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B.A. LL.B. (Five Years) Macro Economics, Policies and Practice Syllabus - SPPU 2026

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Syllabus for Macro Economics, Policies and Practice

Semester 2 · First Year · 4 credits

Objectives of the Course

i) To understand the basic concepts of Macro Economics; ii) To study the behavior of the economy; iii) To analyze the Macro Economic Policies and impact.

Module 01: Introduction to Macro Economics

1. Meaning, Scope, and Definition of Macro Economics
2. Interdependence between Micro economics and Macro economics
3. Interrelationship between various Macroeconomic Variables

Module 02: National Income

1. Circular Flow of Income- Two-sector and Three-sector Model
2. Meaning, concepts, and Definition of National Income: GDP, GNP, NNP, Personal Income, Disposable Income, Per Capita Income, etc.
3. An overview of measurement methods of National income
4. GDP as a measure of welfare

Module 03: Business Cycle and Inflation

1. Meaning of Business Cycle, Inflation, Deflation, Stagflation, Demand-pull and Cost-push inflation, multiplier, accelerator, etc.
2. Phases of business cycle: prosperity, recession, depression, and recovery
3. Policies for control of the business cycle: monetary and fiscal policy

Module 04: Output and Employment

1. Classical theory of employment
2. Keynesian theory of employment

Module 05: Government and the Macro Economy

1. Central Bank - Functions and Credit Control
2. Financing of Government expenditure- taxation
3. Public Expenditure: Union budget
4. Role of Union budget: Deficit Finance and growth

Module 06: International Trade

1. Meaning and definition of International Trade
2. Adam Smith- Absolute Advantage Theory, Ricardo- Comparative Advantage theory
3. Concept of Trade, Balance of Trade, and Balance of Payments
4. Free Trade Vs protectionism
5. Foreign Exchange Rate

Recommended Readings

1. Mankiw. N, Principles of Economics, Cengage Publications, Ninth Edition
2. Lipsey and Chrystal, Economics, Oxford publications.
3. Jhingan. M.L, Macro Economic Theory,
4. Ahuja, H. L., Macroeconomics Theory and policy, S. Chand and Company Ltd., New Delhi, 15th Edition, 2009.

Reproduced from the Savitribai Phule Pune University Revised Curriculum of Undergraduate Degree Programs of Law, the 2023 pattern as amended on 18 July 2024. Wording is as printed in that syllabus. Module numbering is as printed there too.

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