Macro Economics (समष्टि अर्थशास्त्र)

Unit

Topics

Part II

No. of Lectures

I

Introduction: What is macroeconomics? Macroeconomic issues in an economy. Macro vs. Micro Economics, Limitations of Macroeconomics; Introduction to National Income. Concepts of GDP,

12

II

National Income Accounting: Concepts of GDP GNP, NDP and NNP at market price and factor cost; Personal Income and Disposable Personal Income. Measurement of National Income- Income, expenditure, product or Value added Methods and related aggregates; nominal and real income; limitations of the GDP concept.

12

III

Circular Flow of Income and Expenditure in two, three, and four-sector economy. National Income and Economic Welfare; Green Accounting.

11

IV

Classical Theory of Employment. Say’s Law of Markets. Keynes’ Objection to the Classical Theory; Aggregate Demand and Aggregate Supply Functions; The Principle of Effective Demand; Consumption Function - Average and Marginal Propensity to Consume; Factors influencing Consumption Spending.

11

Part II

V

The Investment Multiplier and its Effectiveness in LDCs; Theory of Investment - Autonomous and Induced Investment; Marginal Efficiency of Capital; Savings and Investment - Ex Post and Ex Ante, Equality and Equilibrium. Principle of Accelerator.

11

VI

Rate of Interest: Classical, Neo-Classical and Keynesian Theories of Interest. Indeterminateness in Liquidity Preference Theory.

11

VII

IS-LM Analysis: Derivations of the IS and LM functions; IS-LM and aggregate demand; shifts in the AD curve.

11

VIII

Inflation and Unemployment Concept of Inflation; determinants of inflation; relationship between inflation and unemployment: Phillips Curve in short run and long run.

11

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I

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12

II

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12

III

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11

IV

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11

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V

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11

VI

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11

VII

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11

VIII

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11