Syllabus For Bachelor of Social Science (BSS)

331 School of Social Sciences
SYLLABUS FOR BACHELOR OF SOCIAL SCIENCE (BSS)
IN
ECONOMICS
SESSION: 2008 - 2009
DEPARTMENT OF ECONOMICS
SHAH JALAL UNIVERSITY OF SCIENCE AND TECHNOLOGY
SYLHET, BANGLADESH
Department of Economics 332
Department of Economics
First Year: Semester I
Hours/Week
Course No. Course Title Credits
Theory + Lab
ECO 110 Viva voce 0+0 1.0
ECO 111 Introductory Microeconomics 4+0 4.0
ECO 171 Mathematics for Economists I 4+0 4.0
ECO 172 Mathematics for Economists I (Lab) 0+2 1.0
PSA 102 Politics and Administration in Bangladesh 3+0 3.0
BNG 101 Bangla Language 2+0 2.0
BNG 102 Bangla Language Lab 0+2 1.0
STA 104 Introductory Statistics 3+0 3.0
Total 16 + 4 = 20 19.0
First Year: Semester II

Hours/Week
Theory + Lab
ECO 120 Viva Voce 0+0 1.0
ECO 121 Introductory Macroeconomics 4+0 4.0
ECO 173 Mathematics for Economists II 4+0 4.0
ECO 174 Mathematics for Economists II Lab 0+2 1.0
BAN 104 Principles of Accounting 3+0 3.0
ENG 101 English Language 2+0 2.0
ENG 102 English Language Lab 0+2 1.0
STA 106 Statistics I 3+0 3.0
Total 16 + 4 = 20 19.0
Second Year: Semester I

Hours/Week
Theory + Lab
ECO 212 Intermediate Microeconomics 4+0 4.0
ECO 251 Economics of Development 4+0 4.0
ECO 258 Topics in Economic History of Selected Countries 4+0 4.0
SOC 101A Principles of Sociology 4+0 4.0
Total 16 + 0 = 16 17.0
Second Year: Semester II

Hours/Week
Theory + Lab
ECO 222 Intermediate Macroeconomics 4+0 4.0
ECO 236 Banking and Finance 4+0 4.0
ECO 241 Agricultural Economics 4+0 4.0
CSE 205 H Database Management and Programming 2+0 2.0
CSE 206 H Database Management and Programming Lab 0+6 3.0
Total 14 + 6 = 20 17.0
Third Year: Semester I

Hours/Week
Theory + Lab
ECO 331 International Economics 4+0 4.0
ECO 357 History of Economic Thought 4+0 4.0
ECO 386 Economics of Planning & Project Analysis 4+0 4.0
ECO 387 Economics of Planning & Project Analysis (LAB) 0+2 1.0
STA 207 Statistics II 3+0 3.0
Total 15 + 2 = 17 17.0
Third Year: Semester II

Hours/Week
Theory + Lab
ECO 337 Public Finance 4+0 4.0
ECO 353 Contemporary Issues of Bangladesh Economy 4+0 4.0
ECO 375 Advanced Topics in Mathematical Economics I 4+0 4.0
ECO 384 Research Methodology 3+0 3.0
ECO 385 Field Work for Research Methodology 0+2 1.0
Total 15 + 2 = 17 17.0
Fourth Year: Semester I

Hours/Week
Theory + Lab
ECO 413 Microeconomics 4+0 4.0
ECO 456 Political Economy of Underdevelopment 4+0 4.0
ECO 461 Introduction to Econometrics 4+0 4.0
ECO 462 Introduction to Econometrics (Lab) 0+2 1.0
ECO 477 Advanced Topics in Mathematical Economics II 4+0 4.0
ECO 481 Research Project I 0+4 2.0
Total 16 + 6 = 22 20.0
Fourth Year: Semester II

Hours/Week
Theory + Lab
ECO 423 Macroeconomics 4+0 4.0
ECO 425 Monetary Economics 4+0 4.0
ECO 463 Econometrics 4+0 4.0
ECO 464 Econometrics (Lab) 0+2 1.0
ECO 476 Economics of Growth and Technological Change 4+0 4.0
ECO 482 Research Project II 0+4 2.0
Total 16 + 8 = 24 20.0
Grand Total 146
N.B: Students are required to complete at least 140 credits for the degree of Bachelor of Social Sciences (BSS) in Economics. All
students of economics must complete successfully all courses in microeconomics, macroeconomics and econometrics. Moreover, 20%
of all (140) credit hours must be earned in minor courses (i.e. a total of minimum 28 credits in minor courses out of the required 140
credits).
Detailed Syllabus
MINOR COURSES
ECO 101 PRINCIPLES OF MICROECONOMICS

4 Hours/week, 4 credits
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
principle; cardinal vs. ordinal utility; consumer's preference - law of preference; indifference curve analysis; properties of indifference curves;
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: Structure of markets; characteristics of different types of markets; perfect competition and monopoly - price and output
determination, monopolistic competition.
Recommended Books:
Arnold, R A (2007): Economics, South Western Publishing Company, Eighth Edition,
Browning, E K and M A Zupan (2006): Microeconomics – Theory and Applications, Ninth Edition
Koutsoyiannis, A (2003): Modern Microeconomics, Palgrave Macmillan, Second Revised Edition
Mankiw, N G (2006): Principles of Economics, Thomson South Western Publishing, Fourth Edition
Samuelson, P A and W D Nordhaus (2005): Economics, McGraw-Hill USA, Eighteenth Edition.
Stiglitz, J E and C E Walsh (2005): Principles of Microeconomics, W, W Norton and Co Inc. USA
ECO 102 PRINCIPLES OF MACROECONOMICS

1. Introduction to Macroeconomics: Definition of macroeconomics; macroeconomic performance, objectives and instruments of

macroeconomics.
2. Measuring national product and national income: GNP vs. GDP - concept and measurement; GDP and GNI; NI and personal disposable
income; GDP and spending; nominal and real GDP; 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 types of money; banking – from goldsmith banking to modern banking;
commercial banks and multiple deposit creation.
5. Central Banking and Monetary System - functions of central bank, money supply, open market operations, high-powered money and the
money stock, money multiplier.
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 and Unemployment: Types and causes of Inflation, expected & unexpected inflation: cost of inflation: money supply and the
price level: velocity and quantity Equation, types and causes of unemployment, remedial measures, Phillips curves.
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.
Recommended Books:
Arnold, Roger A (2007): Economics, South Western Publishing Company, Eighth Edition,
Dornbusch, Rudiger et al (2004): Macroeconomics, McGraw-Hill International, Ninth Edition
ECO 103 PRINCIPLES OF ECONOMICS

4Hours/week, 4 credits
MICRO
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: Structure of markets; characteristics of different types of markets; perfect competition and monopoly - price and output
determination, monopolistic competition.
MACRO
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 approach.
2. Determination of national income: Components of aggregate demand & planned spending; aggregate demand; equilibrium output/Income
Multiplier model of income and spending.
3. Money & banking: Definition & functions of money, components of money supply and money demand, multiple deposit creation,
commercial banks & the money stock; functions of central bank, open market operations; high-powered money.
4. Inflation and Unemployment: Types and causes of inflation, expected & unexpected inflation: cost of inflation: money supply & the price
level: velocity & quantity equation, types and causes of unemployment, remedial measures, Phillips Curve.
Recommended Books:
Browning, E K and M A Zupan (2006): Microeconomics – Theory and Application, Ninth Edition
ECO 204 ECONOMICS OF DEVELOPMENT

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, policies,
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
Recommended Books:
Misra S K and V K Puri (2005): Economics of Development and Planning, Seventh Edition
Meier G M (1989): Leading Issues in Economic Development, Oxford University Press, UK, Fifth Edition
Thirlwall A P (2006): Growth and Development – With Special Reference to Developing Countries, Palgrave Macmillan, Eighth Edition
Todaro M P and S C Smith (2005): Economics of Development in the Third World, Longman, Ninth Edition
MAJOR COURSES
VIVA-VOCE
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 semester.
Course Course Title Semester Credits

ECO 110 VIVA VOCE First Year First 1.0
ECO 120 VIVA VOCE First Year Second 1.0
ECO 210 VIVA VOCE Second Year First 1.0
ECO 220 VIVA VOCE Second Year Second 1.0
ECO 310 VIVA VOCE Third Year First 1.0
ECO 320 VIVA VOCE Third Year Second 1.0
ECO 410 VIVA VOCE Fourth Year First 1.0
ECO 420 VIVA VOCE Fourth Year Second 1.0
ECO 111 INTRODUCTORY MICROECONOMICS

1. Exploring the Subject Matter of Economics: Definition, scope and methods of Economics, The economic problem: production and
distribution, production possibility frontier, economic models and theories; measuring economic variables, working with graphs.
2. Supply and Demand – How Market Works: determinants of individual demand and supply; demand/supply schedule and demand/supply
curve. Market vs. individual demand/supply, complements and substitutes; market equilibrium: demand-supply analysis, control of prices;
taxes and cost of taxation; the Engel curve and income elasticity of demand; price elasticity and cross elasticity of demand; constant slope vs.
constant elasticity functions; determinants of responsiveness of demand to price.
3. Consumer Behavior: Utility, preference and rational choice; cardinal and ordinal utility; characteristics of indifference curves for goods
bads and neuters; the optimum of he consumer; derivation of the demand curve; price effect and price consumption curve.
4. Firms, Production and Cost: Firms and circular flow of economic activity; the role of firm and its goal as an optimizing agent; short-run
vs. long-run production functions; laws of production – returns to scale and law of variable proportion; short run and long run cost functions,
rising costs and diminishing returns.
5. Perfect Market Structure: Taxonomy of markets, the optimum of the competitive firm; from firm supply to market supply; short-run and
long-run supply; firm survival and zero-profit theorem.
6. Perfect Market Structure - Monopoly: Monopoly and non-profit goals; monopoly profit maximizing optimum; monopoly and economic
efficiency; regulation and monopoly; monopolistic price determination; cartels
Recommended Books:
Required Textbooks(s):
Hirschleifer J, H David and G Amihai (2005): Price Theory and Applications: Decisions Markets and Information, Sixth edition
Chambridge University Press, UK
Koutsoyiannis A (2003): Modern Microeconomics, Palgrave Macmillan, Second Revised Edition
Book(s) on Reserve:
Arnold, R A (2007): Economics, South Western Publishing Company, Eighth Edition
Browning, E K and M A Zupan (2006): Microeconomics – Theory and Applications, Ninth Edition
Pindyck, R S and D L Rubinfeld (2005): Microeconomics, Prentice-Hall India, Sixth edition
Samuelson, P A and W D Nordhaus (2005): Economics, McGraw-Hill USA, Eighteenth Edition
ECO 121 INTRODUCTORY MACROECONOMICS

1. Introduction to Macroeconomics: Definition of Macroeconomics, Macroeconomic performance, objectives and instruments of

macroeconomics,
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. The Economy in the long -run: the classical market clearing model – the supply of goods and services, the demand for goods and services,
the money stock, price level and inflation rate.
5. The Economy in the very long -run: the economics of growth – growth accounting, growth theory and growth policy.
6. Money and Banking: definition and functions of money, different kinds of money; banking – from goldsmith banking to modern banking,
commercial banks and multiple deposit creation, functions of central bank, money supply, open market operations, high-powered money and
money multiplier and monetary policy
7. Budget and Fiscal Policy: Principles of taxation, types of taxation, government expenditure policy, objectives of fiscal policy,
8. Inflation and Unemployment: definitions, measures of inflation, types of inflation, classical and Keynesian theory of inflation, monetarist
view of inflation, modern theories of inflation – demand pull and cost push; unemployment – definitions and types, inflation-unemployment
trade off.
Recommended Books:
ECO 171 MATHEMATICS FOR ECONOMISTS I

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, open and closed sets, interior and boundary
of a set.
2. Functions and Graphs: Concept, graphical representation, relation Vs function, types of functions - constant, polynomial, rational, inverse,
exponential and logarithmic functions, equation and identities, linear and non-linear models of market equilibrium, increasing and decreasing
functions, slopes of linear and non-linear functions.
3. Limits and Inequalities: Concept, sequence of limit, limit theorems, rules and solutions of inequalities.
4. Calculus: (i) Concept of a derivative and its geometric interpretation, continuity and differentiability of a function, rules for computing
derivatives, higher order derivatives, applications – maxima and minima, using derivatives for graphing, application to economics –
production, cost, revenue, profit and demand functions with their total, average and marginal concepts.
(ii) Partial and total derivatives – concept, economic and geometric interpretations, total differentials, total derivatives, equality constrained and
unconstrained maxima and minima, applications in economics.
Recommended Books:
Chiang, A C and K Wainwrite (2005): Fundamental Methods of Mathematical Economics, McGraw-Hill, USA, Fourth Edition.
Simon, C P and L Blume (2006): Mathematics for Economists, Viva Books Limited, India
Yamane, Taro (1968): Mathematics for Economists – an Elementary Survey, Prentice Hall India (Reprint, 2007)
Weber, J E (1982): Mathematical Analysis, Business and Economic Applications, Harper & Row, Fourth Edition
ECO 172 MATHEMATICS FOR ECONOMISTS I (LAB)

2 Hours/week, 1 credit
The course teacher in the class will announce detailed syllabi.
ECO 173 MATHEMATICS FOR ECONOMISTS II

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, rank of a matrix, partitioned matrix, determinations, properties of determinants, inverse matrix, properties of inverse
matrices, solution of simultaneous equations- Gaussian and Gauss-Jordan elimination method, Cramer's rule, linear dependence, rank and the
solution of homogeneous equations, characteristic roots and vectors, quadratic form and definite matrices, economic applications.
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 and Convex Function: Concavity, convexity, quasi concavity and quasi convexity of functions, Homogeneous and homothetic
functions, uses in economics.
5. Eigenvalues and Eigenvectors: Definitions, properties of eigenvalues repeated and complex eigenvalues
6. Optimazation: Structure of an optimization problem, conditions for existence and uniqueness of solutions, for local and global optimum,
for interior and boundary optima, Solutions of constrained and unconstrained optimization problems, Kuhn-Tucker formulation, Envelope
Theorems-constrained and unconstrained
Recommended Books:
Chiang, A C and K Wainwrite (2005): Fundamental Methods of Mathematical Economics, McGraw-Hill, USA, Fourth Edition
Gravelle, H and R Rees (2004): Microeconomics, Transatlantic Publications, USA
Simon, C P and L Blume (2006): Mathematics for Economists, Viva Books Limited, India
Yamane, Taro (1968): Mathematics for Economists – an Elementary Survey, Prentice Hall India (Reprint, 2007)
Weber, J E (1982): Mathematical Analysis, Business and Economic Applications, Harper & Row, Fourth Edition
ECO 174 MATHEMATICS FOR ECONOMISTS II (LAB)

The course teacher in the class will announce detailed syllabi.
ECO 212 INTERMEDIATE MICROECONOMICS

1. Theory of Consumer Behavior: Laws of preference; the nature of utility functions and indifference curves; utility maximization; ordinary
and compensated demand functions; the Slutsky equation: substitutes and complements; separable and additive utility function; homogeneous
and homothetic utility functions, indirect utility functions and duality in consumption. Consumer surplus: compensating and equivalent
variation; revealed preference: weak and strong axioms; integrability; composite commodity theorem; price indices,
2. Theory of Firm: Cobb - Douglas and CES production functions; elasticity of substitution; Euler’s theorem and its properties; input demand
functions, duality in production, cost functions in short run and long run, envelope theorem,
3. Theory of Market: Monopolistic competition; oligopoly and strategic behaviour; quasi-competitive and collusive solution; Cournot
solution; Stackelberg solution; product differentiation; limit pricing, average cost pricing,
4. Factor Markets: Firms demand for variable factor(s); industry demand for factors; monopsony; resource supply to the market and factor
market equilibrium; monopolies and cartels in factor supply.
Recommended Books:
Required Textbooks(s):
Henderson, J M and R E Quandt (1980): Microeconomic Theory: A mathematical Approach, McGraw-Hill, Third edition
Hirschleifer J, H David and G Amihai (2005): Price Theory and Applications: Decisions, Markets and Information, Sixth edition
Cambridge University Press UK
Varian, H R (2005) Intermediate Microeconomics – A Modern Approach, W.W. Norton and Company Inc, Seventh Edition
Book(s) on Reserve:
Gravelle, Hugs and Ray, Rees (2004): Microeconomics, Trans - Atlantic Publication, USA
ECO 222 INTERMEDIATE MACROECONOMICS

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

2. Money, interest and income: goods market and IS curve, assets market and LM curve, equilibrium with goods and assets markets,
monetary policies, Keynesian and Classical view, fiscal policy, crowing out, monetary and fiscal policy mix.
3. Equilibrium in the open economy: balance of payments and exchange rates, 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 and supply of money: Classical quantify theory of money-Fisherian approach, Cambridge cash balance approach
Keynesian approach Baumol's inventory theoretic approach, Tobin's Portfolio Theory, the money supply process, determinants of money
supply, equilibrium in the money market.
8. Policy: Lag in the effects of policy; expectations and reactions; uncertainty and economic policy; dynamic policy and information feedback;
activist vs. non-activist policy
Recommended Books:
Branson, W H (1989): Macroeconomic Theory and Policy, Second Edition

Froyen, R T: Macroeconomics: Theories and Policies
Hall, R E and J B Taylor (1988): Macroeconomics: Theory, Performance & Policy, Norton, Second Edition
ECO 236 BANKING AND FINANCE

1. Banking and the financial services industry: Organization and structure of financial system, Central Bank, Commercial Banks,
Non-bank Financial Institutions (NBFIs), Micro Finance Institutions (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 Financial Institutions (Fls), Operating cost, efficiency and
performance, maximizing the value of the firm, profitability ratios, ROE, ROA, measuring risk in banking and financial services, credit
ratings, 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.
Recommended Books:
Rose, P S and S C Hudgins (2005): Bank Management and Financial Services, McGraw-Hill, USA Sixth Edition
Mishkin, F S (2003): The Economics of Money, Banking and Financial Markets, The Addison Wesley Economics Series, Seventh
Edition,
Rose, P S (2003): Money and Capital Markets: The Financial Institution and Instruments in a Global Market Place, McGraw-
Hill/Irwin,
Eighth Edition
Hull, J C (2005): Options, Futures and Other Derivatives, Prentice-Hall international Inc. Sixth Edition
ECO 241 AGRICULTURAL ECONOMICS

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.
Recommended Books:
Brammer, Hugh (1997): Agricultural Development Possibilities in Bangladesh, University Press Ltd, First edition
Brown, J G, et al (1994): Agricultural Investment and Operations, the World Bank, First edition
Colman, David and T Young (1989): Principles of Agricultural Economics, Cambridge University Press
Ghatak, S and K Ingersent (1984): Agricultural and Economic Development, John Hopkins University Press
Frank, Ellis (1988): Peasant Economics, Cambridge University Press
Eicher, C K and J M Staatz, eds. (1998): International Agriculture Development, Johns Hopkins University Press, Third edition
Hill, B E and K Ingersent (1982): An Economic Analysis of Agriculture, Heinemann Educational Books, Second edition
Stevens R D and C L Jabara (1988): Agricultural Development Principles: Economic Theory and Empirical Evidence, John Hopkins
University Press
Giffin, K (1979): The political Economy of Agrarian Change - An Essay on Green Revolution, Macmillan Second edition
Bardhan, P K and Srinivasan (1971):"Crop Sharing Tenancy in Agriculture; A Theoretical and Empirical Analysis”, American
Economic Review 61(1)1971.
ECO 251 ECONOMICS OF DEVELOPMENT

1. Meaning of Development: traditional and new approaches, changes in the concepts of development
2. Structures and Characteristics of Developing countries
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
Recommended Books:
Basu, Kaushhik (2003): Analytical Development Economics – The Less Developed Economy Revisited, MIT press USA
Meier, G M and J E Stiglitz (2001): Frontiers in Development Economics – The future perspective, Oxford University Press, UK
Meier, G M (1989): Leading Issues in Economic Development, Oxford University Press, UK, Fifth Edition
Misra, S K and V K Puri (2005): Economics of Development and Planning, Seventh Edition
Ray, Debraj (1998): Development Economics, Oxford and Princeton University Press
Thirlwall, A P (2006): Growth and Development – With Special Reference to Developing Countries, Palgrave Macmillan, Eighth
Edition
Todaro, M P and S C Smith (2005): Economics of Development in the Third World, Longman, Ninth Edition
ECO 258 TOPICS IN ECONOMIC HISTORY OF SELECTED COUNTRIES

1. Case Studies in the Capitalist Process of development:

UK: Agrarian revolution in the UK, Industrial revolution
USA: The great depression and the new deal policy
Japan: The process of agricultural development and industrial growth of Japan, the role of state in the economic development Japan, the
growth of foreign trade
2. Case Studies in the Socialist development:
Former USSR: War Communism and new economic policy, role of planning in economic development, Soviet development plans,
breakup of the USSR
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).
Cuba: Political and economic background, agriculture, central planning and industrial enterprise, work force and remuneration, the
allocation of consumer goods services, economic strategy.
3. Case Studies of NICs:
South Korea: Agrarian reform, role of state in industrialization
Malaysia: Role of state in redistribution of income and wealth
Recommended Books:
Aston, T S (1968): The Industrial Revolution 1760-1830, Cambridge University Press, UK, Second edition
Crafts, F R (1986): British Economic Growth During the Industrial Revolution, Cambridge University Press, UK
Dobb, M: Soviet Economic Development Since 1917
Elbaum B and W Lazoni (1987): The Decline of the British Economy, Cambridge University Press, UK
Feinstein, C H and S Pollard (1988): Studies in Capital Formation in the United Kingdom 1750-1920 Cambridge University Press, UK
Allen, G C: A Short Economic History of Japan
Macpherson, W J (1987): The Economic Development of Japan 1968-1941, Macmillan
Maddison, A (1982): Phases of Capitalist Development, Cambridge University Press, UK
Prybla: Political Economy of Communist China

Faulkner, W: American Economic History
Wheelright and McFarian: The Chinese Road to Socialism.
ECO 331 INTERNATIONAL ECONOMICS

1. Introduction: Causes of international trade, the no trade model, perspective on the theory of international trade, the importance of
international trade, the sectoral structure of trade, trade history, gains from trade, classical and modern analysis,
2. Pure Theory of International Trade: The Ricardian Theory of comparative advantage, Haberler’s theory of opportunity cost, The
Heckscher- Ohlin model, the specific factor model, the Leontief paradox.
3. International Equilibrium: General Equilibrium in open (trading) and closed (autarky) economy. A neoclassical demonstration of
comparative advantage, derivation of offers curves, terms of trade, various concepts of the terms and trade, the Prebisch-Singer thesis,
terms of trade and welfare, imperfect competition, increasing returns to scale,
4. Trade policy: Trade policy effects with perfectly competitive markets, tariffs, welfare loss from tariffs, tariffs, taxes and distortions,
the optimum tariff and retaliation, retaliation and trade wars, quotas, VER’s, subsidies, other counter veiling duty.
5. Trade Co-operation and Agreement: Preferential trade areas, trade creation and trade diversion, free trade areas, customs union,
common market and economics union, static and dynamic effects of economic integration, WTO principle agreements, how the WTO
works?
6. Balance of Payments: Balance of payments accounting and accounts, autonomous and accommodating balance of payments
equilibrium, surplus and deficit open economy identities.
7. The Foreign Exchange Market: Exchange rate definitions, basis of foreign exchange market, spot and forward exchange rates,
equilibrium and stability in foreign exchange market
8. Currency Derivatives: futures, options and swaps, the growth of derivative markets, currency futures and currency forwards, the
pricing of currency options, intrinsic value and time value, the swaps markets
9. The International Monetary System: the Bretton Woods system, the IMF and its mechanism, the Euro currency, and Euro bond
markets, the dazzling dollar, 1980-85, currency turmoil and crises post- 1990, East Asian and US financial crisis.
Recommended Books:
Carbaugh R J (2008): International Economics, Thomson South Western Eleventh edition
Chacholiades, M (1990): International Economics, McGraw-Hill Publishing Company, USA
Copeland, L S (2005): Exchange Rates and International Finance, Pearson Education, Fourth edition
Krugman, P R and M Obstfeld (2008): International Economics: Theory and Practice, Pearson Education, Eighth edition
Pilbeam, Keith (1998): International Finance, Palgrave New York, USA, Second edition
Sodersten, Bö and G Reed (1994): International Economics, the Macmillan Press Ltd, Third Edition
ECO 337 PUBLIC FINANCE

1. Introduction: role of government in a mixed economy, positive vs. 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
Recommended Books:
Bhatia, H L (2002): Public Finance, Vikas Publishing House Ltd, Twenty Third edition
Browning, E K and J M Browning (1994): Public Finance and Price System, Pearson Education, Fourth edition
Herber, B P (1999): Modern Public Finance, A.I.T.B.S. Publishers and Distributors, Fifth edition
Hyman, D N (2005): Public Finance, South-Western, Eighth edition
Mankar, V G and L S Sarma (2001): Public Finance Theory and Practice, Himalaya Publishing House, Fifth edition
Musgrave, R A and P B Musgrave (1989): Public finance in Theory and Practice, McGraw-Hill, USA, Fifth edition
Musgrave, R A (1959): The Theory of Public Finance – A Study in Public Economy, McGraw-Hill Book Company, Inc, NY, USA
Stiglitz, J E (1988): Economics of the Public Sector, W. W Norton and Company, USA, Second edition
ECO 353 CONTEMPORARY ISSUES OF BANGLADESH ECONOMY

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, and other NGOs,
12. Budget constraints, development and defense expenditures
Recommended Books:
BEA: Bangladesh Journal of Political Economy, Bangladesh Economic Association (BEA), various issues
BIDS: Bangladesh Development Studies, Bangladesh Institute of Development Studies (BIDS), various issues
GOB (1991): Report of the Task Forces on Bangladesh Economy, Government of the People's Republic of Bangladesh
Hossain, Mosharraf (1992): Agriculture in Bangladesh, Problems, Policies & Prospects, University Press Limited, Dhaka
Hossain, Mahbub (1989): Green Revolution in Bangladesh University Press Limited, Dhaka
Jansen E G (1987): Rural Bangladesh: Competition for Scarce Resources, Oxford University Press
Khan, A R (1973): The Economy of Bangladesh, Macmillan
Khan, A R and M Hossain (1989): The Strategy of Development in Bangladesh, Macmillan
Rashid, Selim (1995): Bangladesh Economy, University Press Limited, Dhaka
Sobhan, Rehman (1991): Structural Adjustment Policies in the Third World, University Press Limited, Dhaka
ECO 357 HISTORY OF ECONOMIC THOUGHT

1. Pre-classical Economic Thought: This section will briefly cover Ancient-oriental and occidental and medieval economic thought such as
those of the Koutilya, Greek philosophers, Mercantilists and the Physiocrats.
2. The Classical School: Adam Smith - division of labour, theory of wages, profit and interest, principles of taxation, David Ricardo - theory
of rent, taxation and principle of comparative advantage, Malthus - population doctrine and its criticism, concept of utilitarianism, economic
ideas of John Stuart Mill.
3. Socialist Alternatives to Classical Theory: Historical school of Hegel and Marx's scientific socialism, theory of surplus value, falling rate
of profit, destruction of capitalism, communist manifesto, Schumpeter and capitalism, developments in Soviet economy, Chinese communism
and the ideas of the Fabian society
4. The Marginal Revolution and Neoclassical Foundations: the marginal concept and notions of optimization as found in Jevons, Menger,
Wicksteed, Neo-classical foundations of microeconomics laid down by Marshal. The general equilibrium theories of Walrus, Pareto and
Leontief; Veblen and the development of institutional economics
5. Modern Paradigms: Keynes, General Theory, the Keynesian-Monetarist debate and resurgence of neoclassical ideas including the supply-
side economics, New Classical and New Keynesian School
Recommended Books
Spiegel, Henry William: The Growth of Economic Thought, Duke University Press, Durban, North Carolina, latest edition.
Roll, Eric: A History of Economic Thought, Prentice-Hall, Third edition.
Ekelund, R B and R F Hebert: A History of Economic Theory and Method, McGraw-Hill, latest edition.
Koutilya (1992): Arthashastra, Edited by L N Rangaranjan, Penguin Publishing, New Delhi, India, Sixth edition
Freedman, Robert (ed): Marx on Economics, Pelican Books
Giddens, Anthony (1971): Capitalism and Modern Social Theory-An Analysis of the Writings of Karl Marx, Durkheim and Max
Weber; Cambridge University Press, UK
Hausman D M: The Philosophy of Economics: an Anthology, Second Edition
ECO 375 ADVANCED TOPICS IN MATHEMATICAL ECONOMICS I

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, economic applications,
(b) Second order differential and difference equations with constant co-efficient and constant term; economic applications.
2. Linear and Non-linear Programming: Liner programming: Primal and dual, interpretation of dual, solution of primal and dual programs,
activity analysis; Non-linear Programming and Kuhn-Tucker conditions
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.
Recommended Books:
Chiang, A C and Wainwrite K (2005): Fundamental Methods of Mathematical Economics, McGraw-Hill, USA, Fourth edition
Simon, C P and L Blume (2006): Mathematics for Economists, W.W. Norton & Company and Viva Books limited
Baumol, W J (1977): Economic Theory and Operations Analysis, Prentice-Hall, USA, Fourth edition
Varian, H R (2005): Intermediate Microeconomics – A Modern Approach, W.W. Norton and Company, Seventh edition
Binmore, K (1992): Fun and Games - A Text on Game Theory, Lexington: D.C. Heath.
Gibbson, R (1992): Game Theory for Applied Economists, Princeton University Press
Owen, Guillermo (2001): Game Theory, Elsevier, Third edition
ECO 384 RESEARCH METHODOLOGY

1. Introduction to Research Methodology: 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.
2. Empirical Research: Problems of empirical research in economics – non-experimental situation, problem of reliability – initial conditions
and accumulation of empirical knowledge: a) Objective of empirical research: description of economic reality through indices and measures,
observation and experience. b) Explanation of economic phenomena: estimation of parameters, testing of specific or alternative hypothesis
supplied by economic theory of observation.
3. Research Design: Features of a good research design, important concepts relating to research design, different research design, and basic
principles of experimental design.
4. Sampling Design: Steps in sampling design, characteristics of a good sample design, different types of sample designs, sample
selection, sample size, random and non-random sampling, stratified sampling, complex random sampling designs.
5. Census and Survey: Census and sampling survey, legitimate areas of survey research, survey design and planning, selection of
research staff, preliminary investigation, choice of stratum sampling fraction – proportional and optimal allocation.
6. Methods of Data Collection: Collection of primary data, collection of data through questionnaire, some other methods of data collection,
Collection of secondary data, selection of appropriate method for data collection, problems of non-response-reducing non-response, problems
of response error - coping with response error, particular problems of data collection in LDC’s
7. Processing and Analysis of Data: Processing operations: editing, coding, removal of inconsistencies, treatment of non-responses, statistical
techniques – tabular and graphical analysis, measures of central tendency, correlation studies, hypothesis testing, and regression analysis.
8. Interpretation and Report writing: Techniques of interpretation, precaution in interpretation, significance of report writing, different steps
in report writing, mechanics of writing research report, presentation of research results - findings and conclusions.
Recommended Books:
Kothari C R (1994): Research Methodology – Methods and Techniques, Wiley Eastern Limited, second edition.
Pauline V Young (1992): Scientific Social Surveys and Research, fourth edition.
Goode W J and P K Halt: Methods in Social Research.
Moser C A and G Dalton, Survey Methods in Social Investigation
ECO 385 FIELD WORK FOR RESEARCH METHODOLOGY

The detailed fieldwork and research assignment will be given by the course teacher.
ECO 386 ECONOMICS OF PLANNING AND PROJECT ANALYSIS

1. The choice of techniques

2. Investment criteria for project selection.
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-Mirrlees
Approach
7. Discounting cash flow: Net present worth and internal rate of return, uses of interrelationship among B-C ratio.
8. Macroeconomic planning since 1971: a) Fiscal policy, b) Monetary policy and c) Trade and industrial policy
ECO 387 ECONOMICS OF PLANNING AND PROJECT ANALYSIS (LAB)

Fieldwork and research assignment for project analysis: The course teacher will determine the detailed fieldwork and assignment.
Recommended Books:
Basu, Kaushhik (2003): Analytical Development Economics – The Less Developed Economy Revisited, MIT press USA
Chandra, Prasanna (1995): Projects Planning, Analysis, Selection, Implementation and Review, Tata-McGraw-Hill, Fourth edition
Dasgupta, P, Amartya Sen and Stephen Marglin (1972): Guidelines for Project Evaluation, United Nations, New York
Meier G M and J E Stiglitz (2001): Frontiers in Development Economics – The Future Perspective, Oxford University Press, UK
Meier G M (1989): Leading Issues in Economic Development, Oxford University Press, UK Fifth Edition
Misra S K and V K Puri (2005): Economics of Development and Planning, Seventh Edition
Thirlwall A P (2006): Growth and Development – With Special Reference to Developing Countries, Palgrave Macmillan, Eighth Edition
Todaro M P and S C Smith (2005): Economics of Development in the Third World, Longman, Ninth Edition
UNIDO Guidelines: Project Analysis
Little, I M and J A Mirless (1974): Project Appraisal and Planning for the Developing Countries, London, Heiremann Educational
Books
ECO 413 MICROECONOMICS

1. Utility Functions and Decision Making: Choice under uncertainty; utility functions and probabilities; expected utility functions; risk
aversion and indifference curves; measures of risk; risk spreading; stock market; intertemporal choice: 2-period and n-period utility
maximization, time preference, Fischer separation theorem; optimal consumption over time; optimal investment over time; capital market
equilibrium.
2. General Equilibrium: a) Exchange Economy – Pareto efficient allocations; Walras' Law; the existence of equilibrium; equilibrium and
efficiency; implication of the first welfare theorem; implications of the second welfare theorem. b) Production – Equilibrium in both
consumption and production; production and the first welfare theorem; production and second welfare theorem; production possibilities set;
Pareto efficiency; profit maximization and consumption.
3. Welfare Economics: Pareto efficient resource allocation; welfare function and the Pareto criterion; Arrow's impossibility theorem; social
welfare function; welfare maximization; individual social welfare functions; fair allocations; envy and equity; the causes of market failure;
instances of market failure; the theory of second best; government action and government failure.
4. Asymmetric Information and Incomplete Markets: Asymmetric information in insurance markets – adverse selection and moral
hazards; principal-agent theory – hidden information and hidden action; signaling; incomplete insurance markets; incomplete stock markets.
Recommended Book:
Required Textbook(s):
Jehle G A and P J Reny (2006): Advanced Microeconomic Theory, Pearson Education, Second edition
Gravelle H and R Rees (2004) Microeconomics, Trans - Atlantic Publication, USA
Varian H R (1992): Microeconomic Analysis, W.W Norton and Company, USA, Third edition
Varian, H R (2005) Intermediate Microeconomics – A Modern Approach, W.W. Norton and Company Inc, Seventh Edition
Book(s) on Reserve:
Baumol W J (1977): Economic Theory and Operations Analysis, Prentice Hall, Fourth edition
Green, H A J (1976): Consumer Theory, Macmillan, London, Revised edition
Henderson J M and R E Quandt (1980): Microeconomic Theory: A mathematical Approach, McGraw-Hill, USA Third edition
Silberberg E (1990): The Structure of Economics: A Mathematical Analysis, McGraw-Hill, USA Third edition
ECO 423 MACROECONOMICS

1. Review of National Income Model: national income accounting in Bangladesh, the micro foundations of aggregate demand, consumption
demand, investment demand, neo-classical view, the demand for money, the supply of money,
2. Open Economy: a) Balance of payments: The principles of payments accounting, autonomous and accommodating balance, balance
of payments equilibrium, accounting balances. b) International adjustment and interdependence, policy conflicts and adjustment under fixed
exchange rate, the monetary approach to the balance of payments, flexible exchange rates, price changes and balance of payments equilibrium,
the effect of change in exchange rates, interest differential and exchange rate expectation, exchange rate fluctuations and interdependence,
purchasing- power- parity (PPP) theory.
3. The Dynamics of Inflation and Unemployment: a) inflation and expectations, expectation-augmented Philips curve, the rate of expected
inflation, dynamic adjustment of output and inflation, adjustment to a monetary and fiscal expansions, interest rate and inflation - the fisher’s
equation, money growth and the inflation tax, hyperinflation. b) Unemployment terminologies, job creation, job destruction, participation rate,
models of job searching and job separations, natural rate of unemployment, unemployment insurance, minimum wage,
4. Rational Expectations Model: Expectations in economics; Concepts of rational expectations, rational expectations and demand
policy; policy ineffectiveness propositions; monetarist model with rational expectations; rational macro-models; criticism; rational
expectations in practice, rational expectations and neoclassical view; neoclassical real business cycle theory.
5. a) Budget Deficits and Public Debt: the mechanics of financing the budget, size and determinants of deficits, debt-financed deficits, tax
rate changes and budget deficits, fiscal stimulus and deficits. b) Deficits, Money Growth and the Inflation Tax: money finance of the budget
deficit, introduction of wealth effect, bond finance of the deficits and crowding out, the burden of debt, the size of investment controversy,
6. Advanced Topics (optional): an overview of the new macroeconomics, the microeconomics of imperfect aggregate supply curve, the
random walk of GDP – does aggregate demand matter or is it all aggregate supply? Real business cycle theory, a new Keynesian model of
sticky nominal prices,
Recommended Books:
Romer, David (2001) Advanced Macroeconomics, McGraw-Hill, USA, Second edition
Sargent T J (1987a): Macroeconomic Theory, Boston Academic Press, USA
Sargent T J (1987b): Dynamic Macroeconomic Theory, Cambridge MA, Harvard University Press, USA
ECO 425 MONETARY ECONOMICS

1. Money, Prices and Interest: the classical system, the Keynesian system, the monetarist counter-revolution
2. Output, Inflation and Unemployment: monetarists’ and Keynesian’s views
3. Indicators of Monetary Policy: Monitoring monetary policy, the meaning of monetary indicators, monetary policy targets.
4. Monetary and Fiscal Policy in a Cyclical Context:
5. Monetary and Fiscal Policy in a Growth Context: Tobin’s portfolio balance model of money, money as a consumer good: Levihari
– Patinkin and Johnson, money as a producer good
6. Money, Price Expectations and Interest Rates:
Recommended Books:
Beare, J B: Macroeconomics: Cycles, Growth and Policy in a Monetary Economy
Blanchard, O J and Stanley Fischer (1989) Lectures in Macroeconomics,
Gibson, W E and G G Kaufman: Monetary economics
Sargent T J (1987b): Dynamic Macroeconomic Theory, Cambridge MA, Harvard University Press, USA
Walsh C E (2003): Monetary Theory and Policy, Cambridge MA, MIT Press, Second edition
ECO 456 POLITICAL ECONOMY OF UNDERDEVELOPMENT

1. Political Economy: What is Political Economy? The subject matter of political economy, from Political Economy to Economics—
change in perspective—revival of the interest in political economy – recent and orthodox approaches to the problems of
underdevelopment
2. Mode of Production and Production Relations: Different modes of productions - Slavery, Feudalism, Capitalism and Socialism,
Asiatic mode of production, pre-capitalist mode of production and its continuous distribution and renewal, the structure of colonial
capitalism and its impeding effects on peripheral capitalist development, peasant economy as distinct from a capitalist economy - power,
authority and stratification in a peasant economy,
3.The Marxist Critique of the Capitalist Process of Development: Theory of surplus value and the capitalist exploitation of labour,
the law of falling tendency of the rate of profit, reproduction models, the Marxist prognosis of the capitalist development, dialectic
materialism, Marx and Engels on socialist transformation of capitalist economy, the socialist mode of production and distribution.
4. Politics and Society in the Third World: Marxist theory of imperialism: Marx, Rosa Luxemburgh, Hilferding, Bukharin, Lenin, and
G. Kay,
5. World System Analysis: Debate between development school and underdevelopment school: Baran; Sweezy Frank; Wallerstien;
Emmanuel, Samir Amin; Hamza Alavi
6. Political Economy of Poverty and Hunger: poverty and inequality—pauperization, marginalization and polarization—technology and
poverty—politics and reproduction of underdevelopment—culture of poverty—mass poverty and international response, Introduction to the
political economy of hunger - the food problems of Bangladesh.
Recommended Books:
Brewer, Anthony: Neo- Marxist Theories of Imperialism
Kozlov: Political Economy of Socialism
Lenin, V I: Imperialism – the Highest Stage of Capitalism
Marx, Karl: Das Capital Volume II and III
Marx, Karl and F Engel: Pre-capitalist Economic Formations
Stubbs, Richard and Geoffrey Underhill: Political Economy and the Changing Global Order
Sweezy, P: Theory of Capitalism
ECO 461 INTRODUCTION TO ECONOMETRICS

1. Nature and Scope: Meaning of econometrics, economic and econometric modeling, aims and methodology of econometric analysis.
2. Simple Linear Regression Model: Nature of regression analysis, interpretation of regression model, significance of stochastic disturbance
term, the method of Ordinary Least Squares (OLS), derivation of OLS estimators, normality assumption for ui, and its significance, properties
of OLS estimators under normality assumption, co-efficient of determination: a measure of goodness of fit.
3. Inference and Prediction: point estimation vs. interval estimation, confidence intervals, hypothesis testing: the confidence interval
approach, test of significance approach, the problem of prediction – mean prediction, individual predictions.
4. Multiple Linear Regression Model: Derivation of OLS estimators and their variances, R² and adjusted R², Hypothesis testing – F test, t-
test, analysis of variance (ANOVA),
5. Multicollinearity: The nature of multicollinearity, estimation in the presence of multicollinearity, detection of multicollinearity and its
remedial measures,
6. Heteroscedasticity: Nature of heteroscadasticity, detection and testing for heteroscedasticity: Goldfeld-Quandt test, Breusch-Pagan-
Godfrey (BPG) test, White’s general test, estimation with heteroscedastic disturbances, solution to heteroscedasticity.
7. Autocorrelation: Sources and consequences of autocorrelation, tests for autocorrelated disturbances: Durbin - Watson d test, Breusch-
Godfrey (BG) test, solution to autocorrelation.
8. Model Selection and Specification: Meaning, types and consequences of model specification errors, test of specification error - Ramsey’s
RESET test, Durbin-Watson d Test, model selection criteria – AIC, SIC.
ECO 462 INTRODUCTION TO ECONOMETRICS (LAB)

Field Work and Research Assignment: The detailed fieldwork and assignment will be given by the course teacher.
Recommended Books:
Gujarati D N (1999): Essentials of Econometrics, second edition. McGraw-Hill New York, USA.
Gujarati D N (2003): Basic Econometrics, fourth edition, McGraw-Hill New York, USA.
Johnston J and John DiNardo (1997): Econometric Methods, fourth edition, .McGraw Hill, New York, USA
Kmenta J (1986): Elements of Econometrics, second edition, Macmillan, New York, USA
Maddala,G S (2005): Introduction to Econometrics, John Wiley and Sons, third edition. New York, USA
Maddala,G S (1977): Econometrics, McGraw-Hill, New York, USA.
ECO 463 ECONOMETRICS

1. Review of Matrix algebra and Linear Regression Model.

2. Classical Multiple Linear Regression Model: Basic assumptions, least square coefficient vector, partitioned regression, goodness of fit
and analysis of variance, properties of OLS estimators, data problems – multicollinearity and missing observations.
3. Inference and Prediction: Testing linear hypothesis about β, restricted and unrestricted regressions, prediction – point prediction vs.
interval prediction, test of model stability: Hensen’s test, recursive residual test, QCUMSUM tests, Chow forecast test.
4. Non-spherical Disturbances: Tests for heteroscedastic and autocorrelated disturbances, estimation under heteroscedasticity and
autocorrelation, Generalized Least Squares (GLS) and Weighted Least Squares (WLS), efficient estimation by GLS and FGLS estimators.
5. Simultaneous Equation Models: Exogenous and endogenous variables, identification problem - necessary and sufficient conditions for
identification, methods of estimation: 2SLS and Instrumental variable approach, exogeneity and causality: Granger causality test.
6. Distributed lag Models: Simple distributed lag models, finite distributed lag model - Almon approach, infinite lag model - Koyck
approach, Autoregressive Distributed Lag (ARDL) models, static and dynamic equilibrium.
7. Introduction to Time Series and Panel Data Analysis: Univariate time series modeling – AR, MA, ARMA and ARIMA processes, unit
root tests, cointegration and error correction models, multivariate model – Vector Autoregressions (VAR), sources and types of panel data –
Fixed Effect vs. Random Effect model.
8. Dummy variable: Nature, regression on both qualitative and quantitative variables simultaneously, dummy variable for changes in the
intercept and slope coefficients, dummy variable for cross equation constraints, testing for structural stability of regression model- Chow test,
dummy dependant variable, the Logit and Probit model, truncated variables – Tobit model.
ECO 464 ECONOMETRICS (LAB)

Field Work and Research Assignment: The detailed field work and assignment will be given by the course teacher.
Recommended Books:
Greene W H (2003): Econometric Analysis, Fifth edition, Prentice Hall Englewood Cliffs, New Jersey, USA
Gujarati D N (2003): Basic Econometrics, Fourth edition, McGraw-Hill New York, USA
Hamilton J D (1994): Time Series Analysis, Princeton University Press, Princeton, New Jersey, USA
Hayashi Fumio (2000): Econometrics, Princeton University Press, Princeton, New Jersey, USA
Johnston J and John DiNardo (1997): Econometric Methods, Fourth edition, .McGraw Hill, New York, USA
Kmenta J (1986): Elements of Econometrics, Second edition, Macmillan, New York, USA
Maddala,G S (2005): Introduction to Econometrics, John Wiley and Sons, third edition. New York, USA
Maddala,G S (1977): Econometrics, McGraw-Hill, New York, USA.
Pindyck, R S and D L Rubinfeld (1990): Econometric Models and Economic Forecasts, McGraw-Hill, NY, USA, Fourth edition
ECO 476 ECONOMICS OF GROWTH AND TECHNOLOGICAL CHANGE

1. Introduction to Growth Models: Harrod-Domar legacy, neoclassical growth models – growth with exogenous technological change,
Solow and Swan growth models, balanced growth path,
2. Endogenous Growth Models: Ando Modigliani, Pessinetti; Kaldor model, mechanics of endogenous growth, golden rule, convergence,
modified golden rule,
3. New Growth Theory: Research and Development (R&D) models, the nature so knowledge and determinants of allocation of resources to
R&D, the dynamics of knowledge accumulation, Solow model with human capital,
4. Technical Change and Technological Change: Neutralities, invention and innovation
5. Diffusion: Definition, time path of diffusion, phases of diffusion, models of diffusion.
6. Impact of Technological Change: (i) Impact on output and employment: microeconomic approach, (ii) Impact on output and employment:
macroeconomic approach, (iii) Technological change and investment, (iv) Technological change and the distribution of income, social savings
and rates of return to technological change, (v) Technological change and the open economy
Recommended Books:
Aghion, Philippe and Peter Howitt (1998): Endogenous Growth Theory, Cambridge, MA, MIT press
Barro, R and Sala-i-Martin (1998): Economic Growth, Cambridge, MA, MIT press
Branson, W H (1989): Macroeconomic Theory and Policy, Second edition
Jones, C I (1998): An Introduction to Modern Theories of Growth, W.W Norton and Company, New York
Romer P M (1990): "Endogenous Technological Change", Journal of Political Economy, 29 (October Part 2) S71-S102
Romer, David (2001): Advanced Macroeconomics, McGraw-Hill International, Second edition
Solow, R M (1956): "A Contribution to the Theory of Growth", Quarterly Journal of Economics, 70 (Feb): 65-94, reprinted in Stiglitz and
Uzawa (1969)
Stiglitz, J E and Hirofumi Uzawa eds. (1969): Readings in the Modern Theory of Economic Growth, Cambridge, MA, MIT press,
Stoneman, P (1983): The Economic Analysis of Technological Change, Oxford University Press,
ECO 477 ADVANCED TOPICS IN MATHEMATICAL ECONOMICS II

1. Introduction to Dynamic Optimization: Salient features of dynamic optimization problems, variable endpoints and transversality
conditions, alternative approaches to dynamic optimization.
2. The Calculus of Variations: The Euler equation, versions of Euler equation in special cases, economic application, transversality
conditions (general and specialized) for variable end point problems, concavity/convexity – sufficient conditions, Legendre necessary
condition, infinite planning horizon, optimal investment path, optimal saving behaviour, phase diagram analysis,
3. Optimal Control Theory: The nature of optimal control, the maximum principle, alternative terminal conditions, economic
interpretations of maximum principle, optimum control with infinite time horizon, neoclassical growth model, current value
Hamiltonian, phase diagram.
4. Real Analysis: Real numbers, continuum property, natural numbers, convergent sequence, differentiation, mean value theorem,
monotone functions, integration
Recommended Books:
A C Chiang (1992): Elements of Dynamic Optimization, McGraw-Hill, USA / Waveland Press Inc, Prospect Heights III
Chiang A C and K Wainwrite (2005): Fundamental Methods of Mathematical Economics, McGraw-Hill, USA Fourth edition
Dixit A K (1990): Optimization in Economic Theory, Oxford University press, UK, Second edition,
Lambert P J (1985): Advanced Mathematics for Economists: Static and Dynamic Optimization, Blackwell Publishers, NY, USA
Simon C P and L Blume (2006): Mathematics for Economists, Viva Books Limited, India
Koo, D (1977): Elements of Optimization - With Applications in Economics and Business, Springer-Verlag Inc, New York USA,
ECO 481 RESEARCH PROJECT: PART 1 (PROPOSAL DEVELOMENT AND FIELD WORK)
Individual student is supposed to prepare an appropriate proposal on a topic related to economics under the supervision of a teacher as
assigned.
ECO 482 RESEARCH PROJECT: PART 2 (ANALYTICAL WORK AND DEFENCE)

4Hours/week, 2credits
Individual student is required to complete and present his/her project paper prepared based upon the proposal submitted in the earlier
semester under the course ECO 481 in department/faculty seminar. All students have to face an oral examination by teachers of the
department.

Syllabus For Bachelor of Social Science (BSS)

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Syllabus For Bachelor of Social Science (BSS)

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331 School of Social Sciences

SYLLABUS FOR BACHELOR OF SOCIAL SCIENCE (BSS)

SESSION: 2008 - 2009

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

ECO 101 PRINCIPLES OF MICROECONOMICS

ECO 102 PRINCIPLES OF MACROECONOMICS

1. Introduction to Macroeconomics: Definition of macroeconomics; macroeconomic performance, objectives and instruments of

ECO 103 PRINCIPLES OF ECONOMICS

ECO 204 ECONOMICS OF DEVELOPMENT

1. Meaning of development: traditional and new approaches,

Course Course Title Semester Credits

ECO 111 INTRODUCTORY MICROECONOMICS

ECO 121 INTRODUCTORY MACROECONOMICS

1. Introduction to Macroeconomics: Definition of Macroeconomics, Macroeconomic performance, objectives and instruments of

ECO 171 MATHEMATICS FOR ECONOMISTS I

ECO 172 MATHEMATICS FOR ECONOMISTS I (LAB)

The course teacher in the class will announce detailed syllabi.

ECO 173 MATHEMATICS FOR ECONOMISTS II

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

ECO 174 MATHEMATICS FOR ECONOMISTS II (LAB)

The course teacher in the class will announce detailed syllabi.

ECO 212 INTERMEDIATE MICROECONOMICS

ECO 222 INTERMEDIATE MACROECONOMICS

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

Branson, W H (1989): Macroeconomic Theory and Policy, Second Edition

ECO 236 BANKING AND FINANCE

ECO 241 AGRICULTURAL ECONOMICS

ECO 251 ECONOMICS OF DEVELOPMENT

ECO 258 TOPICS IN ECONOMIC HISTORY OF SELECTED COUNTRIES

1. Case Studies in the Capitalist Process of development:

Prybla: Political Economy of Communist China

ECO 331 INTERNATIONAL ECONOMICS

ECO 337 PUBLIC FINANCE

ECO 353 CONTEMPORARY ISSUES OF BANGLADESH ECONOMY

1. Structure of Bangladesh Economy: Sectoral composition of output and employment.

ECO 357 HISTORY OF ECONOMIC THOUGHT

ECO 375 ADVANCED TOPICS IN MATHEMATICAL ECONOMICS I

1. Differential and Difference Equation:

ECO 384 RESEARCH METHODOLOGY

ECO 385 FIELD WORK FOR RESEARCH METHODOLOGY

ECO 386 ECONOMICS OF PLANNING AND PROJECT ANALYSIS

1. The choice of techniques

ECO 387 ECONOMICS OF PLANNING AND PROJECT ANALYSIS (LAB)

ECO 413 MICROECONOMICS

ECO 423 MACROECONOMICS

ECO 425 MONETARY ECONOMICS

ECO 456 POLITICAL ECONOMY OF UNDERDEVELOPMENT

ECO 461 INTRODUCTION TO ECONOMETRICS

ECO 462 INTRODUCTION TO ECONOMETRICS (LAB)

ECO 463 ECONOMETRICS

1. Review of Matrix algebra and Linear Regression Model.

ECO 464 ECONOMETRICS (LAB)

ECO 476 ECONOMICS OF GROWTH AND TECHNOLOGICAL CHANGE

ECO 477 ADVANCED TOPICS IN MATHEMATICAL ECONOMICS II

ECO 482 RESEARCH PROJECT: PART 2 (ANALYTICAL WORK AND DEFENCE)

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