JAM Economics Syllabus 2023
JAM Economics Syllabus 2023
JAM Economics Syllabus 2023 : National Income Accounting Structure, key concepts, measurements, along with the circular flow of income – for closed along with open economy, money,
fiscal and foreign sector variables – concepts and measurements Behavioural as well as Technological Functions – Consumption functions – absolute income hypothesis, life-cycle,as well as permanent income hypothesis, investment functions- Keynesian,
money demand and supply functions, production function Business Cycles and Economic Models Business cycles-facts along with features, the Classical model of the business cycle, the Keynesian model of the business cycle, simple Keynesian cross model of income along with employment determination along with the multiplier (in a closed economy), IS-LM Model,
Hicks’ IS-LM synthesis, role of monetary and fiscal policy Business Cycles along with Economic Models (Open Economy) Open economy, Mundell-Fleming model, Keynesian flexible price (aggregate demand and aggregate supply) model,
role of monetary as well as fiscal policy Inflation and Unemployment: Inflation – theories, measurement, causes, and effects, Unemployment -types, measurement, causes, as well as effects Growth Models: Harrod-Domar, Solow along with Neo-classical growth models,
Consumer theory: Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equations, choice under risk along with uncertainty, revealed preference axioms Production, costs with perfectly competitive markets:
Technology, isoquants, production with one along with more variable inputs, returns to scale, short run as well as long run costs, cost curves in the short run and long run, perfect competition in markets General equilibrium as well as welfare Equilibrium as well as efficiency under pure exchange and production,
welfare economics, theorems of welfare economics Market structure Monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition as well as oligopoly Game theory: Strategic form games, Nash equilibrium,
mixed extension along with mixed strategy Nash equilibrium, iterated elimination of dominated strategies, instances such as Cournot, Bertrand duopolies, Prisoner’s dilemma, cooperative game theory Shapley value, Nash bargaining Public goods along with market failure: Externalities,
public goods along with markets with asymmetric information (adverse selection and moral hazard), VCG mechanism as well as transfer rules, Indian economy before 1950 Transfer of tribute, deindustrialization of India Planning along with Indian development Planning models,
relation between agricultural along with industrial growth, challenges faced by Indian planning Indian economy after 1991 Balance of payments crisis in 1991, main features of economic reforms in India after 1991, reforms in trade and foreign investment Banking, finance as well as macroeconomic policies:
aspects of banking in India, CRR as well as SLR, financial sector reforms in India, fiscal deficit, savings and investment rates in India Inequalities in social development: India’s achievements in health, education along with other social segments, disparities between Indian States in human development Poverty:
Methodology of poverty estimation, Matters in poverty estimation in India India’s labour market unemployment, labour force participation rates, Preliminaries along with Functions of one real variablea.
Set theory and number theory, Graphs, elementary types of functions: quadratic, polynomial, power, exponential, logarithmic, sequences along with series: convergence, algebraic properties, as well as applications,
b. Continuous functions: characterizations, properties concerning numerous operations along with applications, c. Differentiable functions: characterizations, properties concerning various operations as well as applications, d. Second as well as higher-order derivatives: properties as well as applications Single-variable optimization:
Geometric properties of functions convex functions, their characterizations along with applications, local and global optima: geometric along with calculus-based characterizations, along with applications. Linear algebra: Vector spaces – algebraic and geometric properties, scalar products, norms, orthogonality, linear transformations: properties,
matrix representations and elementary operations, systems of linear equations: properties of their solution sets, determinants: characterisation, properties along with applications Functions of several real variables: Geometric representations – graphs and level curves,
differentiable functions: characterisations, properties with respect to various operations along with applications, second order derivatives: properties as well as applications, the implicit function theorem, along with application to comparative statics problems,
homogeneous and homothetic functions: characterisations and applications Multivariate optimization: Convex sets, geometric properties of functions: convex functions,
their characterisations, properties along with applications, further geometric properties of functions: quasi-convex functions, their characterisations, properties and applications, unconstrained optimisation: geometric characterisations, characterisations using calculus and applications,
constrained optimisation with equality constraints: geometric characterisations, Lagrange characterisation using calculus along with applications, properties of value function: envelope theorem and applications Linear programming: Graphical solution, matrix formulation, duality,
economic interpretation Integration, differential equations, along with difference equations:- Definite integrals, indefinite integrals and economic applications, first order difference equations, equilibrium and its stability, first order differential equations, phase diagrams and stability Statistics for Economics Probability theory, Sample spaces as well as events,
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Axioms of probability and their properties, conditional probability along with Bayes’ rule, independent events Random variables as well as probability distributions, probability distributions, expected values along with functions of random variables, properties of commonly used discrete and continuous distributions Random sampling,
Density and distribution functions for jointly distributed random variables, computing expected values of jointly distributed random variables, covariance along with correlation coefficients Point and interval estimation, estimation of population parameters using methods of moments as well as maximum likelihood procedures,
properties of estimators, confidence intervals Hypothesis testing, distributions of test statistics, testing hypotheses related to population parameters, Type I and Type II errors, the power of a test, tests for comparing parameters from 2 samples.
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