Course Outcomes (COs):
Course |
Outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
|
Paper Code |
Paper Title |
|||
ECO 313 |
International Economics-I |
CO38: Students will examine the various theories of international trade like Mercantilism, Absolute advantage, Comparative advantage and Opportunity cost theory CO39: Students will comprehend the tariffs and various non tariff barriers to trade. CO40: Students will compare different forms of economic integration, particularly customs union. |
Approach in teaching: Interactive Lectures, Discussion, Case studies.
Learning activities for the students: Presentations, Assignments and Group discussions. |
Class activity, Assignments and Semester end examinations. |
Inter-regional and international trade; Theories of international trade – Mercantilism, Theory of absolute advantage, Theory of comparative advantage and Opportunity cost theory (constant and increasing opportunity costs case); Emperical tests of Ricardian Model.
Offer Curves – Meaning; General Equilibrium Analysis- Equilibrium Relative Commodity Prices with trade; Terms of trade: Definition & various concepts; Heckscher - Ohlin Theory; Empirical tests of H-O model & Leontief Paradox.
Free Trade versus Protectionism; Tariff – Meaning, Classification, partial & general equilibrium analysis, Stolper Samuelson theorem, Rate of effective protection, Optimum tariff.
Quotas – types and effects; Import Quota versus Import Tariff; Other non tariff barriers;
New Protectionism – Strategic Trade Policy.
Economic Integration – Various forms; Trade Creating and Trade Diverting Customs Union; Static and Dynamic Effects of Customs Union; European Union; EFTA; NAFTA; SAARC.