MACRO-ECONOMIC THEORY I (THEORY)

Paper Code: 
COM 504
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Outcome

Learning and teaching strategies

Assessment Strategies

On successful completion of this course, the student will be able to:

 

  1. Students will analyze the fundamentals of macroeconomics and examine the concept of circular flow of income
  2. Students will Critically evaluate the classical theory of income and employment
  3. Students will examine the Keynesian theory of employment and output.
  4.  Students will analyze the concepts of national income and methods of calculating National Income
  5.  Students will explore the factors affecting economic growth and interpret the indicator of growth and development

Interactive Lectures, Discussion, Tutorials, Reading assignments, Team teaching

 

Observation, Presentation, Report writing

 

7.00
Unit I: 
Macro Economics-

• Meaning, Definition, Nature, Scope,
• Importance and Limitations
• Types of Macro Economics-Macro Static,
• Macro Dynamic and Comparative Static. A concept of circular flow of Income.

10.00
Unit II: 
Classical Theory of Employment-

• Assumptions, Determination of Full employment output,
• Says Law of Market: Equilibrium in commodity Market,
• Implications of Says Law of Market,
• Criticism of classical theory of employment.

10.00
Unit III: 
Keynes’ theory of Employment and Output-

• Aggregate Supply, Aggregate Demand,
• Effective Demand, Comparison between Classical and Keynesian contribution.

8.00
Unit IV: 
National Income Analysis

• Definition, Concepts, Methods of measuring National Income,
• Importance of national income,
• Difficulties in measuring National Income.

10.00
Unit V: 
Economic growth and development:

• Meaning, difference between growth and development,
• indicators of economic growth, role of economic and non-economic factors in economic development

Essential Readings: 

• M.L. Seth ,Macro Economic Theory, Laxmi Narayan Agarwal, Agra
• M.C. Vaish ,Macro economic Theory –,WishwaPrakashan, New Delhi
• H.L.Ahuja, Macro Economic Theory, , S.Chand& Sons Publication, Delhi
• T. R Jain, B.D Majhi, Kartik Arora , Macroeconomics, VK Publications, New Delhi
• T. R Jain, O. P Khana, Macroeconomics Analysis and Policy, VK Publications, New Delhi

References: 

• Dipsey R.G and Cheystal, Principles of Economy, Oxford university Press
• Edward Shapiro ,Macro Economic Analysis , Galgotia Publication, Delhi
• Mithani. D.M, Money,Banking,International Trade and Public Finance., Himalayan Publication, New Delhi
• Mankiw, N. Gregory. Macro Economics. Macmillan.
• Oliver, Blanchard. Macro Economics, Pearson Education, LPE.

Academic Year: 
2022-2023
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