M.Phil. Economics or Master of Philosophy in Economics is a postgraduate Economics course. Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences. Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family, health, law, politics, religion, social institutions, war, and science. The expanding domain of economics in the social sciences has been described as economic imperialism. The duration of the course two years and the course is an important and job orienting one.
M.Phil. Economics Eligibility
A pass in Master's Degree in the Economics with a minimum of second class securing at least 55% of the aggregate marks or in an examination recognized as equivalent.
Paper I (Selected Topics in Micro Economic Theory)
Subjects of Study
Demand Analysis –Revision of demand theory by Hicks; Characteristics of goods approach; consumer’s choice involving risk; Indirect utility functions (duality theory); Recent developments in demand analysis (pragmatic approach and linear expenditure systems).
Alternative Theories of the Firm-Critical evaluation of marginal analysis; Baumol’s sales revenue maximization model; Williamson’s model of managerial discretion; Marris model of managerial enterprise; Full cost pricing rule; Bain’s limit pricing theory and its recent developments including Sylos-Labini’s model; Behavioural model of the firm; Game theoretic models.
General Equilibrium-Production without consumption-two sector model, relationship between relative commodity and factor prices (Stolper-Samuelson theorem), relationship between output mix and real factor prices, effect of changes in factor supply in closed economy (Rybczynski theorem), production and consumption.
Economics of Uncertainty-Individual behavior towards risk, expected utility and certainty equivalence approaches, risk and risk aversion-sensitivity analysis, gambling and insurance, the economics of insurance, cost and risk, risk pooling and risk spreading, mean-variance analysis and portfolio selection, optimal consumption under uncertainty, competitive firm under uncertainty, factor demand under price uncertainty, the economics of search-different models, the efficient market hypothesis, stochastic models of inventory demand; Market with incomplete information, search and transaction costs, the economics of information.
Paper II (Selected Topics in Macro Economic Theory)
Comparative Statics in a Closed Economy: (i) The IS-LM Model: The Interaction of the Real and Monetary Sectors: The Keynesion Version, the Neo-classical Version, Comparative Static Analysis: The Keynesian Model: The Neo-classical Model. (ii) Relative efficiency of Fiscal and Monetary Policies in an IS-LM Model-The Crowdingout Effect. (iii) Unemployment and the Labour Market, the Neo-classical Labour Market Equilibrium, Keynesian Unemployment.
Supply of Money: Different approaches to the supply of money-Redcliffe committee approach, approach of Gurley and Shaw, R.B.I’s. approach to money supply.
Macro-economic Policy: Rational expectations and the theory of macro economic policy (Lucas, Sargent and Wallace), Mundell-Fleming model-Asset markets, expectations and exchange rates; Monetary approach to balance of payments.
Theory of Inflation-Structuralist theory of inflation; Phillips curve analysis-Short run and long run Phillips curve; Samuelson and Solow-the natural rate of unemployment hypothesis, Tobin’s modified Phillips curve; Policies to control inflation.
Business Cycles-Theories of Schumpeter, Kaldor, Samuelson and Hicks model; Control of business cycles-relative efficacy of monetary and fiscal policies.
New Classical Macroeconomics-The new classical critique of micro foundations, the new classical approach; Policy implications of new classical approach-empirical evidence.
Paper III (Research Methodology)
Meaning and Significance of Social Research. Difficulties in Social Research. Difference between Social Research and Research in Physical Sciences, Scientific Methods.
Research design and research process
Formulation of a Research Proposal
Data collection: Nature of data (primary & secondary data), Methods of primary data collection: observation, interview techniques and questioner, experimentation and surface and Questionnaire & Interview Methods of Collecting Primary Data.
Statistical Inference: Testing of Hypothesis, Concepts of Null and Alternative Hypothesis, Sampling Distribution and Standard Error, Confidence Interval and Level of Significance.
Linear Regression Model – Estimation of parameters and tests of their significance
Data Sources: C.S.O., National Sample Surveys, National Accounts Statistics, Indian Public Finance Statistics, R.B.I. publications, C.M.I.E. data bases, Annual Survey of Industries, Census and other government publications, major International Data Sources.
Interpretation and Report Writing
Paper IV (Selected Issues in the Indian Economy)
India’s Economic Reforms.
Growth, Sectoral Composition, Poverty and Unemployment.
Agricultural Development: Technological change, Price Policy & Land Reforms.
Industrial Development; its different phases.
Intellectual Property Rights TRIPs and their implications
Foreign Trade, Trade Policies and Balance of Payments.
Those who have the ability of extracting relevant information, drawing conclusions and making logical recommendations whilst considering the wider social and political influences are most suitable for this course.
Second, who can handle the complex data presented in a numerical form, using this data to draw conclusions and make recommendations as well as applying mathematical and statistical analysis methods to the data are good match for it.
Who have analytical skills such as analysing research methods, methodologies, data, conclusions and recommendations; critically evaluating government policy and assessing performance against home and global economies also is good suit for this course.
How is M.Phil. Economics Course Beneficial?
The Demands for true and dedicated professionals in the field of Economics is growing rapidly in the prevailing job market. Almost every organization is looking for the Professionals which can take them to the top of whichever sector they are competing in.
The graduates of this course are offering their services mostly in the Government as well as in the Private sector which is offering very lucrative job packages for them.
Some also find job prospects abroad in reputable International Economic and Financial organizations.
The students also have an opportunity to proceed abroad for further studies and research work in this field.