Best Economics Books for IIT JAM Exam Preparation 2023
Economics has been introduced to expand the facility for the candidate appearing for the Indian Institute of Technology Joint Admission Test for M.Sc. The below table contains the list of the Best Books for the IIT JAM 2023 Economics exam preparations.
The major sub-sections of the IIT JAM Economics Syllabus are Macroeconomics, Microeconomics, Indian Economy, Statistics for Economics, and Mathematics for Economics.
B.C. Mehta, G.M.K. Madani
Mishra and Puri
- This book is one of the best books for undergraduate students who want to learn microeconomics clearly.
- 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
- Get ready to learn some basics as well as advanced concepts of mathematics for economics with Mehta-Madnani.
- 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
- The objective part makes the preparation easy.
- If you are preparing for competitive exams it is the only thing you need.
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To secure an excellent rank in the IIT JAM exam, one must give equal importance to other subjects too. Here is the collective list of the best books to get started with your IIT JAM preparations.
IIT-JAM 2022: Economics Syllabus for Preparations
- Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equation revealed preference axioms.
- 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.
- Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics.
- Perfect competition, monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition, and oligopoly.
- Strategic form games, iterated elimination of dominated strategies, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, examples: Cournot, Bertrand duopolies, Prisoner’s dilemma.
- Externalities, public goods, and markets with asymmetric information (adverse selection and moral hazard).
- Structure, key concepts, measurements, and circular flow of income – for closed and open economy, money, fiscal and foreign sector variables – concepts and measurements.
- 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-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.
- Open economy, Mundell-Fleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, the role of monetary and fiscal policies.
- Inflation – theories, measurement, causes, and effects, unemployment – types, measurement, causes, and effects.
- Harrod-Domar, Solow, and Neo-classical growth models (AK model, Romer model, and Schumpeterian growth model).
Statistics for Economics
- 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.
- 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
- 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 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.
- Transfer of tribute, the deindustrialization of India.
- Planning models, the relation between agricultural and industrial growth, challenges faced by Indian planning.
- Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment.
- Aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal and monetary policy, savings and investment rates in India.
- India’s achievements in health, education, and other social sectors, disparities between the Indian States in human development.
- Methodology of poverty estimation, Issues in poverty estimation in India.
- Unemployment, labour force participation rates.
Mathematics for Economics
- 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
- 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.
- Definite integrals, fundamental theorems, indefinite integrals, and applications.
- First-order difference equations, first-order differential equations, and applications.
- 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.
- 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.