Economics Paper-I (100 Marks)
I. Micro Economics
Consumer behaviour, Determination of market demand and supply i.e. concept of
elasticity of Demand & Supply, Static, Comparative Static Analysis, Distinction between
partial and general equilibrium analysis (basic level), theory of the Firm, Producer’s
equilibrium, Pricing of the factors of production
II. Macro Economics
Basic Economic Concepts, National Income Accounting, Consumption Function,
Multiplier, Accelerator, Component of Aggregate Demand, Labour Demand and Supply,
Un-Employment, Determination of equilibrium level of income and output (at least with
reference to two or three “schools of thought”), Inflation.
III. Money and Banking
Functions of Money, Quantity Theory of Money, The Fisher and Cambridge
Formulations, Systems of note issue, Credit Creation, Functions of Central
Banks, Instruments of Credit Control, Distinction between Goals, Operational &
Intermediate Target of Central Banks Policy, Concept of Reserves, Liquidity Premium,
Term Structure of Interest Rate, etc; Transmission Mechanisms of Monetary Policy,
Theory of Liquidity Preference. TVM, Capital Structure, Capital Restructuring, IS-LM
Analysis and The role of Central Bank, Money Demand and Supply.
IV. Public Financing
Government expenditure, Sources of Government Revenue, Privatization, Taxes and nontaxes, Incidence of different taxes, Public Debt, Objectives, methods of repayment,
Deficit financing, General Equilibrium Analysis, Welfare Economics, Fiscal Policy.
V. International Trade
Theories of comparative advantage and Factor Endowments, Trade & Growth,
Colonialism, Imperialism and International Trade, Trade Restrictions, Economic
Integration, Trade Policy, Balance of Payments, Foreign Exchange, International
Monetary system, Custom Unions.
VI. Economic Development
Concepts of development, Human development, Historical growth process and
Development, Theories of development, structural issues of development, Income
distribution and poverty, sectoral (agricultural, Industry, trade and fiancé) issues and
development, environment and development.
Paper-II (100 Marks)
(Economics of Pakistan)
I. Definition and Measurement of Development: Characteristics of under
development, rethinking on the concept of development: Growth vs. Redistributive
justice, Absolute and Relative Poverty, Basic Needs Approach, Sustainable Development,
Environmental Degradation & other Issues.
| II. | Planning Experience of Pakistan: | A critical evaluation of the strategy of |
| economic planning, governance & Institutions. | ||
| III. | Agricultural Development in Pakistan: Changes in Agricultural Policies over plan |
periods, Major Monetary and Fiscal measures to promote Agricultural development,
Green Revolution Strategy and its implications for growth and redistribution, Land
Reforms and changes in the Tenure System 1950—1980, Cooperative Farming, Rural
Development.
IV. Industrial Development in Pakistan: Early industrialization strategy,
Creation of Financial and Development Institutions, Major monetary and fiscal
measures to promote industrial development, changing role of public sector over the plan
periods, Evaluation of Nationalization Policy, Concentration of industrial income and
wealth, Evaluation of Import Substitution Policy and Export led Growth Strategy in
Pakistan.
V. Role of Foreign Trade and Aid in Economic Development : Trends in Pakistan’s
Balance of Payments, Terms of Trade, Changes in direction of trade, Trends in Pakistan’s
major exports and imports, Causes of significant changes in the trends, the role of
migration and remittances in Pakistan’s economy, costs and benefits of Foreign Aid, Role
of Foreign Investment.
| VI. | Privatization, Denationalization, Deregulation: conceptual and operational |
| aspects. International comparisons. Pakistan Experience of Privatization. | |
| VII. | Interest Free Banking in Pakistan |
| VIII. IX. | Energy Policy of Pakistan Social Sector Development in Pakistan |
X. Major Issues in Pakistan Economy: Energy crisis, Corruption, Bad governance,
External debt accumulation and dependency, Unemployment, Income inequality, Inflation,
Fiscal and trade deficits, Balance of payment issues, Shortage of irrigation water.
SUGGESTED READINGS
| S.No. | Title | Author |
| 1. | A Text-book of Economics Theory | Stonier & Hague |
| 2. | Economic Development | Todaro, M.P. |
| 3. | Under Development and Agrarian Structure in Pakistan | Khan, Mahmood Hassan |
| 4. | Economic of Islam | Ahmed, S.M. |
| 5. | Economics | Paul A. Samuleson |
| 6. | Factors in Economic Development | Cairncross, A.K |
| 7. | Foreign Aid Theory and Practice in Southern Asia | Wolf, Jr. DC |
| 8. | Government Finance—An Economic Analysis | Due John, F. |
| 9. | Introduction to International Economics | Snider, D.A, Paul Krugman, Donimich Salvatore |
| 10. | Microeconomic | Ferguson, C.E. & Gould, J.P., Nicholson, Mankiw |
| 11. | Macroeconomics | Rudigar Dorubush and Stanley Fisher Blanchard |
| 12. | Population Problems | Theompson & Lewis |
| 13. | Studies in Economic Development with Special Reference to Pakistan | Ghouse, A. |
| 14. | History of International Trade | Findlay, R and O’ Rourke, K |
| 15. | Colonialism and Modernization | Karl Marx Anchor books |
| 16. | On Colonialism | Karl Marx and Frederick Engels, |
| 17. | Economic Survey of Pakistan | Government Publication |