Indian Economy - II

Unit-1: Macroeconomic Policies and their impact

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Unit-2: Policies and performance in Agriculture

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Unit-3: Policies and performance in Industry

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Unit-4: Trends and performance in services

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Development Economics-II

Unit-1: Demography and Development

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Unit-2: Land, Labor and Credit Markets

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Unit-3: Individuals, Communities and Collective Outcomes

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Unit-4: Environment and Sustainable Development

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Unit-5: Globalization

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ECO-HC-6016: INDIAN ECONOMY-II

Course Description
This course examines sector-specific polices and their impact in shaping trends in key economic indicators in India. It highlights major policy debates and evaluates the Indian empirical evidence. Given the rapid changes taking place in the country, the reading list will have to be updated annually.

Course Outline

1. Macroeconomic Policies and Their Impact
Fiscal Policy; trade and investment policy; financial and monetary policies; labour 
regulation.

2. Policies and Performance in Agriculture
Growth; productivity; agrarian structure and technology; capital formation; trade; pricing 
and procurement.

3. Policies and Performance in Industry
Growth; productivity; diversification; small scale industries; public sector; competition 
policy; foreign investment.

4. Trends and Performance inServices

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ECO-HC-6026: DEVELOPMENT ECONOMICS-II

Course Description

This is the second module of the economic development sequence. It begins with basic demographic concepts and their evolution during the process of development. The structure of markets and contracts is linked to the particular problems of enforcement experienced in poor countries. The governance of communities and organizations is studied and this is then linked to questions of sustainable growth. The course ends with reflections on the role of globalization and increased international dependence on the process of development.

Course Outline

1. Demography and Development
Demographic concepts; birth and death rates, age structure, fertility and mortality; demographic transitions during the process of development; gender bias in preferences and outcomes and evidence on unequal treatment within households; connections between income, mortality, fertility choices and human capital accumulation; migration.

2. Land, Labor and Credit Markets
The distribution of land ownership; land reform and its effects on productivity; contractual relationships between tenants and landlords; land acquisition; nutrition and labor productivity; informational problems and credit contracts; microfinance; inter-linkages between rural factor markets.

3. Individuals, Communities and Collective Outcomes
Individual behavior in social environments, multiple social equilibria; governance in organizations and in communities; individual responses to organizational inefficiency.

4. Environment and Sustainable Development
Defining sustainability for renewable resources; a brief history of environmental change; common-pool resources; environmental externalities and state regulation of the environment; economic activity and climate change.

5. Globalization
Globalization in historical perspective; the economics and politics of multilateral agreements; trade, production patterns and world inequality; financial instability in a globalized world.

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ECO-HE-6016: ENVIRONMENTAL ECONOMICS

Course Description
This course focuses on economic causes of environmental problems. In particular, economic principles are applied to environmental questions and their management through various economic institutions, economic incentives and other instruments and policies. Economic implications of environmental policy are also addressed as well as valuation of environmental quality, quantification of environmental damages, tools for evaluation of environmental projects such as cost-benefit analysis and environmental impact assessments. Selected topics on international environmental problems are also discussed.

Course Outline
1. Introduction
Basic concepts: Environment, Ecology, Economy and the ecosystem. Definition and scope of environmental economics, why study environmental economics. Interaction between the environment and the economy, environmental economics and ecological economics, environmental economics and resource economics. Review of microeconomics and welfare economics: the utility function, social choice mechanism, the compensation Principle and social welfare function (concepts only).

2. The Theory of Externalities
Pareto optimality or Pareto efficiency, Externalities: meaning and types of externality, market failure: meaning, market failure in the presence of externalities; market failure and public goods, is environment a public good? Property rights and the coase theorem.

3. The Design and Implementation of Environmental Policy
Environmental Policies: an overview; Nonmarket and market based instruments of Environmental Policy: command and control (CAC) approach, economic instruments like pigovian taxes and effluent fees, tradable permits and mixed instruments. Monitoring and Enforcement: What is monitoring and enforcement? Penalties, cost of abatement. Damages from pollution. Incentives to sources to comply with environmental regulations.

4. International Environmental Problems
Nature of environmental problems: transboundary pollution –Climate change, global warming, ozone depletion and bio-diversity loss; Trade and environment: pollution haven hypothesis.

5. Measuring the Benefits of Environmental Improvements
Non-Market values: use and non-use values and optional value, measurement methods: Direct method-contingent valuation and indirect method-hedonic pricing methods, value of statistical life; their applications and limitations.

6. Sustainable Development
Conventional development model: a critique, Alternative approach: Sustainable Development and its origin, objectives of Sustainable Development, Approaches to Sustainable Development: weak sustainability, strong sustainability, Safe minimum standard approach, ecological perspective and social perspective, Rules and indicators of Sustainable Development.

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ECO-HE-6016: INTERNATIONAL ECONOMICS

Course Description

This course develops a systematic exposition of models that try to explain the composition, direction and consequences of international trade, and the determinants and effects of trade policy. It then builds on the models of open economy macroeconomics developed in courses 08 and 12, focusing on national policies as well as international monetary systems. It concludes with an analytical account of the causes and consequences of the rapid expansion of international financial flows in recent years. Although the course is based on abstract theoretical models, students will also be exposed to real-world examples and case studies. 

Course Outline

1. Introduction
What is international economics about?, subject matter of International Economics, An overview of world trade- its changing pattern. 

2. Theories of International Trade
The Ricardian theory- comparative advantage, Heckscher-Ohlin model, specific factors model, new trade theories- Leontief Paradox, factor-intensity reversal, international trade in the context of economies of scale and imperfect competition, technological gap and product cycle theories; the Locational theory international trade; multinational enterprises and international trade. 

3. Trade Policy
Instruments of trade policy- tariff and quota- partial equilibrium analysis; political economy of trade policy- free trade vs. protection; controversies in trade policy. 

4. International Macroeconomic Policy
Fixed versus flexible exchange rates; international monetary systems- Gold Standard, interwar period, Bretton-Woods system, European Monetary system; financial globalization and financial crises.

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ECO-HE-6036: THE ECONOMY OF ASSAM

Course Description
This course will provide students an idea of evolution of the Assam Economy from the colonial period to the contemporary time. The course is expected to help students to better appreciate the challenges and opportunities of the economy of Assam in the present context.

Course Outline
1. Changes and Evolution of the Economy in the Economic under Colonial Rule (1837 -1947):
Imposition of Land Revenue and Its Impact, Prohibition of Opium Production and State Takeover of Opium Trade, Inflow of Colonial Investment in Plantation, Mining and Other Industries. Development of Water Transport and Railways, In-migration of Population and its Impact on the Economy: Shock of Partition and its Impact

2. Growth Trends and Sectoral Composition in the Post-Independence Period:
Population growth trends before and after 1971, Trends in Demographic Parameters, Population Density, Sex Ratio, Life Expectancy and Infant Mortality Rate– Work Force and Labour Force Participation, Occupational Distribution.
Trends in Per Capita NSDP in comparison with trends in all-India Per Capita Income – Trends in Other Indicators of Development in Comparison with all-India standard; Literacy Rate, Enrolment Ratio and Forest Cover – Inter-community differences in Development Attainments.

3. Sectoral Status and Prospects: 
Infrastructure: State of Road, Rail and Air Connectivity within and out of the State; Potentials and Limitation of Waterways Development; Status of Power and Telecommunication, Financial System and Inclusion;
Agriculture: Land Holding Patterns, Land Tenure and Land Reforms, Cropping Pattern, Production and Productivity of Principal Crop –Diversification of the Rural Economy to Horticulture, Fishery, Livestock and Non-farm activities – Prospects and Challenges of the Sector.
Industry: State of the Tea Industry and Role of Small Tea Growers, State of Hydrocarbon Industry. Other Emerging Industries– Traditional Handloom Handicraft and their Prospect; Service Sector: Size and Composition.

4. State Finances: 
Public Finance in Assam and the emerging challenges. Trends and composition of revenue receipt and its implications. State taxes in Assam and the impact of GST. Strategies to enhance Revenue Receipt. 
Composition of Public Expenditure and its implications. The Assam FRBM Act: Its 
implementation and outcome. Fiscal Devolution to local bodies. 

5. Assam Economy in its Neighborhood – Mutual inter-dependence with neighboring States –Stakes of Assam in the Act East Policy

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Post ID: DABP001691