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M-A in Economics at Maharaja Lakshman Sen Memorial College
Mandi, Himachal Pradesh
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About the Specialization
What is Economics at Maharaja Lakshman Sen Memorial College Mandi?
This M.A. Economics program at Maharaja Lakshman Sen Memorial College, affiliated with HPU, focuses on advanced economic theory, quantitative methods, and Indian economic policy. It prepares students for analytical roles in the public and private sectors, addressing contemporary economic challenges in India''''s dynamic landscape. The program emphasizes both theoretical foundations and practical applications through a Choice Based Credit System.
Who Should Apply?
This program is ideal for economics graduates or those with a strong analytical background seeking in-depth knowledge in economic theory and policy. It''''s suited for individuals aspiring to careers in research, teaching, government services, or economic consulting, who wish to contribute to India''''s economic development and policy formulation.
Why Choose This Course?
Graduates can expect diverse career paths in India, including roles as economists in government ministries, research analysts in think tanks, data analysts, and consultants. Entry-level salaries typically range from INR 3-6 lakhs annually, with significant growth potential depending on sector and experience. The program provides a strong foundation for higher studies and competitive exams like UPSC/HPPSC.
Student Success Practices
Foundation Stage
Master Core Theories- (Semester 1-2)
Build a strong theoretical base by attending all lectures, regular problem-solving sessions, and participating in group discussions. Focus on understanding complex economic concepts rather than rote learning.
Tools & Resources
NPTEL lectures for Economics, Standard textbooks like Varian (Micro) and Mankiw (Macro), Peer study groups, Past year question papers
Career Connection
A solid theoretical understanding is fundamental for all advanced economics courses and serves as the backbone for analytical and research roles in various economic sectors.
Develop Quantitative Skills- (Semester 1-2)
Dedicate time daily to practice problems related to calculus, matrix algebra, probability, and basic statistics. Utilize online resources and tools to enhance your quantitative proficiency.
Tools & Resources
Khan Academy for mathematics and statistics, Online calculators and problem sets, Basic tutorials for R or Python for data manipulation, Textbooks on Econometrics
Career Connection
Quantitative proficiency is highly valued in roles requiring data analysis, econometric modeling, and economic forecasting, making graduates competitive in the job market.
Engage with Economic News- (Semester 1-2)
Stay updated with current economic affairs, policy announcements, and market trends in India and globally by regularly reading national and international financial news and analytical articles.
Tools & Resources
The Economic Times, Livemint, Business Standard, RBI publications, NITI Aayog reports and policy briefs
Career Connection
Develops a contextual understanding of economic theories, enhancing critical thinking, policy analysis skills, and improving performance in interviews for government and corporate roles.
Intermediate Stage
Strategic Specialization & Practical Application- (Semester 3-4)
Strategically select elective courses that align with your career aspirations (e.g., Econometrics, Financial Economics, Agricultural Economics). Actively participate in case studies and policy analysis to apply theoretical knowledge to real-world Indian economic scenarios.
Tools & Resources
Faculty advisors for elective guidance, Economic Survey of India and Budget documents for case studies, Statistical software like R or SPSS for project work, Academic journals focusing on Indian economy
Career Connection
Develops specialized expertise and demonstrable project experience, making you highly valuable for targeted roles in research, policy analysis, or data-driven economic consulting.
Research & Analytical Project Development- (Semester 4)
Dedicate significant effort to your mandatory Project Work/Dissertation. Identify a relevant research question, conduct thorough literature review, collect and analyze data, and present your findings effectively under faculty guidance.
Tools & Resources
College library and online academic databases (e.g., JSTOR, Google Scholar), Statistical analysis software (R, SPSS, Stata), Guidance from faculty mentors, Workshops on academic writing and research ethics
Career Connection
A strong research project highlights your analytical acumen, independent research capabilities, and problem-solving skills, which are crucial for advanced roles in academia, research, and policy formulation.
Career Readiness & Networking- (Semester 3-4)
Actively engage with the college''''s career services cell for resume building, mock interviews, and placement drives. Network with alumni and industry professionals through workshops, seminars, and LinkedIn to explore diverse opportunities.
Tools & Resources
College placement cell services, LinkedIn for professional networking, Online aptitude and interview preparation platforms, Industry experts and alumni through mentorship programs
Career Connection
Maximizes chances for securing internships and final placements in government departments, research institutions, banking sectors, and private sector firms within India, ensuring a smooth transition to professional life.
Advanced Stage
Program Structure and Curriculum
Eligibility:
- B.A. with Economics / B.Com. / B.Sc. with Economics having 45% marks in aggregate (40% for SC/ST/P.H.) as per MLSM College Admission Eligibility and HPU norms.
Duration: 2 years / 4 semesters
Credits: 80 Credits
Assessment: Internal: 30%, External: 70%
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| MEC-C-401 | Microeconomic Analysis-I | Core | 4 | Consumer Behaviour, Production Theory, Market Structures, Welfare Economics, General Equilibrium |
| MEC-C-402 | Macroeconomic Analysis-I | Core | 4 | National Income Accounting, Classical & Keynesian Economics, Consumption Theories, Investment Theories, Money Demand & Supply |
| MEC-C-403 | Quantitative Methods-I | Core | 4 | Differential Calculus, Integral Calculus, Matrix Algebra, Functions & Graphs, Optimization Techniques |
| MEC-C-404 | Economics of Growth and Development-I | Core | 4 | Economic Growth Theories, Development Indicators, Poverty & Income Inequality, Human Development, Role of State in Development |
| MEC-GE-401 | Economics of Banking | Generic Elective | 4 | Commercial Banking, Central Banking Functions, Money Market Operations, Banking Sector Reforms, Financial Inclusion |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| MEC-C-405 | Microeconomic Analysis-II | Core | 4 | Factor Market Analysis, General Equilibrium Theory, Welfare Economics Criteria, Market Failure, Game Theory Concepts |
| MEC-C-406 | Macroeconomic Analysis-II | Core | 4 | Business Cycles, Inflation & Deflation, Unemployment Theories, Monetary Policy, Fiscal Policy |
| MEC-C-407 | Quantitative Methods-II | Core | 4 | Probability Theory, Statistical Distributions, Sampling Theory, Hypothesis Testing, Correlation & Regression |
| MEC-C-408 | Economics of Growth and Development-II | Core | 4 | Theories of Underdevelopment, Population & Economic Development, Human Capital Formation, Sustainable Development, Globalization & Development |
| MEC-GE-403 | Entrepreneurship Development | Generic Elective | 4 | Entrepreneurship Concepts, Business Plan Formulation, Project Appraisal, Financing for Entrepreneurs, Government Schemes for MSMEs |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| MEC-C-501 | Indian Economic Policy | Core | 4 | Indian Economic Reforms, Agricultural Policy, Industrial Policy, Fiscal Federalism, Macroeconomic Management in India |
| MEC-C-502 | Public Economics-I | Core | 4 | Public Goods & Externalities, Public Revenue Sources, Principles of Taxation, Public Expenditure Theory, Budgeting Process |
| MEC-E-503(A) | Agricultural Economics | Elective | 4 | Agricultural Development Theories, Farm Management, Agricultural Marketing, Food Security & Policy, Agricultural Finance & Credit |
| MEC-E-504(B) | Research Methodology | Elective | 4 | Research Design, Data Collection Methods, Sampling Techniques, Hypothesis Formulation, Report Writing |
| MEC-SEC-501 | Entrepreneurship and Small Business Management | Ability Enhancement Compulsory Course (AECC) | 4 | Business Idea Generation, Feasibility Analysis, Small Business Finance, Marketing Strategies, Legal Aspects of Business |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| MEC-C-505 | International Economics | Core | 4 | Theories of International Trade, Tariffs & Non-Tariff Barriers, Exchange Rate Regimes, Balance of Payments, International Financial Institutions |
| MEC-C-506 | Public Economics-II | Core | 4 | Public Debt Management, Fiscal Policy & Stabilization, Centre-State Financial Relations, Local Government Finance, Cost-Benefit Analysis |
| MEC-E-507(C) | Econometrics-I | Elective | 4 | Classical Linear Regression Model, Assumptions & Properties, Estimation Methods, Hypothesis Testing, Dummy Variables |
| MEC-E-508(D) | Health Economics | Elective | 4 | Demand for Health, Health Care Financing, Health Insurance Markets, Economic Evaluation in Health, Global Health Issues |
| MEC-PJ-501 | Project Work/Dissertation | Project | 4 | Literature Review, Research Design, Data Collection & Analysis, Thesis Writing, Presentation & Defense |
