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ECONOMICS PAPER 1

It is the paper 1 which is eventually the most difficult and would take up the major proportion of your
preparation time.

It is important that you prepare notes after a general reading of the topics in your own words so that it
becomes easier for you to revise the models as exams approach nearer.

Always try preparing topic wise instead of preparing book wise.

# Readings

1. MICROECONOMICS

Questions and topics asked in the examination are primarily from H.L. Ahuja. Even in case
of diversification, it ends at Modern Microeconomics by Koutsoyiannis.
Considering the time constraint, it is advised that the sources must be kept limited to these two
books.
Ahuja should be the primary reading and Koutsoyiannis as the secondary only to understand the
concepts better in case Ahuja has limited coverage of the topic.

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Start reading the chapters that are even closely associated to the topics mentioned in the syllabus
or if the past years questions have come from those chapters.

2. MACROECONOMICS

Primary reading would be Froyen Macroeconomics.

Once it is done, skim through Ahuja (Macro) for the left over terms, graphs and definitions.

3. MONEY BANKING AND FINANCE

Ahuja (Macro)'s MBF section is to be read.

It can be complemented with the MFM reading of Delhi University, however not a

necessity.

4. PUBLIC FINANCE

HL Bhatia is the primary reading.

Also go through Public Finance section of Ahuja (Macro)

5. INTERNATIONAL ECONOMICS

Salvatore is the primary reading.

Do Krugman only for Imperfect market type in Trade and Speculative Attack

6. GROWTH AND DEVELOPMENT

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Jhingan is the primary reading for the models.

Ahuja(Macro)'s G&D part can also be read for some prominent models.
AP Thirlwall growth and development can be read generally for better conceptual clarity only if

time permits.

7. ENVIRONMENT

Market Failure and Externalities chapter to be done from any book

IGNOU material on Environmental Economics

Pigouvian Tax and Coase Theorem section from Public Finance Notes

# HOW TO ATTEMPT THE ANSWERS ?

Every question asked has a very specific answer. Be precise while answering and do not just write

anything not asked.

Your prime agenda should be first to specifically write what is being asked. Only then go on to

write secondary thing such as List of Assumptions and related concepts, equations and diagrams.
Write point wise covering all the dimensions of the question asked.

Almost all the answers in paper 1 can have a diagram or a graph incorporated. Try not missing it
out. Go for one diagram per question. It is not necessary at all that you are drawing it with pen or

pencil. I have drawn it with pen. Ensure that it is labelled and described in a line or two.

Choose the questions wisely. Attempt those where you have more points and where you are
comfortable writing . Try to choose those questions where you can minimise your marks loss.

Use examples from Indian Economy or world economy to substantiate the theory or model. Eg:

Gravity model - India China trade.

Attempt the optional question first and then attempt the compulsory questions while attempting
both the sections.

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# SAMPLE ANSWER COPIES

Test Paper 1 - Eco 1 (Question Paper 1)

Test Paper 2 - Eco 1 (Question Paper 2)

Test Paper 3 - Eco 1 (Question Paper 3)

Test Paper 4 - Eco 1 (Question Paper 4)

# RESOURCES

Topic wise arranged Past Year Questions - Shankar IAS

Micro arranged - Bliss Point

Macro arranged - Bliss Point

International Economics - Bliss Point

# NOTES

I will soon be attaching the OneNote format notes that I had referred to.

Meanwhile I am attaching the notes in PDF format for various topics.

It is recommended that you only see the notes to have an idea and then prepare notes in your
own words.

It is recommended that you follow the notes in OneNote format and not in PDF format because I

will be regularly updating the notes which will be synced with OneNote.
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These notes are not substitutes for primary readings. These are only add-on for revision.

# MICRO

Consumer Theory

Production Theory
Market Theory 1

Market Theory 2

Market Theory 3

Distribution Theory
Welfare

# MACRO

Concepts and Schools

Consumption Theory

Financial Crisis

# MFM

MFM: Concepts

# GROWTH AND DEVELOPMENT

Growth and Development: Models

# PUBLIC FINANCE

Public Finance: Theory

# INTERNATIONAL TRADE

IT: Part 1

IT: Part 2

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