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1
CHRIST UNIVERSITY
HOSUR ROAD, BANGALORE-29
DEPARTMENT OF ECONOMICS
SYLLABUS FOR
MPHIL IN ECONOMICS
2013
2
MPhil in ECONOMICS
The Department of Economics endeavors to facilitate a meaningful transition for an aspiring
scholar from acquiring knowledge towards an advanced stage of its creation and application. The
Department aims at establishing a universal nature and legitimacy of a research culture, to
motivate scholars and to cultivate an aptitude for qualitative and quantitative perspectives in the
field of Economics.
Course Overview
This is a full time research program of 18 to 24 months duration, in which scholars are trained to
present their research findings. In preparation, they will complete prescribed courses aimed at
giving them a thorough understanding of the principles of Economics and its application in
various functional specializations. The ability to think systematically, and apply quantitative
methods will give them the knowledge and skills to later work independently on their PhD
dissertation.
Thesis: The candidates will indicate the area of general interest to them at the time of
application, and finalize the specific area of research by the end of the I Semester, in consultation
with the faculty member who has agreed to guide them. The candidate will have to defend the
proposal, in an open forum, before proceeding with the research. The candidate will have to
present and defend the research findings, again in an open forum, before proceeding to write the
thesis. The quality of the research will be graded as per Christ University norms for the MPhil
Program
Coursework: The electives offered by the department are subject to departmental guidelines
(course pre-requisites, faculty and student availability). The candidates will decide on the
electives, in consultation with the faculty member who has agreed to guide them. In each elective
course, there will be about 16 colloquium sessions during the semester of about 2½ hours each,
where the various topics will be presented by candidates, and discussed under faculty
supervision. Candidates will come prepared with the reading material listed for the session and
indicated at the start of the semester.
Candidates must obtain a pass grade at the end of the course. A Pass/Fail grade will be assigned
by the faculty member handling the course on the basis of participation in the discussions,
written assignments or open book tests.
3
COURSE STRUCTURE, 2013-14
Semester Units No. of hours
per week
Marks Credits
I
Research Methodology 60
100 4
II
Electives (2)
1. REC 231: Managerial
Economics
2. REC 232: Financial Markets
and Derivatives
3. REC 233: Agricultural
Economics
4. REC 234: Industrial
Economics
5. REC 235: Environmental
Economics
6. REC 236: International
Economics
7. REC 237: Economics of
Service Sector
45x2
100x2 2x3
III
Dissertation
Defense/viva voce
up to 12
months
200 10
Total 500 20
MPhil course will be of 20 credits
4
SEMESTER I
REC 131: RESEARCH METHODOLOGY
Overview of the Course Work and Objectives Total Hours: 60 Hours
This course work on research methodology forms the introductory discipline in the M. Phil.
curriculum. In this course, researchers are trained in general and specific methods needed for
planning and execution of a research project. They are provided in advance a detailed
bibliography of primary and secondary sources which will give an overall view of the research
methods and the various tools of scientific research which are developed and successfully
applied worldwide. The course work includes different theories of empirical and analytical
methods and strategies of research, fundamentals aspects and specifications of quantitative
research and their philosophical foundations, developing an appropriate and discipline specific
terminology, the design and structure of a scientific research, collection of data, preparation and
analysis of data using statistical inferential methods involving estimation and hypothesis testing
and presentation skills in various forms of scientific treatise etc.
The main objective of a course work in research methodology is to enable the researchers to
identify problematic or insufficiently grounded premises in the axiomatic and methodical
foundations of individual or specific disciplines as well as of interdisciplinary undertakings in
research, and to develop thereby an adequate knowledge base for designing and implementing a
research project.
The course work also gives researchers an opportunity to learn fundamentals of Statistics and
familiarizes them with different techniques to use them effectively in the chosen area of research,
thereby making objective, logical, testable and generalizable results. The course also enhances
the use of software application to facilitate multivariate data analysis and highlights applications
to various management research scenarios as per the area of specialization of the individual
student.
The objective of the specific research methodology part is to give researchers knowledge about
the fundamentals of Statistics and Econometrics familiarizes them with the different techniques
to use them effectively in the area of research, thereby making objective and logical decisions.
The course also enhances the use of Statistical software‟s to facilitate multivariate data analysis
and highlighting applications to various managerial issues as per the area of specialization of the
individual student.
PART A (20 Hours)
UNIT 1 Research Designs and Strategies 10 Hrs
Meaning of research and scope of research methodology, Philosophy of research – ontological,
epistemological and ethical considerations, Identification of problem area, Formulation of
research questions, Typology of Research Designs
5
UNIT 2 Academic Writing and Ethics 10 Hrs
Introduction to Academic Writing, Structure of Academic Writing, Reading for Research,
Academic Styles, Plagiarism, Publication, Online Resources
PART B (40 Hours)
UNIT 3 Introduction to Statistics 5 Hrs
Applications of Statistics in research, A brief outline of qualitative and quantitative research,
Graphical representation of data, Bar, Pie charts, Line diagrams, Scatter plot, Ogives, Stem-and-
leaf Display, Box-plot-Measures of Central Tendency and Dispersion - Skewness & Kurtosis;
Reporting appropriate measures and interpretation
UNIT 4 Random Variables and Probability distributions 7 Hrs
Overview of Probability concept; Random variables – Types of random variables; Probability
Mass & Density functions; Introduction and application of Binomial, Poisson, Exponential and
Normal probability distributions - Correlation, Simple and Partial correlation- Multiple
Correlation – Pair wise and Partial Correlation and tests for the significance of correlation.
Simple linear regression – Fitting the model, Tests for overall significance, Model performance
measures. Testing significance of the predictor
UNIT 5 Inferential Statistics 15 Hrs
Sampling distribution, Interval estimation for mean and proportion, Sample size determination
using confidence interval approach; Statistical hypothesis – Types of Error in hypothesis testing,
Concept of power of a test; Statistical test – One population mean, proportion, two populations
mean and proportion comparison; - Sampling Theory, Probabilistic and Non-probabilistic
sampling, Sampling distribution, Chi-square, t and F distributions, Estimation Theory-Point and
Interval estimation-Testing of Hypotheses-Types of error, Single population testing, Double
population testing Analysis of Variance (Single factor and two factors) – Meaning, application
and interpretation - ANOVA – one way and two way, ANOVA with replication, Contingency
Chi-square, Goodness of fit test
Using SPSS/MS Excel to work out problems -- Factor analysis -Discriminant analysis - Cluster
analysis- conjoint analysis using SPSS to work out problems
UNIT 6 Econometric Modelling 13 Hrs
Methodology of Econometrics - Assumptions in simple linear regression – Residual analysis for
validation of assumptions; Testing for normality of residuals and constant error variance
assumption; Violations of assumptions of OLS – Heteroscedasticity – Multicollinearity–
Autocorrelation; Properties of OLS– Goodness of Fit– R2 & Adjusted R2
Financial Time Series Models–Autoregressive and Moving Average (ARMA) Process–
Autoregressive Integrated Moving Average (ARIMA) process – Non-stationarity time series –
Unit root test–Augmented Dickey Fuller test–Cointegration -Causality test
Text Books
1. Goon, A. M., Gupta, M. K., Dasgupta B. D., An Outline of Statistical Theory - Volumes I
and II, World Press, 2001.
6
2. Anderson, Sweeney, Williams, Statistics for Business & Economics, South Western
College Publishers, 8th edition
3. Latin, J., Green, P., Carroll, D., Analysisng Multivariate Data, Durbury Press
Reference Books
Research Methodology
1. Aldenderfer, Mark S. and Roger K. Blashfield, Cluster analysis. Thousand Oaks,
Quantitative Applications in the Social Sciences Series No. 44, CA:, Sage Publications
(1984).
2. Corter, James E. Tree models of similarity and association. Thousand Oaks, Quantitative
Applications in the Social Sciences Series No. 112 ,CA: Sage Publications,. (1996).
3. Kaufman, Leonard and Peter J. Rousseeuw (1990). Finding groups in data: An
introduction to cluster analysis NY: John Wiley & Sons, ISBN: 0471878766.
4. Aaker, D. A., Kumar, V., Day, G. S., Marketing Research, John Wiley and Sons, 2000.
5. Bagozzi, R P, Principles of Marketing Research, Edited by, Basil Blackwell Ltd., USA,
1994.
6. Bryan, B., Essentials of Customer Relationship Management, Wiley Publishing, 2002.
7. Dyche, J., The Customer Relationship handbook, Addison Wesley Information
Technology Series, 2002.
8. Greenberg, P., Customer Relationship Management at the Speed of light, Tata McGraw
Hill Publishing, 2001.
9. Green, P. E., Tull, D. S., Albaaum, G., Research for Marketing Decisions, Prentice-Hall,
1994.
10. Johnson, F. P., Johnson, R. D., Commercial Bank Management, The Dryden Press, 1985.
11. Joshi, V. C., Joshi, V. V., Managing Indian Banks, The Challenges Ahead, Response
Books, Sage Publications, 1998.
12. Kerr, C., Anderson, K., Customer Relationship Management, Tata McGraw-Hill
Publishing, 2002.
13. Lehmann, D. R., Gupta S., Steckel, J. H., Marketing Research, Addison-Wesley, 1998.
14. Lilien, Kotler, Moorthy, Marketing Models, Prentice-Hall, 2001.
15. Machiraju, H. R., Indian Financial System, Vikas Publishing House Pvt. Ltd., 2002.
16. Malhotra, N. K., Marketing Research, Prentice-Hall Intenational, Inc. 2001
Multivariate Analysis
1. Anderson, T. W. (1984). An Introduction to Multivariate Statistical Analysis, (2nd ed.)
N.Y.: Wiley
2. Bock, R. D. (1975). Multivariate statistical methods in behavioral research, N.Y.:
McGraw Hill.
3. Carroll, J. D., Green, P. E. & Chaturvedi, A. (1997). Mathematical tools for applied
multivariate analysis. (2nd ed.) N.Y.: Academic Press
7
4. Dillon, W. R., & Goldstein, M. (1984). Multivariate analysis: Methods and applications.
N. Y.: Wiley.
5. Flury, B. (1997). A first course in multivariate statistics. N.Y.: Springer
6. Gifi, A. (1990). Nonlinear Multivariate amalysis. Chichester: Wiley
7. Gnanadesikan, R. (1997). Methods for statistical data analysis of multivariate
observations, (2nd ed.) N.Y.: Wiley.
8. Kendall, M. G. (1980). Multivariate analysis. (2nd ed.), London: Griffin
9. Lebart, L., Morineau, A. & Warwick, K. M. (1984). Multivariate descriptive statistical
analysis. N.Y.: Wiley
10. Morrison, D. F. (1990). Multivariate statistical methods. (3rd ed.), N.Y.: McGraw Hill.
11. Roy, S. N. (1957). Some aspects of multivariate analysis. N.Y.: Wiley
12. Tatsuoka, M. M. (1988). Multivariate analysis. (2nd ed.) N.Y.: Wiley.
13. Van de Geer, J. P. (1971). Introduction to multivariate analysis for the social sciences.
San Francisco: W. H. Freeman.
14. Kachigan, Sam K. (1982). Multivariate statistical analysis. NY: Radius Press.
15. Hair, Anderson, Talham, Black, Multivariate Data Analysis, Prentice-Hall International,
Inc.,
Time-Series Econometrics
1. Damodar Gujarati and S. Sangeetha - Basic Econometrics, McGraw–Hill Publisher; 4th
Edition 2007.
2. Koutsoyiannis - Theory of Econometrics, Rowman & Littlefield Publishers; 2nd Edition
1978.
3. William. H. Greene - Econometric Analysis, Prentice Hall; 6th Edition 2007.
8
SEMESTER II
ELECTIVES
Candidates will choose a minimum of 2 from among the following 7 courses
REC 231: MANAGERIAL ECONOMICS
Course Objective Total Hours: 45
1. The course examines the techniques available in applied research for the analysis of
micro- level data in the study of economic behaviour and policy problems
2. The objective of the course is to examine the current state of microeconomic theory at
several of its frontiers. The course covers theories of consumer and producer behaviour
under certainty and uncertainty, general equilibrium theory with complete and incomplete
markets.
3. The model is then used to study growth, inflation, exchange rates, monetary and fiscal
policy and the business cycle
UNIT 1 2 Hrs Introduction to Economics; Nature and Scope of Managerial Economics, Significance in
decision-making and fundamental concepts; Objectives of a firm
UNIT 2 3Hrs
Econometric models- meaning, classification and role; Consumer behaviour – Utility analysis
UNIT 3 8 Hrs Demand and Supply Analysis; Law of Demand/ Supply, Exceptions to the law of demand;
Determinants of Demand; Elasticity of Demand- Price, , Cross and Advertising Elasticity; Uses
of Elasticity of Demand for managerial decision making, measurement of Elasticity of Demand.
Demand forecasting meaning, significance and methods.
UNIT 4 8 Hrs Production concepts & analysis; Production function, single variable-law of variable proportion;
two variable-Law of returns to scale; Cost concept and analysis, short-run and long-run cost
curves and its managerial use
UNIT 5 8 Hrs Market Equilibrium and Average Revenue Concept; Market Structure: Perfect Competition,
Monopoly, Monopolistic Competition, and Oligopoly
UNIT 6 5 Hrs Pricing Strategies; Price determination, full cost pricing, product line pricing, price skimming,
penetration pricing
9
UNIT 7 8 Hrs National Income; Circular Flow of Income ,Concepts and various methods of its measurement,
Inflation, types and causes, Business Cycle, Profit concept and major theories of profits;
Dynamic Surplus theory, Risk & Uncertainty bearing theory and Innovation theory.
UNIT 8 3 Hrs Monetary and Fiscal Policies, Balance of Payment, Investment planning, Indian economy
References:
1. G. Mankiw, Principles of Macroeconomics, Thomson, Fourth Edition 2007Petersen
2. Craig H. et al. – Managerial Economics (Pearson Education, 2006)
3. Dominick Salvatore - Managerial Economics (Oxford, 2007)
4. Atmanand – Managerial Economics (Excel Books, 2007)
10
REC 232: Financial Markets and Derivatives
Course Objective Total Hours: 45
1. To give the students an understanding of what is financial markets and how they work.
2. To provide a basic understanding of derivatives and introduces the analytics of derivative
valuation.
3. To provide an understanding of financial markets and financial institutions that operates
within the financial markets. Students successfully completing this course should have
the necessary tools and understanding of the financial markets operations and the
functions of financial institutions in the economy.
4. To provide practical and simple investment and corporate financial management
strategies using derivatives in a manner this will allow students to apply these concepts
and skills.
Part I: Capital Markets, Consumption and Investment
Unit 1: Introduction to Financial System, Markets and components – Background, structure,
nature, role, functions, necessity, economics, definitions, etc. 5 Hrs
Unit 2: Overview of the Financial System and Markets in India – Organization, operation,
growth, etc. 5 Hrs
Unit 3: Money Market in India – in the framework of Products, Providers, Investors, Players,
Regulators, Yields, Liquidity, Regulations and Procedures and other aspects of various Money
Market Instruments 5 Hrs
Unit 4: Capital Market in India – Building blocks of Project Financing Strategies and Options –
in the framework of Products, Providers, Investors, Players, Regulators, Yields, Liquidity,
Regulations and Procedures and other aspects of Capital Market Instruments in designing an
Optimal Financing Mix alongside critical parameters governing their selection, implications,
structuring, pricing, costs, prioritization, etc. 5 Hrs
Unit 5: Primary Market, Secondary Market, Depositories, and Government Securities Market
5 Hrs
Part II Advanced Capital Budgeting Topics
Unit 6: Efficient Capital Markets: Theory, Capital Budgeting under Uncertainty: The Multi
period Case, Overview of Fixed Income Instruments, Bond Mathematics 5 Hrs
Unit 7: Derivatives Market: (a) Introduction to Derivatives (b) Futures Markets (c) Pricing of
Forwards & Futures (d) Interest rate Futures (e) Swaps (f) Option Markets
(g) Properties of Option Prices (h) Trading Strategies involving options (i) Binomial Pricing (j)
Black – Scholes Option Pricing Model (k) Options on Stock Index, Currencies and Futures (l)
Management of Market Risk (m) Value at Risk (n) Exotic Options 15 Hrs
References:
1. John Hull Mishkin & Eakins, 2011, Financial Markets and Institutions, Sixth Edition
11
2. Hull. J, 1998, Introduction to Futures and Options Markets (3rd Edition), Prentice Hall
3. John C. Hull (2006), Options, Futures and Other Derivative Securities, 6th
edition, Upper
Saddle River, N.J., Prentice Hall
4. Roy Baily(2005),The Economics of Financial Markets.
5. Boddie, K.M., and Ryan,2003,Investments,McGraw-Hill
6. Copeland,T.E. and J.F.Weston, 1988, Financial Theory and Corporate Policy, Addison
Wesley.
7. Ross.S.A., Randolph W Westerfield, Bradford D Jordan, and Gordon S Roberts,2005,
Fundamentals of Corporate Finance, McGraw-Hill
12
REC 233 AGRICULTURAL ECONOMICS
Course Objective: Total Hours: 45
This course is designed to provide a comprehensive introduction to marketing issues and
principles related to the agri-food and forestry industries. The objectives are:
1. To foster development and understanding of key agricultural marketing issues and
concerns, equip you with analytical skills that may be utilized to evaluate different
marketing problems and programs from both the industry and firm perspective.
2. Familiarize students with applications of economic theory and market research tools to
practical problems in the marketing of food and agricultural products;
3. Provide an understanding of selected institutions which operate in food and agricultural
markets, including futures markets, cooperatives, marketing boards, and some aspects of
domestic and foreign government policy related to prices and markets
Unit 1: Introduction 8 Hrs
Agricultural Economics: meaning, nature and scope; Capital Formation in Agriculture: National
and State level analysis; Pattern of agricultural development: regional variations; Sustainable
Agricultural Growth: concepts and constraints; Organic farming; Overview of Development
Problems and Issues; Hunger and Malnutrition; Economics of Food Demand; Population Growth
and the Demographic Transition;
Unit 2: Growth and Technological changes in Agriculture 8 Hrs
Agricultural productivity: comparison with developed countries, Ways and Means for improving
crop productivity; Bio Technology: meaning and Scope; Green house technique; Food self
sufficiency: pre independence & post independence; Input supply and distribution: economic
aspects of irrigation and fertilizer use; Live stock management; Dairy farming; Contract farming;
Value addition: processing industry; Emerging trends in agricultural technology;
Unit 3: Consumer and Producer Theory in Agricultural Economics 8 Hrs
Utility and demand functions in consumer behavior; Elasticities, Estimation of demands for
agricultural commodities and policy implication; Producer theory in agricultural economics;
Structural form approach; Reduced form approach on a supply side: Supply response model;
Risk and Insurance;
Unit 4: The State and Policy Environment in Agriculture 10 Hrs
Economic and agricultural situation during plan periods and policy implications; Agriculture
Pricing Policy: Price distortions of policy interventions in agricultural economics; Food security
in India and public distribution system; Policies related to major agricultural commodities;
Energy needs for agricultural/rural development; Subsidies to expand farm output and income
distribution; Labour mobility and agricultural wage policy; Infrastructural support for
agriculture: transport, storage and markets; Price, trade and international assistance; Agricultural
Credit and Indebtedness; Research: education and extension needs; Agricultural taxation; Trade-
off between agricultural development and environmental quality;
13
Unit 5: Agri-food Markets: Perspectives and Issues 4 Hrs
Food market analysis; Structure and organization of agri-food markets: developed countries,
developing countries; Demand for food in international markets; The Marketing Chain: Retail
and Wholesale Markets; Marketing Margins; Market power, concentration & consolidation;
Unit 6: Agriculture in an Interdependent World 7 Hrs
Comparative Advantage, Agriculture and International Trade; Trade Policies, Negotiations and
Agreements; Agriculture and the Macro-economy; WTO and Indian agriculture; Problems of
Agricultural Subsidies; Patents; Agricultural Exports: Quantitative Restrictions (QRs) and Non
tariff barriers;
References
1. Ray, D., Development Economics, 1998, Chapters 2, 9, 10, 12, and 16
2. Von Braun, J, M.S. Swaminathan, and M W. Rosegrant, “Agriculture, Food Security,
Nutrition, and the Millennium Development Goals,” Essay, IFPRI, Washington. DC,
2005
3. Besley, T. and R. Burgess, “Halving Global Poverty,” Journal of Economic Perspectives,
Vol 17. No 3, Summer 2003, pp. 3-22.
4. Trostle, R., “Global Agricultural Supply and Demand: Factors Contributing to the Recent
Increase in Food Commodity Prices,” USDA/ERS WRS-0801, May 2008, Washington,
DC.
5. North, D., “Institutions, Transaction Costs, and Economic Growth,” Economic Inquiry,
1987
6. Olson, M. Jr., “Big Bills Left on the Sidewalk: Why Some Nations are Rich and others
are Poor,” Journal of Economic Perspectives, Spring 1996.
7. Lee, R. “The Demographic Transition: Three Centuries of Fundamental Change,” Journal
of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 167-190.
8. Cohen, J., “Human Population: The Next Half Century”, Science, Vol. 302, November
14, 2003, pp. 1172-1177.
9. World Bank, “Demand and Supply Factor in Fertility Transitions,” Chapter 4 in
Population and Development, 1994.
10. Hymer, S. and S. Resnick, “A Model of an Agricultural Economy With Non-Agricultural
Activities,” American Economic Review, September 1969.
11. Singh, S. and S., “Agricultural Household Models, John Hopkins University Press,
Baltimore, 1986, Introduction and Chapter 1
12. Otsuka, K., “Efficiency and Equity Effects of Land Markets,” Chapter 51 in R. Evenson
and P. Pingali, Handbook of Agricultural Economics, Volume 3, 2007, pp2671 – 2703.
13. Townsend, R.M., Consumption Insurance: An Evaluation of Risk-Bearing Systems in
Low Income Economies, Journal of Economic Perspectives, Vol 9, no. 3, Summer 1995:
83-102.
14. Morduch, J., “Income Smoothing and Consumption Smoothing”, Journal of Economic
Perspectives, Vol 9, No3, Summer 1995: 103-114
15. Moyo, S., G.W. Norton, J.Alwang, M. Miah, and M. Deom, “Peanut Research and
Poverty Reduction: Impacts of Vaeiety Research to Control Peanut Viruses in Uganda,
American Journal of Agricultural Economics, May 2007, pp.448-460.
14
16. Thompson, R., “Globalization and the Benefits of Trade,” Chicago Fed Letter 236,
March 2007
17. Yotopoulos, Pan, Asymmetric Globalization, Chapter 1 in Yotopoulos and Nugent (Ed)
The Asymmetries of Globalization, Routledge: New York, 2007.
18. Schiff, Maurice and Alberto Valdez, “Agriculture and the Macroeconomy, with emphasis
on developing countries”, in B.L. Gardner and G.C. Rausser, Handbook of Agricultural
Economics, Volume 2A, 2002, Chapter 27, pp. 1421-1454.
19. Bouet, A. “How Much Will Trade Liberalization Help the Poor? Comparing Global
Trade Models, IFPRI Research Brief N. 5, 2006.
20. Koo, W. and P.L. Kennedy, “The Impact of Agricultural Subsidies on Global Welfare,”
American Journal of Agricultural Economics, 88:2 (December 2006): 1219-1226.
21. Krueger, Schiff, and Valdes, “Agricultural Incentives in Developing Countries:
Measuring the Effects of Sectoral and Economy-Wide Policies,” The World Bank
Economic Review, 1988, pp. 255-271.
22. Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence” in
Kaushik Basu (ed.), Agrarian Questions Oxford University Press.
23. V.M. Rao, (2001), “The Making of Agricultural Price Policy: A Review of the CACP
Reports” Journal of Indian School of Political Economy vol. XIII, no. 1, Jan-March.
24. Robert Evenson, Carl Pray and Mark Rosegrant (1999), Agricultural Research and
Productivity Growth in India (IFPRI Research Report 109).
25. Gunvant Desai and A. Vaidyanathan (1995), Strategic Issues in Future Growth in
Fertiliser Use in India, Macmillan.
26. Ashok Gulati (2000), “Indian Agriculture in an Open Economy: Will it Prosper?” in
Ahluwalia and Little (eds.), India‟s Economic Reforms and Development: Essays for
Manmohan Singh, Oxford University Press.
27. Schiff, M. and L.A. Winters, “Regional Integration Agreements: An Overview,” Chapter
1 in Regional Integration and Development, The World Bank, Washington DC, 2003, pp
1-30.
28. Koo, W., P. Kennedy, and A. Skripnitchenko, “Regional Preferential Trade Agreements:
Trade Creation and Diversion Effects,” Review of Agricultural Economics, 28 (3)
(2006): 408-415
29. Kelly, T., “Why Are Developing Countries Still Negotiating? The WTO‟s Successes at
the Doha Round, Challenge, Vol 48, No. 3 (May/June 2005): 109-124.
30. Martin, W. and K. Anderson, “The Doha Agenda Negotiations on Agriculture: What
Could They Deliver?” American Journal of Agricultural Economics, 88 (5) (2006): 1211-
1218.
31. Krugman, P. “What Should Trade Negotiators Negotiate About?” Journal of Economic
Literature, March 1997.
32. Calvo, G and F Mishkin, “The Mirage of Exchange rate Regimes for Emerging
Countries,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 99-110.
33. Fischer, S., “Exchange Rate Regimes: Is the Bipolar View Correct?”, Journal of
Economic Perspectives, Vol 15, Spring, 2001, pp 3-24.
34. Mellor, J.W., “Foreign Aid and Agriculture-Led Development”, Chapter 3 in C. Eicher
and J. Staatz International Agricultural Development, Johns Hopkins, 1998
15
REC 235: ENVIRONMENTAL ECONOMICS
Course Objective Total Hours: 45
1. This course focuses on the application of economic principles to help understand and
manage the relationship between humans and the environment.
2. The course illustrates how resources are allocated in a market economy, potential
problems from a social perspective with that allocation, and alternative solutions for
reallocating resources to achieve more socially desirable outcomes. Issues such as
efficiency and externality, benefit-cost analysis, and alternative policy instruments for
pollution control are examined.
3. Topics related to global warming, and other current environmental policy issues will lead
for further scope of research.
Unit 1 Concept 6 Hrs
Environment – Ecology – Eco-system – Anthropocentrism – Egocentrism - Environmentalism –
Nexus between Economics and Environment – Pollution – Bio-diversity – Externalities –
Sustainable development – Private cost versus social cost.
Unit 2 Natural resource availability, Utilization and Environmental Problems 11 Hrs
Definition and classification of Resources: Renewable and non-renewable resources –
Conservation of resources and methods of conservation – Pollution: Domestic: Solid waste,
Health and Sanitation and Unsafe Drinking water. Industrial: Air pollution, Water pollution, Soil
pollution - Agricultural land pollution: Soil erosion, soil fertility - Degradation of vegetations
(forests) – degradation of common property resources (CPRs) – Global environmental problems :
Green house effect - Global warming - Acid Rain.
Unit 3 Theory of externalities and techniques 9 Hrs
Trade – off between economic growth and environment - Market equilibrium analysis in natural
resource economics – Market failure - Economics of pollution control - Limits to growth –
Coase‟s theorem – Simon Kuznet‟s Inverted „U‟ shaped curve – Environmental impact
assessment (EIA) – benefit/ Cost Analysis – Hedonic approach – Contingent valuation methods.
Unit 4 Environment and Society 9 Hrs
Population and Environment – Women and Natural Resource – Poverty and Environment –
Technology and Environment – Natural resources as a Public good – Peoples participation and
Environmental Protection.
Unit 5 Environment Policy 10 Hrs
World Conference on Human Environment (1972) – World Commission on Environment and
Development (Brundtland Commission), 1984 – World Conference on Development and
Environment (1992) - Agenda -21 Kyoto agreement – Seattle Conference and Environment –
India‟s Environmental Policies – Forest Policies – Central and State Pollution Control Boards.
References:
1. Pavithran K.V, 2008, A Text book of Environmental Economics, New Age International
16
2. Karpagam M, 1991, Environmental Economics, Sterling Publishers
3. Ahmed M. Hussen, 2004, Principles of Environmental Economics, Ecology and Public
Policy, Routledge
4. Kerr, John M., Dinesh K.marothia, Katar Singh, C. Ramaswamy, William R. Bentely
(Ed.) (1997), Natural Resource Economics: Theory and Application in India, Oxford and
IBH Publishing Company, New Delhi.
5. Marothia Dinesh (Ed.) (2002), Institutionalizing common pool Resources, Concept
Publishing Company, New Delhi.
6. Markandya, Anil and Julie Richardson (1997), Environmental Economics, Earthscan
Publications, London
7. Hartwick, John M., and Nancy D. Olewiler (1998), The Economics of Natural resource
Use, Addison-Wesley educational Publication, Inc.
17
REC 236: INTERNATIONAL ECONOMICS
Course Objective Total Hours: 45
1. To expose students to both the neoclassical and institutional (both the 'old' and the 'neo')
approaches/traditions to the study of human resources and labour markets.
2. To provide students with an understanding of the principles and applications of
international economics, so that students will be prepared to face the future complexities
of the world economy.
3. To demonstrate knowledge of the foreign trade and the role of WTO developments since
1950
Unit 1 8 Hrs
Theory of Trade – Classical Theory of Trade – One Factor model – Neo Classical theory of
international trade – two factor model – Modern theory of trade.
Unit 2 10 Hrs Terms of trade – tariff and trade – Stolper – Samuelson theory – Non – tariff barriers and trade
agreements, Third World and trade development, -Immiserization theory of Jagadish Bhagawati
- GATT/WTO - Trading in goods, services, and Intellectual ownership - UNCTAD.
Unit 3 10 Hrs
Exchange rate determination – currency devaluations – Exchange rate fluctuations and their
impact - Capital inflow – Technology Transfer- Import substitution and Export promotion –
Open Economy and General Equilibrium – International Institutions: IMF and World Bank -
North – South Dialogue.
Unit 4 7 Hrs
Balance of trade –Balance of payments - current account – Capital Account -
Autonomous & Accommodating Transactions – Disequilibrium in balance of payments -
Measures to restore equilibrium in balance of payments.
Unit 5 10 Hrs
Current Issues in International Trade – WTO – Doha round – International cartels with special
reference OPEC and Oil Price – Trade and energy security – Convertibility of currency: Current
account and Capital account convertibility – Analysis of FDI and FPI.
References
1. Paul R. Krugman and Maurice Obstfeld, International Economics, Theory and Policy, 6th
edition, Addison-Wesley, 2002.
2. Sodersten B, Reed G. International Economics, 3rd ed. Macmillan, 1994.
3. Appleyard D, Field A. International Economics.
4. Vanags A. International Economics. University of London, Subject Guide, 2001.
5. Krugman P, Pop Internationalism, MIT Press, 1997
6. Ethier W, Modern International economics, 3rd edition. W.W. Norton & Co., 1997.
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7. L. Alan Winters International Economics, 4th edition, Routledge, 1991.
8. Handbook of International Economics, Vol. 3, Elsevier Science B.V., Amsterdam 1997.
9. Bowen H., Hollander A., Viaene J, Applied international trade analysis. Macmillan.
10. J. N. Bhagwati, A. Panagariya and T. N. Srinivasan, Lectures on International Trade, 2nd
edition, MIT Press, 1998
11. M. Obstfeld and K. Rogoff, Foundation of International Macroeconomics, McGraw-Hill,
1996.
12. David Gowland, International economics, Rowman & Littlefield, 1984
13. International Trade: Theory and Evidence, Markusen James R. et al (1995), McGrow-Hill
Inc.
14. Foundations of International Macroeconomics by Obstfeld Murice and Kenneth Rogoff
(1998), MIT Press.
15. Jones Ronald W. and Peter B. Kenen eds, (1984), Handbook of International Economics,
North-Holland, 2 volumes
16. Grossman Gene and Kenneth Rogoff eds, (1995), Handbook of International Economics,
Volume 3, North-Holland
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REC237: ECONOMICS OF SERVICE SECTOR
Learning Objectives Total Hours: 45
1. To forecast demand for services
2. To manage service supply relationships and to be able to identify and apply instruments
and models to manage creativity
3. To demonstrate the main features and principles of the EU Service Directive
4. To relate the theories, concepts and models
Unit 1 Infrastructure and Economic Development 10 Hrs Infrastructure: meaning, importance and role in economic development –classification of
infrastructure (social and economic infrastructure) –urban and rural infrastructure schemes in
India –PURA - growth of infrastructure under plans.
Unit 2 Social Infrastructure 10 Hrs
Growth and present status of Social Infrastructure –Education, Health, Housing and Banking &
Insurance
Unit 3 Energy and Power 10 Hrs Energy: Sources of Energy – Sources of Commercial and Non Commercial Energy Resources –
Growth and Present Status – Energy Crisis in India; Power: Main Sources of Generation of
Electric Power: Hydel, Thermal and Nuclear power-Growth and Present Status –Rural
Electrification in India –problem of power shortage in India.
Unit 4 Transport 8 Hrs Significance of Transport -, Sources of transport: Surface (Road and Railways) Transport, Water
Transport and Air Transport –Growth and Present status of Transport System in India.
Unit 5 Communication 7 Hrs
Communication – Postal and Telegraph; Telecommunication and information technology-Major
issues in IT, Growth and present status of IT industry in India –out sourcing
References:
1. Robert P. Inman, Managing the Service Economy: Prospects and Problems, Cambridge
University Press, 1989. 2. Talluru Sreenivas, Service sector in Indian Economy, Discovery Pub, 2006
3. Service Sector in India, Adhyayan Publishers and Distributors, 2008
4. S. N. Mukherji, Trends in modern Indian education, Uppal Pub. House, 1990
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SEMESTER III
Dissertation
The scholar is expected to submit a title, mid of the II semester to the committee in a specified
format. Synopsis must be submitted within two weeks. The first defense, for the dissertation
work, should be held within two months time. Five Copies of Dissertation Report must be
submitted in a specified format to the project committee for evaluation purpose at the end of III
semester. Scholars are encouraged to publish papers in the National/International journals.
Appropriate weightage will be given for the published work based on Research committee‟s
recommendations.
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EVALUATION
REC 131 Carries 100 Marks and 4 Credits
REC 232 and 233 carry 100 marks and 3 credits each
Dissertation carries 200 marks in various components as specified in Course Structure
Continuous Internal Evaluation (CIA): 50 % of the marks or equivalent grade
METHOD OF EVALUATION
Seminars/Tutorials/Assignments/tests/colloquia
Attendance: Attendance is part of the CIA component
End Semester examination (ESE) in course papers: 100 marks. For securing pass, candidate has
to secure the minimum of 50 marks or equivalent grade
Minimum percentage to pass in each paper: 50 (CIA +ESE) or equivalent grade
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