Master of Commerce (M.Com.) Public Economics Syllabus - Mumbai University 2026

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Syllabus for Public Economics

Mandatory course · Semester 2 · M.Com. Business Economics · 4 credits

Module I: Introduction to Public Economics

(2 Credits)
Unit 1 Role of Government and Market Failure
Meaning, Definition and scope of public economics The role of government in the economy.
Functions of Public finance-Allocation, Distribution and Stabilization.
Market failures and the rationale for government intervention-Public Goods and Externalities:
Externalities and market inefficiency, Free rider problems, Theory of club goods.
Policy responses to externalities: taxes, subsidies, and regulations.
Unit 2 Taxation and Government Spending
Principles of taxation: equity, efficiency, and simplicity-Tax incidence and deadweight loss
Types of taxes: income, consumption, and wealth taxes. Government spending and public
finance.
Social Insurance and Welfare Programs- Social insurance: theory and practice.
Unemployment insurance, social security, and healthcare programs.
Welfare programs and income redistribution- Poverty and inequality: measurement and policy responses.

Module II: Fiscal Federalism and Public Choice (2 Credits)

Unit 3 Fiscal Federalism
Fiscal federalism: allocation of responsibilities and resources between levels of government. Centre State financial relations-vertical and horizontal imbalance.
Concept of deficit –FRBM act 2003, balanced budget multiplier.
Centre state financial relations in India - emerging challenges in India's fiscal
federalism. Finance commission - Niti aayog, Tax reform proposals: GST
Unit 4 Public Economics in Practice
The introduction and implementation of GST in India.-The fiscal implications of MGNREGA, including budgetary allocations implementation challenges, and the program's impact on poverty alleviation and rural development.
Assess the fiscal savings from subsidy rationalization and the challenges associated with targeting subsidies effectively. Infrastructure Development and Public-Private Partnerships
(PPPs), Examine the fiscal arrangements between the central and state governments
regarding GST compensation.
Wasteful expenditure- subsidies and rebates, Analysis of Union, state and local budgets, Policy debates and current issues public finance. (Case studies in public economics)

Suggested References

1 Atkinson A. B., and Siglitz J. E. (1980), Lectures on Public Economics, Tata MacGraw Hill, New York.
2 Buchanan, J. M. (1970), The Public Finances, Richard D.li-win, Homewood.
3 Brennan, J. and Flowers, Marilyn R.(1980), ‘All Ng up on Clubs: Some notes on the Current status of club theory’ , 8 (2) Public Finance Quarterly, 153-170
4 Chelliah, Raja J. (ED.) 1997, Towards, Sustainable Growth, Oxford University Press, New Delhi.
5 Dornbusch R., Fischer and Startz (1998), Macroeconomics, Mcgraw Hill, New York.
6 Goode R. (1986), Government Finance in Developing Countries, Tata McGraw Hill, New Delhi.
7 Jha, R. (1998), Modern Public Economics, Routledge, London.
8 Menutt, P. (1986), The Economics Of Public Choice, Edward Elgar, London.
9 Mishan E. J. (1982), Cost-Benefit Analysis: An Informal Introduction, George Allen and Unwin London.
10 Musgrave R. A. and Musgrave P. B. (2001), Public Finance in Theory and Practice, McGraw H Book Company, New Delhi.

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

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