1. Consumer Behavior and Demand:
Cardinal and ordinal approaches; Demand function; Indifference curve analysis; Revealed preference;
Consumer surplus; Elasticities of demand.
2. Production and Cost:
Production function – short and long run; Isoquants and returns to scale; Cost curves – traditional
and modern.
3. Theory of Pricing:
Price and output determination under different market structures – perfect competition, monopoly,
monopolistic competition, oligopoly; Pricing of factors of production.
4. Theory of Distribution:
Theories of rent, wage, interest, and profit; Marginal productivity theory; Modern theories of
distribution.
5. General Equilibrium and Welfare Economics:
Partial and general equilibrium; Efficiency conditions of Pareto optimality; First and second
fundamental theorems of welfare economics.
6. National Income and Employment:
Classical and Keynesian approaches; Consumption function; Investment function; Multiplier and
accelerator; IS-LM model.
7. Money and Banking:
Demand and supply of money; Quantity theory of money; Money multiplier; Credit creation; Functions
of Central Bank and commercial banks; Monetary policy.
8. Economic Growth and Development:
Concepts and measures of development; Growth models – Harrod-Domar, Solow, endogenous models;
Poverty, inequality, and unemployment; Human development.
9. International Economics:
Theories of international trade; Terms of trade; Balance of payments; Exchange rate determination;
Trade policy; WTO and its impact on Indian economy.
10. Public Finance:
Role of the government in economy; Public goods and externalities; Taxation principles; Public
expenditure; Budgeting; Fiscal policy; Federal finance.
1. Indian Economy in Pre-Independence Era:
Land system and commercialization of agriculture; Drain theory; Laissez-faire and critique.
2. Development Strategies:
Planning models and experience; Planning Commission and NITI Aayog; Mixed economy framework.
3. Population and Human Development:
Demographic trends; Population and economic development; Human development index; Education and
health.
4. Poverty, Unemployment and Inequality:
Measurement, trends and policies; Poverty alleviation programmes.
5. Agriculture Sector:
Land reforms; Green revolution and post-reform agriculture; Agricultural pricing and marketing;
Rural credit and subsidies.
6. Industry and Services:
Industrial policy; Public sector enterprises; MSMEs; Role of services sector.
7. Foreign Trade and Balance of Payments:
Trade policies; Export promotion; Foreign exchange reserves; Role of FDI and MNCs.
8. Money and Banking:
RBI – functions and reforms; Commercial banking; Financial sector reforms; Inflation and monetary
policy.
9. Public Finance in India:
Tax system; Budgeting and fiscal policy; Centre-State financial relations; Role of Finance
Commission.
10. Economic Reforms since 1991:
Liberalization, Privatization, Globalization; Impact on different sectors; Disinvestment.
11. Environmental Economics:
Sustainable development; Climate change; Environment protection policies; Green GDP.
12. Current Challenges and Issues:
Demonetization, digital economy, employment trends, economic inequality, rural-urban divide.