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UPSC IES Exam 2015: General Economics Syllabus

Union Public Service Commission (UPSC) conducts Indian financial services (ie) exam session 2015. Exams are segregated into two parts:

Part I: written examination will be held for 1,000 marks.
Part II: Viva vote for 200 marks.

Subject: Maximum brands: deadline
General English: 100: 3 hours
General Studies: 100: 3 hours
General Economics I: 200: 3 hours
General Economics II: 200: 3 hours
General Economics III: 200: 3 hours
Indian economy: 200: 3 hours




1. theory of consumer demand: Cardinal benefit analysis; Marginal utility and demand, consumer surplus, indifference curve analysis and utility function, price and income substitution effects, Slutsky theorem and the derivation of demand curves revealed preference theory. Duality and indirect utility function and expenditure function, choice under risk and uncertainty. Simple games with complete information, the concept of Nash equilibrium.
2. theory of production: factors of production and the production function. Types of functions: Cobb Douglas, CES and fixed coefficient type, Translog production function. The laws in return, return to scale and factors of production. Duality and cost function, measures of productive efficiency of firms, technical and allocative efficiency. Partial equilibrium versus general Equilibrium approach. Equilibrium between the firm and industry.
3. theory value: prices under different market structures, government rates, marginal cost pricing, peak load pricing, cross-subsidy free prices and average price rates. Marshallian and walrasiansk stability analysis. Rates of incomplete information and moral hazard.
4. theory of distribution: Neo classical distribution theory; Marginal productivity theory of determination of factor prices, factor shares and add up problems. Euler's theorem, pricing factors under imperfect competition, monopoly and bilateral monopoly. Macro-allocation theories of Ricardo, Marx, Kaldor, Kalecki.
5. welfare economics: Inter-personal comparison and aggression problem, public goods and externalities, divergence between social and private welfare, compensation principle. Pareto optimality ;. Social choice and other recent schools, including Coase Sen.


1. mathematical methods in economics: differentiation and integration and their applications in economics. Optimization techniques, sets, arrays and their application in economics. Linear algebra and linear programming in economics and Input-output model of Leontief.
2. statistical and econometric methods: measurements of central tendencies and dispersions, correlation and regression. Time series. Index Numbers. Sampling of curves based on different linear and non-linear function. Least square methods and other multivariate analysis (only concepts and interpretation of results). Analysis of variance, factor analysis, principle component analysis, discriminant analysis. Income distribution: Pareto law distribution, long normal distribution, measurement of income inequality. Lorenz curve and Gini coefficient. Univariate and multivariate regression analysis. Problems and measures of Hetroscedasticity, autocorrelation and Multicollnearity.


1. Economic Thought: Mercantilism Physiocrats, Classical, Marxist, Neo-classical,Keynesian and Monetarist schools of thought.
2. Concept of National Income and Social Accounting: Measurement of National Income, Inter relationship between three measures of national income in the presence of Government sector and International transactions. Environmental considerations, Green national income.
3. Theory of employment, Output, Inflation, Money and Finance: The Classical theory of Employment and Output and Neo classical approaches. Equilibrium, analysis under classical and neo classical analysis. Keynesian theory of Employment and output. Post Keynesian developments. The inflationary gap; Demand pull versus cost push inflation, the Philip's curve and its policy implication. Classical theory of Money, Quantity theory of Money. Friedman's restatement of the quantity theory, the neutrality of money. The supply and demand for loanable funds and equilibrium in financial markets, Keynes' theory on demand for money. IS-LM Model and AD-AS Model in Keynesian Theory.
4. Financial and Capital Market: Finance and economic development, financial markets, stock market, gift market, banking and insurance. Equity markets, Role of primary and secondary markets and efficiency, Derivatives markets; Future and options.
5. Economic Growth and Development: Concepts of Economic Growth and Development and their measurement: characteristics of less developed countries and obstacles to their development - growth, poverty and income distribution. Theories of growth: Classical Approach: Adam Smith, Marx and Schumpeter- Neo classical approach; Robinson, Solow, Kaldor and Harrod Domar. Theories of Economic Development, Rostow, Rosenstein-Roden, Nurske, Hirschman, Leibenstien and Arthur Lewis, Amin and Frank (Dependency scool) respective role of state and the market. Utilitarian and Welfarist approach to social development and A.K. Sen's critique. Sen's capability approach to economic development. The Human Development Index. Physical quality of Life Index and Human Poverty Index. Basics of Endogenous Growth Theory.
6. International Economics: Gains from International Trade, Terms of Trade, policy, international trade and economic development- Theories of International Trade; Ricardo, Haberler, Heckscher- Ohlin and Stopler- Samuelson- Theory of Tariffs- Regional Trade Arrangements. ASEAN Crisis of 1998, Global Financial Crisis of 2008 and Euro Zone Crisis- Causes and Impact.
7. Balance of Payments: Disequilibrium in Balance of Payments, Mechanism of Adjustments, Foreign Trade Multiplier, Exchange Rates, Import and Exchange Controls and Multiple Exchange Rates. IS-LM Model and Mundell- Fleming Model of Balance of Payments.
8. Global Institutions: UN agencies dealing with economic aspects, World Bank, IMF and WTO, Multinational Corporations. G-20


1. Public Finance: Theories of taxation: Optimal taxes and tax reforms, incidence of taxation; Theories of public expenditure: objectives and effects of public expenditure, public expenditure policy and social cost benefit analysis, criteria of public investment decisions, social rate of discount, shadow price of investment, unskilled labour and foreign exchange. Budgetary deficits. Theory of public debt management.
2. Environmental Economics: Sustainable development, Rio process 1992 to 2012, Green GDP, UN Methodology of Integrated Environmental and Economic Accounting. Environmental Values: User and Non-Users values; option value. Valuation Methods: Stated and revealed preference methods. Design of Environmental Policy Instruments: Pollution Taxes and Pollution permits, collective action and informal regulation by local communities. Theories of exhaustible and renewable resources. International Environmental agreements, RIO Conventions. Climate change problems. Kyoto protocol, UNFCC, Bali Action Plan, post 2015 agreements, tradable permits and carbon taxes. Carbon Markets and Market Mechanisms. Climate Change Finance and Green Climate Fund.
3. Industrial Economics: Market structure, conduct and performance of firms, product differentiation and market concentration, monopolistic price theory and oligopolistic interdependence and pricing, entry preventing pricing, micro level investment decisions and the behaviour of firms, research and development and innovation, market structure and profitability, public policy and development of firms.
4. State, Market and Planning: Planning in a developing economy. Planning regulation and market. Indicative Planning. Decentralized Planning.

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