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MA in Economics at Maharaja Purna Chandra (Autonomous) College
Mayurbhanj, Odisha
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About the Specialization
What is Economics at Maharaja Purna Chandra (Autonomous) College Mayurbhanj?
This MA Economics program at Maharaja Purna Chandra Autonomous College focuses on providing a robust foundation in economic theory and quantitative methods. It delves into microeconomics, macroeconomics, econometrics, and Indian economic policy, equipping students with analytical skills relevant to India''''s evolving economic landscape. The curriculum emphasizes both theoretical understanding and practical application, preparing graduates for diverse roles.
Who Should Apply?
This program is ideal for fresh graduates with an Economics background seeking advanced knowledge and research skills. It also caters to aspiring civil servants, policy analysts, and professionals looking to specialize in economic research or data analysis within India. Candidates aiming for roles in financial institutions, government agencies, or academia will find this specialization highly beneficial.
Why Choose This Course?
Graduates of this program can expect to pursue careers in economic research, policy analysis, banking, financial services, and teaching in India. Entry-level salaries typically range from INR 3 LPA to 6 LPA, with experienced professionals earning INR 8 LPA to 15+ LPA. The program also prepares students for competitive exams like UPSC, RBI Grade B, and UGC NET, opening avenues in government and academic sectors.
Student Success Practices
Foundation Stage
Master Core Economic Theories- (Semester 1-2)
Dedicate significant effort to understanding fundamental concepts in Microeconomics, Macroeconomics, and Statistics. Utilize textbooks, reference books, and online tutorials. Form study groups to discuss complex topics and solve problems collaboratively to build a strong theoretical base.
Tools & Resources
Standard textbooks (e.g., Mankiw, Pindyck), NPTEL lectures, Khan Academy, Peer study groups
Career Connection
A strong foundation is crucial for advanced studies, competitive exams, and analytical roles, providing the bedrock for all subsequent economic understanding.
Develop Quantitative Skills Early- (Semester 1-2)
Focus on improving mathematical and statistical aptitudes essential for Econometrics and Mathematical Economics. Practice problem-solving regularly and seek extra help for challenging areas. Engage with software like Excel or R for basic data analysis exercises.
Tools & Resources
Mathematics for Economists by Alpha C. Chiang, online math/stats quizzes, basic Excel/R tutorials
Career Connection
Robust quantitative skills are highly valued in research, data analytics, and financial roles, making graduates more competitive in the job market.
Engage with Indian Economic Issues- (Semester 1-2)
Regularly read economic newspapers, journals, and government reports related to the Indian economy. Participate in departmental discussions or seminars on current Indian economic policies and challenges to develop context-specific insights.
Tools & Resources
The Economic Times, Business Standard, RBI publications, Union Budget documents, NITI Aayog reports
Career Connection
Understanding the Indian economic context is vital for roles in government, policy-making, and Indian businesses, enhancing practical relevance and employability.
Intermediate Stage
Apply Theory to Real-World Scenarios- (Semester 3)
Actively seek opportunities to apply economic theories and econometric models to real-world data and case studies. Work on mini-projects or assignments that involve analyzing economic events or policy impacts, perhaps focusing on local or state-level issues in Odisha.
Tools & Resources
Datasets from NSSO, MOSPI, RBI, relevant academic journals, case study collections
Career Connection
Practical application skills bridge the gap between academic knowledge and industry demands, preparing students for analytical and research positions.
Pursue Internships and Field Projects- (Semester 3)
Look for internships with local research organizations, NGOs, government departments, or financial institutions. These experiences provide invaluable exposure to professional work environments and practical challenges in economics, especially within the context of Mayurbhanj or Odisha.
Tools & Resources
College placement cell, LinkedIn, specific organization websites, local government offices
Career Connection
Internships are crucial for gaining industry experience, building professional networks, and often lead to pre-placement offers, significantly boosting employability.
Participate in Economic Debates and Competitions- (Semester 3)
Join college clubs or departmental societies focused on economics. Participate in quizzes, essay competitions, and debates on economic issues. This hones critical thinking, communication skills, and the ability to articulate economic arguments effectively.
Tools & Resources
Departmental forums, inter-college competitions, online economic discussion platforms
Career Connection
These activities enhance soft skills like communication and critical analysis, which are highly valued in roles requiring policy advocacy, consulting, or public speaking.
Advanced Stage
Conduct In-Depth Dissertation Research- (Semester 4)
Engage deeply in your project/dissertation. Choose a topic of genuine interest, conduct thorough literature review, collect and analyze data rigorously, and present findings professionally. Seek regular feedback from your faculty advisor.
Tools & Resources
Academic databases (JSTOR, EconLit), Zotero/Mendeley for citation, statistical software (SPSS, EViews, R, Python)
Career Connection
A strong dissertation showcases research aptitude, independent work ethic, and specialized knowledge, which are critical for academic, research, and advanced analytical careers.
Prepare Strategically for Competitive Exams- (Semester 4)
If aiming for UPSC, RBI, or UGC NET, begin dedicated preparation. Focus on general studies, current affairs, and advanced economics. Practice previous year question papers and consider joining relevant coaching or study circles.
Tools & Resources
UPSC/RBI/UGC NET official websites, competitive exam preparation books, online test series, coaching institutes
Career Connection
Success in these exams opens doors to prestigious government jobs, central bank roles, and university teaching positions, offering stable and impactful career paths.
Network and Seek Mentorship- (Semester 4)
Attend academic conferences, workshops, and alumni events. Connect with faculty, senior researchers, and alumni working in your areas of interest. Seek mentorship to gain insights into career paths, job search strategies, and professional development.
Tools & Resources
LinkedIn, departmental alumni network, college career fairs, industry events
Career Connection
Networking is vital for discovering hidden opportunities, gaining referrals, and receiving valuable career guidance, accelerating professional growth and placement success.
Program Structure and Curriculum
Eligibility:
- Bachelor’s Degree with Economics as a Pass/Honours/Core/Elective subject from any recognized University with 45% marks in aggregate or with 45% marks in Economics in aggregate as the core subject in case of Honours/Core Economics. For SC/ST candidates 40% marks in aggregate or 40% marks in Economics in aggregate.
Duration: 2 years / 4 semesters
Credits: 80 Credits
Assessment: Internal: 20%, External: 80%
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| ECO – 101 | Micro Economics – I | Core | 4 | Theory of Consumer Behavior, Theory of Production and Costs, Perfect Competition, Imperfect Competition, Welfare Economics |
| ECO – 102 | Macro Economics – I | Core | 4 | National Income Accounting, Classical Theory of Income and Employment, Keynesian Theory of Employment, Post-Keynesian Theories of Income, Theories of Inflation |
| ECO – 103 | Indian Economic Policy – I | Core | 4 | Structure of Indian Economy, Planning in India and its Achievements, Agriculture and Rural Development, Industrial Growth and Policy, Economic Reforms in India |
| ECO – 104 | Statistical Methods | Core | 4 | Measures of Central Tendency, Measures of Dispersion, Correlation Analysis, Regression Analysis, Probability and Probability Distributions |
| ECO – 105 | History of Economic Thought | Core | 4 | Ancient Economic Thought, Mercantilism and Physiocracy, Classical School of Thought, Marxian Economics, Keynesian Revolution |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| ECO – 201 | Micro Economics – II | Core | 4 | Game Theory, Asymmetric Information, General Equilibrium Analysis, Externalities and Public Goods, Economics of Risk and Uncertainty |
| ECO – 202 | Macro Economics – II | Core | 4 | Theories of Money Demand, Money Supply and Monetary Policy, IS-LM Model, Business Cycles, Rational Expectations and New Classical Economics |
| ECO – 203 | Indian Economic Policy – II | Core | 4 | Human Resource Development, Poverty, Inequality, and Unemployment, Infrastructure and Economic Development, Fiscal Policy and Public Finance, India''''s External Sector |
| ECO – 204 | Mathematical Economics | Core | 4 | Differential Calculus and Economic Applications, Optimization Techniques, Constrained Optimization, Input-Output Analysis, Dynamic Analysis in Economics |
| ECO – 205 | Econometrics | Core | 4 | Classical Linear Regression Model (CLRM), Problems with CLRM Assumptions, Dummy Variable Regression Models, Autocorrelation and Heteroscedasticity, Time Series Econometrics |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| ECO – 301 | Public Economics | Core | 4 | Public Goods and Externalities, Theories of Public Expenditure, Principles of Taxation, Public Debt and Budgetary Policy, Fiscal Federalism in India |
| ECO – 302 | International Economics | Core | 4 | Theories of International Trade, Terms of Trade and Trade Policy, Balance of Payments, Foreign Exchange Markets, International Financial Institutions |
| ECO – 303 | Economics of Growth & Development | Core | 4 | Theories of Economic Growth, Theories of Economic Development, Poverty, Inequality, and Development, Role of State and Market in Development, Planning and Development Strategies |
| ECO – 304 (A) | Environmental Economics | Elective | 4 | Economics of Environmental Goods, Market Failure and Environmental Problems, Valuation of Environmental Resources, Environmental Policies and Regulations, Climate Change and Sustainable Development |
| ECO – 304 (B) | Agricultural Economics | Elective | 4 | Agricultural Production and Productivity, Agricultural Marketing and Prices, Land Reforms and Agrarian Structure, Agricultural Finance and Credit, Food Security and Policy |
| ECO – 305 (A) | Industrial Economics | Elective | 4 | Industrial Structure and Market Conduct, Market Concentration and Performance, Industrial Location and Planning, Industrial Finance and Investment, Industrial Policies in India |
| ECO – 305 (B) | Labour Economics | Elective | 4 | Labour Market Analysis, Wage Theories and Determination, Trade Unions and Collective Bargaining, Employment and Unemployment, Labour Welfare and Social Security |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| ECO – 401 | Financial Economics | Core | 4 | Financial Markets and Institutions, Risk and Return in Finance, Portfolio Theory and Management, Asset Pricing Models, Derivatives Markets |
| ECO – 402 | Research Methodology | Core | 4 | Fundamentals of Research Design, Methods of Data Collection, Sampling Techniques, Hypothesis Testing and Interpretation, Report Writing and Presentation |
| ECO – 403 (A) | Demography | Elective | 4 | Theories of Population, Measures of Fertility, Measures of Mortality, Migration Analysis, Population Policy in India |
| ECO – 403 (B) | Gender Economics | Elective | 4 | Gender and Economic Development, Gender in the Labour Market, Household Economics and Gender, Poverty and Gender Inequality, Gender-Sensitive Policy Initiatives |
| ECO – 404 (A) | Welfare Economics | Elective | 4 | Pareto Optimality and Efficiency, Social Welfare Functions, Theories of Income Distribution, Social Choice Theory, Welfare Maximization and Public Policy |
| ECO – 404 (B) | Health Economics | Elective | 4 | Demand for Health and Healthcare, Supply of Health Services, Health Insurance and Financing, Health Sector Reforms, Health Policy in India |
| ECO – 405 | Project / Dissertation | Project | 4 | Selection of Research Topic, Extensive Literature Review, Methodology and Data Analysis, Presentation of Research Findings, Academic Writing and Thesis Submission |
