M.Phil Economics (Weekend)

M. Phil. Program in Economics is a two years degree program consisting of four semesters. In the first two semesters, 24 credit hours course work and in third and fourth semesters 06 credit hours research work on a topic selected in consultation with the assigned supervisor will be carried out.

The student must maintain minimum of 2.5 GPA (out of 4.0) in each semester and in individual subject not less than 2.3 GPA in mid term/final examination/session work separately in written, as well as in practical otherwise he/she will be put on probation for one semester, if he/she fails to improve CGPA to 2.5 in the semester being on probation, he/she will be dropped from the program. The student will be full-time student during first year of M. Phil. studies and may not take any full-time job during this period. The students already employed must take leave from their employer.

If the student fails to complete his/her course work which was due to unforeseen circumstances beyond his/her control, in the given time framework, he/she may be given extension for maximum of one semester. The decision of the Department Doctoral Program Committee (DDPC) will be the final in this regard. The DDPC will consider such cases and recommend to the Dean for extension. Similarly, extension of six weeks may also be granted for completion of thesis. The student must complete the program maximum in three years. Besides, student must fulfill class attendance requirement as per rules. All other rules will apply as per university regulations.

Course Outline

Credit Hour / Marks : 3

Systems of consumer demands, duality and empirical demand models; production theory, production functions and cost functions; firm’s behaviour under alternative market structures and duality, empirical specification of factor demand and output supply functions; choice under risk and uncertainty and economics of information. Introduction to game theory, application of game theory, uncertainty, information asymmetry, moral hazard and adverse selection; principal-agent problem and signaling; general equilibrium and dis-equilibrium models and welfare economics in standard neo-classical setting; core of an economy, strategic behaviour and collective choice; inter-temporal choice under perfect foresight and uncertainty.

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Credit Hour / Marks : 3

Estimation of general linear and non-linear equations, nested and non-nesting models and hypothesis testing; estimation with panel data, systems of equations and applications in microeconomics and macroeconomics; dummy variables and spline functions; limited dependent variables, selectivity bias and applications in economics; time series econometrics with applications in macroeconomics. Emphasis on the practical applications of econometric theory as developed in other courses; specific problems in the specification, estimation and testing of various microeconomic theories of demand, production, and labour as well as the macroeconomic relations of monetary, inflation, and unemployment theory. Emphasis will be on data analysis, reliability of data, and discrimination between competing models on the basis of empirical tests.

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Credit Hour / Marks : 3

General Linear Regression Model, Ordinary Least Square and Summary Statistics. Generalized Least Squares and Maximum Likelihood Estimation; Dummy Variables and Structural Shifts; Non-Linear Models and Estimation Algorithms, Panel Data Seemingly Unrelated Equations and Simultaneous Equations; Estimation with Limited Dependent Variables, Data Censuring and Selectivity Bias. Concept of Stationarity, Analysis of Stationary and Integrated Data Generating Processes; Analysis; ARIMA Models, Forecasting and Time Series Decomposition; Analysis and Decomposition of Forecast Errors. ARCH Models and Risk-return Analysis; VAR Models. Causality Influence Response Analysis and Multivariate Decomposition; Co-integration and Error-correction Analysis.

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Credit Hour / Marks : 3

Institutions and Development: State, market, and civil institutions, foreign trade and development; models of development economics and growth; research and development and technology; growth, equity, poverty and human development; goverence, policies and political issues; development theory in closed and open economies; political economy models and issues. Poverty and income distribution, debt crisis, debt deficit and inflation, optimal debt, child labour, WTO and developing countries.

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Credit Hour / Marks : 3

Economic policies and programs for regional specialization and diversification; issues of irrigation and water management; agricultural labour force and mechanization; taxation and credit in agricultural sector; integration of farm enterprises; non-renewable and renewable resource policy; land markets and land use issues; comparative analysis of water resource projects; foreign trade and agriculture. Human resource development and its role in economic development. Debt crisis, poverty and income distribution, Employment, Underemployment and employment issues. WTO and developing countries, Trade, Aid and Growth.

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Credit Hour / Marks : 3

Role of human resources in economic development; investment in education, rates of return to education and distribution of earnings; health, nutrition and productivity of human resources; mobility and migration of human resources; women and human resource development; financing of human resource development; strategies of human development; human development indexes. Employment and employment models determinants of employment, Underemployment, Returns to investment in human capital. Sources of growth and role of human capital. Asian Tigers and role of human development. Human Resource conditions in South Asia, Planning and forecasting of needs for human resources / labour.

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Credit Hour / Marks : 3

Various investment criterias for selection of a project; methods of financing; evaluation of project; Techniques of cost benefit analysis of investment projects; uses of shadow prices; problems of estimating benefits in highway, irrigation, power and other projects; impact evaluation of project; estimation of cost of congestions, externality analysis, externalities and economic analysis; social return.

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Credit Hour / Marks : 3

Public goods, externality and congestion; distribution and economic welfare; public expenditure evaluation principles; theories of taxation; increasing returns, imperfect competition, externality and growth; public capital, human capital and growth dynamics; resource gaps, capital flows and debt dynamics.

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Credit Hour / Marks : 3

An overview of environmental and resource economics; optimal extraction of non-renewable resources; imperfect competition in natural resource markets; economics of mining taxation; international trade and natural resources; the economics of water use; the economics of energy; externalities; endogenous environmental risk; standard vs. taxes in pollution control; tradable permits in economic theory; comparison of instruments of environmental policy; cost-benefit analysis of environmental policy and management; methods and models in environmental resource economics.

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Credit Hour / Marks : 3

Theory of production and production sets; production function, cost function; input-output relations and production functions; joint products and production externalities; dual approaches to study of technology; empirical models of production, measurement of productivity growth, flexibility of production processes and technological change; alternative approaches to the measurement of technical and economic efficiency in production, economic valuation and allocation of scarce of natural resources; computable general equable models and natural resources, natural resource accounting.

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Credit Hour / Marks : 3

Role of agriculture in economic development; technical change in agriculture; analysis of green revolution; irrigation and water management issues; agricultural input pricing issues; price control; economic policies and programs for regional specialization and diversification; erred forming issues; agricultural marketing issues; resource policy criteria, land markets and land used issues; foreign trade and agricultural development.

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Credit Hour / Marks : 3

Role and functioning of business firms; mechanism of economic control of business, government regulations and behaviour of business firms; financial analysis and planning; financial leverage; financing in imperfect markets. Asset pricing theory in continuous time; optimal portfolio and consumption decisions of investors including dynamic programming and martingale approaches; the pricing of contingent claims; and the equilibrium asset pricing models (CAPM, ICAPM, CCAPM) and the APT.

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Credit Hour / Marks : 3

Microeconomic aspects of international economics; theories of international specialization and exchange; trade policy and economic welfare; international factor movement; trade and growth; trade and technical progress; trade policy and welfare economics. Product cycle, H.O. Theorem and factor price equalization, Regional blocks trading, WTO and trade liberalization. B.O.P deficit and approach to pure B.O.P. Determinants of foreign exchange rates. Foreign direct investment, International institutes and their role, IMF, World Bank etc.

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Credit Hour / Marks : 3

Major WTO rules and their implications; WTO and LDC’s, Emerging issues; liberalization and efficiency improvement; Free trade and efficiency gains; Theory of economic integration; institution of economic integration; custom union, theory; empirical research on the trade and welfare effects of economic integration; theory of optimum currency areas and the mechanisms of the European monetary system and macroeconomic policy; NAFTA, ASEAN, APEC, SAARC and ECO; regional industrial and social policy; meaning of globalization; effects of globalization on developed and developing countries.

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Credit Hour / Marks : 3

Population theories; population growth and economic development; fertility: trends, determinants and female labour market behaviour, mortality and issues of population ageing; demographic profile of the population and population dynamics; population growth and the environment; spatial distribution of population, internal migration and urbanization; population policies and the health sector.

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Credit Hour / Marks : 3

Framework for analysis of linkage between choice coordinating institutions and performance of the economy. Market with alternative property and conduct rules to Government enterprises and commands, Role of formal and informal institutions. Institutional theory: Economics beyond the market, Understanding the anatomy of market imperfections, rent seeking and market behaviour. Property as power and as economizing: Institutions as constraints and as enabling, Power, Cost and political economy: Cost as a function of institutions. Demand as a function of income distribution. Overcoming market failure: The Coasian Paradigm. Domain of institutional analysis: Open systems and the interdependence of the individual and society. Non-market institutions, The costs of centralization, Assessing democracy, Political institutions, Constitutional economics. The theory of decentralization. The political economy of decentralization, Corruption and decentralization, Behavioural economics, Rationality of self and others in an economic system. Rational choice, Rational fools, Incompatible use and exclusion cost, the logic of collative action. Behaviour that depends on behaviour of others, Prisoners’ dilemma. Human choice under alternative rules, the evolution of cooperation and outcomes. Uncertainty and information processing cost. Institutional change. An evolutionary approach to law and economics, Institutional change and economic performance. What is the best institution? Exit, Voice and Loyalty. Performance of alternative institutions i.e. Technology institutions, political and economic institutions and their role.

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Credit Hour / Marks : 3

Survey of regional economic analysis; impact of distance on classical economic markets and theory of the firm; industrial and residential location analysis; regional delineation; factor mobility; gravity models; regional economic growth and its measurement; urban and regional economic planning; cost-benefit analysis and economic base analysis.

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Credit Hour / Marks : 3

Life-cycle human capital accumulation; models of learning and sorting; patterns of wage growth and mobility decisions; intergenerational transmission of inequalities in human capital; link between specialized human capital, coordination costs and extent of the market; rates of return to education and income inequality; wage structure and income distribution; allocation of time within households; empirical aspects of female labour supply.

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Credit Hour / Marks : 3

Classical, linear and non-linear optimization problems and applications in economics; alternative approaches to dynamic optimization in continuous and discrete times; lifecycle models with and without perfect foresight; capital accumulation, human resource development optimum growth and dynamic efficiency.

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Credit Hour / Marks : 3

Theory of economic growth; rational expectations; Major trade cycle theories, real business cycle theory; Castrophy theory, Kaldor’s Model, traditional Keynesian theories of fluctuations; new Keynesian theories; consumption; investment; government debt and Ricardian equivalence; inflation, money supply and demand; fiscal and monetary policy; co-ordination failure and unemployment. Disequilibrium models; Rational expectations and equilibrium, effects of monetary policy; disequilibrium models.

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Credit Hour / Marks : 3

Conventional theories and models of economic growth and technological progress; overlapping generations models, optimal growth and dynamic efficiency; endogenous growth; convergence and growth externalities; capital markets imperfections, transaction costs, economic growth and the role of inter-country capital flows; empirical growth models and studies on economic growth.

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Credit Hour / Marks : 3

Alternative views about monetary policy (Classical, Keynesian, Monetarist, New Classical); monetary policy in an international framework; money demand and empirical evidence; money in growth models; money in over-lapping generations models; inflationary finance; burden of government debt and government borrowing; current issues in monetary and financial sector reform.

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Credit Hour / Marks : 3

Islamic economics in historical perspective; Islamic economics and its difference with neo-classical economics; recent developments in Islamic economics and their applications; Islamic concept of ownership and its limitations; Islamic principles for consumption, production, investment, commerce and trade; institution of zakat and its social and economic implications; usury and interest free banking; equity and justice in an Islamic system.

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More Information

Morning
Merit = 20
Reserve = 0
Total = 20

Self-Supporting
Merit = 40
Reserve = 0
Total = 40

2 Year

Semester System

September / October

Eligibility
MA / M.Sc / MBEcon / BS 4-Years Economics or equivalent

And Clause 24 (b), Admission Regulations 2016-17, Page (8)

Admission Criteria: Basic

Merit Formula: As per basic criteria

24

Morning
Semester I = 19,925
Semester II = 16,575
Semester III = 19,675
Semester IV = 17,825


Self-Supporting

Semester I = 49,925
Semester II = 46,000
Semester III = 48,425
Semester IV = 46,000

Department of Economics

Economics and Management Sciences

M.Sc Economics (Morning & Self-Supporting)
M.Phil Economics (Morning & Self-Supporting)