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BA in Economics at LAXMINARAYAN DEGREE COLLEGE, BASANTPUR
Keonjhar, Odisha
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About the Specialization
What is Economics at LAXMINARAYAN DEGREE COLLEGE, BASANTPUR Keonjhar?
This Economics program at Laxminarayan Degree College, affiliated with MSCBDU, provides a comprehensive understanding of economic principles, theories, and their applications. It delves into microeconomics, macroeconomics, development economics, quantitative techniques, and Indian economic policy. The curriculum is designed to equip students with analytical and critical thinking skills, preparing them to understand and address complex economic issues relevant to India''''s evolving socio-economic landscape, fostering both theoretical depth and practical relevance.
Who Should Apply?
This program is ideal for fresh 10+2 graduates with a strong aptitude for analytical reasoning and a keen interest in societal resource allocation, public policy, and market dynamics. It also suits aspiring civil servants, market researchers, and financial analysts seeking a robust theoretical foundation. Individuals passionate about understanding economic challenges and contributing to policy-making, or those considering further academic pursuits in economics, will find this specialization particularly rewarding and career-enhancing.
Why Choose This Course?
Graduates of this program can pursue diverse career paths in India, including roles as economic analysts, researchers, data scientists, and policy advisors in government, NGOs, and corporate sectors. Entry-level salaries typically range from INR 3-6 LPA, with significant growth potential based on experience and further qualifications. The program aligns well with the foundational knowledge required for competitive examinations like UPSC, RBI Grade B, and various financial certifications, offering clear growth trajectories in Indian companies and public institutions.
Student Success Practices
Foundation Stage
Master Core Economic Concepts- (Semester 1-2)
Focus intensely on understanding fundamental micro and macroeconomic theories, mathematical methods, and environmental studies from day one. Utilize prescribed textbooks, lecture notes, and explore supplementary online resources to solidify conceptual clarity.
Tools & Resources
NCERT Economics (Class XI & XII), Standard Economics Textbooks (e.g., Mankiw, Ahuja), Khan Academy, NPTEL courses on introductory economics
Career Connection
Building a strong conceptual foundation is essential for excelling in all advanced economics courses and provides the analytical base required for roles in finance, research, and policy analysis.
Develop Quantitative Skills Rigorously- (Semester 1-2)
Practice mathematical methods for economics diligently. Solve a wide range of problems from textbooks and previous year question papers. Actively participate in college math or economics clubs to enhance problem-solving and analytical abilities.
Tools & Resources
Schaum''''s Outlines for Mathematics for Economics, Online calculus/algebra tutorials (e.g., BYJU''''S, Vedantu), Previous year university question papers
Career Connection
Proficiency in quantitative techniques is critical for careers in data analytics, econometrics, financial modeling, and actuarial sciences, which are highly sought after in the Indian job market.
Engage in Current Economic Affairs- (Semester 1-2)
Regularly read leading economic newspapers (e.g., The Economic Times, Business Standard, Livemint) and economic magazines. Participate actively in classroom discussions and college debates on contemporary Indian and global economic issues to develop a nuanced perspective.
Tools & Resources
The Hindu, Livemint, RBI Bulletins, Economic Survey of India (annual), Yojana / Kurukshetra magazines
Career Connection
Enhances critical thinking, communication skills, and awareness of real-world economic dynamics, which are vital for competitive exams (like UPSC, RBI Grade B) and roles in policy analysis and journalism.
Intermediate Stage
Apply Statistical and Computational Tools- (Semester 3-4)
Gain practical proficiency in statistical methods and spreadsheet applications (MS Excel) for economic analysis. Undertake mini-projects involving data interpretation, visualization, and presentation using real-world economic data.
Tools & Resources
MS Excel, Basic introduction to R/Python (Pandas, NumPy, Matplotlib for data handling), NPTEL courses on Data Analysis using Spreadsheets/R
Career Connection
Directly applicable to roles in market research, business intelligence, financial modeling, and data analysis across various Indian industries, providing a significant edge in placements.
Explore Indian Economy and Development- (Semester 3-5)
Deep dive into India''''s economic history, policies, and contemporary challenges. Attend guest lectures by eminent economists, join college economic societies, and participate in case study competitions related to Indian development and policy issues.
Tools & Resources
Economic Survey of India, Union Budget Documents, Books on Indian Economy (e.g., Uma Kapila, Dutt & Sundharam), RBI publications
Career Connection
Essential for careers in public policy, development sector, NGOs, and competitive examinations like UPSC and RBI, as it provides a deep understanding of the national economic context.
Network and Seek Local Internships- (Semester 4-5 breaks)
Begin building a professional network by attending college seminars, connecting with alumni, and utilizing platforms like LinkedIn. Actively look for short-term internships in local NGOs, research institutions, small businesses, or college departments during semester breaks.
Tools & Resources
LinkedIn, College career fair and alumni network, Local NGOs/think tanks, small and medium enterprises
Career Connection
Provides invaluable practical exposure, helps in building a resume, and often leads to crucial industry contacts or potential pre-placement opportunities within the regional ecosystem.
Advanced Stage
Specialized Skill Development- (Semester 6)
Focus on deepening knowledge and practical skills in specialized areas like econometrics, financial economics, or international economics, aligning with specific career interests. Undertake a research project or dissertation in a chosen area under faculty guidance.
Tools & Resources
Advanced econometrics software (e.g., EViews, Stata for academic use), MOOCs on specialized economic topics (e.g., Coursera, edX), Academic journals and research papers
Career Connection
Prepares students for advanced roles requiring specific expertise, such as econometric modeling, financial analysis, trade policy analysis, or for pursuing higher education (Master''''s/PhD).
Intensive Placement & Competitive Exam Preparation- (Semester 6)
Dedicate focused time to prepare for campus placements, competitive examinations (UPSC, RBI, Bank PO, SSC CGL), or entrance exams for Master''''s programs. Practice aptitude tests, group discussions, and mock interviews rigorously.
Tools & Resources
Online aptitude platforms (e.g., IndiaBix, PracticeMock), Coaching classes (if opting for competitive exams), College career services for mock interviews and resume building, Previous year question papers for target exams
Career Connection
Directly translates into securing desirable employment opportunities in government or private sectors, or gaining admission into prestigious postgraduate programs, ensuring a smooth career transition.
Engage in Real-world Economic Analysis- (Semester 6)
Participate in live projects, policy analysis workshops, or collaborate with faculty on research. Apply learned concepts to analyze current economic trends or evaluate policy impacts at local, national, or even international levels, using primary or secondary data.
Tools & Resources
Data sources like NSSO, CSO, World Bank, IMF, CMIE, Economic policy reports from think tanks, Academic journals in economics
Career Connection
Develops advanced analytical and research skills, making graduates highly valuable for roles in economic consulting, policy research, data-driven organizations, and academic institutions, showcasing practical expertise.
Program Structure and Curriculum
Eligibility:
- Passed 10+2 examination or equivalent from a recognized board/council.
Duration: 3 years / 6 semesters
Credits: 144 Credits
Assessment: Internal: 20%, External: 80%
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| AECC-I | Environmental Studies | Ability Enhancement Compulsory Course | 2 | Multidisciplinary nature of environmental studies, Natural Resources and associated problems, Ecosystems and their functioning, Biodiversity and Conservation strategies, Environmental Pollution: causes, effects and control measures, Human Population and the Environment |
| EC-C1 | Introductory Microeconomics | Core | 6 | Introduction to Economic Problems and Concepts, Demand and Supply Analysis, Consumer Behaviour: Utility and Indifference Curve Approaches, Production and Cost Analysis: Short Run and Long Run, Market Structures: Perfect Competition and Monopoly |
| EC-C2 | Mathematical Methods for Economics – I | Core | 6 | Economic Models and Basic Concepts, Functions, Graphs, and Equations, Differential Calculus: Rules, Maxima and Minima in Economics, Integral Calculus: Basic Rules and Economic Applications, Matrices and Determinants: Basic Operations and Cramer’s Rule |
| GE-1 | Generic Elective - 1 | Generic Elective | 6 |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| AECC-II | MIL (Odia/Alternative English) | Ability Enhancement Compulsory Course | 2 | Fundamentals of Communication, Reading Comprehension and Vocabulary, Writing Skills: Essay, Report, Letter Writing, Grammar and Usage, Basic Literary Appreciation |
| EC-C3 | Introductory Macroeconomics | Core | 6 | Introduction to Macroeconomics and its Concerns, National Income Accounting: Methods and Concepts, Determination of Output and Employment: Classical vs. Keynesian, Money, Banking and Inflation, Open Economy Macroeconomics: Balance of Payments |
| EC-C4 | Mathematical Methods for Economics – II | Core | 6 | Linear Algebra: Vectors and Vector Spaces, Differential Equations: First Order and Second Order, Difference Equations: Solutions and Applications, Optimization with Constraints: Lagrange Multiplier Method, Introduction to Game Theory |
| GE-2 | Generic Elective - 2 | Generic Elective | 6 |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| SEC-1 | Statistical Methods for Economics | Skill Enhancement Course | 4 | Data Collection, Organization, and Presentation, Measures of Central Tendency: Mean, Median, Mode, Measures of Dispersion: Range, Variance, Standard Deviation, Correlation Analysis: Karl Pearson and Spearman''''s Rank, Regression Analysis: Simple Linear Regression, Index Numbers: Construction and Uses |
| EC-C5 | Intermediate Microeconomics – I | Core | 6 | Consumer Theory: Revealed Preference and Risk/Uncertainty, Production Theory: Isoquants, Returns to Scale, Cost Theory: Advanced Cost Concepts, Perfect Competition: Long Run Equilibrium and Welfare, Monopoly: Price Discrimination, Regulation, Natural Monopoly |
| EC-C6 | Intermediate Macroeconomics – I | Core | 6 | Income and Employment Determination: IS-LM Model, Inflation: Causes, Effects, Phillips Curve, Business Cycles: Theories and Stabilization Policies, Monetary Policy: Instruments and Effectiveness, Fiscal Policy: Tools and Impact on Economy |
| EC-C7 | Development Economics – I | Core | 6 | Concepts of Economic Development and Growth, Theories of Economic Growth: Harrod-Domar, Solow, Poverty, Inequality, and Development, Population and Development: Demographic Transition, Human Capital and Economic Development |
| GE-3 | Generic Elective - 3 | Generic Elective | 6 |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| SEC-2 | Computer Application for Economic Analysis | Skill Enhancement Course | 4 | Introduction to Computers: Hardware and Software, MS Word for Economic Document Preparation, MS Excel for Data Analysis and Presentation, MS PowerPoint for Presentations, Internet and E-resources for Economic Information, Introduction to Statistical Software (e.g., SPSS/R/EViews - basic concepts) |
| EC-C8 | Intermediate Microeconomics – II | Core | 6 | Market Failure: Externalities, Public Goods, Common Resources, Asymmetric Information: Adverse Selection and Moral Hazard, General Equilibrium Theory: Existence and Welfare Properties, Welfare Economics: Pareto Optimality and Social Welfare Functions, Game Theory: Oligopoly Models and Strategic Interaction |
| EC-C9 | Intermediate Macroeconomics – II | Core | 6 | Consumption Function: Theories of Consumption, Investment Function: Determinants of Investment, Demand for Money: Classical, Keynesian, Friedman, Supply of Money: Money Multiplier, Role of Central Bank, Open Economy Macroeconomics: Mundell-Fleming Model |
| EC-C10 | Development Economics – II | Core | 6 | Role of Agriculture in Economic Development, Industrialization and Structural Change, International Trade and Development Strategies, Foreign Aid, FDI, and Economic Development, Sustainable Development: Concepts and Challenges |
| GE-4 | Generic Elective - 4 | Generic Elective | 6 |
Semester 5
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| EC-C11 | Indian Economy – I | Core | 6 | Basic Characteristics of Indian Economy, Economic Planning in India: Objectives and Strategies, Agricultural Sector: Performance, Problems, and Policies, Industrial Sector: Growth, Structure, and Reforms, Service Sector: Contribution and Growth Drivers, Poverty and Inequality in India |
| EC-C12 | Econometrics | Core | 6 | Introduction to Econometrics: Nature and Scope, Simple Linear Regression Model: Assumptions and Estimation, Multiple Regression Model: Estimation and Interpretation, Problems in Regression Analysis: Multicollinearity, Heteroscedasticity, Autocorrelation, Dummy Variables and their Applications |
| EC-DSE-1 | Discipline Specific Elective - 1 (Example: Indian Public Finance) | Discipline Specific Elective | 6 | Public Expenditure: Growth and Composition, Public Revenue: Taxation Principles and Structure in India, Public Debt: Growth, Burden, and Management, Fiscal Policy in India: Objectives and Instruments, Union and State Budgets: Structure and Trends |
| EC-DSE-2 | Discipline Specific Elective - 2 (Example: Environmental Economics) | Discipline Specific Elective | 6 | Environmental Problems and Economic Theory, Valuation of Environmental Goods and Services, Environmental Policies: Command & Control, Market-based, Economics of Climate Change, Sustainable Development: Indicators and Challenges |
Semester 6
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| EC-C13 | Indian Economy – II | Core | 6 | Economic Reforms in India: Liberalization, Privatization, Globalization, Foreign Trade and Balance of Payments in India, Monetary and Fiscal Policy Framework in India, Financial Sector Reforms and Development, Human Development Indicators and Social Sector in India, Regional Disparities and Inclusive Growth |
| EC-C14 | International Economics | Core | 6 | Theories of International Trade: Ricardian, Heckscher-Ohlin, Terms of Trade and Gains from Trade, Trade Barriers: Tariffs, Quotas and Non-Tariff Barriers, Balance of Payments: Components and Adjustment Mechanisms, Exchange Rates: Fixed vs. Flexible Regimes |
| EC-DSE-3 | Discipline Specific Elective - 3 (Example: Financial Economics) | Discipline Specific Elective | 6 | Financial Markets: Structure and Functioning, Financial Instruments: Equities, Bonds, Derivatives, Risk and Return: Measurement and Management, Portfolio Theory: Diversification and Asset Allocation, Asset Pricing Models: CAPM and APT |
| EC-DSE-4 | Discipline Specific Elective - 4 (Example: Rural Economics) | Discipline Specific Elective | 6 | Rural Development: Concepts and Strategies, Rural Poverty and Employment Programs, Rural Finance and Credit Institutions, Agricultural Marketing and Value Chains, Rural Non-Farm Sector: Prospects and Challenges |
