SVKM’s NarseeMonjee Institute of Management Studies

Name of School – Kirit P. Mehta School of Law

Program: B.A., LL.B.(Hons) 8101 & B.B.A., LL.B.(Hons) 8102 Semester: III
Module: Economics III Module Code:
Teaching Scheme Evaluation Scheme
Tutorial
Lecture Practical Term End
(Hours Internal Continuous
(Hours (Hours Examinations (TEE)
per week) Credit Assessment (ICA)
per per (Marks- 50
(Marks - 50)
week) week) in Question Paper)
4 0 0 4 Marks Scaled to50 Marks Scaled to 50
Pre-requisite:The course requires a basic understanding of micro and macroeconomic concepts.
Objectives
● Understand the interaction of growth and development indicators with the legal
decision making.
● Identify and assess legal conditions and frame work necessary for policy making and
sustaining economic development.
Outcomes:
● To demonstrate ability to interpret provisions of legal rulesand its effectiveness on
economic development. (PLO1a).
● To undertake research and study case laws using various economic tools and techniques
for finding solutions and communicate the research in a lucid manner. (PLO2b)
● To develop strategies, interconnect issues, and provide suggestions for effective framing
of economic policy and institutions. (PLO3b)
Detailed Syllabus: (per session plan)
Unit Description: Duration
1. Economic Growth vs Economic Development.
2 Hrs.
Reference Reading:
Chapter No 1: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

Peadagogy: Discussion Method with Visual Aid.

2. Growth and Development Models: HarrodDomar Growth
Model,Rostow’s Stages of growth, Arthur Lewis Model of Economic
Development, Hirschman theory of Growth, RagnerNurkse- 3 Hrs.
Theory of Growth, Kuznet Curve theory of growth-
Reference Reading:
Chapter No 3: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

Pedagogy: Discussion Method

3. Role of Law in Economic Development. - 2 Hrs.

Reference Reading
Ginsburg, Tom. "Does Law Matter for Economic Development?
Evidence From East Asia." Law & Society Review 34, no. 3 (2000): 829-
56.
Accessed March 25, 2021. doi:10.2307/3115145.
Pedagogy: Discussion Method
 SVKM’s NarseeMonjee Institute of Management Studies
Name of School – Kirit P. Mehta School of Law

4. Absolute poverty vs Relative poverty-

2 Hrs.
Reference Reading:
Chapter No 5: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

Pedagogy: DiscussionMethod
5. Measures of poverty-Head Count Ratio, Total poverty gap, Average
poverty gap, Average income shortfall, Normalized income shortfall. -

Reference Reading 3 Hrs.

Chapter No 5: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 11th.

Pedagogy: Discussion Method

6 Foster Geer Thorbek Measure and the Multidimensional Poverty Index- 2 Hrs.

Reference Reading:
Chapter No 5: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

Dasgupta, Partha, and Debraj Ray. "Inequality as a Determinant of

Malnutrition and Unemployment: Theory." The Economic Journal 96
(1986): 1011-1034.

Pedagogy: Discussion Method

7. Measurement of inequality- Size distribution (quintiles, deciles), Lorenz 3 Hrs.
curves, Gini Coefficients and Functional Distributions. -

Reference Reading:
Chapter No 5: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

Pedagogy: Discussion Method with Excel

8. Inverted U hypothesis. 2 Hrs.

Reference Reading:
Chapter No 5: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

Pedagogy: Discussion Method with Visual Aid and Excel.

9. Inequality and Development: Interconnections 2 Hrs.

Reference Reading:
Chapter 7: Economic Development,Debraj Ray
Pedagogy: Discussion Method with Visual Aid and Excel.
 SVKM’s NarseeMonjee Institute of Management Studies
Name of School – Kirit P. Mehta School of Law

10. Theory of Human capital formation- Gary Becker 2 Hrs.

Reference Reading
Chapter 2-3: Gary S. Becker (1975). “Human Capital: A Theoretical and
Empirical Analysis with special reference to Education”. National Bureau
of Economic Research. New York.
Becker, Gary S., Kevin M. Murphy, and Robert Tamura. "Human Capital,
Fertility, and Economic Growth." Journal of Political Economy 98, no. 5
(1990): S12-37. Accessed March 24, 2021.
http://www.jstor.org/stable/2937630 Pedagogy: Discussion Method
11. Sen’s Capability Approach and Idea of Development. 2 Hrs.
Reference Reading:
Sen A. Development as Capability Expansion. In: Fukuda-Parr S, et
al Readings in Human Development. New Delhi and New York:
Oxford University Press ; 2003.
Amartya Sen Interview (1999) https://youtu.be/-6A7k6peWRM
Pedagogy: Discussion Method
12 Demographic Dividend- 2 Hrs.
Reference Reading
Chandrasekhar, C. P., Jayati Ghosh, and AnamitraRoychowdhury. "The
'Demographic Dividend' and Young India's Economic
Future." Economic and Political Weekly41, no. 49 (2006): 5055-064. Accessed
March 24, 2021. http://www.jstor.org/stable/4419004
Pedagogy: Discussion Methods with Excel
13. Education and Development 2 Hrs.
Bills, Mark, and Pete Klenow. "Does Schooling Cause Growth?" The
American Economic Review 90, no. 5 (2000): 1160-1183
Banerjee, Abhijit. "Educational Policy and the Economics of the Family."
Journal of Development Economics74, no. 1 (2004): 3-32.
Pedagogy: Discussion Methods
14. Rationality and Economic Model of Criminal Behavior. - 3 Hrs.

Reference Reading
Chapter 2-3 Economics of Crime (Foundations and Trends in
Microeconomics) by ErlingEide, Paul H. Rubin, Joanna M. Shepherd.
Pedagogy: Discussion Method with Visual Aid
15. Cost benefit analysis of economic crimes- 2 Hrs.
Reference Reading:
Chapter 2-3 Economics of Crime (Foundations and Trends in
Microeconomics) by ErlingEide, Paul H. Rubin, Joanna M. Shepherd.
Adelstein, "Informational Paradox and the Pricing of Crime: Capital
Sentencing Standards in Economic Perspective," 70 Journal of Criminal Law
and Criminology (1979), pp. 281 – 298.
Pedagogy: Discussion Method with Visual Aid
16. Law Enforcement, Severity Analysis -Deterrence and retribution. 2 Hrs.
Reference Reading:
Chapter 2-3: Economics of Crime (Foundations and Trends in
Microeconomics) by ErlingEide, Paul H. Rubin, Joanna M. Shepherd.
 SVKM’s NarseeMonjee Institute of Management Studies
Name of School – Kirit P. Mehta School of Law

Stigler, G. J. 1970. “The Optimum Enforcement of Laws.” Journal of

Political Economy 78:526– 36
Pedagogy: Discussion Method with Excel
17. Types of Economic Crimes-Bribery &Corruption, Money Laundering, 3 Hrs.
Asset Misappropriation, Insider Trading, Accounting Statement Fraud. –

Reference Reading:
Chapter 2-3: Economics of Crime (Foundations and Trends in
Microeconomics) by ErlingEide, Paul H. Rubin, Joanna M.
Shepherd. Survey Report by
PWC :https://www.pwc.in/assets/pdfs/global- economic-crime-
survey.pdf
Pedagogy: Discussion Method.
18 The Coase theorem & Theory of Property Rights- 2 Hrs.
Reference Reading:
Chapter 10: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).
Coase, "The Problem of Social Cost," 3 Journal of Law and Economics (1960),
pp. 1 – 44.
Michelman, "Property, Utility and Fairness: Comments on the Ethical
Foundations of 'Just Compensation' Law," 80 Harvard Law Review (1967),
pp. 1165-1258.

Pedagogy: Discussion Method

19 Transactions Cost 2 Hrs.
Reference Reading:
Chapter No 10: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).

North, Douglass C. "Transaction costs, institutions, and economic history."

Zeitschriftfür die gesamteStaatswissenschaft/Journal of institutional and
theoretical economics H. 1 (1984): 7-17
Pedagogy: Discussion Method
20 Evolution of Institutions- 2 Hrs.
Reference Reading:
North, Douglass C. "Institutions." The Journal of Economic Perspectives 5,
no. 1 (1991): 97-112. Accessed March 24, 2021.
http://www.jstor.org/stable/1942704
Pedagogy: Discussion Method
21 Legal and Social Norms- 2 Hrs.
Reference Reading:
Posner, Richard A. "Social Norms and the Law: An Economic Approach."
The American Economic Review 87, no. 2 (1997): 365-69. Accessed March 24,
2021. http://www.jstor.org/stable/2950947.
Pedagogy: Discussion Method
22 Trends in Indian Industrial Policy (1948-1991) 2 Hrs.
Reference Reading:
Dutt and Sundaram, Indian Economy, Schand (2016)
 SVKM’s NarseeMonjee Institute of Management Studies
Name of School – Kirit P. Mehta School of Law

Pedagogy: Discussion Method with Excel

23. Liberalization, Privatization and Globalization. 3 Hrs.

Reference Reading:
Dutt and Sundaram, Indian Economy, Schand (2016)
Pedagogy: Discussion Method
24. 12 five-year Plans and NITI AYOG 3 Hrs.
Reference Reading:
Dutt and Sundaram, Indian Economy, Schand (2016)
Pedagogy: Discussion Method
25. Gender and Development
Reference Reading:
Beaman, Lori, Esther Duflo, and Raghabendra Chattopadhyay. "Powerful 2 Hrs.
Women: Does Exposure Reduce Bias?" University of California, San Diego,
March 2008.
Rose, Elaina. "Gender Bias, Credit Constraints and Time Allocation in Rural
India." The Economic Journal 110, no. 465 (2000): 738-758.
Pedagogy: Discussion Method
26 Urbanization and Labour Markets- 3 Hrs.
Reference Reading:
Chapter 8: Michael. P. Todaro, Economic Developments, The Pearson
Series in Economics, 12th Edition, (2015).
Pedagogy: Discussion Method
Total 60 Hrs.
Text Books:
1) Debraj Ray, Development Economics, 1st edition, Oxford University Press (1999) (E-Book
Available)
2) Michael. P. Todaro, Economic Development, The Pearson Series in Economics, (12th Edition
2014) (E-book Available)
Reference Books:
1. Posner, Richard A. Economic analysis of law. Wolters kluwer law & business, 2014 (E-book
available)
2. Cooter, Robert, and Thomas Ulen, Law and Economics, 2016.
3. Polinsky, A. Mitchell, and Steven Shavell, eds. Handbook of law and economics. Elsevier,
2007 (E-book Available)
Any other information:
Details of Internal Continuous Assessment (ICA): 50 Marks
Research Paper: 20 Marks
Seminar: 10 Marks
Viva: 10 Marks
Class Participation: 10 Marks

Dr. Parinaaz Mehta

Signature Signature
(Prepared by Faculty) (Approved by Dean)
SVKM’s NarseeMonjee Institute of Management Studies
Name of School - Kirit P. Mehta School of Law