Q No 1a
Examine the role of price elasticity of demand in determining the price set by a discriminating monopolist
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UPSC Economics Syllabus for Paper 1
The UPSC Economics optional syllabus for Paper 1 is predominantly conceptual and theoretical in nature, which can be advantageous for achieving high marks. However, due to the technicalities of the subject matter, it also requires a substantial portion of your optional subject preparation.
Macro Topic
Micro Topics
Advanced Micro Economics
- Approaches to Price Determination: Marshallian and Varrasiam.
- Alternative Distribution Theories; Ricardo, Kaldor, Kaleeki.
- Market Structure: Monopolistic Competition, Duopoly, Oligopoly.
- Modern Welfare Criteria: Pareto Hicks and Scitovsky, Arrow’s Impossibility Theorem, A. K. Sen’s Social Welfare Function.
Advance Macro Economics
- Approaches to Employment Income and Interest Rate determination:
Classical, Keynes (IS)-LM) curve, Neo-classical synthesis and New classical, Theories of Interest Rate determination and Interest Rate Structure.
Money-Banking and Finance
- Demand for and Supply of Money:
Money Multiplier Quantity Theory of Money (Fisher, Pique and Friedman) and Keynes Theory on Demand for Money
Goals and Instruments of Monetary Management in Closed and Open Economies.
Relation between the Central Bank and the Treasury.
Proposal for ceiling on the growth rate of money.
- Public Finance and its Role in Market Economy:
In stabilisation of supply, allocative, of resources and in distribution and development.
Sources of Government revenue, forms of Taxes and Subsidies, their incidence and effects.
Limits to taxation, loans, crowding-out effects and limits to borrowings.
Public expenditure and its effects.
International Economics
- Old and New Theories of International Trade:
Comparative advantage
Terms of Trade and Offer Curve
Product Cycle and Strategic Trade Theories
Trade as an engine of growth and theories of underdevelopment in an open economy.
- Forms of Protection: Tariff and quota.
- Balance of Payments Adjustment: Alternative Approaches.
Price versus income, income adjustments under fixed exchange rates.
Theories of Policy Mix.
Exchange rate adjustments under capital mobility.
Floating Rates and their Implications for Developing Countries: Currency Boards.
Trade Policy and Developing Countries.
BOP, adjustments and Policy Coordination in open economy macro-model.
Speculative attacks.
Trade Blocks and Monetary Unions.
WTO: TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.
Growth and Development
- (A) Theories of growth:
Harrod’s model
Lewis's model of development with surplus labour
Balanced Unbalanced Growth
Human Capital and Economic Growth
Research and Development and Economic Growth.
- Process of Economic Development of less developed countries:
Myrdal and Kuzments on economic development and structural change: Role of Agriculture in Economic Development of Less Developed Countries.
- Economic Development and International Trade and Investment, Role of Multinationals.
- Planning and Economic Development: Changing Role of Markets and Planning, Private-Public Partnership.
- Welfare indicators and measures of growth-Human Development Indices. The basic needs approach.
- Development and Environmental Sustainability-Renewable and Non-renewable Resources, Environmental Degradation, Intergenerational equity development.