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

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DR. BHIM RAO AMBEDKAR UNIVERSITY, AGRA .M.A. ECONOMICSSEMESTER WISE - DETAILED SYLLABUSFOURTH SEMESTERPAPER – 402PUBLIC ECONOMICSUNIT 1: Rationale for Public PolicyRole of Government in organized society; Changing perspective — government in a mixed economy:public and private sector, cooperation or competition; Government as an agent for economic planningand development; Government as a tool for operationalizing the planning process; private goods, publicgoods, and merit goods; Market failure — imperfections, decreasing costs, externalities, public goods;Uncertainty and non-existence of futures markets. Allocation of resources — provision of public goods;Voluntary exchange models; Impossibility of decentralized provision of public goods (contributions ofSamuelson and Musgrave); Demand revealing schemes for public goods Liquidity preference; Social goals;Poverty alleviation; Provision of infrastructural facilities, removing distributional inequalities and regionalimbalances.UNIT 2: Public ExpenditureWagner’s law of increasing state activities; Wiesman- Peacock hypothesis; Pure theory of publicexpenditure; Structure and growth of public expenditure; Criteria for public investment; Reforms inexpenditure budgeting; Programme budgeting and zero base budgeting.UNIT 3: TaxationPage 62
DR. BHIM RAO AMBEDKAR UNIVERSITY, AGRA .Theory of incidence; Alternative concepts of incidence — Allocative and equity aspects of individualtaxes; Benefit and ability to pay approaches; Theory of optimal taxation; Excess burden of taxes;Tradeoff between equity and efficiency; Theory of measurement of dead weight losses; The problem ofdouble taxation.UNIT 4: Public DebtClassical view of public debt; Compensatory aspect of debt policy; Burden of public debt; Sources ofpublic debt; Debt through created money; Public borrowings and price level; Crowding out of privateinvestment and activity; principles of debt management and repayment.UNIT 5: Fiscal PolicyObjectives of fiscal policy — full employment, anti-inflation, economic growth, redistribution of incomeand wealth; Interdependence of fiscal and monetary policies; Budgetary deficits and its implications;Fiscal policy for stabilization — automatic vs. discretionary stabilization; Alternative measures ofresource mobilization and their impact on growth, distribution and prices; Balanced budget multiplier.Principles of multi-unit finance; Fiscal federalism in India; Vertical and horizontal imbalance; Assignmentof function and sources of revenue; Constitutional provisions; Finance Commission and PlanningCommission; Devolution of resources and grants; Theory of grants; Resource transfer from Union toStates — Criteria for transfer of resources; Centre-State financial relations in India; Problems of states’resources and indebtedness; Transfer of resources from Union and States to local bodies.Recommended Books• Atkinson, A.B. and J.E. Siglitz, Lectures on Public Economics, Tata McGraw Hill, New York.• Auerbach, A.J. and M. Feldstern, Handbook of Public Economics, Vol. I, North Holland,Amsterdam.• Buchanan, J.M., The Public Finances, Richard D. Irwin, Homewood.• Goode, R., Government Finance in Developing Countries, Tata McGraw Hill, New Delhi.• Houghton, J.M., The Public Finance : Selected Readings, Penguin, Harmondsworth.Page 63
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M.A. ECONOMICS (SEMESTER-WISE) - Dr BR Ambedkar University

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