Curriculum Overview for Economics Program at Maharishi Arvind University Jaipur

Course Structure Across 8 Semesters

Detailed Descriptions of Advanced Departmental Electives

ECON401 - Econometrics II: This course builds upon the fundamentals introduced in Econometrics I, delving deeper into advanced topics such as time series analysis, panel data models, and instrumental variables estimation. Students learn to use software packages like Stata and R for complex econometric modeling and interpretation of results.

ECON402 - Data Analytics for Economic Policy: This course focuses on applying data analytics techniques to address pressing economic policy challenges. Topics include predictive modeling, data visualization, machine learning algorithms, and real-time analysis tools used in central banks, government agencies, and international organizations.

ECON403 - Sustainable Finance: Designed for students interested in the intersection of environmental sustainability and financial markets, this course explores green bonds, ESG investing, carbon trading mechanisms, and climate risk assessment. Students analyze case studies from leading sustainable finance institutions and learn about regulatory frameworks governing responsible investment practices.

ECON404 - Advanced Topics in Economics: This elective allows students to explore niche areas of economics that are not covered in standard curricula. Past topics have included behavioral macroeconomics, experimental economics, and the economics of innovation. The course is offered by faculty members who are actively engaged in research within these specialized domains.

ECON405 - Economic Policy Analysis: This course teaches students how to evaluate existing policies and design new ones using economic tools and frameworks. Students engage in policy simulations, cost-benefit analyses, and stakeholder consultations to understand the practical implications of economic policy decisions.

ECON501 - Advanced Econometrics: The course covers advanced econometric techniques such as generalized method of moments (GMM), vector autoregression (VAR), and nonparametric estimation methods. Students learn to apply these techniques to real-world datasets, gaining expertise in handling complex economic data and interpreting empirical findings.

ECON502 - Computational Economics: This course introduces students to computational methods used in economics research, including agent-based modeling, simulation studies, and algorithmic trading strategies. Students use Python and MATLAB for implementing computational models that replicate real-world economic phenomena.

ECON503 - Macroeconomic Modeling and Forecasting: Students learn how to construct macroeconomic models for forecasting GDP growth, inflation rates, and unemployment trends. The course emphasizes both theoretical foundations and practical applications using dynamic stochastic general equilibrium (DSGE) models and vector autoregression (VAR) models.

ECON504 - Policy Evaluation Techniques: This course focuses on rigorous methods for evaluating economic policies, including randomized controlled trials (RCTs), difference-in-differences estimators, and regression discontinuity designs. Students gain experience in designing evaluation studies and interpreting their results in the context of public policy.

ECON505 - Global Economic Integration: This course examines the dynamics of international economic integration, including trade agreements, regional blocs, and global supply chains. Students analyze the impact of globalization on income distribution, labor markets, and technological innovation across different economies.

ECON601 - Financial Risk Management: The course covers financial risk management techniques used in banks, insurance companies, and investment firms. Topics include Value-at-Risk (VaR), stress testing, credit risk modeling, and derivatives pricing. Students also explore regulatory requirements for financial institutions under Basel III.

ECON602 - Behavioral Decision Making: This course explores how psychological factors influence economic decisions and policy outcomes. Students study cognitive biases, heuristics, and social preferences through laboratory experiments and field studies. The course emphasizes the application of behavioral insights to improve public policy design.

ECON603 - Sustainable Development and Climate Economics: This elective focuses on the economic dimensions of sustainable development and climate change mitigation. Students examine carbon pricing mechanisms, green growth strategies, renewable energy economics, and adaptation policies in vulnerable regions.

ECON604 - Healthcare Economics and Policy: The course covers healthcare systems, health financing, and medical decision-making from an economic perspective. Students analyze health outcomes, cost-effectiveness of interventions, and regulatory frameworks for healthcare delivery in developed and developing economies.

ECON605 - Urban Planning and Economic Development: This course analyzes the role of cities in economic development, focusing on urban infrastructure, housing markets, labor mobility, and regional disparities. Students study urban planning models and their impact on economic performance across different countries.

Project-Based Learning Philosophy

The department's philosophy on project-based learning is rooted in the belief that active engagement with real-world problems enhances students' analytical capabilities and prepares them for professional environments. The program incorporates both individual and collaborative projects that are designed to reflect contemporary economic challenges.

Mini-Projects Structure

Mini-projects are assigned during the second and third years of study, allowing students to apply theoretical concepts in practical contexts. These projects typically last 6–8 weeks and require students to work individually or in small teams. Each project is supervised by a faculty mentor who provides guidance throughout the process.

Examples of mini-project topics include analyzing consumer behavior in local markets, assessing the impact of a government policy on rural incomes, or evaluating the effectiveness of a financial inclusion program. These projects are assessed based on clarity of objectives, methodological soundness, data analysis quality, and presentation skills.

Final-Year Thesis/Capstone Project

The final-year capstone project is a comprehensive research endeavor that spans several months. Students select topics aligned with their interests and career aspirations, often in consultation with faculty advisors. The project involves conducting original research, collecting and analyzing data, writing a detailed report, and presenting findings to an academic committee.

Students are encouraged to pursue interdisciplinary approaches, integrating insights from fields such as psychology, sociology, environmental science, or public policy. This cross-disciplinary perspective enriches the quality of research and enhances students' ability to address complex issues in economic analysis.

Project Selection Process

The project selection process begins with a proposal submission where students outline their intended research topic, methodology, and expected outcomes. Faculty mentors review these proposals and provide feedback on feasibility and relevance. Once approved, students begin the implementation phase, supported by regular meetings with their advisors.

Evaluation Criteria

Projects are evaluated using a rubric that considers multiple dimensions: research question clarity, literature review depth, methodological appropriateness, data quality, analytical rigor, presentation effectiveness, and contribution to knowledge. Students receive detailed feedback at each stage of the project, enabling continuous improvement.

Faculty Mentorship

Each student is paired with a faculty mentor who has expertise in their chosen area of study. Mentors play a crucial role in guiding students through the research process, offering technical support, suggesting resources, and ensuring that projects meet academic standards. Regular check-ins and progress reviews ensure that projects stay on track.