NET Economics Syllabus

UGC NET Economics Syllabus

1. Micro – Economic Analysis

  • Demand Analysis – Marshallian, Hicksian and Revealed preference approaches.
  • Theory of Production and Costs.
  • Pricing and output under different forms of market structure.
  • Factor Pricing analysis.
  • Elements of general equilibrium and new welfare economics.

2. Macro-Economic Analysis

  • Determination of output and employment – Classical approach, Keynesian approach, Consumption hypotheses.
  • Demand for Money – Fisher and Cambridge versions, Approaches of Keynesian, Friedman, Patinkin, Baumol and Tobin.
  • Supply of Money, Determinants of money supply, High – powered money, Money multiplier.
  • Phillips Curve analysis.
  • Business cycles – Models of Samuelson, Hicks and Kaldor.
  • Macroeconomic Equilibrium – Relative roles of monetary and fiscal policies

3. Development and Planning

  • Economic Growth, Economic Development, and sustainable Development – Importance of institutions – Government and markets – Perpetuation of underdevelopment – Vicious circle of poverty, circular causation, structural view of underdevelopment – Measurement of development conventional, HDI and quality of life indices.
  • Theories of Development – Classical, Marx and Schumpeter; Economic Growth – Harrod – Domar model, instability of equilibrium, Neoclassical growth – Solows model, steady-state growth. Approaches to development: Balanced growth, critical minimum effort, big push, unlimited supply of labor, unbalanced growth, low-income equilibrium trap.
  • Indicators and measurement of poverty.
  • Importance of agriculture and industry in economic development – choice of techniques and appropriate technology – Investment criteria – Elementary idea of cost-benefit analysis.
  • Trade and Aid – International trade as engine of growth – Globalization and LDCs Objectives and role of monetary and fiscal policies in economic development Techniques of planning; Plan Models in India; planning in a market-oriented economy.

4. Public Finance

  • Role of the Government in Economic activity – Allocation, distribution and stabilization functions; Private, Public and Merit goods.
  • The Public Budgets – Kinds of Budgets, Zero – base budgeting, different concepts of budget deficits; Budgets of the Union Government in India Public Expenditure – Hypotheses; effects and evaluation.
  • Public Revenue – Different approaches to the division of tax burden, incidence and effects of taxation; elasticity and buoyancy; taxable capacity Public Debt – Sources, effects, burden, and its management.
  • Fiscal Federalism – Theory, and problems; Problems of center-state Financial relations in India.
  • Fiscal Policy – Neutral and compensatory and functional finance; a balanced budget multiplier.

5. International Economics

  • Theories of International Trade: Empirical verification and Relevance International Trade under Imperfect competition Terms of Trade and Economic Growth – Secular Deterioration of Terms of Trade Hypothesis – a critical review.
  • Equilibrium/disequilibrium in Balance of Payment – Traditional, Absorption and Monetary approaches for adjustment in the Balance of Payments, Foreign Trade multiplier.
  • Impact of Tariffs, Partial and general equilibrium analysis; Political economy of Non-Tariff Barriers.
  • Theory of regionalism at Global level – Collapse of Bretton – Wood System – Recent.
  • Monetary reforms.
  • Trade Policy and Reforms in India.

6. Indian Economy

  • Basic Economic indicators – National income, performance of different sectors Trends in prices and money supply.
  • Agriculture – Institutional and technological aspects, new agricultural policy Industry – New industrial policy and liberalization.
  • Money and Banking – Concepts of money supply, inflation, monetary policy, and financial sector reforms.
  • Public finance – Trends in revenue and expenditures of the Central and State Governments, Public debt; analysis of the Union Budget.
  • Foreign trade – Trends, Balance of payments and trade reforms.
  • Poverty, unemployment, migration, and the environment.

7. Statistical Methods

  • Measures of Central tendency, dispersion, skewness, and kurtosis.
  • Elementary theory of probability – Binomial, Poisson and Normal distributions.
  • Simple correlation and regression analysis.
  • Statistical inferences – Applications, sampling distributions (t, x2 and F tests) sampling of attributes, testing of Hypothesis.
  • Index numbers and time series analysis.
  • Sampling and census methods, types of sampling and errors.

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