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There will be one compulsory paper and student has to opt one optional subject out of the six subjects.
S. No.
Optional 1.

Course Code

Optional II.


Optional III.


ECON 603

Course title
Research Methodology
Advanced Microeconomics
Advanced Macroeconomics
Advanced Public Economics
Quantitative Development Policy Analysis

Optional IV.

ECON 604

Optional V.

ECON 605

Optional VI


Advanced Agricultural Economics



Optional VII

Agricultural Marketing and Price Analysis




S. No.

Course title
Comprehensive examination (Will be evaluated satisfactory/unsatisfactory)
Approval of synopsis by Research Committee

III, IV, V & VI SEMESTER- The students will undertake his/her research work by taking 20 credits hour
each semester. The major advisor will evaluate his/her work in each semester and clear the credits hour by
evaluating satisfactory/unsatisfactory credits depending upon the work undertaken by the students during the
Examination Schedule: As applicable to the other postgraduate courses of Eternal University.

Research Methodology (ECON 600)


Introduction to Philosophy of science and research methodology

Research design: Need for research design, Features of a good research design, Different research
Experimental survey: Basic Principles of experimental design
Case studies- problems and Limitations
Planning and implementing research projects: planning a research project, problem formulation,
research strategy and methods


Methods of data collection: Direct Methods and Indirect methods

Data collection through questionnaires and schedules
Problems in data collection
Data Processing: Operations and problems in data processing
Sampling design: Meaning and its applications
Measurement and scaling techniques: Measurement scales and sources of errors in measurement


Analysis of data: Measures of and analysis central tendency, Dispersion, Skewness and Kurtosis
Theoretical distributions: Normal, Poisson and Binomial
Statistical estimation and testing of hypothesis


Methods of analysis: Simple and Multiple Regression

Time series analysis
Problems in econometric estimation
Documentation- writing the research thesis
Introduction to statistical and econometric software

Selected Readings:
1. Jai Narain Sharma: Research Methodology, Deep & Deep Publications.
2. Manas Das Gupta Research Methodology in Economics, Deep & Deep Publications.
3. Arora, P. N., Sumeet Arora and S. Arora (2007): Comprehensive Statistical Methods, S. Chand &
Company Ltd.
4. D. Dess Gupta A.M. Moon, M.K. Gupta An Outline of Statistical Theory (Vol, I and II)
5. Pranesh Kumar Daroga Singh, Padam Singh Handbook of Sampling.
6. Gupta, S.P: Statistical methods, Sultan Chand publication.
7. R. Kothari and K.F. Hatt (1952) Methods in Social Research.

Advanced Micro Economics (ECON 601)

Modern micro economic theories with focus on risk and uncertainty, Market mechanism, shortcomings
and remedies. Theory of perfect competition and imperfect competition. Monopoly, monopolistic
competition and oligopoly. Public policy towards monopoly and competition.
Introduction to general and partial equilibrium theory: conceptual overview, general equilibrium
conditions with production and consumption. Walrasian general equilibrium: mathematical derivation of
conditions for general equilibrium.
Welfare Economics: concepts, problems, approaches and limitations of welfare economics, Pareto
conditions of maximum welfare. Criteria for social welfare. Social welfare functions, social V/s private
costs and benefits. Poverty, inequality and discrimination.
Game theory and competitive strategy, Consumer demand theory: Choice under certainty and uncertainty.
Theory of production and cost. Factor pricing analysis. International trade and comparative advantage.
Externalities, the environment and natural resources.

Suggested Readings:
1. Salvatore Dominick (2003): Microeconomics: Theory and Applications, 4th. Edition, Oxford

Univ. Press.
Briet W. and Hochman H M (ed.): Readings in Microeconomics.
Edwin Mansfield (Ed.) : Microeconomics (Selected Reading) 2nd Edition.
Koutsoyiannis, A. (Latest) : Modern Micro Economics, McMillan Press, London.
Baumol, William J and Blinder Alan S (2005) Microeconomics; Principles and Policy9th Edition,

Thomson, 1st Indian Edition (2007).

6. Pindyck, Robert S., Rubinfeld : Micro-Economics, Prentice Hall of India, New Delhi.

Advanced Macro Economics (ECON 602)


Review of macroeconomics concepts. National income and national product. Static and dynamic analysis.
Macroeconomic policy options. Macroeconomic issues and measurement. Why a separate study of
macroeconomics and its formulation?
Consumption function and theories of consumption. Saving and investment function. Savings and
investment equality: IS - LM framework. Equilibrium in dynamic system. Classical, Keynesian and postKeynesian theories of output and employment. Demand for and supply of money.
Theory of money and prices. Monetary equilibrium. Central Bank's monetary policy, the problems of
planning and flexibility. Inflation and unemployment in the closed and open economy. Basic Economic
indicators- National income, performance of different sectors, trends in prices and money supply.
Theories of economic growth.
Inflation. Stagflation and supply side economics. Business cycle theories, monetary and fiscal framework
for economic stability and growth. Structural adjustment mechanisms. Impact of WTO on Indian
economy, Impact of IMF & IBRD on Indian economy. Review of macroeconomic policies in India and its
impact on macroeconomics stability. Unemployment; how it is measured and strategies for reducing
Selected Readings:
1. Ackley, G. (Latest) Macroeconomics: Theory and Policy, Macmillan, New York.
2. Shapiro: Macroeconomics theory, Harcourt College Publications.
3. William J. Baumol, Alan S. Blinder (2009) Macroeconomics: Principles and Policy, Southwestern Cengage learning.
4. Rudiger Dornbusch, Stanley Fischer, Richard Startz (2004 or latest edition) Macroeconomics,
McGraw Hill Irwin.
5. Jha, Raghhendra. Contemporary Macro Economic Theory and Policy, Wiley Eastern, 1991.
6. Froyen, Richard T. Macroeconomics, Theories and Policies, Prentice Hall International Inc.
London, 1999 (Ch. 8.6, 9, 11, 12,14, 22).
7. Abel, Andrew B & Ben S. Bernanke. Macroeconomics, Pearson Education Singapore, 2003
8. Lipsey & Chrystal. Economics, Oxford University Press New York, 2009.

Advanced Public Economics (ECON603)


Problems and Principles of Federal Finance. Development Finance: Ingredients of development. Fiscal
policy, stability & growth. Growth of Public Expenditure: Effects of a public expenditure on production
and distribution; Structure of public expenditure in India; Economics of Public debt, Distinction between
internal and external debt; Management of public debt in India.
Equity in Taxation: Principles of taxation; Taxable capacity; Tax effort; Buoyancy and Elasticity of taxes;
Distinction between tax design and tax reform: characteristics of a well-designed tax structures, incidence
of taxation, effects of taxation on production and distribution. Taxation effects on capacity output.
Direct vs. Indirect Taxes: Direct taxes; its role in less developed countries; Indirect taxes; its importance
in developing countries; Proportional vs. progressive taxes; specific vs. advalorem duties; Tax structure in
India; Consumption taxes, Latest tax reforms in India. Trends in tax revenue and expenditure of Centre
and state government in India
Public Budget: Concept and types: performance and program budgeting in India; Zero Base Budgeting.
Principles of stabilization policy. Federal fiscal structure in India and its Equity content.
Selected Readings:

Musgrave, R. A. & Musgrave, P. B. (Latest edition): Public Finance in Theory and Practice,
International Edi., McGraw Hill, 1973.
Bhargava, R.N.: Theory and Working of Union Finance in India.
Bird, Richard, M.and: Readings on Taxation in Developing Countries. Oliver Oldman
Brown, C. V. and Jackson, P. M. (1990): Public Sector Economics, 4th edition, Basil Blackwell,
Chelliah. R.J.: Fiscal-Policy in Underdeveloped Countries.
Dalton, Hugh : Principles of Public Finance
Peacock, and Straw, G. K. (1970): The Economic Theory of Fiscal Policy, George Allen &
Unwin, London.
Raghabendra Jha (1999): Modern Public Economics, Routledge.

Quantitative Development Policy Analysis (ECON 604)


Policy framework goals, value, beliefs and welfare maximization. Market Policy and State State vs.
Market Failure of Policy Failure of Markets - Rationale for Government Intervention. Role of
Quantitative Policy Analysis.
Demand analysis for policymaking Alternative approaches to demand analysis Policy implications.
Supply response Alternative approaches to measurement of supply response Nerlovian models of
supply response Policy implications. Household behaviour and policy analysis Household models.
Partial equilibrium analysis Concept of reference prices Price distortions indicators and impact.
Transaction costs Implications for efficiency and productivity Institutional solutions - Multi market
approach to policy analysis.
Social Accounting Matrices and multipliers - Computable General Equilibrium models to assess
economy wide impact of policy changes.

Review of criteria for policy evaluation

Estimation of price elasticities
Review of estimation of complete demand systems
Estimation of Nerlovian supply response model
Review of Household models Specification and estimation of household models
Partial equilibrium analysis Inputoutput table
Social Accounting Matrix Construction of a SAM computation of Multipliers
Multi Market Analysis Review of Computable General Equilibrium Models
t, f, z and X2 test

Suggested Readings
1. Meier, Gerald, M.Learning Issues in Economic Development, Oxford University Press, New Delhi.
2. Devraj Ray, Development Economics, Oxford University Press, Delhi.
3.T.N. Srinivasan and H.B. Chennery (ed.) Hand Book of development Economics Vol.I, II and III (for
selected reading) Elsevier Science Publishing Company, Amsterdam.
4. Subrata Ghatak and Ken Ingersent, Agriculture and Economic Development, The Harvester Press
Publishing Group.
5.. Eicher KC & Staatz JM. 1998. International Agricultural Development. Johns Hopkins Univ. Press.
6. Fischer G, Miller J & Sidney MS. (Eds.). 2007. Handbook of Public Policy Analysis: Theory, Politics
and Methods. CRC Press.
7.. Frank E. 1992. Agricultural Policies in Developing Countries. Cambridge Univ. Press.

8. Kindleberger PC. 1977. Economic Development. McGraw Hill.

9. Meier M G & Stiglitz JE. 2001. Frontiers of Development Economics- the Future Perspective. Oxford
Univ. Press.
10. Sadoulet E & de Janvry A. 1995. Quantitative Development Policy Analysis. (London:John Hopkins
Univ. Press.
11.Shoven Neck R, Christian R & Mooslechner P. (Eds.). 2008. Quantitative Economic Policy Essays in
Honour of Andrew Hughes Hallett.

Agricultural Marketing and Price Analysis (ECON 605)


Market structure, conduct and performance analysis. Problems in agricultural marketing from demand,
supply and institutional side. Market intermediaries and regulation. Marketable and marketed surplus
estimation. Marketing efficiency. Vertical and horizontal integration. Marketing cooperatives, APMC,
direct marketing, contact farming and retailing.
Supply chain management; State trading, warehousing and other government agencies. Performance and
strategies; market infrastructure needs, performance and government role. Value chain finance. Role of
information technology and telecommunication in marketing of agricultural commodities.
Market research, market information service, electronic auctions (e-bay), e-Chaupals, Agmarket and
Domestic and Export market Intelligence Cell (DEMIC), Market extension. Spatial and Temporal price
relationship; price forecasting, time series analysis, time series models, spectral analysis.
Price policy and economic development, non-price instruments. Theory of storage. Introduction to
commodities markets and future trading, basics of commodity futures. Operation mechanism of
commodity markets, price discovery, hedging and basis. Fundamental analysis, technical analysis. Role of
government in promoting commodity trading and regulatory measures.

Practical: Practical training of supply and demand elasticities, price spreads, price forecasting,
concentration ratios and marketing efficiency analysis. Marketing structure analysis of regulated market
and marketing societies. Analysis of contract farming and supply chain management. Chain analysis;
quantitative estimation of supply chain efficiency. Online searches for market information sources and
interpretation of market intelligence reports. Technical and fundamental for important agricultural
commodities; presentation of the Survey Results and wrap-up discussion.
Suggested Readings
1. Agricultural marketing in India by S.S.Acharya and N.L.Agarwal, Oxford and IBH Publishing
Co., New Delhi.
2. Agricultural price policy in India by A.S.Kahlon and D.S.Tyagi, Oxford and IBH Publishing Co.,
New Delhi.
3. Agricultural prices-analysis and policy by S.S. Acharya and N.L.Agarwal, Oxford and IBH
Publishing Co., New Delhi.
4. Marketing of agricultural products by R.L.Kohls and J.N.Uhi, Macmillan Publications Co. Inc.,
New York.
5. Marketing efficiency of Indian Agriculture by Z.Y.Jasdanwalla, Allied Publishers Pvt. Ltd.
6. Marketing of farm products by G.S. Shepherd, Lowa state University Press, Ames. USA.
7. Readings on agricultural marketing by F.W. Wough, Lowa state University Press, Ames. USA.
8. Marketing of agricultural products by M.E. Brunk and L.b. Darrah, The Ronald Press Co. New

9. Marketing: An institutional approach by Edward A. Duddy and David A. Rezvan, McGraw-Hill

Book Company, INC. New York.

Advanced Agricultural Economics (ECON 606)


History of agricultural development. Theories of agricultural development.

Agriculture in different countries with different social, political and economic systems. Institutional
setting in agriculture, inter- sectoral forward and backward linkages.

Agricultural development process under various economic systems. Distributional justice, distortions by
political and economic factors, impact of agricultural development on investment, capital formation and
employment, agricultural taxation, world trade in agriculture and external competitiveness.

Review of agricultural policy and impact and institutional changes in agricultural development.

Selected Readings: