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UPSC Economics Syllabus 2018 for Optional Subject (Paper I/II) IAS Mains PDF

UPSC Economics Syllabus

Download the PDF of UPSC Economics Syllabus from here!!! Candidates, who are going to appear for UPSC Civil Services main Examination, must prepare themselves as according to the officially released syllabus. Candidates, who wish to take Economics as one optional subject, need to appear in two papers that is Paper I/II. Candidates are required to crack the Optional IAS Mains to move ahead for the further selection process. You may go through the below section of this page to get detailed information about UPSC Economics Syllabus 2018.

Applicants can prepare for economics Paper I/II, with the help of UPSC Economics exam Syllabus provided below on this page, which is well furnished by the team of Economics is not beneficial for just for examination point of view, but Economics Syllabus in UPSC will also help you in the overall development to become a good responsible officer, who plays a crucial role in the development of the country in the decades to come.

UPSC Economics Syllabus

Economics Part-I

Advanced Micro Economics

  1. Marshallian and Walrasiam Approaches to Price determination.
  2. lternative Distribution Theories: Ricardo, Kaldor, Kaleeki
  3. Markets Structure: Monopolistic Competition, Duopoly, Oligopoly.
  4. Modern Welfare Criteria: Pareto Hicks & Scitovsky, Arrow’s Impossibility Theorem, A.K. Sen’s Social Welfare Function.

Advance Macro Economics

  • Approaches to Employment Income and Interest Rate determination:
  • Classical, Keynes (IS-LM) curve, Neo classical synthesis and New classical, Theories of Interest Rate determination and Interest Rate Structure.

Money – Banking and Finance

  1. Demand for and Supply of Money: Money Multiplier Quantity Theory of Money (Fisher, Pique and Friedman) and Keyne’s Theory on Demand for Money, Goals and Instruments of Monetary Management in Closed and Open Economies.
  2. Relation between the Central Bank and the Treasury. Proposal for ceiling on growth rate of money.
  3. Public Finance and its Role in Market Economy: In stabilization of supply, allocation of resources and in distribution and development.
  4. Sources of Govt. revenue, forms of Taxes and Subsidies, their incidence and effects.
  5. Limits to taxation, loans, crowding-out effects and limits to borrowings. Public Expenditure and its effects.

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International Economics

(a) Old and New Theories of International Trade

  • Comparative Advantage
  • Terms of Trade and Offer Curve.
  • Product Cycle and Strategic Trade Theories.
  • Trade as an engine of growth and theories of under development in an open economy.

(b) Forms of Protection: Tariff and quota.

(c) Balance of Payments Adjustments: Alternative Approaches.

  • Price versus income, income adjustments under fixed exchange rates,
  • Theories of Policy Mix
  • Exchange rate adjustments under capital mobility
  • Floating Rates and their Implications for Developing Countries: Currency Boards.
  • Trade Policy and Developing Countries.
  • BOP, adjustments and Policy Coordination in open economy macro-model.
  • Speculative attacks
  • Trade Blocks and Monetary Unions.
  • WTO: TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.

Growth and Development


      i.        Theories of growth: Harrod’s model,

     ii.        Lewis model of development with surplus labour

    iii.        Balanced and Unbalanced growth,

   iv.        Human Capital and Economic Growth.

    v.        Research and Development and Economic Growth

BProcess of Economic Development of Less developed countries: Myrdal and Kuzments on economic development and structural change: Role of Agriculture in Economic Development of less developed countries.
CEconomic development and International Trade and Investment, Role of Multinationals.
DPlanning and Economic Development: changing role of Markets and Planning, PrivatePublic Partnership
EWelfare indicators and measures of growth – Human Development Indices. The basic needs approach.

Development and Environmental Sustainability – Renewable and Non Renewable Resources, Environmental Degradation, Intergenerational equity development.

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Economics Part-II

Indian Economy in PreIndependence Era

  1. Land System and its changes, Commercialization of agriculture, Drain theory, Laissez faire theory and critique.
  2. Manufacture and Transport: Jute, Cotton, Railways, Money and Credit.

Indian Economy after Independence

The Pre Liberalization Era:

  1. Contribution of Vakil, Gadgil and V.K.R.V. Rao.
  2. Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation in agriculture,
  3. Industry Trends in composition and growth, Role of public and private sector, Small scale and cottage industries.
  4. National and Per capita income: patterns, trends, aggregate and Sectoral composition and changes theirin.
  5. Broad factors determining National Income and distribution, Measures of poverty, Trends in poverty and inequality.

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The Post Liberalization Era:

  1. New Economic Reform and Agriculture: Agriculture and WTO, Food processing, Subsidies, Agricultural prices and public distribution system, Impact of public expenditure on agricultural growth.
  2. New Economic Policy and Industry: Strategy of industrialization, Privatization, Disinvestments, Role of foreign direct investment and multinationals.
  3. New Economic Policy and Trade: Intellectual property rights: Implications of TRIPS, TRIMS, GATS and new EXIM policy.
  4. New Exchange Rate Regime: Partial and full convertibility, Capital account convertibility.
  5. New Economic Policy and Public Finance: Fiscal Responsibility Act, Twelfth Finance Commission and Fiscal Federalism and Fiscal Consolidation.
  6. New Economic Policy and Monetary system. Role of RBI under the new regime.
  7. Planning: From central Planning to indicative planning, Relation between planning and markets for growth and decentralized planning: 73rd and 74th Constitutional amendments.
  8. New Economic Policy and Employment: Employment and poverty, Rural wages, Employment Generation, Poverty alleviation schemes, New Rural Employment Guarantee Scheme.

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Candidates are required to cover all the matter of syllabus mentioned above. Applicants have to get qualifying marks in the examination as those, who will get qualifying marks in the examination will get the chance to attend further selection process that may be interview and document verification.


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