This course begins with a detailed study of macroeconomic concepts, which include an analysis of India’s national income and balance of payments data. It provides an understanding of the contending theories of employment, income distribution, money supply, and price-wage relationships. The course also deals with exchange rates and other open economy macro issues. It discusses the classical and neoclassical theories of the macroeconomy, as also the critiques of these theories by Keynes, Kalecki, and their followers. The course examines macroeconomic policies, and the challenges faced by governments and the Central Banks in implementing them, especially in the context of the integrated nature of global finance and production.
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