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economics notes for ugc net |
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Re: economics notes for ugc net
The syllabus/notes for UGC NET (National Eligibility Test) Paper – II - Economics for preparation of the exam are as follows: UGC NET PAPER – II 1. Micro – Economic Analysis • Demand Analysis – Marshallian, Hicksian and Revealed preference approaches. • Theory of Production and Costs. • Pricing and output under different forms of market structure. • Factor Pricing analysis. • Elements of general equilibrium and new welfare economics. 2. Macro – Economic Analysis • Determination of output and employment – Classical approach, Keynesian approach, Consumption hypotheses. • Demand for Money – Fisher and Cambridge versions, Approaches of Keynesian, Friedman, Patinkin, Baumol and Tobin. • Supply of Money, Determinants of money supply, High – powered money, Money multiplier. • Phillips Curve analysis. • Business cycles – Models of Samuelson, Hicks and Kaldor. • Macro – economic Equilibrium – Relative roles of monetary and fiscal policies 3. Development and Planning • Economic Growth, Economic Development and sustainable Development – Importance of institutions – Government and markets – Perpetuation of underdevelopment – Vicious circle of poverty, circular causation, structural view of underdevelopment – Measurement of development conventional, HDI and quality of life indices. • Theories of Development – Classical, Marx and Schumpeter; Economic Growth – Harrod – Domar model, instability of equilibrium, Neoclassical growth – Solow’s model, steady state growth. Approaches to development : Balanced growth, critical minimum effort, big push, unlimited supply of labour, unbalanced growth, low income equilibrium trap. • Indicators and measurement of poverty. • Importance of agriculture and industry in economic development – choice of techniques and appropriate technology – Investment criteria – Elementary idea of cost – benefit analysis. • Trade and Aid – International trade as ‘engine of growth’ – Globalization and LDC’s Objectives and role of monetary and fiscal policies in economic development Techniques of planning; Plan Models in India; planning in a market – oriented economy. 4. Public Finance • Role of the Government in Economic activity – Allocation, distribution and stabilization functions; Private, Public and Merit goods. • The Public Budgets – Kinds of Budgets, Zero – base budgeting, different concepts of budget deficits; Budgets of the Union Government in India Public Expenditure – Hypotheses; effects and evaluation. • Public Revenue – Different approaches to the division of tax burden, incidence and effects of taxation; elasticity and buoyancy; taxable capacity Public Debt – Sources, effects, burden and its management. • Fiscal Federalism – Theory and problems; Problems of Centre – State Financial relations in India. • Fiscal Policy – Neutral and compensatory and functional finance; balanced budget multiplier. 5. International Economics • Theories of International Trade : Empirical verification and Relevance International Trade under Imperfect competition Terms of Trade and Economic Growth – Secular Deterioration of Terms of Trade Hypothesis – a critical review. • Equilibrium / disequilibrium in Balance of Payment – Traditional, Absorption and Monetary approaches for adjustment in the Balance of Payments, Foreign Trade multiplier. • Impact of Tariffs, Partial and general equilibrium analysis; Political economy of Non-Tariff Barriers. • Theory of regionalism at Global level – Collapse of Bretton – Wood System – Recent. • Monetary reforms. • Trade Policy and Reforms in India. 6. Indian Economy • Basic Economic indicators – National income, performance of different sectors Trends in prices and money supply. • Agriculture – Institutional and technological aspects, new agricultural policy Industry – New industrial policy and liberalization. • Money and banking – Concepts of money supply, inflation, monetary policy and financial sector reforms. • Public finance – Trends in revenue and expenditures of the Central and State Governments, Public debt; analysis of the Union Budget. • Foreign trade – Trends, Balance of payments and trade reforms. • Poverty, unemployment, migration and environment. 7. Statistical Methods • Measures of Central tendency, dispersion, skewness and kurtosis. • Elementary theory of probability – Binomial, Poisson and Normal distributions. • Simple correlation and regression analysis. • Statistical inferences – Applications, sampling distributions (t, x2 and F tests ) sampling of attributes, testing of Hypothesis. • Index numbers and time series analysis. • Sampling and census methods, types of sampling and errors. UGC NET PAPER III (A) [Core Group] Unit – I • Theory of Demand – Axiomatic approach, Demand functions, Consumer behaviour under conditions of uncertainty. • Theory of production. • Collusive and non – collusive oligopolies. • Different models of objectives of the firm – Baumol, Morris and Williamson. • Factor pricing. • General equilibrium and Welfare Economics. Unit – II • Keynesian and post – Keynesian approaches to theory of output and employment; concept of investment multiplier; consumption hypotheses Theories of investment and accelerator. • Theories of demand for money – Keynesian and post – Keynesian. • Different approaches to money supply; money supply; components and determinants; money multiplier. • Output – price determination ( aggregate supply and aggregate demand curve analysis ). • Fleming – Mundell open economy model. Unit – III • Development and Growth – Role of institutions. • Theories of growth and development – Models of growth of Joan Robinson and Kaldor; Technical Progress – Hicks, Harrod and learning by doing, production function approach to the determinants of growth : Endogenous growth : role of education, research and knowledge – explanation of cross country differentials in economic development and growth. • Theories of development – Classical, Marx, Schumpeter and structural analysis of development – Imperfect market paradigm, Lewis model of development, Ranis – Fei model, Dependency theory of development. • Factors in economy development – natural resources, population, capital, Human Resource Development and infrastructure. • Trade and development – trade as engine of growth, two – gap analysis, Prebisch, Singer and Myrdal views; gains from trade and LDCs. Unit – IV • Theories of taxation, types, incidence and effects. • Theories of public expenditure – effects on savings, investment and growth Burden of public debt. • Union Finance – Trends in Revenue and Expenditure of the Government of India. • State finance – Trends in Revenue and Expenditure of the State Governments. • Public Debt – India’s Public debt since 1951 – growth composition, ownership pattern and debt management. • Union – State Financial Relations – Horizontal and vertical imbalances; the Finance Commissions. • Fiscal Policy and Fiscal Reforms in India. Unit – V • Monetary approach’ and adjustment in the balance of payments. • Regional blocs – multilateralism and world trading system. • The Political Economy of imposition of non – tariff barriers. • International trade under conditions of imperfect competition in goods market. • Theory of International reserves. • Optimum Currency Areas – Theory and impact in the developed and developing countries. • WTO and its impact on the different sectors of the economy. Unit – VI • Components of money supply. • Role, constituents and functions of money and capital markets. • RBI – recent monetary and credit policies. • Commercial banks and co – operative banks. • Specialized financial and investment institutions. • Non – Bank financial institutions and Regional Rural Banks. |
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Re: economics notes for ugc net
Unit – VII • Industrial structure and economic growth. • Pattern of industrialization – Public and Private; large and small industries. • Theories of Industrial location – Indian experience. • Industrial productivity – measurement, partial and total trends Industrial Finance in India. • Industrial Labour – Problems, policies and reforms in India Economic Reforms and industrial growth. Unit – VIII • Population and Economic development – interrelation between population, development and environment, sustainable development. • Malthusian theory of population, Optimum theory of population, theory of demographic transition, population as ‘Limits to Growth’ and as ‘Ultimate Source’. • Concepts of Demography – Vital rates, Life tables, composition and uses, Measurement of fertility – Total fertility rate, gross and net reproduction rate – Age pyramids, population projection – stable, stationary and quasi – stationary population; characteristics of Indian population through recent census. • Poverty in India – Absolute and relative; analysis of poverty in India. • Environment as necessity – amenity and public goods; causes of environmental and ecosystem degeneration – policies for controlling pollution – economic and persuasive; their relative effectiveness in LDCs; Relation between population, poverty and environmental degradation – microplanning for environment and eco – preservation – water sheds, joint forest management and self – help groups. • Role of State in environmental preservation – Review of environmental legislation in India. Unit – IX • Role of Agriculture in Indian Economy – Share of Agriculture, interrelationship between agriculture and industry. • Institutional aspects – Land reforms, Green revolution. • Technological aspects – Agricultural inputs and shifts in production function. • Capital formation in the rural sector – Savings, assets and credits. • Strategies for rural development. • Regional disparities in Indian agriculture. • Cooperative movement in India – Organization, structure and development of different types of cooperatives in India. Unit – X • Application of Differential and Integral Calculus in theories of consumer behaviour, Production and pricing under different market conditions. • Input – output analysis and linear programming. • Application of Correlation and Regression. • Testing of Hypothesis in Regression Analysis. UGC NET PAPER III (B) [Elective / Optional] Elective – I Single Equation Linear Model : • Assumption and properties of OLS. • Multiple Regression Model – Estimation and Interpretation. • Multi – collinearity – Auto – correlation and heteroscedasticity – Causes, detection, consequences and remedy. • Dummy variables, distributed lags – Need, limitations and interpretation. • Applications in Economics. Simultaneous Equation models : • Structural and reduced forms. • Endogenous and exogenous variables. • Identification problems and conditions. • Single equation methods of estimations – TSLS, indirect least squares and least variance ratio. Techniques of Forecasting : • ARMA, ARIMA. • Econometric properties of time series, Unit root, integrated series, random walk and white noise. Elective – II • Theory of Consumer Behaviour and Theory of Firms. • Theory of Pricing – Monopoly, Monopolistic competition, Duopoly and Oligopoly. • Theory of Games – Two – person, Zero – sum Game, Pure and Mixed strategy, Saddle point solution, Linear programming and input output analysis. • Static and Dynamic Multiplier and Accelerator, Samuelson – Hicks trade cycle model. • Growth Models – Harrod and Domar, Neoclassical models – Solow, Meade, Kaldor’s Model with technological progress, endogenous growth models. • Employment and output determination with fixed and flexible prices ( IS – LM, Aggregate demand and aggregate supply analysis ). Elective – III • The Rise and Fall of Bretton – Wood and emerging International Monetary System. • World Trading System – Evolution and Distortions. • Globalization – Developments in Exchange Markets, Euro – Currency Markets, and International Bond Markets, International Debt crisis. • Theory of Foreign Exchange Markets – Exchange Trading, Arbitrage and Market Hedging. Elective – IV • Growth and Productivity trends in Indian Agriculture. • Development of distributive institutions – Costs and price policies. • Agricultural marketing and credit. • Trends in migration and labour markets. Minimum Wages Act. • WTO and sustainable agricultural development. • Reforms in Indian agriculture. Elective – V • Planning and Economic Development. • Costs, Prices, WTO and Indian Agriculture. • Globalization, Liberalization and the Indian Industrial Sector. • Infrastructure and Economic Development. • Social Sector, Poverty and Reforms in India. • Women, Environment and Economic Development. • Trade Reforms and Liberalization. • Financial sector reforms. • Fiscal policy and fiscal reforms. |
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