EC101: Economics (2023) Autumn
Saptarshi Ghosh – Microeconomics Aditi Chaubal - Macroeconomics

Prerequisite

None

Course Content

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 balace payments, stabilization policies : Monetary, Fiscal and Exchange rate policies.

Books

P. A. Samuelson & W. D. nordhaus, Economics, McGraw Hill, NY, 1995.A. Koutsoyiannis, Modern Microeconomics, Macmillan, 1975.R. Pindyck and D. L. Rubinfeld, Microeconomics, Macmillan publishing company, NY, 1989.R. J. Gordon, Macroeconomics 4th edition, Little Brown and Co., Boston, 1987.William F. Shughart II, The Organization of Industry, Richard D. Irwin, Illinois, 1990.

Review by Anonymous

Lectures

Slides were not super coherent and easy to understand. You could still memorise the contents and do well in the exam, but the capacity to do that depends on the person.

Assignments, Exams and Grading

There were 2 quizzes (10% each) apart from the midsem and endsem(40% each. Macro – Midsem, Micro – Endsem). Micro and Macro prof.s had a different style of evaluation from each other. In the first half sem (Macro), the quizzes had negative marking, but in 2nd half, there were just a lot more questions with more memorization required and also attention to what was taught in class, because there was at least some thing in the Micro exam which wasn't there in the slides (prof. dependent). Attendance had no marks. Grading took place separately for all divisions. They had different prof.s and also slightly different curricula (though, they were same for the most part). No cheat sheets were allowed in the exam, as this course was mostly about memorisation.

Tips

"Principles of Economics" by Gregory N. Mankiw (for Macro). "Samuelson Paul A, William D. Nordhaus" , Economics (for Micro). Preferably read the book little by little, on a regular basis.