Course Outline

ECONOMY OF PAKISTAN

LECTURER
AZAZ ALI ATHER BUKHARI
DEPARTMENT OF BANKING AND FINANCE, UNIVERSITY OF THE PUNJAB
(GUJRANWALA CAMPUS), GUJRANWALA,
PAKISTAN

HAILEY COLLEGE OF BANKING AND FINANCE,

UNIVERSITY OF THE PUNJAB, LAHORE,
PAKISTAN.
Instructor: Azaz Ali Ather Bukhari

Course: Economy of Pakistan

Semester: MBA Insurance and Risk Management, 6th

Email: azaz.bukhari@pugc.edu.pk

Office: 1st Floor West Wing, Room No 113, PUGC, Grw

Office Phone: 055 92 00 985

Teaching Format: Two Lectures per Week (1.5 Hrs. Each)

Consulting Hours: 1:00-2:00 pm (Wed-Thu at Faculty Office HCBF)

Assessment: Mid Term Exam (35%)

Final Term Exam (40%)

Sessional Marks (25%)

(Includes Assignments, Viva, Class Participation and Quizzes)

Note: There will be an announced test every first class of the week covering last
week’s lecture and a surprised quiz, whereas all assignments shall be submitted in the
next earliest class. Replica is Science but Plagiarism is a Crime.

Objectives:

The Economy of Pakistan will help to establish both the conceptual base and the
analytical skills that are needed to harness local and regional economic change and help develop
the capacity of institutions as agents of development. Its key concern is with the variety of ways
in which national and regional governments and local agencies may be mobilized, managed and
co-ordinate with the private sector in order to stimulate local economies. Students will also
develop an understanding of the local, national and international trends in business organization,
and the knowledge of the variety of agents that constitute the governance of local and regional
economies.
 COURSE CONTENTS

Part 1: Scope and New Developments

Basic Themes & Nature
The Branch of Economics as Economy of Pakistan
Economic Development and Economic Growth
Scope and Significance of Economic Development
Measurement of Economic Development
 Human Development Index Approach (HDI)
 Gross Domestic Product Approach (GDP)
 Gross National Product Approach (GNP)
 Per Capita Income Approach (PCI)
 Expenditure Approach (E)
 Income Approach (NI)
Analysis of Developed and Developing Economies
Pre-requisites of Economic Development
Characteristics of Less Developed Countries (LDC’s)
Major Issues to the Less Developed Countries
1) Economic Issues
2) Non-Economic Issues
 Social Issues
 Cultural Issues
 Political Issues
Why the whole world is not developed
Part 2: Empirical Significance and Sources of Economic Development w.r.t Pakistan
Infrastructural Resources
 Health
 Education
 Transportation and Communication

Resources
1) Natural Resources
 Mineral Resources
  Forest Resources
 Power Resources
2) Human Resources
 Population
 Labor Force
 Density
3) Capital Resources
 Internal Sources
 External Sources
Part 3: Agriculture and Industrial Development: Emerging Issues
Agriculture Sector
 Major Crops
 Minor Crops
Importance of Agriculture Sector
Issues Related to Agriculture Sector
Farm Mechanization and its Merits
Industrial Sector
 Main Industries
 Small Scale Industries
Importance of Industrial Sector
Issues Related to Industrial Sector
Services Sector
 Financial Sector
 Non-Financial Sector

Revision Class
Mid Term Exam (35%)

Part 4: Sectorial Development, Employment Patterns and Unemployment

Sectorial Priorities and Development Issues
Human Resource Development and Employment Issues
Population Growth, Labor Force Participation
Unemployment and its types
Policies to Combat Unemployment
Part 5: International Debt, Aid/Assistance
Balance of Payment (BOP) Account
Causes of Deficit Balance of Payment
Measures to Improve Deficit Balance of Payment
International Borrowing
Sources of External Borrowing
Discussion on Debt Burden and Debt Servicing
Debt Overhang and threat to Growth
Part 6: International Liberalization and Trade
Trade v/s Aid
International Flow of Goods and Services
Basis, Patterns and Gains from Trade
Theories of Trade
 Heckshare Ohlin Theory
 Absolute Advantage Theory
 Comparative Advantage Theory
Part 7: Poverty and Income Distribution
Definitions and Approaches to Measure Poverty
Poverty and Vicious Circle of Poverty
Pattern of Income Distribution: Rural and Urban
How to Combat Poverty; Growth Strategy and the basic Needs
Revision Class
Final Term Exam (40%)

Recommended Book:

Khan, Attaullah, Economy of Pakistan*, Karachi: Oxford University Press, 2004

Saeed, Khawaja Amjad, The Economy of Pakistan*, Karachi: Oxford University Press, 2005

Supplementary Books:

Zaidi, Akbar, (latest edition), Issues in Pakistan Economy*, Oxford .Univ. Press, Karachi.
Ex-Ante Announcements
1) General:
 The schedule of examination and assignment shall be followed strictly, however can be
revised under unavoidable conditions, but no individual consideration at all.
 In case of institute holiday (or any uncontrolled factor) on exam day, exam will be taken
in next schedule class.
 There will be no makeup exams in any case, students should make their attendance
compulsory in all exams, being absent will be marked zero in exam.
 Class missed due to university holiday or any other reason will be rescheduled.
 Mid Term Syllabus is part of the Final one.

However students having any problem in understanding lecture should immediately contact,
without waiting for the scheduled consultation hours.

2) Academic & Disciplinary Policies:

Late Submission:

According to the University policy an assignment submitted after the due date, without an
approved extension, will be penalized, whereas assignments submitted after 2 days will be
awarded zero marks.

Absenteeism:

Late coming and shortage in attendance i.e. 4 continual absents from class, ensure that students
will be struck off from the relevant subject.

Scholastic Honesty:

Superior University expects each student to do his/her own work. The University has "zero
tolerance" for cheating, plagiarism, unauthorized collaboration on assignments and papers, using
"notes" during exams, submitting someone else's work as one's own, submitting work previously
submitted for another course, or facilitating acts of academic dishonesty by others. The penalties
are severe!
Plagiarism

University policy prohibits students plagiarizing, collusion, copying and ghost writing any
material under any circumstances. A student plagiarizes if he or she presents the thoughts or
works of another as one’s own. This definition may include:

Using another’s ideas without due acknowledgement;

Working with others without permission and presenting the resulting work as though it was
completed independently. Aiding another student to plagiarize is also a violation of the
plagiarism Policy and may invoke a penalty.

Cover Sheets for Assessment:

A Faculty specific Assignment Cover Sheet (available at university bookshop) is to be completed

and attached to each assessment item to be submitted.