Curriculum
Course Structure Overview
The Economics program at G D Goenka University Gurugram is meticulously structured to provide students with a solid foundation in economic principles, followed by specialized knowledge and practical skills. The curriculum spans eight semesters, each designed to build upon previous learnings while introducing new concepts and applications.
Core Courses
- Principles of Economics: Introduces fundamental economic concepts including supply and demand, market structures, consumer behavior, and basic macroeconomic principles. This foundational course prepares students for more advanced studies.
- Calculus and Linear Algebra: Provides mathematical tools essential for understanding economic models. Topics include differentiation, integration, matrices, vectors, and systems of equations used in economics.
- Statistics and Probability: Covers statistical methods, probability distributions, hypothesis testing, regression analysis, and data interpretation—skills crucial for empirical research.
- Introduction to Economic Systems: Explores various economic systems (market, command, mixed) and their characteristics, historical evolution, and comparative advantages.
- Microeconomics I: Focuses on individual decision-making, consumer theory, firm behavior, market structures, and welfare economics. Students learn how microeconomic principles apply to real-world scenarios.
- Macroeconomics I: Studies aggregate economic phenomena such as national income, inflation, unemployment, fiscal and monetary policy, and economic growth. This course provides insights into macroeconomic dynamics at the national level.
Departmental Electives
- History of Economic Thought: Traces the evolution of economic ideas from classical economists like Adam Smith to modern thinkers like Milton Friedman. Students examine seminal works and their relevance today.
- Economic Policy and Planning: Analyzes how governments formulate and implement economic policies. The course covers policy evaluation, planning frameworks, and the role of institutions in shaping economic outcomes.
- Development Economics: Explores the challenges faced by developing countries and strategies for sustainable growth. Students study poverty alleviation programs, infrastructure development, education policy, and international aid initiatives.
- Environmental Economics: Integrates environmental concerns into economic analysis, covering pollution control, natural resource management, climate change mitigation, and sustainability strategies.
- International Trade and Finance: Examines global trade patterns, exchange rate dynamics, international monetary systems, and the role of international organizations in regulating commerce. Students analyze trade policies and their impact on economies worldwide.
- Labor Economics: Studies labor market dynamics, wage determination, employment policies, human capital theory, and the impact of labor regulations on economic outcomes.
- Public Finance: Focuses on government revenue and expenditure, taxation policies, budgeting processes, and fiscal federalism. Students learn how public finances affect economic outcomes and social welfare programs.
- Economic Growth and Development: Explores theories of economic growth and development, examining how countries can achieve sustained increases in living standards through innovation, investment, and institutional reforms.
- Financial Economics: Covers financial markets, instruments, and institutions. Topics include derivatives pricing, portfolio theory, risk management, and investment analysis used in modern finance.
- Behavioral Economics: Examines how psychological, social, cognitive, and emotional factors influence economic decisions. Students explore cognitive biases, decision-making under uncertainty, and behavioral interventions in public policy.
Laboratory Courses
- Economic Data Analysis Lab: Provides hands-on experience with statistical software and data analysis techniques. Students learn to handle real-world datasets, conduct empirical research, and present findings effectively.
- Econometrics Lab: Focuses on econometric modeling using advanced software tools like Stata, R, and Python. Students develop skills in estimating economic relationships, testing hypotheses, and interpreting results from regression models.
- Data Visualization and Forecasting Lab: Teaches students to create visual representations of economic data and forecast future trends. Using tools like Tableau, Excel, and specialized forecasting software, students learn to communicate complex information clearly.
- Research Project Lab: Supports final-year thesis development by providing guidance on research methodology, literature review, data collection, and academic writing. Students work under faculty supervision to produce high-quality research papers or policy reports.
Project-Based Learning Philosophy
The department emphasizes project-based learning as a central component of the educational experience. This approach ensures that students not only understand theoretical concepts but also apply them to solve real-world problems.
Mini-projects are assigned in the third year, allowing students to work on relevant topics within their chosen specialization. These projects involve data collection, analysis, and presentation, preparing students for more complex research tasks.
Final-Year Thesis/Capstone Project
The final-year thesis or capstone project is a significant milestone in the program. Students select a topic aligned with their interests and career goals, working closely with a faculty mentor throughout the process.
Project selection begins in the third year, where students are encouraged to propose topics that reflect current economic issues or research gaps. Faculty mentors provide guidance on methodology, literature review, data analysis, and academic writing standards.
Evaluation criteria include research quality, analytical depth, presentation skills, peer feedback, and mentor assessments. The department offers dedicated support through workshops, seminars, and one-on-one mentoring sessions to ensure student success.