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
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

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
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.


1.A Text-book of Economics TheoryStonier & Hague
2.Economic DevelopmentTodaro, M.P.
3.Under Development and Agrarian Structure
in Pakistan
Khan, Mahmood Hassan
4.Economic of IslamAhmed, S.M.
5.EconomicsPaul A. Samuleson
6.Factors in Economic DevelopmentCairncross, A.K
7.Foreign Aid Theory and Practice in Southern
Wolf, Jr. DC
8.Government Finance—An Economic
Due John, F.
9.Introduction to International EconomicsSnider, D.A, Paul Krugman,
Donimich Salvatore
10.MicroeconomicFerguson, C.E. & Gould, J.P.,
Nicholson, Mankiw
11.MacroeconomicsRudigar Dorubush and Stanley
Fisher Blanchard
12.Population ProblemsTheompson & Lewis
13.Studies in Economic Development with
Special Reference to Pakistan
Ghouse, A.
14.History of International TradeFindlay, R and O’ Rourke, K
15.Colonialism and ModernizationKarl Marx Anchor books
16.On ColonialismKarl Marx and Frederick Engels,
17.Economic Survey of PakistanGovernment Publication


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