CENTRE FOR ECONOMIC STUDIES & PLANNING

M.A. Courses

EC 401            Macroeconomics (Instructor: Abhijit Sen)

This course introduces students to the basic concepts of macroeconomics. The aim is to equip the students with various theories of income determination, money supply and price-wage relationships. Some relevant policy issues will be covered as well.

EC 404            Introduction to Statistical & Econometric Methods. (Instructor: Archna Aggrawal)

The course will introduce students to statistical methods leading up to an introduction to econometric methods.  Topics covered are: Theory, Estimation and Inference in univariate and multivariate Probability Models. Asymptotic Theory.  Simple Linear Regression Models and applications.

EC 405            Political Economy of Development. (Instructor: Utsa Patnaik)

This course will introduce the student to the history of the international division of labour under colonialism, which resulted in the capitalist industrialization of Europe and North America on the one hand and in the specialization of third world countries as primary producers on the other. It sets the stage for a discussion of early industrialization in independent India. 

EC 407          Mathematical Methods in Economics (Instructor: Anjan Mukherji/Mausumi Das)

The course is designed to familiarize students with mathematics necessary to understand and follow various types of optimization (both static and dynamic) exercises inherent in most problems of economic decision making.

EP 503:  Analysis of Indian Planning (with special reference to Resource Mobilization) (Instructor: Arun Kumar)

            Beginning with some theoretical foundations in macroeconomics of a capitalist economy, the course considers the post Independence Indian experience with resource mobilisation and financing of economic development. It would discuss the major economic issues and debates relevant to the Indian Economy in the periods both before and after 1991.

EP 505 Linear Economic Models (Instructor: Anjan Mukherji/Ramprasad Sengupta)

The general linear structure is often imposed as a first step in modelling economic behaviour. The simplicity of the linear structure allows one to draw sharp conclusions. The course is designed to focus attention on such issues.

EP 514        Structure and Growth of Indian Industries. (Instructor: C P Chandrashekhar)

            The course begins with the theory necessary to analyse Indian industrial performance.  This is used to analyse the structure and performance of Indian industry since independence.

EP 519:  Econometric Methods I (Instructor: Sugato Dasgupta)

            The course will cover estimation and Inference in the Multivariate Regression Model, Generalized Least Squares, Instrumental Variables, Qualitative Variables, Generalized Method of Moments, and Maximum Likelihood Estimation.  Applications include issues like measurement of poverty and inequality, estimation of production functions, cost functions, demand functions and supply functions.

EP 521:  Banking and Monetary Institutions.  (Instructor: Prabhat Patnaik)

            This is a course on the theory of money and finance.  Three basic approaches to monetary theory, viz., classical, Keynesian, and monetralist, are distinguished and discussed.  The literature on financial fragility and debt-deflation is introduced.

EP 526:  Labour Economics (Instructor: Praveen Jha)

            The formation of labour markets and the development of theory from the mercantilists to turnover models and labour market segmentation.  Aspects of employment and wage determination in India in recent years.

EP 529:  Social Choice I. (Instructor: Satish Jain)

            The course would consist of the following topics: (i) elementary logic, (ii) calculus of binary relations, (iii) Arrow's impossibility theorem and related propositions, (iv) method of majority decision, (v) theories of justice, and (vi) Strategic aspects of voting.

EP 534: Game Theory with Applications to Economics. (Instructor: Krishnendu Ghosh Dastidar)

Game theory is the study of multiperson decision problems. Such problems arise frequently in economics. In recent years game theory has become an almost indispensable tool in economics. The course is designed to introduce the tools of game theory to students who will later use game theoretic models in applied fields within economics. The course will emphasise the economic applications of the theory at least as much as the pure theory itself. The course will focus mainly on non-cooperative games. Basic concepts in static and dynamic games with complete as well as with incomplete information will be covered in detail. There will also be a few lectures on cooperative games and their applications

EC 540 : Database on Indian Economy (Instructor: Vikas Raval)

This course will expose students to the database on different aspects of Indian economy. The course will help them understand how to use data to examine the theoretical issues that they are exposed to in basic macro-economic courses and empirical issues they are exposed to in the courses on Indian economy. These lectures will discuss availability and features of data as well as the sampling techniques and survey methods adopted in collection of different kinds of statistics. In addition to lectures on selected themes, and sources of data, the course will also comprise lectures on how to use simple statistical techniques to discern some basic trends and patterns in the data.

EC 402            Micro Economic Theory (Instructor: Arijit Sen)

This course covers (in varying degrees of depth) all the essential topics in Microeconomic Theory.  The aim is to expose the Masters students to enough formal training in Micro Theory so that they are well equipped to pursue subsequent studies in different specialized areas of interest.  

EC 403            International Trade, Investment and Payments. (Instructor: Jayati Ghosh)

This course is designed to provide students with a basic introduction to important theories of international trade, balance of payments adjustment and capital flows. It will deal with the historical evolution of trade and finance patterns, the important international institutions and major processes in the current international economy and the issues of policy concern for developing countries such as India.

EC 406            Indian Economic Problems (Instructor: C P Chandrashekhar)

This course will develop the macroeconomics of the Indian economy in its dirigiste and “liberal” phases and examine the reasons for the transition from the one to the other. The analysis would be located within a framework of political economy. The course would cover the evolving monetary, fiscal, balance of payments policies, the performance of the economy and its particular sectors, trends in employment and poverty.

EC 408        Problems of Accumulation. (Instructor: Prabhat Patnaik)

This course deals with the alternative approaches adopted in discussing accumulation in a capitalist economy. The course would try to bridge the divide between Growth theory and Development economics.

EP 407:  General Equilibrium Analysis (Instructor: Anjan Mukherji)

The course will introduce students to a general method of analysis which is applicable to many types of models. In particular, the course is designed to address basic and fundamental nature of the system of competitive markets: what these markets are capable of achieving and what they are incapable of handling.

EP 509:  Production Conditions in Indian Agriculture (Instructor: Utsa Patnaik)

            Alternative theoretical approaches to analysing agrarian questions are discussed in this course, with particular reference to alternative interpretations of observed empirical trends.

EP 520:  Econometric Methods II. (Instructor: Sugato Dasgupta)

            The second course in Econometrics introduces students to estimation of Multi-Equation Models and Limited Dependent Variable Models. In addition, some topics of current interest will be covered like applications to demand systems and production functions.

EP 524:  Public Finance (Instructor: Arun Kumar)

            This course analyses the role of government in a capitalist economy from the point of view of development, market failure and policy failure.  It would look at the issues facing Indian Public Finance in the post Independence period, like, deficits, subsidies, fiscal federalism direct and indirect taxes and the black economy. It would introduce the student to issues in Normative Public Finance based on First Best Analysis, like, externality and increasing returns to scale.

EP 527  Optimization Theory and Economic Analysis I (Instructor: Subrata Guha)

Beginning in the 1970s there has been an increasing trend in the use of optimization-based models to address problems in macroeconomic theory. The course has two primary objectives: (1) to provide a basic exposure to the major optimisation-based approaches in macroeconomic theory, and (2) to present the primary arguments that have been advanced in criticism and in defence of such approaches.

EP 532: Industrial Organisation Theory (Instructor: Krishnendu Ghosh Dastidar)

Theoretical industrial organisation has made substantial progress since the early 1970s, and has become a central element of the culture of microeconomics. This course attempts to give a basic  account of the recent developments. The course will start with an overview of the basic oligopoly models like Cournot, Bertrand and Stackelberg equilibria. Then it will  cover topics like market structure, entry deterrence, price discrimination, oligopoly and financial structure, research and development, mergers etc. Towards the end of the course some lectures will be devoted to the topic “auctions and oligopoly” which is an upcoming area of research.

EP 533:  Resource Economics (Instructor: Ramprasad Sengupta)

            The course covers the area of economics of natural resources and environment comprising the following major topics:  Economy - Environment interaction:  character of environmental resources and conceptual issues; Problem of optimal pollution and optimal natural capital stock; Policy instruments of pollution control; Optimal rate of harvesting renewable resources and depletion of natural resources; Natural resource accounting; Model of sustainable development.

EP 536        Law and Economics (Instructor: Satish Jain)

EC 537        Economics of Health (Instructor: Pradipta Chaudhury)

The purpose of this course is to develop/ strengthen the student’s ability to use economic concepts and theories to analyse issues relating to production and consumption of health care.  Behaviour of each of the agents in the market, namely consumers, suppliers, and insurers, is analysed with issues of efficiency and equity in mind.  The features of the market for health services are discussed with emphasis placed on the characteristics which make this market different from the markets for other goods and services.

M.Phil. Courses

EP 601  Methods of Economic Analysis (Instructor: Subrata Guha)

The course is designed to serve as an introductory course in the mathematical methods used in economic analysis. Basic topics in the theories of real analysis, linear algebra, static optimisation, differential equations and optimal control are discussed. Evaluation is based on a mid-semester and an end-semester examination.

EP 614:  Public Finance (Instructor: Arun Kumar)

            This is an advanced course in Public Finance.  It would deal with the advanced topics in fiscal policies, alternatives and related problems in taxation reform. It would cover applications of first best and second best analysis to pollution, regulation, pricing of public goods, fiscal federalism, optimum taxation, etc..

EP 606: International Trade and Finance (Instructor: Jayati Ghosh)

            A brief reference to standard theories of international trade and macro-economic adjustments in open economics provide the background of this course, which is centered on international finance.  The theory, evolution and analysis of contemporary international finance relations provide the main theme of the course.

EP 609: Social Choice (Instructor: Satish Jain)

EP 619: Topics in Economic History (Instructor: Pradipta Chaudhury)

Selected topics in Indian economic history will be covered in this course. The objective is to develop\strengthen the student's ability to use methods of economic analysis in the context of history. Students are encouraged to choose problems which interest them and to formulate their own understanding. Emphasis is placed on collection and analysis of quantitative and descriptive information from primary sources available in the National Archives of India, the Central Secretariat Library and the Nehru Memorial Museum and Library in New Delhi.

EP 623: Environmental Economics   (Instructor: D N Rao)

            The objective of the course is to introduce the students to emerging research issues in the area of environmental economics. It is designed for students who have had an exposure to an introductory course in resource economics/environmental economics. The subject matter is divided into six modules: (i) Economics of environment and social welfare – problem of externalities, issues of common property, resources and rent and institutional issues related to environment in the context of development, (ii) Economics of pollution control – Pigovian and Coasian frameworks of analysis, (iii) Methods of valuation of   environmental resources – contingent valuation methods, travel cost method and hedonic price index models, (iv) Cost-benefit analysis of environmental projects,  (v) Demographic and health dimensions of environment -  dose response models, Environmental Kuznets Curve Hypothesis, and (vi) Policy Analysis -  command and control policies, fiscal policy and market based instruments for pollution control, trade and its implications for environment, and global environmental concerns in the perspective of the problems of developing countries.

EP 602:  Statistical and Econometric Methods (Instructor: Vikas Raval)

            The course prepares students to do empirical research. Applications of selected econometric models and their estimation will be covered. The course will involve extensive use of computer packages.

EP 612: Theory of  Economic Growth and Technical Progress       (Instructor: Mausumi Das)

EP 613:  Development Economics (Instructor: Praveen Jha/ Vikas Raval)

            The following topics will be taken up for detailed discussion:  Agriculture in the development process; industrialisation and trade; the open developing economy; employment, poverty and inequality.

EP 617:  Agrarian Development (Instructor: Abhijit Sen)

            Theories about growth and structural change with special reference to Indian agriculture; Approaches to the study of agrarian institutions.

EP 620: Economics of Health (Instructor: D N Rao)

            Nature of the commodity called health care, Methods of measurement of health status of individuals and populations.  Theoretical models of demand for health care.  Problems in the measurement of cost and efficiency in health care projects.  Systems approach to health care management.  Pre-requisite:  Preferably an introductory course in Public finance and in Welfare Economics.