||The CORE team, The Economy: Economics for a Changing World, Oxford University Press, 2017. P. A. Samuelson & W. D. Nordhaus, Economics, McGraw Hill, NY, 1995 Gregory Mankiw, Principles of Economics, South-Western Cengage Learning, 2012.
||This course will provide an introduction to the subject matter of Economics, which is highly relevant to understand the functioning of the economy and the world around us. The course broadly covers the following topics: Basic economic problems. resource constraints and Welfare maximizations. Nature of Economics: Positive and normative economics; Micro and macroeconomics, Basic concepts in economics. The role of the State in economic activity; market and government failures; New Economic Policy in India. Theory of utility and consumer"s choice. Theories of demand, supply and market equilibrium. Theories of firm, production and costs. Market structures. Perfect and imperfect competition, oligopoly, monopoly. An overview of macroeconomics, measurement and determination of national income. Consumption, savings, and investments. Commercial and central banking. Relationship between money, output and prices. Inflation - causes, consequences and remedies. International trade, foreign exchange and balance payments, stabilization policies: Monetary, Fiscal and Exchange rate policies.