Syllabus WBSET ECONOMICS

THE WEST BENGAL COLLEGE SERVICE COMMISSION

STATE ELIGIBILITY TEST

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