IGNOU MA Economics Syllabus

University Name

Indira Gandhi National Open University

Course Name

Master of Arts in Economics (MAEC)

Course Duration 

2 years (4 semesters) 

Mode of the Programme

Open Distance Learning

School 

School of Social Sciences

Approvals and Accreditations

UGC-DEB, AICTE, NAAC with A++ Grade

Age Criterion

No Age Limit

Medium 

English

Tuition Fee

INR 18,400 (excluding forms, exam fees, etc.)

MEC 101

Microeconomics Analysis

6

MEC 102

Macroeconomics Analysis 

6

MEC 203

Quantitative Methods

8

MEC 104

Economics of Growth and Development 

8

MEC 109 

Research Methods in Economics 

6

MEC 205 

Indian Economic Policy 

6

Blocks 

Units

Block 1: Consumer Behaviour

1: Theory of Consumer Behaviour: Basic Themes

2: Theory of Demand

3: Theory of Demand: Recent Developments

Block 2: Producer Behaviour

4: Theory of Production

5: Theory of Cost

6: Production Economics

Block 3: Price and Output Determination

7: Perfect Competition

8: Monopoly

9: Monopolistic Competition 

10: Oligopoly

Block 4: General Equilibrium

11: General Equilibrium: Pure Exchange Model

12: General Equilibrium with Production

Block 5: Welfare Economics

13: Pigovian vs. Paretian Approach

14: Social Welfare Function

15: Imperfect Market, Externality and Public Goods

16: Social Choice and Welfare

Block 6: Economics of Uncertainty

17: Choice in Uncertain Situations

18: Insurance Choice and Risk

19: Economics of Information 

Block 7: Non-Cooperative Game Theory-I

20: Static Games of Complete Information

21: Static Games with Complete Information: Applications

22: Dynamic Games with Complete Information

Block 8: Non-Cooperative Game Theory-II

23: Static Games of Incomplete Information (with Application to Auction)

24: Dynamic Games with Incomplete Information: Perfect Bayesian Equilibrium

25: Signaling Games and their Application

26: Refinements of Perfect Bayesian Equilibrium

Blocks 

Units

Block 1: Traditional Approaches to Macroeconomics

1: Classical and Keynesian Approaches

2: Neoclassical Synthesis

Block 2: Economic Growth

3: The Solow Model

4: Endogenous Growth Model

Block 3: Rational Expectations

5: Rational Expectations and Economic Theory

6: Policy-Making under Uncertainty

Block 4: Inter-temporal Decision-Making

7: Consumption and Asset Prices

8: The Ramsey Model

9: The Overlapping Generations Model

10: Money & the Role of Monetary Policy

Block 5: Economic Fluctuations

11: Traditional Theories of Business Cycles

12: Real Business Cycles

Block 6: Unemployment

13: Traditional Theories

14: Search Theory and Unemployment

15: Nominal and Real Rigidities

16: New-Keynesian Theories of Unemployment

Block 7: Open-Economy Macro-Modelling

17: Flexible Exchange-Rate System

18: Fixed-Exchange Rate System

19: Sluggish Price Adjustment

Blocks 

Units 

Block 1: Introduction to Differential Calculus

1: Set Theory

2: Functions and Their Graphical Representation

3: Differential Calculus: Functions, Limits and Continuity

Block 2: Extreme Values and Optimisation

4: Maxima and Minima

5: Unconstrained Optimisation

6: Constrained Optimisation

Block 3: Integral Calculus and Economic Dynamics

7: Integration Techniques

8: Integration and Economic Dynamics

9: Difference Equations and Applications in Economic Dynamics

Block 4: Linear Algebra and Economic Applications

10: Vector Analysis

11: Linear Algebra

12: Input-Output Analysis

13: Linear Programming

Block 5: Statistical Methods-I

14: Descriptive Statistics

15: Correlation and Regression Analysis

16: Probability Theory

17: Probability Distribution

Block 6: Statistical Methods-II

18: Sampling Theory

19: Sampling Distributions

20: Statistical Inferences

Blocks 

Units

Block 1: Economic Growth Models-I

1: Introduction to Economic Growth

2: Harrod-Domar Growth Model

3: Neo-classical Growth Models

Block 2: Economic Growth Models-II

4: Growth and Distribution

5: Total Factor Productivity and Growth Accounting

6: Technological Change and Progress

Block 3: Economic Growth Model-III

7: Models of Optimal Economic Growth

8: Multi-Sector Models of Growth

9: Endogenous Growth Models

10: Stochastic Growth Models 

Block 4: Social and Institutional Aspects of Development

11: Development and Underdevelopment

12: Measurement and Indicators of Development

13: Population and Development

14: Economic Development and Institutions

15: Market Incompleteness & Informal Institutions in the Rural Economy

Block 5: Theories of Development

16: Classical Theories of Development

17: Schumpeter and Capitalistic Development

18: Theories of Underdevelopment

Block 6: Development Strategies

19: Allocation of Resources

20: Cost-Benefit Analysis

21: Role of Planning

22: Trade and Development

Blocks 

Units

Block 1: Research Methodology: Issues and Perspectives

1: Research Methodology: Conceptual Foundations

2: Approaches to Scientific Knowledge

3: Models of Scientific Explanation

4: Debates on Explanation Models in Economics

5: Foundations of Qualitative Research: Interpretivism and Critical Theory Paradigm

Block 2: Research Design and Measurement

6: Research Design and Mix Methods Research

7: Data Collection & Sampling Design

8: Measurement and Scaling Techniques

Block 3: Quantitative Methods-I

9: Two-Variable Regression Models

10: Multiple Regression Models

11: Measures of Inequality

12: Construction of Social Sciences  Composite Index Number

Block 4: Quantitative Methods-II

13: Multivariate Analysis: Factor Analysis

14: Canonical Correlation Analysis

15: Cluster Analysis

16: Correspondence Analysis

17: Structural Equation Modelling (SEM)

Block 5: Qualitative Methods

18: Participatory Methods

19: Content Analysis

20: Action Research

Block 6: Database of Indian Economy

21: Macro-variable Data: National Income, Savings and Investment

22: Agricultural and Industrial Data

23: Trade and Finance

24: Social Sector

Blocks 

Units 

Block 1: Indian Economic Development: An Overview

1: Growth and Structure of the Indian Economy

2: Population and Human Resources

3: Natural Resources and Environment

4: Physical Infrastructure

Block 2: Development Strategies in India

5: Policy Choices – State Planning and Markets

6: Economic Reforms in India

7: Major Developments in the Post-Economic Reforms Period

Block 3: Sectoral Developments

8: Issues plus Concerns of Indian Agriculture

9: Industrial Development in India: An Overview

10: Services Sector

Block 4: Major Issues Facing Indian Economic Policy

11: Poverty, Inequality and Inclusive Growth

12: Employment and Unemployment: Policy Implications

13: Regional Disparity in India

Block 5: Monetary and Fiscal Policies in India

14: Credit and Monetary Policy

15: Capital Market and its Regulation

16: Public Finance and Fiscal Policy

17: Fiscal Federalism in India

Block 6: External Sector and Trade Policy

18: Foreign Trade and Balance of Payment

19: Foreign Capital

20: Trade Policy

Block 7: Sector-Specific Policies

21: Agricultural Policy

22: Industrial Policy

23: Policies Relating to the Services Sector

Block 8: Economic Policies Implementation and Monitoring

24: Livelihood Protection and Social Security Measures with Special References to MANREGA

25: Political Economy of Indian Development

26: Ingredients of Good Governance 

MEC 106

Public Economics 

6

MEC 107

International Trade and Finance/ International Trade and Development

6

MEC 110

Money, Financial Institutions and Markets 

8

MECE 101

Introductory Econometric Methods

4

MECE 102

Advanced Econometric Methods

4

MECE 104

Economics of Environment and Social Sector 

6

MECE 103

Actuarial Economics: Theory and Practice 

6

MECP 201

Project Work I 

6

MECP 202

Project Work II

4

MCS 226 

Data Science and Big Data

4

MCS 224 

Artificial Intelligence and Machine Learning 

4

MGG 011

Geographical Information System

4

MGPE 006

Gandhi’s Economic Thoughts

4

MGSE 009

Gender Issues in Work, Employment and Productivity 

4

MWG 111

Women in the Economy 

8

Blocks

Units

Block 1: Public Economics: Basic Concepts

1: Welfare Foundations of Economic Policies

2: Theory of Market Failure

3: Voting and Local Public Goods

Block 2: Social Choice with Collective Decision-Making

4: Arrow's Impossibility Theorem

5: Normative Models: Equity and Justice

6: Spatial Voting Models

Block 3: Public Policy: Mechanism Design, Agenda Setting

7: The Basics of Public Policy

8: Mechanism Design

9: International Policy Coordination

Block 4: Economics of Taxation

10: Commodity Taxes

11: Direct Taxes

12: Introduction to Optimal Taxation

Block 5: Public Debt

13: Theory of Public Debt

14: Sources of Public Debt

15: Management of Public Debt

Block 6: Fiscal Federalism

16: Fiscal Federalism and Fiscal Policy

17: Equity and Efficiency Issues

18: State and Local Goods

Blocks

Units

Block 1: International Trade Theory

1: Free Trade Theory

2: Alternative Explanations of Trade

3: Free Trade and Welfare

Block 2: Trade Policy

4: Theories of Protectionism;

5: Role of WTO in Trade Policy

6: Multilateralism and Problems of Developing Countries with the WTO

Block 3: Balance of Payments, BoP Adjustments, Exchange Rates

7: Balance of Payments: Introduction

8: International Monetary Systems

9: International Financial Institutions

10: International Debt and the Role of Financial Institutions

Block 4: Globalisation, Trade and Developing Countries

11: Trade and Development

12: Issues Related to Trade in Primary Commodities

13: Issues on Trade in Services (GATS)

14: Trade Negotiations under the WTO: A Historical View

Block 5: Theory of Regional Blocs

15: Regional Trading Blocs

16: International Capital Mobility & Monetary System

Block 6: International Trade plus Payments in India

17: India’s Trade Policy 

18: India’s Balance of Payments 

19: Trade and Development in India

Blocks 

Units

Block 1: The Financial System: Overview

1: Economic Agents 

2: Financial Intermediation

3: Basic Business Accounting 

Block 2: Money

4: Role of Money in the Modern Economy 

5: Demand for Money

6: Money Supply 

Block 3: Monetary Policy

7: Central Bank: Its Role in Monetary Policy

8: Central Bank: Its Role as Regulator of the Banking System

9: Monetary Policy in India: Transmission Mechanism 

Block 4: Financial Markets 

10: Money Markets 

11: Capital Markets

12: Bond Markets

13: Derivatives 

Block 1: Basic Econometric Theory

1: Introduction to Econometrics

2: Estimation of Two-Variable Regression Model

3: Statistical Inference in Regression Models

4: Multiple Regression Model

5: Generalised Least Squares

Block 2: Specification Issues 

6: Multicollinearity 

7: Autocorrelation 

8: Heteroscedasticity 

9: Errors in Variables

Block 3: Endogenous Regressors 

10: Dummy Variable Models

11: Autoregressive and Distributed Lag Models

12: Discrete Dependent Variable Models 

Block 4: Limited Dependent Variable Models 

13: Introduction to Simultaneous Equation Models

14: Identification Problem 

15: Estimation of Simultaneous Equation Models

Block 5: Models for Time Series Data 

16: Introduction to Multivariate Analysis

17: Principal Components Analysis 

18: Factor Analysis

Block 1: Qualitative Response Models 

1: Discrete Dependent Variable Models 

2: Censored and Truncated Regression Models

Block 2: Dynamic Models 

3: Autoregressive (AR) Models 

4: Distributed Lag Models

Block 3: Simultaneous Equations Systems 

5: Estimation of Systems of Equations 

6: Introduction to Simultaneous Equations Systems

7: Estimation of Simultaneous Equations Systems

Block 4: Time Series Models 

8: Specification Issues of Time Series Data Models 

9: Modelling Univariate Time Series 

10: Vector Auto-Regression (VAR) Models

11: Modelling Volatility 

Block 5: Further Topics in Econometrics 

12: Introduction to Panel Data Models

13: Dynamic Panel Data Analysis

14: Introduction to the Generalised Method of Moments Estimation

Blocks 

Units

Block 1: Society, Environment and Economy

1: Society, State and Market 

2: Economy and Environment

3: Society and Environment 

Block 2: Economics of Education

4: Demand for Educational Services

5: Supply of Educational Services

6: Determinants of Educational Services

Block 3: Economics of Health

7: Demand for Health Services

8: Supply of Health Services

9: Determinants of Health Services

Block 4: Economics of the Environment

10: Demand for Natural and Environmental Resources

11: Supply of Environmental and Ecosystem Services

12: Determinants of Environmental Resources

Block 5: Sustainable Development

13: Pillars of Sustainable Development

14: Green Accounting and Environmental Cost-Benefit Analysis

15: Common Property Resources Management

Block 6: Institutions and Policies

16: Education Sector

17: Health Sector

18: Environment Sector-I

19: Environment Sector-II

Blocks

Units

Block 1: Risk and Risk Management

1: Applied Probability-I

2: Applied Probability-II

3: Stochastic Process

4: Application to Finance

Block 2: Actuarial Modelling

5: Valuing Risk Management

6: Stochastic Models in Insurance

7: Theory of Interest

Block 3: Actuarial Techniques-I

8: Life Insurance

9: Collective Insurance and Company Operations

10: Insurance Pricing

Block 4: Actuarial Techniques-II

11: Cash-Flow Projections

12: Life Contingencies

13: Credibility Theory

Block 5: Non-Life Reserving, Accounts and Re-insurance

14: Reinsurance

15: Extreme Value

16: Stochastic Control and Insurance

Block 6: Types of Insurance

17: Reserving Techniques

18: Dynamic Financial Analysis

Block 7: Regulation of Insurance

19: Forms of Regulation

20: Regulation of Insurance in India

Blocks 

Units

Block 1: Basics of Data Science

1: Introduction to Data Science

2: Portability and Statistics for Data Science

3: Data Preparation for Analysis

4: Data Visualisation and Interpretation

Block 2: Big Data and Its Management

5: Big Architecture

6: Programming Using MapReduce

7: Other Big Data Architectures and Tools

8: NoSQL Database

Block 3: Big Data Analysis

9: Mining Big Data

10: Mining Data Streams

11: Link Analysis

12: Web and Social Network Analysis

Block 4: Programming for Data Analysis

13: Basics of R Programming

14: Data Interfacing and Visualisation in R

15: Data Analysis and R

16: Advanced Analysis Using R

Blocks 

Units

Block 1: Artificial Intelligence - Introduction

1: Introduction to Artificial Intelligence

2: Problem Solving Using Search

3: Uninformed and Informed Search

4: Predicate and Propositional Logic

Block 2: Artificial Intelligence - Knowledge Representation

5: First Order Logic

6: Rule-Based Systems and Other Formalisms

7: Probabilistic Reasoning

8: Fuzzy and Rough Set

Block 3: Machine Learning-I

9: Introduction to Machine Learning Methods

10: Classification

11: Regression

12: Neural Networks and Deep Learning

Block 4: Machine Learning-II

13: Feature Selection and Extraction

14: Association Rules

15: Clustering

16: Machine Learning - Programming using Python

Blocks 

Units

Block 1

1: Geography and GIS

2: Definition and Functionality of GIS

3: GIS as Science and GIS as Technology

4: Relevance, Recent Trends and Future of GIS

Block 2: Data Models and Geographic Framework 

5: Maps and Representation of Geographic Information in GIS

6: GIS Data Models and Data Types

7: Projections and Coordinate Systems

8: Formats, Standards and Workflow

Block 3

9: Data Generation, Storage and Data Sharing

10: Data Integration, Updation and Manipulation

11: Query and Analysis

12: Visualisation and Output Generation

Block 4: GIS Applications

13: GIS as Spatial Decision Support System (SDSS)

14: GIS Applications in Natural Resource Management

15: GIS Applications in eGovernance and Planning

16: GIS Applications in Transport, Business, Utilities and Facilities

17: GIS in Environmental Studies

Blocks 

Units

Block 1: Foundation of Gandhian Economics

1: Basics of Modern Economics

2: Critique of Modern Economics

3: Indigenous and External Influences

4: Encounter with Colonialism and Poverty

Block 2: Principles of Gandhian Economic Philosophy

5: Bread Labour

6: Self-reliance and Self-sufficiency

7: Trusteeship

8: Preferences, Utilities and Wants

Block 3: Gandhian Economy

9: Machinery and Industrialisation

10: Economics of Non-Violence

11: Khadi and Village Industries

12: Gandhian Economists

Block 4: Gandhian Economics: Challenges and Opportunities

13: Decentralisation

14: Agrarian Economy and Cooperatives

15: Sustainable Economy and Social Justice

16: Paradoxes of Development and Gandhian Alternatives

Blocks 

Units

Block 1: Gender Issues in Work

1: Gender Issues in Work

2: Valuation Of Women’s Work

3: Participation Of Women In Pre-Industrial and Industrial Societies

Block 2: Women’s Contribution to National Income

4: Women in the Care Economy Structure

5: Women in Shadow Employment

6: Search Theories

7: The Indispensability Of Voice Organising for Social Protection In The Informal Economy

8: Towards A ‘Generative’ Model Of Social Protection - Making The Links To Development Policy

Block 3: Gender and Labour Markets

9: Labour Market Segmentation

10: Gender Differential Impact On Labour Market

11: Wage Differentials

12: Social Security

13: Legal Responses To Work

Blocks 

Units 

Block 1: Conceptualising Women's Work

1: Defining Work

2: Productive and Reproductive Work

3: Segmentation

4: Estimating Women’s Work

Block 2: Historiographical Issues and Debates in Women's Work

5: International Debates

6: Indian Debates-I

7: Indian Debates-II

8: Mobilisation and Resistance

Block 3: Participation

9: Issues Concerning Participation

10: Locations

11: Sectors

12: Occupation

Block 4: Migration

13: Theories and Typologies of Migration

14: Migration, Inequality and Social Change

15: Migration and Vulnerabilities to Trafficking

16: Migration and Development

Block 5: Legislation, Social Protection and Policy

17: Frameworks and Approaches

18: Important Legislation and Landmark Judgements

19: Welfare and Social Security Measures

20: Women in Planning and Social Policy

Block 6: Women and Globalisation

21: Globalisation and Economic Change

22: New International Division of Labour

23: Questions of Feminisation and Marginalisation