The National Eligibility Test (NET) is conducted on behalf of the University Grants Commission (UGC) for determining the eligibility of Indian nationals for the Eligibility of Assistant Professorship, Junior Research Fellowship, or both, for Indian Universities and Colleges. Until June 2018, the NET was conducted by CBSE in 84 subjects at 91 cities across the country. Thereafter from December 2018 onwards, the UGC- NET is being conducted by the National Testing Agency (NTA). Awarding of Junior Research Fellowship (JRF) and/ or Eligibility for Assistant Professorship depends on the aggregate performance of the candidate in Paper-I and Paper-II of UGC-NET. The candidates qualifying only for Assistant Professorship are not to be considered for the awarding of JRF. Candidates who qualify for the eligibility test for Assistant Professorship are governed by the rules and regulations for recruitment of Assistant Professor of the concerned universities/colleges/state governments, as the case may be. We at World of Economics offer two courses for preparing UGC-NET/JRF exams. The NTA UGC -NET/ JRF is conducted two times a year- June and December. For June exam, best time is to start coaching in mid of January and for December exam best time to start coaching is first week of June. Students can join batches according to their convenience. Some students take coaching in I/II year, so that they can get time for self-study.

Exam Pattern

The UGC NET Economics exam pattern consists of two papers, Paper 1 and Paper 2. Paper consists of 50 questions of 2 marks each and the maximum time to complete the exam is 3 hours. The pattern of the questions is given below:

Paper 2 is also objective type and have 100 questions in total for which the maximum time given is 3 hours. There is no negative marking in the UGC NET exam.

Syllabus

Unit 1: Micro Economics

• Theory of Consumer Behaviour
• Theory of Production and Costs
• Decision making under uncertainty Attitude towards Risk
• Game Theory – Non-Cooperative games
• Market Structures, competitive and non-competitive equilibria, and their efficiency properties
• Factor Pricing
• General Equilibrium Analysis
• Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization
• Welfare Economics: Fundamental Theorems, Social Welfare Function
• Asymmetric Information: Adverse Selection and Moral Hazard

Unit 2: Macro Economics

• National Income: Concepts and Measurement
• Determination of output and employment: Classical & Keynesian Approach
• Consumption Function
• Investment Function
• Multiplier and Accelerator
• Demand for Money
• Supply of Money
• IS-LM Model Approach
• Inflation and Phillips Curve Analysis
• Business Cycles
• Monetary and Fiscal Policy
• Rational Expectation Hypothesis and its critique

Unit 3: Statistics and Econometrics

• Probability Theory: Concepts of probability, Distributions, Moments, Central Limit theorem
• Descriptive Statistics – Measures of Central tendency & dispersions, Correlation, Index Numbers
• Sampling methods & Sampling Distribution
• Statistical Inferences, Hypothesis testing
• Linear Regression Models and their properties – BLUE
• Identification Problem
• Simultaneous Equation Models – recursive and non-recursive
• Discrete choice models
• Time Series Analysis

Unit 4: Mathematical Economics

• Sets, functions and continuity, sequence, series
• Differential Calculus and its Applications
• Linear Algebra – Matrices, Vector Spaces
• Static Optimization Problems and their applications
• Input-Output Model, Linear Programming
• Difference and Differential equations with applications

Unit 5: International Economics

• International Trade: Basic concepts and analytical tools
• Theories of International Trade
• International Trade under imperfect competition
• Balance of Payments: Composition, Equilibrium and Disequilibrium and Adjustment Mechanisms
• Exchange Rate: Concepts and Theories
• Foreign Exchange Market and Arbitrage
• Gains from Trade, Terms of Trade, Trade Multiplier
• Tariff and Non-Tariff Barriers to trade; Dumping
• GATT, WTO and Regional Trade Blocks; Trade Policy Issues
• IMF & World Bank

Unit 6: Public Economics

• Public expenditure
• Public Debt and its management
• Regulation of Market – Collusion and Consumers’ Welfare
• Public Revenue: Tax & Non-Tax Revenue, Direct & Indirect Taxes, Progressive and non-Progressive Taxation, Incidence and Effects of Taxation
• Fiscal Policy and its implications
• Market Failure and Remedial Measures: Asymmetric Information, Public Goods, Externality
• Public Budget and Budget Multiplier

Unit 7: Money and Banking

• Capital Market and its Regulation
• Instruments and Working of Monetary Policy
• Non-banking Financial Institutions
• Components of Money Supply
• Central Bank
• Commercial Banking

Unit 8: Growth and Development Economics

• Economic Growth and Economic Development
• Models of Economic Growth: Harrod-Domar, Solow, Robinson, Kaldor
• Technical progress – Disembodied & embodied; endogenous growth
• Poverty and Inequalities – Concepts and Measurement
• Social Sector Development: Health, Education, Gender
• Theories of Economic Development: Adam Smith, Ricardo, Marx, Schumpeter, Rostow, Balanced & Unbalanced growth, Big Push approach.
• Indicators of Economic Development: PQLI, HDI, SDGs

Unit 9: Environmental Economics and Demography

• Theories of Population
• Concepts and Measures: Fertility, Morbidity, Mortality
• Environment as a Public Good
• Market Failure
• Life Table
• Coase Theorem
• Cost-Benefit Analysis and Compensation Criteria
• Valuation of Environmental Goods
• Age Structure, Demographic Dividend
• Migration

Unit 10: Indian Economy

• Industry: Pattern & Structure of Growth, Major Challenges, Policy Responses.
• Economic Growth in India: Pattern and Structure.
• Reforms in Land, Labour, and Capital Markets.
• Poverty, Inequality & Unemployment.
• Rural Development – Issues, Challenges & Policy Responses.
• Urban Development – Issues, Challenges, and Policy Responses.
• Services: Pattern & Structure of Growth, Major Challenges, Policy Responses.
• Foreign Trade: Structure and Direction, BOP, Flow of Foreign Capital, Trade Policies.
• Infrastructure Development: Physical and Social; Public-Private Partnerships.
• Agriculture: Pattern & Structure of Growth, Major Challenges, Policy ResponsesCentre-State Financial Relations and Finance Commissions of India; FRBM.

Resources

Micro Economics

• Modern Microeconomics: Koutsoyiannis
• Microeconomics: Robert S. Pindyck, Daniel L. Rubinfeld
• Microeconomics: H.L. Ahuja
• World of Economics Microeconomics UGC Booklet

Macro Economics

• Macroeconomics: Rudiger Dornbusch, Stanley Fischer
• Principles of Macroeconomics: David Shapiro
• World of Economics Macroeconomics UGC Booklet

International Economics

• International Economics: Dominick Salvatore
• World of Economics International Economics UGC Booklet

Development Economics

• Economic Development: Michael Todaro, Stephen Smith
• Growth and Development: M.L. Jhingan
• World of Economics Development Economics UGC Booklet

Indian Economy

• Indian Economy: Dr. Madhur M. Mahajan by Pearson
• Latest Economic Survey Government of India
• Latest Budget Documents
• RBI Monthly Bulletins

Public Finance

• Public Finance in Theory and Practice: Richard Musgrave
• Public Finance: H.L. Bhatia
• World of Economics UGC Booklet

Statistics

• Statistics: S.P. Gupta
• World of Economics Statistics UGC Booklet

Mathematical Economics

• World of Economics Mathematical Economics UGC Booklet

Econometrics

• Basic Econometrics: Damodar N. Gujarati.
• World of Economics Econometrics UGC Booklet