CUET PG Economics

Micro Economics:

• Consumer Theory or Behaviour: Demand, Utility, Indifference Curve, Revealed Preference Theory, Consumer Surplus
• Production Theory: Production Function, Law of Variable Proportions, Returns to Scale, Cost Function, types and concepts
• Price and Output determination in Market: Perfect and Imperfect Competition (Monopoly, Price Discrimination, Monopolistic, Duopoly and Oligopoly models), General Equilibrium, Efficiency and Welfare: Equilibrium and efficiency under pure exchange and production; overall efficiency and welfare economics, externality

Macro Economics:

• National Income Accounting
• Income and Output Determination: Aggregate Demand and Aggregate Supply, Effective Demand Principle, Classical and Keynesian Theory

Money and Inflation:

• Demand and Supply of Money, Money Multiplier and High Powered Money, Credit Creation, Role of Reserve Bank of India and Commercial Banks, Quantitative Theories of Money, Philip’s Curve
• Monetary and Fiscal Policy of India and its role.

Consumption and Investment Functions:

• Permanent, Relative and Life Cycle Hypothesis, determinants of business fixed investment; residential investment and inventory investment, Multiplier and Accelerator
• Open Economy Models: Mundell and Fleming Model (IS, LM and BP curve), Balance of Payments, exchange rate determination, Purchasing Power Parity
• Economic Growth: Harrod-Domar Model, Solow Model

Statistical Methods in Economics:

• Mean, Mode, Median, Dispersion, Skewness, Quartile Deviation, Average Deviation, Standard Deviation
• Correlation
• Simple Regression Model, Probability Distribution, Sampling

Mathematical Methods in Economics:

• Sets and Vector
• Functions of one and several real variable, Single and Multi variable optimization, Integration of functions
• Difference equations
• Determinants Matrix
• Linear Programming, Probability
• Differential Equations

Indian Economy:

Overview of Colonial Economy:

• Macro Trends: National Income; population; occupational structure.
• Agriculture: Agrarian structure and land relations; agricultural markets and institutions – credit, commerce and technology; trends in performance and productivity; famines.
• Railways and Industry: Railways; the de-industrialisation debate; evolution of entrepreneurial and industrial structure; nature of industrialisation in the interwar period; constraints to industrial breakthrough; labour relations.
• Economy and State in the Imperial Context
• The imperial priorities and the Indian economy; drain of wealth; international trade, capital
• Flows and the colonial economy – changes and continuities; government and fiscal policy.
• New Economic Policy:
• Public Economics: Public and Private Goods, Externalities, Budget, Deficits, Public Debt, Fiscal Federalism in India.
• Taxation: its economic effects; dead weight loss and distortion, efficiency and equity considerations, tax incidence, optimal taxation.
• International Trade: Theories: Adam Smith, Ricardo, Heckscher-Ohlin model and New Trade Theories