Macro Economic Theory I

Paper Code: 
COM 504
Contact Hours: 
Max. Marks: 

To explain the basic concepts and theories in Macroeconomics and to discuss in detail Macro-Economic policies and changes in various Macro Economic variables


Macro Economics- Meaning, Definition, Nature, Scope, Importance and Limitations and Types of Macro Economics-Macro Static, Macro Dynamic and Comparative Static. A concept of circular flow of Income.


Classical Theory of Employment- Assumptions, Determination of Full employment output, Says Law of Market: Equilibrium in commodity Market, Implications of Says Law of Market, and Criticism of classical theory of employment.


Keynes’ theory of Employment and Output- Aggregate Supply, Aggregate Demand, Effective Demand, Comparison between Classical and Keynesian contribution..


National Income Analysis –Definition, Concepts, Methods of measuring National Income, Importance of national income, Difficulties in measuring National Income.


Economic growth and development: Meaning, difference between growth and development, indicators of economic growth, role of economic and non economic factors in economic development

Essential Readings: 

Macro Economic analysis - Edward Shapiro, Galgotia Publication, Delhi
Macro Economic theory - M.L. Seth, Laxmi Narayan Agarwal, Agra
Macro economic Theory – M.C. Vaish,Wishwa Prakashan, New Delhi
Macro Economic Theory, H.L.Ahuja, S.Chand & Sons Publication, Delhi
Dipsey R.G and Cheystal, Principles of economy, Oxford university Press

Academic Year: