UGC NET SYLLABUS (ECONOMICS)

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Unit-1 : Micro Economics 

 Theory of Consumer Behaviour 

 Theory of Production and Costs

 Decision making under uncertainty Attitude towards Risk 

 Game Theory – Non Cooperative games 

 Market Structures, competitive and non-competitive equilibria and their efficiency properties

 Factor Pricing

 General Equilibrium Analysis 

 Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization 

 Welfare Economics: Fundamental Theorems , Social Welfare Function

 Asymmetric Information: Adverse Selection and Moral Hazard

Unit-2 : Macro Economics 

 National Income: Concepts and Measurement

 Determination of output and employment: Classical & Keynesian Approach

 Consumption Function 

 Investment Function 

 Multiplier and Accelerator 

 Demand for Money

 Supply of Money

 IS – LM Model Approach

 Inflation and Phillips Curve Analysis

 Business Cycles

 Monetary and Fiscal Policy

 Rational Expectation Hypothesis and its critique 

Unit- 3 : Statistics and Econometrics

 Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem

 Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers 

 Sampling methods & Sampling Distribution

 Statistical Inferences, Hypothesis testing

 Linear Regression Models and their properties – BLUE

 Identification Problem

 Simultaneous Equation Models – recursive and non-recursive

 Discrete choice models

 Time Series Analysis

Unit-4 : Mathematical Economics

 Sets, functions and continuity, sequence, series 

 Differential Calculus and its Applications 

 Linear Algebra – Matrices, Vector Spaces 

 Static Optimization Problems and their applications

 Input-Output Model, Linear Programming

 Difference and Differential equations with applications 

Unit-5 : International Economics

 International Trade: Basic concepts and analytical tools 

 Theories of International Trade

 International Trade under imperfect competition

 Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms

 Exchange Rate: Concepts and Theories

 Foreign Exchange Market and Arbitrage 

 Gains from Trade, Terms of Trade, Trade Multiplier

 Tariff and Non-Tariff barriers to trade; Dumping 

 GATT, WTO and Regional Trade Blocks; Trade Policy Issues

 IMF & World Bank

Unit-6 : Public Economics

 Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality 

 Regulation of Market – Collusion and Consumers’ Welfare

 Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, 

Progressive and non-Progressive Taxation, Incidence and Effects of Taxation

 Public expenditure 

 Public Debt and its management

 Public Budget and Budget Multiplier

 Fiscal Policy and its implications 

 Unit-7 : Money and Banking

 Components of Money Supply

 Central Bank

 Commercial Banking

 Instruments and Working of Monetary Policy 

 Non-banking Financial Institutions

 Capital Market and its Regulation

Unit-8 : Growth and Development Economics

 Economic Growth and Economic Development

 Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter, Rostow, Balanced & Unbalanced growth, Big Push approach. 

 Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor 

 Technical progress – Disembodied & embodied; endogenous growth 

 Indicators of Economic Development: PQLI, HDI, SDGs

 Poverty and Inequalities – Concepts and Measurement 

 Social Sector Development: Health, Education, Gender

Unit-9 : Environmental Economics and Demography

 Environment as a Public Good

 Market Failure 

 Coase Theorem 

 Cost-Benefit Analysis and Compensation Criteria 

 Valuation of Environmental Goods

 Theories of Population 

 Concepts and Measures: Fertility, Morbidity, Mortality

 Age Structure, Demographic Dividend

 Life Table

 Migration 

Unit-10 : Indian Economy 

 Economic Growth in India: Pattern and Structure

 Agriculture: Pattern & Structure of Growth, Major Challenges, Policy Responses

 Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses

 Services: Pattern & Structure of Growth, Major Challenges, Policy Responses

 Rural Development – Issues, Challenges & Policy Responses

 Urban Development – Issues, Challenges and Policy Responses. 

 Foreign Trade: Structure and Direction, BOP, Flow of Foreign Capital, Trade Policies

 Infrastructure Development: Physical and Social; Public-Private Partnerships

 Reforms in Land, Labour and Capital Markets

 Centre-State Financial Relations and Finance Commissions of India; FRBM

 Poverty, Inequality & Unemployment

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