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Department of Economics

The Department of Economics has been committed towards developing human resources in the field of economics. Established in 1987, the Department of Economics at Murkong Selek College has been a cornerstone of academic excellence for over three decades. In 1992, we proudly introduced the major course in Economics, enriching our academic offerings and further solidifying our dedication to provide quality education in Economics. We are delighted to offer a Bachelor of Arts (B.A.) program in Economics, providing students with a comprehensive understanding of economic theories, policies, and practices. Our curriculum is designed to equip students with the knowledge and skills necessary to thrive in today’s competitive professional landscape. The course includes both theoretical analysis and quantitative reasoning.

Our department boasts a team of dedicated and experienced faculty members who are passionate about nurturing the intellectual growth of our students. Through their expertise and guidance, students are empowered to explore diverse economic perspectives and engage in meaningful academic discourse.

Filled with an extensive collection of books, our department library serves as a guiding light for students. Students are granted unrestricted access to the department library, empowering them to enrich their understanding of economics at any time.

Within our Economics Department, we proudly craft “ECONOMIA”, a captivating wall magazine that serves as a testament to our dedication to intellectual exploration and creative expression.

 

Former Faculty Members of the Department

Sri Purnananda Gogoi, M.A. Founder Faculty
Sri Rama Pegu

 

Present Faculty members of the Department

Manisha Das
Ananya Gogoi
Raju Deori Contractual

 

Total Intake Capacity : 60

 

We look forward to welcoming you to the Department of Economics at Murkong Selek, College, Jonai.

 

Programme Specific Outcomes

The programme specific outcomes of the Undergraduate Programme in Economics are listed below. After completing the programme, the students should be able to-

  • Understand the basics as well as advance concepts and theories of Microeconomics and Macroeconomics.
  • Understand the behavioral patterns of different economic agents, advance theoretical issues and their applications.
  • Acquaint the students with mathematical and statistical methods to be applied in the field of economics.
  • Understand the measurement of development with the help of theories along with the conceptual issues of poverty and inequalities with Indian perspectives.
  • Learn and review the developmental issues and sector specific policies of Indian economy.
  • Contribute to the academic advancement of the subject and society at large, pursue advanced studies in it.
  • Create novel approach/techniques for addressing the unresolved issues in Economics and other relevant disciplines.
  • Make predictions and estimations using econometric tools and economic models that can address problems from the real world.

 

Course Outcomes

The course objectives and outcomes of the Undergraduate Programme in Economics are outlined below.

Semester 1

ECOC1: Introductory Microeconomics (Major)
Objective: The objective of this course is to expose students to the basic principles of microeconomic theory; understand how the different forms of market structure works of both inputs and goods market thereby enabling them to have ample knowledge in entrepreneurship and producer’s decision-making process.
Outcomes: On completion of this Course, a student will be able to
1. Understand the economic tradeoffs and opportunities.
2. Understand the fundamentals of microeconomics.
3. Understand the basics of market mechanisms.

MINECO1: Elementary Microeconomics (Minor)
Objective: The objective of this course is to expose students to the basic principles of microeconomic theory; emphasize on the fundamentals of consumer behaviour, production, and cost theory.
Outcome: On completion of this Course, a student will be able to understand the fundamentals of market mechanisms and will be able to apply these microeconomics concepts to real-life situations.

GECECO1: Economic History of India (Generic Elective)
Objectives: The objectives of this course are to familiarize the students with the structure of the Indian economy in the colonial era and analyze the policies and performances of the economy during that time.
Outcome: After learning this course, students will be able to
1. Analyze key aspects of Indian economic development during the second half of British colonial rule.
2. Understand the place of the Indian economy in the wider colonial context.
3. Learn the mechanisms that linked economic development in India to the compulsions of colonial rule.

Semester 2

ECOC2: Introductory Macroeconomics (Major)
Objectives:
1. To help students know the meaning of macroeconomics and how the overall production of economy is computed.
2. To familiarize the students with concepts of aggregate demand and aggregate supply.
3. To introduce the students with the classical and Keynesian theories of employment and output determination.
4. To help students understand the meanings of money and other concepts related to money.
Outcomes:After completion of this course, the learner will be able to:
1. Understand what macroeconomics is all about and how it is different from microeconomics.
2. Assess the overall performance of economies on the basis of data related to macroeconomics indicators like GDP, deflator, capital formation, etc.
3. Analyse the changes in various components of aggregate demand and how such changes affect equilibrium output and employment.
MINECO2: Elementary Macroeconomics (Minor)
Objectives: 1. To help students know the meaning of macroeconomics and how the overall production of economy is computed;
2. To familiarize the students with concepts of aggregate demand and aggregate supply;
3. To introduce the students with the classical and Keynesian theories of employment and output determination; and
4. To help students understand the meanings of money and other concepts related to money.
Outcomes: After the completion of this course, the learner will be able to:
1. Understand what macroeconomics is all about and how it is different from microeconomics;
2. Assess the overall performance of economies on the basis of data related to macroeconomics indicators like GDP, deflator, capital formation, etc.
3. Analyse the changes in various components of aggregate demand and how such changes affect equilibrium output and employment;
4. To have a critical perspective on the money supply decision of RBI and its implication on the price level.
Contemporary Indian Economy (Generic Elective)
Objectives: The aim of this course is to acquaint the students with the contemporary issues of Indian Economy. Once the students complete the course, they will be able to deal with various issues related to Indian Economy which may help them in further academic endeavours.
Outcomes: At the end of the course the student should be able to:
1. Understand the current problems of Indian Economy.
2. Analyse the factors contributing to the recent state of the Indian Economy.
3. Analyse the sector specific policies adopted for achieving the aspirational goals.
4. Review various economic policies adopted.

Semester 3

C5: Essentials of Microeconomics (Honours)
Objectives: The objective of this course is to provide a sound training in microeconomic theory to formally analyze the behaviour of individual agents. To make them understand the basic concepts of the course by using mathematical tools.
Outcome: This course will allow the students to learn about the behaviour patterns of consumers and producers and also the behaviour of competitive firms.

C6: Essentials of Macroeconomics (Honours)
Objectives: 1. To introduce the students to formal modelling of a macro-economy in terms of analytical tools.
2. To discuss various alternative theories of output and employment determination in the short run as well as medium run, and the role of policy in this context.
3. To introduce the students to various theoretical issues related to an open economy.
Outcome: After completion of the course, the students will be able to deal with various theoretical issues related to an economy.
C7: Statistical Methods For Economics (Honours)
Objective: The objective of the course is to introduce the students with some basic concepts and terminology that are fundamental to statistical analysis and inference.
Outcome: After completion of the course, the student will be able to:
1. Understand the notion of probability, followed by probability distributions of discrete and continuous random variables and of joint distributions.
2. Understand various sampling techniques and statistical inferences.
GE3 (a): Indian Economy-I (Generic Elective)
Objective: The objective of the course is to review major trends in economic indicators and policy debates in India in the post-Independence period, with particular emphasis on paradigm shifts and turning points.
Outcome: The students will be able to grasp the emerging issues of the economy by following the latest trends of economic indicators along with the growth and distribution concepts.

Semester 4

C8: Advanced Microeconomics (Honours)
Objective: The course objective is to give conceptual clarity to students coupled with use of mathematical tools and reasoning. It covers general equilibrium and welfare, imperfect markets and topics under information economics.
Outcome: The course will help the students to learn about imperfect market, strategic decisions of firms, markets failures and its corrective measures.
C9: Advanced Macroeconomics (Honours)
Objective: The objective of the course is to introduce the students to long run dynamic issues like growth and technical progress. It also aims to provide the micro-foundations to the various aggregative concepts.
Outcome: After completion of the course, the students will be acquainted with various economic growth models and macroeconomic policies that are useful tools to measure countries potential growth and developments.
C10: Introductory Econometrics (Honours)
Objective: The course objective is to provide a comprehensive introduction to basic econometrics concepts and techniques. Outcome: The students will be able to understand various statistical concepts such as hypothesis testing, estimation and diagnostic testing of simple and multiple regression models.
GE4 (a): Indian Economy-II (Generic Elective)
Objective: The course objective is to examine sector-specific policies and their impact in shaping trends in key economic indicators in India.
Outcome: The students will be able to examine the policies in shaping the sectors of the economy and access their performances.

Semester 5

C11: Indian Economy-I (Honours)
Objective: The course objective is to review major trends in economic indicators and policy debates in India in the post-Independence period. Outcome: The students will be able to grasp the emerging issues of the economy by following the latest trends of economic indicators along with the growth and distribution concepts.
C12: Development Economics-I (Honours)
Objective: The course aims to comprehend the concepts and indicators of development, analyze different growth models, apply axiomatic basis for inequality measurement and discusses the role of state in economic development. Outcome: The students will be able to:
1. Understand the links between political institution and growth and inequality.
2. Understand about the informational and incentive problems that affect state governance.
DSE5: Money and Financial Markets (Honours)
Objective: The course aims to expose students to the theory and functioning of the monetary and financial sectors of the economy. Outcome: The students will get a profound knowledge about organization, structure and role of financial markets and institutions. They will understand about interest rate, monetary management and instruments of money control. The course also comprehends about financial and banking sector reforms and monetary policy with special reference to India.
DSE6: Public Economics (Honours)
Objective: The course deals with the nature of government intervention and its implications for allocation, distribution and stabilization. Outcome: The students will be able to:
1. Understand a host of topics such as government expenditure, taxation, public goods, market failures and externalities
2. Learn about the theory of public economics and Indian public finances including recent tax structure.

Semester 6

C13: Indian Economy-II (Honours)
Objective: The course objective is to examine sector-specific policies and their impact in shaping trends in key economic indicators in India. Outcome: The students will be able to examine the policies in shaping the sectors of the economy and access their performances.
C14: Development Economics-II (Honours)
Objective: The course gives an overview of the concepts and approaches to Economic Development. Outcome: The students will be able to :
1. Understand basic demographic concepts and their evolution during the process of development.
2. Understand the dynamics of land, labour and credit markets.
3. Understand the nexus between trade, globalization, environmental issues & sustainable development.
DSE8: Environmental Economics (Honours)
Objective: The course aims to focus on economic causes of environmental problems; in particular, how economic principles are applied to environmental questions and their management through various economic institutions, economic incentives and other instruments and policies. Outcome: The students will be able to:
1. Understand the linkage between the economy and the environment
2. Theoretically understand the causes of environmental problems
3. Analyse the alternative policy measures to deal with environmental issues
4. Compare the alternative valuation techniques for non-market environmental resources
DSE9: International Economics (Honours)
Objective: This course develops a systematic exposition of models that try to explain, composition, direction and consequences of international trade, and the determinants and effects of trade policy.
Outcomes: The students of this course will be able to :
1. Understand the traditional core theories of international trade an empirical challenges to these theories
2. Evaluate trade policies with references to effective gain and world welfare
3. Understand issues that dominate the international financial system
4. Understand the working of international monetary system & institutions.