Expectation Revolution. Basic Needs Approach and welfare.

Emergence Famine and Poverty.

(ii) Modern Economic Thought. Comparison of Post Keynesian
and Monetarist Thoughts. Supply side economics. Globalization,
Liberalization and New Weave of Economic Growth and Welfare.
New Growth Theory. Convergence and Divergence Debate.
Future of Economics, Quality and International Trade and
emergence of markets, New Regionalism, New directions of
research. Environment and sustainable growth.

Teaching Methodology:
 To deliver lectures on topics included in course outline
 To require each student to solve independent assignments on topics included in the
course.
Evaluation Criteria:
Evaluation Method Total Percentage
Quizzes/Assignments 25%
Mid-Term Exam 35%
Final-Term Exam 40%

Recommended Books:
 Economic Thought Before Adam Smith (2009), Murray N. Rothbard
 Mark Blaug, Economic Theory in Retrospect, Cambridge University Press.
 John D. Henery. (1992). The Future of Economics, Blackwell Publishers.
 Ingrid Rima. (2009). Development of Economic Analysis, 7th edition, Routledge,
Taylor & Francis Group, London.
 Henry W. Spiegel, The Growth of Economic Thought. 3rd ed. Durham: Duke
University Press, 1991.
 Adam Smith, The Wealth of Nations. [1776] Chicago: University of Chicago Press,
1976.
 Robert Tucker, ed. The Marx-Engels Reader. 2nd ed. New York: Norton, 1978.
 Bruce Caldwell, Hayek’s Challenge: An Intellectual Biography of F.A. Hayek.
Chicago: University of Chicago Press, 2004.

Course Code: ECON-320

Title: Econometrics-I
Credit Hours: 03
Prerequisite: Elementary Statistics, Probability and Probability Distributions

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Course Objectives:
This is a foundation course for enabling the students of Economics to analytically formulate
and statistically estimate the economic problems for verifying the empirical validity of
theoretical models. The analytical skill is supported by the usage of different Econometrics
Software.

Lab work

The students are required to devote at least two hours per week to computer laboratory.
They have to attend classes to learn various Econometrics software for practical
application of Econometric models they have learnt so far.

Learning Outcomes:
On completion of this course, students would be able to

 Have a complete knowledge of the basic concepts of the subjects thus enabling them to
attain higher education in the field of econometrics
 This course will enable the students to apply tools of mathematics and statistics to to
identify the relationships between economic variables
 This will help the students to estimate and evaluate some of the basic and advanced
econometric models
 It will guide the students to use econometric models for forecasts and managerial
decision making.
 It will also help the students in conducting the research work necessary for completing
B.sc Honor programme

Course Contents:

Introduction Definition and scope of Econometrics, Economic theory as the

basis for empirical analysis, Mathematical and Econometric
models, Application of Statistical techniques to Economic data,
Ingredients of Econometric modeling: Specification, Estimation,
Evaluation and Forecasting. Data Types and Sources, Cross-
sectional data, time-series data and pool data, Data at current and
constant prices, Sources of data.
The Simple Two- Simple Regression function, population and regression function,
Variable Model linear regression function: linearity in variables and linearity in
parameters, Simple Regression Analysis: Estimation, Method of
Ordinary Least Squares (OLS), Estimation of regression equation
using OLS, Standard error of estimates, Numerical properties of
OLS estimators, Statistical properties of OLS estimators (BLUE),

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 Classical Linear Regression Model (CLRM), Assumptions of CLRM,
Estimation of the coefficient of determination, Interval estimation
of regression coefficients, Classical Normal Linear Regression
Model (CNLRM), Difference between CLRM and CNLRM,
Properties of OLS estimates under CNLRM, Simple Linear
Regression Analysis: Inference, Confidence interval approach for
regression coefficients, Test of significance approach for
regression coefficients, Analysis of variance (ANOVA), Test of the
overall significance of the model, Simple Linear Regression
Analysis: Extensions, Regression through the origin, Scaling and
measurement of variables, Functional Forms of Regression
Function, Log linear models, Cobb Douglas production function
Log-Lin models, The constant growth model, Estimating the
growth rate, Lin-Log models, Engel curve, Reciprocal models.

The Multiple Multiple Regression Analysis, Difference between simple and

Linear Regression multiple regression analysis, Interpretation of multiple regression
Model (MLRM) function, Multiple Regression Analysis: Estimation, OLS estimation
of multiple regression equation, Standard error of partial
regression coefficients, Properties of OLS estimators, Coefficient
of determination (R2), R2 and Adjusted R2 , Multiple Regression
Analysis: Inference, Test of individual significance (t-test), Test of
overall significance (F-test) Multiple Regression Function:
Extensions, Testing the equality of parameters, Testing linear
equality restriction, Testing for structural stability of regression
models: The Chow test.

Categorical Nature of dummy variables, ANOVA models with qualitative

Variables in variables, Regression with dummy independent variables
regression

Deviation from the Assumptions of the classical model and economic reality,
Classical Relaxation of the assumptions and estimation issues, Brief
Assumptions introduction to the nature of problems and alternatives.
Multicollinearity Linear relationship between any two explanatory variables,
Nature and severity of the problem, OLS estimation of regression
equation in the presence of perfect multicollinearity, Causes of
multicollinearity, Distinction between perfect and partial
Multicollinearity, Detection of the problem and remedial
measures.

Teaching Methodology:
 To deliver lectures on topics included in course outline

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 To require each student to solve independent assignments on topics included in the
course including the lab work.
Evaluation Criteria:
Evaluation Method
Quizzes/Assignments
Mid-Term Exam
Final-Term Exam

Recommended Books:

 Gujrati, D. J. Basic Econometrics – 4th Edition (2003) McGraw-Hill Company.

 Maddala, G. S. (1988) Econometrics – McGraw-Hill Company.
 Dougherty, C. (2002). Introduction to Econometrics–2nd edition Oxford University
Press.
 Pindyck & Rubinfeld (1992). Econometric Models & Economic Forecasts- 3rd
Edition, McGraw-Hill Inc.
 Stock H. J. and M. W. Watson (2003). Introduction to Econometrics, India: Pearson
Education.

Course Code: ECON-306

Title: Development Economics-I
Credit Hours: 03
Prerequisite: Intermediate Macroeconomics and Intermediate Microeconomics

Course Objectives:
This course examines the process of economic development, including the determinants
of underdevelopment and poverty. We will focus on describing and understanding the
many problems faced by developing countries and their citizens. Throughout the course,
we will discuss policy implications of the topics we explore. We begin with an overview of
economic development and models economists use to understand the process of economic
development. Next, we consider the impediments to development and how they can
potentially be addressed.
Learning Outcomes:
Upon completion of the course students should be able to:
 Explain the key concepts of Developments Economics and Identify its role in devising
the economic policies of the country

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