8 TOPICS

COURSE MANUAL
Economics II

Spring 2024
(AY 2023-24)

Name of Faculties:
Dr. Aashita Dawer (Course Coordinator)
Dr. Abhisek Sur
Dr. Aditi Singhal
Dr. Divya Gupta
Dr. Juhi Lohani
Dr. Manika Bora
Dr. Neha Jaiswal
Dr. Sarni Jain
 CONTENTS

PART I
General Information………………………………………………………………………………
Page

PART II

a. Course
Description………………………………………………………………………………………Page

b. Course Aims……………………………………………………………………………………..Page

c. Intended Learning Outcomes…………………………………………………………...Page

d. Grading of Student Achievement………………………………………………….......Page

PART III
a. Keyword Syllabus……………………………………………………………………………Page
b. Course Policies………………………………………………………………………………..Page

PART IV

a. Weekly Course Outline ………………………………………………………….............Page

b. Readings…………………………………………………………………………………………Page
 PART I

General Information

General Information on, Economics II, offered by Jindal Global Law School
of the AY 2022-23

The information provided herein is by the Course Coordinator. The following

information contains the official record of the details of the course.

This information shall form part of the University database and may be
uploaded to the KOHA Library system and catalogued and may be
distributed amongst 2nd year Law students for B.A.LL.B. (Hons),
B.B.A.LL.B. (Hons); B.Com. LL.B. (Hons), B.A. (Hons) Legal Studies, B.A.
(Hons) Criminology and Criminal Justice; LL.B.; and LL.M. courses if
necessary.

Course Title: Macroeconomics in Context (Economics II)

Course Code: L-CA-0010
Course Duration: One Semester
No. of Credit Units: 4
Level: Fourth Semester Undergraduate (BA. LLB Programme)
Medium of Instruction: English
Pre-cursor: Economics-I
Equivalent Courses: None
 PART II

a. Course Description
This course aims to provide basic groundings in the current macroeconomic issues of the
global economy. In the process, this course aims to familiarize the students of law with the
fundamental principles of macroeconomics. The approach of this course is to critically look
at the standard theories, policy recommendations and responses. Also, this course makes an
attempt to contextualize the discussion in and around the experiences of the third world
countries-especially India.

b. Course Aims

 To provide students with grounding in the basic principles of macroeconomics.

 To familiarize students with the analytical tools and critical thinking in the
discipline.
 To make students aware of the recent macroeconomic issues in the global economy.

c. Intended Learning Outcomes

Course Intending Learning Teaching and Learning Assessment Tasks/Activities

Outcomes Activities

By the end of the course students

should be able to:

 Express, explain 25% Lecture, class participation, One time, closed book end
and describe class presentations and semester written exam
the basic involvement.
principles of Class room discussion
macroeconomic Students will get introduced
s. to the basic principles of
macroeconomics. Through
class participation, students
will get familiar to and
understand the subject matter.
Discussions and presentations
at
 tutorials will bring in
thorough grounding of the
subject matter.

 Apply basic 25% Lecture, class participation ¾ Research paper

principles of and involvement in the class
macroeconomic room discussion based on ¾ Presentation
s in the current readings and general ¾ Classroom discussion
global economic understanding.
context.
Students will get introduced to
the concept of market
imperfections. Through class
participation, students will get
familiar to and understand the
subject matter.
Discussions and presentations
based on readings will bring in
thorough grounding of the
subject matter.

 Analytically 50% Lecture, class participation ¾ One time closed book

understand the and involvement, tutorials end semester written
contemporary exam.
global x Readings will be sent in
macroeconomic advance. ¾ Research paper
issues, situate ¾ Presentation
the discussion in x Discussions backed by
the context of readings.
the third world
nation and x Research by the students
critically on the topics provided
evaluate the to them
orthodoxy view
point. x Classroom
presentations

d. Grading of Student Achievement

To pass this course, students must obtain a minimum of 40% in the

cumulative aspects of coursework, e.g. moot, and final examination. End of
semester exam will carry 50 marks out of which students have to obtain a
minimum of 15 marks to fulfil the requirement of passing the course.

The details of the grades as well as the criteria for awarding such grades are provided
below.

Letter Percentage Grade Definitions

Grade Of marks
O 80% and above Outstanding Outstanding
work with strong
evidence of
knowledge of the
subject matter,
excellent
organizational
capacity, ability
to synthesize and
critically analyse
and originality in
thinking and
presentation.
A+ 75 to 79.75% Excellent Sound knowledge
of the subject
matter, thorough
understanding of
issues; ability to
synthesize
critically and
analyse
A 70 to 74.75% Good Good
understanding of
the subject
matter, ability to
identify issues
and provide
balanced
solutions to
problems and
good critical and
analytical skills.
A- 65 to 69.75% Adequate Adequate
knowledge of the
subject matter to
go to the next
level of study and
reasonable
 critical and
analytical skills.
B+ 60 to 64.75% Marginal Limited
knowledge of the
subject matter,
irrelevant use of
materials and
poor critical and
analytical skills.
B 55 to 59.75% Poor Poor
comprehension
of the subject
matter; poor
critical and
analytical skills
and marginal use
of the relevant
materials.
B- 50 to 54.75% Pass “Pass” in a pass-
fail course. “P”
indicative of at
least the basic
understanding of
the subject
matter.

NEW COURSE LETTER GRADES AND THEIR INTERPRETATION

Letter Percentag Grade
Interpretation
Grade e of Marks Points
Pass 1: Pass with Basic understanding of
P1 45 - 49 2
the subject matter.
Pass 2: Pass with Rudimentary
P2 40 - 44 1
understanding of the subject matter.
Fail: Poor comprehension of the subject
matter; poor critical and analytical skills
F Below 40 0 and marginal use of the relevant
materials. Will require repeating the
course.
I Incomplete Extenuating circumstances preventing
the student from completing coursework
assessment, or taking the examination; or
where the Assessment Panel at its
discretion assigns this grade. If
an "I" grade is assigned, the Assessment
Panel will suggest a schedule for the
completion of work, or a supplementary
 NEW COURSE LETTER GRADES AND THEIR INTERPRETATION
Letter Percentag Grade
Interpretation
Grade e of Marks Points
examination.

PART III

a. Keyword Syllabus
b. Macroeconomics, national income accounting, economic growth and development, fiscal
policy, debt, deficit, money, inflation, monetary policy, open economy macroeconomics,
trade deficit, exchange rate, trade policy, international financial system, financial reforms,
East Asian crises, multinational corporations, recent global financial crisis.

Course/Class Policies

Cell Phones, Laptops and Similar Gadgets

Academic Integrity and Plagiarism

Learning and knowledge production of any kind is a collaborative process. Collaboration

demands an ethical responsibility to acknowledge who we have learnt from, what we
have learned, and how reading and learning from others have helped us shape our own
ideas. Even our own ideas demand an acknowledgement of the sources and processes
through which those ideas have emerged. Thus, all ideas must be supported by citations.
All ideas borrowed from articles, books, journals, magazines, case laws, statutes,
photographs, films, paintings, etc., in print or online, must be credited with the original
source. If the source or inspiration of your idea is a friend, a casual chat, something that
you overheard, or heard being discussed at a conference or in class, even they must be
duly credited. If you paraphrase or directly quote from a web source in the examination,
presentation or essays, the source must be acknowledged. The university has a
framework to deal with cases of plagiarism. All form of plagiarism will be taken
seriously by the University and prescribed sanctions will be imposed on those who
commit plagiarism.

Disability Support and Accommodation Requirements

JGU endeavours to make all its courses accessible to students. In accordance with the
Rights of Persons with Disabilities Act (2016), the JGU Disability Support Committee
(DSC) has identified conditions that could hinder a student’s overall well-being. These
include physical and mobility related difficulties, visual and hearing impairment, mental
health conditions and intellectual/learning difficulties e.g., dyslexia, dyscalculia.
Students with any known disability needing academic and other support are required to
register with the Disability Support Committee (DSC) by following the procedure
specified at https://jgu.edu.in/disability-support-committee/

Students who need support may register any time during the semester up until a month
before the end semester examination begins. Those students who wish to continue
receiving support from the previous semester, must re-register within the first month of
a semester. Last minute registrations and support might not be possible as sufficient
time is required to make the arrangements for support.

The DSC maintains strict confidentiality about the identity of the student and the nature
of their disability and the same is requested from faculty members and staff as well. The
DSC takes a strong stance against in-class and out-of-class references made about a
student’s disability without their consent and disrespectful comments referring to a
student’s disability.

All general queries are to be addressed to

disabilitysupportcommittee@jgu.edu.in

Safe Space Pledge

This course may discuss a range of issues and events that might result in distress for
some students. Discussions in the course might also provoke strong emotional
responses. To make sure that all students collectively benefit from the course, and do
not feel disturbed due to either the content of the course or the conduct of the
discussions. Therefore, it is incumbent upon all within the classroom to pledge to
maintain respect towards our peers. This does not mean that you need to feel restrained
about what you feel and what you want to say. Conversely, this is about creating a safe
space where everyone can speak and learn without inhibitions and fear. This
responsibility lies not only with students, but also with the instructor.

P.S. The course instructor, as part of introducing the course manual, will discuss the
scope of the Safe Space Pledge with the class.

PART IV

a. Weekly Course Outline

Macroeconomics: An Introduction
Week 1 · Distinction from Microeconomics
· History and the politics of the discipline: a brief sketch
Week 2
Macroeconomic Measurement
· Defining and measuring GDP
· Why and why not is GDP a measure of well-being?
 · Relationship between GDP, Consumption, Savings, Investment,
Government Expenditure and Trade

Week 3
Macroeconomic Measurement
· Defining and measuring GDP
· Why and why not is GDP a measure of well-being?
· Relationship between GDP, Consumption, Savings, Investment,
Government Expenditure and Trade

Aggregate Demand/Short Run

· The Simple Keynesian Model (SKM)
· The idea of multiplier
· Fiscal policy
· Balanced budget
Week 4 · Crowding out

Aggregate Demand/Short Run

· The Simple Keynesian Model (SKM)
· The idea of multiplier
· Fiscal policy
· Balanced budget
Week 5 · Crowding out

Money, Banking and Monetary Policy

· What is money?
· Banking system, creation of money
· Monetary policy and aggregate demand
Week 6 · Quantity theory of money

Money, Banking and Monetary Policy

· What is money?
· Banking system, creation of money
· Monetary policy and aggregate demand
· Quantity theory of money
Week 7
Week 8 Aggregate Supply, Aggregate Demand and Inflation
· Aggregate supply, and aggregate demand
 · AD AS model
· Philips curve

Aggregate Supply, Aggregate Demand and Inflation

· Aggregate supply, and aggregate demand
· AD AS model
· Philips curve
Week 9
Aggregate Supply, Aggregate Demand and Inflation
· Aggregate supply, and aggregate demand
· AD AS model
· Philips curve
Week 10

Week 11 Open Economy Macroeconomics

Week 12 Open Economy Macroeconomics

Week 13 Economic Crises – India’s Balance of Payment Crisis: An Assessment

International Institutional Linkages
Week 14 (IMF)

Week 15 Revision

b. Readings
Basic reading:
There is no one single required textbook for the course. Most important for this course are class
lectures. The materials will be drawn from different sources, and readings for every topic will be
periodically sent to the class. A tentative reading list is also given at the end of the syllabus. We
will refer to the following textbooks at different points in time during the semester.
Mankiw, N. G. (2016), “Principles of Economics”. Previous editions are also fine. Just make sure
to compare the topics and chapter contents and
Goodwin, Neva, Jonathan Harris, Julie Nelson, Brian Roach and Mariano Torras.
“Macroeconomics in Context”.

Wolff, R., & Resnick, S. (2012). Contending Economic Theories: Neoclassical, Keynesian, and
Marxian. Cambridge, Massachusetts; London, England: The MIT Press.”.
 Cypher, James M. and James L. Dietz, "The Process of Economic Development".

Ch2. Debraj Ray - Development Economics

Articles:

Kalecki- Political Aspect of Full Employment

Patnaik – Humbug of Finance

Patnaik and Chandrasekhar – The Indian Economy under ‘Structural Adjustment’.

Additional Reading:
Blanchard, Olivier, Macroeconomics

WEEK 1
Ch. 1 Wolff and Resnick, Contending theories

WEEK 2
Ch. 23 Mankiw
Chs. 5 and 6 Goodwin
Ch2 Debraj Ray
WEEK 3
Ch. 23 Mankiw
Chs. 5 and 6 Goodwin
Ch2 Debraj Ray

WEEK 4
Chs. 9 and 10 Goodwin

Kalecki- political aspects of full employment

Prabhat Patnaik – Humbug of finance

WEEK 5
Chs. 9 and 10 Goodwin

Kalecki- political aspects of full employment

Prabhat Patnaik – Humbug of finance
WEEK 6
Chs. 29 and 30 Mankiw
Ch. 11 Goodwin

WEEK 7
Chs. 29 and 30 Mankiw
Ch. 12 Goodwin

WEEK 8
Chs. 33, 34 and 35 Mankiw
Ch. 13 Goodwin

WEEK 9
Chs. 33, 34 and 35 Mankiw
Ch. 13 Goodwin

WEEK 10
Chs. 33, 34 and 35 Mankiw
Ch. 13 Goodwin

WEEK 11
Chs. 31 and 32 Mankiw

WEEK 12
Chs. 31 and 32 Mankiw

WEEK 13
Patnaik and Chandrasekhar – The Indian Economy under ‘Structural Adjustment’.

WEEK 14
Chs. 15, 16, and 17 Cypher and Dietz

WEEK 15
Revision