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M.A. ECONOMICS (SEMESTER-WISE) - Dr BR Ambedkar University

M.A. ECONOMICS (SEMESTER-WISE) - Dr BR Ambedkar University

M.A. ECONOMICS (SEMESTER-WISE) - Dr BR Ambedkar University

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DR. BHIM RAO AMBEDKAR UNIVERSITY, AGRA .M.A. <strong>ECONOMICS</strong><strong>SEMESTER</strong> <strong>WISE</strong> - DETAILED SYLLABUSFIRST <strong>SEMESTER</strong>OPTIONAL PAPER – 104 (D)HISTORY OF ECONOMIC THOUGHTUNIT 1: Early PeriodEconomic thought of Plato and Aristotle — Doctrines of Just cost and Just price — Mercantilism: maincharacteristics; Thomas Mun — Physiocracy: natural order, primacy of agriculture, social classes, TableauEconomique, taxation, Turgot — Economic ideas of Petty, Locke and Hume.UNIT 2: Classical PeriodAdam Smith — division of labor, theory of value, capital accumulation, distribution, views on trade,economic progress; David Ricardo — value, theory of rent, distribution, ideas on economic developmentand international trade; Thomas R. Malthus — theory of population, theory of gluts; German romanticsand socialists — Sismondi, Karl Marx — dynamics of social change, theory of value, surplus value, profit,and crisis of capitalism; Economic ideas of J.B. Say, J.S. Mill; Historical School — Senior, List.UNIT 3: MarginalistsThe precursors of marginalism — Cournot, Thunen, Gossen — The marginalist revolution: Jevons, Walrasand Menger — Bohm-Bawark, Wicksell and Fisher: the rate of interest — Wicksteed and Weiser:Distribution — Marshall as a great synthesizer: role of time in price determination, economic methods,ideas on consumer’s surplus, elasticities, prime and supplementary costs, representative firm, externaland internal economies, quasi-rent, organization as a factor of production, nature of profits; Pigou:Welfare economics; Schumpeter: role of entrepreneur and innovations.Page 22

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