UPSC CSE Economics Optional Syllabus 2021
By On June 5th, 2021
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UPSC CSE Economics Optional Syllabus for Paper-I, UPSC CSE Economics Optional Syllabus for Paper-II
UPSC CSE Economics Optional Syllabus for Paper-I
1. Advanced Micro Economics :
(a) Marshallian and Walrasian Approaches to Price determination.
(b) Alternative Distribution Theories : Ricardo, Kaldor, Kalecki.
(c) Markets Structure : Monopolistic Competition, Duopoly, Oligopoly.
(d) Modern Welfare Criteria : Pareto Hicks and Scitovsky, Arrow’s Impossibility Theorem, A. K.
Sen’s Social Welfare Function.
2. Advance Macro Economics :
Approaches to Employment Income and Interest Rate determination : Classical, Keynes
(IS-LM) curve, Neo-classical synthesis and New classical, Theories of Interest Rate
determination and Interest Rate Structure.
3. Money‐Banking and Finance :
(a) Demand for and Supply of Money : Money Multiplier Quantity Theory of Money (Fisher,
Pigou and Friedman) and Keynes’ Theory on Demand for Money, Goals and Instruments of
Monetary Management in Closed and Open Economies. Relation between the Central Bank
and the Treasury. Proposal for ceiling on growth rate of money.
(b) Public Finance and its Role in market Economy : In stabilization of supply, allocation of
resources and in distribution and development. Sources of Government revenue, forms of
Taxes and Subsidies, their incidence and effects. Limits to taxation, loans, crowding-out
effects and limits to borrowings. Public expenditure and its effects.
4. International Economics :
(a) Old and New theories of International Trade.
(i) Comparative advantage,
(ii) Terms of Trade and Offer Curve.
(iii) Product Cycle and Strategic Trade Theories.
(iv) Trade as an engine of growth and theories of underdevelopment in an open economy.
(b) Forms of Protection : Tariff and quota.
(c) Balance of Payments Adjustments : Alternative Approaches.
(i) Price versus income, income adjustments under fixed exchange rates.
(ii) Theories of Policy Mix.
(iii) Exchange rate adjustments under capital mobility.
(iv) Floating Rates and their Implications for Developing COUNTRIES: Currency Boards.
(v) Trade Policy and Developing Countries.
(vi) BOP, adjustments and Policy Coordination in open economy macro-model.
(vii) Speculative attacks.
(viii) Trade Blocks and Monetary Unions.
(ix) WTO : TRIMS, TRIPS, Domestic Measures, Different Rounds of WTO talks.
5. Growth and Development:
(a) (i) Theories of growth : Harrod’s model;
(ii) Lewis model of development with surplus labour.
(iii) Balanced Unbalanced Growth.
(iv) Human Capitals and Economic Growth.
(v) Research and Development and Economic Growth.
(b) Process of Economic Development of less developed countries: Myrdal and Kuznets on
economic development and structural change: Role of Agriculture in Economic Development
of less developed countries.
(c) Economic Development and International Trade and Investment, Role of Multinationals.
(d) Planning and Economic Development: changing role of Markets and Planning, Private-Public
Partnership.
(e) Welfare indicators and measures of growth—Human Development Indices. The basic needs
approach.
(f) Development and Environmental Sustainability—Renewable and Non Renewable Resources,
Environmental Degradation, Inter generational equity development.
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UPSC CSE Economics Optional Syllabus for Paper-II
  • Indian Economy in Pre‐Independence Era :
    Land System and its changes, Commercialization of agriculture Drain theory, Laissez faire theory
    and critique. Manufacture and Transport: Jute, Cotton, Railways, Money and Credit.
  • Indian Economy after Independence :
    A. The Pre-Liberalization Era :
    (i) Contribution of Vakil, Gadgil and V.K.R.V. Rao.
    (ii) Agriculture: Land Reforms and land tenure system, Green Revolution and capital formation
    in agriculture.
    (iii) Industry Trends in composition and growth, Role of public and private sector, Small scale
    and cottage industries.
    (iv) National and Per capita income : patterns, trends, aggregate and Sectoral composition and
    changes therein.
    (v) Broad factors determining National Income and distribution, Measures of poverty, Trends
    in poverty and inequality.
    B. The Post Liberalization Era :
    (i) New Economic Reform and Agriculture: Agriculture and WTO, Food processing, subsidies,
    Agricultural prices and public distribution system, Impact of public expenditure on
    agricultural growth.
    (ii) New Economic Policy and Industry: Strategy of industrialization, Privatization,
    Disinvestments, Role of foreign direct investment and multinationals.
    (iii) New Economic Policy and Trade: Intellectual property rights : Implications of TRIPS, TRIMS,
    GATS and new EXIM policy.
    (iv) New Exchange Rate Regime: Partial and full convertibility, Capital account convertibility.
    (v) New Economic Policy and Public Finance : Fiscal Responsibility Act, Twelfth Finance
    Commission and Fiscal Federalism and Fiscal Consolidation.
    (vi) New Economic Policy and Monetary system. Role of RBI under the new regime.
    (vii) Planning: From central Planning to indicative planning, Relation between planning and
    markets for growth and decentralized planning: 73rd and 74th Constitutional
    amendments.
    (viii) New Economic Policy and Employment: Employment and poverty, Rural wages,
    Employment Generation, Poverty alleviation schemes, New Rural, Employment Guarantee
    Scheme

Frequently Asked Questions (FAQs) On UPSC CSE Optional Syllabus 

Question- What is the UPSC’s Annual Programme (Calendar) of Examinations/RTs (Recruitment Tests)?
Answer – The UPSC publishes an Annual Programme (Calendar) of all the Structured Examinations/RTs conducted by it at least 6 months in advance (i.e. in June) for the Examinations/RTs to be conducted during the next calendar year. The Programme is uploaded on the UPSC’s website as also published in the leading news papers of the country. The date of issue of Examination Notice for each Examination is also mentioned in this Annual Programme.

Question- What happens if a candidate submits multiple online applications?
Answer – While a candidate should avoid submitting more than one online application, in case of doing so, the data provided in the last application (highest RID Number), that is successfully submitted online, is accepted by the Commission. All previous applications are ignored as these are amalgamated with the last completed & finally submitted application. If an applicant (who has already submitted an application successfully) wants to
make amendments in the application, then he has to submit a fresh application on or before the last date of submission of application of the Examination. Therefore, it must be ensured that fee is submitted against the
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Question- What action is taken by the Commission in case of submission of false information by the candidates?
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