Best Economics Books for IIT JAM Exam Preparation 2024

IIT JAM 2022 List of the Best Books to Prepare for the Economics Examination

Preparing for the IIT JAM economics exam can be a daunting task, especially when it comes to understanding the concepts of economics. To help you with your preparation, we have compiled a list of some of the best economics books that will be useful for the IIT JAM exam in 2024.

The major sub-sections of the IIT JAM Economics Syllabus are Macroeconomics, Microeconomics, Indian Economy, Statistics for Economics, and Mathematics for Economics.

Author/ Publication	Book’s Name
S. Chand	Principles Microeconomics	Read More
S. Chand	Macroeconomics	Read More
B.C. Mehta, G.M.K. Madani	Mathematics for Economists	Read More
Mishra and Puri	Indian Economy	Read More
B.L. Agarwal	Programmed Statistics	Read More

Principles Of Microeconomics

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This book is one of the best books for undergraduate students who want to learn microeconomics.

Macroeconomics

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Part-I: Macroeconomics
Part II: Post-Keynesian Developments in Macroeconomics
Part III: Monetary Demand and Supply
Part IV: Money, Prices, and Inflation
Part-V: Business Cycles and Macroeconomics Policy
Part-VI: Government and the Macroeconomy
Part-VII: Open Economy Macroeconomics
Part VIII: Theories of Economic Growth

Mathematics For Economists

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Get ready to learn some basics as well as advanced concepts of mathematics for economics with Mehta-Madnani.

Indian Economy

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Part-I – Economic Development: A Theoretical Background
Part II – Structure of the Indian Economy
Part III – Basic Issues in Agriculture
Part-IV – The Industrial Sectors and Services in the Indian Economy
Part-V – Foreign Trade and Foreign Capital
Part-VI – Money, Banking, and Finance
Part-VII – Public Finance
Part-VIII – Economic Planning and Policy

Programmed Statistics

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The objective part makes the preparation easy.
If you are preparing for competitive exams it is the only thing you need.

Candidates are advised to study the complete syllabus thoroughly and focus on the topics that are most important and frequently asked in the exam. Practicing previous years’ question papers and taking mock tests can also help candidates prepare effectively for the IIT JAM exam 2024.

Practice FREE Mock Test For IIT JAM Economics Exam Preparation 2024:

Listyaan Learning brings one of the best test series to enhance your preparation with various questions helping you score more.

Exam Name
IIT JAM (Economics) Mock Test – 1	Practice Free

In conclusion, these books are some of the best economics books that will be useful for the IIT JAM economics exam in 2024. These books cover all the essential topics and provide a comprehensive analysis of the subject.

By using these books for your preparation, you can increase your chances of success in the exam.

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To secure an excellent rank in the IIT JAM exam, one must also give equal importance to other subjects. Here is the collective list of the best IIT JAM books to get started with your preparations.

IIT-JAM 2024: Economics Syllabus for Preparations

Microeconomics

Consumer theory

Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equation revealed preference axioms.

Theory of production and cost

Production technology, isoquants, production function with one and more inputs returns to scale, short-run and long-run costs, cost curves in the short run and long run.

General equilibrium and welfare

Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics.

Market structure

Perfect competition, monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition, and oligopoly.

Game theory

Strategic form games, iterated elimination of dominated strategies, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, examples: Cournot, Bertrand duopolies, Prisoner’s dilemma.

Public goods and market failure

Externalities, public goods, and markets with asymmetric information (adverse selection and moral hazard).

Macroeconomics

National income accounting

Structure, key concepts, measurements, and circular flow of income – for closed and open economy, money, fiscal and foreign sector variables – concepts and measurements.

Behavioural and technological functions

Consumption functions – absolute income hypothesis, life-cycle, and permanent income hypothesis, random walk model of consumption, investment functions – Keynesian, money demand and supply functions, production function.

Business cycles and economic models (closed economy)

Business cycles-facts and features, the classical model of the business cycle, the Keynesian model of the business cycle, simple Keynesian cross model of income and employment determination and the multiplier (in a closed economy), IS-LM Model, Hicks’ IS-LM synthesis, the role of monetary and fiscal policies.

Business cycles and economic models (open economy)

Open economy, Mundell-Fleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, the role of monetary and fiscal policies.

Inflation and unemployment

Inflation – theories, measurement, causes, and effects, unemployment – types, measurement, causes, and effects.

Growth models

Harrod-Domar, Solow, and Neo-classical growth models (AK model, Romer model, and Schumpeterian growth model).

Statistics for Economics

Probability theory

Sample space and events, axioms of probability and their properties, conditional probability and Bayes’ rule, independent events, random variables, and probability distributions, expectation, variance and higher-order moments, functions of random variables, properties of commonly used discrete and continuous distributions, density, and distribution functions for jointly distributed random variables, mean and variance of jointly distributed random variables, covariance, and correlation coefficients.

Mathematical statistics

Random sampling, types of sampling, point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood procedures, properties of estimators, sampling distribution, confidence intervals, central limit theorem, the law of large number

Hypothesis testing

Distributions of test statistics, testing hypotheses related to population parameters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples.

Correlation and regression

Correlation and types of correlation, the nature of regression analysis, method of Ordinary Least Squares (OLS), CLRM assumptions, properties of OLS, the goodness of fit, variance, and covariance of OLS estimator.

Indian Economy

Indian economy before 1950

Transfer of tribute, the deindustrialization of India.

Planning and Indian development

Planning models, the relation between agricultural and industrial growth, challenges faced by Indian planning.

Indian economy after 1991

Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment.

Banking, finance and macroeconomic policies

Aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal and monetary policy, savings and investment rates in India.

Inequalities in social development

India’s achievements in health, education, and other social sectors, disparities between the Indian States in human development.

Poverty

Methodology of poverty estimation, Issues in poverty estimation in India.

India’s labour market

Unemployment, labour force participation rates.

Mathematics for Economics

Preliminaries and functions

Set theory and number theory, elementary functions: quadratic, polynomial, power, exponential, logarithmic, functions of several variables, graphs, and level curves, convex set, concavity and quasiconcavity of function, convexity, and quasi-convexity of functions, sequences, and series: convergence, algebraic properties and applications, complex numbers and their geometrical representation, De Moivre’s theorem and its application

Differential calculus

Limits, continuity and differentiability, mean value theorems, Taylor’s theorem, partial differentiation, gradient, chain rule, second and higher-order derivatives: properties and applications, implicit function theorem, and application to comparative statics problems, homogeneous and homothetic functions: characterizations and applications.

Integral calculus

Definite integrals, fundamental theorems, indefinite integrals, and applications.

Differential equations, and difference equations

First-order difference equations, first-order differential equations, and applications.

Linear algebra

Matrix representations and elementary operations, systems of linear equations: properties of their solution, linear independence and dependence, rank, determinants, eigenvectors, and eigenvalues of square matrices, symmetric matrices, and quadratic forms, definiteness, and semi definiteness of quadratic forms.

Optimization

Local and global optima: geometric and calculus-based characterizations, and applications, multivariate optimization, constrained optimization and method of Lagrange multiplier, second-order condition of optima, definiteness, and optimality, properties of value function: envelope theorem and applications, linear programming: graphical solution, matrix formulation, duality, economic interpretation.

Frequently Asked Questions:

What is IIT JAM Economics exam?

IIT JAM Economics exam is an entrance exam conducted by the Indian Institutes of Technology (IITs) for admission to the Master of Science (M.Sc.) program in Economics.

What is the eligibility criteria for IIT JAM Economics exam?

The candidate must have a bachelor’s degree in Economics or Mathematics with at least 55% aggregate marks (50% for SC/ST/PwD candidates).

What is the exam pattern for IIT JAM Economics exam?

The exam consists of multiple-choice questions (MCQs), numerical answer type (NAT) questions, and multiple-select questions (MSQs). The exam duration is three hours and the total marks are 100.

How to prepare for IIT JAM Economics exam?

Start with a comprehensive study plan, refer to standard textbooks, practice previous years’ question papers, and take mock tests to evaluate your preparation level.

Which are the important topics in IIT JAM Economics syllabus?

Some of the important topics in the IIT JAM Economics syllabus are microeconomics, macroeconomics, mathematical methods for economics, statistics, econometrics, and development economics.

What are the best books to refer for IIT JAM Economics exam preparation?

Some of the best books for IIT JAM Economics exam preparation are Microeconomics by Pindyck and Rubinfeld, Macroeconomics by Blanchard, Mathematics for Economists by Simon and Blume, and Econometrics by Gujarati.

How to manage time during the IIT JAM Economics exam?

It is important to manage time during the exam by setting a time limit for each question and avoiding spending too much time on difficult questions. Attempt easier questions first and mark the difficult ones for review.

What is the cutoff for IIT JAM Economics exam?

The cutoff for the IIT JAM Economics exam varies every year and is based on factors such as the difficulty level of the exam, the number of candidates appearing for the exam, and the number of seats available.

What are the career options after completing M.Sc. in Economics?

Some of the career options after completing M.Sc. in Economics are research and development in government agencies, think tanks, private organizations, consulting firms, academia, and banking and financial services.