First Year: Semester I

First Year: Semester II

Second Year: Semester I

Second Year: Semester II

Third Year: Semester I

Third Year: Semester II

Fourth Year: Semester I

Fourth Year: Semester II

1. Introduction: Definition and scope of economics; basic concepts and tools used in economics; economic problem - scarcity of resources; economic method – types of economics; microeconomics vs. macroeconomics; measuring economic variables.

2. Demand, Supply and the Market: Concepts of demand and supply; market equilibrium; laws of demand and supply; shifting demand and supply curves; application of demand and supply; price ceiling and price floor; various elasticities of demand and supply; measurement of elasticity; elasticity and consumer expenditures; application of elasticity concepts.

3. Theory of Consumer Behaviour: Utility analysis of demand; paradox of value; law of diminishing marginal utility; law of equi-marginal analysis; cardinal vs. ordinal utility; consumer preference - law of preference; indifference curve analysis; properties of indifference curves; goods and different shapes of indifference curves; budget constraints; consumer's equilibrium; derivation of demand curve using indifference curves; complements and substitutes; elementary concepts of income and substitution effects of a price change; consumer and producer surplus.

4. Theory of Firm: Production and costs - production function; single variable input; total, average and marginal products; law of diminishing marginal returns; stages of production; several variable inputs; law of variable proportions; short run and long run production, and cost concepts with relevant graphical analysis; iso-quant, iso-cost and producers’ equilibrium; returns to scale.

5. Theory of Business Organization: Business firms and the market; why do firms exist; objective(s) of firms; different types of business firms, and their advantages and disadvantages; financing corporate activity.

6. Market: Taxonomy of markets; perfect competition and monopoly - price and output determination.

1. Roger A. Arnold: Economics, West Publishing Company, 1989.

2. P.A.Samuelson and W. Nordhaus: Economics, McGraw-Hill, latest addition.

3. Koutsoyiannis A.: Microeconomics, …………

4. S. Fisher, R. Dornbusch and R. Schmalansee: Economics, McGraw-Hill, 2nd ed., 1988.

 

1. Introduction: Definition and scope of economics; basic concepts and tools used in economics; economic problems; scarcity of resources.

2. Demand, Supply and Market: Concept of demand, supply, and equilibrium; determinants of demand and supply; shifting demand and supply curves; application of demand and supply; elasticity concept.

3. Theory of Consumer Behaviour: Paradox of value; law of diminishing marginal utility; indifference curve analysis; budget constraint; consumer’s equilibrium; consumer’s surplus.

4. Theory of Firm: Production function; law of diminishing returns; stages of production; law of variable proportion; short-run and long-run production, and costs; iso-quant, iso-cost, and producer’s equilibrium; returns to scale.

5. Market: Taxonomy of markets; perfect competition and monopoly - output and price determination.

1. Roger A. Arnold: Economics, West publishing company, 1989

2. P.A. Samuelson and W. Nordhaus: Economics, McGraw Hill, latest edition

3. Maddala and Miller: Microeonomics - Theory and Applications, ……….

4. Pindyck & Rubinfeld: Microeconomics, Macmillan, 1989

5. Arthur Denzen: Microecomic Analysis, Irwin, 1992

6. Ferguson and Gould: Microeconomic Theory, 2^nd Edition, ELBS, Hongkong 1985

7. S. Fischer, R. Dornbusch and R. Schmalensee: Economics, McGraw Hill, 2nd edition, 1988

 

1. Introduction: Definition and scope of economics; basic concepts and tools used in economics; economic problems - scarcity and resources.

2. Demand, Supply, and Market: Concept of demand, supply and equilibrium; determinants of demand and supply; shifting of demand and supply curves; application of demand and supply; elasticity of demand and supply.

3. Theory of Consumer Behaviour: Concepts of utility; paradox of value; law of diminishing marginal utility; indifference curve; budget constraint; consumer’s equilibrium.

4. Theory of Firm: Production function; law of diminishing return; stages of production; law of variable proportion; short run and long run production and costs.

5. Market: Taxonomy of markets; characteristics of different types of markets.

MACRO:

6. Introduction to Macroeconomics: Definition; macro-economic performance, measuring National Product and National Income – GNP, NNP, NI, Personal Disposable Income, National and real GNP; circular flow of iIncome, value added.

7. Money and Banking: Definition and functions of money; different kinds of money ; commercial bank and the money stocks ; functions of central bank; money supply.

8. Introduction to Inflation and Unemployment: Types and costs of inflation and unemployment.

Books Recommended:

1. Roger A. Arnold: Economics, West publishing company, 1989.

2. P. A. Samuelson and W. Nordhaus: Economics, McGraw-Hill, latest addition.

3. Maddala and Miller: Microeconomics - Theory and Applications, …….

4. Pindyck & Rubinfeld: Microeconomics, Macmillan, 1989.

5. Arthur Denzan: Microeconomics Theory, …..

6. S. Fisher, R. Dornbusch and R. Schmalansee: Economics, McGraw-Hill, 2nd ed. 1988.

7. P. Wonnacott and R. Wonnacot: Economics, McGraw-Hill, 3rd ed, 1986.

8. D.G Lucket: Money and Banking, McGraw-Hill, 3rd ed, 1984.

9. Ruffin and Gregory: Macroeconomics, ………

1. Definition and scope of economics; economic resources; economic problems – scarcity, choice, and concept of opportunity cost.

2. Definitions, determinants and shifting of demand and supply; elasticities of demand and supply.

3. Concepts of utility; law of diminishing marginal utility and its relevance to demand curve.

4. Production function, law of diminishing marginal returns, production and costs.

5. Taxonomy and characteristics of markets.

1. Tools of national income/product; GDP, GNP, NNP, NI, PI, DPI, real and nominal concepts, measuring national income.

2. Definitions and functions of money; role of central and commercial banks.

1. Meaning of development; growth and poverty; different measures of poverty, income inequality. 2. Definitions and conceptual problems in measuring aid; concepts balance of payments and balance of trade.

Books Recommended:

1. Roger A. Arnold: Economics, West publishing company, 1989.

2. P. A. Samuelson and W. Nordhaus: Economics, McGraw-Hill, latest addition.

3. Arthur Denzan: Microeconomics Theory, …..

4. S. Fisher, R. Dornbusch and R. Schmalansee: Economics, McGraw-Hill, 2nd ed. 1988.

5. P. Wonnacott and R. Wonnacot: Economics, McGraw-Hill, 3rd ed, 1986.

6. D.G Lucket: Money and Banking, McGraw-Hill, 3rd ed, 1984.

7. S.Ghatak. An Introduction to Development Economics, 2nd ed. Allen & Unwin. 1986.

8. G.M.Meir. Leading Issues In Economic Development, 5th ed. Oxford, Univ. press 1989.

 

1Credit

1. Introduction: Definition of Economics, production possibility frontier, economic models and theories, measuring economic variables, developing economic laws.

2. Theory of consumer behavior: Cardinal utility theory, indifference curves theory, Derivation of demand curve, price effect and price consumption curve, derivation of market demand.

3. Market equilibrium: determinants of demand and supply; concepts of demand and supply market equilibrium, elasticity of demand and supply.

4. Production: short run and long run functions, laws of production – returns to scale and laws of variable proportion, optimal combination of factors of production.

5. Cost: Short run and long run cost functions, analysis of economies of scale.

6. Market: taxonomy of markets, perfect competition and monopoly - price and output determination, long run equilibrium and supply curves.

7. Pricing of factors of production: concepts of wage, interest rate, rent and profit determination.

1. A. Koutsoyiannis, Modern Microeconomics, Macmillan, 1979.

2. Roger A. Arnold: Economics, West Publishing company, 1989.

3. Maddala and Miller: Microeconomics, Theory and Applications.

4. Pindyck & Rubinfeld: Microeconomics, Macmillan, 1989.

*5. McConnel and Brue: Microeconomics.

 

1. Introduction to macroeconomics: Definition of Macroeconomics, Macroeconomic performance.

2. Measuring national product and national income: GNP-concept and measurement, GNP and NI, NI and personal disposable income, GNP and spending, nominal and real GNP, comparing income levels in different countries.

3. Determination of national income: the circular flow; components of aggregate demand and planned spending; aggregate demand, equilibrium output, changes in equilibrium output, the multiplier, the paradox of thrift.

4. Money and banking: definition and functions of money; different kinds of money, banking-goldsmith banking, modern banking, commercial banks and the money stock, money and near monies.

5. Central bank: Control money supply, open market operations, money multiplier, high powered money and the money stock.

6. Taxes and government expenditure: principles of taxation, types of taxation, heads of government expenditure.

7. Budget and fiscal policy: government in the circular flow; objectives of fiscal policy.

8. Inflation: concepts-expected and unexpected inflation, costs of inflation, money and the price level, velocity and the quantity equation.

1. S. Fischer, R. Dornbusch and R. Schamalensee: Economics, McGraw-Hill, 2nd ed. 1988.

2. D. G. Lucket: Money And Banking, McGraw-Hill, 3rd ed. 1984.

3. Roger A. Arnold: Economics, 1989.

4. Ruffin and Gregory: Macroeconomics.

5. N. Gregory Mankiw : Macroeconomics

6. Branson and Lifback, Macroeconomics

 

1. Set theory and Theory of numbers: Concepts of Sets & subsets, Cartesian products, functions and relations, binary operation on the sets N, Q, R as algebraic system, equivalence relations,equivalent sets, countable & uncountable sets.

2. Functions and graphs: concept of a function and graphical representation of functions - constant, polynomial, rational and non-algebraic functions, linear model of market equilibrium, analysis of taxes, non-linear model of market equilibrium, equilibrium in national income analysis.

3. Calculus: (i) concept of a derivative and its geometric interpretation, concept of a limit, techniques of differentiation, logarithmic and exponential functions, uses in Economics, concepts of total average and marginal utility/cost/revenue, elasticities of demand and supply; maxima and minima costs, profit maximization.

(ii) Partial and total derivatives: partial differentiation, total differentials, total derivatives, unconstrained maxima and minima, applications in economics -maxima and minima subject to equality constraints, applications in economics, homogeneous functions and linear homogeneous functions.

Recommended Books:

1. A.C.Chiang, Fundamental Methods of Mathematical Economics, 3rd ed. McGraw-Hill.

2. J. E. Weber, Mathematical Analysis, Business and Economic Applications, 4th ed. Harper & Row, 1982.

3. E.T.Dowling, Mathematics, ELBS.

4. Taro Yamane, Mathematical Economics.

*5. Simon and Blume, Application to Mathematics for Economists, Norton.

 

The course teacher in the class will announce detailed syllabi.

1. Vector space: Definition, linear sum, and inner product space.

2. Linear algebra: concepts of vectors and matrices, vector operations-addition, subtraction and multiplication, linear dependence and independence of vectors; matrix operations-addition, subtraction and multiplication, unit or identity matrix, scalar matrix, diagonal matrix, transposition, determinations, properties of determinants, inverse matrix, properties of inverse matrices, solution of simultaneous equations-Cramer's rule, linear dependence, rank and the solution of homogeneous equations, characteristic roots and vectors, quadratic form and definite matrices.

3. Calculus: Concepts of Integration, Indefinite and Definite Integrals, methods of integration, applications from a marginal to total functions, investment and capital formation, consumer and producer surplus.

4.Concave & convex function: Quasi concavity and quasi convexity of functions, Homogeneous and homothetic functions.

5. Eigen values and eigen vectors: Definitions, properties of eigenrolues repeated and complex eigenvalues.

6.Optimazation: The structure, solution, questions and concepts, existence and uniqueness of solutions, local and global optima , interior and boundary optima.

Recommended Books:

1. A.C.Chiang, Fundamental Methods of Mathematical Economics, 3rd ed. McGraw-Hill.

2. J. E. Weber, Mathematical Analysis, Business and Economic Applications, 4th ed. Harper & Row, 1982.

3. E.T.Dowling, Mathematics, ELBS.

4. Taro Yamane, Mathematical Economics.

*5. Simon and Blume, Application to Mathematics for Economists, Norton.

 

The course teacher in the class will announce detailed syllabi.

1. Introduction to Macroeconomics: Definition of Macroeconomics; macroeconomic performance.

2. Measuring national product and national income: GNP concept and measurement; GNP and NI; NI and personal disposable income; GNP and spending; nominal and real GNP; comparing income levels between different countries.

3. Determination of national income and investment: the circular flow; components of aggregate demand and planned spending; aggregate demand; equilibrium output; changes in equilibrium output; the multiplier; investment, the paradox of thrift.

4. Money and banking: definition and functions of money; different kinds of money; banking-goldsmith banking; modern banking; commercial banks and the money stock; money and near moneys.

5. Central banking and monetary system - functions of central bank, money supply, open market operations; money multiplier; high powered money and the money stock.

6. Taxes and government expenditure: principles of taxation; types of taxation, heads of government expenditure.

7. Budget and fiscal policy: government in the circular flow; objectives of fiscal policy.

8. Inflation: concepts, expected and unexpected inflation; costs of inflation; money and the price level; velocity and the quantity equation.

9. International trade: Concepts of absolute and comparative advantage; terms of trade; economics of protection - concepts on tariff and non-tariff barriers, arguments for & against protection.

1. S.Fischer,R.Dornbusch and R. Schmalensee: Economics, McGraw-Hill, 2nd ed. 1988.

2. P. Wonnacott and R. Wonnacott: Economics, McGraw-Hill, 3rd ed. 1986.

3. P.A.Samuelson and W.Nordhaus, Economics,McGraw-Hill, 13th ed. 1989.

4. D.G.Lucket: Money and banking, McGraw-Hill, 3rd ed. 1984.

5. Roger A. Arnold: Economics, 1989.

6. Ruffin and Gregory: Macroeconomics.

 

1. Introduction to Macroeconomics: Definition: macroeconomic performance: Measuring National product & National Income-GNP, NNP, NI; personal Disposable Income; National & Real GNP; Circular Flow of Income, Value Added.

2. Determination of national income: Components of Aggregate Demand & planned Spending; Aggregate demand; Equilibrium output/Income, Change in Equilibrium output; Multiplier; Paradox of thrift.

3. Money & banking: Definition & functions of Money, Different kinds Money; Banking-Goldsmith Banking; Modern Banking; Commercial Banks & the Money Stock; Functions of Central Bank-Money Supply; Open Market Operations; High powered Money.

4. Inflation: Concepts. Expected & Unexpected Inflation: cost of Inflation: Money & the price level: Velocity & Quantity Equation.

1. Fischer. Dornbusch & Schmalensee : Economics

2. Samuelson & Nordhaus : Economics

3. Begg. Fischer & Dornbusch : Economics.

4.R.A. Arnold : Economics.

5. Pindyck & Rubinfeld: Microecononics

6. Ferguson & Gould: Microeconomic Theory.

 

2. Meaning of development: Traditional & New Approaches,

3. Growth, poverty & income distribution:- Size & Function Distribution of Income, Inequality & Poverty of LDCs. Growth vs Income Distribution Debate. Poverty & Unemployment. Policy Issues.

4. Economics of population & development: Theory of Demographic Transition, Malthusian Population Trap, Population Debate; Policy Approaches.

6. International trade: Economics of protection - Tariff Barriers. Reasons for protection: Other Commercial policies: Balance of Payments Accounts; Import Substitution vs Export promotion : primary Exports as an Engine of Growth; Barriers to Export led Growth.

7. Financing from external sources :- Foreign aid, its Historical Role, Impact of Foreign Aid on Development; Foreign Investment & Multinational corporation.

8.Public finance : Financing From Domestic Source-Private Finance VS Public Finance, Role of Government in a Mixed Economy, rational for Government Intervention. Concepts & provision of public goods-pure & Impure Goods, Mixed Goods. Role of Taxation & Government Expenditure. Growth & Effect. Current and Development Expenditure: Objective of Taxation, Principles of Taxation, Incidence of Taxation, Types of Taxes; Government Expenditure & Taxes in Bangladesh: Debt Financing, Budget Concepts & Analysis of the Recent Bangladesh Budget.

1. Meaning of development: traditional and new approaches.

2. Structures and characteristics of developing countries.

3. Growth, poverty and income distribution; size and functional distributions of income, inequality and poverty in LDCs, growth vs income distribution debate, polices.

4. Economics of population and development: theory of demographic transition, the Malthusian population trap, the micro-economic theory of fertility; policy approaches,

5. International trade: export characteristics, primary exports as an engine of growth, barriers to primary export led growth, import substitution on industrialization, outward looking development.

6. Foreign aid and investment: foreign aid - historical role, impact of aid on development, foreign investment and the multinational corporations.

7. Labour and growth: characteristics of labor markets. labour reallocation, employment policy.

1. M.P.Todaro. Economic Development in the Third world. 3rd ed Longman. 1985.

2. M.Gillis, et al. Economics of Development, 2nd ed. W.W.Norton, 1985.

3. S.Ghatak. An Introduction to Development Economics, 2nd ed. Allen & Unwin. 1986.

4. G.M.Meir. Leading Issues In Economic Development, 5th ed. Oxford, Univ. press 1989.

5.J.Eatwell, ed Economic development, Macmillan, 1989.

 

1. Introduction - Definition & Scope of Economics : Basic Concepts & tools used in Economics; Economic problems Scarcity & Resource,

2. Demand Supply & Market-Concept of Demand & Supply : Market Equilibrium: Determinations of Demand & Supply - Shifting of Demand & Supply Curves : Application of Demand & Supply : Elasticity of Demand & and Supply,

3.Economics of Consumer Behavior: Utility Analysis: Paradox of Value: Law of Diminishing Marginal Utility: Indifference Curve Analysis : Budget Constraint: Consumers Equilibrium: Change in Income & price : Derivation of Demand Curves: Income & Substitution Effect: Consumer Surplus.

4. Economics of firm-production & costs: Production Function : Law of diminishing Return; stages of production : Law of Variable proportion: Short run & long run production & Cost: Isocost & product’s Equilibrium : Returns to Scale.

5. Market: Taxonomy of Markets : perfect competition & Monopoly Output & price Determination.

6.Environment : Basic Concepts & tools used in Environmental Economics. Development of Environmental Economics. Environmental Valuation, net social benefit, Environmental pollution and control, instruments of pollution control.

Books Recommended:

1. Fischer, Dornbusch & Schmalensee: Economics.

2. Samuelson & Nordhaus : Economics.

3. Begg, Ficher & Dornbusch: Economics.

4. Arnold: Economics.

5. Pindyck & Rubinfed: Microeconomics.

6. Ferguson & gould: Microeconomic Theory.

7. Pearce, D.W. and Rurner, R.K. : Economics of Natural Resources and Environment.

8. J. T. Winpernny: Values for the Environment A Guide to Economic Appraisal, ODI. London 1991.

 

1.Case Studies in the capitalist Process of development:

a) UK: Agrarian revolution in the UK prior to industrial revolution, trend in the British economy since World War II.

b) USA: American war of independence, the process of agricultural development in capitalism in the USA, the new deal policy, Financial Internationalization.

c) Japan: The process of agricultural development in capitalism in the Japan, industrial growth of Japan, the role of state intervention and state policy in the economic development of the Japan, the growth of Japan and Japanese foreign trade.

a) Former USSR: War Communism and new economic policy, the strategy of agricultural and industrial development in the USSR with reference to Soviet development plans, the pattern and trend of income distribution, recent development and the breakup of the USSR.

b) China: Integrated rural development in China, rural industrialization and modernization of agriculture, the process of industrialization, equity and development of social income, the mobilization of the labour force and utilization of surplus manpower, township and village enterprises (TVE).

c) Cuba: Political and economic background, agriculture, central planning and the industrial enterprise, manpower and remuneration, the allocation of consumer good services, economic strategy.

1. G. C. Allen, A Short Economic History of Japan.

2. Craf, Economic Development of the US.

3. Deane & Coale, British Economic Growth 1668-1959.

4. W. Faulkner, American Economic History.

5. Kreos, American Economic Development.

6. Lipton, Economic History of England.

7. N. Supple, Experience of Economic Growth.

8. Tobata, Modernisation of Japan.

9. C.H.Feinstein & S. Pollard, Studies in Capital Formation in the United Kingdom 1750-1920, CUP, 1988.

10. B. Elbaum and W. Lazoni, The Decline of the British Economy, CUP, 1987.

11. F. R. Crafts, British Economic Growth During the Industrial Revolution, CUP, 1986.

12. A. Maddison, Phases of Capitalist Development, CUP, 1982.

13. R.C. O Mathews, C. H. Feinstein & J. Odling-Smee, British Economic Growth, 1856-1973.

14. T. S. Aston, The Industrial Revolution 1760-1830, 2nd ed. CUP, 1968.

15. W. J. Macpherson, The Economic Development of Japan 1968-1941, macmillan, 1987.

16. J. Mokyr, The Economics of Industrial Revolution, Unwin-Hyman, 1985.

17. Dammains, Political Economy of Socialism.

18. M. Dobb, Soviet Economic Development Since 1917.

19. Wilezynsky, Economics of Socialism.

20. A. Nove, Soviet Economy.

21. Prybla, Political Economy of Communist China.

22. Wheelright & McFarian, The Chinese Road to Socialism.

23. M.Gorbachev, Perestroika.

 

1. Introduction: Microeconomics, Mathematical and economic model.

2. Theory of consumer behavior: The nature of utility functions and indifference curves, utility maximisation, ordinary demand functions, compensated demand functions, elasticities of demand, the slutsky equation: substitutes, complements. Separable and additive utility function, homogeneous and homothetic utility functions, indirect utility functions and duality in consumption.

Consumer surplus: compensating and equivalent variation, Approaches of consumer surplus.

3. Theory of firm: Production functions, isoquants, elasticity of substitution, optimizing behaviour, homogeneous and homothetic production functions, Euler’s theorem, properties; Cobb- Douglas and CES production functions; input demand functions, duality in production, cost functions in short run and long run.

4. Theory of Market: Review of the Competitive Markets, Long Run Supply Curve in Constant, increasing and decreasing cost industries, producer's surplus and its applications, causes of monopoly, monopoly and economic efficiency, regulation of monopoly; application of monopoly, price discrimination, assumptions, equilibrium of a discriminating monopolist, types of price discrimination, discriminating monopolist, monopolistic competition, duopoly and oligopoly: quasi competitive and collusion solution, Cornout solution, Stackelberg solution, product differentiation, limit pricing, average cost pricing.

1. J.M.Henderson & R.E.Quandt: Microeconomic Theory: A mathematical Approach, McGraw-Hill, 3rd ed. 1980.

2. Hal R. Varian, Intermediate Microeconomics - A Modern Approach, 3rd ed. W.W. Norton and Company, 1993.

*3. Gravelle and Rees, Microeconomics.

*4. Phillips, Applied Microeconomics.

5. J. Hirschleifer, Price Theory and Applications, 3rd ed, Prentice-Hall.

6. A. Koutsoyiannis, Modern Microeconomics, Macmillan, 1979.

7. Pindyck and Rubinfeld, Microeconomics, Macmillan, 1989.

8. G.S. Maddala & Miller, Microeconomics: Theory and Applications, McGraw-Hill, 1989.

 

1. Review: basic concepts, schools of thought, national income accounting.

2. Money, interest and income, the goods market and the IS curve, the assets market and the LM curve, equilibrium with goods and asset markets, monetary policies, the Keynesian and the Classical view, fiscal policy, the crowing out, the monetary and fiscal policy mix.

3. Equilibrium in the open economy: the balance of payments and exchange rates, trade in goods, market equilibrium and the balance of trade; capital mobility and the policy mix; perfect capital mobility under fixed and flexible exchange rates.

4. Aggregate supply and demand: (a) concepts of aggregate supply and demand; monetary and fiscal policy under alternative supply assumptions; (b) neo-classical model and its amendments, notion of sticky wages, aggregate supply curve, effects of monetary expansion, supply shocks, expansions, contracts and aggregate supply.

5. Consumption demand: Keynesian consumption function, Kuznet’s puzzle, relative, life-cycle and permanent income hypothesis.

6. Investment spending: residential investment; inventory investment; business fixed investment. Keynesian discounting procedures, simple acceleration and flexible acceleration principle.

7. Demand for money: Classical quantify theory of money-Fisherian approach, Cambridge cash balance approach Keynesian approach Baumol's inventory theoretic approach, Tobin's Portfolio Theory.

8. Supply of money: the money supply process, determinants of money supply. equilibrium in the money market.

1. R. Dornbusch & S. Fischer, Macroeconomics, 5th ed. McGrow-Hill 1990.

2. William. H.Branson, Macroeconomic Theory and Policy, 2nd ed. 1989.

3. Robert E.Hall & John B. Talor, Macroeconomics:Theory, Performance & Policy, Norton, 2nd ed.1988.

4. Wallance Peterson, Income, Employment and Economic growth, Norton, 6th ed. 1988.

5. Franck. C. Wykoff: Macroeconomics.

6. F.R.Glehi: Macroeconomics.

7. D.E.W.Laidler: The Demand for Money.

8. Edward Shapiro: Macroeconomics Analysis.

9. M.Chacholiades: International Economics, McGrow Hill. 1990.

 

1. Banking and the financial services industry: Organization and structure of financial system, Central Bank, Commercial Bank, Non-bank Financial Institutions (NBFIs), MFIs, role and importance of financial institutions in maintaining financial stability.

2 Policy issues in Banking and Finance: Central Bank as a regulatory authority, Bank supervision-formulating and implementing prudential regulations, the regulation of non-bank financial institutions, financing government’s budget deficit, open market operations (OMOs), central bank’s principal task: making and implementing monetary policy, maintaining price stability, central bank independence.

3. Banking operations: Liquidity and treasury management through OMOs, money creation through money supply process, multiple deposit creation and channeling savings into investment, providing loan to business and consumers, corporate finance consumer loans, credit cards and real estate lending, lease finance and investment banking, international banking services, off-shore banking.

4. Evaluating the performance of Fls: Efficiency, location and size of Fls-loo big to fail? Operating cost, efficiency and performance, maximizing the value of the firm, probability ratios, ROE, ROA, measuring risk in banking and financial services, credit ratings using financial ratios and other tools to track bank performance, concepts of risk management.

5. Fundamental valuation concepts: the time value of money – net present value, internal rate of returns, pay-back period, accounting rate of return, continuous compounding and discounting.

1. Rose peter S and Hudgins Sylvia C (2005) Bank Management and Financial Services McGraw-Hill international Edition (Sixth edition)

 

2. Mishkin Frederic S (2001) The Economics of Money Banking and Financial Markets, Sixth Edition, The Addison Wesley Economics Series.

3. Rose Peter S (2003) Money and Capital Markets: The Financial Institution and Instruments in a Global Market place, Eighth Edition, Burr Ridge, iL: MeGraw-Hill/Irwin

4. Hull J C (1998) Options, Futures and Other Dervatives, Prentice-Hall international Inc. s

 

1. Agricultural Economics: application of the theory of economics in agriculture. Structure and characteristics of agriculture in LDCS. Contribution of agriculture to economic development-product. market. factor and foreign exchange contributions.

2. Economics of agricultural production: review of the factor product the factor-factor and the product-product relationships; technical, allocative and economic efficiency of resource use; efficiency of peasant agriculture-farm size and factor productivity.

3. Land tenure and land reform: meaning; types of tenurial arrangements, productivity and efficiency of different tenure groups, economic analysis of share cropping, objectives, forms, costs and benefits of land reform; agrarian reform; experience of land reform in developing countries.

4. Production and consumption activities within agricultural households.

5. Agricultural marketing and price policy: Cobweb model perverse supply response in backward agriculture; concept of agricultural surplus; marketing of agricultural products; structure and functions of agricultural markets, marketing margin and farm prices; role of government in marketing agricultural products.

6. Agricultural credit: Credit in agriculture, sources of credit: agricultural credit institutions, access of small farmers to institutional credit.

7. Food and agricultural policy: nature and principles of policy-the elements, classification of instruments, and rules of policy; analyzing the effects of policy instruments-production subsidy, input subsidy and food subsidy, classifying the effects of agricultural policy.

1. David Colman & T. Young: Principles of Agricultural Economics, CUP. 1989.

2. S. Ghatak & K. Ingersent: Agricultural and Economic Development, John Hopkins Univ press. 1984.

3. Frank Ellis: Peasant Economics; CUP, 1988.

4. Doll & Orazem: Production Economics: Theory and Applications

5. C.K. Eicher & J.M. Statz (ed.): Agricultural Development in the third world: Jhon Hopkins Press, 1984.

6. B.E.Hill & K Ingersent: An Economic Analysis of Agriculture: 2nd ed. Heinemann Educational Books. 1982.

7. R.D.Stevens and C.L.Jabara: Agricultural Development principles: Economic theory and Emperical Evidence ; John Hopkins press, 1988.

8. Eprime Eshag: Fiscal and Monetary Policies and problems in Developing Countries. CUP.

9. K ,Giffin: The political Economy of Agrarian Change; An Essay on Green Revolution: 2nd ed. Macmillan. 1979.

10. S, Chiung: The Theory of share Tenancy: University of Chicago. 1969.

11.P.K.Bardhan, and Srinivasan:"Crop Sharing tenancy in agriculture; A theoretical and empirical analysis",American Economic Review 61(1)1971.

12. P.A.Yotopoulos & J.B.Nugent: Economics of Development: Empirical Investigation. New York; Harper & Row , 1976.

 

1. Meaning of development: traditional and new approaches, changes in the concepts of development.

3. Growth, poverty and income distribution: size and functional distributions of income, growth vs. poverty, and growth vs. income inequality

4. Theories of Development:

(a) Adam Smith, Malthus, Marx, Schumpeter, Rostow

(b) Theories of Dual Economy: Lewis, Fei-Ranis, Social Dualism, Technological Dualism and Financial Dualism

(c) Modernization School: Theory of Big Push, Leibenstein’s Critical Minimum Effort, Rosenstein-Rodan, Hirschman, Myrdal.

5. Economics of population and development: theory of demographic transition, the Malthusian population trap, low level equilibrium trap, the micro-economic theory of fertility, policy approaches.

6. Foreign aid and investment: foreign aid, historical role, impact of aid on development, foreign investment and the trans national corporations, improvement in the effectiveness of aid.,debt crisis.

7. Labour and growth: characteristics of labour markets, labour migration, and employment policy.

1. M. P. Todaro, Economic Development in the Third world. 6th ed. Longman, 1985 and 4th ed. 199

2. M. Gillis, et al. Economics of Development, 2nd ed. W. W. Norton, 1985.

3. S. Ghatak, An Introduction to Development Economics, 2nd ed. Allen & Unwin. 1986.

4. G. M. Meier, Leading Issues In Economic Development, 5th ed. OUP, 1989.

5.J. Eatwell, ed. Economic Development, Macmillan, 1989.

 

a) UK: Agrarian revolution in the UK, Industrial revolution.

b) USA: The great depression and the new deal policy.

c) Japan: The process of agricultural development and industrial growth of Japan, the role of state in the economic development of the Japan, the growth foreign trade.

2. Case Studies in the Socialist development:

a) Former USSR: War Communism and new economic policy, role of planning in economic development, Soviet development plans, breakup of the USSR.

b) China: Integrated rural development in China, rural industrialization and modernization of agriculture, the process of industrialization, equity and development of social income, the mobilization of the labour force and utilization of surplus manpower, township and village enterprises (TVE).

c) Cuba: Political and economic background, agriculture, central planning and industrial enterprise, manpower and remuneration, the allocation of consumer goods services, economic strategy.

3.Case Studies of NICs:

a) South Korea: Agrarian reform, role of state in industrialization.

b) Malaysia: Role of state in redistribution of income and wealth.

 

1. G. C. Allen, A Short Economic History of Japan.

2. Craf, Economic Development of the US.

3. Deane & Coale, British Economic Growth 1668-1959.

4. W. Faulkner, American Economic History.

5. Kreos, American Economic Development.

6. M. Lipton, Economic History of England.

7. N. Supple, Experience of Economic Growth.

8. Tobata, Modernisation of Japan.

9. C.H.Feinstein & S. Pollard, Studies in Capital Formation in the United Kingdom 1750-1920, CUP, 1988.

10. B. Elbaum and W. Lazoni, The Decline of the British Economy, CUP, 1987.

11. F. R. Crafts, British Economic Growth During the Industrial Revolution, CUP, 1986.

12. A. Maddison, Phases of Capitalist Development, CUP, 1982.

13. R.C. O Mathews, C. H. Feinstein & J. Odling-Smee, British Economic Growth, 1856-1973.

14. T. S. Aston, The Industrial Revolution 1760-1830, 2nd ed. CUP, 1968.

15. W. J. Macpherson, The Economic Development of Japan 1968-1941, macmillan, 1987.

16. J. Mokyr, The Economics of Industrial Revolution, Unwin-Hyman, 1985.

17. Dammains, Political Economy of Socialism.

18. M. Dobb, Soviet Economic Development Since 1917.

19. Wilezynsky, Economics of Socialism.

20. A. Nove, Soviet Economy.

21. Prybla, Political Economy of Communist China.

22. Wheelright & McFarian, The Chinese Road to Socialism.

23. M.Gorbachev, Perestroika.

 

1. Pure theory of international trade: The law of comparative advantage and its empirical testing, Haberler’s theory of opportunity cost, Heckscher-Ohlin model, Factor price equalization theorem, the Leontief Paradox. Gains from trade, Clasical and Modern analysis.

2. International equilibrium: A neoclassical demonstration of comparative advantage, derivation of offers curves, terms of trade, various concept of the terms of trade, the Prebisch-Singer thesis, terms of trade and welfare.

3. Theory of commercial policy: Tariff, types, effects of the tariff on a small country and a large country, partial and general equilibrium, analysis of the optimum tariff, elementary concepts of nominal and effective protection, other trade barriers, export taxes, export and import subsidies, quota and quantitative restrictions, other NTBs.

4. Economic integration: Concepts of preferential club, free trade area, customs union, common market and economic union, static and dynamic effects of economic integration.

5. Balance of payments: The principles of payments accounting, autonomous and accommodating balance, balance of payments equilibrium.

6. Foreign exchange market: Different concepts of exchange rates, basis of the foreign exchange market, exchange risk, spot rate and forward exchange, premium etc. equilibrium and stability in foreign exchange market.

7. International monetary system: the Bretton Woods system, the IMF and its mechanism, fixed and flexible exchange rate, current international monetary system.

1. B.O. Sodersten and G. Reed , International Economics, 1994

2. R.E.Caves & R.W. Jones, World Trade and Payments: An Introduction, 3rd ed. Little, Brown & Co 1981.

3. Ali M.EI-Agraa, International Trade, Macmillan, 1989.

4. Current Issues in International Trade: Theory and Policy, Macmillan, 1986.

5. G.M Meier, International Economics: The Theory of policy, Macmillan, 1980.

6. R.H.Heller, International Trade Theory and Empirical Evidence Prentice-Hall.

7. B..Sodersten, International Economics, Macmillan.

8. M.Chacholiades, International Economics, McGrow-Hill, 1990.

9. M.Chacholiades, International Monetary theory & Policy 1978.

10. Maurice D.Levi : International Finance, McGrow-Hill 2nd ed.., 1990.

11. P.T.Ellsworth & J.C.Leith International Economy, 6th ed Macmillan, 1984.

 

1. Introduction: role of government in a mixed economy, positive v.s. normative view in economics, need for public finance and private finance, central and local government finance, public sector in national income accounting.

2. Theory of public goods: concepts and provision of public goods pure and impure public goods, private provision of public goods, publicly provided private goods, optimal provision of a publicly goods-partial equilibrium and general equilibrium analysis, Wicksell and Lindahl’s model, mixed goods, externalities-private solution to externalities; merit goods.

3. Government expenditure: structure and growth, causes of public expenditure growth, incidence and effects of public expenditure-efficiency and distribution, causes and effects of some indirect government program such as education, health care, defense social insurance etc. negative income tax, government expenditure in Bangladesh.

4. Different kinds and choice of taxes: proportional, progressive and regressive taxation, direct and indirect tax; income tax, excise tax, corporation income tax and expenditure tax,excess burden of taxation.

5. Incidence and effects of taxation: concepts of incidence, partial equilibrium analysis of incidence, general equilibrium analysis of incidence, effects of taxation on consumption & savings, on work effort etc.

6. Government Budgeting: a) Budget: concepts and implications of balanced and unbalanced budget, budget and development plans, analysis of the recent Bangladesh budget.

b)Government revenue: revenue sources of government,objectives of taxation, characteristics of a good taxation system, principle of taxation-benefit principle, ability to pay principle.

c) Taxation in Bangladesh: Structure and growth, incidence and effects, tax burden & VAT.

7. Public debt: reasons for public debt, burden of public debt, role of public debt, shifting of burden to future generations, repayment, Recardian equivalence theorem.

8. Public Choice

1. J.E.Stiglitz: Economics of the public sector, 2nd ed: W.W Norton & Company, 1988.

2. B.P. Herber: Modern public Finance.

3. R.A.Musgrave & P.B Musgrave: Public finance in Theory and Practice 5th ed. McGrow-Hill.

4. R.A Musgrave:Public finance, McGraw-Hill.

5. M.I. Hossain: Sarkari Arthabaybostha (Bangla) 1988.

6. S.R.Lewis: Taxation for Development , Oxford, 1985.

7. R.Goode: Government Finance in Developing Countries, Brookings Institution, 1984.

8. Jhon F. Due: Indirect Taxation in Developing Countries, rev ed. Johns Hopkins University Press.

9. Peter N.Dean: Government Budgeting in Developing Countries, Routledge, 1989.

10. Jr. Wolf: Markets or Government: Choosing Between Imperfect Alternatives, MIT press, 1988.

11. W.A Baumol: Supper fairness; Applications & Theory ,MIT press 1986.

12. Atkinson and j.E. Stiglitz: Lectures in public Economics, McGraw-Hill 1980.

13. E.Ahmed & N. Stern: The Theory and practice of Tax Return in Developing Countries C.U.P. 1991.

 

1. Structure of Bangladesh economy: sectoral composition of output and employment.

2. Agriculture: Growth experience; Green revolution and its impact on production & employment, land ownership & tenancy structure; Agriculture price & subsidy policy.

3. Industry: Growth experience; performance of the public enterprises; Denationalization policy, role of small & cottage industry.

4. Infrastructure: Physical and socioeconomic.

5. Problems of poverty, inequality and unemployment.

6. Human resources, women in development and impact of migration.

7. External sector: foreign trade, terms of trade; devaluation.

8. Resources for development: domestic and external resources.

9. Environmental issues: natural hazards, population

10. Experience of Structural adjustment policy in Bangladesh.

11. Micro credit programme, Grameen Bank , BRAC, NGOs,

12. Budget constraints, development and defense expenditures

1. Mosharraf Hossain, Agriculture in Bangladesh, Problems, Policies & Prospects, UPL 1992.

2. Mahbub Hossain Green Revolution in Bangladesh UPL, 1989.

3. Rehman Sobhan, Structural Adjustment policies in the 1980s UPL.

4. G.M.Asaduzzaman & K. Westergard :Growth & Development, UPL.

5. Selim Rashid- Bangladesh Economy UPL, 1995.

6. Muzaffar Ahmed- State & Development.

7. A.R.Khan, The Economy of Bangladesh, Macmillan, 1973.

8. N.Islam, Development Planning in Bangladesh.

9. J.Faaland & J.R.Parkinson, Bangladesh: The Test case of Development.

10. E.G.Jansen, Rural Bangladesh: Competition for Scarce Resources, Oxford Univ. Press 1987.

11. BIDS, Bangladesh development studies, Various issues.

12. BEA, Bangladesh Journal of Political Economy, Various issues.

13. A.R.Khan & M. Hossain, The Strategy of Development in Bangladesh, Macmillan, 1989.

14. Report of the Task Forces on Bangladesh Economy, 1991

15. Centre for Policy Dialouge , Independent Review of Bangladesh’s Development (different yearly issues)

16. Nurul Islam, Making of A Nation: Tales of An Economist

 

1. Pre-classical economic thought: This section will briefly cover Ancient-oriental and occidental and Medieval economic thought such as those of the Greek philosophers, Mercantilists and the Physiocrats.

2. The classical period: a comprehensive idea will be given of the systems of thought of Adam Smith, Ricardo, Malthus and John Stuart Mill. Topics will include Smith's division of labour, theory of wages, profit and interest, principles of taxation, Ricardian theory of rent, taxation and principle of comparative advantage, Malthus’ population doctrine and its criticism, and the concept of utilitarianism.

3. Socialist alternatives to classical theory: the main focus will be on the historical school of Hegel and Marx's scientific socialism, particularly concepts such as value, surplus value, crisis and the falling rate of profit. However, lectures will cover earlier socialist philosophers such as Owen and later developments in the soviet economy, Chinese communism and the ideas of the Fabian society.

4. The marginal revolution and neoclassical foundations: the marginal concept and notions of optimisation as found in Jevons, Menger, Wicksteed as well as the neo-classical foundations of microeconomics laid down by Marshal will be covered in this section. The general equilibrium theories of Walrus, Pareto and Leontief will also be covered.

5. Modern paradigms: this will include Veblen and the development of institutional economics, Keynes, General Theory, the Keynesian-Monetarist debate and re-surgence of Neoclassical ideas including the later emphasis on supply-side economics.

1. Spiegel, Henry William: The Growth of Economic Thought, Duke University Press, Durbam, North Carolina, latest edition.

2. Roll, Eric: A History of Economic Thought, Prentice-Hall, latest edition.

3. Ekelund, Robert B. jr., and Hebert, Robert F. A History of Economic Theory and Method, McGraw-Hill, latest edition.

4. Koutilya, Arthashastra.

5.Robert Freedman(editor):Marx on Economics;Pelican Books

6.Anthony Giddens:Capitalism and Modern Social Theory-An analysis of the writtings of Karl Marx, Durkheim & Max Weber; Cambridge University Press 1971

 

1.Differential and Difference Equation:

(A) First order differential and difference equations with (i) constant co-efficient and constant term; (ii) variable co-efficient and variable term; exact differential equation; non-linear difference and differential equation of the first order and first degree.

(B) Second order differential and difference equations with constant co-efficient and constant term;

(C) Non-linear differential and Difference Equations; Second-order Differential and Difference Equations; Economic Applications.

2. Linear programming: Primal and dual, interpretation of dual, solution of primal and dual programs.

3. Input-Output Analysis: Static and Dynamic models, Samuelson’s substitution theorem.

4. Theory of Games: two person constant sum games, two person non-constant sum games, pure strategy and mixed strategy, cooperative vs. non-cooperative games, dominant strategy, Nash equilibrium, Prisoner's dilemma, repeated games, sequential game, threat, commitment and credibility; entry deterrence.

1. A.C. Chiang: Fundamental Methods of Mathematical Economics, 3^rd ed. McGraw Hill.

2. J.E. Weber: Mathematical Analysis, Business & Economic applications, 4^th ed. McGraw Hill.

*3. C.P, Simon & L. Blume: Mathematics for Economists, W.W. Norton & Company.

4. W.j. Baumol: Economic Theory and Operating Analysis ,th ed Prentice-hall.1977.

5. Hal Varian: Intermediate Microeconomics,W Norton.

6. Pindyck & Rubinfeld:Microeconomics,Macmillan

7. K. Binmore: Fun and Games : A Text on Game Theory, Lexington: D.C. Heath, 1992.

8. R. Gibbson: Game Theory for Applied Economists, Princeton University Press, 1992.

9. Hadley , Linear Programming

10. Hadley , Non-Linear Programming

11. A.C. Chiang: Elements of Dynamic Optimization; McGraw Hill.

 

1. A brief overview of the nature of the theory and theorizing in Economics: Deductive Method: Abstraction, assumption, logic and hypotheses. Inductive Method: Observation, description, interpretation, formulation of hypothesis – further evidence, generalization. Relative strengths and weaknesses of these methods..

a) Problems of empirical research in economics – non-experimental situation, problem of replicability – initial conditions and accumulation of empirical knowledge.

b) Objective of empirical research: description of economic reality through indices and measures, observation and experience.

c) Explanation of economic phenomena: Estimation of parameters, testing of specific or alternative hypothesis supplied by economic theory of observation.

3. Sources of Numerical Data for Empirical research: Data collected by specialized agencies and institutions by past researchers. Data collected specially for a given study. Factors influencing the source and type of data to be used.

4. Collection of Primary Data: Census and Survey: Legitimate areas of survey research. Decision about census and survey methods.

a) Important issues in Survey design.

b) Planning-Selection of research staff; Preliminary investigation etc.

c) Sample Design and Sample Selection. Basic organizational Concepts -------- sample population—the frame, the definition, units of analysis, interviews, size of the sample. Drawing the sample: random and non-random sample. Consideration in choosing the sample types – random samples – sampling mean and variances. Stratified sampling. Choice of stratum sampling fraction – proportional and optimal allocation – mean and variance – pooled within stratum – variance comparing within stratum variance –effect of unjustified pooling variance.

6. Cluster Sampling and Multiple Sampling: Reasons of cluster and multiple stage sampling-estimation of population mean and variance. Stratified cluster and multiple stage sampling.

7. Basic Methods of Data collection: Personal interviews, telephone interviews, delivered by mail or by person, Questionnaire Development, participation observation or social anthropological method, Key-information method, Case-study Method.

Logical Steps: a) General objectives

b) Specific objectives and analysis plan

c) Specification of data

d) Questionnaire.

Characteristics of a good questionnaire

Problems of non-response--- reducing non-response

Problems of response error—coping with response error,

Particular problems of data collection in LDC’s

8. Data Process: Editing: coding: removal of inconsistencies, treatment of non-response.

9. Data Analysis: a) Techniques; Correlation Studies, Regression Analysis, Tabular and Graphical Analysis, b) Reporting of Results/ Conclusions.

1. Pauline V. Young, Scientific Social Surveys and Research, 4th ed Fed 1992.

2. W.J.Goode and P.K.Halt, Methods in Social Research.

3. Non Lin, Fundamentals of Social Research.

4. B. Phillips, Social Research, Strategy and Tactics.

5. C.A.Moser & G. Dalton, Survey Methods in Social Investigation.

6. Floyd, Fowder, Jr. Surges ed. Research Methods, 1988.

7. C.R Kothari,

 

The detailed fieldwork and research assignment will be given by the course teacher.

3. Input-output analysis: application in planning

4. Linear programming: application in planning.

5. Planning to project: definition of project, national economic objective, project choice and investment programme, sectoral planning, role of central planning organization, aspects of project preparation and evaluation, project cycle.

6. Valuation of benefits and costs: market failure, social objectives, Pareto Optimality, commercial and social profitability, shadow pricing, role of national planning organization, national parameters, different valuation systems, income distribution. UNIDO & Little-Mirrless Approach.

7. Discounting cash flow: Net present worth and internal rate of return, uses of interrelationship among B-C ratio.

a) Fiscal policy

b) Monetary policy

c) Trade and industrial policy

Field Work and Research Assignment for PROJECT ANALYSIS: The course teacher will determine the detailed fieldwork and assignment.

1. M.P. Todaro, Economics of Planning and Development

2. UNIDO Guidelines: Project Analysis

3. Meier. G.M. (ed): Leading Issues in Economic Development.

4.Little & Mirrless: Project Appraisal and Planning in Developing Countries.

5.Thirlwal, A.P. Growth and Development

6.Todaro, M.P: Economic Development in the Third world

7.A.N.Agarwala & S.P.Singh (ed.): The Economics of Underdevelopment.

8.S. Ghatak: Development Economics

9.B. Higgins: Economic Development

10.M.Blomstrom & B. Hettne: Development Theory in Transition

11.Current Issues in Development Economics:

12.Koushik Basu:The Less Development Economics

13.Gillis, Perkins,Roemer and Sondgross: Economics of Development, 3rd ed.., Norton and Company, 1992.

14.Keith Griffin: Alternative Strategies for Economic Development, Macmillan, 1989.

15. Das Gupta, P, Amartya Sen and Stephen Marglin, Guidelines for Project Evaluation, United Nations, New York, 1972.

16. Gittinger, J. P. Compounding and Discounting Tables for Project Evaluation, Baltimore and London, John Hopkins University Press, 1973.

17. Helfert, E.A. Techniques of Financial Analysis, Richard D Irwin Inc. Homewood IIIinois 60430 USA.

18. Little, I. M. D. J. A. Mirless, Project Appraisal and Planning for the Developing Countries, London, Heiremaum Educational Books, 1974.

19. Popeliquen, Louis Y. Risk analysis in Project Appraisal, Balimore and London, the Jhon Hopkin University Press, 1970.

20. Squire, Land Herman Gvaes der Tek, Economic Analysis of Projects, John Hopkin University

21. Ward and Deren, The Economics of Project Analysis, World Bank.

 

ECO 410 VIVA-VOCE

Individual student has to prepare appropriate proposal on topic related to Economics under the supervision of departmental teachers.

1. Theory of consumer behaviour: Axioms of preference relations and utility functions- monotonic transformation, quasilinear preference, cobb douglas preference, optimal choice, demand functions, interpretation of Lagrange multiplier, Roy’s identity, Hicksian demand, Slutsky vs. Hicks compensation, expenditure function.

Revealed preference: principles, weak and strong axioms, integrability, composite commodity theorem, Price indices.

Intertemporal choice: 2 period and n-period utility maximisation, time preference, Fischer separation theorem.

2. Theory of firm: (a) Production set, examples of technology, properties of technology, diminishing marginal product and technical rate of substitution.

(b) Production function: strict essentiality, productivity assumption, input requirement set, isoquant, MRTS, Output efficiency, technical efficiency, elasticity of substitution, Variations in scale.

(c) Multi product case: Transformation curve, joint products

(d) Long run cost minimization, cost function and its properties, shephard’s lemma. Economies of scale and returns to scale, conditional input demand, envelope theory.

(e) Duality between cost and production, comparative statics and duality. SR and LR cost curve, SR and LR factor demand curves.

3. Pricing of factors of production: factor pricing in perfect competition, demand for and supply of labour, determination of factor price, factor pricing in imperfect competition, monopolistic power in the factor market, monopsony, bilateral monopoly; price of fixed factors, rents and quasi-rents.

4. Capital theory: Capital and Interest: Intertemporal choice - without and with Production; Fischer’s Separation Theorem; Input Market Bargaining.

1. H.A.J. Green: Consumer Theory, Macmillan, London, Revised ed.1976.

2. E. Silberberg: The structure of Economics: A Mathematical Analysis, McGraw-Hill, 3rd ed. 1990.

3. P.G.Layard and A.A.Walters: Microeconomic Theory, McGrow-Hill,1988.

4. J.M.Henderson & R.E.Quandt: Microeconomic Theory: A mathematical Approach, McGraw-Hill, 3rd ed. 1980.

5. W.J.Baumol: Economic Theory and Operations Analysis, 4th ed, Prentice-Hall, 1977.

6. I Philips: Applied consumption Analysis, North Holland, 1983.

7. H.Varian: Intermediate Microeconomics 3rd ed. W.W.Norton & company, 1993.

8. H.Gravelle & R.Rees: Microeconomics-Longman, 1992.

 

At the end of each semester throughout the degree program every student will be required to appear at a viva-voce examination on all the courses taken during the year.

Individual student is required to present his/her project paper carried out according to the proposal submitted in ECO 411 in departmental/faculty seminar. All students have to face an oral examination by the teachers of the department.

1. Review of national income model: national income accounting in Bangladesh, the micro foundations of aggre