Economics

32 MAJOR COURSES

Principles of Economics

This course is designed to expose the students to the basic principles of microeconomic and macroeconomic theory. The course will use examples from day-to-day activities and illustrate how microeconomic and macroeconomic concepts can be applied to analyze real life situations. . This course also aims to develop the broad conceptual frameworks which will enable students to understand and comment upon real economic issues like GDP ,inflation, money supply, and their interlinkages.

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 behaviour of individuals, firms and governments.

Quantitative Methods in Economics

This course is designed to provide introduction to the basics concepts of mathematics to study economics. It will deal with fundamental concepts required to model, analyse and solve problems arising in economics. Students learn how to use and apply mathematics by working with several examples and exercises. Although not required but a formal training in mathematics at higher secondary level mathematics is helpful. This course sets the foundations for the higher level mathematics courses in economics.

Introduction to Operations Research

The course exposes students to fundamental optimization procedures and techniques to attain skills at structuring business problems and modelling them as a mathematical program, Microsoft Excel to solve such models, interpret solutions and use the solutions to answer the business problem. The focus of this course will be on applications of quantitative methods in modelling business situations.

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 to those whose mathematical preparation is less advanced.

Mathematics for Economics I

Mathematical economics is an approach to economic analysis in which economists make use of mathematical techniques in analyzing 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 key 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. The notions of modeling in economics are also covered in the first phases of the course. From there the course goes on to linear models 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.

Microeconomics I

This course offers a basic introduction to the microeconomics. It aims to provide students with basic theories and models that help in analysing different market forms by understanding the behaviour of consumers and firms, demand and supply of goods, and services and resources in the economy. Several complex processes in the world can be well understood with the help of the fundamental models in microeconomic theory. 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.

Macroeconomics I

This is the first module in a two-module sequence that introduces students to the basic concepts of Macroeconomics. Macroeconomics deals with the aggregate economy. This course provides an overview of the basic concepts, measurements and institutions assisting in the functioning of an economic system. The course familiarizes students with macroeconomic tools, theory and policies. It will facilitate the students to understand economic problems at macro level and correlate theories to everyday economic scenarios. It also introduces students to various micro-founded theories of macro behaviour, e.g., consumption, investment behaviour of the households and firms and the demand for money.

Indian Economy

This course familiarizes students with the evolving trends in Indian Economy. In particular this course introduces the historical backdrop of the Indian economy and track 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, its financial sector and finally infrastructure and human development. Students will first be appraised with the contemporary Indian issues and reforms and track back it to India's overall growth story since independence using analytical approach. This course will also provide an understanding the status of Indian economy from an International perspective.

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 pay trends for more than 100 countries.

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-foundations of macroeconomic activities and critically appraising public policy and its implications.

Macroeconomics II

This course is a sequel to Macroeconomics I. This course provides in-depth knowledge of some relevant macroeconomic models to understand macroeconomic fluctuations. The course aims to improve the understanding the economic behaviour of an economy using classical and Keynesian models of business cycle analysis. The course also provides an analytical approach towards macroeconomic problems. This course also introduces students to open economy macro issues involving flexible exchange rate regime . At the end, it provides both theoretical and empirical perspective of macroeconomic policy-making by looking at monetary and fiscal policies.

Mathematics for Economics I

This course will provide students with a solid foundation in probability and statistics for economists. The aim is to build the foundation for taking subsequent courses in Econometrics. The course begins with some basic concepts and terminology that are fundamental to statistical analysis and inference. It then develops the notion of probability, followed by probability distributions of discrete and continuous random variables and of joint distributions. The course also teaches sampling distribution, which joins probability theory and statstical inference. Finally, the semester ends with a detailed discussion on estimation and hypothesis testing.

Introduction to Probability and Statistics

This course provides an elementary introduction to probability theory and its application to statistics with emphasis on the theorems and proofs of univariate statistics. Addressed to a beginning Mathematics Major, it  provides a foundation for advanced courses in probability and statistics.

History of Economic Thought

This course analyzes the history of modern economic ideas from the 17th century until recently. Many economists suppose, following Maynard Keynes that the world is governed by ideas, and that ideology and vested interests play no significant role in the long run. Others, perhaps more cynically, presume that ideas do not matter. This seminar follows the interrelationship between ideas and economic policy. It takes the position that there is a dialectical dance between ideas and policies, where the former shapes the latter, and policy outcomes, in turn, influence ideas. Two important assumptions are made, namely: economic ideas do not proceed in a smooth fashion, so that economic knowledge at the frontier is not a repository of all past learning; also, it is presumed that historically determined social and economic conditions affect the evolution of economic ideas.
Most courses on history of thought concentrate on the theory of value and distribution. Although we will pay some attention to value and distribution, questions related to accumulation, the level of activity, international trade, the role of banks and the financial sector, and the role of the state in promoting (or not) economic development will also be central to our discussion. In particular, the distinction between the surplus approach and the rise of supply and demand theories, and the role of the principle of effective demand and the Keynesian Revolution will be central for the ideas discussed in the course.
In tandem, supplementary to the core ideas discussed here we will delve into ideas that have emanated from the Indian subcontinent. For example, how do we fit in the idea of the self-interested individual in Buddhist and Jain philosophy, given that the latter community has been particularly influential in commercial activities. Or, what were the debates revolving around the issue of modernity/progress in the post-colonial Indian context where Keynesian ideas had brought back the importance of the state into economic discourse.

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 (using game theory).

Econometrics I

Econometrics is a set of research tools used to estimate and test economic relationships. The methods taught in this introductory course can also be employed in any economic setups, and in many social science disciplines. The aim of this course is to provide the students with the skills helpful in filling the gap between being “a student of economics” and being “a practicing economist.” The emphasis of this course will be on understanding the tools of econometrics and applying them in practice.  The course will integrate theory with the application of regression analysis and will help students in understanding and interpreting regression output. This course will build the foundation for any advanced level regression analysis using real-world data. The course will begin with a solid understanding of OLS regression in a two-variable set-up to help students buid their foundations in basic regression analysis. Then the course will discuss about the specification issues in regression analysis and delve into multiple linear regression. Further discussion and deliberation on specification issues will continue. Finally, the course will conclude with the discussions of econometrics issues when OLS may not be a suitable estimation method, and hence will lay the foundation for higher level econometric analysis. This course is an applied course in econometrics where students will become proficient at using econometric/statistical software to analyze data drawn from different field of study in economics.

Public Economics

The course on public economics basically studies the government policy in terms of economic efficiency and equity. The course also discusses the role and nature of government intervention and its implications for distribution, allocation, and stabilisation. Through the extensive use of micro theoretic tools, the course examines the relationship between an individual’s response to incentives and how government policies help to enhance social welfare. 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.

Behavioural Economics

Traditional neoclassical economics shy away from considering the role of human emotions and human judgement from its models. Some of these models have stood the test of time and are still taught at universities, but many fail to be replicated in the real world. Interestingly, the role of human sentiments and behaviour has been studied since the times of Adam Smith, but was never given mainstream attention till the Nobel prize winning works of Herbert Simon (in 1978), Gary Becker (in 1992), Daniel Kahneman (in 2002) and Richard Thaler (in 2017).
Behavioural Economics is a novel field of economics which borrows heavily from other disciplines such as psychology, biology, neurology and sociology to explain departures of traditional theoretical models and strategic games. The objective of this course, therefore, is to provide an understanding of important concepts in behavioural economics. This course also aims to provide some intuition into human behaviour through games and experiments and make the learner thoroughly updated on this new and dynamic field of enquiry.

International Economics

The objective of this course is to inform the basic models of international trade and to examine the effects of international economic policies on domestic and world welfare. This course covers the main theories of world trade and helps in explaining the composition, direction, and consequences of international trade, its determinants and effects of trade policy. This course is primarily theoretical but students will also be exposed to real-world examples.

Banking and Insurance

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 (using game theory).

Econometrics II

Econometrics II is an advanced level econometrics course. This course requires mathematical rigour and understanding of economic theories. This course will integrate theory with application of different advanced level regression techniques and will help students understand and interpret regression output. The course will allow students to build advanced level regression models and will enable them to analyze different types of datasets (cross-section data, panel data, and time-series data) in economics. The course is a hands-on, applied course where students will become proficient at using analytical software to analyze data drawn from different areas of economics. At the end of the course, students will also learn to conduct extensive literature review and write a comprehensive research paper in economics using different econometric models.

Developmental Economics

This course seeks to introduce students to the contemporary development discourse by exposing them to both classical and modern approaches to the analysis of growth and developmental issues such as poverty and inequality, and also by involving them in data-driven discourses on the differential development trajectories of different countries. The curriculum attempts to encourage students to critically evaluate the role of markets as well as various national and international institutions in solving contemporary developmental issues. The course also introduces current empirical research to help students get a feel of the recent literature in the field of development economics.

Environmental Economics

Economics is often defined as the study of allocation of scarce resources. Environmental Economics then might be somewhat provocatively be 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 needed.

Gender Economics

This course attempts-use economic analysis as a lens-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-discuss the “non-market” outcomes and analyze a number of potential policy responses-the inequalities arising out of gender differences. This course is primarily research based.

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 establishing the link between the macro economy and asset prices. 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. Finally the third part of the course will use these techniques to help students conduct empirical resaerch using real life data on macro economy and financial markets.

Advanced Microeconomics I

Microeconomics-I is the master-level course which teaches the fundamentals of microeconomics. Students will learn the advanced concepts related to consumer and firm behavior, market imperfections, and welfare implications. This course will help students apply the microeconomic tools to analyse several policy questions applicable to the context of the real world economy. The pedagogy will include case-studies, hands-on learning, and real-world problem-solving activities that helps in equipping the student with the skills required in the workforce.

Advanced Macroeconomics I

This course on is the first course on the two semesters long Macroeconomics courses and it aims to exposure students to both the theoretical and applied aspects of macroeconomic analysis.  The objective of this class is to introduce students to the main theories concerning the central questions of modern macroeconomics. Macroeconomics is often divided into two main areas of study: the determinants of long-run economic growth and the causes and consequences of short-run business cycles. We will begin this course by focusing on long-run questions. Why are some countries rich and other countries poor? What is needed for a country to sustain economic growth over an extended period?  By the end of the course, you will have learned how to set up, solve, and work with simple quantitative versions of these models on a computer. By the end of the course the student should be able to successfully  acquire, transform, interpret and discuss real world macroeconomic data; demonstrate an ability to critically assess applied macroeconomic research papers; present a balanced and well-informed opinion on a variety of macroeconomic policy issues; understand and interpret modern macroeconomic models; critically assess different macroeconomic policy options and provide clear and concise policy advice suitable for senior policymakers.  The approach will involve case studies, hands-on learning, and real-world problem-solving exercises to assist students acquire the skills necessary for the profession.

Advanced Microeconomics II

This course willl introduce students to the fundamental concepts of game theory. Students will learn the applications of game theory models. Several topics include simultaneoues-move games, extensive games with perfect and imperfect information, public good games and information assymetry. The pedagogy will include case-studies, hands-on learning, and real-world problem-solving activities that helps in equipping the student with the skills required in the workforce.

Advanced Macroeconomics II

This course will survey selected contemporary topics in macroeconomic research, treated from a general and rigorously mathematical standpoint. Emphasis will be put on developing analytical and modeling skills that will enable the interested student to approach problems close to the research frontier, as well as to contribute originally to these research fields, either theoretically or empirically. This course will build on Macroeconomics I to provide an advanced understanding of the field along with applications.

The course will focus on the following broad topics: i) growth theory and policy; ii) growth and inequality; iii) theories of structural and frictional unemployment, unemployment policy, and growth models that account for unemployment; iv) coordination problems in macroeconomics. Most of these topics have common methodological features, which are to be found in standard dynamic optimization techniques—optimal control theory and dynamic programming in particular. Therefore, we will pay some attention to developing such techniques in a way that is as rigorous as possible given the time constraints. The approach will involve case studies, hands-on learning, and real-world problem-solving exercises to assist students acquire the skills necessary for the profession.

Applied Game Theory

Game theory offers a lens that enables us to analyze policy processes. In this course, we will mainly cover the applications of game topics. The first part will focus on the theory of markets, price determination, and market strategies. In the second part, "Behavioral Game Theory and Economic Experiments", Students will be exposed to the methods of applying experiments using actual goods rather than induced valuation. In the methodology section, students will learn how the field experiments differ from the lab-based economic experiments. In addition, they will study some of the recent developments in experiments and explore further applications of experiments in the context of gender, resource, and environmental issues. The approach will involve case studies, hands-on learning, and real-world problem-solving exercises to assist students acquire the skills necessary for the profession.

31 MINOR COURSES

Principles of Economics

This course is designed to expose the students to the basic principles of microeconomic and macroeconomic theory. The course will use examples from day-to-day activities and illustrate how microeconomic and macroeconomic concepts can be applied to analyze real life situations. . This course also aims to develop the broad conceptual frameworks which will enable students to understand and comment upon real economic issues like GDP ,inflation, money supply, and their interlinkages.

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 behaviour of individuals, firms and governments.

Quantitative Methods in Economics

This course is designed to provide introduction to the basics concepts of mathematics to study economics. It will deal with fundamental concepts required to model, analyse and solve problems arising in economics. Students learn how to use and apply mathematics by working with several examples and exercises. Although not required but a formal training in mathematics at higher secondary level mathematics is helpful. This course sets the foundations for the higher level mathematics courses in economics.

Introduction to Operations Research

The course exposes students to fundamental optimization procedures and techniques to attain skills at structuring business problems and modelling them as a mathematical program, Microsoft Excel to solve such models, interpret solutions and use the solutions to answer the business problem. The focus of this course will be on applications of quantitative methods in modelling business situations.

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 to those whose mathematical preparation is less advanced.

Mathematics for Economics I

Mathematical economics is an approach to economic analysis in which economists make use of mathematical techniques in analyzing 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 key 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. The notions of modeling in economics are also covered in the first phases of the course. From there the course goes on to linear models 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.

Microeconomics I

This course offers a basic introduction to the microeconomics. It aims to provide students with basic theories and models that help in analysing different market forms by understanding the behaviour of consumers and firms, demand and supply of goods, and services and resources in the economy. Several complex processes in the world can be well understood with the help of the fundamental models in microeconomic theory. 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.

Macroeconomics I

This is the first module in a two-module sequence that introduces students to the basic concepts of Macroeconomics. Macroeconomics deals with the aggregate economy. This course provides an overview of the basic concepts, measurements and institutions assisting in the functioning of an economic system. The course familiarizes students with macroeconomic tools, theory and policies. It will facilitate the students to understand economic problems at macro level and correlate theories to everyday economic scenarios. It also introduces students to various micro-founded theories of macro behaviour, e.g., consumption, investment behaviour of the households and firms and the demand for money.

Indian Economy

This course familiarizes students with the evolving trends in Indian Economy. In particular this course introduces the historical backdrop of the Indian economy and track 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, its financial sector and finally infrastructure and human development. Students will first be appraised with the contemporary Indian issues and reforms and track back it to India's overall growth story since independence using analytical approach. This course will also provide an understanding the status of Indian economy from an International perspective.

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 pay trends for more than 100 countries.

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-foundations of macroeconomic activities and critically appraising public policy and its implications.

Macroeconomics II

This course is a sequel to Macroeconomics I. This course provides in-depth knowledge of some relevant macroeconomic models to understand macroeconomic fluctuations. The course aims to improve the understanding the economic behaviour of an economy using classical and Keynesian models of business cycle analysis. The course also provides an analytical approach towards macroeconomic problems. This course also introduces students to open economy macro issues involving flexible exchange rate regime . At the end, it provides both theoretical and empirical perspective of macroeconomic policy-making by looking at monetary and fiscal policies.

Mathematics for Economics I

This course will provide students with a solid foundation in probability and statistics for economists. The aim is to build the foundation for taking subsequent courses in Econometrics. The course begins with some basic concepts and terminology that are fundamental to statistical analysis and inference. It then develops the notion of probability, followed by probability distributions of discrete and continuous random variables and of joint distributions. The course also teaches sampling distribution, which joins probability theory and statstical inference. Finally, the semester ends with a detailed discussion on estimation and hypothesis testing.

Introduction to Probability and Statistics

This course provides an elementary introduction to probability theory and its application to statistics with emphasis on the theorems and proofs of univariate statistics. Addressed to a beginning Mathematics Major, it  provides a foundation for advanced courses in probability and statistics.

History of Economic Thought

This course analyzes the history of modern economic ideas from the 17th century until recently. Many economists suppose, following Maynard Keynes that the world is governed by ideas, and that ideology and vested interests play no significant role in the long run. Others, perhaps more cynically, presume that ideas do not matter. This seminar follows the interrelationship between ideas and economic policy. It takes the position that there is a dialectical dance between ideas and policies, where the former shapes the latter, and policy outcomes, in turn, influence ideas. Two important assumptions are made, namely: economic ideas do not proceed in a smooth fashion, so that economic knowledge at the frontier is not a repository of all past learning; also, it is presumed that historically determined social and economic conditions affect the evolution of economic ideas.

Most courses on history of thought concentrate on the theory of value and distribution. Although we will pay some attention to value and distribution, questions related to accumulation, the level of activity, international trade, the role of banks and the financial sector, and the role of the state in promoting (or not) economic development will also be central to our discussion. In particular, the distinction between the surplus approach and the rise of supply and demand theories, and the role of the principle of effective demand and the Keynesian Revolution will be central for the ideas discussed in the course.

In tandem, supplementary to the core ideas discussed here we will delve into ideas that have emanated from the Indian subcontinent. For example, how do we fit in the idea of the self-interested individual in Buddhist and Jain philosophy, given that the latter community has been particularly influential in commercial activities. Or, what were the debates revolving around the issue of modernity/progress in the post-colonial Indian context where Keynesian ideas had brought back the importance of the state into economic discourse.

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 (using game theory).

Econometrics I

Econometrics is a set of research tools used to estimate and test economic relationships. The methods taught in this introductory course can also be employed in any economic setups, and in many social science disciplines. The aim of this course is to provide the students with the skills helpful in filling the gap between being “a student of economics” and being “a practicing economist.” The emphasis of this course will be on understanding the tools of econometrics and applying them in practice.  The course will integrate theory with the application of regression analysis and will help students in understanding and interpreting regression output. This course will build the foundation for any advanced level regression analysis using real-world data. The course will begin with a solid understanding of OLS regression in a two-variable set-up to help students buid their foundations in basic regression analysis. Then the course will discuss about the specification issues in regression analysis and delve into multiple linear regression. Further discussion and deliberation on specification issues will continue. Finally, the course will conclude with the discussions of econometrics issues when OLS may not be a suitable estimation method, and hence will lay the foundation for higher level econometric analysis. This course is an applied course in econometrics where students will become proficient at using econometric/statistical software to analyze data drawn from different field of study in economics.

Public Economics

The course on public economics basically studies the government policy in terms of economic efficiency and equity. The course also discusses the role and nature of government intervention and its implications for distribution, allocation, and stabilisation. Through the extensive use of micro theoretic tools, the course examines the relationship between an individual’s response to incentives and how government policies help to enhance social welfare. 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.

Behavioural Economics

Traditional neoclassical economics shy away from considering the role of human emotions and human judgement from its models. Some of these models have stood the test of time and are still taught at universities, but many fail to be replicated in the real world. Interestingly, the role of human sentiments and behaviour has been studied since the times of Adam Smith, but was never given mainstream attention till the Nobel prize winning works of Herbert Simon (in 1978), Gary Becker (in 1992), Daniel Kahneman (in 2002) and Richard Thaler (in 2017).

Behavioural Economics is a novel field of economics which borrows heavily from other disciplines such as psychology, biology, neurology and sociology to explain departures of traditional theoretical models and strategic games. The objective of this course, therefore, is to provide an understanding of important concepts in behavioural economics. This course also aims to provide some intuition into human behaviour through games and experiments and make the learner thoroughly updated on this new and dynamic field of enquiry.

International Economics

The objective of this course is to inform the basic models of international trade and to examine the effects of international economic policies on domestic and world welfare. This course covers the main theories of world trade and helps in explaining the composition, direction, and consequences of international trade, its determinants and effects of trade policy. This course is primarily theoretical but students will also be exposed to real-world examples.

Banking and Insurance

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 (using game theory).

Econometrics II

Econometrics II is an advanced level econometrics course. This course requires mathematical rigour and understanding of economic theories. This course will integrate theory with application of different advanced level regression techniques and will help students understand and interpret regression output. The course will allow students to build advanced level regression models and will enable them to analyze different types of datasets (cross-section data, panel data, and time-series data) in economics. The course is a hands-on, applied course where students will become proficient at using analytical software to analyze data drawn from different areas of economics. At the end of the course, students will also learn to conduct extensive literature review and write a comprehensive research paper in economics using different econometric models.

Developmental Economics

This course seeks to introduce students to the contemporary development discourse by exposing them to both classical and modern approaches to the analysis of growth and developmental issues such as poverty and inequality, and also by involving them in data-driven discourses on the differential development trajectories of different countries. The curriculum attempts to encourage students to critically evaluate the role of markets as well as various national and international institutions in solving contemporary developmental issues. The course also introduces current empirical research to help students get a feel of the recent literature in the field of development economics.

Environmental Economics

Economics is often defined as the study of allocation of scarce resources. Environmental Economics then might be somewhat provocatively be 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 needed.

Gender Economics

This course attempts-use economic analysis as a lens-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-discuss the “non-market” outcomes and analyze a number of potential policy responses-the inequalities arising out of gender differences. This course is primarily research based.

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 establishing the link between the macro economy and asset prices. 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. Finally the third part of the course will use these techniques to help students conduct empirical resaerch using real life data on macro economy and financial markets.

Advanced Microeconomics I

Microeconomics-I is the master-level course which teaches the fundamentals of microeconomics. Students will learn the advanced concepts related to consumer and firm behavior, market imperfections, and welfare implications. This course will help students apply the microeconomic tools to analyse several policy questions applicable to the context of the real world economy. The pedagogy will include case-studies, hands-on learning, and real-world problem-solving activities that helps in equipping the student with the skills required in the workforce.

Advanced Macroeconomics I

This course on is the first course on the two semesters long Macroeconomics courses and it aims to exposure students to both the theoretical and applied aspects of macroeconomic analysis.  The objective of this class is to introduce students to the main theories concerning the central questions of modern macroeconomics. Macroeconomics is often divided into two main areas of study: the determinants of long-run economic growth and the causes and consequences of short-run business cycles. We will begin this course by focusing on long-run questions. Why are some countries rich and other countries poor? What is needed for a country to sustain economic growth over an extended period?  By the end of the course, you will have learned how to set up, solve, and work with simple quantitative versions of these models on a computer. By the end of the course the student should be able to successfully  acquire, transform, interpret and discuss real world macroeconomic data; demonstrate an ability to critically assess applied macroeconomic research papers; present a balanced and well-informed opinion on a variety of macroeconomic policy issues; understand and interpret modern macroeconomic models; critically assess different macroeconomic policy options and provide clear and concise policy advice suitable for senior policymakers.  The approach will involve case studies, hands-on learning, and real-world problem-solving exercises to assist students acquire the skills necessary for the profession.

Advanced Microeconomics II

This course willl introduce students to the fundamental concepts of game theory. Students will learn the applications of game theory models. Several topics include simultaneoues-move games, extensive games with perfect and imperfect information, public good games and information assymetry. The pedagogy will include case-studies, hands-on learning, and real-world problem-solving activities that helps in equipping the student with the skills required in the workforce.

Advanced Macroeconomics II

This course will survey selected contemporary topics in macroeconomic research, treated from a general and rigorously mathematical standpoint. Emphasis will be put on developing analytical and modeling skills that will enable the interested student to approach problems close to the research frontier, as well as to contribute originally to these research fields, either theoretically or empirically. This course will build on Macroeconomics I to provide an advanced understanding of the field along with applications.

The course will focus on the following broad topics: i) growth theory and policy; ii) growth and inequality; iii) theories of structural and frictional unemployment, unemployment policy, and growth models that account for unemployment; iv) coordination problems in macroeconomics. Most of these topics have common methodological features, which are to be found in standard dynamic optimization techniques—optimal control theory and dynamic programming in particular. Therefore, we will pay some attention to developing such techniques in a way that is as rigorous as possible given the time constraints. The approach will involve case studies, hands-on learning, and real-world problem-solving exercises to assist students acquire the skills necessary for the profession.

Applied Game Theory

Game theory offers a lens that enables us to analyze policy processes. In this course, we will mainly cover the applications of game topics. The first part will focus on the theory of markets, price determination, and market strategies. In the second part, "Behavioral Game Theory and Economic Experiments", Students will be exposed to the methods of applying experiments using actual goods rather than induced valuation. In the methodology section, students will learn how the field experiments differ from the lab-based economic experiments. In addition, they will study some of the recent developments in experiments and explore further applications of experiments in the context of gender, resource, and environmental issues. The approach will involve case studies, hands-on learning, and real-world problem-solving exercises to assist students acquire the skills necessary for the profession.