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AKBAR

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information I want to get admission in B.A economics
« on: May 07, 2008, 08:21:39 PM »
information

salam,
            Akbar i hope you will fine, regarding my admission problem i want to get some information from your deep sea of knowledge.
            Akbar now a days i am busy in ACCA and i am keen of Economics and want to get admission in B.A economics, kindly advise me, thanks.
                                                                                         
                                                                                    Yours Sincerely
                                                                                   Asadullah Shaikh
..........................................................

وعلیکم السلام
آپ کا بہت بہت شکریہ کہ آپ نے مجھے اس قابل سمجھا ۔ میں آپ کے خط کو ایک پوسٹ کی شکل میں جواب دے رہا ہوں۔ تاکہ آئندہ بھی جن طلبہ کو یہ مسلہ ہو ان کو جواب مل جائے ۔

آپ نے یہ نہیں فرمایا کہ آپ کا تعلق کس شہر سے ہے ۔ اس سے میں آپ کو مزید بہتر معلومات پہنچا سکتا۔ کہ اپ کے نزدیک کون کون سے تعلیمی ادارے یہ کورس کروارہے ہیں۔
میرا پاس اب تک جو معلومات اس کے بارے میں ہیں۔ میں اس پوسٹ کے ساتھ ارسال کررہا ہوں۔ اگر اس کے بعد بھی کوئی مسئلہ یا مشکل ہو تو میں حاضر ہوں ۔ بلکہ  شدت سے منتظر ہوں ۔آپ کے سوال کیونکہ پیغمبر صلی اللہ علیہ وآلہ وسلم کی حدیث ہے ۔

’’اچھی اور میٹھی بات بھی صدقہ ہے ۔
والسلام
آپ کا شاید بڑا بھائی (شاید اس لیے کہ مجھے آپ کی عمر کا معلوم نہیں)
میاں اکبر۔۔۔ لاہور


AKBAR

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Re: information I want to get admission in B.A economics
« Reply #1 on: May 07, 2008, 08:43:05 PM »

میں ایچ ای سی کی کی پی ڈی ایف فائل ساتھ ارسال کررہا ہوں۔ جس میں کورس کی میرے حساب سے مکمل معلومات موجود ہیں۔ مثلا دوارنیہ۔۔ کورس آوٹ لائن ۔ کتابیں۔ وغیرہ وغیرہ
اگر pdfفائل کو کھولنے میں مشکل ہوتو اس کا ٹیکسٹ بھی ارسال کررہا ہوں۔



..................
________________________________________
Page 1
HIGHER
EDUCATION CO
MMIS IO
N
CURRICULUM  OF  ECONOMICS  
BS(Hons)  MS(Hons)  (Revised 2006)
HIGHER EDUCATION COMMISSION
ISLAMABAD
________________________________________
Page 2
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
________________________________________
Page 3
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
________________________________________
Page 4
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
________________________________________
Page 5
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
________________________________________
Page 6
6
________________________________________
Page 7
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
________________________________________
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
________________________________________
Page 9
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
________________________________________
Page 10
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.
________________________________________
Page 11
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.
________________________________________
Page 12
CURRICULUM FOR BS (HONORS) IN ECONOMICS
(4 YEARS PROGRAMME)
SCHEME OF STUDIES
Main Features:
1. The programme will be of eight (8) 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
________________________________________
Page 13
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
________________________________________
Page 14
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
________________________________________
Page 15
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.
________________________________________
Page 16
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.
________________________________________
Page 17
17
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.
________________________________________
Page 18
18
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.

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AKBAR

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Re: information I want to get admission in B.A economics
« Reply #2 on: May 07, 2008, 08:48:25 PM »
________________________________________
Page 19
19
2. Vaqar Ahmad & Rashid Amjad, The Management of Pakistan’s
Economy. Oxford University Press, Karachi.
3. Pakistan Economic Surveys, Published by Government of Pakistan.
(Latest issues).
4. Latest Annual Report of State Bank of Pakistan, and CBR year books.
5. Chaudhary M. Aslam, Human Resource Development.
Econ: 301:
Intermediate Microeconomics
Introduction
Microeconomics: Comparison with other Branches of Economics. An
Overview of Microeconomics Topics, Consumer’s Decision, Markets,
Economic Models. Development of the Economic Theory of value.
Production, Cost and Welfare. Cost Minimization, Introduction to
Maximization of a functions. Functions of several variables & their
optimization. Implicit functions. Derived Demand. Game Theory.
Theory of Consumer Behaviour and Demand Analysis
Axioms of Rational Choice. The utility function, Arguments of utility
function. Indifference curves and Marginal Rate of substitution (MRS).
Indifference curves and Transitivity. Convexity of Indifference curve. An
alternative derivation: Marginal utility, MRS. Concepts of Perfect
substitutes and perfect complements. Non-homothetic Preference.
Consumer’s equilibrium. Income & Substitution effects: Hicksian
Framework and Slutsky equation.
Revealed Preference and the Substitution effect. Indirect utility function &
its derivation.
Market Demand & Elasticity
Market demand curves. Types of demand curves. Short Run and Long
Run analysis: Elasticity and relationships among elasticities of demand.
Theoretical issues in Market demand analysis. Implication of Elasticities
and Problem Solving Approach. Identification of Inferior goods, Giffin
goods and normal goods.
Production Functions
The Concept of Production Function; how to Choose Variables. Variation
in one input. Isoquant Maps and the rate of technical substitution. Returns
to scale. The elasticity of substitution.
Some common production
functions. Technical progress. Equilibrium of the firm. Cobb Douglas
Production function. CES Production Function. Translog Function.
Cost of Production
Definition of costs. Cost functions. Traditional Vs Modern theory of cost.
Changes in input prices. Short Run, Long Run distinction. Input
substitutability.
Input Cost and Demand for Factors of Production.
Derived Demand. Cost Minimization. Decreasing and Increasing Cost
Industry and Price Determination.
________________________________________
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20
Profit Maximization and Supply
The nature & behavior of firms. Profit maximization. Marginal Revenue.
Short Run supply by a Price taking firm. Profit maximization and input
demand. The controversy over the profit maximization hypothesis. Cost
minimization. relationship between cost and production curves.
The Theory of Market Behaviour
Perfect competition: The Perfectly competitive market:
The assumptions of the Model: Short run equilibrium of the price taker
firm: Long run equilibrium of the price taker firm.
Equilibrium of the industry: Mathematical Derivation of Equilibrium Prices
and Quantity: Difference between Perfect and Pure Competition; Price and
Output Decision. Mathematical derivation of Price and Quantity.
Monopoly: Monopoly & its Basics:
The negatively sloping demand curve: Short run equilibrium, Long Run
Equilibrium:
Price discrimination: Bi-lateral Monopoly: Multiplant Monopoly:
Comparison with perfect competition: Monopoly and Price Distribution.
Monopoly and Price Discrimination. Mathematically Price and Quality
Solution.
Monopolistic competitive conditions:
The historical setting of the theory of monopolistic competition,
Characteristics of Monopolistically competitive firms. The concepts of
industry & group:
The basic Chamberlain theory of Monopolistic competition. Comparison
with pure competition & monopoly. Mathematical Derivation of Price and
Output Decision under Monopoly.
Oligopolistic conditions:
A simple statement of the problem of oligopoly: Models of Non-collusive
Oligopoly: Cournot, Bertrand, Chamberlin, Sweezy & Price Leadership
Collusive model of oligopoly: cartels & price leadership models.
Mathematical Derivation of Price and Quantity Determination.
Monoposony and Buying Power; influence on Price.
Pricing of Factors of Production
Short Run Demand for one Variable Input. Input price Elasticity.
The Short run Demand Curve. Variable inputs. Market demand Curve for
an Input: The Price of fixed Factors: Rents & Quasi-rents. The Supply
Curve of Labor: Wage Determination, Role of Unions.
Recommended Books
1. Ferguson, C.E & Gould, J.P, Microeconomic Theory. Macmillan,
(Latest Edition).
2. Henderson, J.M & Quandt, R.E., Microeconomic Theory*, N.Y.
Melliwra H A Book Co.
________________________________________
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21
3. Koutsoyiannis, A., Modern Microeconomics*, London, Macmillan,
(Latest Edition).
4. Layard and Walter A.A., Micro-Economics*, McGraw Hills, (Latest
Edition).
5. Varian Hall R., Micro Economics Analysis*, Norton & Company, New
York, 1992.
6. Walter Nicholson, Microeconomic Theory: Basic Principles and
Extensions (6
th
edition).
Further Readings
1. Baumol, W.J., Economic Theory and Operations Analysis, Prentice
Hall (Last Edition).
2. Hirshleifer Jack, Price Theory and Applications, Prentice Hall (Latest
Edition).
3. Kameischon, D.T.R., Readings in Microeconomics, New York, The
world publishing co., (last Edition).
4. Stiglor, G.T., The Theory of price, N.Y Macmillan, London. (Last
Edition).
5. Silberberg E., The Structure of Economics, A Mathematical Analysis,
McGraw Hill, (Latest edition).
Econ. 302
:
Intermediate Macroeconomics.
Introduction and National Income
The Development of Macroeconomics, Actual vs. Potential Output,
Analytical Approach to Macroeconomics. Circular Flow of National
Income, Measurement of GNP: Expenditure Approach, Product Approach
/ Income Approach, GNP as measure of welfare. Leakages and Injections:
Saving and Investment and their Role. Nominal and Real Variables.
Economic Models, Exogenous and Endogenous Variables and their
Functional Relationships. Leading and Lagged variables. Measuring
Unemployment: Oken’s Law. How to build simple Macroeconomic Models,
Price Indices; Inflation Indexes, Deflation and Stagflation. Introduction to
Keynesian and Classical School of Thoughts.
Theories of Consumption and Their Implications
Theories
of Consumption:
Duesenbury
Hypothesis, Keynesian
Consumption Function.
Permanent Income Hypothesis / Life Cycle
Hypothesis, Beyond Permanent Income Hypothesis, Kuznet’s findings and
Reconciliation of Marginal Propensity to Consume and Average
Propensity to Consume and Evidences. Mathematical derivation of
Consumption Models. The MPS Model, Wealth effect in the Static Model.
Implications of Consumption Theories for Policy Formulation and
Stabilization Policy. Random Walk Model.
________________________________________
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22
Saving and Investment
Definition and Kinds of Investment; Autonomous and Induced etc.
Determinants of investment. Present Value Criteria for Investment.
Investment Demand and Output Growth. Tobin’s Q-Theory. Lags in
Investment Demand. Derivation of IS-curve, Shape of IS-curve. Volatility
of Investment. Investment Demand and Fiscal Policy. Shifts in Investment
Demand Curve and output determination.
Money Market: The Demand and Supply of Money
Money Demand and its Determinants, Regressive Expectation Model.
Portfolio Balance Approach, Empirical Estimation of Income and Interest
Elasticities. Supply of Money, Determinants of Money Supply.
Measurement of Money Supply and its implications, Instruments of
Monetary Policy.
Interest Sensitivity of Money Supply. Quantity Theory of Money and its
Critical Review. Fischer effect, Money, Prices and Inflation. Derivation of
LM Curve and its Slope. LM Curve and Money Market Equilibrium.
Interaction of IS-LM and Equilibrium.
Aggregate Demand, Supply and Stabilization Policy
Production Function, Demand for Labor and Capital, Labor Market and its
Equilibrium. Demand for Goods and Services: Aggregate Demand and its
Components.
Equilibrium
of
Aggregate Demand and Supply:
Mathematical Solution and Equilibrium. Saving and Investment Balance.
Derivation of Simple Multiplier, Tax Multiplier. Inclusion of Imports and
Multiplier. The Sticky Wage Model, Insider-Outsider Models. The Workers
- Misperception Model, The Imperfect - Information Model, The Sticky
Price Model. Rational Expectation (RE), Adaptive Expectations. Keynesian
Models: Liquidity Trap. Effectiveness of Policy and Price Rigidity. Slope
of Aggregate Supply and Demand Curves. Grand Aggregate Demand
Curve. Interaction of IS-LM and Determination. Classical and Keynesian
Models. Shocks to Aggregate Demand and Supply and Stabilization
Policy. Supply Side Economics. Stagflation and Stabilization Policies.
Short-run – Long-run Philip Curves. Ineffectiveness of Keynesian Policies.
Open Economy and Macroeconomic Stabilization
Exchange Rates and their Determinants: Mundell - Fleming Model (MFM):
Small open Economy with perfect Capital Mobility. IS-LM: Goods and
Money Market. Small Open Economy, Floating Exchange Rate and Fiscal
Policy. Fixed Exchange Rate and Fiscal Policy. Flexible and Managed
Exchange Rates.
Monetary Policy, Devaluation and Recovery from great depression. Trade
Policy: Mundell-Fleming Model (MFM) with changing Price Level. MFM
and large open Economy. Depreciation and its impacts.
Income
Absorption Approach and exchange Adjustment and Balance of Payment.
________________________________________
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23
Macroeconomic Policy Debate
Policy Actions: Active or Passive, Ignorance, Expectations and the Lucas
Critique. Conduct of Policy: Rule vs. Discretion, Distrust of Policy makers
and Political Process. Macroeconomics Policy: Rules for Fiscal Policy,
making Policy in uncertain World. Seignorage and Inflation: What can
Policy Accomplish? Monetarists vs. Activists debate. Phillips Curve: Short
run and Long run analysis. The expectation augmented Phillips Curve.
Money Inclusion and output. Short Run and Long Run Adjustment.
Perfect Foresight and Adjustment.
Economic Fluctuation and Its Sources
The Theory of Real Business Cycles: Interpretation: Labor Market,
Technology Shocks. Household Behaviour, the persistence of output
Fluctuations. Limitations of the Model. The Challenges: What we know
and what we don’t know? Long-run and Country’s Capacity to Produce.
Short-run and influence of Aggregate Demand. Random Walk Model.
What Determines Inflation Rate, Unemployment Rate and Output Growth?
Can we revise Natural Rate of Output? Should we stabilize the Economy?
The cost of Inflation? The problem of Budget Deficit?
Recommended Book:
1. Branson, William H., (1979), Macroeconomic Theory and Policy,
Harper and Row Publishers, New York / London.
2. Branson, William H., and Litvack James M., Macroeconomics, (Latest
Edition), Princeton University.
3. Glahe, Fred R., (Latest Edition), Macroeconomics, Theory and Policy,
Harcourt Brace Jovanovich Inc.
4. Mankiw, Gregory N., (2000) Macroeconomics*, Worth Publishers,
New York.
5. Peel D. and Minfow P., (2002). Advance Macroeconomics, Edward
Elgar, Cheltenham, U.K.
6. Romer, David, (2001). Advanced Macroeconomics, McGraw Hills,
New York / London.
7. Sargent, Thomas J., (1988) Rational Expectations and Inflation*,
Harper and Raw Publishers, New York / London.
Econ. 303
:
Mathematical Economics
The Nature of Mathematical Economics
Ingredients of mathematical models. Derivations: Equation of a straight
line and its forms: Two point, intercept, point slope and slop intercept.
Types of functions: constant, polynomial, rational, non-algebraic.
Relationships and functions. Indices & their rules. Functions of more than
two independent variables. Logarithms & the rules of logarithms.
________________________________________
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Equilibrium Analysis in Economics
A linear partial equilibrium market model. The effect of an excise tax in a
competitive market. Non linear market model. General Market Equilibrium.
Equilibrium in a linear National Income Model.
Linear Models and Matrix Algebra
Theory of matrix multiplication. Laws of matrix operations. Types of
matrices: Square, identity, null, idempotent, diagonal, transpose and their
properties. Conditions for non singularity of a matrix. Minors and cofactors.
Determinant & its properties. Solution of linear equations through
Gaussian method, Cramer’s rule and Inverse of a matrix method.
Properties of inverse of a matrix. Use of matrix approach in market &
national income models.
Differentiation
Rules of differentiation. Differentiation of a function of one variable. Sum-
difference, product, quotient, chain, power, inverse, logarithmic &
exponential functions Combinations of rules. Higher order derivatives.
Economic applications of derivative. Concept of maxima & minima,
elasticity and point of inflection. Profit & revenue maximization under
perfect competition, under monopoly. Maximizing excise tax revenue in
monopolistic competitive market, Minimization of cost etc.
Partial & Total Differentiation
Partial differentiation & its rules. Higher order & cross partial derivatives
(young’s theorem). Total differential & total derivatives. Implicit functions
rule of differentiation. Optimizing cubic functions & their economic
application.
Economic Applications of Partial & Total Differentiation
Comparative static analysis: a linear Partial equilibrium market model, a
linear National Income model. Partial elasticities. Production functions
Analysis. Maximization & Minimization of unconstrained functions & their
economic applications: Profit maximization by a multi-product firm under
perfect Competition & monopoly, Price discrimination, Multi-plant
monopoly, input decisions etc.
Optimization: Constrained & Extrema
Free and constrained optimization, extrema of a function of two variables:
graphical analysis, Lagrange method. Utility maximization & Cost
minimization. Homogenous Production function, Cobb Douglas Production
function. Jaccobian determinants. CES Production Function. Translog
Function.
Linear Programming
Ingredients of linear Programming. Graphical approach, simplex method,
economic application of linear programming. Concept of primal & dual.
Duality theorems. Solving of Primal via dual. Economic interpretation of a
dual.
________________________________________
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25
Recommended Book:
1. Chiang, A. C., Fundamental Methods of Mathematical Economics,
McGraw Hills, (Latest Edition).
2. Baumol W. J., Economic Dynamics, Macmillan, (Latest edition).
3. Budnick, Frank, Applied Mathematics for Business, Economics and
Social Sciences.
4. Dowling E. T., Mathematics for economists, Schun Series (latest
edition).
5. Weber E. Jean, Mathematical Analysis, Business and Economic
Applications (Latest Edition) Harper and Row Publishers, New York.
Econ. 306:
Basic Econometrics-I
Introduction
Definition and scope of econometrics, Econometric models vs. Statistical
models. Ingredients of econometric modeling. Specification, estimation,
verification or evaluation and forecasting
The Classical Linear Regression Model
(a) The Simple Linear Regression Model (SLRM)
Estimation of SLRM by Ordinary Least Squares (OLS)
Interpretation of Estimated Coefficients and their Economic
Meanings.
(b) The Multiple Linear Regression Model (MLRM)
Estimation of MLR model by OLS and its assumptions Interpretation
of estimated coefficients and their economic meanings, Computation
of elasticities and standardized coefficients Using R
2
as a measure
of ‘Goodness of Fit’ and some Problems with its use.
(c) The General Linear Regression Model (GLRM)
Estimation of GLRM by OLS through Matrix Approach Var-Cov matrix
of estimated coefficients.
(d) Evaluating an Estimated Linear Regression Model
Testing the significance of individual coefficients. Testing the
significance of the model as a whole.
Multicollinearety
What is Multicollinearety? Distinction between perfect Multicollinearety and
less than perfect
Multicollinearety (Multicollinearety problem).
Consequences of Multicollinearety problem, methods for detection of
Multicollinearety problem. Remedial measures for Multicollinearety
problem.
________________________________________
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26
Heteroskedasticity
What is Heteroskedasticity and what are its causes? Consequences of
Heteroskedasticity for OLS estimation. Methods for detection of
Heteroskedasticity. Remedial measures for Heteroskedasticity.
Autocorrelation
What is Autocorrelation and its Causes? Consequences of Autocorrelation
for OLS estimation. Methods for detection of Autocorrelation. Remedial
measures for Autocorrelation.
Forecasting with a Single Equation Regression Model
What is forecasting and what are its various types? Important features of
a good forecast. Variance of unconditional forecast error.
Variance of conditional forecast error. Measures for evaluating the
forecasting power of a model.
Errors in Variables, Time as a Variable, Dummy Variables,
Grouped Data, Lagged and Distributed-Lag Variables
Errors in variables. Time as a variable. Dummy variables. Estimation from
grouped data. Exogenous lagged variables. Endogenous lagged variables.
Methods of estimation of lagged models.
Identification
The problems of identification. Implications of the identification state of a
model.
Formal rules for identification. Identifying restrictions. Tests for identifying
restrictions. Identification and Multicollinearity.
Simultaneous Equations Models
Why Simultaneous Equation Models? Various Types of simultaneous
equation Models. The identification problem. Checking the identification
state of a model or of a particular equation in the model by Order
Condition, bogus equation and reduced from approaches. Identification
and methods of estimation.
Recommended Books
1. Gujrati, D. Basic Econometrics , 3rd Edition, ” McGraw Hill, (Latest).
2. Intrilligator Econometric Model, Techniques and Applications, N. J.
Printice Hall, (Latest).
3. Johnston, J.Econometric Models, McGraw Hill, (Latest)
4. Koutsoyiannis, A.Theory of Econometrics, McMillan, (Latest).
5. Maddala, J.S. Econometrics, McGraw Hill, New York, (Latest).
6. Wonnacot, R.J. Econometrics, John Wiley, New York & Wonnacot, E.
7. Madnani, G.M.K Introduction to Econometrics Principles and
Applications, (Latest Edition)
8. Pindyck & Econometric Models & Economic Forecasts, 3rd
9. Rubenfeld
Edition, McGraw Hill Inc. 1992.
10. Maddala, J. & Kim Unit Roots, Co-integration and Structural Change,
Cambridge University Press, 1998.
________________________________________
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27
11. Griffiths, Judge, The Theory and Practice of Econometrics, John
Willey and Sons, Latest edition.
Econ. 406:
Advanced Econometrics
Introduction to Advanced Econometrics:
Properties of CLS revisted, using multiple regression to describe a linear
relationship. Interpretation of Beta coefficients. Errors in variables. Time as
an variable. Dummy variables. Estimation from group data. Estimation from
pooled data. Exogenous and endogenous lagged variables. Methods of
estimation of lagged models.
The General Linear Regression Model (GLRM): Estimation of GLRM by OLS
through matrix approach. VAR-COV matrix of estimated coefficients.
Identification:
The problems of identification. Implications of the identification. State of a
model. Formal rules for identification. Identifying restrictions. Testing for
identifying restrictions. Identification and multi-co-linearity.
Simultaneous Equation Models:
Why simultaneous equation model? Types of simultaneous equation models.
The identification problem. Checking the identification – in the model by
order condition.
Bogus equation and reduced form approaches.
Identification and methods of estimation.
Consistent estimation of parameters of simultaneous equation models:
indirect least square estimation.
Two stage least squares estimation.
Instrumental variables. Method of estimation.
Varying coefficient models:
Causes of coefficient variation. Randomly varying coefficient models.
Systematically varying coefficient models.
Time Series Analysis:
ARIMA Models. Comparison of forecast based on ARIMA and regression
models. Unit roots and co-integration. Dummy trap and its detection.
Econometric forecasting:
Stationarity, impulse response analysis. ARCH Models, VAR Models. Co-
integration and error correction models.
________________________________________
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28
Econ. 410
:
Financial Institutions and Markets
Theory of the Role and Functioning of Financial System
Information asymmetric and the need for the role of financial sector. Some
Basic concepts like adverse selection, moral hazard, free rider and
principal-agent problems in financial sector to understand puzzles of
financial markets. Financial system and its relationship with the rest of the
economy. Functions of financial sector: mobilization and allocation of
resources; pooling, diversification and trading of risk; advisory role;
financing technological innovation and development. Financial Repression
vs Financial Liberalization.
Role of Regulatory Institutions/Agencies:
Growth and stability of financial system.
Why there is need to regulate the financial sector? Why financial sector is
most regulated one in an economy?
State Bank of Pakistan and its main functions: conduct of monetary policy;
promotion, establishment, regulation and supervision of depository
institutions; exchange rate policy and management of foreign exchange
reserves; Payment System (NIFT And its functions. Relating to payments
system).
Securities and Exchange Commission of Pakistan and its functions:
promotion, establishment, regulation and supervision of various
components of capital market .
Financial Institutions and Current issues
i)
Scheduled Banks and their role in economic development of
Pakistan: Introduction to commercial banking; structure of
commercial bank in Pakistan; Assts and Liabilities of a
commercial bank; performance indictors for commercial banks;
recent issues in commercial banking.
ii)
Non-bank Financial Institutions: Development
Financial
Institutions, Investment Banks, Modarbas, Leasing companies,
Mutual Funds, Housing Finance Corporations, Discount Houses,
Venture Capital Companies.
iii)
Micro Finance Institutions, SME Banks
iv)
Insurance Companies – the rationale and role.
Financial Markets and Current Issues
i)
Functioning of Money Market (Primary and Secondary Dealers
ii)
Capital Market (Stock exchanges and Various Components of
capital markets – Securities, equities, bonds, debentures)
iii)
Foreign Exchange Market and its evolution, dollarization of the
economy.
Financial Infrastructure
i. Legal Framework (SBP Act 1956, BCO, 1984, SBP Prudential
Regulations)
ii. Accounting Standard

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29
iii. Auditing
iv.
Corporate governance of banks and other financial institutions.
v. Human Resource Development|(Skill and Training) – Importance for
functioning of financial sector
vi.
Electronic Banking and its prospects
Recommended Books
1. Fabozzi, F. and Modigliani, F. Capital Markets. 2
nd
edition. Prentice-
Hall London (1996).
2. Mishkin (2003), The Economics of Money, Banking, and Financial
Markets. 7
th
edition.
3. Ritter, L. S. and Peterson, R.L. Financial Institutions and Financial
Markets. 9
th
edition. New York. Basic Books.
4. Arby, Muhammad Farooq (2004), “Functions, Evolution and
Organization of State Bank of Pakistan” www.sbp.org.pk
5. History of State Bank of Pakistan (Volume – 3, chapters 2 to7, 13).
6. Zaidi, Akber (2005), “Issues in Pakistan Economy,” Karachi.
Chapters12, 13
7. SBP Annual and Quarterly Reports
8. SBP Financial Sector Assessment: 1990-2002, 2003 and onward.
Econ.403:
International Trade Theory
Importance and Bases of Trade
Why Study International Economics? The Changing World and
Interdependence: Basis of Trade, Gains from Trade. Absolute Advantage,
Comparative Advantage, Overview of Comparative Advantage and Pattern
of Trade. Offer Curves and Free Trade Equilibrium. Disagreements on
Free Trade: Overview of Emergency of International Trade Issues. The
Elasticity of Exports Demand and Balance of Payment. Substitution and
Income Effects, Impacts of Rise in Exports Demand.
Growth and Trade
International Trade and Shift in Production Function, Immerizing Growth,
Output Growth and Terms of Trade (T.O.T) / Deterioration: Uniform
Growth at given T.O.T. The Transfer Problem: Marshall Plan and
Transfers, Transfer of Resources: Neutral Case.
Technology and Factor Endowment
Ricardian Trade Model, World Production and Gains. Comparative Cost
and Trade Pattern. National and World Gains from Trade. International
Wage differentials and Productivity. Technical Progress and International
Gains. WTO and Gains from Technical Progress: Impacts on Prices.
Equilibrium Production and Consumption: Non-traded and Tradable,
Costs, Marginal Physical Product and Production Possibilities. Production
Possibilities with Diminishing Returns, Increasing Opportunity Cost. Free
Trade and Income Distribution, Relative Demand, Supply and Pattern of
Trade. Dutch Disease and its application.
________________________________________
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30
Factor Endowment and Heckscher – Ohlin Theory
Output and Factors Rewards in 2*2 Model. Factor Intensity Comparison.
Heckscher- Ohlin (H.O) Model, The Role of Demand, Factor’s Prices and
Commodity Prices, Factor Price Equalization, and Factor Intensity
Reversal. Newly Industrializing Countries (NIC’s) and Footloose
Production Process. NIC’s and H.O Theorem. The Product Cycle, Critical
Analysis of Traditional Trade Theories. Rybescky Theorem and its critical
review.
Markets, Cartels and International Trade
Monopoly and Import Competition, Export Opportunities. Product
Differentiation and Monopolistic Competition. Dumping / Discrimination
and WTO, Competitiveness and Market Share, Gains from Migration.
WTO and Factor’s Movements and the Commodity Movement.
Multinationals Firms and Foreign Direct Investment, Transfer of Capital,
Technology, Skill and other Gains, Transfer of Resources and Transfer
Problem.
Tariff, Quota, Trade Policies and WTO
Tariff and Small Country: Effects of Tariff, Price and Demand for Imports,
Welfare impacts. Impacts of Tariff on Government Revenue, T.O.T
Production and Welfare. Impact of Tariff on Domestic and World Welfare.
The Optimal Tariff. Tariff and Distribution of Income. Brief Introduction of
Tariff and WTO Laws, Tariff and Second Best Choice, Subsidies and
Quota, Voluntary Quota, Growth with Protection vs. Free Trade Gains and
WTO.
Managed Trade, Quantitative Restrictions, Voluntary Export Restrictions
and Their Impacts. Trade Diversion and Preferential Arrangements. WTO:
Injury, Anti-dumping Duties, Tariff and B.O.P Support. Success and
Failure of WTO Agenda. WTO Rules: Sanitary, Phytosanitary, Dumping,
Anti-Dumping etc Rules and Emerging New Issues and Their Impacts.
Major Contemporary International Economic Issues:
WTO: GATT and Emergency of WTO. Why necessary to Join WTO?
WTO: Major Trade Rules and Their Expected Impacts on Trade, B.O.P
Deficit. WTO and Fair Trade / Free Trade. Free Trade will it be? Issue of
“Are Free Trade Gains more than Restricted Trade”? Emerging Regional
Trading, Blocks, Special Preference and their Impacts. Issues relating to
the Contributions of International Financial Institutions and Their
Evaluations. Is there need to Reform International Institutions?
Monetary Integration and Their Impacts. Terms of Trade Issue.
Recommended Books
1. Caves Richard, E., and Jones Ronald W., World Trade and
Payments:
An Introduction, Latest Editions. Little, Brown and
Company, Boston, Toront. Latest edition..
2. Chacholiades, Miltiades, International Trade Theory and Policy
(Latest Edition). McGraw Hill Book Company, New York, London,
Latest edition.
________________________________________
Page 31
31
3. Donomick Sal Vatore B., International Economics (Latest Edition),
Prentice Hal, Latest edition.
4. Grubel Herbert C., International Economics, (Latest Edition) Richard
D. Irwin Inc., Honewood, Illinois.
5. Peter Holinder & Thomas A., Pugel., International Economics. Latest
edition.
6. Sodersten B. and Geoffry Read., (1994). International Economics,
MacMillan Press Ltd. Latest edition.
7. The Global Competitiveness, Report 1999, World Economic Forum,
Oxford University Press, Oxford, New York.
8. World Bank. World Development Report, 1986. Oxford University
Press.
Further Readings
1. Baldwin Robert L. and Richardson David J., (1986). International
Trade and Finance, Little Brown and Company, Boston, Toronto.
2. Moran Theodore H., (1985). Multinational Corporations: The Political
Economy of Foreign Direct Investment. Lexington Books. Toronto,
Massachusetts.
3. Krugman and Obstfeld, International Economics: Theory and Policy,
Addison Willey (1998).
(Note: In addition to above, instructor may assign latest readings )
Econ. 308:
Development Economics
Scope and New Developments
Definitions: Economic Development and Growth, Identification of
Development variables. Scope and Significance of Development
Economics. Characteristics of LDC’s. Measurement of Economic
Development and Growth. Per Capita Income approach, Quality of Life
Index / HDI etc. Historical overview of world development and emerging
major issues pertaining to Less Developed Countries (LDC’s). Why the
whole world is not developed?
Major Theories of Development
Classical and Neo-classical Theories, Adam Smith and Competitive
Capitalism, Vicious Circle of Poverty, Stages of Economic Growth,
Balanced and Unbalanced Growth, Big Push Theory. Dependency Theory,
Structuralist’s View Point. Endogenous Growth Theory: New growth
Theory. Income Convergence/Divergence debate. Market Friendly
Approach.
Agriculture and Industry
Agriculture vs. Industry: Development Debate. Lewis’ Model of surplus
Labor. Rains’ Fei Model and its critical review. Transforming Agriculture,
Underemployment problem. Role of Agriculture: Market for Industrial
Output, Provision of Input, food, Complementarities, productivity growth.
Terms of Trade Issue and Subsidies, etc. and Competitiveness. Land
Holdings, Green Revolution and it’s Performance. Need for
Industrialization. Industrialization and its financing mechanism. Problem of
________________________________________
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32
Sectoral Dualism. Why Green Revolution? The Spread of Green
Revolution in Pakistan and its Status / Contributions.
Population, Education and Human Capital
Demographic Transition, Human Resources as a source of growth and
their contributions. Investment in education and returns. Models of
Employment & Unemployment: Time Criterion, Productivity Criterion and
New Index etc., and Employment generation Strategies/Techniques.
International Debt, Aid / Assistance
Why international borrowing? Two Gap Model, Aid commitments and
disbursement. Sources of borrowing. Debt Cycle Theory/Stages. Debt
Burden: Debt Servicing, Debt Laffer Curve, Debt buy back etc., Latin
American Debt Crises, ASEAN Crises, Debt Problem of LDC’s and South
Asia, Debt Overhang and threat to growth. Policies to combat debt
problem: Forecasting debt and solution for debt burden, saving
mobilization/Domestic resource mobilization, Debt rescheduling etc. Debt
Modeling and Forecasting Future Implication.
WTO, Liberalization and International Trade
Trade vs. Aid. Liberalization of Trade and its impacts/gains etc., Foreign
Exchange Constraints and Balance of Payment deficit. Role of GATT and
its Failure. WTO and LDC’s. Trade Instability, Distribution of gains from
Trade liberalization. Regional Trade Associations (RTA’s): their role and
contributions. Basis for trade and benefits: Gains from Trade: Static and
Dynamic Gains. Comparative Advantage, Revealed Comparative
Advantage and Competitiveness. Trade as an engine of growth. Product
Cycle. Determinants of exports growth. Transfer of Technology: Sources &
Need. Technology Centered Development and Appropriate technology
issue.
Poverty and Income Distribution
Definitions and Measurement of Poverty/Poverty Line. Poverty
concepts/definitions.
Absolute Poverty, Relative Poverty, Income
approach, Expenditure approach, Basic needs approach, Poverty of
Opportunities Index (POPI) and Calorie-based approach etc. Poverty
Indicators. Poverty by socio-economic groups. Sources, impacts and
policies to combat poverty. Strategies and tools to combat poverty. Growth
and Income Inequality in the world. Empirical evidences on poverty.
Redistribution with growth. How to combat income inequality. Basic
Needs, Social Action Programs and Poverty alleviation.
Economic Growth and Environment
Model of Environment and Economic Activity. Market Based Approach and
Externalities.
Deforestation and Renewable Resources, Measuring
environment values. Deforestation and Macroeconomic Environment.
Industrialization and its environmental cost, Use of Pesticides and
Environmental Impacts. Natural resources degradation. Cost of
Pollutions/Environmental degradation. International awareness about

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environment, production and need for Reforms. Economic thoughts and
Environment. International Agencies: Environmental concerns and
programs. Urbanization and environmental issues.
Sustained
development, Ecology and economic progress.
Recommended Books
1. Balasubramanyam V. and Lall, S. (Latest eds.), Current Issues in
Development Economics. McMillan , London.
2. Chaudhary M. Aslam and Hamid, A., (1989). Human Resource
Development and Management in Pakistan. Ferozsons, Lahore.
3. Chaudhary M. Aslam and Eatzaz, A., (2004), Globalization: WTO,
Trade and Economic Liberalization in Pakistan, Ferozsons, Lahore,
Pakistan.
4. Chenery H. B. and Srinivasen. Hand Book of Development
Economics, vol. I & II, Amsterdam (1988, eds.). North Holland.
5. Cypher J. M. and Dietz James L., (2004), The Process of Economic
Development, Routledge. Tayl or Francis Group, London/New York.
6. Ghatak Subarta, (2003), Introduction to Development Economics,
Routledge, Taylor and Francis Group, London/New York.
7. Herrick B. and Kindleberger C., (latest eds.). Economic Development.
McMillan, New York.
8. Hirshman A. O., (1960). Strategy of Economic Development, Yale
University, Press.
9. Jones H. G., An Introduction to Modern Theories of Economic
Growth, (Latest Edition), McGraw Hills.
10. Mahboob-ul-Haq Center for Human Development (MHCHD). Human
Development in South Asia, Annual Reports, Islamabad.
11. ------------- (1999), A Profile of Poverty In Pakistan, (In Collaboration
with UNDP).
12. Meier Gerald M., Leading Issues in Economic Development, (Latest
Issue),Oxford University Press.
13. Thirlwall, A.P., (2003), Growth and Development, With Special
Reference to Developing Economies 7
th
edition, Palgrave Publisher.
14. Todaro M. P., Economic Development in the third World. Latest
Edition, Heinemann, London.
15. UNDP, Human Development Reports , Annual Reports.
16. Van Den Berg H., (2001), Economic Growth and Development,*
McGraw Hills.
17. William, Easterly, Growth without Development, A Case Study of
Pakistan, World Bank.
18. World Bank, World Development Reports, Annual reports, 1986,
1987, 1990, 1991, 1992, 1994, 1995, 1998/99, 2000/2001 and 2004.
19. Yotopolous Pan A. and Nugent Jeffery B., Economics of
Development, Empirical Investigation (Latest eds.). Harper and Row
Publishers, London/New York.
________________________________________
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34
Econ. 401:
General Equilibrium & Welfare Economics
The nature of general equilibrium analysis, General Equilibrium Theory:
Multi market equilibrium in a competitive setting; Walras Law; Existence of
equilibrium; Stability of equilibrium; Money in a general equilibrium setting.
Technical and allocative efficiency and case of exchange economy. Linear
programming technique to general equilibrium theory (Activity Analysis).
The Von-Neuma Model of a expanding economy, The input-out Model.
Pareto principle, optional, production and resource allocation and
efficiency of Perfect Competition. Measurement of Changes in Welfare:
Consumer Surplus, Compensation Principle.
The Theory of Social
Choice: Social welfare function, Arrow’s Impossibility Theorem, Marginal
cost pricing, Joint Products, Externalities, Income distribution and
compensation principles. Theory of second best and its application in
Public Sector and international trade.
Econ. 309:
Research Methodology
Importance of Research Methodologies. Research techniques in social
sciences and their limitations. Theory and basis of research. Empirical
and theoretical research.
Stages of research process. Identification of
problem/issue, data, theory and estimation and related problems.
Thinking, Field Research Designs; the process of field research,
Exploratory Research, Casual Inference. Methods of communication in
survey. Vision survey and communication techniques. Art of asking
questions and getting quality information. Preparation of Research
Proposal Questionnaire, Sample Design; the Nature of Sampling,
Measurement and Scaling; Measurement, Measurement Scales, the
Characteristics of Sound Measurement, the Development of Measurement
Tools, Scaling, the Nature of Scaling, Response Methods, Scale
Construction. Data Collection Methods, Survey Instruments and Field
Procedures; Survey Instrument Designs, the Survey Situations, the
Instrument Development Process, Questionnaire Development, Field
Procedures, Personal Interviewing, Telephone Interviewing, Interviewing
by mail, observations. Data collection, Observation, Experimentation and
Simulations; Experimentation and Simulation. Choice of Research
Technique, Experimental Research Design, Simulation, Observation,
Observation Designs. Use of Secondary Data; the Nature of Secondary
Data Sources, the Use of Secondary Data, Types of Secondary Data
Sources, Statistical Sources, Data Research Procedures, Evaluating
Secondary Data.
Vision Survey: Interpretation of Replies. Data
Presentation and Analysis: Elements of Analysis, Data Preparation,
Special Data Problem, Tabulation, Data Presentation, and Data Analysis.
Report Writing; the Questions and analysis of Research Proposal.
Organization of Research Paper. How to format and Write country
Research Report. Executive summary and abstract of a report. Conclusion
and its basis. Evaluation of Research Work. The Research Report,
Research Report Format, Writing and editing of research Report.
________________________________________
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35
Recommended Books
1. Birchenhall C. and Grout P., (latest edition), Mathematics for Modern
Economics, Herifaq Publishers, New Delhi.
2. Holt, Rinehart and Winston, Holt-Sounders Japan Ltd. Tokyo (Latest
edition).
3. Johnson, Glenew Research Methodology for Economists: Philosophy
and Practice, McMillan Publishing Co. (Latest edition).
4. Kidder Louise H., Research Methods in Social Relations.
5. Lambert, P., (1985) Advanced Mathematics for Economists. Static
and Dynamic Optimization, Basil Black Well.
6. Neuman W. Lawrence, (1997) Social Research Methods, Qualitative
and Quantitative Approaches, Allyn and Bacon; Boston.
7. Sckaran Business Research Methods
8. Uma, Sekarn, (1992), Research Methods for Business. A Skill
Building Approach, John Willey & Sons, Inc.
9. Young Pauline V., (latest edition), Scientific Social Survey and
Research, Prentice Hall Inc.
10. Zikmund William, G., (1994), Business Research Methods, The
drydem Press.
Econ. 402 :
Dynamic Macroeconomics
Construction and analysis of dynamic models of macroeconomics and
monetary phenomenon
with focus on non-linearity, multiplicity of
equilibria, and indeterminacy; stability and instability of macroeconomic
equilibrium in linear and non-linear models; continuous and discrete time;
classical and Marxian accumulation models with multiple indeterminate,
cyclical and chaotic equilibrium paths; non-linear stability bifurcation
theory, dynamic stochastic optimization techniques.
Disequilibrium
models; price and quantity adjustments of multiple equilibria, stability in
the long-run.
Econ. 408:
Development Policy
International Debt, Aid / Assistance, Debt Crises and New Role of World
Bank and IMF
Why international borrowing? Two Gap Model, Aid commitments and
disbursement. Sources of borrowing. Debt Cycle Theory/Stages. Debt
Burden: Debt Servicing, Debt laffer Curve, Debt buy back etc., Latin
American Debt Crises, ASEAN Crises, Debt Problem of LDC’s and South
Asia, Debt Overhang and threat to growth. Policies to combat debt
problem: Forecasting debt and solution for debt burden, saving
mobilization/Domestic resource mobilization, Debt rescheduling etc. Debt
Modeling and Forecasting Future Implication. Solution to debt Problem.
Resource Mobilization and Industrialization:
LDC’s Inflation and Deficit B.O.P Problem. Savings and forced savings.
Direct and indirect taxation, Transfer of resources from agricultural to
industry. Migration and its role. Urban unemployment. Industrialization
and Small Manufacturing enterprises (SME’s). Human Capital and its
development / productivity.
________________________________________
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Multinational Corporations (MNC’S), FDI and Development:
Multinational Corporations (MNC’s): Objectives, Role and Contributions,
Long term cost of TNC’s. Transfer of Technology: Ways and Means.
Global integrated production system: MNC’s and Globalization, Foreign
Direct Investment (FDI) and Its Determinants/Role. Foreign Direct
Investment (FDI) and MNC’s. Flow of FDI and its contributions.
Poverty and Income Distribution:
Definitions and Measurement of Poverty/Poverty Line. Poverty
concepts/definitions. Absolute Poverty, Relative Poverty, Income
approach, Expenditure approach, Basic needs approach, Poverty of
Opportunities Index (POPI) and Calorie-based approach etc. Poverty
Indicators. Poverty by socio-economic groups. Sources, impacts and
policies to combat poverty. Strategies and tools to combat poverty. Growth
and Income Inequality in the world. Empirical evidences on poverty.
Redistribution with growth. How to combat income inequality. Basic
Needs, Social Action Programs and Poverty alleviation.
Environment and Development:
Model of Environment and Economic Activity. Market Based Approach and
Externalities. Deforestation and Renewable Resources, Measuring
environment values. Deforestation and Macroeconomic Environment.
Industrialization and its environmental cost, Use of Pesticides and
Environmental Impacts. Natural resources degradation. Cost of
Pollutions/Environmental degradation. International awareness about
environment, production and need for Reforms. Economic thoughts and
Environment. International Agencies: Environmental concerns and
programs. Urbanization and environmental issues.
Sustained
development, Ecology and economic progress.
WTO, Liberalization and International Trade:
Trade vs. Aid. Liberalization of Trade and its impacts/gains etc., Trade led
Growth, Foreign Exchange Constraints and Balance of Payment deficit.
Role of GATT and its Failure. WTO and LDC’s. Trade Instability,
Distribution of gains from Trade liberalization. Regional Trade
Associations (RTA’s): their role and contributions. Basis for trade and
benefits: Gains from Trade: Static and Dynamic Gains. Comparative
Advantage, Revealed Comparative Advantage and Competitiveness.
Trade as an engine of growth. Product Cycle. Determinants of exports
growth. Transfer of Technology: Sources & Need. Technology Centered
Development and Appropriate technology issue.
Growth Models:
Harvard – Dormer Model, Neo-classical growth theory, Technical change,
endogenous growth. Institutional Economics, Institution’s and Market,
Good Governess, Role of Institutions in Economic Development.
Institutions and LDC’s.
________________________________________
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Econ. 411:
Islamic Economics
Introduction:
Islamic Economics Nature, and Importance of Islamic Economics. Islamic
Economics Versus Economics of Secular Economy and Mixed Economic
System. Brief Introduction of Basic Values of Islam; Taqva, Halal and
Haram, Justice, Benevolence, Equality, Brotherhood and Cooperation as
Determinants of Economic Behaviour and Policies.
Major Economic Thoughts: Contribution of Scholars
Contribution of some Earlier Muslim Scholars in the Development of
Islamic Economics (Imam Abu Yousuf, Imam Abu Ubaid Al Qasim,, Ibn-e-
Khaldoon, Imam Ibn-e-Taimiah, Shah Waliullah Dehlvi, Baqar-al-Sadar).
Islamic Economic System
Silent features of Islamic Economic System; objectives, Economic
Freedom, Property and Ownership Rights. The Concept of Equality and
Efficiency. The Relative Importance of Capital and Labour. Priority to
Basic Needs. Concepts of Ownerships and Implication. Welfare and
income Distribution.
Comparison of Islamic Economic System with Capitalism and Socialism,
with respect to above cited principles / values of Islam.
Microeconomics in Islamic Framework
The Consumer Behaviour in Islam. Utility, Moderation, optional
Consumption Behaviour.
Organization of Production and Behavioral Theories of Firms.
Objectives and Behaviour of Firm in Islamic Economy. Business Ethics in
Production and Marketing. Hoarding and Gains.
Market Structure – Monopoly and Competition, Resource Allocation in
Islamic Environment and Cartels. Concepts of Fair Trade.
Stockists / Wholesales, determination of Prices and Rate of Normal Profit /
Meeting of Losses. Price Mechanism and State Role in Regulation of
Markets.
The Modes of Financing In Islam
Modarba and Musharka. Types of Bai. (Bai-Salam, Bai Muajjal,
Morabaha.) Saving and Investment in Islam. Investment of Savings for
Gains.
Distribution in Islamic Economy
Islamic Stress on Circulating of Wealth. Steps against Concentration of
Wealth. Social Justice in Islam. Rights of Labour, Distributive Justice.
Use of Land and Other Natural Resources and their Rewards. Role of
State in Distribution of Wealth.
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Some Basic Macroeconomic Concepts
Consumption, saving and Investment Functions in Islamic Environment.
Determents of Islamic Consumption Function, Concept to Help others,
Welfare and Religious believes. Zakat and Usher.
Demand and Supply of Money and Banking
Gold Money, Paper Money and Credit Money. Western Justification of
interest. Islamic Concept of Riba, its Implications and Alternatives.
Functions of Commercial Banks in Islamic Framework. Central Banking
and Monetary Policy in Islamic Framework.
Central Banking and Monetary Policy in Islam. Inflation Vs. Design of
Capital Market. Monetary Policy in an Islamic Framework.
Zakat, Social Justice and State
Meaning of Zakat, Nisab, Introductory Hints about items of Zakat.
Distributive Role of Zakat and Social Justice. Zakat as a tool in Fiscal
Policy. Economic Role of Islamic State. Welfare consumption and limits.
Revenue and Expenditure Items in Modern Islamic States. Beneficiaries of
Zakat.
The Tax Policy of Islam. Nature and Scope of Fiscal Policy in Islamic State
(Taxation Policy). Expenditure Principles. Burden of Taxes.
The Islamisation Process In Pakistan
The Islamisation of Banks. Implementation of Zakat / Usher in Pakistan.
A brief Survey of Changes in Economic Structure and Conditions Since
the Holy Prophet (regarding Transport / communication, Business Forms,
Production of Goods, Money and Banking).
Books Recommended
1. Islamic Economics: Theory and Practice, A Comparatice Study, M.A.
Mannan, Cambridge, Hodder and Stoughton, 1986 (or latest ed.)
2. Islamic Economics: Dar A.H & M.. Akram Ilmi Kitab Khana, Lahore
(latest ed.)
3. Macro Consumption Function in an Islamic Economic Framework, M.
Fahim Khan, International Centre for Research In Islamic Economics,
King Abdual Aziz Univ, KSA.
References
1. Ahmad, Khurshid, (latest edition), Fiscal Policy and Revenue
Allocation in Islam, International Islamic University, Islamabad.
2. Anf A.Q. Mannan M.A. (1995), Developing a System of Financial
Instruments IRTI, Islamic Development Bank, Jeddah.
3. Badawi, Imam Abu Abaid Al-Qasim Muhammad A. Zaki, Kitab ul
Amwal:, Zakat and Social Justice, Islamic Council of Europe, London,
1979.
4. Chapra T M., The Economic System of Islam, University of Karachi,
1991.
5. Chapra, Umer, Monetary Policy in an Islamic Economy, in Money and
Banking in Islam, Institute of Policy Studies, Islamabad.
________________________________________
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6. Ghazanfar S.M., (2003), Medieval Islamic Economic Thoughts,
Routledge Publishers.
7. Khan M. Fahim, (1995), Human Resource Mobilization Through the
Profit, Loss Sharing Based Financial System, IRTI, Islamic
Development Bank Jeddah.
8. Khan, Tariq ullah, (1996), Practice and Performance of Mudarba, A
case study of Pakistan, IRTI, Islamic Development Bank, Jeddah.
9. Khurshid, Ahmad, Elimination of Riba: Institute of Policy Studies,
Islamabad.
10. Mahdi, M. Ahmad, (1995), Islamic Banking Modes for House Building
Finance, IRTI, Islamic Development Bank, Jeddah.
11. Mannan M.A, (1996), Financing Development in Islam, IRTI, Islamic
Development Bank, Jeddah.
12. Naqvi Syed Nawab Hyder Ethics and Economics: . Leicester, The
Islamic Foundation. 1981.
13. Nomani, Farhad & Rehnuma., Ali, Islamic Economic Systems: – Zed
Books Ltd., London, 1994.
14. Nuti, D. Haris, (1995), The Economics of Participation, IRTI, Islamic
Development Bank, Jeddah.
15. Siddiqui, M.N., Muslim Economic Thinking, Leicester, The Islamic
Foundation. 1985.
16. Tago, Usman, Justice: Introduction to Islamic Finance, (2000), Idara-
tul- ma’arif edition.
17. Yusaf, Imam Abu, Kita bur Kharaj, Lahore, Islamic Book Centre,
1979.
Econ. 307:
Monetary Economics
Introduction and Development of Monetary Mechanism
Evolution of Money and Payment System. Definition of Money Function of
Money & Measurement of Money. Demand for Money & Supply of Money.
Definitions of Money, M1, M2, M3, L etc.
Role of Money in the Economy
Debate on neutrality and non-neutrality of Money. Classical Dichotomy
and Keynesian Integration of Nominal and Real Sectors. Role of Money in
the IS-LM Framework. Money in Aggregate Demand & Aggregate Supply
Analysis. Keynesian Vs. Monetarist views of Equilibrium Output,
Employment and Prices.
Demand for Money
Quantity Theory of Money. Transaction Theories of Demand for Money.
Portfolio Theories of Demand for Money. Baumol – Tobin Model of Cash
Management. Friedman’s Restatement of Quantity Theory of Money:
Empirical Evidence on the Demand for Money.
The Money Supply Process
Monetary Base, Keynesian Liquidity Preference Framework, Friedman’s
Modern Quantity Theory of Money. Multiple Deposit Creation: Introducing
________________________________________
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the Money Supply Process. Determinants of the Money Supply:
Exogenous and Endogenous. Understanding Movements in the Monetary
Base, Money Multiplier. Velocity of Money and its variability. Explaining
Depositor and Bank Behaviour: the Complete Money Supply Model.
Regressive Expectation Model.
The Conduct of Monetary Policy: Central Bank
Structure and Functions of Central Bank. Independence of Central Bank
and its role in Economic Growth. Tool of Central Bank for Money Control.
Monetary Base. The Conduct of Monetary Policy: Goals and Targets.
Tools of Monetary Policy: Three Major Tools of Monetary Policy. Required
Reserve Ratio, Discount Window Loans and Open Market Operation.
Advantages and Disadvantages and Impact Analysis of each Policy Tool.
Central Bank as a lender of last Resort. Financial Intermediateries.
Monetization of Public Debt. Infectiveness of Stabilization Policies.
Targeting interest rate and inflation.
Money & Interest Rates
Determinants of interest rates. Kinds of Interest Rates. The Behavior of
Interest Rates. Understanding & Measuring the Interest Rates.
Real & Nominal Interest Rates, Theories of Interest Rate Determination.
The Risk and Term Structure of Interest Rates. The Distinction Between
Interest Rates and Returns. Maturity & Volatility of Bond Returns. Portfolio
Choice: the Theory of Asset Demand.
Money and Inflation
What is Inflation & Causes of Inflation? Demand – pull Inflation, Cost –
push Inflation, Stagflation & Hyperinflation. Inflation as a Monetary
Phenomenon.
The Philips Curve and Accelerating Inflation. Inflation in Pakistan:
Sources and Managing Policies. Sources of Inflation in Pakistan: Spiracle
Evidences. Policies to Combat Inflation in Pakistan.
Monetary Policy in International Framework
Money Demand and Empirical Evidences. Money in Growth Models.
Inflationary Spiral. Current Issues in Monetary and Financial Sector
Reforms. Conduct of Monetary Policy in Fixed and Flexible Exchange
Rates. Perfect Mobility of Capital and Money Control, Effectiveness of
Policy. Impact of Reserves on B.O.P and Exchange Rates. Targeting
exchange rate. Managed Exchange Rate System and Monetary Policy.
Targeting Inflation. Exchange Rate and Balance of Payment.
Recommended Books
1. Bennett T. McCallum, (1989), Monetary Economics, Theory and
Policy, McMillan.
2. Fredric S. Mishkin, (1995), Financial Markets and Money, Harper &
Row Publishers.
________________________________________
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3. Laider, David E.W (1996), The Demand for Money:
Theories,
Evidence and Problems (Fourth edition), Harper & Row, Publishers,
New York.
4. Miller, R. L. and David VanHose, (2001), Money, Banking & Financial
Markets. South Western, Singapore.
5. Mishkin, Frederic S., (2001), The Economics of Money, Banking and
Financial Markets. (Sixth edition). Addison Wesley, New York.
6. Vanish K., Monetary Theory, (2000), Vikas Publishing House, Delhi.
7. Patinkin Don, Money, Interest and Prices, Harper and Row
Publishers, (Latest Edition).
Econ. 304:
Public Finance
Introduction and Role of Public Sector
The Economic Functions and Public Goods: Allocation of Resources,
Redistribution of Income and Wealth and Stabilization. Pricing Public
Goods.
The Theory of Public Goods
Fiscal Principles and Concepts: The Traditional Principle of Tax Neutrality
is Expended Principle of Fiscal Neutrality. Exhaustive Vs. Non-Exhaustive
Public Expenditures, Income Elasticity of Government Expenditures, Tax
Vs. Non-tax Revenues, Microeconomic Vs. Macroeconomic Regulatory
Taxes, Tax Base, Tax Rate Relationship; Progressive, Regressive and
Proportional Taxes, Marginal Propensity to Tax and Marginal Vs. Average
Tax Rates; Income Elasticity of a Tax Integral Fiscal Non-Neutrality. Tax
Efforts and Tax Collection Performance in Pakistan.
Public Revenue and Taxes
The Economic Case for the Public Sector to Allocate Resources: Market
Imperfections, Decreasing Costs of Production, Public Goods and
Externalities. Pricing Decreasing Cost Industry.
The Theory of Public Goods
Public and Private Goods, Pure Public Goods, Should Public Sector be
Produced Vs. Private Goods? Semi Public Goods, Merit Goods, Free
Rider Problem, Externalities and Public Policy.
Distributional Equity in Taxation
The Ability to pay and Economic benefits (received), Cannons of Taxation,
The Optional Income Tax Approach.
Optimum Tax and Revenue
Collection.

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