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Macroeconomics
Paper Code:
ECO 501
Credits:
3
Contact Hours:
45.00
Max. Marks:
100.00
Objective:
To make the students aware of the basic theoretical framework underlying the field of macroeconomics.
8.00
Unit I:
National Income
- Circular flow of Income.
- Concepts and methods of measuring the National Income;
- Concept of Real and Nominal income;
- Problems in measuring National Income;
- National Income and welfare.
10.00
Unit II:
Classical Economics
- Say’s Law;
- Determination of Equilibrium output and employment in simple Classical Model;
- Classical model involving Savings and Investment;
- Keynes’ attack on the Classical Model.
11.00
Unit III:
Keynesian Economics
- Consumption Function;
- Investment Function;
- Determination of equilibrium income, output and employment.
8.00
Unit IV:
Multiplier & Accelerator
- Multiplier – Meaning & Working;
- Static & Dynamic Multiplier;
- Concept of Tax Multiplier, Government Expenditure Multiplier & Balanced Budget Multiplier;
- Accelerator – Meaning & Operation;
- Super Multiplier.
8.00
Unit V:
Economic Growth and Development
- Economic Development and Growth
- Measurement of Economic Growth
- Human Development Indices – PQLI, HDI
- Factors of Growth – Economic and Non Economic.
Essential Readings:
- Ahuja, H.L., Macro Economic Analysis, S. Chand.
- Rana K.C. & Verma K.N., Macro Economic Analysis(2005-06), Vishal Publishing CO.
- Froyen R., Macroeconomics, Pearson Education.
References:
- Shapiro, E. (1996), Macroeconomic Analysis, Galgotia Publications, New Delhi.
- Ackley, G. (1976), Macroeconomics: Theory and Policy, Macmillan Publishing Company, New York.
- Rastogi, S. and S. Aiyar (1997), National Income and Accounting, Lotus Books.
- Schaum’s Outlines, Macroeconomics, Tata McGraw Hill.
- Vaish, M.C., Macroeconomics, Wishwa Prakashan.
- Dornbush, Fischer and Startz, Macroeconomics, Tata McGraw Hill.
- Mankiw, N.G. (6th ed), Macroeconomics, Worth Publishers.
Academic Session:
