My May 29 2000 Recommendation of a 36 Lecture Introductory Economics Course for Advanced Undergraduate Students in India

When invited as Professor at an “Institution of National Importance”  to give my recommendation to a committee on an economics syllabus for advanced undergraduates, this was my proposal dated  May 29 2000:

INTRODUCTORY ECONOMICS COURSE FOR ADVANCED UNDERGRADUATE STUDENTS IN INDIA

Lecture 1 —  Introduction to the history of economic thought,  scholasticism, mercantilism, classical political economy,  Marx, Keynes, modern neoclassical economics.

Lecture 2 — Introduction to India’s economy:  Kautilya’s Arthasthastra, the Indian economy in ancient and medieval times, impact of British imperialism on the Indian economy,  the economy after Independence: 1950-1991; post 1991.

Lectures 3-15:  Introduction to Microeconomic Principles

Lecture 3 — Production, consumption and exchange; households and firms, goods and services.

Lecture 4 — Exchange between two parties without prices; Edgeworth’s Box analysis; the core of an exchange economy.

Lecture 5 — The notion of  a relative price; the budget constraint of the individual household; maximization of utility subject to the budget; optimal consumption.

Lecture 6 — Consumption of the household; income-consumption curves; Engel curves; the derivation of the demand curve.

Lecture 7 — Theory of demand; aggregation of individual demand curves.

Lecture 8 — The firm in economic theory and reality; the activity analysis view of technology and production; costs and their minimisation; profits and their maximisation.

Lecture 9 — Elementary derivation of the supply curve from profit-maximisation principles.    Aggregation of individual supply curves.

Lecture 10 — Market demand and supply together for a single good or service.  Elementary partial equilibrium analysis.

Lecture 11 — Market equilibria of all goods and services together; elementary general equilibrium theory.

Lecture 12 —  Theory of the firm revisited:  cost curves, industry supply; the number of firms in an industry.

Lecture 13 — Monopoly and competition;  Chamberlin’s monopolistic competition and product differentiation.

Lecture 14 — Elementary notions of game theory.

Lecture 15 — Review of microeconomics.

Lectures 16 –30  :  Introduction to Macroeconomic Principles

Lecture 16 —  Intertemporal models of consumption and production.   Notions  of savings and investment as a function of the interest rate.

Lecture 17 —  Classical Wicksellian equilibrium in the market for savings and investment.

Lecture 18 —   Money and its functions; the demand for money and the supply of money.   Monetary equilibrium in the classical economy.

Lecture 19 —   The Keynesian income-expenditure model.

Lecture 20 — The same contiued.

Lecture 21 —  Basic Keynes-Hicks IS-LM model of macroeconomic equilibrium.   The notion of involuntary unemployment.

Lecture 22 —   The same continued.  Macroeconomic aggregate supply and demand curve analysis.  The working of fiscal and monetary policy  in  a  closed economy under Classical and Keynesian assumptions.

Lecture 23 ––   The same continued.

Lecture 24:  The open economy.  Basics of international trade.

Lecture 25 —  Basics of exchange-rate and balance of payments theory.

Lecture 26 —   The same continued.

Lecture 27 —  Fiscal and monetary policy in an open economy.

Lecture 28 — The same continued.

Lecture 29 —  Modern macroeconomic problems of inflation and unemployment.

Lecture 30 — Review of macroeconomic principles and policies.

Lecture 31-36  Introduction to Applied Economics

Lecture 31-33: Basics of National Income Accounting for India; GDP, GNP, price-series, Indian balance of payments and budget data analysis.

Lectures 34-36: Basics of demand estimation and introductory econometrics.

By a “Lecture” I mean one or more sessions over a week, so the whole course would take an academic year, whether divided in semesters or terms or quarters.

Subroto Roy

Kolkata

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2 Responses to “My May 29 2000 Recommendation of a 36 Lecture Introductory Economics Course for Advanced Undergraduate Students in India”

  1. ronpaulindia Says:

    As a supporter of Ron Paul, I am disappointed there is no mention of Von Mises or “Austrian” economics with its emphasis on sound money. I see there is mention of money but it is Wicksellian.

  2. drsubrotoroy Says:

    Hicks was the bridge between the Austrians and the theory of value.


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