Macro Economic Theory I

Paper Code: 
COM 504
Credits: 
3
Contact Hours: 
45.00
Objective: 

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

7.00
Unit I: 

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.

10.00
Unit II: 

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.

10.00
Unit III: 

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

8.00
Unit IV: 

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

10.00
Unit V: 

National Income & Economic Welfare.

Economic growth and development: Meaning, difference, factors determining economic growth.

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: 
2018-2019
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