The Economics Specialization aims to expose students to the theoretical, analytical frameworks and policy within the discipline of Economics. This specialization enables students to rationalize through analytical frameworks, evaluate empirical evidence and develop a critical approach to understanding interactions between theory and policy. Through this specialization students will examine a range of questions: How businesses compete and manage to survive in a globalized economy? What are the main drivers of the economy and how are policies formulated to promote growth and development with minimum degree of inequality across the country? What is the importance of taxation and government expenditure, and its impact on the growth of the economy? How mathematical models are used to explain economic phenomenon?
The Economics Major enables students to excel in the area of economic analysis by contributing to debates and economic commentary, decision making in corporate and/or government environment, and contribute towards research. The courses cover a range of courses in Economics viz. Microeconomics, Macroeconomics, Indian Economy, International Economics, Econometrics, etc. These courses are covered at introductory, intermediate and advanced level. At the introductory level, the focus of the course is on qualitative aspects, while at advanced levels the course focuses on quantitative aspects and applications of the model. The specialization goes beyond mere exploration of text and concentrates on development of both Qualitative and Quantitative reasoning capabilities. The specialization trains students to generate analysis and critical insights rooted in appropriate methodological approaches, through reflective reading and writing and interpretation of data pertaining to economic activities. These skills are imparted to students through lectures, seminars and presentations.
The specialization specific introductory courses in the Major introduce students to concepts in Microeconomics, Macroeconomics and applied fields of Economics. They focus on familiarizing students with the qualitative aspects of theories and rationalize its application to everyday business activities. Intermediate courses focus on understanding the assumptions and criticisms of the theories. They focus on understanding economic thought, working of international trade systems, financial system, etc. The advanced courses in economics focus on applying mathematical tools to economic theories. The courses also encourage students to techniques used in analyzing economic data. Students are also expected to write papers on topics in Economics.
The Economics Minor exposes students to the core theoretical foundations of Economics along with their applications to areas such as International Economics, Public Finance, etc. The specialization equips students to generate analysis and critical insights rooted in appropriate methodological approaches, through reflective reading and writing and interpretation of data pertaining to economic activities. These skills are imparted to students through lectures, seminars and presentations. The students pursuing Minor in Economics can choose to follow one of the tracks, quantitative or non-quantitative. Those who choose quantitative track will take quantitative/statistics/mathematics related course; while those who choose non-quantitative track will take other thematic courses.
The Economics Specialization prepares students for not only advanced graduate-level work in Economics, but also in Business Management, Law, Environmental Studies, Public Policy, Actuarial Sciences or related social sciences. With its equal emphasis on theory as well as analysis, it will serve as a sound grounding for students interested in pursuing careers in the Civil Services, Financial Service Institutions, Market Research Firms, Data Processing Consulting, Economic Journalism, Research, Intergovernmental Organizations or Non-Governmental Organizations.
SPECIALIZATION AIMS
MAJOR
The Economics Major aims to:
- instil breadth of knowledge by exposing them to a range of disciplines, while encouraging them to progress towards an in-depth understanding of their chosen fields
- develop an analytical, contextual and interdisciplinary understanding of concepts, theories and associate them with real life situations
- expose students to multiple worldviews and foster skills in close reading, critical analysis and teamwork
- develop habits that foster independent thought and a critical approach to content. The Specialization not only strives to deliver content but also tries to inculcate a spirit of inquiry within the student
- develop a solid grasp of the concepts, theories, analytical frameworks within the discipline of Economics
- prepare students for graduate study in any of the sub-disciplines of Economics
- excel in the area of economic analysis, economic model building, decision making and intensive academic research
MINOR**
The Economics Minor aims to:
- instil breadth of knowledge by exposing them to a range of disciplines, while encouraging them to progress towards an in-depth understanding of their chosen fields
- develop an analytical, contextual and interdisciplinary understanding of concepts, theories and associate them with real life situations
- expose students to multiple worldviews and foster skills in close reading, critical analysis and teamwork
- develop habits that foster independent thought and a critical approach to content. The specialization not only strives to deliver content but also tries to inculcate a spirit of inquiry within the student
- develop a solid grasp of the concepts, theories, analytical frameworks within the discipline of Economics
- prepare students for graduate study in any of the sub-disciplines of Economics
SPECIALIZATION OUTCOMES
MAJOR
On completion of the Major the student will:
- demonstrate in-depth knowledge and understanding of varied economic concepts and theories and their application
- demonstrate understanding of various schools of economics and their evolution over time
- be able to collect data from primary and secondary sources, perform analysis, and generate relevant reports
- be able to deconstruct economic data and analyze it demonstrating economic research skills, synthesize information and generate original insights
- think, read and write critically about economic theories and changing economic situations
- be able to communicate, articulate and reason effectively
MINOR***
On completion of the Minor the student will:
- demonstrate knowledge and understanding of varied economic concepts and theories and their application
- explore major schools of economic and their evolution over time
- be able to undertake data collection from primary and secondary sources and perform analysis and generate relevant reports
- think, read and write critically about economic theories and changing economic situations
- be able to communicate, articulate and reason effectively
30 MAJOR COURSES
| 1. Principles of Economics OR Thinking Like an Economist | 11. Mathematics for Economics II |
21. Gender Economics |
| 2. Quantitative Methods for Economics | 12. Economics of Industry, Innovation and Strategy | 22. Behavioural Economics * |
| 3. Introductory Calculus | 13. Econometrics I | 23. Quantitative Macro-Finance * |
| 4. Mathematics for Economics I | 14. Public Economics | 24. Applied Health Economics |
| 5. Microeconomics I | 15. International Economics | 25. Computational Statistics and Data Analysis * |
| 6. Macroeconomics I | 16. Banking and Insurance | 26. Advanced Microeconomics I * |
| 7. Indian Economy | 17. Financial Markets and Institutions | 27. Advanced Macroeconomics I * |
| 8. Labour Economics | 18. Econometrics II | 28. Advanced Microeconomics II * |
| 9. Microeconomics II | 19. Development Economics | 29. Advanced Macroeconomics II * |
| 10. Macroeconomics II | 20. Environmental Economics | 30. Applied Game Theory * |
* 4th year undergraduate courses
1. Principles of Economics
The objective of the course is to provide a basic introduction to basic concepts and terminologies in micro and macroeconomics. The course will use examples from day-to-day activities.
Thinking Like an Economist
To explain the inner workings of an economist's brain would seem an impossible and thankless task. The stereotypical economist, after all, is more enamored of theory than reality, unable to reach conclusions and boring beyond all words.
This exciting course is taught in a non-technical way and will provide the students with a sound knowledge of the key principles of Economics. Economics is the issue of our times and influences almost every aspect of our lives. By drawing on real-world applications, students will learn to use the tools of economic analysis to offer an insight into every day events, answer simple and highly complex questions on a range of topics and explain the seemingly inexplicable behavior of individuals, firms and governments.
2. Quantitative Methods for Economics
This course is designed to give undergraduate students a brief overall introduction to mathematics and statistics for economics. It will deal with fundamental concepts required to model, analyse and solve problems arising in the Social Sciences. This course assumes that the student undertaking this course has little to no formal introduction to mathematics and statistics at the higher secondary level. Though this course is primarily designed for economics, it is recommended for students planning to learn or revise their quantitative skills.
3. Introductory Calculus
This course introduces students to the rudiments of calculus and prepares them for study in courses which require calculus based techniques. It focusses primarily on applications and covers the basics of limits, continuity, differentiation and integration of one variable. This course is challenging for those who have done calculus in high-school and yet introduces the basics whose mathematical preparation is less advanced.
4. Mathematics for Economics I
Mathematical economics is an approach to economic analysis in which economists make use of mathematical techniques in analysing economic models. Mathematical economics refers to the application of mathematics to the purely theoretical aspects of economic analysis. The objective of this course is to introduce students to important mathematical tools widely used in economic literature and help them develop and solve economic models. This acts as a foundation to other field courses at higher levels in the discipline. The course starts with a review of mathematical fundamentals of functions, algebra and the concept of the derivative of a function and limits. The notions of modelling in economics are also covered in the first phases of the course. From there the course goes on to linear models, vectors and matrices. Then students are introduced to the concepts of finding the maximum or minimum of functions and thereafter to the concept of optimization. In optimization, students will first learn the concept of unconstrained maxima and minima and then the concept of constrained maximization or minimization.
5. Microeconomics I
This course on Microeconomics offers a basic introduction to the working of market systems. It aims to provide student participants some basic theories and models and deals with the consumer behaviour and firms, demand and supply of goods, and services and resources in the economy. This will help them to understand how several complex processes in the world functions. It will give them an insight into how humans and firms take decisions and how their decisions in turn affect each other. A good command over Microeconomics is necessary for critically appraising public policy and other economic functions.
6. Macroeconomics I
This course on Microeconomics offers a basic introduction to the working of market systems. It aims to provide student participants some basic theories and models and deals with the consumer behaviour and firms, demand and supply of goods, and services and resources in the economy. This will help them to understand how several complex processes in the world functions. It will give them an insight into how humans and firms take decisions and how their decisions in turn affect each other. A good command over Microeconomics is necessary for critically appraising public policy and other economic functions.
7. Indian Economy
This course familiarizes students with the evolving trends in the Indian Economy. In particular this course introduces the historical backdrop of the Indian economy and guides the students through the progress India has witnessed over the years starting with agricultural development, industrial growth to the rise of the service sector, opening up of the economy and finally infrastructure and human development.
8. Labour Economics
This course will introduce students to the exciting applied field that is labour economics. The leading idea throughout the course is that economics is an empirical science (not a set of theorems) meant to explain actual behaviour. In addition, the labour market is the playing field for numerous important economic policies and institutions: payroll taxes, minimum wages, collective bargaining, etc. A major task for labour economists is to explain how markets function under these regulations. This course is designed to teach students how to use economic tools and various databases to analyse issues related to labour markets. The course ends with an in-depth analyses of CEO pay trends and trends in the pay gaps.
9. Microeconomics II
This course on Microeconomics continues from ‘Microeconomics I’ and it aims to provide student participants exposure to recent and advanced theories and models of microeconomics. A good command over Microeconomics is necessary for analysing the micro-foundation of the macroeconomic activities and critically appraising public policies and its implications.
10. Macroeconomics II
This course provides in-depth knowledge of some relevant macroeconomic models. The participant will study these core macroeconomic theories in detail. The course aims to improve the understanding the economic behaviour of an economy. The course also provides an analytical approach towards macroeconomic problems.
11. Mathematics for Economics II
This is an advanced level course in mathematical economics. This course will begin by reviewing the basic mathematics for economics concepts. Then it will introduce students to value functions and envelope theorem using different economic applications. The next topic will include introduction to basic integration and dynamic models in economics. It will also introduce students to the concept of inequality constraints. This course will also include review of basic statistical concepts, hypothesis testing and statistical inferences and applications using econometric software, STATA
12. Economics of Industry, Innovation and Strategy
The course introduces the students to current and traditional theories in Industrial Economics. It examines the internal structure of the firm and analyses its behaviour. It analyses the various aspects of strategic interactions between firms and determines the industrial structure and market conduct. It also discusses the role of policy in the context of competition and industrial policies and regulation. This course also uncovers the linkages between theories of economics and strategic management. Some tools and concepts from microeconomics, innovation and industrial organization are examined in the context of real world business scenarios and their relevance to corporate policy making is critically evaluated.
13. Econometrics I
This course aims to introduce the students to the various econometric techniques as applied to cross-section data. The course begins with discussion of techniques under stringent assumptions. These assumptions are later relaxed, and the problems, tests and corresponding remedial measures are discussed. Some knowledge of statistics is assumed.
14. Public Economics
This course introduces students to the theories in Public Finance, and to understand the potential consequences of policies through these theories. The course also discusses the application of these theories to the Indian economy. The topics covered in this course include: Theory of Social Goods and Role of the State, Public Expenditure, Public Revenue and Taxation, and Public Debt and Fiscal Federalism.
15. International Economics
The focus of this course is to discuss models and issues in international trade theory and policy. It covers the main theories of international trade. It also examines issues and models of international trade policy.
16. Banking and Insurance
To be updated
17. Financial Markets and Institutions
The course will try to take a comprehensive view of the financial markets and financial Institutions in India, their functioning, and regulatory systems that are in place to ensure smooth running and management of these markets. It will familiarise the learner with various participants in Financial Markets including Financial Intermediaries and also to some extent various types of financial instruments available for investment, speculation and arbitrage.
18. Econometrics II
This course aims to build upon ‘Econometrics I’ by introducing the students to techniques of analysing time-series and panel data as well as other advanced methods.
19. Developmental Economics
This course will help students understand the underlying theories of development. Apart from learning about the historical progression of growth and development studies this course also encourages creative thinking in terms of analysing the relevance of several of these theories in today's world. The course also introduces empirical research papers to help students get a feel of recent studies that have come out in the field of development economics.
20. Environmental Economics
Economics is often defined as the study of allocation of scarce resources. Environmental Economics then might be somewhat provocatively said to be economics par excellence – the discipline looks primarily at ‘resources’ in the literal sense. A section of environmental thought argues for the conservation of the environment for its inherent intrinsic value, not for its economic uses for humans, which is what the word resource implies. This is an intermediate course in environmental economics and some basic knowledge of microeconomics and mathematics in required.
21. Gender Economics
This course attempts to use economic analysis as a lens to study and explain gender differences in economic outcomes and/or behaviours. It will follow a life-cycle approach. The course will look at society’s general preference for a male child. It will examine gender differences in human capital investments in children and youth and its effects on labour market outcomes such as wages and employment. It will also consider gender based differences in the well-being of elderly. The course will also attempt to discuss the “non-market” outcomes and analyse a number of potential policy responses to the inequalities arising out of gender differences. This course is primarily research based.
22. Behavioural Economics
The objective of the course is to provide a basic introduction to basic concepts in behavioural economics. It is a novel field in Economics which explores cases where traditional economics fails to be replicated in the real world. Learning models in economics are critical to understand the analytical setup of the subject but this course aims to provide some intuition into how real world applications may not sometimes mimic standard textbook models.
23. Quantitative Macro-Finance
This course is intended to provide students with an understanding of the relationship between financial markets and the macro-economy. The first part of the course focuses on theoretically establishes the link between the macro economy and asset prices. This course will study the relationship between financial markets and the macro-economy. Topics include the behaviour of returns of different asset classes over the business cycle, the relationship between returns and inflation, and the implications for expected returns and portfolio choice. The second part of the courses will introduce time series econometric methodologies such as liner time series models (univariate and multivariate), forecasting and volatility models and finally the third part of the course will use these techniques to analyse real life linkages between the macro economy and financial markets
24. Applied Health Economics
This course attempts to use economic analysis as a lens to study and explain gender differences in economic outcomes and/or behaviours. It will follow a life-cycle approach. The course will look at society’s general preference for a male child. It will examine gender differences in human capital investments in children and youth and its effects on labour market outcomes such as wages and employment. It will also consider gender based differences in the well-being of elderly. The course will also attempt to discuss the “non-market” outcomes and analyze a number of potential policy responses to the inequalities arising out of gender differences. This course is primarily research based.
25. Computational Statistics and Data Analysis
Computational statistics utilises the advances in computational technologies to solve statistical problems. In this course, students will learn to manipulate and visualise data using advanced statistical programming environments, and write code to design and perform experiments using Monte Carlo simulations. The course will use computers to recapitulate standard descriptive and inferential statistical concepts using random samples of probability distributions. It will then progress towards introducing Gaussian processes, optimization techniques, numerical integration, random variable generation, Markov chain Monte Carlo (MCMC, boot strap methods, density estimation methods which are useful to analyse large amounts of data. R and Python will be the main programming environments that will be used in this course.
26. Advanced Microeconomics I
This is a masters-level course that is suitable for students who have completed their training in intermediate microeconomics at the undergraduate level and seek to enhance their understanding of the subject. The course aims to provide students an appreciation of some commonly applied mathematical as well as game-theoretic tools and techniques in microeconomics, along with certain important applications to consumer theory and production. It addresses conceptual and applicational issues pertaining inter alia to mathematical functions, static optimization techniques, duality and envelope theorem, and static and dynamic games of complete information. In doing so, the course also provides a sound understanding of the applicability of various techniques in specific contexts. The end-term assessment consists of a research paper presentation on a topic covered during the course.
27. Advanced Macroeconomics I
The course is envisaged to familiarize the students with introductory level concepts of macroeconomic theories, policies, and applications. It primarily entails the theories pertaining to the determination of real income, employment, and interest rate in a macroeconomic framework. The course also includes some theories and concepts of the determination of exchange rates in an open-economy model. It aims to provide a thorough understanding of several contending macroeconomic theories from different (thought) schools, including classical, neoclassical, Keynesian, and monetarist. The course is designed to discuss issues and challenges in macroeconomic policies, particularly at the globalized level. The course also offers an understanding on major mathematical tools used in modern macro analyses. The course also furthers the understanding on short-run and medium-term dynamics as captured by business cycles. More specifically, it will discuss several types of macroeconomic shocks and how an economy responds to these shocks in a dynamic setup.
28. Advanced Microeconomics II
This course is suitable for students who have completed the Microeconomics I course and seek to enhance their ability to rigorously analyze the discipline. The course aims to provide students an understanding of the notion of stability of a single-market equilibrium and methods of comparative statics, optimization under uncertainty, as well as Bayesian games and their applicability in analyzing imperfectly competitive markets. This is achieved by addressing each topic with a minimum level of analytical rigour. The end-term assessment consists of an up to 2,000-word paper critically reviewing the literature on a topic covered during the course.
29. Advanced Macroeconomics II
This course offers a thorough understanding of advanced-level concepts in macroeconomics. The course content is designed to provide students with a comprehensive understanding on general equilibrium models. More specifically, an explicit focus on analysis for real business cycles, new Keynesian and Dynamic Stochastic General Equilibrium (DSGE) framework. The course also offers exposure to some key concepts pertaining to calibration techniques and simulations. The course further entails advance, endogenous growth models. The primary aim of the course is to develop theoretical insights to understand and analyze policies (particularly in the short run). In order to cover the problems of the contemporary macroeconomy, the course pays more attention to the understanding of macroeconomic issues in a globalized framework.
30. Applied Game Theory
The design and presentation of this course make it suitable for a diverse audience in terms of academic background. However, a semester's duration of undergraduate-level exposure to both game theory and mathematics is desirable. The content provides students with detailed exposure to different categories of games with widespread real-world applicability in fields including economics, psychology, sociology, international relations, political science, etc. The course addresses static and dynamic games of both complete and incomplete information and discusses plenty of applications. The treatment of this course is highly mathematical throughout, and assessments are commensurately challenging.
27 MINOR COURSES
| 1. Principles of Economics OR Thinking Like an Economist | 11. Economics of Industry, Innovation and Strategy | 21. Behavioural Economics |
| 2. Quantitative Methods for Economics | 12. Econometrics I | 22. Quantitative Macro-Finance |
| 3. Mathematics for Economics I | 13. Public Economics | 23. Applied Health Economics |
| 4. Microeconomics I | 14. International Economics | 24. Advanced Microeconomics I * |
| 5. Macroeconomics I | 15. Banking and Insurance | 25. Advanced Macroeconomics I * |
| 6. Indian Economy | 16. Financial Markets and Institutions | 26. Advanced Microeconomics II * |
| 7. Labour Economics | 17. Econometrics II | 27. Advanced Macroeconomics II * |
| 8. Microeconomics II | 18. Development Economics | |
| 9. Macroeconomics II | 19. Environmental Economics | |
| 10. Mathematics for Economics II | 20. Gender Economics |
* 4th year undergraduate courses
1. Principles of Economics
The objective of the course is to provide a basic introduction to basic concepts and terminologies in micro and macroeconomics. The course will use examples from day-to-day activities.
Thinking Like an Economist
To explain the inner workings of an economist's brain would seem an impossible and thankless task. The stereotypical economist, after all, is more enamored of theory than reality, unable to reach conclusions and boring beyond all words.
This exciting course is taught in a non-technical way and will provide the students with a sound knowledge of the key principles of Economics. Economics is the issue of our times and influences almost every aspect of our lives. By drawing on real-world applications, students will learn to use the tools of economic analysis to offer an insight into every day events, answer simple and highly complex questions on a range of topics and explain the seemingly inexplicable behavior of individuals, firms and governments.
2. Quantitative Methods for Economics
This course is designed to give undergraduate students a brief overall introduction to mathematics and statistics for economics. It will deal with fundamental concepts required to model, analyse and solve problems arising in the Social Sciences. This course assumes that the student undertaking this course has little to no formal introduction to mathematics and statistics at the higher secondary level. Though this course is primarily designed for economics, it is recommended for students planning to learn or revise their quantitative skills.
3. Mathematics for Economics I
Mathematical economics is an approach to economic analysis in which economists make use of mathematical techniques in analysing economic models. Mathematical economics refers to the application of mathematics to the purely theoretical aspects of economic analysis. The objective of this course is to introduce students to important mathematical tools widely used in economic literature and help them develop and solve economic models. This acts as a foundation to other field courses at higher levels in the discipline. The course starts with a review of mathematical fundamentals of functions, algebra and the concept of the derivative of a function and limits. The notions of modelling in economics are also covered in the first phases of the course. From there the course goes on to linear models, vectors and matrices. Then students are introduced to the concepts of finding the maximum or minimum of functions and thereafter to the concept of optimization. In optimization, students will first learn the concept of unconstrained maxima and minima and then the concept of constrained maximization or minimization.
4. Microeconomics I
This course on Microeconomics offers a basic introduction to the working of market systems. It aims to provide student participants some basic theories and models and deals with the consumer behaviour and firms, demand and supply of goods, and services and resources in the economy. This will help them to understand how several complex processes in the world functions. It will give them an insight into how humans and firms take decisions and how their decisions in turn affect each other. A good command over Microeconomics is necessary for critically appraising public policy and other economic functions.
5. Macroeconomics I
This course on Microeconomics offers a basic introduction to the working of market systems. It aims to provide student participants some basic theories and models and deals with the consumer behaviour and firms, demand and supply of goods, and services and resources in the economy. This will help them to understand how several complex processes in the world functions. It will give them an insight into how humans and firms take decisions and how their decisions in turn affect each other. A good command over Microeconomics is necessary for critically appraising public policy and other economic functions.
6. Indian Economy
This course familiarizes students with the evolving trends in the Indian Economy. In particular this course introduces the historical backdrop of the Indian economy and guides the students through the progress India has witnessed over the years starting with agricultural development, industrial growth to the rise of the service sector, opening up of the economy and finally infrastructure and human development.
7. Labour Economics
This course will introduce students to the exciting applied field that is labour economics. The leading idea throughout the course is that economics is an empirical science (not a set of theorems) meant to explain actual behaviour. In addition, the labour market is the playing field for numerous important economic policies and institutions: payroll taxes, minimum wages, collective bargaining, etc. A major task for labour economists is to explain how markets function under these regulations. This course is designed to teach students how to use economic tools and various databases to analyse issues related to labour markets. The course ends with an in-depth analyses of CEO pay trends and trends in the pay gaps.
8. Microeconomics II
This course on Microeconomics continues from ‘Microeconomics I’ and it aims to provide student participants exposure to recent and advanced theories and models of microeconomics. A good command over Microeconomics is necessary for analysing the micro-foundation of the macroeconomic activities and critically appraising public policies and its implications.
9. Macroeconomics II
This course provides in-depth knowledge of some relevant macroeconomic models. The participant will study these core macroeconomic theories in detail. The course aims to improve the understanding the economic behaviour of an economy. The course also provides an analytical approach towards macroeconomic problems.
10. Mathematics for Economics II
This is an advanced level course in mathematical economics. This course will begin by reviewing the basic mathematics for economics concepts. Then it will introduce students to value functions and envelope theorem using different economic applications. The next topic will include introduction to basic integration and dynamic models in economics. It will also introduce students to the concept of inequality constraints. This course will also include review of basic statistical concepts, hypothesis testing and statistical inferences and applications using econometric software, STATA
11. Economics of Industry, Innovation and Strategy
The course introduces the students to current and traditional theories in Industrial Economics. It examines the internal structure of the firm and analyses its behaviour. It analyses the various aspects of strategic interactions between firms and determines the industrial structure and market conduct. It also discusses the role of policy in the context of competition and industrial policies and regulation. This course also uncovers the linkages between theories of economics and strategic management. Some tools and concepts from microeconomics, innovation and industrial organization are examined in the context of real world business scenarios and their relevance to corporate policy making is critically evaluated.
12. Econometrics I
This course aims to introduce the students to the various econometric techniques as applied to cross-section data. The course begins with discussion of techniques under stringent assumptions. These assumptions are later relaxed, and the problems, tests and corresponding remedial measures are discussed. Some knowledge of statistics is assumed.
13. Public Economics
This course introduces students to the theories in Public Finance, and to understand the potential consequences of policies through these theories. The course also discusses the application of these theories to the Indian economy. The topics covered in this course include: Theory of Social Goods and Role of the State, Public Expenditure, Public Revenue and Taxation, and Public Debt and Fiscal Federalism.
14. International Economics
The focus of this course is to discuss models and issues in international trade theory and policy. It covers the main theories of international trade. It also examines issues and models of international trade policy.
15. Banking and Insurance
To be updated
16. Financial Markets and Institutions
The course will try to take a comprehensive view of the financial markets and financial Institutions in India, their functioning, and regulatory systems that are in place to ensure smooth running and management of these markets. It will familiarise the learner with various participants in Financial Markets including Financial Intermediaries and also to some extent various types of financial instruments available for investment, speculation and arbitrage.
17. Econometrics II
This course aims to build upon ‘Econometrics I’ by introducing the students to techniques of analysing time-series and panel data as well as other advanced methods.
18. Developmental Economics
This course will help students understand the underlying theories of development. Apart from learning about the historical progression of growth and development studies this course also encourages creative thinking in terms of analysing the relevance of several of these theories in today's world. The course also introduces empirical research papers to help students get a feel of recent studies that have come out in the field of development economics.
19. Environmental Economics
Economics is often defined as the study of allocation of scarce resources. Environmental Economics then might be somewhat provocatively said to be economics par excellence – the discipline looks primarily at ‘resources’ in the literal sense. A section of environmental thought argues for the conservation of the environment for its inherent intrinsic value, not for its economic uses for humans, which is what the word resource implies. This is an intermediate course in environmental economics and some basic knowledge of microeconomics and mathematics in required.
20. Gender Economics
This course attempts to use economic analysis as a lens to study and explain gender differences in economic outcomes and/or behaviours. It will follow a life-cycle approach. The course will look at society’s general preference for a male child. It will examine gender differences in human capital investments in children and youth and its effects on labour market outcomes such as wages and employment. It will also consider gender based differences in the well-being of elderly. The course will also attempt to discuss the “non-market” outcomes and analyse a number of potential policy responses to the inequalities arising out of gender differences. This course is primarily research based.
21. Behavioural Economics
The objective of the course is to provide a basic introduction to basic concepts in behavioural economics. It is a novel field in Economics which explores cases where traditional economics fails to be replicated in the real world. Learning models in economics are critical to understand the analytical setup of the subject but this course aims to provide some intuition into how real world applications may not sometimes mimic standard textbook models.
22. Quantitative Macro-Finance
This course is intended to provide students with an understanding of the relationship between financial markets and the macro-economy. The first part of the course focuses on theoretically establishes the link between the macro economy and asset prices. This course will study the relationship between financial markets and the macro-economy. Topics include the behaviour of returns of different asset classes over the business cycle, the relationship between returns and inflation, and the implications for expected returns and portfolio choice. The second part of the courses will introduce time series econometric methodologies such as liner time series models (univariate and multivariate), forecasting and volatility models and finally the third part of the course will use these techniques to analyse real life linkages between the macro economy and financial markets
23. Applied Health Economics
This course attempts to use economic analysis as a lens to study and explain gender differences in economic outcomes and/or behaviours. It will follow a life-cycle approach. The course will look at society’s general preference for a male child. It will examine gender differences in human capital investments in children and youth and its effects on labour market outcomes such as wages and employment. It will also consider gender based differences in the well-being of elderly. The course will also attempt to discuss the “non-market” outcomes and analyze a number of potential policy responses to the inequalities arising out of gender differences. This course is primarily research based.
24. Advanced Microeconomics I
This is a masters-level course that is suitable for students who have completed their training in intermediate microeconomics at the undergraduate level and seek to enhance their understanding of the subject. The course aims to provide students an appreciation of some commonly applied mathematical as well as game-theoretic tools and techniques in microeconomics, along with certain important applications to consumer theory and production. It addresses conceptual and applicational issues pertaining inter alia to mathematical functions, static optimization techniques, duality and envelope theorem, and static and dynamic games of complete information. In doing so, the course also provides a sound understanding of the applicability of various techniques in specific contexts. The end-term assessment consists of a research paper presentation on a topic covered during the course.
25. Advanced Macroeconomics I
The course is envisaged to familiarize the students with introductory level concepts of macroeconomic theories, policies, and applications. It primarily entails the theories pertaining to the determination of real income, employment, and interest rate in a macroeconomic framework. The course also includes some theories and concepts of the determination of exchange rates in an open-economy model. It aims to provide a thorough understanding of several contending macroeconomic theories from different (thought) schools, including classical, neoclassical, Keynesian, and monetarist. The course is designed to discuss issues and challenges in macroeconomic policies, particularly at the globalized level. The course also offers an understanding on major mathematical tools used in modern macro analyses. The course also furthers the understanding on short-run and medium-term dynamics as captured by business cycles. More specifically, it will discuss several types of macroeconomic shocks and how an economy responds to these shocks in a dynamic setup.
26. Advanced Microeconomics II
This course is suitable for students who have completed the Microeconomics I course and seek to enhance their ability to rigorously analyze the discipline. The course aims to provide students an understanding of the notion of stability of a single-market equilibrium and methods of comparative statics, optimization under uncertainty, as well as Bayesian games and their applicability in analyzing imperfectly competitive markets. This is achieved by addressing each topic with a minimum level of analytical rigour. The end-term assessment consists of an up to 2,000-word paper critically reviewing the literature on a topic covered during the course.
27. Advanced Macroeconomics II
This course offers a thorough understanding of advanced-level concepts in macroeconomics. The course content is designed to provide students with a comprehensive understanding on general equilibrium models. More specifically, an explicit focus on analysis for real business cycles, new Keynesian and Dynamic Stochastic General Equilibrium (DSGE) framework. The course also offers exposure to some key concepts pertaining to calibration techniques and simulations. The course further entails advance, endogenous growth models. The primary aim of the course is to develop theoretical insights to understand and analyze policies (particularly in the short run). In order to cover the problems of the contemporary macroeconomy, the course pays more attention to the understanding of macroeconomic issues in a globalized framework.