Report of the Board of Studies in Economics

Introduction

The Board of Studies in Economics proceeded with the task of restructuring the undergraduate course in Economics in the affiliated colleges of Mahatma Gandhi University as per the terms of reference and guidelines given by the University and Kerala State Higher Education Council.

The Board of Studies resolved to restructure the curriculum and syllabi of BA degree course under the newly proposed choice-based credit and semester system. Programme models proposed by M.G. University and Kerala State Higher Education Council are selected as the base for the task. The restructuring is attempted in such a way as to lay emphasis on student choice and self learning. The new structure would ultimately pave the way for a qualitative transformation of the existing system. While attempting the reforms, the existing conditions relating to infrastructure, work load and staff pattern have been properly taken care of and provision for full utilization of the existing faculty is proposed.

Since all the programmes within the same stream should have the same number of credits, we have chosen 120 credits as instructed. Total number of courses in BA Economics programme is stipulated as 30 which is spread over six semesters.

The task of restructuring was done by a 5-day workshop held on 14^th, 15^th, 20^th, 21^st and 22^nd May 2009 at the School of International Relations, M.G. University. Members of the Board of Studies, teacher participants numbering 45 from various colleges, reputed experts, research guides and other resource persons from various universities, colleges and the Higher Education Council did a commendable work to accomplish the task.

I acknowledge that without the valuable help, guidance and co-operation we have received from various quarters, we would not have been able to function smoothly. Therefore, before I conclude, I wish to express my sincere thanks to Dr. Rajan Guruckal, Vice-Chancellor, M.G. University, Dr. Rajan Varghese, Pro-Vice-Chancellor, members of the Syndicate Prof. V.N. Chandramohan and Prof. K. Mathew who gave all the help and advice. I also acknowledge my thanks to Dr. P.S. Mohanakumar, Dr. Martin Patrick, Dr. Visakha Varma, Dr. S. Muraleedharan, Dr. S. Ashokan and Prof. M.J. Mathew for their invaluable suggestions and supervision. I am greatly indebted to the members of the Board of Studies who, from the very beginning, did a marvellous work in co-ordinating all activities leading to the successful culmination of the restructuring process. Further, I express my sincere gratitude to all the participants of the workshop, especially Prof. K.K. John, Head of the Department of Economics, St. Thomas College, Pala, Prof. Roselind George, Head of the Department of Economics, St. Dominic’s College, Kanjirappally, Prof. Gresamma Mathew, Head of the Department of Economics, BCM College, Kottayam, Dr. Joy George, Department of Economics, St. Thomas College, Pala and Georgi Neernal J., Department of Economics, Nirmala College, Muvattupuzha who gave valuable suggestions and all co-operation to the workshop to make it a memorable intellectual exercise.

I thankfully remember the support that we have received from Dr. S. Harikumar, Professor and HOD, Department of Applied Economics, CUSAT, Kochi, Sri. A.B. Aliyar, Administrative Officer, United India Insurance Co. Ltd., Kochi, Sri. Sunilkumar S. Menon, Department of Economics, Government College, Thripunithura and Ms. Sini Kurian, Department of Computer Science, Al-Ameen College, Edathala for their timely help and guidance during the preparation of the restructured syllabi of the Model II programme.

P.X. Sebastian

Chairman

Board of Studies (PASS) in Economics

05.06.2009

MAHATMA GANDHI UNIVERSITY KOTTAYAM

B.A. ECONOMICS PROGRAMME

CHOICE BASED CREDIT AND SEMESTER SYSTEM

(2009 Admissions onwards)

AIMS AND OBJECTIVES OF THE PROGRAMME

The Board of Studies in Economics (UG) of the M.G. University reviewed the existing syllabi, curriculum and course content of the B.A. Degree Programme and found that there should be a proper restructuring of the existing programme. The curriculum should be made more useful and more job-oriented. At the same time, the syllabi must give sufficient impetus to academic inputs for preparing students for further study, research and teaching career in Economics.

In the present global scenario, Economics has emerged as one of the most 'sought after' subjects of study in Social Sciences as it immediately communicates with the changing societal priorities and needs. In the past 50 years or so, many new insights have taken root and become important in economic theory and policy. In the light of the expanding horizons of knowledge, constant endeavours have been made to review the curriculum in many of the universities in the world to make Economics a vibrant and meaningful subject.

In our university, this is the first endeavour in this regard. The Board takes the view that choice based credit semester system would create a high quality learning environment.

The principal aims and objectives of the BA Economics programme are:

- to provide students a well founded education in Economics;

- to provide structured curricula which support the academic development of students;

- to provide and adapt curricula that prepare our graduates for employment and further study as economists;

- to provide the students with the opportunity to pursue courses that emphasise quantitative and theoretical aspects of Economics ;

- to provide students with the opportunity to focus on applied and policy issues in Economics;

- to provide programmes that allow the students to choose from a wide range of economic specialisms;

- to provide a well resourced learning environment for Economics.

COURSE DESIGN

The UG programme in Economics includes (a) common courses, (b) core courses, (c) complementary courses (d) open course and (e) project. No course shall carry more than 4 credits. The students can select any choice based course offered by the department which offers the core courses, depending on the availability of teachers and infrastructural facilities in the institution. Open course shall be offered in any subject and the student shall have the option to do courses offered by other departments/by the same department.

COURSES

The number of courses for the restructured programme should contain 15 core courses, including one choice based course from the frontier area of the course and a project, four complementary courses from the relevant subjects for complementing the core of the study, and an open course. There should be ten common courses which include the first and second languages of study.

Course Coding

Every course in the programme is coded according to the following criteria:

1. the first two letters from the programme i.e. EC;

2. one digit to indicate the semester i.e. EC1 (Economics I semester);

3. one letter from the type of course such as common course A, core course B, complementary course C, open course D, i.e.ECIB (Economics I semester core course);

4. two digits to indicate the course number of that semester, i.e. ECIB01 (Economics I semester, core course No.1);

5. the letter U to indicate for the under graduate programme i.e. EC1B01U (Economics I semester, core course No.1, U for under graduate Programme). For vocational programme, for example, EC1VB01U.

Choice-based Credit and Semester System

B.A. (Economics) Programme – Model - I

Detailed Distribution of Courses

Semester	Title of the Course	Hours per Week	Credit	Weightage
Semester	Title of the Course	Hours per Week	Credit	Internal	External
I	English I	5	4	1	3
	English Common I	4	3	1	3
	Second Language I	4	4	1	3
	Methodology of Social Sciences with Special Reference to Economics	6	4	1	3
	Complementary I	6	4	1	3
II	English II	5	4	1	3
	English Common II	4	3	1	3
	Second Language II	4	4	1	3
	Development and Environmental Economics	6	4	1	3
	Complementary II	6	4	1	3
III	English III	5	4	1	3
	Second Language Common I	5	4	1	3
	Principles of Micro Economics	5	4	1	3
	Modern Banking	4	4	1	3
	Complementary III	6	4	1	3
IV	English IV	5	4	1	3
	Second Language Common II	5	4	1	3
	Micro Economic Analysis	5	4	1	3
	Public Economics	4	4	1	3
	Complementary IV	6	4	1	3

Semester	Title of the Course	Hours per Week	Credit	Weightage
Semester	Title of the Course	Hours per Week	Credit	Internal	External
V	Quantitative Tools for Economic Analysis	6	4	1	3
	Principles of Macro Economics	5	4	1	3
	Indian Economy	5	4	1	3
	Open Course	4	4	1	3
	Economics of Financial Markets	5	4	1	3
VI	Quantitative Economics	6	4	1	3
	Macro Economic Analysis	5	4	1	3
	Development Issues of the Indian Economy with Special Reference to Kerala	5	4	1	3
	Choice-based Course	4	4	1	3
	International Economics	5	4	1	3
	Project	-	2	1	3
	TOTAL	150	120

B.A. Economics Programme – Model - I
Core, Complementary, Choice-based & Open Courses

Sem.	Core Papers	Exam	Teaching hours	Credits	Weightage
Sem.	Core Papers	Exam	Teaching hours	Credits	Internal	External
S1	Core 1 – Methodology of Social Science with special reference to Economics (EC1B01U)	S1	6	4	1	3
S1	Complementary 1 (EC1C01U)	S1	6	4	1	3
S2	Core 2 – Development and Environ-mental Economics (EC2B02U)	S2	6	4	1	3
S2	Complementary 2 (EC2C02U)	S2	6	4	1	3
S3	Core 3 – Principles of Micro Economics (EC3B03U)	S3	5	4	1	3
	Core 4 – Modern Banking (EC3B04U)	S3	4	4	1	3
	Complementary 3 (EC3C03U)	S3	6	4	1	3
S4	Core 5 – Micro Economic Analysis (EC4B05U)	S4	5	4	1	3
	Core 6 – Public Economics (EC4B06U)	S4	4	4	1	3
	Complementary 4 (EC4C04U)	S4	6	4	1	3
S5	Core 7 – Quantitative Techniques for Economic Analysis (EC5B07U)	S5	6	4	1	3
	Core 8 – Principles of Macro Economics (EC5B08U)	S5	5	4	1	3
	Core 9 – Indian Economy (EC5B09U)	S5	5	4	1	3
	Open Course (EC5D01U)	S5	4	4	1	3
	Core 10- Economics of Financial Markets (EC5B10U)	S5	5	4	1	3
S6	Core 11 – Quantitative Economics (EC6B11U)	S6	6	4	1	3
	Core 12 – Macro Economic Analysis (EC6B12U)	S6	5	4	1	3
	Core 13 – Development Issues of the Indian Economy with special reference to Kerala (EC6B13U)	S6	5	4	1	3
	Core 14 – Choice –Based (EC6B14U)	S6	4	4	1	3
	Core 15 – International Economics (EC6B15U)	S6	5	4	1	3
	Project (EC6B16U)	-	-	2	1	3
	Total Credits			82

Total credits for core and complementary - 78

Open - 4

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List of Complementary Courses

The following Complementary courses are suggested with option for choice (two semester courses for each subject)

1. Social Formations in Indian History

2. Historical Roots of Modern World

3. Political Science

4. General Psychology

5. Sociology

6. Mathematics

7. Mathematical Economics

8. Managerial Economics

9. Outline of Economic Thought

From among the above choices, Colleges can choose any two courses without affecting the existing work load.

OPEN COURSE

Open courses to be chosen are the following:

1. Foundations of Environmental Economics

2. Readings in Economics

3. Agricultural Economics

4. Economics of Population

Colleges can choose any one of the above courses

CORE - CHOICE BASED

One core course can be chosen from among the following six courses.

1. Human Resources Management

2. Econometric Methods

3. Marketing Management

4. Computer Applications in Economics

5. Entrepreneurship and Small Business Economics

6. Travel and Tourism Management

(COMPLEMENTARY FOR OTHER SUBJECTS (Economics)

Course Titles: General Economic Principles

Basic Economic Studies

Pattern of Examination

The evaluation of the course shall contain two parts such as Internal or In-semester Assessment (IA) and External or End-Semester Assessment (EA). The ratio between internal and external examination shall be 1:3. The internal and external examinations shall be evaluated by using direct grading system based on five-point scale.

Internal Assessment (IA)

Internal evaluation is to be done by continuous assessment on the following components. The components of the internal evaluation for the theory and the weights are as below.

*Components*	*Weight*
Attendance	1
Assignment	1
Seminar	1
Best two test papers	2

Attendance

*% of Attendance*	*Grade*
> 90%	A
85 – 90	B
80 – 85	C
75 – 80	D
< 75	E

The minimum required percentage of attendance for appearing in the various semester examinations is fixed as 75%.

Assignment : Best of the two assignments is considered per course.

Seminar : The student has to take a minimum of one seminar per course.

Test paper : A minimum of two class tests are to be attended. The grades of best two tests are to be taken.

External or End-Semester Assessment (EA)

The external examinations of all semesters shall be conducted by the university on the close of each semester. There will be no supplementary examinations. For reappearance / improvement, students can appear along with the next batch.

Pattern of Questions

Questions shall be set to assess knowledge acquired, standard application of knowledge, application of knowledge in new situations, critical evaluation of knowledge and the ability to synthesise knowledge. The question setter shall ensure that questions covering all skills are set. He/she shall also submit a detailed scheme of evaluation along with the question paper.

A question paper shall be a judicious mix of objective type, short answer type, short essay type/problem solving type and long essay type questions. Different types of questions shall be given different weights to quantify their range.

For all Semesters:

1. Examination has a duration of 3 hours

2. Each question paper has four parts A, B, C and D

3. Part A contains 16 objective type questions of which the candidate has to answer all questions. Each bunch of 4 questions carries a weightage of 1.

4. Part B contains nine short answer type questions spanning the entire syllabus and the candidates have to answer six questions. Each question carries the weightage of 1.

5. Part C contains four compulsory short essay/problem type questions with internal choice, say 26 or 27 and 28 or 29 and so on. Each question carries a weightage of 2.

6. Part D contains two compulsory essay type questions with internal choice. Each question carries a weightage of 4.

Eligibility for Degree Certificates

The student who scores a separate minimum of grade D for all the courses and scores a minimum CGPA (Cumulative Grade Point Average) of 2 or an overall grade of C+ and above is eligible for the award of degree certificate.

Final Grade Card

The final grade card issued at the end of the final semester shall be based on CGPA of the core courses and complementary courses of the entire programme. The CGPA should contain the awarded GRADE LETTER and the corresponding GRADE POINT in two decimal places.

Project or Dissertation

All students must do a project or prepare a dissertation. It can be done individually or as a group of maximum 3 students. However, the viva voce examination on this project will be conducted individually. The projects are to be identified during the 5^th semester of the programme with the help of the supervising teacher. The report of the project in duplicate is to be submitted to the department and are to be produced before the examiners appointed by the University for valuation.

SYLLABUS OF THE COURSES:

The detailed syllabi of the programme is appended.

Semester I

Core 1: Methodology of Social Sciences with special reference to Economics (EC1B01U)

No. of Credits - 4

No. of Contact hours – 108

Aim of the Course

The course intends to familiarize the students with the broad contours of Social Sciences and their methodology, especially of Economics.

Objectives of the course

Ø Identify the main concerns of social science disciplines.

Ø Articulate the basic terminology and theories prevalent across various disciplines.

Ø Understand qualitative and quantitative models within the social sciences, especially Economics

Ø To learn to apply the methods and theories of social science to contemporary issues

Ø Critically read popular and periodical literature from a social science perspective.

Module I - Introduction to Social Sciences

Ø Social Science-Its Emergence

Ø An analysis of the disciplines that make up the Social Sciences with particular emphasis on their interrelationships - A study of course materials and library techniques as well as methods employed by social scientists- Relevance of the Social Sciences in understanding and solving contemporary problems at the regional, national and global levels.

Ø Discussion of basic principles and concepts - Basic
epistemology of Social Sciences

Ø Objectivity in social sciences 24 hrs

Basic Readings

Ø Hunt, Elgin F (2008)."Social Science and its Methods", in Social Science an Introduction to the Study of Society; Allyn and Bacon.

Ø Perry, John, (2009). "Through the Lens of Science", in Contemporary Society: an Introduction to Social Science, Allyn and Bacon.

Ø Porta, Donatella della and Michael Keating (2008). Approaches and Methodologies in the Social Sciences: A Pluralistic Perspective, Cambridge University Press, Delhi, pp. 19-38

Module II - Survey of the Social Sciences

Ø Social Sciences: How they are related - how they are different -Social Science disciplines - Relation with other fields of knowledge.

Ø Historical foundations of the Social Sciences - Inter-disciplinary approach in Social Sciences 24 hrs

Basic Readings

Ø Perry, John(2009), "Through the Lens of Science", in Contemporary Society: an Introduction to Social Science, Allyn and Bacon

Ø Natraj, V. K, et.al, "Social Science: Dialogue for Revival", Economic and Political Weekly, August 18, 2001, pp.3128-3133.

Module III- The Methodology of Economics

The subject matter and scope of Economics- Amplification (Relations with other social sciences)- Nature of Scientific Theory-Derivation of Economic Theories-the nature of economic generalization and reality-the deductive and inductive methods-merits and demerits-construction and verification of Economic theories –partial Vs. general equilibrium analysis-static (Marshall) & dynamic (Harrod-Domar) methods. 30 hrs

Module IV: Economic Laws and Models

Scientific nature of Economic laws-Economic models-micro and macro models-variables in models-stock-flow-endogenous and exogenous variables-functions and application of price in a market economy-the role of economic system-the market economy-the command economy-the mixed economy-the twin themes of Economics-scarcity and efficiency. 30 hrs

Basic Readings (for module III & IV)

1. Daniel M. Hausman (1984), The Philosophy of Economics - An Anthology, Cambridge University Press.

2. Jack Harvey & Erine Jowsey, Modern Economics 8^th ed. Palgrave – MacMillan

3. Milton Friedman (1953), Essays in Positive Economics, University of Chicago.

4. Mark Blaug (1992). Methodology of Economics: Or How Economists Explain, Cambridge University Press.

5. A. Koustoyiannis (1978), Modern Micro Economics, palgrave macmillan

6. Lipsey and Crystel (2008), Economics, OUP, New Delhi.

Note on course work

Emphasis will be on the discussion of certain concepts and categories that appear in all disciplines that form part of Social Science, thus underscoring the interrelatedness of various disciplines. Effort will also be made to introduce to the students methodological devices that are commonly used in the different disciplines, thus emphasizing the interdisciplinary character of the study programmes. Effort will also be made to relate theory to the world of life and vice versa to help the student to move from experiential to conceptual levels, from concrete to the abstract as he/she progresses.

Supplementary Readings

Ø Perry, John and Erna Perry(2008), Contemporary Society: An Introduction to Social Science, Allyn and Bacon

Ø Wallerstein, Emmanuel (1996), Open the Social Sciences, Vistaar Publications,NewDelhi

Ø Peter Burke(1992), History and Social Theory, Polity Press,

Ø Dipankar Gupta (ed)(1992), Social Stratification in India, Oxford University Press, New Delhi

Ø Martin Hollis(2000), The Philosophy of Social Science: An Introduction, Cambridge University Press

Semester II

Core 2 - DEVELOPMENT AND ENVIRONMENTAL ECONOMICS (EC2B02U)

No. of Credits- 4

No. of Contact hours – 108

Learning Objectives

1. To enable the students to know about the theories and strategies of growth and development

2. To impart knowledge about the issues relating to sustainable development, environmental protection and pollution control measures.

Module 1

Economic growth and development: Meaning and indicators of economic growth and development-GNP-Per capita income-PQLI-HDI-HPI – Sen’s capabilities approach- features of underdevelopment - factors affecting economic development (capital, labour and technology) - Development Gap - measuring poverty -theories of economic growth and development: Classical – Marxian - Schumpeterian - Stage theory – structuralist - dependency- and market-friendly approaches (concepts only). (33 Hrs)

Module 2

Approaches to Economic Development: The vicious circle of poverty - low level equilibrium trap - Critical minimum effort thesis - Big push – Lewis model – Dualistic theories - balanced vs unbalanced growth strategy - production function approach to the sources of growth. (30 Hrs)

Module 3

Human resources development - concept of intellectual capital- population growth and economic development - theory of demographic transition - issues of good governance - inclusive growth - labour markets in developing countries - cost-benefit analysis. (20 Hrs)

Module 4

Environment- economy linkage - environment as a necessity and luxury - environment as a public good – global environmental issues and concerns - Causes for environmental degradation - market failure for environmental goods - the tragedy of commons - sustainable development - property right approach to environmental problems - valuation of environmental damages – pollution - control of pollution: policy instruments and legislations - environmental accounting. (25 Hrs)

Readings

1. Todaro and Smith, Economic Development, Pearson Education, New Delhi (recent edition).

2. Thirlwall (2006), Growth and Development with Special Reference to Developing Countries (recent edition) Palgrave McMillan, New Delhi.

3. Yujiro Hayami & Yoshihisa Godo, Development Economics (recent edition), Oxford University Press, New Delhi.

4. Benjamin Higgins (1968), Economic Development, Universal Book Stall, New Delhi.

5. Meier, G.M. (2007), Leading issues in Economic Development, Oxford University press, New Delhi.

6. Katar Singh and Anil Shishodia (2007), Environmental Economics: Theory and Application, Sage Publications, New Delhi.

6. Subrata Ghatakh (2003), Introduction to Development Economics, Routledge.

7. Nick Hanley et al (2007), Environmental Economics: Theory and Practice, palgrave macmillan.

Semester III

Core 3 – Principles of Micro Economics (EC3B03U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

This paper is designed to provide basic understanding of micro economic concepts, behavior of an economic agent - a consumer – producer – factor owner and price fluctuations in the market. The modules included in this course deal with concepts – consumer behavior, production, market – factor pricing and welfare economics.

Module I - Basic Concepts

Micro Economics - positive and normative – statics, comparative statics and dynamics. Short run and long run analysis, equilibrium and disequilibrium - partial and general equilibrium analysis.

Micro economic policy: Goals - efficiency and equity - micro economic models – assumptions and reality – maximization hypothesis - ceteris paribus assumption – scarcity and choice – market mechanism – need for governmental intervention – production possibility frontier. 15 hrs

Module II - Demand and Supply Analysis

Demand determinants – individual and market demand schedules – changes and shifts in demand, supply – supply schedule and supply curve – changes and shifts in supply– market equilibrium and impact of changes in demand and supply - dynamic demand and supply model: Cobweb.

Market demand and elasticity – types and degrees of elasticity – determinants – price elasticity - Arc and point elasticity (geometric and arithmetic) Income elasticity of demand – cross elasticity - elasticity of supply - measurement and application. Seller’s view – total revenue, average revenue, marginal revenue and price elasticity.

25 hrs

Module III - Theory of Consumer Behaviour

Consumer preference and choice - utility – total and marginal utility – cardinal and ordinal utility. Analysis of consumer behaviour - law of diminishing marginal utility – law of equi-marginal utility – consumer equilibrium under cardinal utility. Application: water – diamond paradox and consumers surplus.

Ordinal utility analysis – indifference curve analysis – properties – consumer’s income and price constraints: budget line - (response to changes in price and income) under ordinal utility analysis.

Analysis of consumer demand

Income effect and Engel curve, case of Giffen goods – price effect and demand curve – substitution effect – splitting (decomposition) price effect into income and substitution effects: Hicksian and Slutsky approaches – measurement of consumers surplus in Hicksian approach – criticism of ordinal utility approach.

Behaviourist approach - Revealed preference theorem of Samuelson – derivation of demand curve – distinction between weak and strong ordering. 25 hrs

Module IV - Theory of Production

Production – production function – total, marginal and average product – (geometric & arithmetical) – short run analysis of production function – returns to a factor - law of variable proportions – three stages.

Production function with two variable inputs – Isoquants – properties – Isocost line - production decision - optimal input combination – producers equilibrium – expansion path – long run production function – returns to scale - economies and diseconomies of scale – internal and external economies - empirical production function: Cobb-Douglas production function - its properties. 25 hrs

Readings

1. A. Koutsoyiannis, (1979), Modern Micro Economics, Palgrave McMillan (AK)

2. Dominick Salvatore, Micro Economics – Theory and Application 4^th ed., Oxford University Press, New Delhi. (DS)

3. Robert Y. Awh., Micro Economics - Theory and Applications, John Wiley and Sons Inc. (RYA)

4. Robert S. Pindyck, et al., (2007) Micro Economics – Pearson Education. (RSP)

5. G.S. Maddala and Ellen Miller(2004), Micro Economics - Theory and Applications, Tata McGraw Hill. (MM)

Module I

1. MM – Chapter 1

2. RYA – Chapter 1

Module II

1. RSP – Chapters 2,4

2. DS – Chapters 2,5

3. RYA – Chapters 2,6

4. MM – Chapters 2,3

Module III

1. AK – Chapter 2

2. DS – Chapters 3,4

3. RSP – Chapter 3 & Appendix to Chapter 4

4. RYA – Chapter 3,4

5. MM – Chapter 4,5

Module IV

1. AK – Chapter 3

2. DS – Chapter 7

3. RSP-Chapter 5

4. RYA – Chapters 7,8

5. MM- Chapter 6

Semester III

Core 4 – Modern Banking (EC3B04U)

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

Banking has a long history in the world. It has undergone profound changes in recent years especially after the far-reaching banking sector reforms in India and elsewhere. The present course is designed to acquaint the students with the working of banks and to familiarize them the basic principles and concepts which are often used in banking literature.

Module I

Evolution of Banking - Italy and England - Brief history of commercial banking in India – Structure of commercial banks – Functions – Credit creation – Branch banking – Unit banking – Mixed banking – Chain banking – Theories of Banking, Real Bills Doctrine – Shiftability theory – Anticipated Income theory – Theories of portfolio management – liquidity, safety and profitability – prime lending and sub-prime lending – NPA – Development banks – IFCI, UTI, SIDBI – Co-operative Banks in India – their role in the field of rural credit.

(22 hrs)

Module II

Central Bank – meaning – Central Banking in Sweden, England, USA and India. Functions of Central Bank with reference to RBI – Monetary policy of RBI – Repo rate and Reverse Repo rate – Call rate – SLR & NLR. (15 Hrs)

Module III

Banking sector reforms – Narasimham Committee Reports – New generation banks and emerging trends in banking – e-banking, ATM, Debit and Credit cards – Internet banking – Core banking – Mobile banking, RTGS, MICR cheques / drafts. (15 Hrs)

Module IV

Practical Banking – Banker-customer relationship – General and special relations – Garnishee order – Negotiable instruments – Credit instruments – Cheques, drafts, promissory notes, bills of exchange. Types of credit – loans and advances – cash credit – overdraft – discounting of bills of exchange. Modes of creating charges – lien, pledge, mortgage & hypothecation. (20 Hrs)

Readings

1. Sayers R.S. (1977), Modern Banking, OUP, New Delhi.

2. Hajela, T.N., (2009) Money, Banking and International Trade, Ane Books Pvt Ltd., New Delhi.

3. Sundharam KPM, Banking: Theory, Law and Practice, Sultan Chand and Sons, New Delhi (recent edition)

4. Rangarajan C. (1998), Indian Economy: Essays on Money and Finance, UBS Publishers and Distributors, New Delhi.

5. M.R. Baye, D.W. Jansen (1996), Money, Banking and Financial Markets, AITBS (Indian ed.)

6. M.H. Dekock (1974), Central Banking, Universal Book Stall, Delhi (reprint edition)

7. K.C. Sekhar: Banking – Theory and Practice, Vikas Publishing House, New Delhi (recent edition)

Semester IV

Core 5 – Micro Economic Analysis (EC4B05U)

No. of Credits - 4

No. of Contact hours – 90

Module I - Cost Analysis

Theory of costs – traditional theory of costs – short run and long run – real cost – money cost, explicit and implicit cost - sunk cost – accounting and economic concept of cost - fixed cost – variable cost – total cost – average cost – marginal cost – reasons for U shape of average cost – short run and long run cost curves - envelope curve – modern theory of cost – short run and long run curves - ‘L’ shaped and ‘saucer’ shaped curves. (25 Hrs)

Module II - Firms & Market Structure

Market – structure – perfect competition - characteristics – firm & industry – short run and long run equilibrium of a firm and industry – derivation of supply curve- shutdown point.

Imperfect market – monopoly – features –short run and long run - discriminating monopoly - price discrimination - price and output determination under discriminating monopoly - degrees and types of price discrimination – dumping – bilateral monopoly – Monopsony - monopolistic competition – non-price competition and selling costs - short run and long run (group) equilibrium. Ideal output and excess capacity – wastages of monopolistic competition.

Oligopoly – Nature of oligopoly – price stickiness - kinked demand curve - collusive oligopoly – cartels and price leadership – low cost firm – dominant and barometric – Duopoly – market with Asymmetric Information (concept only) (35 Hrs)

Module III - Factor Pricing and Distribution

Functional versus personal distribution - concepts of total physical product (TPP) APP – VMP – MRP – marginal productivity theory of distribution – factor price determination in a perfectly competitive market and in imperfect competition. (15 Hrs)

Module IV - Welfare Economics

Edgeworth Box diagram – contract curve - Criteria of social welfare – growth of GNP as a criteria of welfare – Bentham criterion – cardinalist criterion - Pareto optimality criterion – Kaldor and Hicks compensation criterion – Arrow’s impossibility theorem - Rawlsian concept of justice – Amartya Sen’s concept of social welfare. (15 Hrs)

Readings

1. A. Koutsoyianis (1978), Modern Micro Economics, palgrave mcmillan

2. Dominick Salvatore, Micro Economics – Theory and Application 4^th ed., Oxford University Press, New Delhi.

3. Robert Y. Awh, Micro Economic Theory and Applications, John Wiley and Sons Inc.

4. Robert S. Pindyck, et al., (2007) Micro Economics – Pearson Education.

5. G.S. Maddala and Ellen Miller (2004), Micro Economic Theory and Applications, Tata McGraw Hill.

Semester IV

Core 6 – Public Economics (EC4B06U)

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

The purpose of this course is to give an understanding of the role of state in fostering the economic activities via budget and fiscal policies. This paper enables the students to understand the various issues between Central and State Governments

Module I - INTRODUCTION TO PUBLIC ECONOMICS

Nature and scope of Public Economics – comparison of public and private finance – public goods vs private goods – role of state in economic activities – market failure and role of government – principle of maximum social advantage (18 Hrs)

Module II - PUBLIC REVENUE

Public Revenue – sources – taxes – types and canons – principles of taxation – benefit principle and ability to pay theory – impact and incidence of taxation – Effects of taxation – concept of taxable capacity – the Laffer curve (18 Hrs)

Module III - PUBLIC EXPENDITURE AND PUBLIC DEBT

Meaning – Canons of public expenditure – pattern and growth of public expenditure – effects – public debt – types – debt redemption – burden of public debt – public debt in India. (18 Hrs)

MODULE IV - FISCAL FEDERALISM

Meaning and importance – vertical and horizontal equity in fiscal federalism -fiscal federalism in India – Finance commission – Theory of grants – resource transfer from union to states – criteria for transfer of resources – State Finance Commission and Panchayati Raj institutions (18 Hrs)

Basic Readings

1. Richard A. Musgrave. The Theory of Public Finance (McGraw Hill)

2. Harvey Rosen, (2008) Public Finance, McGraw Hill, New York.

3. Bernard P. Harbar, Modern Public Finance (Richard Irvin Inc)

4. Otto Eckotin, Public Finance, Prentice Hall of India.

5. H.L. Bhatia., Public Finance, Vikas Publishing House Pvt Ltd., New Delhi (recent edition)

6. B.P. Tyagi., Public Finance, Jai Prakash Nath & Co., Meerut (recent edition)

Supplementary Readings

1. Musgrave and Musgrave (1984), Public Finance in Theory and Practice, McGraw Hill, New Delhi (reprint edition)

2. Joseph Stiglitz, Economics of Public sector, Norton, New York (recent edition)

3. Robin Boadway et al. (2000), Advances in Public Economics, Springer.

4. Srivastava D.K. (ed) 2000, Fiscal Federalism in India Har Anand Pub Ltd., New Delhi

Semester V

Core 7 – Quantitative Techniques for Economic Analysis (EC5B07U)

No. of Credits - 4

No. of Contact hours – 108

Learning Objectives

This course is designed for BA Economics Programme. The objective of this course is to equip the students with primary statistical and mathematical tools for analysing economic problems.

Module I:

Role of Statistics in Economics – Functions performed – its limitations. Statistical data: Primary and Secondary – their sources: Census and sampling techniques – Sample designs – preparation of questionnaires – classification and Tabulation of statistical data – Presentation of data with the help of charts and diagrams (Histogram, Polygon, frequency curve, Bar chart, Pie diagram, Ogives) 40 hrs

Module II:

Basic Mathematics for economic analysis – Basic concepts: variable, constant, parameter, equations, sequences, progression, population (only definitions with examples) The real number system. Types of numbers – properties of real numbers – set theory – Types – Set operations – Venn diagrams – Functions: Important economic functions – Ordered pairs and Cartesian products. Introduction to matrices – Definition and types of matrices. 30 hrs

Module III:

Index numbers – Different types – Importance and limitations, Problems in construction – Weighted and Unweighted price index numbers – Different methods of construction (Price indices only) – Simple aggregative, Simple aggregative of price relatives, Laspeyre’s, Paache’s, Fisher’s and Marshall Edgeworth’s indices, Cost of living index numbers: Significance and construction (Family budget method only). 25 hrs

Module IV:

Time series analysis: uses, components, measurement of trend (free hand method and semi average method only). 13 hrs

Readings

1. Chiang A.C. (2005), Fundamental Methods of Mathematical Economics, McGraw Hill.

2. Gupta S.P., Statistical Methods, Sultan Chand & Sons, New Delhi.

3. Allen R.G.D., Mathematical Analysis for Economists, palgrave mac millan.

4. Monga G.S., Mathematics and Statistics for Economists, Vikas Publishing House, New Delhi.

5. Thomas P.M., Quantitative Economics, Chinnu Publications, Kottayam.

Semester V

Core 8 – Principles of Macro Economics (EC5B08U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

This paper is designed to make the students aware of the theoretical aspects of macro economics.

Module I - Basic Concepts

Micro and Macro Economics – Macro statics and Macro dynamics – Economic models – macro economic variables – Stock – Flow – Endogenous and Exogenous – Actual GNP and Potential GNP – Net Economic Welfare (NEW) 10 hrs

Module II - National Income Accounting

National income Concepts and their relationship – Real Vs Nominal GNP – GNP deflator – Consumer Price Index and Producer Price Index – Methods of measurement – Value Added – Income and expenditure methods- Estimation of NI in India- difficulties in the measurement of national income – Estimation of GNP_MP-GDP_MP-NDP_MP-NNP_MP-NNP_FC - personal income-Disposable personal income-percapita income - private income - private saving and investment-compensation of employees and operating surplus. 25 hrs

Module III - Classical Economics

Classical Revolution – Key Classical assumptions – Say’s Law of Markets – Classical theory of employment, output, prices and interest – Classical dichotomy – Quantity theory of money – Cash transaction and Cash balance approaches. 20 hrs

Module IV - Keynesian System

Keynesian Revolution – Keynes’ attack on Classicals – Keynesian model of income determination – Keynesian cross – 45⁰ASF – ADF – Effective demand – changes in equilibrium income – Effect of an increase in autonomous investment and taxes with algebraic illustration– Investment multiplier – Static and dynamic – balanced budget multiplier- multiplier in perspective-leakages of the multiplier - Income determination in an open economy and foreign trade multiplier- Pigou effect and Keynes effect-Keynesian theory of demand for money and interest rate. Keynesian analysis on stickiness of wages and prices. 35 hrs

Basic Readings

1. N. Gregory Mankiw (2007), Macro Economics, Worth Publications, New York

2. Richard T. Froyen (2006), Macro Economics - Theories and Policies, Pearson Education

3. Eugene Diulio (2004), Macro Economics – Schaum’s Outline Series, Tata McGraw Hill, New Delhi.

Supplementary Readings

1. Shapiro, Edward (1982), Macro Economic Analysis, Galgotia Publications (reprint edition)

2. Sampat Mukerjee (2008), Analytical Macro Economics: From Keynes to Mankiw, New Central Book Agency, Calcutta.

Semester V

Core 9 – Indian Economy (EC5B09U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

The objective of the course is to equip the students with the theoretical, empirical and policy issues relating to the society, polity and economy of India. The paper, in particular, has been prepared in the background of the globalization process and its diverse ramifications on the knowledge economy.

Module I- Indian Economy before Independence

Structure of the Indian Economy before the colonial period- villages and towns, industries and handicrafts-Indian economy during the colonial period - economic consequences of British rule- Drain of wealth. (30 Hrs)

Module II- Demographic Features-

Population–size, structure (sex and age) – characteristics – population change - rural–urban migrations, occupational distribution, problems of over population, population policy, Gender inequality, women empowerment. (20 Hrs)

Module III – Planning in India

Objectives- Strategy, Achievements and failures, current Five Year Plan, New Economic reforms and the rationale behind economic reforms - Liberalization, Privatization and Globalization – Structural Adjustment Programme - progress of privatization and globalization. (25 Hrs)

Module IV- Major Development Issues:-

Poverty and inequality, unemployment, black money - rising prices and energy crisis. (15 Hrs)

Basic Readings

1. Jalan B (1999), Indian Economy - Preparing for the 21^st century, Viking, New Delhi

2. A.N. Agrawal (2009), Indian Economy, New Age International Ltd., New Delhi.

3. Hanumanth Rao (1995), Agricultural Growth, Rural Poverty and Environmental Degradation in India, (OUP)

4. Dutt R and Sundharam KPM (2009), Indian Economy, S. Chand & Co., New Delhi

5. Dutt R.C (1950), The Economic History of India under early British rule, (low price publication), New Delhi.

6. Lucas and Papernack (ed) The Indian Economy – Recent Development and Future Prospects, OUP.

7. Uma Kapila (2009), Indian Economy since Independence, Academic Foundation, New Delhi.

Supplementary Readings

1. B.A Prakash (2009), The Indian Economy since 1991 Economic reforms and performance, Pearson Education.

2. Misra and Puri (2008), Indian Economy- Himalaya Publishing House, Mumbai

3. Dhingra I.C (2008), Indian Economy, Sultan Chand & Co., New Delhi.

5. Bimal Jalan, Indian Economy since 1991, Penguin India, New Delhi.

Semester V

Core 10 – Economics of Financial Markets (EC5B10U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

Financial institutions and markets play a significant role in all the modern economies of the world. The study of this area is significant especially after the financial sector reforms in most of the countries. The present course is designed to acquaint the students with the changing role of the financial sector of the economy. The stake holders are to familiarize with the basic concepts, the financial institutions and markets.

Module I

Financial Institutions - Monetary and Non-monetary institutions - primary security and indirect security- banking system and non - banking financial intermediaries, insurance companies - life insurance and general insurance, pension funds and provident funds, mutual funds, investment banks, unit trusts, asset management companies, venture capital funds etc.- government securities and gilt- edged securities. (20 Hours)

Module II

Financial markets-money and capital markets; Money market-meaning and structure-developed and under developed money markets- advantages of developed money market- major financial instruments in the money markets-Money market in India- London and New York money markets-rural money market in India-role of RBI and DFHI in Indian money market. (20 Hours)

Module III

Capital market-meaning and composition-primary and secondary markets-major financial instruments-equity shares and preference shares, debentures and bonds - G.D.Rs and A.D.Rs - DFIs and FIIs-QIBs - Primary market-institutions in the primary market-underwriters, merchant bankers and managers to issue-public issue and methods of public issue, IPO and FPO-book building-private placement, ESOP, blue chip shares, right shares and bonus shares-listing of securities-importance and advantages-physical shares and demat shares, depository participants-NSDL and CSDL-SEBI and capital market in India. (25 Hours)

Module IV

Stock exchanges - stock exchanges in India and abroad-BSE and NSE-auction trading and screen based trading system-BOLT-Stock indices in India and abroad-BSE Sensitive index and Nifty indices; Dow Jones, NASDAQ, FTSE, Nikkei-kerb trading, grey market –stock split-derivatives-option trading-stock futures and index futures-exchange traded funds(ETF)- Credit ratings-evolution-credit rating institutions in India –CRISIL, ICRA and CARE

(25 Hours)

Readings

1. S B Gupta (2001). Monetary Economics: Institutions, Theory and Policy, S. Chand & Co, New Delhi, Part I

2. L M Bhole (2004). Financial Institutions and Markets, Tata McGraw Hill, New Delhi

3. V. A. Avadhani, Investment and Securities Market in India, Himalaya Publishing House, Bombay (recent edition)

4. M. K. Lewis (2000). Monetary Economics, OUP, New Delhi.

5. Zuvi Bodie, Robert C Merton et al. (2009), Financial Economics, Pearson Education (Ch.1 (1.1, 1.2), Ch.2 (2.1, 2.5, 2.7) only.

6. M.Y. Khan (2009) Indian Financial System, Tata McGraw Hill, New Delhi.

7. A.K. Sharma and G.S. Batra (2000). Indian Stock Market, Deep & Deep Publishing House, New Delhi.

8. T.N. Hajela (2009), Money and Banking, Ane books Pvt.Ltd, New Delhi Part II and III.

Semester VI

Core 11 – Quantitative Economics (EC6B11U)

No. of Credits - 4

No. of Contact hours – 108

Module I

Central tendency and Dispersion. Various central tendency measures. Arithmetic mean – its properties – merits and demerits – Different methods of calculation – Weighted, Unweighted and combined. Median – definition – merits and demerits – method of calculation – graphic location – Mode – merits and demerits – methods of calculation: significance of dispersion, methods, absolute and relative measures – Range, quartile deviation, mean deviation, standard deviation – Lorenz curve and its economic applications. (30 Hrs.)

Module II

Correlation and regression analysis: their significance in Economics – Correlation and regression compared – types of correlation – measurement, scatter diagram, Karl Pearson’s correlation coefficient (for raw data only). Rank correlation – regression equations and regression lines – prediction of values based on equations ‘y on x’ and ‘x on y’. (30 Hrs.)

Module III

Skewness, Kurtosis, Moments: Types of skewness –measurement - Kurtosis – Definition and types (graphic presentation) Moments: central and raw moments (for ungrouped data only). (10 Hrs.)

Module IV

Differential Calculus: Its significance in Economics. Rules of differentiation – First order and second order derivatives – some practical applications – Maxima and Minima of functions. (10 Hrs.)

Module V

Probability and Distribution: Concept – Rules of probability (addition and multiplication theorem – statement only) – Different approaches – Important terms related to probability (Random experiments, sample space, events) – Simple problems based on theorems – Probability distribution – binomial and normal – their properties and uses – Estimation of probabilities using standard normal table. (28 Hrs.)

Basic Readings

Common to 1^st and 2^nd Semesters.

Semester VI

Core 12 – Macro Economic Analysis (EC6B12U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

This paper is designed to make the students aware about the analytical and theoretical aspects in macro economics.

MODULE I - Consumption

Consumption function – technical attributes of consumption function-algebraic illustration of APC, MPC, APS and MPS-short-run and long run consumption function- Keynes psychological law of consumption (Absolute Income Hypothesis)- permanent income hypothesis – relative income hypothesis – life-cycle hypothesis-other factors influencing consumption (subjective and objective). Numerical illustration and estimation of APC-MPC-APS-MPS, and determination of equilibrium level of income. (25 hrs)

MODULE II - Investment function

Investment-Gross and net investment-Autonomous and induced investment – determinants of investment-Keynesian investment function – Marginal Efficiency of Capital (M.E.C)- Accelerator theory of investment –Acceleration principle- dampeners on the accelerator - built-in-stabilizers - concept of super multiplier with algebraic illustration. (20 hrs)

MODULE III - Money and Inflation

Money-Functions-forms of money-credit-constituents of money supply-Money multiplier-measurers of money supply in India-Post-Keynesian approaches to the demand for money-Tobin-Friedman and Baumol – Inflation: types – Causes - Demand-pull and cost-push inflation - effects of inflation - inflationary and deflationary gap analysis-inflation-unemployment and the Phillips curve-long-run Phillips curve-Trade cycle and theories of trade cycle-Hawtrey- Hayek and Keynes. (30 hrs)

MODULE IV - Macro Economic Policies and IS-LM framework

Monetary and Fiscal policies - crowding–out effect - An IS schedule for a two-sector model-slope of IS - supply of and demand for money – The LM schedule-simultaneous equilibrium in money and goods market. 15 hrs

Basic Readings

1. N. Gregory Mankiw (2007), Macro Economics, Worth Publications, New York.

2. Richard T. Froyen (2006), Macro Economics: Theories and Policies, Pearson Education.

3. Macro Economics – Schaum’s Outlines, Tata McGraw Hill.

Supplementary Readings

1. Shapiro, Edward (1982), Macro Economic Analysis, Galgotia Publications, New Delhi (reprint edition).

2. Sampat Mukerjee (2008), Analytical Macro Economics: From Keynes to Mankiw, New Central Book Depot, Calcutta.

Semester VI

Core 13 – Development Issues of the Indian Economy
with special reference to Kerala (EC6B13U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

Module I : Agriculture

Nature and trends in agricultural production and productivity – Problems of Indian Agriculture - Green revolution, land reforms in India, Rural credit and agricultural marketing – Impact of economic reforms on Indian agriculture. 20 hrs

Module II : Industry

Industrial development during the plan period-Industrial polices (1948-1991). Recent industrial policies – MRTP Act, FERA and FEMA – Growth and problems of cottage and small scale industries, Role of public sector enterprises in India’s industrialization – Public Sector in the post reform period - disinvestment policy - Impact of economic reforms on Indian Industrial sector after 1991 – emerging services sector in India. 30 hrs

Module III: External Sector

Role of Foreign trade - trends in exports and imports- Composition and direction of India’s foreign trade- Balance of payment crisis and new economic reforms – new trade policies foreign capital- FDI, portfolio investments and MNCs. 20 hrs

Module IV: Kerala Economy

Features, Structural change and economic growth in Kerala - Land reforms - current issues in agriculture – food crisis – changes in cropping pattern – agricultural indebtedness – unemployment - IT sector in Kerala - fiscal crisis in Kerala, Gulf migration, energy policy and energy crisis, decentralized planning in Kerala. 20 hrs

Basic Readings

1. Jalan B (1999) Indian Economy - Preparing for the 21^st century, Viking, New Delhi

2. A.N Agrawal (2009), Indian Economy, New Age International, New Delhi.

3. Hanumanth Rao (1995) Agricultural growth, Rural poverty and Environmental Degradation in India (OUP)

4. Dutt R and Sundharam KPM (2009), Indian Economy, S. Chand & Co., New Delhi.

5. Dutt R.C (1950) The Economic History of India under early British rule (low price publication New Delhi)

6. Prakash B.A (2001) Kerala’s Economic development, Sage Publications, New Delhi

7. George K.K. (1993) Limits to Kerala Model of Development, CDS, Trivandrum.

8. Lucas and Papernack (ed) The Indian Economy Recent Development and Future prospects (OUP).

Supplementary Readings

1. B.A Prakash (2009), The Indian Economy Since 1991 Economic reforms and performance, Pearson Education.

2. Misra and Puri (2008) Indian Economy, Himalaya Publishing House, Mumbai

3. Dhingra I.C (2008) Indian Economy, Sultan Chand & Co.

4. Govt. of India, 11^th Five Year Plan, Vol.I&II, Planning Commission, New Delhi

5. Meera Bai M. (ed) (2008), Kerala Economy, Serials Publication, New Delhi.

6. Uma Kapila (2009), Indian Economy since Independence, Academic Foundation, New Delhi.

7. Bimal Jalan (2008), Indian Economy since 1991, Penguin, New Delhi.

8. Sunil Mani et al. (ed) (2006), Kerala’s Economy: Crouching Tiger, Sacred Cows, D.C. Books, Kottayam.

9. State Planning Board, Economic Review, Government of Kerala, Thiruvananthapuram (latest issue)

Semester VI

Core 15 – International Economics (EC6B15U)

No. of Credits - 4

No. of Contact hours – 90

Learning Objectives

The objective of this course is to arrive at an understanding of theories of international trade and to examine the impact of the trade policies on the world economy.

Module I - Introduction to the Theory of International Trade

International Economics – Subject matter – Pure theory of international trade – Basic concepts – terms of trade – offer curve – community indifference curve – opportunity cost – Absolute advantage – Comparative advantage – the Heckscher – Ohlin theory – Leontief Paradox – gains from trade – static and dynamic gains.

25 hrs

Module II - Balance of Payments

Meaning and structure of balance of payments – equilibrium and disequilibrium in the balance of payments – measures to correct disequilibrium – monetary and non-monetary measures - Marshall-Lerner condition 20 hrs

Module III - Foreign Exchange

Equilibrium rate of exchange – theories of exchange rate determination – mint parity theory – purchasing power parity theory – BOP theory – forward rate – spot rate –nominal, real, and effective rate of exchange – foreign exchange risks – hedging and speculation –currency derivatives –future options – currency swaps 25 hrs

Module IV - Trade Policy and Financial Systems

Commercial policy – free trade vs protection – tariff and its effects – Bretton Woods System - IMF – IBRD; WTO and Indian economy 20 hrs

Readings

1. Soderston, Bo. and Geoffry Reed, International Economics, palgrave macmillan

2. Dominic Salvatore, International Economics. John Wiley and Sons

3. A.G Mannur, International Economics, Vikas Publication, New Delhi

4. Francis Chirunilam(2008), International Economics, Tata McGraw Hills

5. Paul Krugman and Maurice Obstfeld (2009), International Economics Theory and Policy, Pearson Education

6. Dominic Salvatore, Schaums Outlines, Theory and Problems of International Economics. Tata McGraw Hill

Semester V

Open Course 1 – Foundations of Environmental Economics (EC5D01U)

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

This paper provides necessary training to the students and equip them to deal with issues in environmental sector.

Module 1. Definition and scope of Environmental Economics – economy–environment interactions (linkage) - problem of environment- Global Ozone depletion- deforestation – pollution –air – water – soil–food–Acid Rain- desertification- waste disposal- climate change-green house effect-global concern-environment as a necessity and luxury – the economics of sustainable development – Resource Economics: renewable and non-renewable resources. (36 Hrs)

Module 2. Market failure for environmental goods – socially optimal level of pollution – socially and privately optimal level of pollution – property rights approach to environmental problem - Externalities-positive and negative externalities. (18 Hrs)

Module 3. Valuation of environmental damages-Green accounting –environmental management- environmental policy and education in India–environmental pollution and legislation in India. (18 Hrs)

Readings

1. Shanker (2001), “Environmental Economics, OUP, New Delhi.

2. Janet Thomas (2009), Environmental Economics, Cenage Learning, New Delhi

3. Karpagam (2008), Environmental Economics, Sterling Publishers. New Delhi

4. R.K. Lekhi et al. (2008), Development and Environmental Economics, Kalyani Publishers, Ludhiana.

5. S.P. Misra & S.N. Pandey (2008), Essential Environmental Studies, Ane Books, New Delhi.

6. Katar Singh and Shishodia (2007), Environmental Economics – Theory and Application, Sage Publication, New Delhi.

7. Kiran B Chhokewr et al. (2004), Understanding Environment, Sage Publications, New Delhi.

Semester V

Open Course 2 – Readings in Economics (EC5D02U)

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

This course is designed to make the undergraduate students of other disciplines aware of the basic ideas and concepts in Economics.

Module 1: Basic Concepts

Economics-micro and macro-positive and normative – basic economic problems - production possibility curve. Utility - total and marginal. Law of diminishing marginal utility. Consumers surplus. Demand-elasticity-price elasticity of demand-types. Law of supply

National income-meaning-components of national income (12 Hrs)

Module 2: Role of State

Central economic problems - role of state - public revenue - public expenditure – tax and non- tax revenue – types – canons - incidence and impact – budget – types - fiscal deficit - revenue deficit - public debt – redemption - trade cycle - fiscal and monetary polices as tools for combating inflation and deflation. (16 Hrs)

Module 3: Financial system

Negotiable and non-negotiable instruments – cheques – drafts - bills of exchange – promissory notes-letter of credit - certificate of deposits – commercial papers - banking and non-banking institutions - commercial banks - Central Bank – RBI – functions - systems of note issue - money and capital market – major instruments – shares, debentures, bonds etc - stock exchange – BSE, NSE – stock market indices - working of stock exchanges in India – SEBI - mutual funds - types of banking. (18 Hrs)

Module 4: International Trade

Terms of trade - balance of trade - balance of payments -measures of correction - foreign exchange - exchange rate – spot – forward – fixed – floating - IMF, IBRD – WTO. (10 Hrs)

Module 5: Indian Economic Issues

Indian economy in the pre-and post reforms period-objectives of Five Year Plans - current Five Year Plan - Green revolution-fiscal federalism – Centre-State relations - Planning Commission – Finance Commission – Liberalization - Privatization - Globalization (LPG) - India’s population - demographic transition in India and Kerala - Kerala model of development (only an overview required) (16 Hrs)

Readings

1. Koutsoyiannis (1978), Modern Micro Economics, palgrave mcmillan (reprint edition)

2. R.R. Paul (2008), Monetary Economics, Kalyani Publishers, Ludhiana

3. V.K. Bhalla (2008), Investment Management, S. Chand & Co., New Delhi.

4. Robert S. Pindyck et al., Micro Economics, Pearson Education.

5. Bo Soderstein & Reed Dominic, International Economics, palgrave mcmillan

6. Samuelson (2005), Economics, Tata McGraw Hill, New Delhi.

7. Mankiw, Principles of Economics, Cengage Learning.New Delhi

8. Dutt & Sundaram, Indian Economy, S. Chand & Co., New Delhi( recent edition)

9. Alwin Prakash, Kerala Economy, Sage Publications, New Delhi.

Semester V

Open Course 3 – Agricultural Economics (EC5D03U)

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

The course on Agricultural Economics highlights important aspects of agricultural development and planning in India. Importance of agriculture in the Indian economy hardly needs to be emphasized.

Module I

Nature and scope of Agricultural and Rural Economics. Traditional agriculture and its modernization. Role of agriculture in economic development - interdependence between agriculture and industry, agricultural development, poverty and environment-land size- productivity debate. 12 hrs

Module II

Agriculture: Rashtriya Krishi Vikas Yojana (RKVY) – Technology Mission on oil seeds, pulses and maize – Horticulture – Animal Husbandry – Livestock – Dairy development - Fisheries – Bee keeping in India – Sericulture. 20 hrs

Module III

Changes in agrarian structure – output growth in India – planning for agricultural growth. Agricultural mechanization. Agricultural credit- agricultural marketing – price intervention in agricultural markets. WTO and agriculture. Food security in India in the context of trade liberalization. The need for second green revolution. The condition of Indian farmers – socio-economic conditions of agricultural labourers- New direction for agricultural regeneration – agricultural legislation. 20 hrs

Module IV

Evolution of Indian Agricultural Research System – agriculture and environment – cropping pattern – marketing and trading – farm management – agricultural extension. Field crops- oil seeds and commercial crops. Intellectual property rights – informatics in agriculture. 20 hrs

Readings

Module I

1. American Economic Association: Readings in the Economics of Agriculture.

2. Sadhu and Singh (2008), Fundamentals of Agricultural Economics, Himalaya Publishing House, Mumbai

3. Schultz, Theodre, W. (1964): Transforming Traditional Agriculture, Yale City Press, New Haven.

Module II

1. Govt. of India, Publication Division, New Delhi: India 2009 - Chapter 4.

2. Hamilton, The Hive and the Honey Bee, Dadant Publications, Delhi

3. Sardar Singh: Bee keeping in India, ICAR, New Delhi,

4. Johl S.S. and Kapur (2007), Fundamentals of Farm Business Management, Kalyani Publications, Ludhiana

Module III

1. Bhalla, G.S. (2007): Indian Agriculture Science Independence, National Book Trust, India, New Delhi.

2. R.N. Soni, Leading Issues in Agricultural Economics, Vishal Publications, Jalandhar.

Module IV

1. ICAR, New Delhi (2006): Hand Book of Agriculture – Chapter 1, 3, 17, 28, 30, 32, 33, 34, 40 and 42.

2. R.N. Soni, Leading Issues in Agricultural Economics, Vishal Publications, Jalandhar.

Website :

v Agricultural Network Information Centre –
http://www.agric.org

v Agricultural Statistics –
http://www.ufda.gov/nass/pub/ag.stats/htm

Semester V

Open Course 4 – Economics of Population (EC5D04U)

No. of Credits - 4

No. of Contact hours – 72

Learning Objective:

This course aims at familiarising the students the interrelationship between economic development and population, along with an exposition of the established theories of population.

Module 1:

Meaning -Scope- Nature of study- Demography and population studies- Importance of Demography -Preliminaries of Demography- Population- Cohorts. Events- Demographic Process-Basic measures- Radix- Person years- Demographic data - Vital events - Population Pyramid - Size - Distribution -Structure (Age and Sex) and Characteristics of Population. (16 Hrs)

Module 2:

Theories of population-Malthusian Theory of Population, Karl Marx's Theory of Surplus Population - Leibenstein's Motivational Theory of population-Optimum Theory of Population—The theory of Demographic Transition - younging & ageing of population - population growth and economic development. (16 Hrs)

Module 3:

Determinants of population growth fertility - Concept and measures - Factors affecting fertility - Mortality concept and measures - Live birth - Foetal death - Neonatal mortality – perinatal mortality - infant mortality - causes of high infant mortality rate in developing countries (with special reference to India & Kerala). Migration – meaning – types - push and pull factors of migration - impact of migration on Indian Economy - Nuptiality (marriage) - concept and measure - age at marriage - singulate mean age at marriage-marital dissolution - divorce - widowhood. (30 Hrs)

Module 4:

World population trends - recent trends in demographic features of India & Kerala – India’s population transition and population policy of India. (10 Hrs)

Basic Readings

1. Donald. J. Bogue, Principles of Demography, John Wiley, New York.

2. Asha Bhende, Tara Kanitkar (2008), Principles of Population Studies, Himalaya Publishing House, Mumbai.

3. Rajendra K. Sharma, Demography and Population Problems, Atlantic Publishers, New Delhi.

4. V.B. Jugale, Demography- Economic Inequality, Women and Other Essays, Serials Publication, New Delhi.

5. R. Ramkumar, Y.S. Goyal, Technical Demography, New Age, New Delhi.

Complementary Course 7 - Mathematical Economics

No. of Credits - 4

No. of Contact hours – 108

Learning Objectives

Economics has increasingly become the most scientific of all social sciences these days. An important reason for this is that most economic analysis and theorizing are easily amenable to mathematical tools and techniques. The student is exposed to economic concepts in mathematical format through simple illustration and prepares the ground for more scientific study.

Module 1 – Quantitative Methods

Variable, constant, parameters, simple functional relationship and their graphs, elementary ideas of differential and integral calculus, matrix, and determinants, solutions to simultaneous equations, quadratic equations, difference and differential equations. (28 Hrs)

Module 2 – Demand and Supply Analysis

Concepts of demand – demand function – elasticity of demand-elasticity of substitution-relation between elasticity of demand, price, average revenue and total revenue. (20 Hrs)

Module 3 – Consumer Behaviour

Concept of utility- Cardinal and ordinal utility- Budget constraint and equilibrium of consumer income and substitution effects of a price change – Slutsky equation. (30 hrs)

Module 4 - Production Function

Output and input relation – total, average, marginal products in case of production with single variable input – product isoquants and economic region of production- returns to scale – Linearly homogenous production function and its properties – Euler’s theorem and its application in various standard production functions. (30 hrs.)

Readings

1. Allen, R.G.D (1974) Mathematical Analysis for Economics, McMillan Press, London. (reprint edition)

2. Chiang, A.C., Fundamental Methods of Mathematical Economics, McGraw Hill, New Delhi (recent edition).

3. Henderson, J. and R.E. Quandt (1980) Micro Economic Theory: A Mathematical Approach, McGraw Hill, New Delhi

4. Handy, S.T (1997) Operations Research: Prentice-Hall of Indian, New Delhi.

5. Jeffrey Baldani et al. (2009), An Introduction to Mathematical Economics, Cengage Learning, Delhi.

Complementary Course 7

Mathematics for Economic Analysis

No. of Credits - 4

No. of Contact hours – 108

Module 1

Market structure: Price determination in perfect competition, monopoly, duopoly and oligopoly - production cost - optimum combination of inputs – profit maximization. (34 Hrs)

Module 2- Internal Consistency and optimization

Input – output analysis – Leontief’s static and dynamic model – application – linear programming- programming problem- graphic solution - simplex method. (40 Hrs)

Module 3: Game Theory

Introduction and concepts-simple and mixed strategy-saddle point solution-Prisoner’s dilemma – Payoff matrix of a game-two-person-two-commodity-and zero –sum-game. (34 Hrs)

Readings

1. Allen, R.G.D (1974) Mathematical Analysis for Economics, McMillan Press, London.(reprint edition)

2. Chiang, A.C., Fundamental Methods of Mathematical Economics, McGraw Hill, New Delhi (recent edition).

3. Henderson, J. and R.E. Quandt (1980) Micro Economic Theory: A Mathematical Approach, McGraw Hill, New Delhi

4. Handy, S.T (1997) Operations Research: Prentice-Hall of Indian, New Delhi.

5. Jeffrey Baldani et al. (2009), An Introduction to Mathematical Economics, Cengage Learning, Delhi.

Complementary Course 8

Essentials of Managerial Economics

No. of Credits - 4

No. of Contact hours – 108

Learning Objective

To acquaint the students the basic micro and macro economic concepts relevant for business decisions.

Module 1

Definition of Managerial Economics – objectives – scope - decision making - application of economic theories in decision making. Demand analysis: meaning and determinants of demand – law of demand - utility analysis of demand - indifference curves - consumer equilibrium - elasticity of demand - price, income, cross and advertisement - uses of elasticity in business decisions - demand estimation and forecasting methods-forecasting of new products. (44 Hrs)

Module 2

Production and Cost Analysis: Production function - laws of production - laws of returns to variable proportions - laws of returns to scale - economies and diseconomies of scale - isoquant- optimum input combinations- laws of returns and business decisions- cost concepts and classification-cost-output relationship-determination of cost – break-even analysis - application of marginal costing in business decisions - cost control and cost reduction. (44 Hrs)

Module 3

Managerial Objectives and the Firm: Challenging the traditional assumptions – principal – agent theory – managerial theories – behavioural theories – business ethics – understanding competitive strategy – environmental scanning – resource based theory and value chain. (20 Hrs)

Readings

1. Dominick Salvatore (2008), Managerial Economics: Worldwide Application, Oxford University Press, New Delhi.

2. Nellis and Parker (2006), Principles of Business Economics, Pearson Education, New Delhi.

3. Satya P. Das (2007), Microeconomics for Business, Sage Publications, New Delhi.

4. H.L. Ahuja (2008), Managerial Economics, S. Chand & Co., New Delhi.

5. Beg and Dash (2009), Managerial Economics, Ane Books, Delhi.

6. PL Mehta (2008), Managerial Economics, Sultan Chand & Sons, New Delhi.

Complementary Course 8

Managerial Economics for Business Decisions

No. of Credits - 4

No. of Contact hours – 108

Learning Objective

To acquaint the students the basic micro and macro economic concepts relevant for business decisions.

Module 1:

Pricing and Profit: Market and its classification- price and output determination under perfect competition and monopoly, monopolistic competition and oligopoly-price leadership - Pricing under collusion- pricing policies and practices - penetrating and skimming pricing –follow up pricing- barometric pricing-cost plus pricing- pricing of new products- Liner programming -Profit: nature-accounting and economic profit-profit policies-aims of profit policy. (40 Hrs)

Module 2:

Investment Decisions: Capital budgeting: meaning – need - capital expenditure budgeting- demand for capital - methods of investment criteria (payback period, average rate of return method - discounted cash flow – NPV – profitability – IRR) – Cost of capital - technological change in a global economy –taxes and decision making. (38 Hrs)

Module 3:

Business cycles - Brief study of theories: monetary theory -innovation theory and Keynesian theory - causes – indicators - phases - business forecasting - uses of business cycles in business decisions – International trade – Balance of payments – foreign exchange rate determination. (30 Hrs)

Readings

1. Dominick Salvatore (2008), Managerial Economics: Worldwide Application, Oxford University Press, New Delhi.

2. Nellis and Parker (2006), Principles of Business Economics, Pearson Education, New Delhi.

3. Satya P. Das, (2007) Microeconomics for Business, Sage Publications, New Delhi.

4. H.L. Ahuja (2008), Managerial Economics, S. Chand & Co., New Delhi.

5. Beg and Dash (2009), Managerial Economics, Ane Books, Delhi.

6. PL Mehta (2008), Managerial Economics, Sultan Chand & Sons, New Delhi.

Complementary Course 9

Outline of Economic Thought

No. of Credits - 4

No. of Contact hours – 108

Learning Objectives

This course is essential for a student who aspires for advanced training in Economics. Economic ideas did not evolve in isolation, but were an integral and important part of the evolution of modern social thought. This helps the student to have an idea about the growth of the Science of Economics.

Module 1:

Ancient economic thought - Plato - Aristotle – Economic ideas of Petty, Locke and Hume - medieval economic thought- mercantilism and physiocracy - Thomas Mun – Tableau Economique - Turgot. (30 Hrs)

Module 2:

Classical period: contribution of Adam Smith, Ricardo, Malthus, J.B. Say and J.S. Mill – Critics of classicism: Nationalist critics – Historical critics and Socialist critics. (38 Hrs)

Module 3:

Socialist Economic Thoughts: economic thought of Karl Marx – dynamics of social change – theory of value – surplus value – profit and crisis in capitalism – Friedrich Engels – Lenin: Imperialism – Democratic socialism – social democracy. (40 Hrs)

Readings

1. Eric Roll (1975), A history of Economic Thought, Oxford University Press, New Delhi, New Delhi

2. Hajela T.N. (2008), History of Economic Thought, Ane Books India, New Delhi

3. Blaug M. (2004) Economic Theory in Retrospect, Cambridge University Press

4. Bhatia (2006), History of Economic Thought, Vikas Publications, New Delhi

5. Joseph Schumpter (1954), History of Economic Analysis, Allen & Unwin, London

6. Ingrid H. Rima (2009), Development of Economic Analysis, Routledge.

Complementary Course 9

Economic Thought with Special Reference to India

No. of Credits - 4

No. of Contact hours – 108

Module 1:

Marginalists: the precursors of marginalism - Cournot, Thunen, Gossen-the marginalist revolution: Jevons, Walras and Menger- Bohm Bawerk, Wicksell – Fisher – Wicksteed - Marshall as a great synthesizer - Pigou. (40 Hrs)

Module 2:

Keynesian ideas - John Maynard Keynes: Theory of employment and income determination-evaluation of Keynes- Chicago school: Milton Friedman - economic ideas of Schumpeter and Samuelson. Rational Expectationists - New Classical Economics. (32 Hrs)

Module 3:

Indian Economic Thought: Early economic ideas: Kautilya-Valluvar - modern economic ideas: Naoroji-Ranade-R.C.Dutt-M.N. Roy-economic ideas of Gandhiji: village, Swadeshi, role of machine and labour - cottage industries, trusteeship - early approaches to planning - economic ideas of J.K. Mehta and Amartya Sen. (36 Hrs)

Readings

1. Eric Roll (1975), A history of Economic Thought, Oxford University Press, New Delhi

2. Hajela T.N. (2008), History of Economic Thought, Ane Books India, New Delhi

3. Blaug M. (2004) Economic Theory in Retrospect, Cambridge University Press

4. Bhatia (2006), History of Economic Thought, Vikas Publications, New Delhi

5. Kautilya, The Arthashastra, Penguin Books, Delhi.

6. Joseph Schumpter (1954), History of Economic Analysis, Allen & Unwin, London

7. Ingrid H. Rima (2009), Development of Economic Analysis, Routledge.

Semester VI

Core - Choice based

1. Human Resource Management

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

1. Give the students an overview of Human Resource Management.

2. To impart knowledge of policies, procedures and techniques of human resource planning.

Module 1: Importance of Human Resource Management - evolution of HRM - changing environment and work ethics- human resource management departments and their tasks - jobs and careers –professional activities - training and development. (15 Hrs)

Module 2: Human Resource planning - models for HR planning - determining requirements - forecasting demand for labour- human resource availabilities - gaps - planning for shortages – planning for surplus. (15 Hrs)

Module 3: Individuals and jobs – employee ability- job analysis -rewards - work motivation - motivational processes – employee participation - prestige and morale-measurement and improvement of morale - Employee performance - elements of performance appraisal - error identification and reduction – job satisfaction - attendance and retention. (22 Hrs)

Module 4: Compensation policy - pay and benefits - promotion and transfer of employees - service conditions - protection and safeguards of civil servants - developing a pay structure – job hierarchies - equality criterion - job evaluation - Recruitments and selection –placement – induction - methods of recruitment (20 Hrs)

Readings

I. Dessler, Human Resource Management, 11^th edition, Pearson Education, Delhi

2. Biswanath Ghosh, Human Resource Development and Management, Vikas Pubblishing House, Delhi

3. Anuradha Sharma & Aradhana Khandekar (2006), Strategic Human Resourse Management, Response Books, New Delhi

4. Bohlander and Shell (2007), Human Resource Management, Cengage Learning, Delhi.

5. Aswathappa, Human Resource and Personnel Management, 3^rd edition, Tata McGraw Hill, Delhi

Semester VI

Core - Choice based

2. Econometric Methods

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

Students graduating in Economics are expected to know the basic concepts and applications of Econometrics. Econometric methods have proved particularly useful for understanding the inter-relationships among econometric variables.

Module 1: Introduction: Definition and Scope of Econometrics- the methodology of econometric research - basic concept of estimation - properties of estimation - properties of estimators – unbiasedness - efficiency, consistency and sufficiency. (17 Hrs)

Module 2: Simple regression model:- Correlation and regression - estimation of an equation - theoretical distributions and application of binomial, Poisson and normal (15 Hrs)

Module 3: Estimation and testing: OLS method- assumptions- Gauss - Markov theorem - testing of hypothesis - type I and Type II errors - Standard errors - Tests based on ‘t’ chi-square statistics. (15 Hrs)

Module 4: Lag Models and Dummy Variable: Lag in econometric models- concepts – Koyek model - partial adjustment and adaptive expectation models - summary variables - qualitative data-seasonal analysis- use of dummy variables for pooled data - proxy variable - concept and uses – Application of econometric methods - estimation of demand and supply functions, production and cost functions –consumption and investment functions (25 Hrs)

Readings

1. D. Gujarati (2007) Basic Econometrics, Tata McGraw Hill

2. W. Stock (2007) Introduction to Econometrics, Pearson education

3. Dilip M. Nachane (2006) Econometrics, Oxford University Press, New Delhi

4. Jeffrey Wooldridge (2009), Econometrics, Cengage Learning, Delhi.

Semester VI

Core - Choice based

3. Marketing Management

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives

1. To impart knowledge of various aspects of marketing and acquaint the students with the applied problems of marketing with special reference to India.

2. To familiarize the students the different channels of distribution and the promotion mix

Module 1: Understanding Marketing Management: Nature and scope of marketing- marketing management - evolution of marketing concept - holistic marketing – market segmentation – differentiation -targeting-positioning - marketing and economic development - Marketing mix: Meaning and importance- product planning and development - PLC – product mix-branding - brand equity – packaging – labelling - marketing of services. (25 Hrs)

Module II: Consumer Behaviour: Meaning and factors influencing consumer behaviour - buying motives – buyer decision process - business buying behaviour - customer value and customer satisfaction-customer retention- customer relationship marketing. (15 Hrs)

Module III: Pricing and channels of distribution – pricing objectives – policies and strategies in pricing – new product pricing strategies - channels of distribution – levels of channels– types of middle men – direct marketing. (15 Hrs)

Module 1V: Marketing Promotion and Marketing Research: Promotion mix – personal selling and sales management – sales promotion – Advertising: importance – steps in advertising – objectives – budget – media – Marketing research – objectives – steps – modern methods – limitations – Marketing Information System (17 Hrs)

Readings

1. Kotler, Kevin, Jha & Koshi (2009), Marketing Management, Pearson Education, Delhi

2. William J Stanton et al (2007), Marketing, McGraw Hill Publishing Company pvt Ltd, Delhi

3. Mathew Emmanuel (2008), Marketing Management, DC Books, Kottayam.

4. Ramaswamy & Namakumari (2009), Marketing Management, Macmillan India Ltd, Delhi

5. Palmer (2009), Introduction to Marketing, OUP, New Delhi.

Semester VI

Core - Choice based

4. Computer Applications in Economics

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives:

This course aims at equipping the students with skills and tools based on computers which would be effective instruments for economic analysis, research and forecasting

Module 1: Introduction to Computers and Peripherals

Basic Components of a Computer – CPU, input-output devices, keyboard, mouse and scanner, video display, printers and plotters, data storage and retrieval, hard disk, floppy disk and CD ROM; Types of computers and their applications; Computer networking and resource sharing, hardware, software and firmware. (10 Hrs)

Module 2: Text editors and word processor software packages; Operative familiarization with any one package like MS-word; Concept and use of spread sheet; Operation and use of MS-Excel; Basics of Database; Table; Records and fields; Data entry and query processing; Operative principles of MS-access; Document formation and presentation through MS-power point- an introduction to DBMS (20 Hrs)

Module 3: Basics of statistical functions and analysis – Mean, median, mode, standard deviation; Distribution function and density function; Statistical package handling and command description for SPSS. Regression and auto-regression; Correlation and auto-correlation; Covariance and Auto covariance. (17 Hrs)

Module 4: IT Application to Finance and Business: Online banking; ATMs - Electronic stock exchange; Electronic trading; Data sharing and decimation; Electronic Transaction; Document delivery; Authentication and validation- transaction processing - IT Application to Commerce: Electronic trading and marketing; Online shopping and malls, B2B, B2C, C2B and G2B models and their applications, Document and transaction security and digital signature; Integrated transaction on mobile platforms. (25 Hrs)

Readings

1. Alan Evans, Rainer Handel et al (2009), Informatics: Technology in Action, Pearson Education

2. Sinha P.K. Computer Fundamentals, BPB Publication, New Delhi, 4^theEdition

3. ITL ESL, Introduction to Information Technology, Pearson Education, New Delhi

4. Rajaraman V. (2001), Fundamentals of Computers, Prentice Hall of India, New Delhi

5. Ajai S. Gauri S & Sanjaya S. Gaur (2009), Statistical Methods for Practice and Research, Response Books, New Delhi

Semester VI

Core - Choice based

5. Entrepreneurship and Small Business Economics

No. of Credits - 4

No. of Contact hours – 72

Learning Objectives:

1. To highlight the significance of entrepreneurship and to provide an insight into the economics of entrepreneurial development

2. To prepare a ground where the students view entrepreneurship as a desirable and feasible career option.

Module 1. Entrepreneurial Development: Emergence of entrepreneur-ship - Entrepreneurship and economic development - entrepreneurial skills and motivation - factors affecting entrepreneurial growth - obstacles to entrepreneurship in India – women entrepreneurship - Entrepreneurship Development Programme – EDII. (20 Hrs)

Module 2. Theories of Entrepreneurship - economic theories -sociological and psychological theories - starting a new venture - project identification – project formulation - feasibility analysis – net work analysis - project planning – project life cycle - project report - project appraisal (20 Hrs)

Module 3: Small Business Sector in India: Setting up of micro, small and medium enterprises – planning and organizing small business –relationship between large and small business – subcontracting -cluster approach - institutional support to SME sector. (18 Hrs)

Module 4: Features of Management – levels of management- functions of management-quality circle and total quality management-role of creativity and innovation – entrepreneurial opportunities in contemporary business environment (opportunities in network marketing, franchising, business process outsourcing) (14 Hrs)

Readings

1. Peter Drucker (1985), Innovation and Entrepreneurship, Harper –Business, New York.

2. Vasanth Desai (2008), Small Scale Industries and entrepreneurship, Himalaya Publishing House, Mumbai.

3. Thomas W. Zimmer & Norman N Scarborough (2008) Essentials of Entrepreneurship and Small Business Management, Pearson Education, New Delhi.

4. Roy (2008), Entrepreneurship, Oxford University Press, New Delhi.

5. Raghu Nandan (2009), Unleashing Your Entrepreneurial Potential, Response Books, New Delhi.

6. P. Charantimath (2008) Entrepreneurship and Small Business Enterprise, Pearson Education, New Delhi.

7. Simon Bridge et al. (2003), Understanding Enterprise, Entrepreneurship and Small Business, palgrave macmillan.

Semester VI

Core - Choice based

6. Travel and Tourism Management

No. of Credits - 4

No. of Contact hours – 72

Learning Objective

The objective of this application course is to familiarise the students with a brief background of tourism development with special reference to India. This would give him/her a comprehensive idea of the economics of travel and tourism as well.

Module 1: Tourism: Concept and perspective - tourism and the economy - Structure of tourism industry – economic impact of tourism - multiplier effect as applied to tourism sector – leakages - tourism product (sustainable tourism, cultural tourism, adventure tourism, health tourism, beach tourism, festival tourism, conventions and conferences) – seasonality of tourism (20 Hrs)

Module 2: Travel Management: air, road, rail and sea - travel arrangements - travel organizations: national and international – ITDC - state tourism bodies like TAAI, tour operators association, IATA, World Tourism Organization, travel agency and tour operator,- accommodation and basics of ticketing. (18 Hrs)

Module 3: Tourism Marketing: Principles of marketing- how tourism marketing is different from marketing of other products- how to market the tourism product –advertising and public relations –tourism and changing communication technology- information technology and hospitality/ travel agency business

Module 4: Emerging Dimensions: changing concepts of effective tourism development - open sky policy - destination development and HR management - liberalization in customs and transport formalities- group tours- advantages and evils of tourism - Kerala – a tourist destination (16 Hrs)

Readings

1. John R Ninemeier & Jack D. Ninemeier (2008), Discovering Hospitality and Tourism: The World’s Greatest Industry, Pearson education, New Delhi

2. Bhatia A.K. (1995), Tourism Development: Principles and Practices, Sterling Publishers, New Delhi

3. Sutheeshna Babu,Sitikontha Mishra et al (2008) Tourism Development Revisited, Response Books, New Delhi

4. Sipra Mukhopadhyay(2007), Tourism Economics, Ane Books India, New Delhi

5. Biswanath Ghosh (2008), Travel and Tourism Management, Vikas Publications, Delhi.

6. Pender (2004), The Management of Tourism, Sage Publications, London.

Complementary Course for other BA Programmes

ECONOMICS

Course I

General Economic Principles

No. of credits – 4

No . of contact hours -108

Learning Objectives

Ø Help the students to learn to apply the basic principles and concepts of Economics to every day issues.

Ø Help the students to imbibe and appreciate the interrelationship among the members of the society.

Module I - Nature and Scope of Economics

Definitions: Wealth, Welfare, Scarcity and Growth - Methodology of Economics - Economics and other social sciences - Significance of Economics - Micro Economics and Macro Economics - normative and positive economics (12 hrs.)

Module II - Economy and its Central problems

The problem of scarcity and choice-allocation- growth and fuller utilization of resources- production possibilities and technological choice. Basic features of prevalent economic systems- capitalism, socialism, mixed economy – Marxian economic thought, Gandhian economic principles. (24 hrs.)

Module III - Prices and Markets

Market - types - local, regional, national, international markets. Demand – Individual demand and market demand - Demand curve- Law of demand – Exceptions to the Law of Demand. Supply – Individual supply and market supply – Market equilibrium - shift in demand and supply and price – Elasticity of demand – meaning, degrees, measurement and practical uses of elasticity of demand. (30 hrs.)

Module IV - Consumer Behaviour

Consumption - consumer – meaning - Utility – Basic concepts – Law of Diminishing Marginal Utility. Law of Equi-marginal Utility – consumers surplus - rights of a consumer. (20 hrs.)

Module V - Production, Product Pricing and Distribution

Production – Production function basic concepts of costs – opportunity cost - economies and diseconomies of scale - internal and external.

Main market forms - Perfect Competition, Monopoly, Monopolistic competition: pricing - Oligopoly (features only). Distribution - General Theory of Distribution. 22 hrs.

Readings

1. Samuelson. P.A Nordhaus (2005), Economics, Tata McGraw Hill

2. Mankiw, Gregory(2007), Principles of Economics, Cengage Learning, Delhi

3. Case & Fair (2007), Principles of Economics, Pearson Education

Complementary Course for other BA Programmes

(ECONOMICS)

Course II

Basic Economic Studies

No. of Credits – 4

No. of contact hours – 108

Learning Objectives

The course intends to make the UG students equipped with essential understanding in public finance, international economic issues, monetary economics, banking, national income, general issues of Indian economy and Kerala economy so that they shall be capable of realizing and solving common economic issues in the society.

Module I - Public Economics and International Trade

Meaning - scope - private finance and public finance - sources of public revenue, pubic expenditure, public debt, taxation - structure of taxation with special reference to India, fiscal policy, budget-meaning, objectives and instruments of fiscal policy.

Balance of trade and balance of payments - World Bank – IMF – WTO - Trade liberalization - global economic issues. (40 hrs)

Module II - Money and Banking

Money - Meaning and Functions - Functions of Commercial banks and Central Bank – repo rate, reverse repo rate – SLR - Monetary policy - meaning, objectives and instruments. Inflation - meaning, causes and remedies. Capital market-meaning- stocks, shares, debentures, equities - stock exchanges. (20 hrs.)

Module III - National Income

Major concepts of National Income - Methods of calculating N.I - Product method - Income method, expenditure and combined methods – Difficulties in the estimation. (18 hrs.)

Module IV – Introduction to the Indian Economy

Features of the Indian economy – strategy of development - economic planning in India - achievements and shortfalls – Indian money market - new generation banks - Special Economic Zones (SEZ). (20 hrs.)

Module V - Basic Economic Issues of Kerala

Features of Kerala economy - structural changes – self-reliance and self-help groups (SHGs) - Kerala model of development - impact of migration on Kerala economy. (20 hrs.)

Readings

1. Samuelson. P.A Nordhaus (2005), Economics, Tata McGraw Hill

2. Mankiw, Gregory, Principles of economics, Cengage Learning, Delhi

3. Dutt and Sundaram, Indian Economy, S. Chand & Co. (recent edition)

4. Dewett K.K. Modern Economic Theory, S. Chand & Co.New Delhi

5. K. Rajan (2009), Kerala Economy Serials Publication, New Delhi.

6. Meera Bai M. (ed) (2008), Kerala Economy, Serials Publication, New Delhi.

7. Sunil Mani et al. (ed) (2006), Kerala’s Economy: Crouching Tiger, Sacred Cows, D.C. Books, Kottayam.

8. Uma Kapila (2009), Indian Economy since Independence, Academic Foundation, New Delhi.

BA ECONOMICS PROGRAMME
(VOCATIONAL)

Model - II

ECONOMICS, PRINCIPLES AND PRACTICES OF INSURANCE AND COMPUTER APPLICATIONS

VOCATIONAL - Model – II

Course Design

The course comprises six semesters, each semester having a duration of 18 weeks. The break up of papers, work load and evaluation are as follows.

Courses	Nos.	Hrs	Weight		Total
Courses	Nos.	Hrs	IA	EA	Total
1. Common Courses	6	540	1	3	4
2. Core Courses	12	1080	1	3	4
3. Complementary Courses	4	360	1	3	4
4. Vocational Courses	8	720	1	3	4
Total	30	2700	4	12	16

B.A. Economics Programme – Model - II
Common, Core, Vocational, Complementary & Choice-based Courses

Sem.	Common / Complementary / Vocational / Core Papers	Exam	No. of hrs/ week	No. of cred-its	Credits cumu-lated	Total hrs/ sem.	Uty. Exam dur-ation	Weightage
Sem.	Common / Complementary / Vocational / Core Papers	Exam	No. of hrs/ week	No. of cred-its	Credits cumu-lated	Total hrs/ sem.	Uty. Exam dur-ation	IA	EA
S1	Common Course 1 1. First Language	S1	5	4	4	90	3 hrs	1	3
	Common Course 2 2. Second Language	S1	5	4	8	90	3 hrs	1	3
	3. Core 1 Methodology of Social Sciences with special reference to Economics (EC1VB01U)	S1	5	4	12	90	3 hrs	1	3
	4. Core 2 – Principles of Micro Economics (EC1VB02U)	S1	5	4	16	90	3 hrs	1	3
	5. Complementary 1 Introduction to Computers – Theory (EC1VC01U)	S1	3	3	19	54	3 hrs	1	3
	Introduction to Computers - Lab	S1	2	1	20	36	-	-	-
S2	Common Course 3 6. First Language	S2