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The College strives to maintain its cosmopolitan and pluralistic tradition by enrolling young scholars from diverse  communities and different social and economical backgrounds. This rich diversity is the bedrock of the College's special ambience and culture. Students of St. Stephen's College are referred to as Junior Members and the Lecturers are referred to as Senior Members. Although the Junior Members belong to different courses, societies & activities, they identify themselves as Stephanians because it attempts to comprehend all that is of value within the College.

Various courses in the Arts and Sciences  are offered by the College in accordance with the syllabi and prescriptions of the University of Delhi. Every Student is required to work towards a degree with a specific choice of subjects. The duration of M.A. / M.Sc. programmes (Graduate) is two years, and that of B.A. Hons/B.Sc. Hons and B.A Programme / B.Sc. programmes (Undergraduate) is three years.

 

Concurrent Course

Principles of Economics
(Department of Economics)

The course is an introduction to the first principles of both microeconomics and macroeconomics. It is a “discipline concurrent” course, not an “interdisciplinary” one, so students should be prepared for a straightforward elementary course in basic economics.

 

Some use of graphs is unavoidable and will be made without apology, but mathematics will be avoided. (If, however, the class consists only of those who have done at least Class XII mathematics, the instructor may use mathematics in the interests of economy of presentation.)

 

In the past, students from various streams (Mathematics, History, Philosophy) have opted for this course. Usually, given the numbers, the Department of Economics has run this course for two sections in parallel, one section consisting of Mathematics Honours students, and the other section consisting of those in whose case some familiarity with Class XII mathematics cannot be presumed.

 

There will be four lecture classes each week.

 

Basic Text: Lipsey, R.G. & Chrystal, K.E., Principles of Economics, Oxford University Press.

 

The chapters of the book (referred to as “LC”) relevant for each topic are indicated below, with chapter and page references given for both the 11th and the 10th edition, either of which may be used by the student.

 

TOPICS

 

1. Exploring the subject matter of economics

 

Why study economics? Scope and Method of Economics; the Economic Problem: Scarcity and Choice. Reading and working with Graphs. Positive and Normative economics. Microeconomics and Macroeconomics.

 

LC 11 ed: Chs. 1, 2 excluding ‘Economic Data’ pp 22-24.

LC 10 ed: Chs. 1, 2 excluding ‘Economic data’ pp 19-21 and ‘measuring marginal values’ pp 28-31)

 

2. Supply and Demand: Markets and Prices

 Markets and Competition; Determinants of demand and supply; How prices allocate resources. Elasticity and its applications; Controls on Prices.

 

LC 11 ed: Chs. 3, 4 Exclude pp 57-61, but include section on government intervention in markets.

LC 10 ed: Chs. 3, 4, 5. Exclude pp. 77-83, but include section on government intervention in markets.  Exclude section on Problems of Agriculture, pp. 87 – 90.

 

3. What Determines Demand

Marginal Utility Theory. Indifference Theory. Income and Substitution Effects.

 

LC 11 ed: Ch. 5, Exclude Box 5.5, p. 103 (Slutsky Decomposition)

LC 10 ed: Chs. 6, 7. Exclude Box 7.4, p 119 (Slutsky Decomposition)
 

4. Firms, Cost and Profits

The Production Process; Firms; Costs and Output decisions in the short and the long run.

 

LC 11 ed: Ch. 6.

LC 10 ed: Chs. 8, 9 Exclude section on Isoquants pp. 144-147.

 

5. Market Structure

Perfect competition. Monopoly.

 

LC 11 ed: Chs. 7, 8

LC 10 ed: Chs. 10, 11

 

6. Macroeconomic Concepts and Measurement

 Concepts of GDP and national income. Nominal and real GDP.

 

LC 11 ed: Ch. 15, Sections on ‘What is Macroeconomics’, ‘Why do we need macroeconomics’, ‘GDP, GNI, GNP’, ‘Circular Flow of Income’, and ‘Interpreting National Income and Output Measures’

LC 10 ed: Ch. 21, Sections on ‘What is Macroeconomics’, ‘Why do we need macroeconomics’, GDP, GNI, GNP’, ‘Circular Flow of Income’, and ‘Interpreting National Income and Output Measures’

 

7. The Simple Keynesian Model

 Aggregate expenditure and equilibrium output. Fiscal policy at work – the multiplier effect.

 

LC 11 ed: Chs. 16, 17

LC 10 ed: Chs. 23, 24

 

8. Money and Monetary Institutions

 The nature of money; credit creation. The Demand for Money. Monetary Policy.

 

LC 11 ed: Ch. 20, Sections on ‘The Nature of Money’, ‘The Origins of Money’, ‘The Ratios  Approach to Creation of Money’ (excluding the general case of deposit creation and Fig. 20.1)

LC 10 ed: Ch. 27, Sections on ‘The Nature of Money’, ‘The Origins of Money’, ‘The Ratios   Approach to Creation of Money’ (excluding the general case of deposit creation and Fig. 27.1)

LC 11 ed: Ch. 21, Sections on ‘Demand for Money’, ‘Monetary Forces and Aggregate Demand’, (Exclude Accelerator Theory of Investment)

LC 10 ed: Ch. 28, Sections on ‘Demand for Money’, ‘Monetary Forces and Aggregate Demand’, (Exclude Accelerator Theory of Investment)

 

 9. International Trade

Gains from Trade; Terms of Trade.


 
LC 11 ed: Ch. 27, pp 610-16 only
LC 10 ed: Ch. 33
, pp. 609-15 only

 

 


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