UPSC Economics Syllabus For 2023 – IAS Mains Optional Subjects

Check out the latest UPSC Mains Economics Syllabus 2023. Economics subject is one of the optional papers in the UPSC IAS Mains Exam. Earlier we’ve provided UPSC Mains Syllabus, Now we are providing UPSC Mains Optional Subject Syllabus of Economics Paper. There is only “ONE” optional subject to choose from the list of optional subjects which are given below. It comprises of two papers each of 250 marks. So, the optional paper has a total 500 marks. In UPSC Civil Services Mains Exam, Economics is one of the Optional Subjects and consists of 2 papers. Each paper is of 250 marks with a total of 500 marks. Find below the UPSC Syllabus for Economics Optional Subject.

Also Check: UPSC Mains Optional Subjects List

UPSC Economics Syllabus

UPSC Mains Part B  – Optional Subjects
Subject: Economics Main Examination Syllabus

Download UPSC Mains Optional Subject Syllabus in Pdf
UPSC Mains Economics Syllabus Paper 1	Download
UPSC Mains Economics Syllabus Paper 2	Download

UPSC Mains Economics Syllabus PAPER – I

1. Advanced MicroEconomics:

(a)  Marshallian and Walrasian Approaches to Price determination. (b)  Alternative Distribution Theories: Ricardo, Kaldor, Kaleeki. (c)   Markets Structure: Monopolistic Competition, Duopoly, Oligopoly. (d)  Modern Welfare Criteria: Pareto Hicks & Scitovsky, Arrow’s Impossibility Theorem, A.K. Sen’s Social Welfare Function.

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2. Advanced Macro Economics:

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

3. Money – Banking and Finance:

(a)   Demand for and Supply of Money: Money Multiplier Quantity Theory of Money (Fisher, Pique, and Friedman) and Keynes Theory on Demand for Money, Goals, and Instruments of Monetary Management in Closed and Open Economies. The relation between the Central Bank and the Treasury. Proposal for a ceiling on the growth rate of money.

(b)   Public Finance and its Role in Market Economy: In stabilization of supply, allocation of resources and in distribution and development. Sources of Govt. revenue, forms of Taxes and Subsidies, their incidence and effects. Limits to taxation, loans, crowding-out effects and limits to borrowings. Public Expenditure and its effects.

4. International Economics:

(a)  Old and New Theories of International Trade
(i)  Comparative Advantage
(ii)  Terms of Trade and Offer Curve.
(iii)  Product Cycle and Strategic Trade Theories.
(iv)  Trade as an engine of growth and theories of under development in an open economy.

(b)  Forms of Protection: Tariff and quota.

(c)   The balance of Payments Adjustments: Alternative Approaches.
i) Price versus income, income adjustments under fixed exchange rates.
ii) Theories of Policy Mix.
iii) Exchange rate adjustments under capital mobility.
iv) Floating Rates and their Implications for Developing Countries: Currency Boards.           v) Trade Policy and Developing Countries.
vi) BOP, adjustments and Policy Coordination in open economy macro-model.
vii) Speculative attacks.
viii) Trade Blocks and Monetary Unions.
ix) WTO: TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.

5. Growth and Development:

(a)
i) Theories of growth: Harrod’s model,
ii) Lewis model of development with surplus labor,
iii) Balanced and Unbalanced growth,
iv) Human Capital and Economic Growth.
v) Research and Development and Economic Growth

(b) Process 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.

(c) Economic development and International Trade and Investment, Role of Multinationals.

(d) Planning and Economic Development: changing role of Markets and Planning, Private- Public Partnership.

(e) Welfare indicators and measures of growth – Human Development Indices. The basic needs approach.

(f) Development and Environmental Sustainability – Renewable and Non-Renewable Resources, Environmental Degradation, Intergenerational equity development.

UPSC Mains Economics Syllabus PAPER- II 

1. Indian Economy in Pre-Independence Era:

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

2. Indian Economy after Independence:

A  The Pre Liberalization Era:  
(i)   The contribution of Vakil, Gadgil and V.K.R.V. Rao.
(ii)  Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation in agriculture.
(iii) Industry Trends in composition and growth, Role of the public and private sector, Small scale, and cottage industries.
(iv) National and Per capita income: patterns, trends, aggregate and Sectoral composition and changes there in.
(v) Broad factors determining National Income and distribution, Measures of poverty, Trends in poverty and inequality.

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

Also Check Other Optional Subject’s Syllabus
UPSC Main Examination Part B – Optional Subjects
Agriculture Main Syllabus Animal Husbandry & Veterinary Science Main Syllabus Botany Main Syllabus Boda Main Syllabus Chemistry Main Syllabus Civil Engineering Main Syllabus Commerce Main Syllabus Economics Main Syllabus Electrical Engineering Main Syllabus Geography Main Syllabus Geology Main Syllabus Indian History Main Syllabus Law Main Syllabus Mathematics Main Syllabus Mechanical Engineering Main Syllabus Medical Science Main Syllabus Philosophy Main Syllabus Physics Main Syllabus Political Science Main Syllabus Psychology Main Syllabus Public Administration Main Syllabus Sociology Main Syllabus Statistics Main Syllabus Zoology Main Syllabus Anthropology Main Syllabus Arabic Main Syllabus	Assamese Main Syllabus Bengali Main Syllabus Dogri Main Syllabus English Main Syllabus Gujarati Main Syllabus Hindi Main Syllabus Kannada Main Syllabus Kashmiri Main Syllabus Konkani Main Syllabus Maithili Main Syllabus Malayalam Main Syllabus Manipuri Main Syllabus Marathi Main Syllabus Nepali Main Syllabus Oriya Main Syllabus Persian Main Syllabus Punjabi Main Syllabus Sanskrit Main Syllabus Santali Main Syllabus Sindi Main Syllabus Tamil Main Syllabus Telugu Main Syllabus Urdu Main Syllabus Management Main Syllabus

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