Departments - Rajiv Gandhi Government College Chaura Maidan, Shimla H.P 171001

Departments.

Established in the year 1984, the Department of Economics offers economics courses to students pursuing the Bachelor of Arts (B.A.) and Bachelor of Commerce (B.Com.) degrees from the institution. In the year 2013, on the directions of the Himachal Pradesh University, the department starts offering a bachelor's degree in arts with economics as a major or minor subject under the choice-based credit system. After the adoption of the UGC-based ChoiceBased Credit System by the Himachal Pradesh University, the programme structure and curriculum of the department underwent major changes in the year 2016. The curriculum of the department was again changed in the year 2018, with Himachal Pradesh University shifting from a semester to an annual system. At present, the department of Economics offers an undergraduate programme of Bachelor of Arts (B.A.) with economics as a major or minor subject. The courses offered by the department of economics inculcate employability skills and enhance the critical thinking and cognitive skills of the students, by integrating values and entrepreneurial skill.

At present, more than 300 students, from both the arts and business streams, are enrolled in the department. All students registered in the department who have economics as a major or minor subject of study are eligible to join the department's active subject society “Kotshera Economics Society (KES)”. The KES organises competitions, seminars, and workshops on current economic issues for students.

The "Planning Forum" section of the college magazine provides an opportunity for students to express their views and opinions on contemporary economic issues. Students actively contribute articles to the section, with one of the students acting as the student editor.

During graduation, the students are also encouraged to undertake small research-based assignments. The aim of these projects is to provide exposure to students about the basics of research, such as questionnaire preparation, data collection, data handling, data analysis, and report writing.

With the assistance of committed faculty members, the department strives for excellence in teaching, learning, and research. The department's faculty members work very hard to maintain good academic record. Additionally, they actively participate in the publication of research papers, faculty development programs, orientation programs, seminars, conferences, etc., in addition to providing the institution with full involvement, dedication, and commitment in a variety of capacities.

A Bachelor of Arts (BA) degree in Economics is designed to provide students with a broad range of skills and knowledge in areas like theory, institutional context, data analysis, critical thinking, communication, and economic citizenship. The program emphasizes analytical and critical thinking skills, along with quantitative reasoning, data analysis, and research skills. The program has specific essential learning goals and skills for each course, which include acquiring critical thinking, communication, and social and personal responsibility. The program further aims to instil ethical principles and a sense of professional ethics and responsibilities in the students. The following are some common program outcomes for a BA in Economics:

Knowledge of economic principles: Students will have a strong foundation in microeconomics, macroeconomics, econometrics, and other related topics.
Analytical skills: Students will develop the ability to analyze economic data and models, and to evaluate economic policies and issues.
Research skills: Students will gain the skills necessary to conduct economic research, including the ability to design and implement research projects, analyze data, and write research reports.
Communication skills: Students will develop effective communication skills, including the ability to write clear and concise reports, make effective presentations, and work collaboratively with others.
Critical thinking skills: Students will be able to identify and evaluate economic issues, analyze alternative solutions, and make informed decisions.
Global perspective: Students will develop a global perspective on economic issues, including an understanding of the international economic environment, and the impact of globalization on economic policy.
Career readiness: Students will be prepared for a range of careers in the public, private, and non-profit sectors, including positions in finance, consulting, government, international organizations, and academia.

Overall, a BA in Economics provides students with a solid foundation in economics and related disciplines, preparing them for a variety of careers in the field.

Faculty Name	Designation	~
Dr. Rakesh Kumar Sharma	Associate Professor	Profile
Dr. P.L. Verma	Assistant Professor	Profile

There are four types of courses offered by the department. The list of courses with course code is as follows:

A. Discipline Specific Core (DSC) Courses

Year	Course Name	Course Code
BA – I Year	Principles of Microeconomics–I Principles of Microeconomics– II	ECONA101 ECONA102
BA – II Year	Principles of Macroeconomics–I Principles of Macroeconomics–II	ECONA201 ECONA202

B. Discipline Specific Elective (DSE) Courses

Year	DSE	Course Name	Course Code
BA – III Year	Group-I (Any one out of four)	Indian Economy	ECONA301
		Economic History of India 1857 –1947	ECONA302
		Economy of Himachal Pradesh	ECONA303
		Basic Econometrics	ECONA304
	Group-II (Any one out of four)	Development Economics	ECONA305
		International Economics	ECONA306
		Mathematical Economics	ECONA307
		Economic Systems	ECONA308

C. Skill Enhancement Courses (SEC)

Year	SEC	Course Name	Course Code
BA – II Year	Group-I (Any one)	Statistical Methods–I	ECONA203
	Group-I (Any one)	Economics of Rural Development	ECONA204
	Group-II (Any one)	Statistical Methods–II	ECONA205
	Group-II (Any one)	Demography	ECONA206
BA – III Year	Group-I (Any one)	Research Methodology	ECONA309
	Group-I (Any one)	Public Finance	ECONA310
	Group-II (Any one)	Money& Banking	ECONA311
	Group-II (Any one)	Project Work	ECONA312

D. Generic Elective Courses (GEC)

Year	GEC	Course Name	Course Code
BA – III Year	GEC-I	Economy of Himachal Pradesh	ECONA313
	GEC-II (Pick any one)	Indian Economy	ECONA314
		Development Economics	ECONA315
		Environmental Economics	ECONA316

NOTE: The students of BA Economics will select Any Two Generic Elective Courses form Unrelated Discipline(s)/Subject(s) other than Economics and their second subject of study.

Principles of Microeconomics – I & II (ECONA101 & ECONA102)

The Principles of Microeconomics course aims to provide students with a strong foundation in microeconomic theory and its applications to real-world issues, while also fostering critical thinking, problem-solving, and analytical skills. Some common learning objectives of studying Microeconomics include:

Understanding the basic principles of microeconomics: Students should be able to explain the fundamental concepts of microeconomics such as supply and demand, elasticity, consumer behaviour, production costs, and market structures.
Analyzing the behaviour of consumers and firms: Students should be able to analyze the decisions made by consumers and firms in different market settings and understand how they interact with each other.
Applying economic theory to real-world problems: Students should be able to apply microeconomic theory to real-world issues such as pricing, production decisions, and government policies.
Evaluating the efficiency and equity of market outcomes: Students should be able to assess the efficiency and equity of market outcomes and understand the role of government intervention in correcting market failures.
Developing critical thinking and problem-solving skills: Students should be able to use economic reasoning to analyze and solve problems, evaluate different perspectives, and make informed decisions.

Principles of Macroeconomics – I & II

Principles of Macroeconomics course aims to provide students with a strong foundation in macroeconomic theory and its applications to real-world issues, while also fostering critical thinking, problem-solving, and analytical skills. Specific course outcome of Principles of Macroeconomics are:

Understanding the basic principles of macroeconomics: Students should be able to explain the fundamental concepts of macroeconomics such as national income, inflation, unemployment, and economic growth.
Analyzing the behavior of the overall economy: Students should be able to analyze the behavior of the overall economy and understand how changes in economic variables such as interest rates, government spending, and international trade affect economic performance.
Understanding the role of government in the economy: Students should be able to understand the role of government in the economy, including its use of fiscal and monetary policies to stabilize the economy and promote economic growth.
Applying economic theory to real-world problems: Students should be able to apply macroeconomic theory to real-world issues such as economic development, income inequality, and environmental sustainability.

Indian Economy

Indian Economy course aims to provide students with a comprehensive understanding of the Indian economy, its policies and institutions, and the challenges it faces, while also fostering critical thinking, problem-solving, and analytical skills. Some common learning objectives of studying Indian Economy includes:

Understanding the structure of the Indian economy: Students should be able to understand the structure and composition of the Indian economy, including the sectors that contribute to economic growth, employment, and income.
Analyzing the performance of the Indian economy: Students should be able to analyze the macroeconomic performance of the Indian economy, including trends in economic growth, inflation, unemployment, and balance of payments.
Understanding the economic policies and institutions in India: Students should be able to understand the economic policies and institutions in India, including the role of the Reserve Bank of India, the Ministry of Finance, and other government bodies.
Examining economic issues and challenges in India: Students should be able to examine and analyze economic issues and challenges facing India, such as poverty, inequality, regional disparities, and environmental sustainability.

Economic History of India 1857 –1947

The Economic History of India course aims to provide students with a deep understanding of the economic development of India, its policies and institutions, and the challenges it has faced over time. The course outcomes for Economic History of India include:

Understanding the economic development of India: Students should be able to understand the economic history of India, including its pre-colonial, colonial, and post-independence phases.
Analyzing the economic policies and institutions in India: Students should be able to analyze the economic policies and institutions in India, including the role of the state, the impact of globalization, and the challenges facing the Indian economy.
Examining the economic structure and composition of India: Students should be able to examine the structure and composition of the Indian economy, including the sectors that contribute to economic growth, employment, and income.
Understanding the social and political context of Indian economic history: Students should be able to understand the social and political context of Indian economic history, including the impact of caste, religion, gender, and political movements on economic development.
Developing critical thinking and problem-solving skills: Students should be able to use historical and economic reasoning to analyze and solve problems, evaluate different perspectives, and make informed decisions.

Economy of Himachal Pradesh

The objective of studying the economy of Himachal Pradesh is to understand the economic growth and development of the state. The economy of Himachal Pradesh is driven by various sectors, including agriculture, horticulture, tourism, hydropower, and manufacturing. Studying the economy of Himachal Pradesh can provide insights into the state's economic policies, the impact of government initiatives, and the challenges faced by different sectors. It can also help in identifying the opportunities for investment and business in the state. Additionally, studying the economy of Himachal Pradesh can contribute to a better understanding of the regional economy and its linkages with the national economy.

Basic Econometrics

The Basic Econometrics aims to equip students with the necessary skills and knowledge to apply econometric methods in research and practical problem-solving. Some common course outcomes of Basic Econometrics are:

Understanding the fundamental concepts and methods of econometrics, including linear regression analysis, hypothesis testing, and statistical inference.
Understanding the assumptions and limitations of econometric models and their application in real-world scenarios.
Ability to conduct basic econometric analysis and interpret the results.
Understanding the importance of econometrics in decision-making processes, such as policy formulation and evaluation.
Understanding the ethical considerations in econometric analysis, such as data privacy and confidentiality.
Developing critical thinking skills to evaluate econometric models and their relevance in different contexts.
Developing communication skills to present econometric analysis and findings in a clear and concise manner to diverse audiences.

Development Economics

Studying Development Economics can provide learners with a deep understanding of the economic factors that shape the growth and development of nations. The course typically covers topics such as poverty, inequality, economic growth, and globalization, among others. Some of the course outcomes of studying Development Economics may include:

Knowledge of economic development theories: Students will gain an understanding of various theories and models used to explain economic development and growth, such as the Harrod-Domar model, the Solow model, and the endogenous growth theory.
Understanding of poverty and inequality: The course will enable students to comprehend the causes and consequences of poverty and inequality in developing nations, including the role of institutions, education, and health.
Familiarity with policies for promoting development: Students will learn about different development policies and interventions, including microfinance, trade policies, foreign aid, and debt relief.
Ability to analyze economic data: The course may equip students with the skills to analyze and interpret economic data to evaluate the effectiveness of development policies and programs.
Understanding of the role of institutions and governance: The course will introduce students to the importance of good governance and institutions in fostering economic development, as well as the challenges of corruption and political instability.
Global awareness: Students may gain an appreciation for the diversity of economic experiences across the world and the interconnectedness of global economic systems. They may also develop an awareness of the ethical implications of development policies and their impact on marginalized communities.

Overall, studying Development Economics can provide students with a comprehensive understanding of the challenges and opportunities faced by developing nations and the role of economic policies in fostering sustainable growth and development.

International Economics

Studying International Economics provides students with a valuable and highly relevant skill set for understanding and analyzing the complex dynamics of the global economy. Some of the major course outcomes of studying International Economics are:

Understanding the global economy: International Economics provides an understanding of how different countries and regions interact in the global economy. It helps students comprehend the factors that affect international trade, investment, and financial flows.
Career opportunities: Knowledge of International Economics can open up career opportunities in various fields such as international finance, trade negotiations, international business, international development, and government agencies.
Analyzing economic policies: International Economics provides students with tools to analyze and evaluate international economic policies, such as trade agreements, monetary policy, exchange rate regimes, and capital flows.
Develop critical thinking skills: Studying International Economics develops critical thinking skills as it involves analyzing and evaluating the impact of economic policies and events on different countries and regions.
Understanding globalization: International Economics provides an understanding of the benefits and challenges of globalization, such as the impact of free trade on different countries and regions, the role of multinational corporations, and the importance of global institutions like the World Trade Organization.
Personal and professional growth: Studying International Economics exposes students to diverse perspectives, cultures, and global issues, enhancing their personal and professional growth.

Mathematical Economics

Mathematical Economics is a field of study that applies mathematical methods to economic analysis. Studying Mathematical Economics can provide students with a strong foundation in mathematical methods and their application to economic analysis, enhancing their analytical skills and preparing them for further study or a career in economics. Some of the course outcomes of studying Mathematical Economics:

Analytical and problem-solving skills: Studying Mathematical Economics can enhance students' analytical and problem-solving skills, enabling them to apply mathematical techniques to analyze economic problems and phenomena.
Understanding of economic modeling: Students will learn to construct mathematical models to represent economic situations and phenomena, and apply them to real-world situations.
Proficiency in mathematical methods: The course may equip students with mathematical methods such as calculus, linear algebra, and optimization theory, which are fundamental to advanced economic analysis.
Familiarity with game theory: Students will learn about game theory and its applications to economic situations such as auctions, market competition, and strategic decision-making.
Ability to read and interpret economic literature: Studying Mathematical Economics can help students develop the ability to read and interpret economic literature that uses mathematical methods and concepts.
Understanding of econometrics: Students may gain familiarity with econometric methods and their applications to economic analysis, such as regression analysis and time series analysis.
Preparation for graduate studies: Mathematical Economics is a foundational course for many graduate programs in economics and related fields. Students who complete this course will be well-prepared for further study in these areas.

Economic Systems

Economic Systems is a field of study that examines the different ways in which societies organize and allocate resources. The course typically covers topics such as market economies, command economies, mixed economies, and comparative economic systems. Some of the course outcomes of studying Economic Systems:

Understanding of different economic systems: Students will gain an understanding of different economic systems, including their characteristics, advantages, and disadvantages.
Knowledge of economic history: The course may cover the historical development of economic systems, such as the transition from feudalism to capitalism or the rise of socialist economies.
Analytical skills: Students will learn to analyze and evaluate economic systems, including their efficiency, equity, and stability.
Familiarity with economic concepts: The course may introduce students to key economic concepts such as supply and demand, price determination, and production.
Understanding of international trade: Economic Systems may cover the role of international trade in different economic systems, including the impact of globalization on economic systems around the world.
Comparative analysis: Students will learn to compare and contrast different economic systems, identifying similarities and differences in their organization, institutions, and outcomes.
Critical thinking skills: By examining different economic systems and their strengths and weaknesses, students will develop critical thinking skills that enable them to evaluate economic arguments and evidence objectively.

Overall, studying Economic Systems can provide students with a comprehensive understanding of different economic systems and their implications for society. It can also develop analytical and critical thinking skills that are valuable in a wide range of careers and fields.

Statistical Methods – I & II

Statistical methods are an essential tool for empirical research in economics. Studying Statistical Methods can provide students with the skills and knowledge necessary to analyze data and make informed decisions based on statistical evidence. Some major course outcomes of studying Statistical Methods:

Understanding of statistical concepts: Students will learn key statistical concepts such as central tendency, dispersion, time series, index numbers, statistical inference, hypothesis testing, and regression analysis.
Knowledge of research design: Students will learn about research design and how to use statistical methods to analyze data in different research settings.
Ability to interpret and communicate statistical results: Students will learn how to interpret statistical results and communicate findings to a non-technical audience.
Critical thinking skills: Studying Statistical Methods can develop critical thinking skills that enable students to evaluate statistical claims and arguments and make informed decisions based on data.
Preparation for further study: The course provides a foundation for further study in advanced statistical methods, econometrics, and other fields that use statistical analysis.

Economics of Rural Development

The Economics of Rural Development is a field of study that focuses on the economic development of rural areas. It examines the economic, social, and political factors that influence the development of rural areas, and the policies and strategies that can promote economic growth and development in these regions. Course outcomes of studying Economics of Rural Development are:

Understanding of rural economies: Students will gain an understanding of rural economies, including the characteristics of rural areas, the role of agriculture, and the challenges and opportunities facing rural areas.
Knowledge of rural development policies: The course may cover the history of rural development policies, including government programs and initiatives that have aimed to promote rural economic growth and development.
Analytical skills: Students will learn to analyze and evaluate rural development policies and strategies, including their effectiveness and potential impact.
Familiarity with agricultural economics: The course may introduce students to key concepts in agricultural economics, such as farm production and management, land use, and agricultural markets.
Understanding of rural communities: The course may cover the social and cultural dimensions of rural communities, including the role of social networks and institutions in rural development.
Preparation for careers in rural development: Studying Economics of Rural Development can prepare students for careers in rural development, including roles in government agencies, NGOs, and private sector organizations that work to promote rural economic growth and development.

Demography

Demography is the study of human populations, including their size, composition, and distribution, as well as the social, economic, and environmental factors that influence population change. Course outcomes of studying Demography:

Understanding of population dynamics: Students will gain an understanding of population dynamics, including birth rates, death rates, and migration patterns, and the ways in which these factors influence population growth and change.
Knowledge of demographic methods: The course may cover demographic methods and techniques, including data collection, analysis, and interpretation, as well as demographic models and projections.
Familiarity with social and economic factors: Students will learn about the social and economic factors that influence population change, including education, income, and access to healthcare.
Understanding of population policy: The course may cover population policy, including government policies related to population growth, family planning, and immigration.
Knowledge of population aging: Students may learn about the demographic shift towards an older population and the economic and social implications of population aging.
Familiarity with global population trends: The course may cover global population trends, including the rapid population growth in developing countries and the demographic changes occurring in developed countries.
Preparation for careers in demography: Studying Demography can prepare students for careers in demography, including roles in government agencies, NGOs, and private sector organizations that work on population-related issues.

Overall, studying Demography can provide students with a comprehensive understanding of population dynamics and the social, economic, and environmental factors that influence population change. It can also develop analytical skills and prepare students for careers in demography and related fields, such as public policy, healthcare, and social research.

Research Methodology

Research Methodology is a course that provides students with an understanding of the principles and methods of scientific research. It covers the process of designing, conducting, and analyzing research studies, and helps students develop skills in critical thinking, data analysis, and communication. Course outcomes of studying Research

Methodology:

Understanding of research design: Students will gain an understanding of different types of research designs and how to select the appropriate design for a particular research question.
Familiarity with research methods: The course may cover different research methods, including survey research, experimental research, and qualitative research.
Knowledge of data analysis: Students will learn how to collect, manage, and analyze data, using statistical software such as SPSS or R.
Proficiency in scientific writing: The course may provide students with experience in scientific writing, including the preparation of research proposals, research reports, and academic papers.
Critical thinking skills: Studying Research Methodology can develop critical thinking skills that enable students to evaluate scientific claims and arguments and make informed decisions based on data.
Ethical considerations: The course may cover ethical considerations in scientific research, including informed consent, confidentiality, and conflict of interest.
Preparation for further study: The course provides a foundation for further study in advanced research methods, such as econometrics or experimental economics.

Public Finance

Public Finance is a field of study that focuses on the role of government in the economy, including the ways in which governments raise and spend funds, and the impact of government policies on economic outcomes. Course outcomes of studying Public Finance are:

Understanding of government revenue: Students will gain an understanding of the different sources of government revenue, including taxes, user fees, and government borrowing.
Knowledge of government expenditures: The course may cover the different types of government expenditures, including transfer payments, public goods, and social programs.
Analytical skills: Students will learn how to analyze and evaluate government policies and programs, including their impact on economic outcomes and their distributional effects.
Knowledge of fiscal policy: The course may cover the principles of fiscal policy, including the use of taxation and government spending to stabilize the economy and promote economic growth.
Understanding of public debt: Students may learn about the role of public debt in government finance, including the causes and consequences of government deficits and debt.
Familiarity with public finance institutions: The course may cover public finance institutions, such as the central bank, treasury, and tax agencies, and their roles in government finance.

Preparation for careers in public finance: Studying Public Finance can prepare students for careers in public finance, including roles in government agencies, NGOs, and private sector organizations that work on public finance issues. Overall, studying Public Finance can provide students with a comprehensive understanding of the role of government in the economy, including the principles of taxation, government spending, and public debt. It can also develop analytical skills and prepare students for careers in public finance and related fields, such as government policy analysis, public administration, and economic development.

Money and Banking

Money and Banking is a field of study that focuses on the functioning of financial systems, including the role of money, financial intermediaries, and central banks. Studying Money and Banking can develop analytical skills and prepare students for careers in finance and related fields, such as financial analysis, risk management, and financial policy analysis. Course outcomes of studying Money and Banking:

Understanding of the monetary system: Students will gain an understanding of the monetary system, including the types of money, the money supply, and the functions of money.
Knowledge of financial institutions: The course may cover the different types of financial institutions, including banks, non-bank financial institutions, and central banks.
Understanding of financial markets: Students will learn about the different types of financial markets, including money markets, bond markets, and stock markets, and the role of financial markets in the economy.
Knowledge of monetary policy: The course may cover the principles of monetary policy, including the use of interest rates, open market operations, and reserve requirements to influence the money supply and the economy.
Analytical skills: Students will learn how to analyze and evaluate financial institutions and markets, as well as the impact of monetary policy on economic outcomes.
Familiarity with international finance: The course may cover international finance, including exchange rates, international monetary systems, and international financial institutions.
Preparation for careers in finance: Studying Money and Banking can prepare students for careers in finance, including roles in banking, financial regulation, and investment management.

Environmental Economics

Environmental Economics is a field of study that focuses on the interaction between the economy and the environment, including the allocation of natural resources, the management of pollution and environmental degradation, and the development of sustainable economic systems. Here are some of the course outcomes of studying.

Environmental Economics:

Understanding of environmental problems: Students will gain an understanding of environmental problems, including air and water pollution, climate change, and natural resource depletion.
Knowledge of economic principles: The course may cover the basic principles of economics, including supply and demand, market structure, and welfare analysis, and how these principles can be applied to environmental issues.
Analytical skills: Students will learn how to analyze and evaluate the costs and benefits of different environmental policies, including the use of economic tools such as cost-benefit analysis and environmental valuation.
Knowledge of policy instruments: The course may cover the different policy instruments that can be used to address environmental problems, including taxes, subsidies, cap-and-trade systems, and command-and-control regulations.
Understanding of sustainable development: Students will learn about the concept of sustainable development, including the principles of intergenerational equity, environmental stewardship, and social justice.
Familiarity with environmental institutions: The course may cover environmental institutions, including international treaties, national environmental agencies, and non-governmental organizations.
Preparation for careers in environmental economics: Studying Environmental Economics can prepare students for careers in environmental policy analysis, sustainable development, and natural resource management.

Overall, studying Environmental Economics can provide students with a comprehensive understanding of the interaction between the economy and the environment, including the principles of sustainable development, the costs and benefits of environmental policies, and the role of environmental institutions. It can also develop analytical skills and prepare students for careers in environmental policy and related fields, such as environmental consulting, corporate sustainability, and environmental advocacy.

Project Work

Project work is a course designed to help students develop research and project management skills, culminating in the production of a final report on a topic of their choosing. Studying Project work will help students in:

Research skills: Students will develop research skills, including how to locate and evaluate sources of information, how to formulate research questions, and how to analyze and interpret data.
Project management skills: The course may cover project management skills, including how to plan and organize a research project, how to manage time and resources, and how to communicate effectively with stakeholders.
Writing skills: Students will develop writing skills, including how to write a clear and concise research report, how to structure an argument, and how to use evidence effectively to support claims.
Presentation skills: The course may require students to present their research findings, either in writing or orally, and students will learn how to communicate complex ideas to a variety of audiences.
Independent learning: Project Report work encourages independent learning, as students are responsible for selecting and developing their own research topics, and for managing their own time and resources.
Professional development: Project Report work can help students develop professional skills that are valued in a variety of career fields, including critical thinking, problem-solving, and effective communication.
Practical experience: The course may provide students with practical experience in conducting research and managing projects, which can be valuable preparation for future academic or professional endeavors.

Overall, studying Project work can provide students with a range of valuable skills, including research and project management skills, writing and presentation skills, and independent learning and professional development. The course can also provide practical experience that can be useful in a variety of academic and professional contexts.

Economics