The primary objective of this course is to provide introduction to Probability and Statistics for quantitative analysis in economics. This course builds upon statistical foundations of econometric methodologies that are useful in empirical research. Students will be introduced to the major quantitative techniques that social scientists use to test models, study economic behaviour, evaluate policies, and relationships between variables. The topics covered in the course include basic probability theory and mathematical statistics, linear regression models and its applications.

This course provides a political economy perspective on economic growth and development, drawing both from the Indian and international experiences. It discusses development histories, contemporary economic issues, and also future economic challenges. The topics covered include industrialization, economic planning, international trade, financial crises, poverty, and labour migration.

Economic growth. Economic development. Historic growth and contemporary development. Lessons and controversies. Characteristics of developing countries. Obstacles to development. Structural changes in the process of economic development. Relationship between agriculture and industry. Strategies of economic development. Balanced/ Unbalanced growth. International trade and economic development. Population. Planning for economic development. Use of input-output model and linear programming techniques in planning. Indian plan experience. Strategy of Indian planning. Indian plan models.

This course aims to provide various perspectives on India’s economic development. Development debates on India’s economic transformation from the colonial period will illuminate the discussions. The primary concern will be on contemporary issues, including social inequalities, constraints to agricultural and industrial growth, and the revolution in the services sector. The coursework will emphasize on a set of readings, classroom interactions and debates.

One part of this course aims to introduce the students to the set-up of general equilibrium model especially following Arrow-Debreu framework. Existence, stability and other properties of such equilibria are formally discussed. The other part of the course aims to introduce the students to game theory. Basic model of complete information simultaneous move games is set up and the notion of Nash equilibrium is introduced. Properties of Nash equilibrium are discussed in details, particularly with the help of several examples. Next the concept of sequential games is introduced and examples are used to define the notion of subgame perfect equilibrium in this setting.

This course aims to introduce the students to formalization of individual decision making and various facets of it under different perspectives- when the individual is a consumer (consumer's choice, demand, dilemmas etc.) or when she is a producer (profit maximization or cost minimization, characterization of different market structures under various degree of market power). Finally, the course discusses different aspects of decision-making under uncertainty.

This course aims to introduce the students to formalization of individual decision making and various facets of it under different perspectives- when the individual is a consumer (consumer’s choice, demand, dilemmas etc.) or when she is a producer (profit maximization or cost minimization, characterization of different market structures under various degree of market power). Finally, the course discusses different aspects of decision-making under uncertainty.

Micro versus macroeconomics. Theory of consumer behavior and demand. Consumer preferences. Indifference curve. Consumer equilibrium. Demand function. Income and substitution effects. The Slutsky equation. Market demand. Elasticities. Average and marginal revenue. Revealed preference theory of firm. Production functions. Law of variable proportions. Laws of return to scale. Isoquants. Input substitution. Equilibrium of the firm. Expansion path. Cost function. Theory of costs. Short Run and Long run costs. Shape of LAC. Economies and diseconomies of scale. Market equilibrium under perfect competition. Equilibrium under alternative forms of market. Monopoly: pure and discriminating. Monopolistic competition. oligopoly.

The aims of this course are to:
(i) equip students with understanding of the most important mathematical techniques used in modern economics;
(ii) illustrate the use of these techniques by applying them to various well-known economic models;
(iii) complement the postgraduate microeconomic and macroeconomic theory courses.
 

Primary objective of this course is to introduce students with the process of economic growth and the long run sources of differences in economic performances across nations. Emphasis will be placed on developing theoretical toolkit in understanding growth mechanics. It is intended that this course will make students learn some of the workhorse models in modern macroeconomics, namely - Solow-Swan model, endogenous growth models, Ramsey and dynamic macroeconomic models, heterodox models, etc.