MA in Economics

Programme Description

The Masters Programme in Economics will attempt to provide students with a rigorous and in-depth advanced training in economic analysis, with a particular emphasis on equipping them with the ability to comprehend and think about contemporary economic issues including the challenges confronting developing countries like India. It will equip students for careers in government agencies, the corporate and financial sectors, development organisations, the media, and also in academia (including further studies).

The programme will draw on different theoretical perspectives and traditions within the discipline, bring in perspectives from outside the discipline on contemporary social phenomenon, and use creative pedagogical approaches to offer a well-rounded training that would enable students to achieve a variety of objectives simultaneously: in keeping with the University’s vision, develop a socio-political and historical perspective on the economy and the discipline which analyses it; master the quantitative techniques which are used extensively in economic analysis; understand and learn to analyse contemporary economic issues at the global and national levels; and acquire skills for absorbing and communicating economic ideas on the ‘social’.

The first two semesters will focus on the core courses - which provide a mix of economic theory, quantitative techniques, economic history, and analysis of concrete development problems with a component focused specifically on India. To lay the disciplinary foundation of the MA, core discipline based courses in the first semester will be followed in the second semester by a broadening towards a mix of disciplinary grounding and interdisciplinary components of economics. In the third and the fourth semesters, the mix of core and elective courses will build on these foundations to complement interdisciplinary perspectives and enable students to develop an element of specialisation in their preferred areas.


Macroeconomics I and II will cover the evolution of the main body of macroeconomic theories both with reference to the setting towards which they are oriented - of a developed capitalist economy - and its changing context with a focus on macroeconomics of developing countries like India along with and in conjunction with the macroeconomics of the global economy.

Microeconomics I and II would cover theories of utility, production and cost, and strategies of firms under perfect and imperfect competition along with general equilibrium models and social welfare.

Introduction to Research Methods and Econometrics aims to train students in application of statistical methods for data analysis. It will focus on empirical investigation of relationships drawing on different frameworks and methods. The course will equip students with quantitative skills for analysis of both primary and secondary data with an understanding of the concepts and principles underlying the methods, and how to apply them to real world data. The course will also equip students with necessary computer skills.

International Trade and Capital Flows aims to examine the significant contemporary features of international economic relations placed within a broader historical and theoretical context by focussing on two pillars of international economic relations – trade and finance. It shall cover different theories | 10 | of international trade, balance of payments and capital flows, and the political economy of external sector policies. It will discuss different historical perspectives and economic theories on trade, finance and economic development that have shaped opinion, policy and outcomes in the contemporary world.

Theories of Value and Distribution shall look at the divide between Classical and Neoclassical theories of value and distribution. These schools and the theories that make them up will be discussed with reference to the contexts in which they emerged and developed, the differences in their premises and the fundamental questions they are designed to answer, and the critiques advanced of them.

Development Economics shall discuss the contemporary challenges facing developing countries in the age of globalisation through a comprehensive discussion of the thinking on and experience of Third World development since the mid-twentieth century, and the continuities and changes in their situations.

Capitalism, Colonialism and Development is a core economic history component of the programme and shall explore the political economy of development and underdevelopment in relation to the role of colonialism in the history of capitalism. A part of the course will be devoted to the study of British and Indian economic histories during the period of colonialism in a unified framework.

Indian Economy shall discuss the historical evolution and contemporary situation of a variety of issues arising in the process of the attempted transformation of India’s low-income agriculture-dominated economy after independence. Problems of industrial development and the role of services, the agrarian situation, employment, poverty and inequality, etc. shall be discussed with reference to the changing economic policy context.

Elective courses: These would be offered from amongst a large set of possible courses which can be broadly classified into three groups:

1. Specialisation within the discipline of Economics
2. Specialisation across more than one discipline
3. Courses which would be intersecting the boundaries of 1 and 2.

Many of these courses would be of interest and accessible to students in other MA programmes at | 11 | AUD. These courses would be spread across many areas – advanced quantitative techniques; advanced  economic theory and general equilibrium analysis; monetary economics, public finance; economics of  the financial sector; industrial organisation; agricultural economics, growth and dynamics; development and the Indian economy; economic history, history of economic thought and political economy; energy,  natural resources and environmental economics; labour economics; economics of gender, economics of institutions, economics of marginalisation and discrimination, research methods, etc. The elective courses would also include courses offered within the School of Liberal Studies (including those that may be offered by programmes other than Economics, like Mathematics, History, Sociology, Psychology, Literature, etc.)  as well as courses offered by or in collaboration with other schools such as the School of Development Studies or the School of Human Ecology. The details of the Elective Courses will be finalised shortly.

Support Modules in Quantitative Analysis and Research Skills Development: These would be noncredit based modules delivered through workshops over the course of the MA programme to equip students with academic skills for developing quantitative analytical capability, writing skills and effective use of library and computing resources.

For queries contact Dr Arindam Banerjee at

Programme Structure


Eligibility: Bachelor’s degree with 45% marks (or an equivalent grade) from a recognised University. There
will be a relaxation of 5% for candidates belonging to SC, ST and PD categories.



Fee Structure

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Admission Procedure

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