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The IIT JAM (Indian Institutes of Technology Joint Admission Test for M.Sc.) Economics (EN) exam is a gateway for students aspiring to pursue postgraduate studies in Economics (EN) -related fields from renowned institutes. To succeed in this competitive exam, it’s crucial to have a clear understanding of the syllabus and to strategically plan your preparation. In this article, we’ll provide you with a detailed breakdown of the IIT JAM Economics (EN) 2024 syllabus, helping you prepare effectively for the exam.
IIT JAM Economics Syllabus
The IIT JAM Syllabus for 2024 in Economics is structured into five distinct sections, each encompassing a range of topics from different facets of the subject. It’s worth noting that Economics was incorporated into the IIT JAM Syllabus as recently as 2021. The key sub-sections within the IIT JAM Economics Syllabus include Macroeconomics, Microeconomics, Indian Economy, Statistics for Economics, and Mathematics for Economics. The inclusion of Economics was a significant step aimed at providing candidates taking the Indian Institute of Technology Joint Admission Test for M.Sc. with a broader array of choices.
Moreover, adhering to the IIT JAM 2024 Exam Pattern, the examination paper will be segregated into three sections, featuring Multiple Choice Questions (MCQs) and Multiple Select Questions (MSQs). To gain a more comprehensive understanding of the syllabus section by section, familiarize yourself with the exam pattern, and discover recommended books for preparation, continue reading this article.
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IIT JAM 2024 Syllabus for Economics
There are five sections such as Microeconomics, Macroeconomics, Statistics for Economics, Indian Economy, Mathematics for Economics in IIT JAM Economics Syllabus. Section-wise division for freshly added Economics Syllabus in IIT JAM are elaborated below in a table.
IIT JAM Microeconomics Syllabus
| Topics | Sub Topics |
|---|---|
| Consumer theory | Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equations, choice under risk and uncertainty, revealed preference axioms |
| Production, costs with perfectly competitive markets | Technology, isoquants, production with one and more variable inputs, returns to scale, short run and long run costs, cost curves in the short run and long run, perfect competition in markets |
| General equilibrium and welfare | Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics |
| Market structure | Monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition and oligopoly |
| Game theory | Strategic form games, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, iterated elimination of dominated strategies, examples: Cournot, Bertrand duopolies, Prisoner’s dilemma, cooperative game theory: Shapley value, Nash bargaining |
| Public goods and market failure | Externalities, public goods and markets with asymmetric information (adverse selection and moral hazard), VCG mechanism and transfer rules |
IIT JAM Macroeconomics Syllabus
| Topics | Sub Topics |
|---|---|
| National Income Accounting | Structure, key concepts, measurements, and circular flow of income – for a closed and open economy, money, fiscal and foreign sector variables – concepts and measurements |
| Behavioral and Technological Functions | Consumption functions – absolute income hypothesis, life-cycle, and permanent income hypothesis, investment functions- Keynesian, money demand and supply functions, production function |
| Business Cycles and Economic Models | Business cycles-facts and features, the Classical model of the business cycle. the Keynesian model of the business cycle, simple Keynesian cross model of income and employment determination and the multiplier (in a closed economy), IS-LM Model, Hicks’ IS-LM synthesis, role of monetary and fiscal policy |
| Business Cycles and Economic Models (Open Economy) | Open economy, Mundell-Fleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, role of monetary and fiscal policy |
| Inflation and Unemployment | Inflation – theories, measurement, causes, and effects, Unemployment -types, measurement, causes, and effects |
| Growth Models | Harrod-Domar, Solow and Neo-classical growth models |
IIT JAM Statistics for Economics Syllabus
| Topics |
|---|
| Probability theory, Sample spaces and events, Axioms of probability and their properties, conditional probability and Bayes’ rule, independent events |
| Random variables and probability distributions, probability distributions, expected values and functions of random variables, properties of commonly used discrete and continuous distributions |
| Random sampling, Density and distribution functions for jointly distributed random variables, computing expected values of jointly distributed random variables, covariance and correlation coefficients |
| Point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood procedures, properties of estimators, confidence intervals |
| Hypothesis testing, distributions of test statistics, testing hypotheses related to population parame- 32 ters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples |
IIT JAM Indian Economy Syllabus
| Chapter | Topics |
|---|---|
| Indian economy before 1950 | Transfer of tribute, deindustrialization of India |
| Planning and Indian development | Planning models, relation between agricultural and industrial growth, challenges faced by Indian planning |
| Indian economy after 1991 | Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment |
| Banking, finance and macroeconomic policies | Aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal deficit, savings and investment rates in India |
| Inequalities in social development | India’s achievements in health, education and other social sectors, disparities between Indian States in human development |
| Poverty | Methodology of poverty estimation, Issues in poverty estimation in India |
| India’s labour market | Unemployment, labour force participation rates |
IIT JAM Mathematics for Economics Syllabus
| Topics | Sub Topics |
|---|---|
| Preliminaries and Functions of one real variable | a. Set theory and number theory, Graphs, elementary types of functions: quadratic, polynomial, power, exponential, logarithmic, sequences and series: convergence, algebraic properties and applications b. Continuous functions: characterisations, properties with respect to various operations and applications c. Differentiable functions: characterisations, properties with respect to various operations and applications d. Second and higher order derivatives: properties and applications |
| Single-variable optimization | Geometric properties of functions: convex functions, their characterisations and applications, local and global optima: geometric and calculus-based characterisations, and applications. |
| Linear algebra | Vector spaces – algebraic and geometric properties, scalar products, norms, orthogonality, linear transformations: properties, matrix representations and elementary operations, systems of linear equations: properties of their solution sets, determinants: characterisation, properties and applications |
| Functions of several real variables | Geometric representations – graphs and level curves, differentiable functions: characterisations, properties with respect to various operations and applications, second order derivatives: properties and applications, the implicit function theorem, and application to comparative statics problems, homogeneous and homothetic functions: characterisations and applications |
| Multivariate optimization | Convex sets, geometric properties of functions: convex functions, their characterisations, properties and applications, further geometric properties of functions: quasi-convex functions, their characterisations, properties and applications, unconstrained optimisation: geometric characterisations, characterisations using calculus and applications, constrained optimi- 33 sation with equality constraints: geometric characterisations, Lagrange characterisation using calculus and applications, properties of value function: envelope theorem and applications |
| Linear programming | Graphical solution, matrix formulation, duality, economic interpretation |
| Integration, differential equations, and difference equations | Definite integrals, indefinite integrals and economic applications, first order difference equations, equilibrium and its stability, first order differential equations, phase diagrams and stability |
Effective Preparation Strategies
To prepare effectively for the IIT JAM Economics exam, consider the following strategies:
- Comprehensive Study Materials: Invest in good-quality study materials and textbooks covering all sections of the syllabus.
- Practice Regularly: Solve sample papers, practice questions, and numerical problems to enhance your problem-solving skills.
- Mock Tests: Take mock tests to simulate exam conditions, improve time management, and assess your progress.
- Stay Updated: Keep yourself updated with current economic events and trends as they may be relevant in the exam.
- Group Study: Consider joining study groups or forums to discuss complex topics and gain different perspectives.
IIT JAM Economics Books for Preparation
Some of the recommended books are given below in a table for the examination.
| Name of the Book | Name of the Author |
|---|---|
| Indian Economy | Mishra & Puri |
| Macro Economics Analysis | Edward Shapiro and H.L. Ahuja |
| Micro Economics | Anna Koutsoyiannis and H.L. Ahuja |
| Mathematics For Economists | B.C. Mehta and G.M.K. Madnani |
| Statistics and Econometrics | B. L. Agarwal |
FAQs
There are five sections in the Economics Syllabus for IIT JAM.
From the topic “Growth Model” of IIT JAM Economics Syllabus you need to cover Harrod-Domar, Solow and Neo-classical growth models
Some say, micro economics needs special attention as this part includes mathematical concepts whereas micro economics can be understood by the concepts with a little bit of logic.
All the topics are very important for the entrance examination. Some of them are economic reforms in India, poverty, different kinds of policies in financial sectors, etc
Yes, you will have to cover all the topics from this part of the economics syllabus.
Yes, there are several excellent books, including “Microeconomics” by Robert S. Pindyck and Daniel L. Rubinfeld and “Macroeconomics” by N. Gregory Mankiw.
Practice is key. Work on a variety of mathematical problems and seek help from experts or tutors if needed.