Authors : H L Ahuja

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About the Author

H L Ahuja :-
A distinguished academician, is a distinction holder in MA Economics. He was the recipient of McConnel Levin prize from Punjab University for his paper "Investment Criteria in Development Planning". He continued his academic pursuit and received his doctorate from Delhi University in 1982 for his thesis ';Development Strategy for a Labour Surplus Economy'.
An eminent professor, Dr Ahuja has taught Advanced Economic Theory (Micro and Macro), Development Economics and Problems of Indian Economy to postgraduate students at the Kurukshetra University. He subsequently taught at Zakir Husain Delhi College, Delhi University, where he taught Micro and Macro Economic Theories, Development Policy and Indian Economy. He was a member of the Academic Council of Delhi University for a period of five years (1987-92). A prolific writer, Dr Ahuja has more than a dozen books to his credit.

About the Book

The book has been revised in the light of UGC model Curriculum for M.A., M.Com., MBA, and B.A. (Hons.) Economics and B.Com. (Hons.) classes of Indian Universities.

Table of Content

PART-I: MACROECONOMICS • Nature and Scope of Macroeconomics • Circular Flow of Income and National Income Accounting • The Classical Full-Employment Model • Keynes's Theory of Employment: An Outline • Determination of National Income: Keynes's Simple Two-Sector Model • Determination of National Income with Government: Three-Sector Models • Concepts of Inflationary and Deflationary Gaps • Consumption Function • Post-Keynesian Theories of Consumption • Investment Demand • Theory of Multiplier • Aggregate Demand - Aggregate Supply Model (With Price Flexibility) • Unemployment, Full Employment and Wage-Price Flexibility

PART-II: POST-KEYNESIAN DEVELOPMENTS IN MACROECONOMICS • IS-LM Curves Model • Inflation-Unemployment Trade-off: Phillips Curve and Rational Expectations Theory • Stagflation and Supply-Side Economics • The New Classical Economics: Rational Expectations Model • The New Keynesian Economics

PART-III: MONETARY DEMAND AND SUPPLY • Nature and Functions of Money • Credit and Commercial Banking • Central Banking • Objectives and Instruments of Monetary Policy • Supply of Money and Its Determinants • Demand for Money and Keynes's Liquidity Preference Theory of Interest • Post-Keynesian Theories of Demand for Money

PART-IV: MONEY, PRICES AND INFLATION • Money and Prices: Quantity Theory of Money • Keynes's Monetary Theory: Money, Income and Prices • Monetarism: Friedman's Modern Quantity Theory of Money • Monetarism and Keynesianism Compared • Inflation and Hyper-Inflation: Nature, Causes, Social Costs and Effects, 

PART-V: BUSINESS CYCLES AND MACROECONOMIC POLICY • Analysis of Business Cycles • Kaldor and Goodwin's Models of Business Cycles • Monetarist and New Classical (Rational Expectations) Theories of Business Cycles • Real Business Cycle Theory • Economic Stabilisation: Fiscal Policy • Economic Stabilisation: Monetary Policy

PART-VI: GOVERNMENT AND THE MACROECONOMY: GOVERNMENT'S BUDGET CONSTRAINT AND FISCAL POLICY • Public Finance: Public Expenditure • Financing of Government Expenditure: Taxation • Role of Fiscal Policy and Taxation in Resource Mobilisation for Economic Growth • Government Borrowing or Debt-Financing of Budget Deficit • Government Budget Constraint: Money Financing of Budget Deficit

PART-VII: OPEN ECONOMY MACROECONOMICS • Balance of Payments • The Monetary Approach to the Balance of Payments • Foreign Exchange Rate • Determination of National Income in an Open Economy and Foreign Trade Multiplier • Free Trade Versus Protection • International Linkages and Mundell-Fleming Model • Globalisation, Commercial Policy and WTO

PART-VIII: THEORIES OF ECONOMIC GROWTH • Economic Growth and its Determinants • Harrod-Domar Model of Growth • Neoclassical Theory of Growth • New Theory of Growth (Endogenous Growth Model) • Theory of Development with Surplus Labour: Lewis Model • Limitations and Relevance of Keynesian Economics to Developing Countries • Nature of Unemployment in Labour Surplus Developing Countries • Development Strategies for Labour-Surplus Developing Countries • Sen Vs Bhagwati: Debate on Growth, Poverty and Distribution