Syllabus
Exploring the Subject Matter of Economics: why we study economics – types - definitions – resource allocation – economic systems – economics as a science.
Principles and Concepts of Micro Economics: demand and supply – production – costs – markets – equilibrium – price allocation.
Basics of Macro Economics: components of macro economics – role of government – national income concepts – calculation of national income – inflation concepts – methods of calculation – classical vs. Keynesian – globalization.
Economic Problems and Policies: meaning of development – developing vs. developed countries – problems of growth – controversies – population and development – role of agriculture and industry – demographic transition – balance of payments – planning and growth.
Text Books
1. Samuelson, P. A. and Nordhaus, W. D., Economics, 18th ed., McGraw-Hill (2005).
2. Dewett, K. K., Modern Economic Theory, 22nd ed., S. Chand (2005).
3. Thirlwall, A. P., Growth and Development with Special Reference to Developing Economies, 7th ed., Palgrave Macmillan (2003).
References
1. Gardner, A., Macroeconomic Theory, Surjeet Publications (1998).
2. Koutsoyiannis, A., Modern Microeconomics, 2nd ed., Palgrave Macmillan (2003).
3. Black, J., A Dictionary of Economics, Oxford Univ. Press (2003).
4. Meir, J. M. and Rauch, J. E., Leading Issues in Economic Development, 7th ed., Oxford Univ. Press (2005).
5. Todaro, M. P. and Smith, S. C., Economic Development, 8th ed., Pearson Education Ltd. (2008).
6. Economic Survey 2008, Government of India, Ministry of Finance.
7. O’Connor, D. E., The Basics of Economics, Greenwood Press (2004).
Course Outcomes (COs):
CO1: Better Development of Technology - Students will be able to explain the basic economics concepts and should be able to understand economic problems for better development of technology.
CO2: Helps in Engineering Decisions - The course will help to develop theoretical and analytical skills of the students so that they can make firm level decisions using various principles of economics.
CO3: Equip to handle the dynamics of production and business - It will equip students with the capability to understand and handle the dynamics of economics and business of the changing world economy.
CO4: Solving economic problems through engineering solutions - Students will be able to con- nect/ use their engineering and scientific knowledge for solving economic problems and development challenges of the country.
CO5: Better understanding of real-life problems and technology solutions - By understanding the strengths and weaknesses of the economy, the students will be able to sensitize about real life issues and can become better engineers and scientists.