Curriculum Of Economics For Bs (4 Year)

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CURRICULUM DIVISION, HECProf. Dr. Mukhtar AhmedExecutive DirectorMr. Fida HussainDirector General (Acad)Mr. Rizwan ShoukatDeputy Director (Curr)Mr. Abid WahabAssistant Director (Curr)Mr. Riaz-ul-HaqueAssistant Director (Curr)Composed by Mr. Zulfiqar AliHEC Islamabad2

CONTENTS1. Introduction62. Framework for BS (4-Year) Economics113. Scheme of Studies for BS (4-Year)Economics124. Detail of Courses145. Compulsory Courses826. Recommendations933

PREFACEThe curriculum, with varying definitions, is said to be a plan of the teachinglearning process that students of an academic programme are required toundergo. It includes objectives & learning outcomes, course contents,scheme of studies, teaching methodologies and methods of assessment oflearning. Since knowledge in all disciplines and fields is expanding at a fastpace and new disciplines are also emerging; it is imperative that curricula bedeveloped and revised accordingly.University Grants Commission (UGC) was designated as the competentauthority to develop, review and revise curricula beyond Class-XII vide Section3, Sub-Section 2 (ii), Act of Parliament No. X of 1976 titled “Supervision ofCurricula and Textbooks and Maintenance of Standard of Education”.With the repeal of UGC Act, the same function was assigned to the HigherEducation Commission (HEC) under its Ordinance of 2002, Section 10, SubSection 1 (v).In compliance with the above provisions, the Curriculum Division of HECundertakes the revision of curricula after every three years through respectiveNational Curriculum Revision Committees (NCRCs) which consist of eminentprofessors and researchers of relevant fields from public and private sectoruniversities, R&D organizations, councils, industry and civil society by seekingnominations from their organizations.In order to impart quality education which is at par with internationalstandards, HEC NCRCs have developed unified templates as guidelines forthe development and revision of curricula in the disciplines of Basic Sciences,Applied Sciences, Social Sciences, Agriculture and Engineering in 2007 and2009.It is hoped that this curriculum document, prepared by the respective NCRC’s,would serve the purpose of meeting our national, social and economic needs,and it would also provide the level of competency specified in PakistanQualification Framework to make it compatible with international educationalstandards. The curriculum is also placed on the website of HEC( Hussain)Director General (Academics)4


Introduction:The Final Meeting of National Curriculum Revision Committee in thediscipline of Economics was held on February 13-15, 2013 at HigherEducation Commission, Regional Centre, Lahore. The objective of themeeting was to finalize the curriculum of Economics developed in thePreliminary Meeting of NCRC held on September 19-21, 2012 at the samevenue. Following Members attended the meeting: Asad Zaman,Professor and Director General,International Institute of IslamicEconomics, International IslamicUniversity, Islamabad.Dr. Waqar Ahmed Wadho,Assistant Professor,Department of Economics, LahoreSchool of Economics, Lahore.Dr. Bushra Yasmin,Assistant Professor and HoD,Department of Economics, FatimaJinnah Women University, The Mall,Rawalpindi.Dr. Hafeez ur Rehman,Professor,Department of Economics,University of the Punjab, Lahore.Dr. Himayatullah Khan,Professor,Institute of Development Studies,KPK Agricultural University,Peshawar.Dr. Haider MahmoodAssistant Professor,Department of Economics,Government College University,Lahore.Dr. Ijaz Hussain,Assistant Professor,Department of Economics,Gomal University, D.I. KhanDr. Murad Khatoon Panhwar,Professor,Department of Economics &Management, Hyderabad berMemberMemberMemberMember S&T, HyderabadDr. Muhammad Nawaz Chand,Professor,Department of Economics,Shah Abdul Latif University,Khairpur.Dr. Maryam Wasif,Associate Professor,Department of Economics, LahoreCollege for Women University,Lahore.Dr. Misbah,Assistant Professor,Department of Economics,Hazara University, Mansehra.Dr. Masood Sarwar Awan,Associate Professor,Department of Economics,University of Sargodha, Sargodha.Dr. Naheed Sultana,Associate Professor and DeanLBS/HoD,Faculty of Management Sciences,University of Lahore, Lahore.Prof. Dr. Naeem-ur-Rehman,Dean,Faculty of Social Sciences,University of Peshawar, Peshawar.Prof. Dr. Nanik Ram,Chairman,Department of Economics,University of Sindh, Jamshoro.Dr. Rukhsana Kalim,Associate Dean (Research),Department of Economics,University of Management &Technology, LahoreDr. Syed Nisar Hussain Hamdani,Professor and Director,Kashmir Institute of Economics,University of AJK, Muzaffarabad.Dr. Sofia Anwar,Associate Professor / Chairperson,Department of Economics,Government College berMemberMemberMemberMemberMember

19.Dr. Tasneem Akhtar,Associate Professor,Department of Accounting andFinance, GIFT University,Gujranwala.Member2. Following Members could not attend the meeting due to otherengagements: Attiya Yasmin Javid,Professor,Department of Economics, PIDE, Islamabad.Dr. Ashfaque Hassan Khan,Principal & Dean,NUST Business School, NUST, Islamabad.Mr. Khalid Khan,Assistant Professor,Department of Economics, Lasbela University ofAgriculture, Water and Marine Sciences, Uthal,Balochistan.Dr. Muhammad Ashfaq,Professor / Director,Institute of Agri. Extension & ResourceEconomics, University of Agriculture,Faisalabad.Dr. Aneel Salman,Assistant Professor,Department of Management Sciences andHumanities, GIK Institute of Engineering &Technology, Topi, Swabi, KPKMr. Muhammad Rafiq,Assistant Professor,School of Liberal Arts,Institute of Management Sciences, Peshawar.Dr. Fazli Rabbi,Assistant Professor,Institute of Economics, Social and DevelopmentStudies, University of Swat, Swat.Syed Muhammad Hussain,Assistant Professor,Department of Economics, LUMS,Lahore.Prof. Dr. Toseef Azid,Department of Economics,Bahauddin Zakariya University, Multan.8

10.11.12.Prof. Dr. Shehla Amjad,Chairperson,Department of Development Studies,CIIT, Abbottabad.Dr. Jahangir Achakzai,Associate Dean & Assistant Professor (TTS),Department of Economics, University ofBalochistan,Quetta.Dr. Zahoor ul Haq,Professor & Dean,Department of Management Sciences,Abdul Wali Khan University, Mardan.3. The meeting started with the recitation of Holy Verses from the HolyQuran by Mr. Farrukh Raza, Assistant Director (Curriculum), HEC, followedby welcome address by Mr. Nazeer Hussain, Director, HEC Regional Centre,Lahore. Dr. Waqar Ahmed Wadho, Secretary NCRC recalled the proceedingsof the Preliminary Meeting and apprised the aims and objectives of themeeting with particular focus on revision and finalization of the curriculum inthree days. Meanwhile, Dr. Asad Zaman, Convener NCRC joined themeeting and formal proceeding of the meeting started.4. It was further resolved in the meeting that the approved curriculum will bedisseminated by HEC to Universities/DAIs for guidelines as per procedure.The Convener and Secretary of the Committee thanked all the Members forsparing their valuable time and quality contribution towards finalization of thecurriculum. They also recommended the HEC for issuance ofacknowledgement letters to all the Members of NCRC in recognition of theirendeavors for this national cause. The Committee highly admired the effortsmade by the officials of HEC as well for making excellent arrangements tofacilitate the smooth work by the Committee and their comfortableaccommodation/stay at Lahore.5. The meeting ended with the vote of thanks to the Chair as well asparticipants of the meeting.9

FRAMEWORK FOR BS (4-YEAR) ECONOMICSCompulsoryRequirements(the student has no choice)9 courses25 Credit hoursSubjectCr.hrEnglish I3English II3English III3Englishiv/Univ.3optional *Pakistan studies2Islamic Studies / Ethics2Mathematics IMathematics II / Univ.3optional **3IntroductiontoComputer3Diversification Requirements,(from other departments)7-8 courses21-24 Cr. HoursSubjectCr.hr1. Sociology32. Education33. Psychology34. History35. Geography36. Philosophy37. Mathematics38. Law9. Business3Administration.10. Commerce11. Political Science12. International Relations13. Mass Communication14. Foreign LanguageCourses: 9Courses: 825Major courses***11-13 courses36-42 Credit hoursSubject1. Microeconomics2. Macroeconomics3. Econometrics I4. Econometrics II5. International Trade Theory6. Public Sector Economics7. Economic Growth8. Mathematical Economics II9. Issues in Pak Economy10. Islamic Economics11. Entrepreneurial Economics12. Monetary EconomicsCourses: 12Cr.hr3333333333333624Discipline Specific FoundationCourses10-11 courses30-33 Credit hoursSubjectCr.hr1. Principles of3Microeconomics32. Principles of3Macroeconomics33. Intermediate3Microeconomics34. Intermediate3Macroeconomics35. Statistics I36. Statistics II37. DevelopmentEconomics8. Research Methods9. MathematicalEconomics I10. World EconomicHistoryCourses: 1030Elective Courseswithin the major5 courses15 Credit HoursSubject1. Elective-I2. Elective-II3. Elective-III4. Elective-IV5. Elective-VCr.hr33333(List of Elective subjects is given )Courses: 515*University has the option to offer any other course in lieu of English IV.** University has the option to offer any other course in lieu of Mathematics II.*** University has the option to offer Research paper/Project in lieu of any (one) course.10

SCHEME OF STUDIES FOR BS CON103ECON104ECON105ECON106Name of SubjectCreditsEnglish IPrinciples of Micro EconomicsIslamic StudiesMathematics IIntroduction to ComputerOptional ON111ECON11233233317English IIPakistan StudiesPrinciples of Macro EconomicsMathematics IIOptional (Non-Economics)Optional ON205ECON20632333317English IIIIntermediate MicroeconomicsDevelopment EconomicsStatistics IOptional (Non-Economics)Optional CON211ECON21233333318English IVIntermediate MacroeconomicsStatistics IIWorld Economic HistoryOptional (Non-Economics)Optional cal Economics IIssues in Pak EconomyOptional (Non-Economics)333331511

SixthECON307ECON308ECON309ECON310ECON311Economic GrowthEconometrics IMathematical Economics IIElective IElective 5International Trade TheoryResearch MethodsPublic sector EconomicsEconometrics IIElective Entrepreneurial EconomicsIslamic EconomicsMonetary EconomicsElective IVElective V3333315Total Credit Hours 130In the final meeting the members furnish details of courses i.e. courseoutlines, contents, objectives and list of books for each course, assigned tothem in the preliminary meeting.List of Elective Courses:1. Research project/Internship2. Institutional Economics3. Welfare and Happiness Economics4. Labor Economics5. Population Economics6. Comparative Economic System7. Project Appraisal and Investment Analysis8. Environmental and Natural Resource Economics9. Dynamic Macro Economics10. Public Policies11. Rural Development12. Ethics in Economics13. International Finance14. Development Policy15. Institutional Economics16. Financial Markets17. Managerial Economics12 EconomyIndustrial EconomicsTransport EconomicsHealth EconomicsExperimental and Behavioral EconomicsUrban EconomicsRegional EconomicsPoverty and Income DistributionEnergy EconomicsEconomics of EducationAgricultural EconomicsDETAIL OF COURSESFoundation CoursesPRINCIPLES OF MICRO ECONOMICSObjectives:Microeconomics studies the behavior of specific economic units that make upthe economic aggregates. Microeconomics is the subject matter of thiscourse explaining the behavior of specific economic units. The main focus willbe on theories of consumption, production, distribution and role of thegovernment. Topics include demand, supply, household behavior andconsumer choice, the cost structure of the firms, market structures, marketfailures and externalities, economic regulations and Good governance. Thecourse will rely heavily on graphical analysis and simple numericalcalculations.Introduction to Economics:Studying Choice in a World of Scarcity :The No-Free-Lunch Principle , TheCost-Benefit Principle , Reservation Prices , Economic Surplus , OpportunityCost , The Role of Economic Models , To What Extent should an Activity bePerused , Micro Economic Versus Macro Economics , Economic Naturalism ,Positive Versus Normative Economics , Some common Pitfalls for DecisionMakers , Conclusion.Consumer Behaviour:Cardinal Approach/Utility Analysis, Marginal Utility, Law of DiminishingMarginal Utility, Law of Equi-Marginal Utility, Consumer EquilibriumOrdinal Approach of Consumer Behavior, Indifference Curves, Features ofIndifference Curves, Budget Line, Consumer Equilibrium, Comparisonbetween two approaches Conclusion.13

Demand & Supply:Demand Function, Law of Demand, Shift in Demand, Change in DemandFactors Affecting Demand, Supply Function, Law of Supply, Changes inSupply Price Equilibrium, Market Equilibrium.Elasticity of Demand & Supply:Price Elasticity of Demand & Supply, Point Elasticity of Demand & SupplyArc Elasticity of demand & Supply, Income Elasticity of Demand & Supply,Cross Elasticity of demand & Supply, Conclusion.Efficiency and Exchange:Market Equilibrium and Efficiency, Economic Surplus, the Cost of PreventingPrice Adjustments, Taxes and Efficiency, Conclusion.The Theory of production & Theory of Cost:The Production Function , Total, average and marginal product, Laws ofReturns to Scale , Short run Theory of Cost , Seven family cost curves,Relationship between Production and Cost Curves . Long-run Theory of Cost:Graphical Representation of Long Run Cost Economies, Diseconomies andConstant Returns to Scale.Market Structure:Perfect Competition vs. Pure Competition, Different Possibilities of SR firmEquilibrium, Profit Maximization in the Short-run and long-runMonopoly: Short run and Long run Equilibrium under Monopoly. Conclusion(Comparison of both) Imperfect Competition: Monopolistic Competition, Priceand output determination in monopolistic competition , Comparison perfectcompetition with monopolistic competition Oligopoly: Definition, Strategicbehavior and game Theory, Price Rigidity and the kinked demand curve,Conclusion (Comparison of both) Labor MarketsThe Market Demand for Labor, Supply of labor, Shifts in the marketdemand for and supply of labor, Inefficiency wages, monopsonyTextbooks & Supplies:1. Mankiw, “Principles of Economics” 7th Edition, (2008), Southwest Publishers2. Miller, R. L –EconomicsToday-14th Edition (2005) Addison WesleySupplementary Material:Samuelson Nordons –Economics -18th edition (2004), McGraw-Hill, Inc.McConnell and Bruce-Principles of Economics -17th Edition, (2006), McGrawHill.14

PRINCIPLES OF MACROECONOMICSObjectives:The course is designed for the beginners with no formal background or littleacquaintance with economics. The objective is to give the students with aclear understanding of the basic concepts, tools of analysis and terminologiesused in macroeconomics. The teacher is expected to draw examples fromthe surrounding world to clarify the concepts.Course Contents:Introduction:The economy in aggregate, Complexities of the world of business, Scope ofmacroeconomics, Brief account of classical and the development of macroeconomic after the World War-II, Concept of business cycles: Boom andDepression, three concerns of macroeconomics, Inflation, GDP growth andunemployment, Macroeconomic variables and their mutual relationship,Macro-models as abstraction from the real economy.National Income:Definition and concept of national income, Measures of national income:Gross Domestic Product (GDP) and Gross National Product (GNP), GDP atfactor cost and at market prices, Computation of national income: Product,Income and Expenditure approaches, Circular flow of income, Nominalversus Real income, Per capita income and the standard of living.Components of Aggregate Demand:The Concept of Open and closed economy models, Concept of aggregatemarkets: Product, Money, Labor and Capital markets, Components ofaggregate demand: Consumption, Investment and Government spending,Income and expenditure identities. Money and Monterey policy, Fiscal Policy.Recommended Texts:1. Mankiw,G–Principles of Economics- latest edition.2. Samulson and Nordrons - Economics –latest editionAdditional Texts:1. Parkin, Michael - Macroeconomics, latest edition2. Miller, R.L.– Economics Today – latest editionINTERMEDIATE MICROECONOMICSPRE REQUISITE: Principles of MicroeconomicsObjectives:15

The course seeks to provide an understanding of the core economic modelsfor the analysis of decisions by consumers, markets and firms .It wouldprovide some illustrations of the applications of some models tocontemporary issues in economics. It also emphasize upon the welfareconcept in economicsAn introduction to Economic models:Optimization techniques, Constructing a model, Optimization and equilibrium,Utility:Constructing a Utility Function, Maximization of function of one variableFunctions of several variables, Constrained maximization, utility maximizationAxioms of rational choice, Utility, Indifference curves and marginal rate ofsubstitution Utility functions for specific preferences, Utility maximization:optimization principle Indirect utility function, Income and substitution effects,Demand relationship among goods Demand functions, Changes in income,Changes in goods price, Individual demand curve Compensated demandcurve, Mathematical development response to price changes, Consumersurplus revealed preferences, Substitutes and compliments Substitutabilitywith many goods composite commodities.From Individual to Market Demand:The Inverse Demand Function, the Elasticity of a Linear Demand CurveElasticity and Demand, Elasticity and Revenue, Elasticity and MarginalRevenue.Supply:Market supply, Market equilibrium, Effect of tax Taxation with Linear Demandand Supply Passing along a Tax, Consumer and producers’ burden of tax,deadweight Loss of a Tax.Production function:Marginal productivity, Iso quant maps and the rate of technical substitutionReturns to scale, the elasticity of substitution, Cost functions Cost functionsand the shifts in the cost curves, Short run long run distinction, Profitmaximization.Firms:The nature and behavior of firms, Profit maximization, Marginal revenue, andshort run supply by a price taking firm, Profit functions, Profit maximizationand input demands.Monopoly:Linear Demand Curve and Monopoly, Markup Pricing, The Impact ofTaxes on a Monopolist, Inefficiency of Monopoly, Deadweight Loss of16

Monopoly, Price Discrimination, First Degree Price Discrimination, SecondDegree Price Discrimination, Third-Degree Price DiscriminationOligopoly:Choosing a Strategy, Quantity Leadership, the Follower's Problem, theLeader's Problem Price Leadership Comparing Price Leadership andQuantity Leadership, Simultaneous Quantity Setting Cournot Equilibrium,Simultaneous Price Setting, Collusion.Game theory:Basic concepts, Nash equilibrium, Existence of Nash equilibrium, theprisoners dilemma, A two period game, Pricing in static games, Entry exit andstrategy, Games of incomplete information.The Edge Worth Box:Trade, Pareto Efficient Allocations, Market Trade, The Algebra of EquilibriumWalras' Law, Relative Prices, Equilibrium and Efficiency, Pareto Efficiency,Social Welfare Functions Welfare Maximization, Individualistic Social WelfareFunctions, Fair Allocations.Textbooks:1) Intermediate Microeconomics: A Modern Approach, 7th Edition by Hal R.Varian.2) Microeconomics by Pindyck and Rubinfeld 8th Edit.3) Microeconomic theory Basic Principles and Extensions, 9th Edition byNicholson, W.17

INTERMEDIATE MACROECONOMICSPRE REQUISITE: Principles of MacroeconomicsReading Material:Textbook:1. Mankiw, N. Gregory (2013). Macroeconomics. 8th Edition, WorthPublishers.2. Supplementary Texts3. Abel, Andrew, B., Bernanke, Ben S. & Croushore, D. (2010). SeventhEdition. Addison-Wesley.4. Williamson, Stephen D. (2010). Macroeconomics. 4th Edition, PrenticeHall.And other readings and handouts, as required.Topics and Chapters to be Covered:A. INTRODUCTION TO MACROECONOMICS1. The Science of Macroeconomics (Mankiw Ch#1, ABC Ch#1,Williamson Ch#1)1.1 What Macroeconomists Study1.2 How Economists Think2. The Data of Macroeconomics (Mankiw Ch#2, ABC Ch#2, WilliamsonCh#2)2.1 Measuring the Value of Economic Activity: Gross Domestic Product2.2 Measuring the Cost of Living: The Consumer Price Index2.3 Measuring Joblessness: The Unemployment Rate2.4 From Economic Statistics to Economic Models3. National Income: Where it comes from and Where it Goes? (MankiwCh#3, ABC Ch#3, Williamson Ch#4)3.1 What Determines the Total Production of Goods and Services?3.2 How Is National Income Distributed to the Factors of Production?3.3 What Determines the Demand for Goods and Services?3-4 What Brings the Supply and Demand for Goods and Services intoEquilibrium?18

B. MONEY, PRICES, AND UNEMPLOYMENT4. The Monetary System: What it is and How it Works? (Mankiw Ch#4,ABC Ch#7, Williamson Ch#11, 16)4.1 What Is Money?4.2 The Role of Banks in the Monetary System4.3 How Central Banks Influence the Money SupplyInflation: It Causes, Effects, and Social Costs (Mankiw Ch#5,ABC Ch#7,12, Williamson Ch#18)5.1 The Quantity Theory of Money5.2 Seigniorage: The Revenue From Printing Money5-3 Inflation and Interest Rates5-4 The Nominal Interest Rate and the Demand for Money5.5 The Social Costs of Inflation5.6 Hyperinflation5. Unemployment (Mankiw Ch#7, ABC Ch#3,12, Williamson Ch#17)6.1 Job Loss, Job Finding, and the Natural Rate of Unemployment6.2 Job Search and Frictional Unemployment6.3 Real-Wage Rigidity and Structural Unemployment6.4 Labor-Market Experience: The United States6.5 Labor-Market Experience: EuropeC. THE ECONOMYFLUCTUATIONSINTHESHORTRUN:ECONOMIC6. Introduction to Economic Fluctuations (Mankiw Ch#10, ABC Ch#8,Williamson Ch#3)7.1 The Facts About the Business Cycle7.2 Time Horizons in MacroeconomicsHow the Short Run and Long Run DifferThe Model of Aggregate Supply and Aggregate Demand19

7.3 Aggregate DemandThe Quantity Equation as Aggregate DemandWhy the Aggregate Demand Curve Slopes DownwardShifts in the Aggregate Demand Curve7.4 Aggregate SupplyThe Long Run: The Vertical Aggregate Supply CurveThe Short Run: The Horizontal Aggregate Supply CurveFrom the Short Run to the Long Run7.5 Stabilization PolicyShocks to Aggregate DemandShocks to Aggregate Supply7. Aggregate Demand I: Building the IS-LM Model (Mankiw Ch#11, ABCCh#9)8.1 The Goods Market and the IS Curve8.2 The Money Market and the LM Curve8.3 The Short-Run Equilibrium8. Aggregate Demand II: Applying the IS-LM Model (Mankiw Ch#12,ABC Ch#11)9.1 Explaining Fluctuations with the IS–LM Model9.2 IS–LM as a Theory of Aggregate Demand9.3 The Great Depression9. Aggregate Supply and the Short-run Tradeoff Between Inflation andUnemployment (Mankiw Ch#14, ABC Ch#11, Williamson Ch#13)10.1 The Basic Theory of Aggregate Supply10.2 Inflation, Unemployment, and the Phillips Curve10. A Dynamic Model of Aggregate Demand and Aggregate Supply(Mankiw Ch#15)11.1 Elements of the Model11.2 Solving the Model11.3 Using the Model20

11.4 Two Applications: Lessons for Monetary Policy11.5 Toward DSGE Models11. Classical Business Cycle Analysis: An Equilibrium Business CycleModel (ABC Ch#10, Williamson Ch#12)12.1 Business Cycles in the Classical Model12.2 Money in the Classical Model12.3 The Misperceptions Theory and the non-neutrality of MoneySTATISTICS IA free online course with video-lectures, corresponding written lectures, selfassessment exams and computer exercises for each lecture has beenprepared especially for Pakistani students. This course is available fromhttp:/ Statistics teachers are encouraged to use this materialto develop their own courses, built around the following recommendedoutline.UNIT ONE: Descriptive Statistics1. Introduction & Motivation2. Index Numbers – Laspayres & Paasche3. Sorting, Ranking and Percentiles.4. Representative Measures: Mean, Median, Mode5. Measuring Variation:Interquartile Range (IQR) and Standard Deviation.6. Data Summaries: the Boxplot.7. Histograms.8. Data Density estimates.9. Picturing Bivariate Relationships.UNIT TWO: Random Samples10. Random Draws from Populations11. Random Variables12. Probability Laws: Additive and Multiplicative13. Binomially Distributed Random Variables14. Expected Values, Averages, and Law of Large Numbers15. Central Values and Unexpected Values.16. Approximations of Binomial by Normal Distribution17. Central Limit Theorem: Approximating Sums by Normals18. Assessing Independence in Contingency Tables.21

STATISTICS IIThis is a continuation of the previous course, and should be based on topicstreated in Freedman, Pisani and Purves – Statistics 4th Edition. Referenceslike Ch. 1 below are to chapters in this textbook.1. Causality via Experimental Data – Ch. 12. Causality via Observational Data – Ch. 23. Review of Histograms & Density Estimates. – Ch. 3 & Lec 7 & 8 fromStats I above.4. Normal Approximation. Ch. 5.5. Measurement Error. Ch. 66. Correlations: Basic Ideas, Ch. 87. Correlations: Complexities Ch. 98. Regressions: Basics. Ch. 109. Regressions: Complications, Ch. 11, 12, and additional materials10. Review of Central Limit Theorem & Random Sampling. Ch. 16 & 21.11. Sample Surveys: Ch. 1912. Gallup Poll – Ch. 20, 2113. Survey of Employment & Unemployment – Ch. 2214. Hypothesis Tests – Ch. 24, 25, 2615. Tests for Independence – Ch. 2816. Applications to Real Data Sets.DEVELOPMENT ECONOMICSObjective:This is a first course in development economics that studies the economics oflow and middle income countries. Topics include the structure of developingcountries, their institutions, the policies their governments follow, the contoursof poverty and inequality, and the ongoing struggles with economic growth.Apart from that it would cover theoretical foundations for different policyissues such as--What is the role of markets? Is government intervention in amarket is a good thing? Do we need to be concerned about inequality? andwhy? What are institutions, and how do they facilitate or hinder economicdevelopment? Is development necessarily uneven, with some sectorsgrowing and others stagnating? How do we think about the political economyof development: from voting or lobbying all the way to conflict? What are localproblems and policies and what are international problems and policies?Contents:An overview of Development:Historical experiences of developing countries, broad conceptual explanationof underdevelopment, comparative economic development, emerging major22

issues of developing world, basic theories of growth and development, andcontemporary models of underdevelopment/development.Domestic problems and Policies:The nexus of poverty, inequality and underdevelopment, the distribution ofwealth and resources, poverty and nutrition, demographic transition,population growth; its causes and consequences, urbanization/rural-urbanmigrations; its causes and consequences, human capital; education, healthand development, agriculture and rural development, wars and conflicts,environment and natural resources, sustainable development.International problems and Policies:Trade/access to factor and product markets and development, balance ofpayment problems, debt, stabilization policies, international shocks, foreignfinance, foreign aid, international wars and conflicts, migration andremittances.Markets and Development:The role of markets in development, credit, financing, SME’s, industrial andtrade policies, land, labor and agriculture, livestock, market failure andgovernment intervention, stabilization policies.Institutions and Development:What are institutions, how do they facilitate or hinder economic development?The political economy, democracy vs dictatorship, decentralization, goodgovernance, corruption, rent seeking, ethnic conflict, gender inequality, votingand lobbying, the role of civil society.Recommended Books:1. Todaro, M. P. and S. C. Smith. Economic Development, 11th edition(2011). Palgrave.2. Debraj Ray. Development Economics, (1998), Princeton University Press.Topic-wise break-ups:D. PRINCIPLES AND CONCEPTS1. Introducing Economic Development:(Todaro Ch. 1, Ray Ch. 1)1.1 How the Other Half Live1.2 Economics and Development Studies1.3 What Do We Mean by Development?1.4 The Millennium Development GoalsAGlobalPerspective2. Comparative Economic Development (Todaro Ch. 2, Ray Ch. 1)2.1 Defining the Developing World23

2.2 Basic Indicators of Development: Real Income, Health, andEducation2.3 Holistic Measures of Living Levels and Capabilities2.4 Characteristics of the Developing World: Diversity withinCommonality2.5 How Low-Income Countries Today Differ from DevelopedCountries in Their Earli

International Finance 14. Development Policy 15. Institutional Economics 16. Financial Markets 17. Managerial Economics. 13 18. Political Economy 19. Industrial Economics 20. Transport Economics 21. Health Economics 22. Experimental and Behavioral Economics 23. Urban Economics 24. Regional Economics 25. Poverty and Income Distribution

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