The M.Sc in Applied Economics programme provides advanced education and enhanced training training in addition to acquiring the capability to conduct and evaluate research in the Economics discipline.To give students the skills needed for the new kinds of jobs being created every day in the digitized economy, the curriculum integrates economics and data science. it will help students to understand and analyse in a logical manner all major economic phenomena, frame policies/strategies for business problem solving as well as apply the tools and concepts of economics in decision making of households,firms, and government institutions.

Programme Education Objective

  • Students will be trained in data analysis and economic modelling
  • Students will be capable to Use statistical and econometric methods—including data gathering, data analysis, and hypothesis testing—in applied empirical work
  • Students will gain skills to interpret and understand key economic and financial statistics and information
  • Impart analytical skill to students to develop economics models as proper policy responses to economic problems as well as evaluate the various policies of the government and firms;

Career Opportunities

Diverse oportunities are open for economics students.

  • Some special mentions are economic analyst
  • Financial advisor
  • Policy analyst
  • Business manager
  • Retail merchandiser
  • Stock broker
  • Sales
  • Insurance consultant/advisor

etc students can also go for advanced research and/or academic jobs as well as any administrative job.

Programme Structure

Core Curriculum

Micro Economics

Consumer Behaviour

Utilitarian Approach, indifference analysis, Slutsky and Hicksian demand analysis, Revealed Preference, demand analysis, elasticity of demand, market equilibrium.

Production & Cost

Types of production functions, isoquant analysis, ridgelines, expansion path, producer’s equilibrium, Economies of scale, envelope property.

Market Analysis

Perfect competition, monopoly, monopolistic competition, oligopoly

Theory of Factor Pricing

Marginal Productivity theory, Theory of factor distribution

Welfare General Equilibrium Analysis and Welfare Economics

General Equilibrium and Economic Efficiency, Pareto efficiency and market failure, Markets with asymmetric information, New Welfare Economics

Game Theory

Pure strategy, mixed strategy, Nash Equilibrium


Money, Banking and Public Finance

High powered money, quantity theory of money, credit creation, monetary policy, Indian money market, capital market, SEBI, Public finance, Public Debt, Budget

National Income Accounting

National income, personal disposable income, method of estimating national income

Classical vs Keynesian Theory

Classical model, simple Keynesian model, multiplier concept, paradox of thrift, Complete Keynesian model, IS-LM model

Inflation, unemployment and expectations

Demand-pull vs cost-push inflation, Short-run and long-run Phillips curve, business cycle and stabilization policy

Open Economy Models

Balance of Payment accounts in an open economy. Foreign exchange management of devaluation, The Mundel-Fleming Model, world bank & IMF.


Multiple Regression

Classical Linear Regression Model, Gauss-Markov Theorem; Inference – Prediction.

BLUE & Problems of Estimation

BLUE, Heteroscedasticity; Autocorrelations; Multicollinearity

Problems in Model Specification

Chow test, Ramsay’s RESET, Bera-Jarque test of normality of errors. Nested and non-nested models.

Limited Dependent Variable Models

Binary Choice Models – Linear Probability Model, Probit and Logit Models

Time Series

ACF and PACF; ARMA Processes and ARIMA Processes) – Analysis of Time Series and Box-Jenkins Method. Introduction to Forecasting.
Volatility, Meandering and co-movements with other series

Basics of Static Panel Data

Random Effect Model – Fixed Effect Model; Hausmann Test.

Introduction to Simultaneous Equation Models

Structural equations – reduced form equations – identification problem. Instrumental variable models Generalized Method of Moments.

Growth and Develeopment

Approaches to Development

Sustainable development, Indices of Development

Models of Economic Growth

Harrod Domar Model, Model of Technical Change- Hicks and Harrod’s views on Neutrality.Joan Robinson’s Model of Economic growth, Kaldor Model of Growth, R.M. Solow Model,

Theories of Development

Classical theory, neoclassical theory, Contemporary Theories, new economic theories

Issues and Trends in Development

Poverty, Inequality, Globalization, Gender, Education and Health, Innovation and Technology

International Economics

Trade Theories

Absolute cost advantage, comparative cost advantage, Heckscher-Ohlin-Samuelson Model), New trade theories: external economies of scale, internal economies of scale; the Krugman model; firm heterogeneity; international movement of factors; introduction
to the theory of multinational firms

Trade Policy

Tariffs, Quotas, Partial Equilibrium Analysis VS General Equilibrium Analysis

International Economic Integration


Programme Type - PG

Duration - 2 Years

Fee Details

  • Kolkata
  • Durgapur

Kolkata Admission + Alumni Fee of INR 45,000/- to be paid during Admission

Payment Date

Lump Sum PaymentYearly Payment Payment DeadlineSemester Payment
Within 15 days of Admission INR 1,58,000 INR 1,01,100 INR 53,700
By 30th Nov, 2021 INR 53,700
By 31st May, 2022 INR 67,400 INR 35,800
By 30th Nov, 2022 INR 35,800
Total Fees: INR 1,58,000 INR 1,68,500 INR 1,79,000

Durgapur Admission + Alumni Fee of INR 45,000/- to be paid during Admission

Payment Date

Lump Sum PaymentYearly Payment Payment DeadlineSemester Payment
Within 15 days of Admission INR 83,000 INR 53,100 INR 28,200
By 30th Nov, 2021 INR 28,200
By 31st May, 2022 INR 35,400 INR 18,800
By 30th Nov, 2022 INR 18,800
Total Fees: INR 83,000 INR 88,500 INR 94,000

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