HUL211: Introduction to Economics

Course Outline (II Semester 2019-20)

Course coordinator: Ankush Agrawal, Department of Humanities and Social Sciences, Indian
Institute of Technology Delhi

Contact: ankush@hss.iitd.ac.in*; Office: Block II, 402G

*Please mark the subject line with HUL211

Teaching Assistants: Parul Gupta (huz168535@hss.iitd.ac.in) and Neisetuonuo Tep

(huz168532@hss.iitd.ac.in)

Lecture Hall: LH 316; Time: M slot (5–6.20 pm, Monday and Thursday)
Tutorials: TBC; Time: TBC (? 6.30-7.20 pm) (Monday and Thursday)

Objective: This course is aimed at improving understanding of how economies function by

introducing the students to various concepts and tools used in economics.

Let us try to ensure that the lecture and tutorial sessions are dialogue and not monologue. I
would encourage class participation.

Syllabus

Unit 1: Background

Introduction to the economics discipline; micro- and macro-economics; economic decision-

making; economic models

Suggested readings: Chapters 1 and 2 of SN; Chapters 1 and 2 of GM

Unit 2: Microeconomics

Demand, supply, and equilibrium; concept of elasticity and its applications; consumer choice;
consumer surplus; costs of production; market structure: perfect competition, monopoly, and
monopolistic competition

Suggested readings: Chapters 3 to 9 and 16 of SN§; Chapters 4 to 8, 10, and 11 of GM§

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Unit 3: Macroeconomics

National income; production and growth; consumption, savings, and investment; aggregate
demand; aggregate supply; unemployment; inflation; the monetary system; monetary and fiscal
policies

Suggested readings: Chapters 19 to 24, 29 to 31 of SN§, Chapters 23, 25, 26, 28 to 30, 33 to 36
of GM§

Unit 4: Development Economics

Meaning of economic development; theories of economic growth; inequality and poverty:

meaning and measurement; human development and role of human capital in economic growth

Suggested readings: Chapters 17, 25, and 26 of SN; Chapters 2, 3, 4, 6, and 8 of DR§; Chapters
19 and 20 of GM§; UNDP Human Development Report 2013 (Available online at
http://hdr.undp.org/en/reports/global/hdr2013/download/)

Unit 5: Statistics and Econometrics (if time permits)

Descriptive statistics: introduction to descriptive statistics, classification and diagrammatic

representation of data, measures of central tendency and dispersion, measures of shape of a
distribution, measures of association; econometrics: introduction to econometric methodology,
two variable regression model, specification and estimation of economic models

Suggested readings: Chapters 2 to 6 of ND§; Chapters 1 to 3 of DG§

§If need arises, I shall suggest the specific sections in these chapters and other readings during
the lecture.

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Suggested texts:

DG: Gujarati, Damodar N. 2005. Basic Econometrics, Second Edition. New Delhi: Tata McGraw-
Hill.

GM: Mankiw, N G. 2012. Principles of Economics, 6/e. Delhi: Cengage Learning India Pvt Ltd.

ND: Nagar, A L and R K Das. 2000. Basic Statistics, Second Edition. New Delhi: Oxford University
Press.

DR: Ray, Debraj. 1999. Development Economics. New Delhi: Oxford University Press.

SN: Samuelson P A and W Nordhaus. 2010. Economics, 19th Edition, New Delhi: Tata McGraw
Hill

Evaluation

Grading

Your performance will be graded based on the following:

Exams
• Minor I: 15%
• Minor II: 25%
• Major: 35%

Class participation: 10%

Tutorial participation: 5%
Assignment(s)/quiz(zes): 10%

Please note that "[t]he grading reflects a student’s own proficiency in the course. While relative
standing of the student is clearly indicated by his/her grades, the process of awarding grades is
not based upon fitting performance of the class to some statistical distribution. The course
coordinator and associated faculty for a course formulate appropriate procedure to award grades
that are reflective of the student’s performance vis-à-vis instructor’s expectation." (Courses of
Study, Undergraduate Programmes)

• Minimum marks required for 'A' grade: 85%

• Minimum marks required for 'D' grade: 30%
• There shall be penalty - you may get one grade less than the actual grade that you have
earned - if you fail to attend 75% of lectures. Please note that medical and other

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 certificates cannot compensate for shortfall in your attendance; the threshold of 75% is
arrived at after taking into account possible exigencies.
• Please do not carry mobile phones and books/ class notes to the exam hall.
• The names of those suspicious of cheating and/or plagiarism shall be reported to the
Office of the Dean, Academics.

Re-exam

I shall conduct a re-exam only in exceptional circumstances. In case you are submitting a legible
medical certificate, kindly get it approved from Office of the Dean, Academics. You must apply
for a re-exam within a week of missing the exam. You need to have attended at least 75% of
lectures prior to the exam in order to be eligible for the re-exam.

Audit

You need to obtain 40% marks in each of the exams (Minor I, Minor II, Major) as well as
assignment(s). You must also attend at least 75% of all the lectures and tutorials, separately.

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