1

CHRIST UNIVERSITY

HOSUR ROAD, BANGALORE-29

DEPARTMENT OF ECONOMICS

SYLLABUS FOR

MPHIL IN ECONOMICS

2013

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MPhil in ECONOMICS

The Department of Economics endeavors to facilitate a meaningful transition for an aspiring

scholar from acquiring knowledge towards an advanced stage of its creation and application. The

Department aims at establishing a universal nature and legitimacy of a research culture, to

motivate scholars and to cultivate an aptitude for qualitative and quantitative perspectives in the

field of Economics.

Course Overview

This is a full time research program of 18 to 24 months duration, in which scholars are trained to

present their research findings. In preparation, they will complete prescribed courses aimed at

giving them a thorough understanding of the principles of Economics and its application in

various functional specializations. The ability to think systematically, and apply quantitative

methods will give them the knowledge and skills to later work independently on their PhD

dissertation.

Thesis: The candidates will indicate the area of general interest to them at the time of

application, and finalize the specific area of research by the end of the I Semester, in consultation

with the faculty member who has agreed to guide them. The candidate will have to defend the

proposal, in an open forum, before proceeding with the research. The candidate will have to

present and defend the research findings, again in an open forum, before proceeding to write the

thesis. The quality of the research will be graded as per Christ University norms for the MPhil

Program

Coursework: The electives offered by the department are subject to departmental guidelines

(course pre-requisites, faculty and student availability). The candidates will decide on the

electives, in consultation with the faculty member who has agreed to guide them. In each elective

course, there will be about 16 colloquium sessions during the semester of about 2½ hours each,

where the various topics will be presented by candidates, and discussed under faculty

supervision. Candidates will come prepared with the reading material listed for the session and

indicated at the start of the semester.

Candidates must obtain a pass grade at the end of the course. A Pass/Fail grade will be assigned

by the faculty member handling the course on the basis of participation in the discussions,

written assignments or open book tests.

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COURSE STRUCTURE, 2013-14

Semester Units No. of hours

per week

Marks Credits

I

Research Methodology 60

100 4

II

Electives (2)

1. REC 231: Managerial

Economics

2. REC 232: Financial Markets

and Derivatives

3. REC 233: Agricultural

Economics

4. REC 234: Industrial

Economics

5. REC 235: Environmental

Economics

6. REC 236: International

Economics

7. REC 237: Economics of

Service Sector

45x2

100x2 2x3

III

Dissertation

Defense/viva voce

up to 12

months

200 10

Total 500 20

MPhil course will be of 20 credits

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SEMESTER I

REC 131: RESEARCH METHODOLOGY

Overview of the Course Work and Objectives Total Hours: 60 Hours

This course work on research methodology forms the introductory discipline in the M. Phil.

curriculum. In this course, researchers are trained in general and specific methods needed for

planning and execution of a research project. They are provided in advance a detailed

bibliography of primary and secondary sources which will give an overall view of the research

methods and the various tools of scientific research which are developed and successfully

applied worldwide. The course work includes different theories of empirical and analytical

methods and strategies of research, fundamentals aspects and specifications of quantitative

research and their philosophical foundations, developing an appropriate and discipline specific

terminology, the design and structure of a scientific research, collection of data, preparation and

analysis of data using statistical inferential methods involving estimation and hypothesis testing

and presentation skills in various forms of scientific treatise etc.

The main objective of a course work in research methodology is to enable the researchers to

identify problematic or insufficiently grounded premises in the axiomatic and methodical

foundations of individual or specific disciplines as well as of interdisciplinary undertakings in

research, and to develop thereby an adequate knowledge base for designing and implementing a

research project.

The course work also gives researchers an opportunity to learn fundamentals of Statistics and

familiarizes them with different techniques to use them effectively in the chosen area of research,

thereby making objective, logical, testable and generalizable results. The course also enhances

the use of software application to facilitate multivariate data analysis and highlights applications

to various management research scenarios as per the area of specialization of the individual

student.

The objective of the specific research methodology part is to give researchers knowledge about

the fundamentals of Statistics and Econometrics familiarizes them with the different techniques

to use them effectively in the area of research, thereby making objective and logical decisions.

The course also enhances the use of Statistical software‟s to facilitate multivariate data analysis

and highlighting applications to various managerial issues as per the area of specialization of the

individual student.

PART A (20 Hours)

UNIT 1 Research Designs and Strategies 10 Hrs

Meaning of research and scope of research methodology, Philosophy of research – ontological,

epistemological and ethical considerations, Identification of problem area, Formulation of

research questions, Typology of Research Designs

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UNIT 2 Academic Writing and Ethics 10 Hrs

Introduction to Academic Writing, Structure of Academic Writing, Reading for Research,

Academic Styles, Plagiarism, Publication, Online Resources

PART B (40 Hours)

UNIT 3 Introduction to Statistics 5 Hrs

Applications of Statistics in research, A brief outline of qualitative and quantitative research,

Graphical representation of data, Bar, Pie charts, Line diagrams, Scatter plot, Ogives, Stem-and-

leaf Display, Box-plot-Measures of Central Tendency and Dispersion - Skewness & Kurtosis;

Reporting appropriate measures and interpretation

UNIT 4 Random Variables and Probability distributions 7 Hrs

Overview of Probability concept; Random variables – Types of random variables; Probability

Mass & Density functions; Introduction and application of Binomial, Poisson, Exponential and

Normal probability distributions - Correlation, Simple and Partial correlation- Multiple

Correlation – Pair wise and Partial Correlation and tests for the significance of correlation.

Simple linear regression – Fitting the model, Tests for overall significance, Model performance

measures. Testing significance of the predictor

UNIT 5 Inferential Statistics 15 Hrs

Sampling distribution, Interval estimation for mean and proportion, Sample size determination

using confidence interval approach; Statistical hypothesis – Types of Error in hypothesis testing,

Concept of power of a test; Statistical test – One population mean, proportion, two populations

mean and proportion comparison; - Sampling Theory, Probabilistic and Non-probabilistic

sampling, Sampling distribution, Chi-square, t and F distributions, Estimation Theory-Point and

Interval estimation-Testing of Hypotheses-Types of error, Single population testing, Double

population testing Analysis of Variance (Single factor and two factors) – Meaning, application

and interpretation - ANOVA – one way and two way, ANOVA with replication, Contingency

Chi-square, Goodness of fit test

Using SPSS/MS Excel to work out problems -- Factor analysis -Discriminant analysis - Cluster

analysis- conjoint analysis using SPSS to work out problems

UNIT 6 Econometric Modelling 13 Hrs

Methodology of Econometrics - Assumptions in simple linear regression – Residual analysis for

validation of assumptions; Testing for normality of residuals and constant error variance

assumption; Violations of assumptions of OLS – Heteroscedasticity – Multicollinearity–

Autocorrelation; Properties of OLS– Goodness of Fit– R2 & Adjusted R2

Financial Time Series Models–Autoregressive and Moving Average (ARMA) Process–

Autoregressive Integrated Moving Average (ARIMA) process – Non-stationarity time series –

Unit root test–Augmented Dickey Fuller test–Cointegration -Causality test

Text Books

1. Goon, A. M., Gupta, M. K., Dasgupta B. D., An Outline of Statistical Theory - Volumes I

and II, World Press, 2001.

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2. Anderson, Sweeney, Williams, Statistics for Business & Economics, South Western

College Publishers, 8th edition

3. Latin, J., Green, P., Carroll, D., Analysisng Multivariate Data, Durbury Press

Reference Books

Research Methodology

1. Aldenderfer, Mark S. and Roger K. Blashfield, Cluster analysis. Thousand Oaks,

Quantitative Applications in the Social Sciences Series No. 44, CA:, Sage Publications

(1984).

2. Corter, James E. Tree models of similarity and association. Thousand Oaks, Quantitative

Applications in the Social Sciences Series No. 112 ,CA: Sage Publications,. (1996).

3. Kaufman, Leonard and Peter J. Rousseeuw (1990). Finding groups in data: An

introduction to cluster analysis NY: John Wiley & Sons, ISBN: 0471878766.

4. Aaker, D. A., Kumar, V., Day, G. S., Marketing Research, John Wiley and Sons, 2000.

5. Bagozzi, R P, Principles of Marketing Research, Edited by, Basil Blackwell Ltd., USA,

1994.

6. Bryan, B., Essentials of Customer Relationship Management, Wiley Publishing, 2002.

7. Dyche, J., The Customer Relationship handbook, Addison Wesley Information

Technology Series, 2002.

8. Greenberg, P., Customer Relationship Management at the Speed of light, Tata McGraw

Hill Publishing, 2001.

9. Green, P. E., Tull, D. S., Albaaum, G., Research for Marketing Decisions, Prentice-Hall,

1994.

10. Johnson, F. P., Johnson, R. D., Commercial Bank Management, The Dryden Press, 1985.

11. Joshi, V. C., Joshi, V. V., Managing Indian Banks, The Challenges Ahead, Response

Books, Sage Publications, 1998.

12. Kerr, C., Anderson, K., Customer Relationship Management, Tata McGraw-Hill

Publishing, 2002.

13. Lehmann, D. R., Gupta S., Steckel, J. H., Marketing Research, Addison-Wesley, 1998.

14. Lilien, Kotler, Moorthy, Marketing Models, Prentice-Hall, 2001.

15. Machiraju, H. R., Indian Financial System, Vikas Publishing House Pvt. Ltd., 2002.

16. Malhotra, N. K., Marketing Research, Prentice-Hall Intenational, Inc. 2001

Multivariate Analysis

1. Anderson, T. W. (1984). An Introduction to Multivariate Statistical Analysis, (2nd ed.)

N.Y.: Wiley

2. Bock, R. D. (1975). Multivariate statistical methods in behavioral research, N.Y.:

McGraw Hill.

3. Carroll, J. D., Green, P. E. & Chaturvedi, A. (1997). Mathematical tools for applied

multivariate analysis. (2nd ed.) N.Y.: Academic Press

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4. Dillon, W. R., & Goldstein, M. (1984). Multivariate analysis: Methods and applications.

N. Y.: Wiley.

5. Flury, B. (1997). A first course in multivariate statistics. N.Y.: Springer

6. Gifi, A. (1990). Nonlinear Multivariate amalysis. Chichester: Wiley

7. Gnanadesikan, R. (1997). Methods for statistical data analysis of multivariate

observations, (2nd ed.) N.Y.: Wiley.

8. Kendall, M. G. (1980). Multivariate analysis. (2nd ed.), London: Griffin

9. Lebart, L., Morineau, A. & Warwick, K. M. (1984). Multivariate descriptive statistical

analysis. N.Y.: Wiley

10. Morrison, D. F. (1990). Multivariate statistical methods. (3rd ed.), N.Y.: McGraw Hill.

11. Roy, S. N. (1957). Some aspects of multivariate analysis. N.Y.: Wiley

12. Tatsuoka, M. M. (1988). Multivariate analysis. (2nd ed.) N.Y.: Wiley.

13. Van de Geer, J. P. (1971). Introduction to multivariate analysis for the social sciences.

San Francisco: W. H. Freeman.

14. Kachigan, Sam K. (1982). Multivariate statistical analysis. NY: Radius Press.

15. Hair, Anderson, Talham, Black, Multivariate Data Analysis, Prentice-Hall International,

Inc.,

Time-Series Econometrics

1. Damodar Gujarati and S. Sangeetha - Basic Econometrics, McGraw–Hill Publisher; 4th

Edition 2007.

2. Koutsoyiannis - Theory of Econometrics, Rowman & Littlefield Publishers; 2nd Edition

1978.

3. William. H. Greene - Econometric Analysis, Prentice Hall; 6th Edition 2007.

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SEMESTER II

ELECTIVES

Candidates will choose a minimum of 2 from among the following 7 courses

REC 231: MANAGERIAL ECONOMICS

Course Objective Total Hours: 45

1. The course examines the techniques available in applied research for the analysis of

micro- level data in the study of economic behaviour and policy problems

2. The objective of the course is to examine the current state of microeconomic theory at

several of its frontiers. The course covers theories of consumer and producer behaviour

under certainty and uncertainty, general equilibrium theory with complete and incomplete

markets.

3. The model is then used to study growth, inflation, exchange rates, monetary and fiscal

policy and the business cycle

UNIT 1 2 Hrs Introduction to Economics; Nature and Scope of Managerial Economics, Significance in

decision-making and fundamental concepts; Objectives of a firm

UNIT 2 3Hrs

Econometric models- meaning, classification and role; Consumer behaviour – Utility analysis

UNIT 3 8 Hrs Demand and Supply Analysis; Law of Demand/ Supply, Exceptions to the law of demand;

Determinants of Demand; Elasticity of Demand- Price, , Cross and Advertising Elasticity; Uses

of Elasticity of Demand for managerial decision making, measurement of Elasticity of Demand.

Demand forecasting meaning, significance and methods.

UNIT 4 8 Hrs Production concepts & analysis; Production function, single variable-law of variable proportion;

two variable-Law of returns to scale; Cost concept and analysis, short-run and long-run cost

curves and its managerial use

UNIT 5 8 Hrs Market Equilibrium and Average Revenue Concept; Market Structure: Perfect Competition,

Monopoly, Monopolistic Competition, and Oligopoly

UNIT 6 5 Hrs Pricing Strategies; Price determination, full cost pricing, product line pricing, price skimming,

penetration pricing

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UNIT 7 8 Hrs National Income; Circular Flow of Income ,Concepts and various methods of its measurement,

Inflation, types and causes, Business Cycle, Profit concept and major theories of profits;

Dynamic Surplus theory, Risk & Uncertainty bearing theory and Innovation theory.

UNIT 8 3 Hrs Monetary and Fiscal Policies, Balance of Payment, Investment planning, Indian economy

References:

1. G. Mankiw, Principles of Macroeconomics, Thomson, Fourth Edition 2007Petersen

2. Craig H. et al. – Managerial Economics (Pearson Education, 2006)

3. Dominick Salvatore - Managerial Economics (Oxford, 2007)

4. Atmanand – Managerial Economics (Excel Books, 2007)

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REC 232: Financial Markets and Derivatives

Course Objective Total Hours: 45

1. To give the students an understanding of what is financial markets and how they work.

2. To provide a basic understanding of derivatives and introduces the analytics of derivative

valuation.

3. To provide an understanding of financial markets and financial institutions that operates

within the financial markets. Students successfully completing this course should have

the necessary tools and understanding of the financial markets operations and the

functions of financial institutions in the economy.

4. To provide practical and simple investment and corporate financial management

strategies using derivatives in a manner this will allow students to apply these concepts

and skills.

Part I: Capital Markets, Consumption and Investment

Unit 1: Introduction to Financial System, Markets and components – Background, structure,

nature, role, functions, necessity, economics, definitions, etc. 5 Hrs

Unit 2: Overview of the Financial System and Markets in India – Organization, operation,

growth, etc. 5 Hrs

Unit 3: Money Market in India – in the framework of Products, Providers, Investors, Players,

Regulators, Yields, Liquidity, Regulations and Procedures and other aspects of various Money

Market Instruments 5 Hrs

Unit 4: Capital Market in India – Building blocks of Project Financing Strategies and Options –

in the framework of Products, Providers, Investors, Players, Regulators, Yields, Liquidity,

Regulations and Procedures and other aspects of Capital Market Instruments in designing an

Optimal Financing Mix alongside critical parameters governing their selection, implications,

structuring, pricing, costs, prioritization, etc. 5 Hrs

Unit 5: Primary Market, Secondary Market, Depositories, and Government Securities Market

5 Hrs

Part II Advanced Capital Budgeting Topics

Unit 6: Efficient Capital Markets: Theory, Capital Budgeting under Uncertainty: The Multi

period Case, Overview of Fixed Income Instruments, Bond Mathematics 5 Hrs

Unit 7: Derivatives Market: (a) Introduction to Derivatives (b) Futures Markets (c) Pricing of

Forwards & Futures (d) Interest rate Futures (e) Swaps (f) Option Markets

(g) Properties of Option Prices (h) Trading Strategies involving options (i) Binomial Pricing (j)

Black – Scholes Option Pricing Model (k) Options on Stock Index, Currencies and Futures (l)

Management of Market Risk (m) Value at Risk (n) Exotic Options 15 Hrs

References:

1. John Hull Mishkin & Eakins, 2011, Financial Markets and Institutions, Sixth Edition

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2. Hull. J, 1998, Introduction to Futures and Options Markets (3rd Edition), Prentice Hall

3. John C. Hull (2006), Options, Futures and Other Derivative Securities, 6th

edition, Upper

Saddle River, N.J., Prentice Hall

4. Roy Baily(2005),The Economics of Financial Markets.

5. Boddie, K.M., and Ryan,2003,Investments,McGraw-Hill

6. Copeland,T.E. and J.F.Weston, 1988, Financial Theory and Corporate Policy, Addison

Wesley.

7. Ross.S.A., Randolph W Westerfield, Bradford D Jordan, and Gordon S Roberts,2005,

Fundamentals of Corporate Finance, McGraw-Hill

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REC 233 AGRICULTURAL ECONOMICS

Course Objective: Total Hours: 45

This course is designed to provide a comprehensive introduction to marketing issues and

principles related to the agri-food and forestry industries. The objectives are:

1. To foster development and understanding of key agricultural marketing issues and

concerns, equip you with analytical skills that may be utilized to evaluate different

marketing problems and programs from both the industry and firm perspective.

2. Familiarize students with applications of economic theory and market research tools to

practical problems in the marketing of food and agricultural products;

3. Provide an understanding of selected institutions which operate in food and agricultural

markets, including futures markets, cooperatives, marketing boards, and some aspects of

domestic and foreign government policy related to prices and markets

Unit 1: Introduction 8 Hrs

Agricultural Economics: meaning, nature and scope; Capital Formation in Agriculture: National

and State level analysis; Pattern of agricultural development: regional variations; Sustainable

Agricultural Growth: concepts and constraints; Organic farming; Overview of Development

Problems and Issues; Hunger and Malnutrition; Economics of Food Demand; Population Growth

and the Demographic Transition;

Unit 2: Growth and Technological changes in Agriculture 8 Hrs

Agricultural productivity: comparison with developed countries, Ways and Means for improving

crop productivity; Bio Technology: meaning and Scope; Green house technique; Food self

sufficiency: pre independence & post independence; Input supply and distribution: economic

aspects of irrigation and fertilizer use; Live stock management; Dairy farming; Contract farming;

Value addition: processing industry; Emerging trends in agricultural technology;

Unit 3: Consumer and Producer Theory in Agricultural Economics 8 Hrs

Utility and demand functions in consumer behavior; Elasticities, Estimation of demands for

agricultural commodities and policy implication; Producer theory in agricultural economics;

Structural form approach; Reduced form approach on a supply side: Supply response model;

Risk and Insurance;

Unit 4: The State and Policy Environment in Agriculture 10 Hrs

Economic and agricultural situation during plan periods and policy implications; Agriculture

Pricing Policy: Price distortions of policy interventions in agricultural economics; Food security

in India and public distribution system; Policies related to major agricultural commodities;

Energy needs for agricultural/rural development; Subsidies to expand farm output and income

distribution; Labour mobility and agricultural wage policy; Infrastructural support for

agriculture: transport, storage and markets; Price, trade and international assistance; Agricultural

Credit and Indebtedness; Research: education and extension needs; Agricultural taxation; Trade-

off between agricultural development and environmental quality;

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Unit 5: Agri-food Markets: Perspectives and Issues 4 Hrs

Food market analysis; Structure and organization of agri-food markets: developed countries,

developing countries; Demand for food in international markets; The Marketing Chain: Retail

and Wholesale Markets; Marketing Margins; Market power, concentration & consolidation;

Unit 6: Agriculture in an Interdependent World 7 Hrs

Comparative Advantage, Agriculture and International Trade; Trade Policies, Negotiations and

Agreements; Agriculture and the Macro-economy; WTO and Indian agriculture; Problems of

Agricultural Subsidies; Patents; Agricultural Exports: Quantitative Restrictions (QRs) and Non

tariff barriers;

References

1. Ray, D., Development Economics, 1998, Chapters 2, 9, 10, 12, and 16

2. Von Braun, J, M.S. Swaminathan, and M W. Rosegrant, “Agriculture, Food Security,

Nutrition, and the Millennium Development Goals,” Essay, IFPRI, Washington. DC,

2005

3. Besley, T. and R. Burgess, “Halving Global Poverty,” Journal of Economic Perspectives,

Vol 17. No 3, Summer 2003, pp. 3-22.

4. Trostle, R., “Global Agricultural Supply and Demand: Factors Contributing to the Recent

Increase in Food Commodity Prices,” USDA/ERS WRS-0801, May 2008, Washington,

DC.

5. North, D., “Institutions, Transaction Costs, and Economic Growth,” Economic Inquiry,

1987

6. Olson, M. Jr., “Big Bills Left on the Sidewalk: Why Some Nations are Rich and others

are Poor,” Journal of Economic Perspectives, Spring 1996.

7. Lee, R. “The Demographic Transition: Three Centuries of Fundamental Change,” Journal

of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 167-190.

8. Cohen, J., “Human Population: The Next Half Century”, Science, Vol. 302, November

14, 2003, pp. 1172-1177.

9. World Bank, “Demand and Supply Factor in Fertility Transitions,” Chapter 4 in

Population and Development, 1994.

10. Hymer, S. and S. Resnick, “A Model of an Agricultural Economy With Non-Agricultural

Activities,” American Economic Review, September 1969.

11. Singh, S. and S., “Agricultural Household Models, John Hopkins University Press,

Baltimore, 1986, Introduction and Chapter 1

12. Otsuka, K., “Efficiency and Equity Effects of Land Markets,” Chapter 51 in R. Evenson

and P. Pingali, Handbook of Agricultural Economics, Volume 3, 2007, pp2671 – 2703.

13. Townsend, R.M., Consumption Insurance: An Evaluation of Risk-Bearing Systems in

Low Income Economies, Journal of Economic Perspectives, Vol 9, no. 3, Summer 1995:

83-102.

14. Morduch, J., “Income Smoothing and Consumption Smoothing”, Journal of Economic

Perspectives, Vol 9, No3, Summer 1995: 103-114

15. Moyo, S., G.W. Norton, J.Alwang, M. Miah, and M. Deom, “Peanut Research and

Poverty Reduction: Impacts of Vaeiety Research to Control Peanut Viruses in Uganda,

American Journal of Agricultural Economics, May 2007, pp.448-460.

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16. Thompson, R., “Globalization and the Benefits of Trade,” Chicago Fed Letter 236,

March 2007

17. Yotopoulos, Pan, Asymmetric Globalization, Chapter 1 in Yotopoulos and Nugent (Ed)

The Asymmetries of Globalization, Routledge: New York, 2007.

18. Schiff, Maurice and Alberto Valdez, “Agriculture and the Macroeconomy, with emphasis

on developing countries”, in B.L. Gardner and G.C. Rausser, Handbook of Agricultural

Economics, Volume 2A, 2002, Chapter 27, pp. 1421-1454.

19. Bouet, A. “How Much Will Trade Liberalization Help the Poor? Comparing Global

Trade Models, IFPRI Research Brief N. 5, 2006.

20. Koo, W. and P.L. Kennedy, “The Impact of Agricultural Subsidies on Global Welfare,”

American Journal of Agricultural Economics, 88:2 (December 2006): 1219-1226.

21. Krueger, Schiff, and Valdes, “Agricultural Incentives in Developing Countries:

Measuring the Effects of Sectoral and Economy-Wide Policies,” The World Bank

Economic Review, 1988, pp. 255-271.

22. Vaidyanathan, A. (1994), “Performance of Indian Agriculture since Independence” in

Kaushik Basu (ed.), Agrarian Questions Oxford University Press.

23. V.M. Rao, (2001), “The Making of Agricultural Price Policy: A Review of the CACP

Reports” Journal of Indian School of Political Economy vol. XIII, no. 1, Jan-March.

24. Robert Evenson, Carl Pray and Mark Rosegrant (1999), Agricultural Research and

Productivity Growth in India (IFPRI Research Report 109).

25. Gunvant Desai and A. Vaidyanathan (1995), Strategic Issues in Future Growth in

Fertiliser Use in India, Macmillan.

26. Ashok Gulati (2000), “Indian Agriculture in an Open Economy: Will it Prosper?” in

Ahluwalia and Little (eds.), India‟s Economic Reforms and Development: Essays for

Manmohan Singh, Oxford University Press.

27. Schiff, M. and L.A. Winters, “Regional Integration Agreements: An Overview,” Chapter

1 in Regional Integration and Development, The World Bank, Washington DC, 2003, pp

1-30.

28. Koo, W., P. Kennedy, and A. Skripnitchenko, “Regional Preferential Trade Agreements:

Trade Creation and Diversion Effects,” Review of Agricultural Economics, 28 (3)

(2006): 408-415

29. Kelly, T., “Why Are Developing Countries Still Negotiating? The WTO‟s Successes at

the Doha Round, Challenge, Vol 48, No. 3 (May/June 2005): 109-124.

30. Martin, W. and K. Anderson, “The Doha Agenda Negotiations on Agriculture: What

Could They Deliver?” American Journal of Agricultural Economics, 88 (5) (2006): 1211-

1218.

31. Krugman, P. “What Should Trade Negotiators Negotiate About?” Journal of Economic

Literature, March 1997.

32. Calvo, G and F Mishkin, “The Mirage of Exchange rate Regimes for Emerging

Countries,” Journal of Economic Perspectives, Vol. 17, No. 4, Fall 2003, pp. 99-110.

33. Fischer, S., “Exchange Rate Regimes: Is the Bipolar View Correct?”, Journal of

Economic Perspectives, Vol 15, Spring, 2001, pp 3-24.

34. Mellor, J.W., “Foreign Aid and Agriculture-Led Development”, Chapter 3 in C. Eicher

and J. Staatz International Agricultural Development, Johns Hopkins, 1998

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REC 235: ENVIRONMENTAL ECONOMICS

Course Objective Total Hours: 45

1. This course focuses on the application of economic principles to help understand and

manage the relationship between humans and the environment.

2. The course illustrates how resources are allocated in a market economy, potential

problems from a social perspective with that allocation, and alternative solutions for

reallocating resources to achieve more socially desirable outcomes. Issues such as

efficiency and externality, benefit-cost analysis, and alternative policy instruments for

pollution control are examined.

3. Topics related to global warming, and other current environmental policy issues will lead

for further scope of research.

Unit 1 Concept 6 Hrs

Environment – Ecology – Eco-system – Anthropocentrism – Egocentrism - Environmentalism –

Nexus between Economics and Environment – Pollution – Bio-diversity – Externalities –

Sustainable development – Private cost versus social cost.

Unit 2 Natural resource availability, Utilization and Environmental Problems 11 Hrs

Definition and classification of Resources: Renewable and non-renewable resources –

Conservation of resources and methods of conservation – Pollution: Domestic: Solid waste,

Health and Sanitation and Unsafe Drinking water. Industrial: Air pollution, Water pollution, Soil

pollution - Agricultural land pollution: Soil erosion, soil fertility - Degradation of vegetations

(forests) – degradation of common property resources (CPRs) – Global environmental problems :

Green house effect - Global warming - Acid Rain.

Unit 3 Theory of externalities and techniques 9 Hrs

Trade – off between economic growth and environment - Market equilibrium analysis in natural

resource economics – Market failure - Economics of pollution control - Limits to growth –

Coase‟s theorem – Simon Kuznet‟s Inverted „U‟ shaped curve – Environmental impact

assessment (EIA) – benefit/ Cost Analysis – Hedonic approach – Contingent valuation methods.

Unit 4 Environment and Society 9 Hrs

Population and Environment – Women and Natural Resource – Poverty and Environment –

Technology and Environment – Natural resources as a Public good – Peoples participation and

Environmental Protection.

Unit 5 Environment Policy 10 Hrs

World Conference on Human Environment (1972) – World Commission on Environment and

Development (Brundtland Commission), 1984 – World Conference on Development and

Environment (1992) - Agenda -21 Kyoto agreement – Seattle Conference and Environment –

India‟s Environmental Policies – Forest Policies – Central and State Pollution Control Boards.

References:

1. Pavithran K.V, 2008, A Text book of Environmental Economics, New Age International

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2. Karpagam M, 1991, Environmental Economics, Sterling Publishers

3. Ahmed M. Hussen, 2004, Principles of Environmental Economics, Ecology and Public

Policy, Routledge

4. Kerr, John M., Dinesh K.marothia, Katar Singh, C. Ramaswamy, William R. Bentely

(Ed.) (1997), Natural Resource Economics: Theory and Application in India, Oxford and

IBH Publishing Company, New Delhi.

5. Marothia Dinesh (Ed.) (2002), Institutionalizing common pool Resources, Concept

Publishing Company, New Delhi.

6. Markandya, Anil and Julie Richardson (1997), Environmental Economics, Earthscan

Publications, London

7. Hartwick, John M., and Nancy D. Olewiler (1998), The Economics of Natural resource

Use, Addison-Wesley educational Publication, Inc.

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REC 236: INTERNATIONAL ECONOMICS

Course Objective Total Hours: 45

1. To expose students to both the neoclassical and institutional (both the 'old' and the 'neo')

approaches/traditions to the study of human resources and labour markets.

2. To provide students with an understanding of the principles and applications of

international economics, so that students will be prepared to face the future complexities

of the world economy.

3. To demonstrate knowledge of the foreign trade and the role of WTO developments since

1950

Unit 1 8 Hrs

Theory of Trade – Classical Theory of Trade – One Factor model – Neo Classical theory of

international trade – two factor model – Modern theory of trade.

Unit 2 10 Hrs Terms of trade – tariff and trade – Stolper – Samuelson theory – Non – tariff barriers and trade

agreements, Third World and trade development, -Immiserization theory of Jagadish Bhagawati

- GATT/WTO - Trading in goods, services, and Intellectual ownership - UNCTAD.

Unit 3 10 Hrs

Exchange rate determination – currency devaluations – Exchange rate fluctuations and their

impact - Capital inflow – Technology Transfer- Import substitution and Export promotion –

Open Economy and General Equilibrium – International Institutions: IMF and World Bank -

North – South Dialogue.

Unit 4 7 Hrs

Balance of trade –Balance of payments - current account – Capital Account -

Autonomous & Accommodating Transactions – Disequilibrium in balance of payments -

Measures to restore equilibrium in balance of payments.

Unit 5 10 Hrs

Current Issues in International Trade – WTO – Doha round – International cartels with special

reference OPEC and Oil Price – Trade and energy security – Convertibility of currency: Current

account and Capital account convertibility – Analysis of FDI and FPI.

References

1. Paul R. Krugman and Maurice Obstfeld, International Economics, Theory and Policy, 6th

edition, Addison-Wesley, 2002.

2. Sodersten B, Reed G. International Economics, 3rd ed. Macmillan, 1994.

3. Appleyard D, Field A. International Economics.

4. Vanags A. International Economics. University of London, Subject Guide, 2001.

5. Krugman P, Pop Internationalism, MIT Press, 1997

6. Ethier W, Modern International economics, 3rd edition. W.W. Norton & Co., 1997.

18

7. L. Alan Winters International Economics, 4th edition, Routledge, 1991.

8. Handbook of International Economics, Vol. 3, Elsevier Science B.V., Amsterdam 1997.

9. Bowen H., Hollander A., Viaene J, Applied international trade analysis. Macmillan.

10. J. N. Bhagwati, A. Panagariya and T. N. Srinivasan, Lectures on International Trade, 2nd

edition, MIT Press, 1998

11. M. Obstfeld and K. Rogoff, Foundation of International Macroeconomics, McGraw-Hill,

1996.

12. David Gowland, International economics, Rowman & Littlefield, 1984

13. International Trade: Theory and Evidence, Markusen James R. et al (1995), McGrow-Hill

Inc.

14. Foundations of International Macroeconomics by Obstfeld Murice and Kenneth Rogoff

(1998), MIT Press.

15. Jones Ronald W. and Peter B. Kenen eds, (1984), Handbook of International Economics,

North-Holland, 2 volumes

16. Grossman Gene and Kenneth Rogoff eds, (1995), Handbook of International Economics,

Volume 3, North-Holland

19

REC237: ECONOMICS OF SERVICE SECTOR

Learning Objectives Total Hours: 45

1. To forecast demand for services

2. To manage service supply relationships and to be able to identify and apply instruments

and models to manage creativity

3. To demonstrate the main features and principles of the EU Service Directive

4. To relate the theories, concepts and models

Unit 1 Infrastructure and Economic Development 10 Hrs Infrastructure: meaning, importance and role in economic development –classification of

infrastructure (social and economic infrastructure) –urban and rural infrastructure schemes in

India –PURA - growth of infrastructure under plans.

Unit 2 Social Infrastructure 10 Hrs

Growth and present status of Social Infrastructure –Education, Health, Housing and Banking &

Insurance

Unit 3 Energy and Power 10 Hrs Energy: Sources of Energy – Sources of Commercial and Non Commercial Energy Resources –

Growth and Present Status – Energy Crisis in India; Power: Main Sources of Generation of

Electric Power: Hydel, Thermal and Nuclear power-Growth and Present Status –Rural

Electrification in India –problem of power shortage in India.

Unit 4 Transport 8 Hrs Significance of Transport -, Sources of transport: Surface (Road and Railways) Transport, Water

Transport and Air Transport –Growth and Present status of Transport System in India.

Unit 5 Communication 7 Hrs

Communication – Postal and Telegraph; Telecommunication and information technology-Major

issues in IT, Growth and present status of IT industry in India –out sourcing

References:

1. Robert P. Inman, Managing the Service Economy: Prospects and Problems, Cambridge

University Press, 1989. 2. Talluru Sreenivas, Service sector in Indian Economy, Discovery Pub, 2006

3. Service Sector in India, Adhyayan Publishers and Distributors, 2008

4. S. N. Mukherji, Trends in modern Indian education, Uppal Pub. House, 1990

20

SEMESTER III

Dissertation

The scholar is expected to submit a title, mid of the II semester to the committee in a specified

format. Synopsis must be submitted within two weeks. The first defense, for the dissertation

work, should be held within two months time. Five Copies of Dissertation Report must be

submitted in a specified format to the project committee for evaluation purpose at the end of III

semester. Scholars are encouraged to publish papers in the National/International journals.

Appropriate weightage will be given for the published work based on Research committee‟s

recommendations.

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EVALUATION

REC 131 Carries 100 Marks and 4 Credits

REC 232 and 233 carry 100 marks and 3 credits each

Dissertation carries 200 marks in various components as specified in Course Structure

Continuous Internal Evaluation (CIA): 50 % of the marks or equivalent grade

METHOD OF EVALUATION

Seminars/Tutorials/Assignments/tests/colloquia

Attendance: Attendance is part of the CIA component

End Semester examination (ESE) in course papers: 100 marks. For securing pass, candidate has

to secure the minimum of 50 marks or equivalent grade

Minimum percentage to pass in each paper: 50 (CIA +ESE) or equivalent grade