the period of Bristish rule in India

• Know the history of Indian railways and its importance during the colonial period in promoting industrialization of the Western countries

• In this context, learn the agrarian structure and land relations during the British rule

• Get insights into the position of the economy and state in Imperial context; the drain of wealth shall be focused upon

Semester III or V

Skill Enhancement Course

(students are required to chose any one)

(only for general candidates taking Economics as core subject)

Introductory Methods of Field Survey (SEC A) 

Students successfully completing this unit will have the ability to:

·         Master the skill to deal with economic data

·         Form basic ideas of economic data. They will know the types of economic data – cross-section, time series, pooled, panel data, etc in details and the techniques to handle and interpret them

·         Perform field surveys since they will be taught methodologies of collection of data through sampling techniques, practical methods of drawing random samples using random number tables and preparation of questionnaire depending on the nature of survey 

·         Record and represent data after completion of survey both manually and by use of computers

The course will increase the job competitiveness of the students as data collector and data complier in various government and private institutions

Elementary Rural Development (SEC A)

Students successfully completing this unit will have the ability to:

• Understand distinctively between rural development and agricultural development.

• Know the idea of decentralized planning and participatory Development strategies.

• They will learn the basic idea of decentralized planning in the context of Panchayat system.

• Understand the rural development technique through Panchayat in the context of West Bengal.

• They will get to know the role of NGOs in rural development.

• Through the study of rural credit system and the Self Help Groups students might get the idea of the constraints that rural micro-enterprises face.

• They can build an understanding of the credit requirements of the rural non-farm sectors.

• It is helpful for the students to understand the role of Grameen Bank, need for SHGs in the context of micro credit in rural areas.

• They can conceptualize the formation, functioning and need for SHGs in Indian context.

• Students will learn about some selected Government Programmes in the context of rural development, such as:

  • Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)

  • Mid-day Meal

  • Pradhan Mantri Gram Sadak Yojana (PMGSY)

• The course will increase the job competitiveness of the students in the NGO sector, Government sector and private sectors working in agricultural marketing.

Semester IV or VI

Skill Enhancement Course

(students are required to chose any one)

(only for general candidates taking Economics as core subject)

Data Analysis and Report Writing (SEC B)

The aim of the course is to provide participants with an introduction to research methods and report writing. 

Upon successful completion of the course students are expected to:

• Develop an understanding on various kinds of research, objectives of doing research, research process, research designs and sampling

• Have basic knowledge on qualitative research techniques 

• Have adequate knowledge on measurement & scaling techniques as well as the quantitative data analysis 

• Have basic awareness of data analysis-and hypothesis testing procedures by learning tabular and graphical representation of Statistical data and methods of calculating basic descriptive statistics like Mean, Median, Mode, Measures of dispersion, correlation and regression analysis

Entrepreneurship and Development (SEC B)

This course tries to provide the students with the basic issues of the entrepreneurship and economic development. It explains the growth strategies taken up by the small businesses and also the sickness these businesses suffer. 

On successfully completing the course students are expected to:

• Learn the link between entrepreneurship and the economic development and also learn the development of entrepreneurship in India and its role in the nation’s development. Students are also made aware of the problems in the rural entrepreneurship

• Get the idea of the source of finance and capital structure for the new entrepreneurial ventures along with the different institutional supports

• Learn the different types of growth strategies taken up by the small firms and also the stages of the growth they follow

• Be aware of the concept of industrial sickness and their basic symptoms, causes and consequences