Sarojini Naidu Vanita Maha Vidyalaya

DEPARTMET OF ECONOMICS

GROWING IMPORTANCE OF ECONOMICS IN THE MODERN WORLD

 “From cradle to grave and beyond, people run after the brute truth of economics”

Economics is a key discipline in Social Sciences and is interlined with Psychology, Sociology,Anthropology,Geography,History,Political Science,Ethics, Logics and Law. The analytical reasoning of the subject is based on Mathematics and statics. It is one of the central disciplines underpinning the study of business and management and also related areas including Engineering. Recognizingtheir interrelationships and increasing number of students are choosing to study the subject Economics either as a main or jointly with other disciplines.

The science of Economics is 200 years old. It made remarkable progress during this period. Earlier it was studied as Political economy. The logistics of studying Political Economy is that a stable political system contributes to sound economics system.

The importance of the subject can be better understood from the following definitions:

Adam Smith the father of Economics has viewed “Economics as an enquiry into the nature and causes of wealth of nations.”

According to David Ricardo Economics studies “how the produce of earth is distributed.”

Marshall expanded the scope of Economics as “the study of mankind in the ordinary business of life and examines that part of individual and social action which is connected with material requisites of well being.”

Pigou viewed Economics as “that part of social welfare which can be brought directly or indirectly with the measuring rod of money.”

Robbins defined Economics “as a study of the allocation of scarce resources among competing ends that have alternative uses.”

Right from the simplest domestic economy to the most complex world economy the definitions are apt.

Samuelson added the dimension of growth to Robbins scarcity definition to make relevant to the problems of developing economies.

‘Economics is what economists do.”Jacob Viner

Economists are concerned with the following fundamental questions:

The problem of

• Full employment of resources
• Allocation of resources
• Choice of Techniques
• Distribution of National Product
• Economic efficiency of Welfare maximization
• Economic Growth

AIMS IN DEGREE PROGRAMMES IN ECONOMICS

1. To impart Training in Principles of Economics and their application.
2. To develop the ability to apply the knowledge they have acquired by study of Economics to become competitive in job market.
3. To provide affirm foundation about the working of the economy and develop the relevant skills for the application of the knowledge of Economics in their professional and personal life.
4. To sensitize the students of Economics to a wide spectrum of socio-political problems of the contemporary world.
5. To provide knowledge and skills base, from which they can proceed to further studies in Economics and related areas or multi disciplinary areas that involve Economics.
6. To provide analytical skills and an ability to utilize these skills in self employment opportunities offered by Government and self help groups specifically developed for women empowerment.
7. Students should be able to appreciate level of abstraction for economic empowerment.
8. as students pursuing Economics with Political Science and Public Administration enable them participate in the decision making process by entering into civil services and other elected bodies.

Name of the Courses offered:     

1. U.G – Level

  EPP- Economics, Political Science Public Administration

  HEPS-History, Economics, Political Science

  HEPA-History, Economics, Public Administration

2. INTERMEDIATE-Level

  CEC-Commerce,Economics,Civics                                                                 

  MEC-Mathamatics,Economics,Commerce

  HEC-History, Economics,Civics

Semester/Choice based credit system (programme wise): Choice based credit system from 2016-17 till date.

Teaching Methods adopted to improve students’ learning

• Chalk and Board
• Extension Lecturers
• Field Trips
• Regular Tests/Assignments/Projects

 Details of Infrastructural Facilities

• Department Library
• Internet facility for staff and students
• Classrooms with ICT facility