📘 Course Title: Macroeconomics

🎯 Course Objective:

This course aims to provide students with a comprehensive understanding of macroeconomic theory and its application to real-world economic issues. It equips learners with the tools to analyze the functioning of an economy at the aggregate level and understand how economic policies influence growth, stability, and development.

📚 Course Description:

Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of an entire economy. This course explores the key macroeconomic variables such as national income, employment, inflation, aggregate demand and supply, public finance, and monetary policy. Students will gain insights into how economies function and how different sectors—households, businesses, government, and the foreign sector—interact.

The course will examine both theoretical frameworks and real-world economic issues, helping students to critically evaluate policies like taxation, government spending, interest rate regulation, and trade strategies. Special emphasis will be given to the Indian economy and how global economic trends affect domestic growth and stability.

🧩 Key Topics Covered:

1. Introduction to Macroeconomics
   Scope, nature, and significance
   Micro vs. macroeconomics
2. National Income Accounting
   Concepts: GDP, GNP, NDP, NNP
   Methods of measurement
   Difficulties in calculation
3. Theories of Employment
   Classical theory
   Keynesian theory of employment and effective demand
4. Inflation and Deflation
   Types, causes, and effects
   Control measures
   Inflation targeting (with a focus on RBI)
5. Monetary Policy and Fiscal Policy
   Objectives, tools, and effectiveness
   Role of RBI and Government of India
6. Public Finance
   Taxation, public expenditure, and public debt
   Budgeting and fiscal deficit
7. Business Cycles
   Phases and causes
   Stabilization policies
8. International Trade and Balance of Payments
   Trade theories
   Foreign exchange and exchange rate systems
   Globalization and India

🧠 Learning Outcomes:

By the end of this course, students will be able to:

• Understand and interpret macroeconomic indicators.
• Analyze how policies affect employment, prices, and economic growth.
• Evaluate the effectiveness of fiscal and monetary policies.
• Understand global economic interdependence and its impact on national economies.
• Apply macroeconomic concepts to assess contemporary economic issues.

📊 Assessment Methods:

• Internal assessments (presentations, tests, assignments): 40%
• End-semester written examination: 60%

👩‍🎓 Ideal for:

• Students pursuing B.A., B.Com., or other undergraduate degrees in economics or commerce.
• Aspirants preparing for competitive exams like UPSC, RBI Grade B, or NET in Economics.

🎯 Course Overview

A comprehensive macroeconomics paper focusing on the behavior of the economy as a whole, aimed at equipping students with theoretical knowledge and practical application skills.

📚 Syllabus Outline:

Term I

Unit 1: Basic Concepts of Macroeconomics (8 lectures)

• Meaning, nature, scope, and significance of macroeconomics
• Limitations and differences between micro & macroeconomics exam.unipune.ac.in+13Scribd+13Studocu+13

Unit 2: National Income (14 lectures)

• Definitions and importance: GNP, NNP, National Income at Factor Cost, Personal and Disposable Income
• Measurement methods – circular flow (two-sector model)
• Challenges in estimating national income Scribd

Unit 3: Money (12 lectures)

• Functions and meaning of money
• Demand for money: Classical vs Keynesian approaches
• Supply: Role of the RBI and credit control (quantitative and qualitative)
• Multiple credit creation by commercial banks Studocu+2Scribd+2Studocu+2

Unit 4: Value of Money (14 lectures)

• Concepts and Measurement: Quantity Theory of Money
• Cash-balance approaches: Cambridge, Pigou, Marshall, Keynes
• Milton Friedman’s modern approach Reddit+5Scribd+5Studocu+5

Term II

Unit 5: Inflation and Deflation (10 lectures)

• Definitions, causes, and effects of inflation & deflation
• Demand-pull & cost-push inflation, inflationary gap
• Phillips Curve, supply‑side economics, stagflation Scribd+1Scribd+1

Unit 6: Trade Cycle (12 lectures)

• Meaning, features, and phases of business cycles
• Monetary and fiscal measures to control cyclical fluctuations Studocu+1Studocu+1Scribd+1Studocu+1

Unit 7: Theories of Output & Employment (12 lectures)

• Classical theories (Say’s Law, Pigou, Fisher) vs Keynesian critique
• Keynesian theory of employment Targetstudy+6Scribd+6Studocu+6

Unit 8: Public Finance (14 lectures)

• Scope and nature of public finance
• Dalton’s principle of maximum social advantage
• Public revenue and expenditure trends
• Types, principles, and effects of taxation
• Reasons behind rising public expenditure Reddit+4Scribd+4Studocu+4

✅ Key Texts & References

• Ahuja, H.L. – Macroeconomics Theory and Policy
• Gupta, S.B. – Monetary Economics
• D’Souza, Errol – Macroeconomics
• Shapiro, E. – Macro Economic Analysis
• Additional: Keynes, Lucas, Higgins, Kindleberger Scribd+1Scribd+1

🧠 Skills & Learning Outcomes

• Evaluate macroeconomic aggregates & policy impacts
• Compare classical and Keynesian economic frameworks
• Apply monetary & fiscal measures to real-world economic scenarios
• Analyze public finance principles and implications