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

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Syllabus for Economics of Services

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

Module I: Introduction to Economics of Services and its Measurement. (2 Credits)

Unit 1 Scope and Significance of Economics of Services Relationship between Economic Growth and Services, Shift to Service Sector - Nature, Characteristics and Classification of services; Activities in the Service Sector; Estimating its contribution to GDP in different Developed and Developing Countries Service Economy- Concept and its role in development, Knowledge-Economy- Concept and Characteristics, Innovation and R&D Theory of Unbalanced Growth Three Sector Hypothesis, Fuchs model of inter-sectoral shift in employment, , Neo-Industrial Theory of Self-Services
Unit 2 Value and Measurement of Services
Calculation of the value of a service product, the definition of a unit of service, characteristics of nonmarket Services, Service production and distribution costs
The provision of services in a market economy, Subscription Business model
Measurement of output and productivity in the services sector; issues and measures

Module II: Service Sector in India and World Trade (2 Credits)

Unit 3 The growth of the service sector in India
Dynamics of services sector growth in India, Three-sector hypothesis and India, Role of service in the Indian Economy, Decomposition of Services sector growth in India and its implications.
Business services, financial services, trading, construction, tourism, IT and ITES in India, and e-commerce.
FDI in the Service Sector, Inter-Sectoral Shift in Employment, Service Sector and Employment
Prospects for Women.
Unit 4 World Trade and Service Sector
Basic Economics of Trade in Services –Causes of Trade in Services, Pattern of Trade in Services, Melvin Approach to Trade in Services, Jones and Ruane theory of trade in services;
General Agreement on Trade in Services (GATS), GATS and Mode of Supply of Services
Barriers to trade in services and Methods to measure them; Regionalism in Trade in Services, World trade in Services
Financial Services and International Trade Agreements, Trends in India’s Trade in Services

Suggested References

1 Akehurst, G. and J. Gadrey, The Economics of Services, Routledge.
2 Maroto-Sanchez, “Growth and productivity in the service sector, the state of the art”, Institute of Social and Economic Analysis, WP No.07/2010, 2010. http;//www.iaes.es/iuressp/publications.htm
3 Baumol, W.J., Blackman, S.A. Batey and Wolff, E.N., Unbalanced Growth Revisited: Asymptotic Stagnancy and New Evidence. American Economic Review 75:806-17, 1985.
4 Bosch, G., & Lehndorff, S. (Eds.). (2005). Working in the Service Sector: A Tale from Different Worlds (1st ed.). Routledge.
5 Chanda, R., Trade in Services and India: Prospects and Strategies, Wiley India, 2006
6 Chanda, R., Globalization of Services: India's Opportunities and Constraints, Oxford University Press, New Delhi, 2002
7 Fuchs, V., Economic Growth and the Rise of Service Employment, Prepared for the conference.
8 Towards Explaining Economic Growth, Institute of World Economics, Kiel, Federal Republic of Germany, 1980.
9 Glasmeier, A. and Howland, M., Service-led Rural Development: Definitions, Theories and Empirical Evidence, International Regional Science Review, 16, 197-229, 1994
10 Gordon, J. and P. Gupta, Understanding India’s Services Revolution, IMF Working Paper WP/04/171, September, 2004
11 Hindley, B. and A. Smith, Comparative Advantage and Trade in Services, World Economy, December, 7(4), 369-89, 1984
12 Jansson, J. O., The Economics of Services, Development and Policy, Edward Elgar Publishing,2006
13 Mattoo, A, Robert S., and Gianni Z. (Eds) (2008), A Handbook of International Trade in Services, Oxford Academic,.
14 Mattoo, A., R. Rathindran, and A. Subramanian, Measuring Services Trade Liberalization and Its impact on Economic Growth: An Illustration. Policy Research Working Papers. No.2655, The World Bank, Washington, D.C., 2001
15 Melvin, J. R., Trade in Producer Services: A Heckscher-Ohlin Approach, Journal of Political Economy, 97(5), October, 1180-1196, 1989.
16 Pattanaik, F., & Nayak, N.C. (2011). Employment Intensity of Service Sector in India: Trend and Determinants.
17 Schettkat, Ronald & Yocarini, Lara. (2003). The Shift to Services: A Review of the Literature. Institute for the Study of Labor (IZA), IZA Discussion Papers. 10.2139/ssrn.487282.
18 Seth, V. K., Economics of Services, Ane Books India, 2007

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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