Economics Notes | B.A. LL.B. (Five Year Course) Semester 1 | Mumbai University | munotes

Contents

Module I Foundation of Economics

1. What Economics Is 1
2. Why a Law Student Studies Economics 9
3. Microeconomics and Macroeconomics 14
4. Positive and Normative Economics 19
5. Demand and the Law of Demand 23
6. Elasticity of Demand 29
7. Income Elasticity, Cross Elasticity and What Elasticity Is For 35
8. Supply and the Law of Supply 41
9. How Demand and Supply Together Set a Price 48
10. Market Structure: The Four Forms 53
11. Perfect Competition 59
12. Monopoly 65
13. Monopolistic Competition 73
14. Oligopoly 79
15. The Circular Flow of Income 86
16. National Income: The Concepts 92
17. Measuring National Income 99
18. Green GDP and What GDP Leaves Out 105
19. The Difficulties of Measuring National Income in India 111
20. Trade Cycles and Their Phases 117
21. Why Trade Cycles Happen, and What Governments Do About Them 123

Module II Indian Economy

1. The Salient Features of the Indian Economy 131
2. Structural Change in the Indian Economy 139
3. The Three Phases of Indian Economic Policy 145
4. Indian Agriculture and Its Place in the Economy 151
5. The Causes of Low Agricultural Productivity 157
6. Government Measures to Raise Agricultural Productivity 164
7. Poverty and the Poverty Line 172
8. The Causes of Poverty in India 179
9. Poverty Alleviation Strategies 186
10. India's Population: Size and Composition 193
11. The Causes of High Population Growth 199
12. The Demographic Dividend 207
13. NITI Aayog: Why It Replaced the Planning Commission 214
14. The Structure of NITI Aayog 220
15. The Functions of NITI Aayog 226
16. Food Security: What It Means and How India Provides It 232
17. Recent Trends in Food Security 239
18. Industrial Policy Before 1991 246
19. The New Industrial Policy 1991 253
20. What the 1991 Policy Achieved, and What It Did Not 261
21. MSMEs: What They Are and Why They Matter 267
22. The Problems of MSMEs 273
23. Policies for MSMEs 282

Module III Financial Markets and Fiscal System

1. The Financial System: Two Markets, One Job 290
2. The Indian Money Market: Structure and Instruments 296
3. The Features and the Defects of the Indian Money Market 302
4. Recent Trends in the Indian Money Market 308
5. The Indian Capital Market: Structure 316
6. Features of the Indian Capital Market and the Role of SEBI 322
7. The Growth of the Indian Capital Market 329
8. What Money Is, and Why Its Supply Is Measured 335
9. The Measures of Money Supply in India 342
10. What Determines the Money Supply, and How the RBI Controls It 349
11. Public Finance and the Shape of the Indian Tax Structure 357
12. Direct Taxes in India 364
13. Indirect Taxes and the Goods and Services Tax 371
14. The Sources of Public Revenue 379
15. Public Expenditure and Its Classification 386
16. Why Public Expenditure Grows 393
17. Deficits, Public Debt and the FRBM Act 400
18. Fiscal Federalism: How the Constitution Divides Money 409
19. The Finance Commission 418
20. The GST Council, Grants and State Borrowing 430

Module IV External Sector

1. India's Foreign Trade Before 1991 441
2. Structural Changes Since 1991: What India Buys and Sells 450
3. Structural Changes Since 1991: Volume, Direction and Services 458
4. The Balance of Payments: What It Is 467
5. The Structure of the Balance of Payments 475
6. Disequilibrium in the Balance of Payments 482
7. Correcting a Disequilibrium 491
8. The World Trade Organization 501
9. SAARC 511
10. BRICS 521
11. Commercial Trade Policy 533
12. India's Trade Policy: The Institutions and the Current Policy 545