Professional Documents
Culture Documents
PRINCIPLES OF ECONOMICS
SEMESTER – I
Course Coordinator:
Dr. Arun B. Prasad
Ms. Vishakha Gandhi
Assistant Professor (Economics)
Institute of Law
INDEX
C. Course Syllabus
F. Unit / sub-unit wise content of the syllabus and list of case law and
Evaluation Scheme
Teaching
Scheme Examination
Credit Component Weightage
(Hrs./Week) Hours
Course
L T PW C SEE CE SEE PW
Code Course Name
Principles of
2BL134
Economics 3 1 0 4 03 0.6 0.4 0
Pedagogy:
Pedagogy for this course would involve interactive sessions on given topics involving examples
from industry and case studies wherever applicable. As part of continuous evaluation, the
students will be given assignments and quizzes. The sessions would be a combination of chalk &
talk and Multimedia presentations.
CLASS DECORUM -
1) Pre-session reading is expected from learners.
2) Timely submission of assignments, projects and reports is a must.
3) High academic honesty is expected; negating which appropriate action will be taken.
4) It is expected that the students are present in class before the session begins.
5) A hard copy of all Essential and Reference Reading Material (ERM & RRM) is available in the
Library. It is expected that students come to class after reading the relevant reading material.
3. http://cepr.net/blogs/cepr-blog/ This blog, from the Center for Economic and Policy Research,
does a great job of presenting economic issues in an accurate and easily understandable man -
ner, thus allowing the public to come to their own conclusions regarding economic policy.
The CEPR, an organization founded in 1999 to promote democratic debate on important eco-
nomic issues, focuses its blog on covering the activities and briefings of the CEPR.
SDGs and India Niti Ayog’s The Print - Video YouTube 34.00 Min.
annual
ranking of
India’s states
5 on key goals:
winners,
laggards &
some
surprises
List of International / National Journals related to the Course
F. Unit / sub-unit wise content of the syllabus and list of case law and research articles etc.
Students will be
Background reading expected to do reading
Self-Study 20% based on text and of basic definitions and I and III
references concepts before and after
lectures.
Prof. Jeevant
Rampal, IIM – A /
Expert Lecture / Lectures by law faculty
Cases & Videos
Cooperative member / Expert Lecture
10% V, VI
Teaching / Video /
Prof. Chinmay
Sessions Cooperative Teaching
Tumbe, IIM – A
(Migration)
Explanation of basic
Lectures and concepts and theories
Core Teaching 70% II, IV, V, VI
Discussion along with discussion of
related issues.
G. Lesson Plan
Sessio Reading
Topic Pedagogy CLO
n No. Material
Handout
Definition, scope, basic assumptions and Chapter – I
1 L&D 1
nature of economics Introduction
pp. 1-19
2 Micro and Macro Economics L&D Handout 1
Book: Legal
Interactional Dimensions in Law & Economics
3 L 1
Economics: Tort Law (Cooter &
Ulen) pp. 1-12
Book: Legal
Economics
4 Contract Law L&D (Cooter & 1
Ulen) pp. 188-
195
Consumer Protection Law, International Book: Legal
5 PPT 1
Trade Economics
Book: Legal
6 Competition Law PPT / Case Economics 1
Book: Legal
Environmental Law (common resource
7 PPT / Case Economics 1
issues), and Intellectual Property Law pp. 43-49
Text Book
Factors of Production – Land, Labour, Reference
8 Video 1
Capital and Entrepreneur Chapter – 18
pp. 375-392
Text Book
Production function – Economic Models –
9 L&D Reference pp. 1
Circular flow 491-495 &539
Production and efficiency – Production Text Book
10 L 1
Possibilities Reference
Text Book
Defining demand and utility & Demand Reference
11 L 1
function – law of demand Chapter – 4
pp. 66-84
Text Book
Reference
12 Supply and its determinants L&D Chapter – 4
1
pp. 66-84
Text Book
Reference
13 Supply function - Law of supply CD / GD Chapter – 4
1
pp. 66-84
Text Book
Reference
14 Market Equilibrium of Supply & Demand L&D Chapter – 4
1
pp. 66-84
Text Book
Case Reference
15 Market Equilibrium of Supply & Demand 2
Reading Chapter – 4
pp. 66-84
Text Book
Reference
16 Market Equilibrium of Supply & Demand Debate Chapter – 4
2
pp. 66-84
Text Book
17 Elasticity of demand L Reference 1
Pp. 89-101
Text Book
Elasticity of supply & Income and cross
18 L Reference 1
price elasticity Pp. 89-101
Text Book
19 Elasticity and revenues L&D Reference 2
Pp. 89-101
Text Book
20 Elasticity and revenues Diagrams Reference 1
Pp. 89-101
Text Book
Government and markets - Price Floor &
21 L&D Reference 2
Price Ceiling Pp. 112-128
Government and markets - Price Floor & Current Text Book
22 1
Price Ceiling Affairs Reference
Pp. 112-128
Text Book
23 Government and markets - Taxation L&D Reference 2
Pp. 112-128
Text Book
24 Government and markets - Taxation L&D Reference 2
Pp. 112-128
Text Book
25 Willingness to Pay and Consumer Surplus CD Reference 2
pp.135-150
Text Book
26 Willingness to Sell and Producer Surplus CD Reference 2
pp.135-150
Text Book
27 Market efficiency and deadweight loss Video Reference 2
pp.135-150
Text Book
28 Deadweight Loss of Taxation Case Reference 2
pp.135-150
Text Book
Markets and Competition – Perfect vs
29 HomeWork Reference 1
Imperfect pp. 279-295
Text Book
Markets and Competition – Perfect vs
30 Discussion Reference 2
Imperfect pp. 279-295
Text Book
31 Perfect Competition and Monopoly HomeWork Reference 1
pp. 279-295
Text Book
32 Perfect Competition and Monopoly Discussion Reference 2
pp. 279-295
Imperfect Competition – Oligopoly and Chapter-
33 HomeWork 1
Monopolistic Competition 14&15
Game theory and prisoner’s dilemma, and Textbook
34 Simulation 3
advertising. 355-366
Game theory and prisoner’s dilemma, and Textbook
35 Discussion 3
advertising. 355-366
Textbook
Product differentiation and advertising in
36 Video Pp/338-343 2
monopolistic competition
Monopolistic and unfair trade practices, Textbook
37 PD 3
Anti-trust and anti-cartel legal systems pp.358-363
Monopolistic and unfair trade practices, Competition Textbook
38 2
Anti-trust and anti-cartel legal systems Law case pp.358-363
39 Need and Type of Regulation Flip Class Handout 3
Textbook
40 Remedying information failures Discussion pp. 202-208 3
Ref: Chryzal
41 Market Failure and externalities L&D Ref: Chryzal 3
Textbook
42 Market Failure and externalities Case pp. 197-201
2
43 Coase theorem and internalizing L Textbook 3
externality pp. 209-211
Textbook
44 Public Goods and Private goods L&D pp. 217-229 3
Textbook
45 Public Goods and Private goods L&D pp. 217-229 3
46 REVISION
Tutorial Plan
Tutorial Preparation Teaching Description Reference Outcome CLO
No. Method
Revision Unit 1, 1.1 Unit 1 1
Class
1 Pre-Reading and and 1.2 Concept
Discussion
Debriefing Revision
Some One Page Awareness 1
Coaching / Economic Handout about how
2 Discussion
Team Work Perceptions Perceptions
are created
Economic A Century of 1
Sanctions – Sanctions – Critical
3 Pre-Reading Debate From North Uppsala review on
to South Univ. Sanctions
Publication
Food Critical 2
Security in analysis of
Economic
India. A national food
aspects of
presentation security act
Food
4 Case Study Flip Class by Student with context
Production
Group of global
and Legal
economy –
Awareness
Journal
Article
What are Economic Expression of 2
Writing
5 Pre-Reading Rights? Rights economic
Assignment
Handout ideas / rights
6 Pre-Reading Discussion Market Is the Market Wholistic
on Market and Debate Efficiency Efficient? understanding
Based on Handout 3
Efficiency Pre- of Efficiency
Reading
Game Game Theory Strategic
7 Pre-Reading Role Play Theory Handout – Behavior in 2,3
Exercise Set Legal Arena
Observation Guidelines
Market Qualitative
8 Pre-Reading or market For 2,3
Study Research
indicators Observation
Economic Political 2
Agendas For awareness
Economic
Class Government and
9 Debate Outlook
Discussion in 2021 application of
Survey 2020
economic
concepts
Seven 2,3
Short Video
Habits of Learn impact
Followed Video
10, 11 Reflection Highly of over
by Content
Effective consumption
Reflection
People
Unit 4, 5 Doubt 1,2,3
Awareness
Question and 6 Clarification
about India &
12 Pre-Reading Answer Revision and
Gujarat
Session Exercises Brainstormin
Economy
g
Unit 4 Doubt 1,2,3
Question Revision Clarification
Market
13 Pre-Reading Answer Exercises and
Regulations
Session Brainstormin
g
Unit 5 and 6 Doubt 1,2,3
Question Revision Clarification
Market
14 Pre-Reading Answer Exercises and
Regulations
Session Brainstormin
g
Unit 6 Doubt 1,2,3
Question Revision Clarification
Market
15 Pre-Reading Answer Exercises and
Regulations
Session Brainstormin
g
The objective of enmeshing Sustainable Development Goals (SDGs) as part of the course
assessment is to create awareness, understanding and bring incremental changes in behaviour.
This goal is ambitious and fraught with pitfalls if it is measured in traditional assessment
techniques. This is why students would be given freedom to express themselves as per their
abilities and skill sets. Customized assessment will be followed in CE-III in order to integrate
SDGs in the course learning and assessment.
Customized Assessment: Since students have diverse abilities and talents, the assessment will
be done according to student interests and abilities. The Presentation / Report component; which
is the outcome of the market observation process can be based upon student choices. Students
are encouraged to give outcome of the Project Work in:
1. PowerPoint Presentation
2. Video Clips of Observation
3. Seminar
4. Discussion and Debate Forums
5. Poster Presentation
6. Model Making
7. Skit / Drama
8. Research Article
9. Blog Writing and Publication
10. Media Story / Newspaper Article
The above-mentioned table clearly brings out the most repeated SDG. It is
Sustainable Development Goal No. 12
Responsible Ensure sustainable consumption and production
Goal -12 Consumption and patterns.
Production
Component – I MOODLE TEST - MCQ (20 Marks – Covering Units I II III & IV)
Multiple Choice Questions (MCQ) Test will be conducted from Units No. I II, III and IV.
Questions would test ability to apply concepts on given situations and analytical under-
standing of topics given in Unit No. I to IV. There will be no re-test for these tests. In
case a student misses this test, the only option is to wait for the next round of MCQs. Best
of two test scores will be considered from three MCQ Tests. Each test will be of 15
marks.
Component III
MARKET OBSERVATION REPORT (40 Marks)
The objective of studying market participants is to understand the dynamics of markets
and how market clears and achieves equilibrium. The goal is to apply economic concepts
to real life situations and learn by going through market experiences in a methodical man-
ner. Students will observe as to how global and national institutions are trying to develop
policies towards Responsible Consumption and Production. On the other hand, irrespec-
tive of the policies, students may observe the irresponsible behaviours and may suggest
frugal solutions to the same.
A group of 6 students will be assigned a particular topic / area or objective which requires
Active or Passive Observation of Markets. From the first week of August, student groups
will be formed and they will be guided by faculty coordinator for finalization of topics /
objectives. A minimum of three observations are required to form the report in case of
Passive Observation. A Questionnaire / Structured or Unstructured Interview schedule is
required in case of Active Observation. Once the report is formed, the same will be pre-
sented by the groups in PPT format. This activity is aimed at co-linking theory with prac-
tical aspects of market functioning and SDG Goal 12.
OR
Students can observe and brainstorm over a number of common behaviors and attitudes
of people. Certain behaviors are termed as good and socially acceptable. However, there
are also individual and group behaviors which are termed as unacceptable and are so-
cially discouraged. Ion short society is always in a flux in terms of changing behaviors of
individuals and groups.
Historically, there can be two approaches. One is through creation of laws and the other
is to look at economic incentives for behavioral change.
Student Task:
Step – 1 Observe and identify the good and bad behaviors in the society / market / everyday life
(10 Marks)
Step – 2 Find out the legal solutions by identifying the various legal options for behavioral
change (10 Marks)
Step – 3 Survey the economic incentives (national and global) that would work better than the
laws (10 Marks)
Step – 4 Give innovative solutions that result in a win – win situation (10 Marks)
Note: As mentioned earlier, the students can express their findings in any mode as they wish.
Formative Assessment Scheme / Continuous Evaluation (CE)
04/10/21
30/10/21
Application
Continuous MOODLE of Concepts / 1, 8,
20 04/12/21
Evaluation Test - Analytical
Marks
I to IV 10, 12, I, II,
Results to
(CE) I MCQ understanding 16, 17
of concepts be
declared
on the day
of MCQ
As
Application 1, 8,
Continuous notified by
Written based I, II
Evaluation
Test subjective
40 I to III 10, 12, & III
Exam
(CE) II Marks 17 Section,
questions
ILNU
Objectives
& Content
(15 Marks)
Project
Research &
Continuous Work
Method 40 All
Evaluation Market 12 III 05/12/21
(15 Marks) Marks Units
(CE) III* Observatio
Presentation
n Report
& Analysis
(10 Marks)
Ten Commandments for students.
(excerpts from Andrew J. Mc. Clurg - University of Arkansas at Little Rock School of Law)
First of all, I would tell the audience about the situation of the speaker and will ask them to wait.
I will try to indulge them in a different situation to keep them busy. I escort the speaker to the
lounge and ask him if he is comfortable for attending the audience. If he agrees, I will send the
photo and autograph seeker one by one. If he denies, I will try to create a fun situation to keep
them indulged.
I would tell the audience about the situation of the speaker and will ask them to wait. I will try to
indulge them in different situation to keep them busy. I escort the speaker to the lounge and ask
him if he is comfortable for attending the audience. If he agrees, I will send photo and autograph
seekers one by one. If he denies, I will try to create fun situation to keep them indulged.