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  • 3:41 PM, Sunday, 24 Oct 2021

Course Undergraduate
Semester Sem. III
Subject Code HS211
Subject Title Introduction to Economics


Exploring the Subject Matter of Economics: why we study economics – types - definitions – resource allocation – economic systems – economics as a science.

Principles and Concepts of Micro Economics: demand and supply – production – costs – markets – equilibrium – price allocation.

Basics of Macro Economics: components of macro economics – role of government – national income concepts – calculation of national income – inflation concepts – methods of calculation – classical vs. Keynesian – globalization.

Economic Problems and Policies: meaning of development – developing vs. developed countries – problems of growth – controversies – population and development – role of agriculture and industry – demographic transition – balance of payments – planning and growth.

Text Books

1. Samuelson, P. A. and Nordhaus, W. D., Economics, 18th ed., McGraw-Hill (2005).

2. Dewett, K. K., Modern Economic Theory, 22nd ed., S. Chand (2005).

3. Thirlwall, A. P., Growth and Development with Special Reference to Developing Economies, 7th ed., Palgrave Macmillan (2003).


1. Gardner, A., Macroeconomic Theory, Surjeet Publications (1998).

2. Koutsoyiannis, A., Modern Microeconomics, 2nd ed., Palgrave Macmillan (2003).

3. Black, J., A Dictionary of Economics, Oxford Univ. Press (2003).

4. Meir, J. M. and Rauch, J. E., Leading Issues in Economic Development, 7th ed., Oxford Univ. Press (2005).

5. Todaro, M. P. and Smith, S. C., Economic Development, 8th ed., Pearson Education Ltd. (2008).

6. Economic Survey, Government of India, Ministry of Finance.

7. O’Connor, D. E., The Basics of Economics, Greenwood Press (2004).