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Undergraduate Economics Courses

Economics courses are of three types:

Foundation courses (which include Critical Thinking Seminars and other Foundation courses), Compulsory courses and  Elective courses. 

Foundation Courses

Foundations of Economic Reasoning

This course is only offered to the cohorts of 2015-2018 and 2016-2019.

This course is intended to introduce students to the basic principles of economic thinking: the functioning of markets, their implications for the welfare of consumers and producers, the role of the government in regulating markets, problems such as inflation and unemployment, and the nature of value.

 

Compulsory Courses

Introduction to Economic Reasoning (Spring Semester)

This course is compulsory for all Economics Majors, PPE as well as Economics Minor and is offered only to the cohort of 2017-2020.

The course is intended to gear students with the basic principles of economic reasoning .The goal of the course is to provide students with the tools, language, and rigor to assess and understand the world around us. Students would be introduced to certain aspects of economic history, principles of decision making in a world marked by scarcity, strategic interaction, the behavior of firms and consumers and the concept of a market. Other topics to be discussed in this course include macroeconomic and developmental issues such economic fluctuations and its impact on unemployment, topics in globalization and trade, inequality and poverty. By the end of the course, a student will be able to critically think from an economist's point of view about a number of topics and policy questions facing economies around the world.

 

 

Mathematics for Economics (Spring Semester)

This course is compulsory for all Economics Majors, PPE as well as Economics Minor.

This course introduces the students to the mathematical techniques necessary for the study of economics at the undergraduate level. In particular, the course will cover univariate and multivariate calculus, optimization techniques and linear algebra.

 

 

Microeconomics/ Microeconomic Theory I (Monsoon Semester)

This course is compulsory for all Economics Majors, PPE as well as Economics Minor. Microeconomics has been renamed as Microeconomic Theory I for the cohort of 2017-2020.

Microeconomics studies the decision making mechanism of individual participants in a market economy. This course is designed to impart an understanding of the fundamental principles and rationale underlying such decision making by individuals. Topics include consumer and producer theory, market structure, welfare economics and game theory.

 

 

Macroeconomics/ Macroeconomic Theory I (Monsoon Semester)

This course is compulsory for all Economics Majors, PPE as well as Economics Minor. Macroeconomics has been renamed as Macroeconomic Theory I for the cohort of 2017-2020.

This course takes the student to the next level of macroeconomics after the introduction s/he would have obtained in the Principles course of the first year. The lectures will focus on the theory and at the same time, as macroeconomics is central to policy-making, the institutional context will be emphasised. This will be done largely in relation to the economy of India while taking into account its location within the world economy. By the end of the course, students should be able to relate much of what they would have been exposed to to contemporary India, and to critically evaluate the actions of the government and the monetary authority, the two bodies responsible for macroeconomic policy in the country. An evidence-based approach will be pursued in the lectures.  

 

 

Statistics for Economics (Monsoon Semester)

This course is compulsory for all Economics Majors as well as Economics Minor, with a slight exception for PPE. This course is not compulsory for PPE students with Philosophy or Political Science concentration.

This course covers elementary probability theory, the concept and methods of sampling, basic techniques for making estimates using data, and simple linear regression. 

This course is waived off for students who have done two courses, Probability and Statistics (MAT 201) and Statistical Inference (MAT 311), taught by the Maths faculty. However, the two Maths courses should be taken before the students register for Econometrics in the Spring semester.

 

 

Game Theory/ Microeconomic Theory II (Spring Semester)

This course is compulsory for all Economics Majors. Game Theory has been renamed as Microeconomic Theory II for the cohort of 2017-2020.

Game Theory is the study of strategic interaction in multi-person decision problems. It is widely used in the study of more advanced topics in microeconomics. The course will focus on both theory and applications drawn from economics.

 

 

Macroeconomic Theory II (Spring Semester)

This course is compulsory for all Economics Majors and is offered to the cohort of 2017-2020.

The focus of this course is on economic outcomes in the long run. Its core comprises models of economic growth - namely the Harrod-Domar, Solow and endogenous growth models of Lucas and Romer – and country evidence on its determinants. Particular issues that would be addressed are trade and growth, technology and the role of institutions. Country experiences – East Asia, China and India among others – make up the rest of this course. 

 

 

Econometrics (Spring Semester)

This course is compulsory for all Economics Majors as well as Economics Minor, with a slight exception for PPE. This course is not compulsory for PPE students with Philosophy or Political Science concentration.

This course is an introduction to the methods of data analysis commonly used in economics.  Building on the basic concepts of statistical inference, the course will examine how data can inform economic models, relationships and public policy analysis.

 

 

Development Economics (Monsoon Semester)

This course is compulsory for all Economics Majors as well as Economics Minor, with a slight exception for PPE. This course is not compulsory for PPE students with Philosophy or Political Science concentration.

Why are some countries so poor and others so rich? Can governments act to eliminate poverty or must the poor remain poor? What sorts of interventions work and how do we evaluate them? Through this course, you will question the meaning of economic development and identify the factors that affect growth, poverty and inequality. You will engage with contemporary research on markets, institutions, education and health. You will analyse these questions by using both theoretical frameworks as well as empirical evidence based on survey data. In doing so, you will gain an insight into the challenges and constraints faced by developing countries in their quest to improve the quality of human life.

 

Elective Courses

 

Health Economics

This is an elective course for students Majoring in Economics.

This course is an introduction to the field of health economics. Health economics is an active field of microeconomics with a large and growing literature and is an important aspect of public policy. The purpose of the course is to understand the microeconomic foundations of health economics and to introduce students to some key research questions and methods in health economics. The course further aims to develop an understanding of a variety of econometric techniques and research designs used by applied microeconomists focusing on causal inference to critically evaluate key research papers in health economics.

The course will cover topics such as measurement and determinants of health, health disparities, relationship between health and economic development, the need for financial risk protection against health shocks, the determinants of fertility and demographic change, economics of nutrition and human capital formation, behavioural insights in health,  health and gender, economic evaluation of health and health programs.

 

Advanced Econometrics 

This is an elective course for students Majoring in Economics.

This course is designed to equip students for analyzing real life data, related to economics in particular and social science in general. It will acquaint the students with advanced techniques in cross-section and panel-data analysis as well as implementation of theory through software applications (STATA) to gear them towards execution of independent research projects. Topics include dealing with model specification, program evaluation, instrumental variables, and limited dependent variables

 

Behavioral Economics 

This is an elective course for students Majoring in Economics.

This course will introduce theories and paradigms that address the concerns  raised by evidence that traditional models of decision making may be inadequate positive descriptions of human behavior. These theories will deal with both single person decision problems as well as strategic interactions (behavioral game theory). We will also focus on decision making under uncertainty and critically engage from a behavioral perspective with the foundational Bayesian paradigm. At the same time, we will show that our theoretical investigations have serious ramifications for questions in fields like industrial organization, finance, public economics etc. We will also highlight why such behavioral concerns may require us to address many public policy issues through new and innovative approaches.

 

Economics of Discrimination 

This is an elective course for students Majoring in Economics.

This course familiarizes students with theories and empirical tools to understand and measure economic discrimination based on social group identities, such as caste, race, gender, tribal status, ethnicity. The first part of the course will take students through theories of discrimination such as statistical discrimination and taste for discrimination.

The next part of the course would deal with various methods of empirically gauging discrimination in market settings.

 

Public Economics 

This is an elective course for students Majoring in Economics.

This course is aimed at understanding the role of the government in the economy. The aim would be to apply tools from microeconomics to analyse the rationale for government intervention and the effect of such intervention on economic agents. The topics that will be covered include labour and capital taxation, income redistribution, public goods, environmental protection, healthcare, disability and unemployment insurance. Intermediate microeconomics is the prerequisite for this course.

 

The Indian Economy 

This is an elective course for students Majoring in Economics.

The subject matter of this course is the working of India’s economy. It will be approached through the use of economic theory, history and various modes of data analysis. The course will explore both the evolution of the economy and its present state. No issue related to the subject will be considered out of bounds for discussion but the choice of topics for the lectures will be governed by the availability of suitable literature.

 

Economics of Food Security

This is an elective course for students Majoring in Economics.

This course will introduce, analyse and debate food security through an economics lens. Famines, chronic food insufficiency, vulnerability and under-nutrition are some of the instances of food insecurity. The objective of the course is to understand the factors that underlie food insecurity and their consequences. Students will read comparative development case studies (e.g., Africa, China, India, South Asia) and learn about food markets, policy issues and governance in specific contexts.

 

Topics in Microeconomic Theory

This is an elective course for students Majoring in Economics.

This course will use game-theoretic analysis to study various topics. The first part of the course will focus on the economics of information. In a variety of contexts, all market participants do not possess the same degree of economically relevant information. For instance, when a firm hires a worker, the firm may know less than the worker does about the worker’s ability. The owner of a second-hand car is better informed about the quality of the car than a potential buyer. When a manager hires a worker, the worker will be better informed about the effort he or she puts in than the manager. We will study the implications of such informational asymmetries on the market equilibrium as well as on the type of optimal contracts which can be designed in such circumstances. The second part of the course will focus on the relatively new body of literature on market design, an area which is playing an increasingly important role in several allocation problems where goods and services are not exchanged in large anonymous markets. Examples include the design of auctions for spectrum, tradable permit systems for pollution abatement and other environmental regulations, labour market clearinghouses; centralized systems for the allocation of organs, and other related matching and trading processes.

 

Finance Courses

Introduction to Finance 

This is a compulsory course for Second-year students Majoring in Economics and Finance.

The aim of this course is to introduce students to a broad range of financial markets operating in a modern economy and to provide you with a basic understanding of these markets. At the end of the module, students should develop a basic awareness of the day-to-day workings of such markets and an informed understanding of key events, such as the recent financial crisis. The topics covered include the role and types of various financial markets; the role and function of financial institutions and their regulation; and the conduct of monetary policy. Various financial markets such as the bond markets, government as well as corporate bonds; the money markets; the stock markets; and the markets for financial futures and options will be covered. The role of central banks and other regulatory institutions in ensuing the smooth functioning of these markets will be explored.

 

Financial Markets and Asset Pricing

This is an elective course in Finance offered to the third years.

This course focuses on international financial markets and exchange rates. Topics include pricing in the foreign currency and Eurocurrency markets, use of forward exchange for hedging, short-term returns and market efficiency in the international money markets, foreign currency options, international capital asset pricing, pricing of foreign currency bonds, currency swaps, Eurocurrency syndicated loans, foreign currency financing and exposure management.

 

Managing Financial Institutions

This is an elective course in Finance offered to the third years.

What are financial institutions and why are they special? This course will introduce you to a range of different financial institutions (FIs) – banks, insurance companies and asset management companies – and the services they provide. Common to all FIs is the need to manage financial risk. In this course, we will analyse the different types of financial risk faced by FIs, understand the methods used to measure them, as well as the instruments and processes used to mitigate them. Finally, this course will cover the need for and the extent of regulation of FIs. In particular, we will focus on the financial crisis of 2008 and the changes to the global financial regulatory regime that have taken place as a result of it.

 

Advanced Financial Management

This is an elective course in Finance offered to the third years.

This is an applied finance course that tackles some of the common problems faced by corporate managers in business settings. Topics covered include project evaluation, capital structure theory, equity valuation, dividend policy, mergers and acquisitions, and equity issuance (IPOs and SEOs).

 

International Finance

This is an elective course in Finance offered to the third years.

The objective of this course is to provide a framework for making corporate financial decisions in an international context. Managing an international business or one exposed to global competition requires an understanding of international financial instruments, markets, and institutions. This course seeks to provide a working knowledge of these issues. The stress will be on an understanding of the intuition behind the theories, not on mathematical proofs or on replicating empirical results from the literature. The course will not shy away from complex ideas but will try to make the ideas as accessible as possible. Solving mathematical financial problems is an important part of the course.

The course will address the following main topics: national income accounting and balance of payments; foreign exchange market and exchange rate determination; foreign currency derivative instruments; arbitrage and international parity conditions; risks in global finance (e.g., foreign exchange risk and country risk), the management of foreign exchange risk with forwards and options; basic characteristics of trade finance and investment instruments; and international capital flows and markets.