B.Sc. (Research) in Economics

Degree Requirement

Among the courses within the Major, each student must have at least 96 credits in Economics obtained over the course of the undergraduate programme. This includes three courses that are required for all students enrolled in SHSS undergraduate programs. In addition, the student must take one course on Calculus, Probability, Statistics and Programming. Over and above these, the student must take University - Wide - Elective (UWE) and Common Course Curriculum (CCC) courses as required by the University and fulfill other University requirements.
150

Total Credits

76

Core Credits

32

Major Electives

42

CCC + UWE credits

Core & Elective Courses

Core Courses

A succesful completion of B.Sc. (reserach) Economics degree requires 150 credits:

  • 76 credits from core courses, that includes the core coures offered in the department and across the school of social sciences,
  • An undergraduate research thesis worth 9 credits,
  • 32 credits from department electives and 42 credits from UWE and CCC, with a minimum of 18 from each of these. 

 

Following is the list of the core courses

Course code
Title
Credit
ECO101
Principles of Microeconomics
4

Microeconomics is the analysis of economic behavior of a decision making unit, often an individual. Principles of microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. At SNU, this is the first course that is offered to the undergraduate students in economics. This course is designed to provide a foundation for economic analysis and a broad understanding of the economic issues at micro level. This course begins with a discussion of supply and demand and the basic forces that determine equilibrium in a market economy. Next, it introduces a framework for learning about consumer behavior and analyzing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms’ behavior. The final section of the course provides an introduction to some of the more advanced topics that can be analyzed using microeconomic theory. These include the notion of efficiency and

ECO102
Principles of Macroeconomics
4

PART I. Introduction.

1. Introdction
2. Markets, Demand and Supply, and the Price System,
3. International Trade

PART II. Macroeconomics Basics

1. National Income Accounting
2. Cost of Living

PART III. The Real Economy in the Long Run

1. Production and Growth
2. Savings, Investment and Financial system
3. Unemployment

PART IV. Money and Prices in the Long Run
1. Monetary Policy
2. Money Growth and Inflation

PART V. The Macroeconomics and Open Economies
1. Open Economy Macroeconomics: Basic Concepts
2. A Macroeconomic Theory of the Open Economy

PART VI. Shortrun Economic Fluctuations
1. Aggregate Demand and Aggregate Supply
2. Effect of Monetary and Fiscal Policy on Aggregate Demand
3. Short run trade-off between Inflation and Unemployment.

ECO108
Logic & Scientific Methods
4

The course Logic and Scienti c Methods is a compulsory rst year course for all undergraduate students of the School of Humanities and Social Sciences. This course provides students with training in quantitative techniques used in social sciences. The course is divided into two sections: the rst section is a basic introduction to logic. The second part of the course deals with statistical methods of social science research. Pre-requisites: There are no prerequisites for this course, but the course material assumes a familiarity with Class X mathematics.

ECO113
Introduction to Probability
4

Course description not available.

ECO203
Introductory Econometrics
4

This course introduces the student to the basics of the practice of modern econometric techniques. I will present a detailed discussion of the linear regression model. The topics included in the course are: the simple regression model, multiple regression models, classical assumptions about disturbances, hypothesis testing, violation of classical assumptions, multicollinearity, heteroskedasticity, omitted variable bias, functional forms, dummy variables, outliers, goodness of fit and instrumental variables. The prerequisite for this course is a course in basic statistics (MAT 284 or equivalent). If you are not sure whether you satisfy the prerequisite, please contact me before the classes begin.
This course will be intensive in assignments both analytical and data oriented and will also include a project which the students will complete in groups. The project may also involve some primary data collection. To complete some assignments and the project the students will also be introduced to STATA, statistical analysis software. The tutorials/lab sessions are an integral part of the course. Apart from problem solving these sessions will cover additional topics that will not be covered in class (like STATA tutorials) but that will be essential to finishing the class successfully.

ECO221
Game Theory
4

Game Theory

ECO301
Intermediate Microeconomics
4

This course is intended to provide advanced tools and techniques in the spheres of consumer theory, markets, and general equilibrium. Students will be rigorously taught how consumers maximize their preferences given their budgets to make optimal consumption decisions, which in turn are aggregated to form the industry demand. Again, firms choose technology and employ resources optimally to minimize costs, which give rise to the industry supply function. The industry demand and supply then interact in the context of different market structures (perfect competition, monopoly, oligopoly, etc.) to determine market price and quantity in equilibrium, which give rise to consumer and producer surplus. The government may impose taxes or provide subsidies to alter these surpluses. Finally General Equilibrium analysis is invoked to analyse the behavior of multiple markets at the same time, and how a change in one affects the other.

ECO302
Intermediate Macroeconomics
4

Overview

This course equips the students to use tools of macroeconomics to study various macroeconomic models and macroeconomic policies in-depth. A range of macroeconomic problems are analyzed from government finances in the intermediate run to economic stability in the short run.

Detailed Syllabus

1. Introduction and basic concepts – fluctuations, growth theory and business cycles; microeconomic foundations and framework
2. National income accounting
3. Different schools of macroeconomics – a discussion
4. Income determination
 A simple macroeconomic model: A static framework for analysis
i. Welfare theorems
ii. Labour supply as labour-leisure choice; Labour demand as profit maximization
iii. Comparative statics
 A two period macroeconomic model: The dynamic framework
i. Consumption-savings decision
ii. Effects of fiscal policy
 The complete intertemporal model
5. Money and business cycles
 Money supply and money demand (transaction demand, speculative demand and quantity theory of money)
 Neutrality of money and inflation
6. Business cycles: Role of monetary and fiscal policies
 Keynesian cross
 Aggregate demand and supply: IS-LM model
 Classical, neoclassical and Keynesian approaches
 Monetary and fiscal policies

ECO401
Advanced Microeconomics
4

Advanced Microeconomics

ECO415
Economic Development
3

Overview: Primary focus of this course is to build an understanding of the developing world, using basic knowledge in economic theory, econometric methods, and demography. It starts with alternatives theories of development, and then overview of developing countries, major trends in income, inequality, poverty, population, and the structural characteristics of development.

This course should help students further to pursue Development Economics as a field in graduate or doctoral studies. Students willing to understand development policy and practice, development interventions and evaluations, should take this course as a foundation.

The pedagogy will be through a combination of lecture sessions on conceptual areas, and discussions of related research papers as given in the list of readings. The students are expected to complete the assigned readings to participate in the discussion sessions.

ECO461
International Economics
3

This course is an introduction to the theory of international trade and trade policy. The course also introduces the students to forex market and macroeconomic analyses of an open economy. The issues discussed include gains from trade and their distribution; analysis of protectionism; trade barriers; exchange rate determination; and interlinkages of the domestic economy with rest of the world.

 

ECO494
UG Research Thesis I
3

This course introduces the basics of the practice of modern econometric techniques. A detailed discussion of basic ideas in probability and statistics and the linear regression model will be presented. The topics included in the course are: the simple regression model, multiple regression models, classical assumptions about disturbances, hypothesis testing, violation of classical assumptions, multicollinearity, heteroskedasticity, omitted variable bias, functional forms, dummy variables, outliers, goodness of fit and instrumental variables. This course will be intensive in assignments both analytical and data oriented and will also include a project which the students will complete in groups. To complete some assignments and the project the students will also be introduced to STATA, statistical analysis software.

ECO495
UG Research Thesis II
6

Undergraduate Research Thesis II

ENG104
Academic Writing
4

Course outline:
 What is critical reading, thinking and writing? This course aims to inculcate ideas and skills of how to write a coherent, lucid and at the same time, a competently argued piece of text.
Our set notions, beliefs and assumptions will be challenged throughout this course through close and analytical reading of several texts. This course will investigate ways to deal with complicated texts from varied disciplines and seek out methods of unravelling the mysteries of those texts through rigorous writing and verbal discussions. The key idea of this course is to provide a springboard for students to tackle textual readings in their further studies.
This is a writing intensive class. Three modules which will be taught are- Personal essay, position paper and research essay. 
You will write three final papers over the course of the semester-Each final paper will reflect the module. Expect a workshop like atmosphere in the class, where you will be required to revise or discuss a draft every single week. Peer reviews, group discussions and class participation are the cornerstones of this course. 
 
The readings will include among others, essays by: George Orwell "Shooting an Elephant"; Anita Jasraj "Circus"; James Baldwin "Notes of a native son"; Bodhisattwa Kar "Imagining post- indian Histories" ; Yogendra Yadav and Suhas Palshikar "Ten theses on State Politics in India.

MAT101
Calculus I
4

Core course for B.Sc. (Research) programs in Mathematics, Physics and Economics. Optional course for B.Sc. (Research) Chemistry.

Credits (Lec:Tut:Lab)= 3:1:0 (3 lectures and 1 tutorial weekly)

Prerequisites: Class XII mathematics or MAT 020 (Elementary Calculus)

Overview:  This course covers one variable calculus and applications. It provides a base for subsequent courses in advanced vector calculus and real analysis as well as for applications in probability, differential equations, optimization, etc. One of the themes of the course is to bring more rigour to the formulas and techniques students may have learned in school.

Detailed Syllabus:

  1. Real Number System: The axioms for N and R, mathematical induction.
  2. Integration: Area as a set function, integration of step functions, upper and lower integrals, integrability of bounded monotone functions, basic properties of integration, polynomials, trigonometric functions.
  3. Continuous Functions: Functions, limits, continuity, Intermediate Value Theorem, Extreme Value Theorem, integrability of continuous functions, Mean Value Theorem for integrals.
  4. Differentiation: Tangent line, rates of change, derivative as function, algebra of derivatives, implicit differentiation, related rates, linear approximation, differentiation of inverse functions, derivatives of standard functions (polynomials, rational functions, trigonometric and inverse trigonometric functions), absolute and local extrema, First Derivative Test, Rolle's Theorem, Mean Value Theorem, concavity, Second Derivative Test, curve sketching.
  5. Fundamental Theorem of Calculus: Antiderivatives, Indefinite Integrals, Fundamental Theorem of Calculus, Logarithm and Exponential functions, techniques of integration.
  6. Polynomial Approximations: Taylor polynomials, remainder formula, indeterminate forms and L'Hopital's rule, limits involving infinity, improper integrals.
  7. Ordinary Differential Equations: 1st order and separable, logistic growth, 1st order and linear.

References:

  1. Calculus, Volume I, by Tom M Apostol, Wiley.
  2. Introduction to Calculus and Analysis I by Richard Courant and Fritz John, Springer
  3. Essential Calculus – Early Transcendentals, by James Stewart. Cengage, India Edition.
  4. Calculus with Analytic Geometry by G F Simmons, McGraw-Hill

Past Instructors: Amber Habib, Debashish Bose

MAT283
Introduction to Statistics
4

Course description not available.

SOC102
Understanding Modernity
4

Modernity has become a defining feature in contemporary societies. It marks the coming together over the centuries of philosophical principles and technological developments, the two trends strengthening each other. Through those means the modern human aims at freeing itself from the previous bounds of former beliefs in which human actions were defined and limited.
Modernity defines itself as a point of departure from pre-existing societies and locates its genesis in the Renaissance and 18th century scientific investigative mind embodied by the encyclopedists. From the 19th century onwards, modernity has defined the core principles of policy making and philosophical debates or atleast acted as the reference to define them.
Stemming from modernity are notions such as the traditional, the folk, the backward, the classic, the pre-modern and the post-modern. It accompanies the building up of nation states and imposes a vision of society and humanity as well as a set of values. As such, it has driven societal choices but has also been the object of critique and questioning from the 19th to the 21st century.
Modernity will be looked at both as a phenomenon and as a notion through multiples angles and perspectives with lectures by faculty from Sociology, Literature, History and Fine Arts departments.
How does one locate him/herself in regard to modernity? Have humans defined themselves as master of their own destiny only in the modern period? Has modernity allowed humans to achieves their goals to free themselves from the bounds of beliefs? The notion won’t be looked at as only a western and recent concept. Other historical and cultural influences constitutive of modernity will also be considered.

Elective Courses

The department electives are offered by the faculty who actively engages in research in those areas, and therefore, the array of electives offered varies depending on the faculty availability. The elective credits has been revised to 4 credits (currently they are 3 credits per course), which implies a student needs to take at least 8 of them. Here is a sample combination:

Course code
Title
Credit
ECO204
Indian Economic History
3

Indian Economic History

ECO204
Indian Economic History
3

Indian Economic History

ECO303
Time series
3

Time series

ECO314
Health Economics
3

Good health is an asset that allows poor households to emerge from poverty. There has been a significant development in the conceptualization of the impact of changes in the health status of the population on demographic changes and long term economic performance. Health has been found to have strong linkages with individual welfare and overall economic development. Thus, policy attention should be directed to ensure equity in access to health services and also to improve the delivery of health services. While health indicators for developing countries including India have improved they still lag behind developed countries. This course examines the health sector and health policy from an economics perspective.

ECO321
Industrial Organization
3

Industrial Organization

ECO327
Financial Economics
4

course description: This course introduces students to the economics of finance with special emphasis on asset pricing and the valuation of risky cash flows. Some of the basic models used to benchmark valuation of assets and derivatives are studied in detail. We will be developing and studying the details of consumer decision-making under uncertainty, using that general framework as a basis for understanding theories of securities pricing, including the capital asset pricing model (CAPM) and the arbitrage pricing theory (APT). The course will highlight fundamentals of the theory of finance with examples from financial markets in India. We will end with international corporate finance. Since the course will involve some amount of statistics and probability theory its expected that students are familiar with that.

ECO354
Public Economics
3

This is a first undergraduate public economics class that focuses on role of government in the economy. This course is designed to provide a basic understanding of reasons of government in-tervention, the benefits of such policies and the consequent response of the economic agents. The course begins with the scope of government intervention in case of market failure, and then covers various forms of intervention from taxation, redistribution to provision of public goods.

ECO375
Labour Economics
3

Overview
This is an introductory labour economics course. I will focus on the core topics in labour economics and the empirical methods used for analysis in labour economics. The purpose is to inform students of topics like labour supply, labour demand, labour market institutions and public policies affecting labour markets, immigration, returns to human capital investment, labour market discrimination and empirical analysis of wage and earning gaps. I will upload regular lecture notes for the course.

Detailed Syllabus

i) Introduction to labour economics

ii) Labour Supply

iii) Labour Demand

iv) Immigration

v) Institutions and labour market and Midterm Review

viii) Human Capital Investment

ix) Labour Market Discrimination

x) Inequality and Skill-Biased Technological Change

xi) Final Review

ECO403
Advanced Econometrics
3

Course description not available.

ECO422
Money and Banking
3

Overview
This course is an introduction to the economics of money, credit, banking, interest rates, financial intermediaries and financial markets. We will study how monetary policy influences interest rates and asset markets, such as the bond market and the stock market. We will analyze financial intermediation and the role of banks in the economic system and study the economic rationale behind banking regulation. We will also review evidence and theory on how monetary policy affects real economic activity, and then study the instruments and goals of monetary policy, focusing on credibility and expectations management for central banks, and the connection with fiscal policy. We will consider and evaluate these topics within Keynesianism and Monetarism and deal with contemporary financial issues in developing countries including a focus on monetary policy in India.

Detailed Syllabus

Course Outline and Readings:
I. Introduction to Money and Banking
Chapter 1, The Economics of Money, Banking and Financial Markets
Ashima Goyal, ‘History of Monetary Policy in India since Independence’, IGIDR Working Paper, 2011

II. Money, Credit, Commercial Banks and Reserve Bank of India
Chapter 4, 10 Monetary Policy in a Globalized economy
Chapter 10, The Economics of Money, Banking and Financial Markets
Alicia Garcı´a-Herrero, Sergio Gavila´ y and Daniel Santaba´rbaraz ‘China’s Banking Reform: An Assessment of its Evolution and Possible Impact’ CESifo Economic Studies, Vol. 52, 2/2006, 304–363, 2006
Narayan Chandra Pradhan ‘Persistence of Informal Credit in Rural India: Evidence from ‘All-India Debt and Investment Survey and Beyond’, WPS (DEPR): 05 / 2013 RBI Working Paper, April 2013
Snehal Herwadkar and Saurabh Ghosh, ‘What explains credit inequality across Indian states? An empirical analysis’, RBI Occasional Paper Vol. 34, No. 1 & 2: 2013

III. Financial markets and instruments, interest rates and bonds
Chapter 4, The Economics of Money, Banking and Financial Markets
Kanad Chaudhari, Meenal Raje and Charan Singh, Corporate Bond Markets in India: A study and policy recommendations, IIM Bangalore Working Paper No. 450, February 2014
Stephen Wells and Lotte Schou-Zibell, India’s Bond Market— Developments and Challenges Ahead, Asian Development Bank Working Paper Series on Regional Economic Integration No. 22, December 2008.
Y V Reddy ‘Issues and challenges in the development of the debt market in India’, Bank for International Settlements Papers No. 11, 2002

IV. Structure of interest rates, market efficiency
Chapter 6, 7 The Economics of Money, Banking and Financial Markets
Harendra Kumar Behera Sitikantha Pattanaik and Rajesh Kavediya, ‘Natural Interest Rate: Assessing the Stance of India’s Monetary Policy under Uncertainty’, RBI Working Paper WPS (DEPR): 05/2015, October 2015

V. Monetary policy tools, goals and targets: issues, difficulties and formulation, implementation & globalization
Chapter 23, The Economics of Money, Banking and Financial Markets
Chapter 13, Monetary Policy in a Globalized economy
Reserve Bank of India Monetary Policy Report, September 2015
B L Pandit and Pankaj Vashisht, ‘Monetary Policy and Credit Demand in India and Some EMEs’, ICRIER Working Paper 256, May 2011
Sonali Das, ‘Monetary Policy in India: Transmission to Bank Interest Rates’, IMF Working Paper WP/15/29, June 2015

VI. Gross Domestic Product, Aggregate Demand & Aggregate Supply, fiscal policy & interest rates
Chapter 24, The Economics of Money, Banking and Financial Markets
Serhan Cevik and Carolina Correa-Caro ‘Growing (Un)equal: Fiscal Policy and Income Inequality in China and BRIC+’ IMF Working Paper WP/15/68, March 2015

VII. Inflation, Rational Expectations
Chapter 26, 27, The Economics of Money, Banking and Financial Markets
Deepak Mohanty A B Chakraborty Abhiman Das and Joice John, ‘Inflation Threshold in India: An Empirical Investigation’ WPS (DEPR): 18/2011 RBI Working Paper Series, September 2011

VIII. International financial system, financial institutions and financial crises
Chapter 20, The Economics of Money, Banking and Financial Markets
Amarendra Acharya and Anupam Prakash, ‘International Financial Integration, Capital Flows and Growth of Asian Economies’, RBI Occasional Paper Vol. 34, No. 1 & 2: 2013
Raghuram G. Rajan Has Financial Development Made the World Riskier? NBER Working Paper No. 11728, November 2005
Raghuram Rajan, 2010, Fault Lines: How Hidden Fractures Still Threaten the World Economy, New Jersey: Princeton University Press

ECO424
Economics and Politics
3

: This course will introduce students to the economic (game theoretic) analysis of political situations. We will then look at the interaction between economics and politics. In particular, we study how politics and policy making affect economic outcomes (with an exclusive focus on developing countries) and how economic developments in turn can lead to substantive political changes. The course will use theoretical and econometric tools developed in your previous economics courses. Hence ECO 301 (Intermediate Microeconomics) and ECO 203 (Introductory Econometrics) are prerequisites for this course.
Electoral competition: The median voter theorem
Controlling politicians: Political agency
Social heterogeneity and public good provision
Mandated representation and economic outcomes – Failure of the median voter theorem
Selection in politics: Does paying politicians more matter?
Modernization theory of democratization
Economic change and political development

ECO451
Law and Economics
3

Law and Economics