M. A. Economics Proposed Course Structure in pg board Meeting of April 9, 2009 for Session 2009-2010

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Kurukshetra University, Kurukshetra

M. A. Economics

Proposed Course Structure


PG Board Meeting of April 9, 2009 for Session 2009-2010
M. A. Economics 3rd Semester

Max. Marks Time
Paper-306 International Trade and Finance-I 100 3 Hrs.

Paper-307 Economics of Environment and 100 3 Hrs.

Social Sector-I

Paper-308 Indian Economic Policy-I 100 3 Hrs.

Paper-309 Economics of Growth and 100 3 Hrs.


Paper- 310

Option (i) Econometrics-I 100 3 Hrs.

Option (ii) History of Modern Economics 100 3 Hrs.

(Contribution of Nobel Laureates

in Economics)-I

Option (iii) Economics and Law-I 100 3 Hrs.

Option (iv) Welfare Economics-I 100 3 Hrs.

Option (v) Industrial Economics-I 100 3 Hrs.

Option (vi) Financial Markets and Institutions-I 100 3 Hrs.

Option (vii) Economics of Gender and 100 3 Hrs.


Note: Students are required to select any one option from Paper- 310.

M.A. (3rd Semester) Time: 3 hrs.

Paper- 306 Max. Marks: 100

Note: Ten Questions will be set in all, two from each unit. The candidate will be required to attempt five questions, selecting one each from four units and the fifth question may be selected from any unit.


Theory of International Trade

Classical Theory of International Trade – Theories of absolute advantage, comparative advantage and opportunity costs, J.S. Mill’s Theory of Reciprocal Demand; Offer Curve Analysis, Empirical Testing of theory of comparative advantage, Theorem of factor price equalization; Empirical testing of theory of absolute cost and comparative cost – Heckscher-Ohlin theory of trade. Role of dynamic factors, i.e., changes is tastes, technology and factor endowments in explaining the emergence of trade; The Rybczynski theorem, immiserizing growth; Causes of emergence and measurement of intra-industry trade and its impact on developing economics.


Neo-Classical Theories of International Trade-
Heckscher-Ohhen Model Factor Price equalization theorem, The Rybczynski Theorem immizerizing growth, Metztor Paradox, Alternative Trade Theories and Empirical Testing Strategic Trade Theory, Infra Industry Trade emergence and Measurement Trade under Emperfecting Comparative Markets.


Measurement of Gains from International Trade

Measurement of gains from trade and their distribution; Concepts of terms of trade, their uses and limitations; Hypothesis of secular deterioration of terms of trade, its empirical relevance and policy implications for less developed countries; Trade as an engine economic growth; The Theory of Interventions (Tariffs, Quotas and non-tariff barriers); Economic effects of tariffs and quotas on national income, output, employment, terms of trade, income distribution; Balance of payments on trading partners both in partial and general equilibrium analysis. Nominal, effective and optimum rates of tariffs – their measurement, impact and welfare implications;


International Trade Policy

The partial equilibrium/equalization generating analysis of trade policy; Arguments for Protection; Instruments of Commercial Policy; Trade Policy and Distortions in Domestic Markets; Further topics in Trade Theory and Policy


Growth and Trade
The Nature of the Growth Process; The Effects of Growth on Small Countries; The Effects of Growth on Large Countries; Technical Progress and International Trade; Import substitution V/s Export Push; Exports and Economic Growth; Trade Liberalization; Order, Sequencing and Speed; Liberalization experience of developing countries.

Basic Reading List

  • Carbough, R.J. (1999), International Economics, International Thompson Publishing, New York

  • Chacholiades, M. (1990), International Trade: Theory and Policy, McGraw Hill, Kogakusha, Japan.

  • Dana, M.S. (2000), International Economics: Study, Guide and Work Book, (5th Edition), Routledge Publishers, London.

  • Dunn R.M. adn J.H. Mutt (2000), International Economics, Routledge, London.

  • King, P.G. (1995), International Economics and International Economic Policy: A Reader, McGraw Hill International, Singapore.

  • Krugman, P.R. and M. Obstfeld (1994), International Economics: Theory and Policy, Glenview, Foresman.

  • Sodirston, Bo. (1991), International Economics, The Macmillan Press Ltd. London.

  • Feenstra, R.C. (1992), “ How Costly is Protectionalism?,” Journal of Economic Perspectives. 6,159-178.

  • Gallaway, M.C., Blonigen, B.A., and J.E. Flynn, (1999), “Welfare Costs of the US Antidumping and Countervailing Duty Laws”, Journal of International Economics, 49,211-214.

  • Hufbauer G.C. and K.A. Elliott (1994), Measuring the Costs of Protection in the United States, Institute for International Economics.

  • Miyagiwa, K. and Y. Ohno (1995), “Closing the Technology Gap Under Protection,” American Economic Review, 85, 755-770.

  • Vanderbussche, H. and M. Zanardi (2006), “The Global Chilling Effects of Antidumping Proliferation, “ CEPR Discussion paper. 5597.

  • Panagariya, A. (2000), “Preferential Trade Liberalization: the Traditional Theory and new Developments,” Journal of Economic Literature, 38, 287-331.

  • Maggi, G. and A. Rodriguez-Clare (1998), “The Value of Trade Agreements in the Presence of Political Pressures,” Journal of Political Economy, 106, 574-601.

Additional Reading List

  • Bhagwati J. (1988), Protectionism, Cambridge University Press, Mass.

  • Goldsten, M. (1998), The Asian Financial crisis: causes cure and systematic implications, Institute of International Economics, Washington D.C.

  • Jackson, J. (1989), The World Trading System, Cambridge University Press, Mass.

  • Pomfert, R. (1988), Unequal Trade: The Economics of Discriminatory International Trade Policies, Blackwell Publishers, Oxford.

  • Mishkin, S.F. (1998), The Economics of Money, Banking and Financial Markets, (5th Edition), Harper Colins Publishers, New York.

  • Panchmukhi, V.R. (1978), Trade Policies of India–A Quantitative Analysis, Concept Publishing Company, New Delhi.

  • Panchamukhi V.R. and R. Tandon (1987), Money and Finance in World Economic Order (RIS), Indus Publishing Co. Delhi.

  • Brahmananda, P.R. and V.R. Panchmukhi (Eds.) (1987), The Development Process of the Indian Economy, Himalaya Publishing House, Bombay.

  • Joshi, V. and I.M.D. Little (1998), India’s Economic Reforms, 1999-2000, Oxford University Press, New Delhi.

  • Patel, S. J. (1995), Indian Economy Towards the 21st Century, University Press Ltd., India.

  • Satyanarayan, B. (1986), India’s Trade with Asia and the Far East Countries, B.R. Publishing Corp., New Delhi.

M.A. (3rd Semester) Time: 3 hrs.

Paper- 307 Max. Marks: 100

Note: Ten Questions will be set in all, two from each unit. The candidate will be required to attempt five questions, selecting one each from four units and the fifth question may be selected from any unit.

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