SET Syllabus
Subject: ECONOMICS                                                            Code No.: 07

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

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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Page Last Updated on 22.03.2020


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