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HIGHER
EDUCATION CO
MMIS IO
N
CURRICULUM OF ECONOMICS
BS(Hons) MS(Hons) (Revised 2006)
HIGHER EDUCATION COMMISSION
ISLAMABAD
________________________________________
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2
CURRICULUM DIVISION, HEC
Prof. Dr. Syed Altaf Hussain
Member (Acad/R&D)
Prof. Dr. Altaf Ali G. Shaikh
Former Adviser (Acad/R&D)
Dr. Soofia Mumtaz
Adviser (Acad)
Malik Ghulam Abbas
Deputy Director
Miss Ghayyur Fatima
Deputy Director (Curri)
Mr. M. Tahir Ali Shah
Assistant Director
Mrs. Noshaba Awais
Assistant Director
Mr. Shafiullah Khan
Assistant Director
Composed by Mr. Zulfiqar Ali, HEC Islamabad
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3
CONTENTS
1. Introduction
7
2. Curriculum for BS level
i) Scheme of Studies
12
ii) Details of Courses
15
3. Curriculum for MS level
i) Scheme of Studies
70
ii) Details of Courses
72
4. General Recommendations
84
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4
PREFACE
Curriculum of a subject is said to be the throbbing pulse of a nation.
By looking at the curriculum one can judge the state of intellectual
development and the state of progress of the nation. The world has
turned into a global village; new ideas and information are pouring in
like a stream. It is, therefore, imperative to update our curricula
regularly by introducing the recent developments in the relevant
fields of knowledge.
In exercise of the powers conferred by sub-section (1) of section 3 of
the Federal Supervision of Curricula Textbooks and Maintenance of
Standards of Education Act 1976, the Federal Government vide
notification no. D773/76-JEA (Cur.), dated December 4, 1976,
appointed University Grants Commission as the competent authority
to look after the curriculum revision work beyond class XII at
bachelor level and onwards to all degrees, certificates and diplomas
awarded by degree colleges, universities and other institutions of
higher education.
In pursuance of the above decisions and directives, the Higher
Education Commission (HEC) is continually performing curriculum
revision in collaboration with universities. According to the decision of
the special meeting of Vice-Chancellors’ Committee, curriculum of a
subject must be reviewed after every 3 years. For the purpose,
various committees are constituted at the national level comprising
senior teachers nominated by universities. Teachers from local
degree colleges and experts from user organizations, where
required, are also included in these committees. The National
Curriculum Revision Committee for Economics in its meeting held in
April 13-14, 2006 at the HEC Regional Centre, Karachi revised the
curriculum after due consideration of the comments and suggestions
received from universities and colleges where the subject under
consideration is taught. The final draft prepared by the National
Curriculum Revision Committee duly approved by the Competent
Authority is being circulated for implementation by architectural
institutions.
PROF. DR. SYED ALTAF HUSSAIN
Member (Acad/R&D)
August 2006
________________________________________
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5
CURRICULUM DEVELOPMENT
STAGE-I
STAGE-II
STAGE-III
STAGE-IV
CURRI. UNDER
CONSIDERATION
CURRI. IN DRAFT
STAGE
FINAL STAGE
FOLLOW UP
STUDY
COLLECTION OF
REC
APPRAISAL OF 1
ST
DRAFT BY EXP. OF
COL./UNIV
PREP. OF FINAL
CURRI.
QUESTIONNAIRE
CONS. OF CRC.
FINALIZATION OF
DRAFT BY CRC
INCORPORATION
OF REC. OF V.C.C.
COMMENTS
PREP. OF DRAFT
BY CRC
APPROVAL OF
CURRI. BY V.C.C.
PRINTING OF
CURRI.
REVIEW
IMPLE. OF
CURRI.
BACK TO
STAGE-I
ORIENTATION
COURSES
Abbreviations Used:
CRC.
Curriculum Revision Committee
VCC.
Vice-Chancellor’s Committee
EXP. Experts
COL.
Colleges
UNI.
Universities
PREP. Preparation
REC. Recommendations
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6
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7
INTRODUCTION
The Higher Education Commission (HEC) held several meetings to
prepare curriculum for BS and MS in Economics. The Final meeting of
National Curriculum Revision Committee (NCRC) was held from 13-15
April 2006 at HEC Regional Centre, Karachi to prepare curriculum of
Economics for B.S. Honors (4 years) and MS Honors. (1
1/2
- 2 years)
programmes. The following experts participated in the meeting:
1.
Prof. Dr. M. Aslam Chaudhry,
Convener
Chairman,
Deptt. of Economics,
University of the Punjab, Lahore
2.
Dr. Pervez Zamurrad Janjua,
Member
HEC, Foreign Faculty Experts,
International Islamic University,
Islamabad
3.
Dr. Imran Sharif Chaudhry,
Member
Department of Economics,
Bahauddin Zakriya University,
Multan
4.
Dr. Hafiz M. Yasin,
Member
Associate Professor,
International Institute of Islamic Economics,
International Islamic University,
Islamabad
5.
Dr. Himayatullah Khan,
Member
Professor,
Institute of Development Studies,
NWFP Agricultural University,
Peshawar
6.
Dr. Talat Afza,
Member
Professor,
Department of Management Sciences,
COMSATS Institute of Information Tech.
Lahore
7.
Mr. Bashir Ahmed Khilji,
Member
Department of Economics,
Government College University,
Faisalabad.
8.
Dr. Abdul Rashid Malik,
Member
Assistant Professor,
Department of Economics,
Allama Iqbal Open University,
Islamabad
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Page 8
8
9.
Dr. Rukhsana Kalim,
Member
Professor,
University of Management & Technology,
Garden Town, Lahore
10. Dr. Muhammad Afzal,
Member
Chairman,
Department of Economics,
Gomal University, D.I. Khan
11. Prof. Dr. Muhammad Nawaz Chand,
Member
Professor, Department of Economics,
Shah Abdul Latif University,
Khairpur
12. Prof. Dr. Marhab Qasmi,
Member
Department of Economics,
University of Sindh,
Jamshoro
13. Syed Mohammad Arif,
Member
Associate Professor,
Department of Economics,
University of Balochistan, Quetta
14. Dr. Ahmed Nawaz Hakro,
Member
Professor,
Department of Economics,
Quaid-i-Azam University,
Islamabad
15. Prof. Dr. Asandas Manwani,
Member
Department of Management Sciences,
IBA, Sukkur
16. Dr. Naeem-ur-Rehman Khattak,
Member
Professor,
Department of Economics,
University of Peshawar, Peshawar
17. Dr. Heman D. Lohano,
Member
Associate Professor,
Department of Agriculture Economics
Sindh Agriculture University, Tandojam
18. Muhammad Nadeem Hanif,
Member
Joint Director,
Research Department, State Bank of Pakistan,
Karachi
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9
19.
Mr. Aneel Salman,
Member
Lecturer,
Forman Christian College, Gulberg,
Lahore
20.
Dr. Sarfraz Ahmad
Member
Deptt. of Agricultural Economics,
University of Arid Agriculture,
Murree Road, Rawalpind
21.
Mr. Asim Iqbal,*
Member
Lecturer,
National College of Business Admn.
& Economics, Lahore
22.
Dr. Rauf A. Azhar,*
Member
Head Department of Economics,
University of Central Punjab, Lahore
23.
Prof. Muhammad Ashraf Janjua,*
Member
Senior Fellow,
College of Business Management, Karachi
24.
Dr. M. Siddique Javed,*
Member
Department of Agricultural Economics,
University of Agriculture, Faisalabad
25.
Dr. Abid Hamed,*
Member
Senior Assistant Professor,
Department of Economics,
Fatima Jinnah Women University, Rawalpindi
26.
Prof. Dr. Shafiq-ur-Rehman,
Member/Secretary
Chairman,
Department of Economics,
University of Karachi, Karachi
The meeting started with recitation from the Holy Quran by Dr. Hafiz M.
Yasin. Prof. S. M. Iqbal, Director, HEC, Karachi, welcomed the
participants. He informed the participants that Prof. Dr. S. Ali Sawar Rizvi,
Convener, preliminary NCRC meeting (for economics) was not feeling
well, therefore, he could not participate in the final meeting. The house
unanimously elected new Convener, Dr. Muhammad Aslam Chaudhry,
Professor and Chairman, Department of Economics, University of the
Punjab, Lahore. Thereafter, the participants introduced themselves.
The NCRC had a detailed discussion on various aspects pertaining to
structure of programmes, contents of courses and outcomes of the new
programmes. After deliberations, the committee unanimously approved
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10
B.S. Honors (4-years) degree program and M.S. Honors program (1
1/2
- 2
years) in Economics.
The participants acknowledged the efforts of Dr. M. Aslam Chaudhry,
Convener and Dr. Shafiq-ur-Rehman, Secretary for coordination and
developing consensus on different issues, upgrading and bringing the
programmes to
international standards. The committee also
acknowledged the services of Prof. Dr. S. Ali Sarwar Rizvi for coordinating
and formulating the first draft of the programmes. The committee also
thanked Malik Ghulam Abbas for providing all facilities and good
hospitality and conducive environment for the meeting. At the end, the
committee approved that efforts should be made to implement new
curriculum. The committee also recommended pre-requisites to implement
the new programs, which are given at the end.
_____________________
* These members could not attend the final meeting due to their pre
occupation.
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11
MISSION STATEMENT
The main purpose is to achieve the highest possible standards of
education, teaching and research in economics. More specific
goals are:
1. Encourage intellectual development and scholarship in
economics.
2. Impart sound theoretical and applied knowledge of Economics.
3. Develop awareness in students to prepare themselves for
national and international challenges.
4. Develop an ability in students to become effective independent
researchers and learners.
5. Develop curriculum as per market needs and demand of
institutions and society; considering the changing global and
national requirements.
6. Prepare students to enhance knowledge and welfare of the
society.
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CURRICULUM FOR BS (HONORS) IN ECONOMICS
(4 YEARS PROGRAMME)
SCHEME OF STUDIES
Main Features:
1. The programme will be of eight (
semester’s duration with 130 credit
hours. However, a student must take 63 compulsory credit hours in
economics.
2. There will be two entry points. First, students will be admitted after
F.A/F.Sc. in semester-I. Second, in semester-V the students with a
B.A/B.Sc. will be enrolled with deficiency courses. Special courses will
be offered for these students to make up their deficiencies.
3. 1
1/2
– 2 years (3 to 4 semesters) programme of MS (Honors) equivalent
to M.Phil. in Economics, which will be offered after passing 4 years BS
programme.
1
st
Year
Semester-I:
Semester-II:
Course
No.
Subject
Credit
Hours
Course
No
Subject
Credit
Hours
ECON 101
English-I
ECON 106 English-II
4
ECON 102
Fundamentals of
Economics
3
ECON 107 Pakistan Studies
3
ECON 103
Islamic Studies
3
ECON 108 Principles of
Microeconomics
3
ECON 104
Mathematics-I
3
ECON 109 Mathematics –II
3
ECON 105
Optional (Non economics)
3
ECON 110 Optional (Non
economics)
3
2
nd
Year
Semester-III:
Semester-IV:
Course No.
Subject
Credit
Hours
Course No.
Subject
Credit
Hours
ECON 201
English-III
3
ECON 206
English-IV
3
ECON 202
Principles of
Macroeconomics
3
ECON 207
Economics of
Pakistan
3
ECON 203
Introduction to Computer
System
3
ECON 208
Statistics-II
3
ECON 204
Statistics-I
3
Optional (Non
economics)
3
Optional (Non
economics)
3
Optional (Non
economics)
3
12
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13
3
rd
Year
Semester-V:
Semester-VI:
Course No. Subject
Credit
Hours
Course No. Subject
Credit
Hours
ECON 301
Intermediate
Microeconomics
3
ECON 306
Basic Econometrics
3
ECON 308
Development
Economics
3
ECON 307
Monetary Economics
3
ECON 303
Mathematical
Economics
3
ECON 302
Intermediate
Macroeconomics
3
ECON 304
Public Finance
3
Optional( non-
econ/Business)
3
Optional
(economics)
3
Optional (economics)
3
Optional (non-
econ.)
3
Optional (non-Econ)
3
4
th
Year
Semester-VII:
Semester-VIII:
Course
No.
Subject
Credit
Hours
Course
No.
Subject
Credit
Hours
ECON 403 International Trade
theory
3
ECON 410 Research Project or
Internship Report or
Seminar in Applied
Econ. Or Research
Paper.
6
ECON 309 Research Methodology
3
ECON 402 Basic Econometrics II
3
Optional (non-econ.)
3
ECON 470 Islamic Economics*
(Opt). / Econ. (Optional)
3
3
ECON 409 Financial Institutions &
Markets
(Optional)
3
Optional (non-econ.)
3
Optional (Economics)
3
•
Optional; may be made compulsory on availability of faculty.
• All the above courses are compulsory, unless mentioned therein.
Four Years BS Honors. Program
Total Credit Hours for BS Economics =
130
Total Credits in Economics
=
63
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14
OPTIONAL PAPERS
Optional (Non
Economics )
Optional (Economics)
Sociology
General Equilibrium and Welfare
Economics
Education
Human Resource Development
Psychology
Labor Economics
History
History of Economic Thought
Geography
Advanced Mathematical Economics
Philosophy
Population Economics
International Relations
Advanced Econometrics
Political Science
Comparative Economic Systems
Computer Applications
Applied Economics and Computer
Application
Journalism
Agricultural Economics
Health & Physical Education Project Appraisal and Investment Analysis
Mathematics
Islamic Economics* (May be made
compulsory; subject to availability of
faculty)
Languages
Major Issues in Pakistan’s Economy
Business Management
Environmental Economics
Business Law
Operations Research
Principles of Accounting
Dynamic Macroeconomics
Business Finance
Advanced Econometrics
Statistics
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15
B. S. (Honors) in Economics
(Four Years Program)
Compulsory and Optional Courses
Contents of Courses
Econ. 102:
Fundamentals of Economics
Introduction
Nature, scope and importance of Economics, Microeconomics vs.
Macroeconomics, Scarcity and choice, Opportunity cost, Factors of
production, Production possibility frontier.
Demand, Supply and Equilibrium
Concepts of demand and supply, Laws of demand and supply, Market
equilibrium, Shifts in demand and supply curves, and market equilibrium.
Elasticity
Concept of elasticity, Price elasticity of demand, Income elasticity of
demand, Cross Elasticity of Demand, Price elasticity of supply, Application
of elasticity.
Utility Theory
Consumer behavior, Preferences, Utility function, Laws of Increasing and
diminishing marginal utility, Law of Equi-marginal utility.
Theory of Firm
Factors of production and their rewards, Total, average, and marginal
products, Laws of returns, Cost of production, Total, average, and
marginal costs, Total, average, and marginal revenue. Concept of profit
maximization/Cost minimization.
Market Structure
Perfect competition & imperfect competition: assumptions and
Price/Output determination.
National Income
Concepts of national income, GDP & GNP, Real vs. nominal GNP, NNP,
NI, PDY, Saving and Personal Consumption.
Macroeconomic Issues
Concept of inflation, unemployment, Balance of payment, Exchange rate
and Business cycles. Monetary Policy and Fiscal Policy and their role in
the economy.
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16
Reference
1. Michel Parkin. 2004. Economics, 5
th
Ed., Addison Wesley.
2. Paul A. Samualson and W.D. Nordhaus. 2004. Economics, 18
th
Ed.,
McGraw Hills, Inc.
3. John Sloman, Economics (Latest edition).
4. Miller. Microeconomic Theory (Latest edition).
5. Lipsey and Crystal. Economics (Latest edition).
Econ. 108:
Principles of Microeconomics
Introduction
Overview of microeconomics, Consumer, firm, and market, Laws of
demand and supply, Market equilibrium, Shifts in demand and supply
curves, and market equilibrium. Price elasticity of demand, Income
elasticity of demand, Price elasticity of supply, Application of elasticity.
Consumer Behavior
Consumer’s problem, Utility theory, Laws of diminishing marginal utility
and equi-marginal utilities, Indifference curves, Budget constraint.
Theory of Firm: Cost and Returns
Law of diminishing returns, Increasing, decreasing, and constant returns to
scale, Forms of business organization.
Production Function
Production function. Revenue function, Cost function, Profit maximization,
Cost minimization. Demand function for factors of production, Supply
function of output. Short-run and long-run cost function.
Market Structure
Market structure, Perfect and imperfect competition, Monopoly, duopoly,
Oligopoly, Monopsony, duopoly, Oligopoly, Monopolistic competition.
Factor Pricing and Productivity
Introduction of factor pricing. Marginal productivity theory.
General Equilibrium and Welfare Economics
General Equilibrium and welfare, edge worth box diagram, Preto-optimility
etc.
Books Recommended
1. Gragory Mankiv. 2001. Principles of Economics. Dryden Press.
2. Samulson and Nordrons. 2004. Economics. McGraw Hill. Inc.
3. McConnel and Bruce, Principles of Economics. Latest edition.
4. Lipsey and Goerant, Principles of Economics. Latest edition.
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Econ. 202:
Principles of Macroeconomics
Introduction
Definition of macroeconomics, Brief account of the development of macro-
economics after the World War-II, Concept of business cycles: Boom and
Depression, Concepts of Inflation and Unemployment, Macroeconomic
variables and their mutual relationship, real and nominal variables.
National Income
Definition and concept of national income, Measures of national income:
Gross Domestic Product (GDP) and Gross National Product (GNP), GDP
at factor cost and at market prices, concept of depreciation and NNP,
Personal Income and Disposable Income etc., Different methods of
computation of national income: Product, Income and Expenditure
approaches, Circular flow of income, Real versus Nominal income, GNP
deflator, Per capita income and standard of living, Study of Pakistan
Economic Survey (latest).
Components of Aggregate Demand
The concept of models as abstract representation of the real economy,
closed and open economy models, Concept of aggregate markets:
Product, Money, Labor and Capital markets, Components of aggregate
demand: Consumption, Saving and Investment (to be explained with
simple linear functions), Government expenditure.
Determination of National Income
The Keynesian model for a simple two-sector economy, injections into and
leakages from the economy, inflationary and deflationary gaps, Equilibrium
of aggregate demand and supply: the concept of multiplier and
accelerator, concepts of full-employment and under employment.
Money and Banking
Definition, forms, functions of money, Central Bank and its functions, the
role of State Bank of Pakistan, Commercial banking, Demand for money:
the Quantity Theory of money, Inflation: measurement and impacts,
causes of inflation and remedies, Monetary policy: brief introduction.
Public Finance
Sources of public revenue and various forms of taxes, Major heads of
public expenditure, Concept of budget deficits and sources of filling the
gaps, deficit financing, study of the Federal budget of Pakistan (latest) and
Provincial/ Local government budgets (relevant areas). Fiscal policy:
meaning and objectives.
International Trade
Concept of imports and exports, Theory of absolute and comparative
advantage, custom duties, Currency exchange rates, and Balance of
Payments: causes of deficits in BOP of Pakistan and remedial measures,
the problem of external debt.
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Books Recommended
1. Mankiw, Gregory – Principles of Economics, 2
nd
Edition, South-West
Publishers (2001).
2. Parkin, Michael - Macroeconomics, 7
th
Edition, Prentice Hall (2004).
3. Miller, R.L. – Economics Today: The Macro View, Addison Wesley
(2005).
4. Pakistan Economic Survey (current issue), Economic Advisor Wing,
M/o Finance, Govt. of Pakistan.
Econ. 207:
Economics of Pakistan
Concept of Economic Development
Economic Development vs. economic Growth, Trickle down effect.
Characteristics of developing countries. Methods to measure economic
development: Human Development Index, the importance of saving,
investment and technological progress in economic development, the
state of Pakistan economy viz-a-viz developed economies.
Factors of Economic Development
Role of natural, human, capital resources and infrastructure in economic
development, Role of social factors: health, education and training in
accelerating economic growth.
Role of Strategic Sectors
Importance and problems of agriculture, industry, human capital, transport
and communications sectors, the role of public policies in solving problem
of inflation and unemployment.
Banking Sector in Pakistan
Role of commercial and central banks in resource mobilization, growth of
banking sector, nationalization and privatization of banks, role of monetary
policy in promoting economic growth, Inflation in Pakistan: causes and
remedies, Islamic banking in the Pakistan: issues and prospects.
Fiscal System in Pakistan
Public revenues and expenditure, budget formulation and fiscal policy,
management of public debt in Pakistan.
Foreign Trade
Role of foreign trade in economic growth, Export-promotion and Import
substitution policies, terms of trade, BOP problems, role of remittances
and foreign assistance in Economic Development of Pakistan.
Books Recommended
1. Kh. Amjad Saeed, (latest), ”The Economy of Pakistan”. S.A. Salman
Publications.