| Principles of Economics

This course enables students of public policy to understand the basic framework for analyzing economic behaviour of individuals, economic organisations (e.g., firms, peasant farms) and their interface with key institutional mechanisms (government and market) through economic activities.

Students will learn the broad contours of the discipline of economics, its key concepts, methods, analytical tools and theories.  These include micro-economic analysis of demand and supply, price formation, market structures and efficiency. On macroeconomics, students will be introduced to the concepts of national income, economic growth, recession, unemployment, inflation and the rationale for free trade. These principles and concepts are used in economic aspects of public policy making. Students would be urged to critically assess them in the context of developing countries. The objective is to make students aware of the connections between economics and policy, and of the scope and limitations of applying theoretical economic concepts and principles in the practical field of policymaking.