1

REVISED M.PHIL SYLLABUS IN ECONOMICS

(Approved by the Board of Post Graduate Studies in Economics in its meeting held on 10 th September, 2008)

There have been several changes in the world economy and accordingly the
syllabus of various courses in higer education in the field of Economics is updated from
time to time. Since, the M.Phil Course was offered by the Department long before and it
was discontinued for quite some times, it could not be up dated. Since, the Department
has revived the course because of its demand, the Department felt the need for a much up
dated revised syllabus for the M.Phil.Course. The syllabus accordingly has been revised
taking in to consideration the proposed UGC curriculum and linking the same with the
existing P.G. Syllabus.
STRUCTURE OF M. PHIL SYLLABUS

The M. Phil Syllabus of Economics consists of two parts totaling 20 credits. The
first part consists of courses consisting of 12 Credits to be taught in the 1 st Semester
followed by a Dissertation consisting of 08 Credits to be prepared by the student under
the guidance of a research supervisor within a period of two semesters.
SEMESTER

Course No.

Contact
Hours

Credit

Page

ECO(C)-1001

Research Methodology in
Economics

48

04

2-4

ECO(C)-1002

Quantitative Techniques

48

04

5-6

ECO(C)-1003

Contemporary Economic
Issues

48

04

7-9

II & III

Name of the Course

ECO(C)-1004

Dissertation

08

Course on Research Methodology has got two parts. Credit I and II deals with
Theory and Credit III and IV deals with Studies in Research done by Major Economists.
Similarly, Course on Contemporary Economic Issues is devised into two groups. Each
group has got a number of topics and the students are required to choose any two topics
from each group. Each topic carries one Credit.

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ECO(C)-1001: Research Methodology in Economics

Credit I

12 hrs

1. Meaning of research in economics: Types of research (descriptive vs. analytical,

fundamental vs. applied, qualitative vs. quantitative, conceptual vs. empirical, empirical
vs. simulation based, conclusion oriented vs. decision-oriented, historical vs. a-historical,
etc.).
2. Research methodology, methods and techniques- differences among them, the logical
framework of investigation, the nature of problem and appropriate methodology, macrolevel vs. micro level research, problems in aggregation, methodology leading to methods
and then techniques, analysis of historical records, participant or non-participant
observation, mass observation, questionnaires, personal interviews, group interviews,
case studies , small group study.
Credit-II

12 hrs

1. Objectivity and Biases in research-Francis Bacons ideals, ideological bias, wam-glow

effect, embedding effect and strategic bias, information bias, non causa pro causa,
illegitimate generalization, unwarranted conclusion; Myrdal and objectivity in social
research.
2. Formulation of research problem- identification and operationalization of the problem,
survey of literature, development of working hypotheses, preparation of research design,
investigation in availability of information, sampling design, error minimization,
evaluation of time and cost, collection of information, processing of collected
information, hypothesis testing, interpretation and generalization, systematization of
findings, writing of report, references and bibliography.
Credit-III

12 hrs

Study of the methodologies used by the following economists (in brief)

1. Adam Smith-his visualization of the economic system, his theory of the moral
sentiments and the Wealth of Nations.
2. Karl Marx-Challenges to the Classical Paradigm, Issues of stability, growth and
justice in the market economy.
3. Mathematical framework of Leon Walras- Mathematical approach to Economics,
equilibrium, stability, growth and justice; General vs. partial equilibrium.
4. John M Keynes- methodological problems of classical economics, incompatibility
of micro theories to macro theories.

3
Credit-IV

12 hrs

Study of the methodologies used by the following economists (in some detail)
1. Thorstein Veblen- theory of institutions, pragmatism and evolutionary economics.
2. Jan Tinbergen and the Cowles Commission- Econometric framework of research
in economics; WC Mitchell and his approach to quantitative research.
3. Janos Kornai and his Anti-equilibrium approach.
4. Friedrichn von Hayek-decentralised decision-making and system formation by
spontaneous order.
5. Herbert Simon-complex adaptive systems, behaviorism, bounded rationality,
challenges to optimization approach to economics, evolution of the economic
system.
6. Daniel Kahneman and Vernon Smith- experimental approach to formulation and
testing of economic theories.
7. Leigh Tesftsion- Agent based computational economics-evolution of institutions,
formulation and testing of economic theories.
Reading List

Blaug, M (1985) Great Economists since Keynes, Harvester Press, Sussex.

Blaug, M (1985) Economic Theory in Retrospect, CUP, Cambridge.

Choudhury, A () Behavioral and Experimental Economics Page, Washington,

State University, Washington. http://www.tricity.wsu.edu/~achaudh/econ485.html
Cowles Foundation for Research in Economics () History of the Cowles
Commission, 1932-1952. http://cowles.econ.yale.edu/about/index.html
Experimental and Agent-based Computational Economics Website () Links to
freely downloadable research papers at http://www1.webng.com/economics
Frigg, R and Hartmann, S (2006) Models in Science, Stanford Encyclopedia of
Philosophy, at http://plato.stanford.edu/entries/models-science.
Georgescu-Roegen, N (1971) The Entropy Law and the Economic Process,
Harvard University Press.
Hayek, Friedrich (1948) Individualism and Economic Order, University of
Chicago Press, Chicago.
Humphreys, P (2004) Extending Ourselves: Computational Science, Empiricism
and Scientific Method. Oxford university press, Oxford.
Judd, L and Tesfastion, L (2006) Handbook of Computational Economics: Agent-

Based Computational Economics, Elsevier/North-Holland, Amsterdam.

Kagel, JH and Roth, AE (1995) The Handbook of Experimental Economics,

Princeton University Press, Princeton.
Kornai, J (1971) Anti-Equilibrium. North-Holland, Amsterdam.

Kothari, CR (1995) Research Methodology: Methods and Techniques, Wishwa

Prakashan (Wiley Eatern Ltd), New Delhi.
Mitchell, WC (1967) Types of Economic Theory, John Hopkins Univ. Press,
Baltimore.
Myrdal, G (1953) The Political Elements in the Development of Economic
Theory, Routledge and Kegan Paul, London.
Myrdal, G (1967) Objectivity in Social Research. Pantheon Books, New York.
Rudra, A (1982) Indian Agricultural Economics: Myths and Realities, Allied
Publishers, New Delhi.
Scitovsky, T (1974) Are Men Rational or Economists Wrong in Paul David and
Melvin Reder (eds) Nation and Households in Economic Growth, Academic
Press, New York.
Simon, H (1957) Models of Man, John Wiley, New York.

Simon, H (1982, 1997) Models of Bounded Rationality, CUP, Cambridge, MA.

Three Volumes (1982, 1982, 1987).
Simon, H (1977) Models of Discovery and Other Topics in the Methods of
Science, Reidel, Dodrecht, Holland.
Smith, V (1989) Theory, Experiment and Economics, Journal of Economic

Perspectives, 3(1), pp. 151-169.

Tesfastion, L (----) Agent-Based Computational Economics Growing from the

Bottom Up at http://www.econ.iastate.edu/tesfatsi/ace.htm

5
ECO(C)-1002: Quantitative Techniques

Credit-I

12 hrs

1. Fundamentals of Matrix Operations (addition, different types of product, ordinary

and generalized inverse, characteristic roots and functions of matrices)
2. Data Structures and linearization of various data structures.
3. Time Series and cross section data analysis
Credit-II

12 hrs

1. Measures of Inequality-Gini, Entropy and Theils measures.

2. Correlation among variables-Product moment, rank and canonical correlation.
Credit-III

12 hrs

1. Explanation of Variations and prediction-linear and nonlinear regression, test of

hypotheses.
2. Classification and Discrimination-Discriminant Analysis and Cluster Analysis.
3. Methods of Data Reduction-Principal Components and Factor Analysis;
Construction of Composite Indices.
Credit-IV

12 hrs

1. Optimization-Linear Programming, Nonlinear Programming, Search methods,

biologically inspired population methods (Genetic algorithms, Particle Swarm
Optimization, Differential Evolution and Ant Colony algorithm)
2. Simulation, re-sampling and Bootstrapping.
(The above topics will be taught with appropriate software)
Reading List

Anderson, TW (1984) An Introduction to Multivariate Statistical Analysis, John

Wiley, Wiley, New York.
Biologically inspired Optimization methods (---) Particle swarm and Differential
Evolution FORTRAN codes available at http://www1.webng.com/economics
Efron, B and Tibsirani, RJ (1993) An Introduction to the Bootstrap, Chapman &
Hall, New York.
Green, WH (2003) Econometric Analysis, Pearson Education Inc, Delhi.
Hartmann, S (2005) The World as a Process: Simulations in the Natural and
Social Sciences, at http://philsci-archive.pitt.edu/archive/00002412.

Kendall, MG and Stuart, A (1968) The Advanced Theory of Statistics, Charles

Griffin & Co., London.
Krishnamurthy, EV and Sen, Sk (1976) Computer-based Numerical Algorithms,
Affiliated East-West Press, New Delhi.
Kuester, JL and Mize, JH (1973) Optimization Techniques with FORTRAN,
McGraw Hill, New York.
Mishra, SK and Binwal, JC (1991) Computer Applications in Social Science
Research, Vikas Publishing Co., Delhi.
Raynaldss SPSS Tools (---) SPSS Tutorial at http://www.spsstools.net/spss.htm.

Sen, AK (1973) On Economic Inequality, Oxford Univ. Press, London.

Sen, AK (1995) Inequality Re-examined, Harvard Univ. Press, Mass.

StateSoft (---) Electronic Textbook at http://www.statsoft.com.textbook/

textbook/Stathome.html.
STATISTICA: A Brief Tutorial at http://www.psych.utoronto.ca/courses/c1/
statistica/ page1.htm
Theil, H (1971) Principles of Econometrics, John Wilwy, New York.

7
ECO(C)-1003: Contemporary Economic Issues

Credits-I&II
24hrs
Any two topics to be selected out of the following, each topic carries one credit:
1.
2.
3.
4.
5.
6.
7.
8.
9.

Role of Intellectuals in the national Economy-A Critical Evaluation.

Moral Values and Economic Development
Political Economy of Globalization
Human Development and its Indices
Quality of Life.
Economic Development and Environmental Issues.
Regionalism and Developmental Inequalities.
Poverty and Unemployment
Government Subsidies and Income Support for the Poor.

Credits-III & IV
24hrs
Any two topics to be selected out of the following, each topic carries one credit:
1.
2.
3.
4.
5.
6.
7.
8.
9.

Agrarian structure, caste and class.

Marketable and marketed Surplus
Public Sector and Food Economy
Price Policies and Administered Prices
Technology and Productivity
Economics of Research and Development
Economics of Entrepreneurship
Licensing Policies, Patents and Rights
Fiscal Restructuring and dynamic Federal structure.

Note: Topics in Course ECO(C)-1003 may be added, deleted or modified by the

Department each year. Reading materials also may be supplied/suggested by the teacher
concerned.
Reading Materials

Bassanini, A, Scarpetta, S and Visco, I (2000) Knowledge Technology and

Economic Growth: Recent Evidence from OECD Countries,
http://www.nbb.b3/doc/oc/repec/reswpp/WPO6.pdf
Beall, J (2002) Globalisation and Social Exclusion in Cities: Framing the
Debate with Lessons from Africa and Asia, Working Paper Series, Paper# 02-27,
Development Studies Institute, London School of Economics and Political
Science, London at http://www.lse.ac.uk/collections/DESTIN/pdf/WP27.pdf.
Bhagawati, J (1993) India in Transition: Freeing the Economy, Clarendon,
Oxford.. Byres, TJ (eds) (1998) The Indian Economy: Major Debates since
Independence, Oxford Univ. Press, Delhi.
Buiter, W.H. (1990): Principles of Budget and Fiscal Policy, MIT Press.

Dasgupta, P and Malor, KG (1997) The Environment and Emerging Development

Issues, Clarendon, Oxford.
Datt, G and Ravallionm M (1998) Why have Some Indian States Done Better
than Others at Reducing Rural Poverty? Economica, 65(257), pp. 17-38.
David N. Hyman (2007): Public Finance: A Contemporary Application of Theory
to Policy, Thomson Asia Pvt. Ltd., Singapore.
Deaton, A and Dreze, J (2002) Poverty and Inequality in India: A Reexamination, Economic and Political Weekly, Sept. 7, pp. 3729-3748,
http://www.undp.org/povertycentre/publications/distribution/Poverty&Inequality
India _Deaton-Dreze-Sept02.pdf
Dev, M, Kannan, KP, and Ramachandran, N (eds) (2003) Towards a Food Secure
India, Institute for Human Development, New Delhi.
Government of India (2002) National Human Development Report, 2001,
Planning Commission, New Delhi.
Haq, Mahbubul (2003) The Birth of the Human Development Index, Ch.2.1 in
Readings in Human Development, Fukuda-Parr, S and Shiva Kumar, A.K (eds),
Oxford Univ. Press, Oxford.
Harriss, B (1999) Agricultural Marketing from Theory to Practice: Field
Experiences in Developing Countries, Macmillan, London.
Hyman, D.N. (2007): Public Finance: A Contemporary Application of Theory to
Policy, Thomson Asia Pvt. Ltd., Singapore.
Jackson, C (1999) Social Exclusion and Gender: Does One Size Fit to All,
European Journal of Development Research, 11(1), pp.125-146.
Jha, Raghbendra (1987): Modern Theory of Public Finance, Wiley Eastern, Delhi.
Joshi, V and Little, IMD (1994) India: Microeconomics and political Economy
1964-1991, Oxford Univ. Press, Delhi.
Kakwani, N (1980) Income Inequality and Poverty: Methods of Estimation and
Policy Applications, Oxford Univ. Press, London.
Long, JBD (1996) Cross-Country Variations in National Economic Growth
Rates: The Role of Technology http://econ161.berkeley.edu/Econ_Articles/
Growth _and_ Technology/Role of Technology_.pdf
McKeever, MP (2001) Moral Economics-Essay on the Relation of Some
Economic Theories to Various Moral Perspectives in Poverty and Development:
An International Perspective, at http://www.mkeever.com/moral.html.
Mishra, B. (2006): Economics of Taxation: Theory and Application, Akansha
Publishing House, New Delhi.
Mishra, B. (2006): Fiscal Policy in North-East India, Akansha Publishing House,
New Delhi.
Mishra, SK (2007) Globalization and Structural Changes in the Indian Industrial
Sector: An Analysis of Production Functions, Social Science Research Network,

http://ssrn.com/author=353253.
Mishra, SK (2007) A Note on Human Development Indices with Income
Equalities, SSRN http://ssrn.com/author=353253.
Mishra, SK (2007) Recent Trend of Village and Small Enterprise Sector:
Exploring and Exploiting its Opportunities in the North Eastern Region of India
Touching Upon its Profile and Barriers, SSRN http://ssrn.com/author=353253.
Mishra, S.K. and Nayak, P (2007) Socio-Economic Dimensions of Globalization
in India, http://ssrn.com/author=353253.
Mishra, S.K. and Ngullie (2003) Determinants of Quality of Life in Dimapur
Nagaland, http://ssrn.com/author=353253.
Nayak, P and E.D.Thomas (2007) Human Development and Deprivation in
Meghalaya, Akansha Publishers, New Delhi.
________ (ed) (2008) Growth and Human Development in North East India,
Oxford University Press, New Delhi (forthcoming).
Nordhau, WD (2000) Technology, Economic Growth and the New Economy,
http://www.econ.yale.edu/~nordhaus/homepage/sweden%20061300c.pdf
Quality of Life (----) Australian Centre on Quality of Life-gives many references,
Bibliography, http://acqol.deakin.edu.au/biblio_list by letter.php?letter=M
Ramachandran, VK and Swaminathanb, N (2002) Agrarian Studies: Essays on
Agrarian Relations in Less Developed Countries, Tulika, Delhi.
Salerno, JT (2004) Economics: Vocation or Profession?, Ludwig Von Mises
Institute, Auburn, Alabama at http://www.mises.org/story/1676.
Sarker, S, Biswas, B and Soundrs, PJ (2006) Distribution-Augmented Human
Development Index: A Principal Component Analysis, GSP, College of Business,
Utah
State
University,
USA,
2006.
http://www.usu.edu/cob/econ/
graduatestudents/documents/papers/developmentpaper.pdf
Sassower, R (1995) Intellectual Responsibility for an Ecology Agenda, Society
for Philosophy and Technology, 1(1-2). http://scholar.lib.vt.edu/ejournals/ SPT/
v1n1n2/sassower.html.
Subramanian, KK (2003) Regional Industrial Growth under Economic
Liberalization, Manak, New Delhi.
Uchikava, S (ed.) (2002) Economic Reforms and Industrial Structure in India,
Manohar, New Delhi.
Ulbrich, H. (2004): Public Finance in Theory and Practice, Thomson Asia Pvt.
Ltd., Singapore.
United Nations Development Program (UNDP): Human Development Report,
Oxford University Press, New York. (Various years).