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Fall 2011

Economy of Pakistan
Moeen Mahmood mueenmahmood@hotmail.com Class Timings: Wednesday, Friday 11am

This course is designed to help students in developing a through and analytical understanding of the issues and opportunities in Pakistan economy. The course is designed for junior/Senior level students who understand the basic Micro and Macroeconomics theory. The important areas of the theory will be reviewed at the start to set the tone for the course. Through this course, students will develop a contextual understanding of the economic and business environment surrounding them and will be able to appreciate that business operating in Pakistan have to work around the given constraints that are linked with the economic environment. The course will also interest those who want to learn more about the framework of public policy, especially when it comes to the area of economic policy. Eventually, the course is intended to equip them with the ability to critically assess the myths about the economic situation of Pakistan and hence prove useful in their later academic and/or Professional pursuits.

Part A
Review of economic theory. (Selected Chapters from Mankiv)
1. 2. 3. 4. 5. 6. 7. 8. Measuring a Nations income. Measuring the cost of Living Production and Growth Saving Investment and the Financial system International trade The costs of taxation Aggregate demand/Supply (short run economic fluctuations) The influence of monetary and fiscal policy on aggregate demand.

Part B
Assessing Pakistans Development (Chapter 1 from Zaidi)

Agriculture 1. The Green Revolution and Land Reforms (Ch 3) 2. Agriculture: Critical Issues (Ch 5) 1. 2. 3. Industry and Trade The Process of Industrialization in Pakistan:1947-1977 (Ch 6) The Process of Industrialization in Pakistan:1977-2004 (Ch 7) Key Issues in Industry in Pakistan (Ch 8) Public Finance: Debt and Deficits (Ch 11) Monetary Policy, Savings and Inflation (Ch 13) Macroeconomic Developments:1998-2004 (Ch 16) The political Economy of Neighborly Relations (Ch 21)

Relevant articles will be shared with the students.

Grading Break-up of the course is as follows: Class Participation Quizzes Project Midterms Final Examination (comprehensive) 10% 10% 10% 20% 50%

Primary Text
Issues in Pakistans Economy S.Akbar Zaidi Second Edition Revised & Expanded Supplementary Texts Principles of Economics by Gregory Mankiw Economic Development by Michael P. Todaro

Attendance is mandatory and crucial for success in the course. Absences are of two kinds: excused and unexcused. Excused absences include documented illnesses and family emergencies (death and serious illnesses). The final decision on this lies with the instructor. Unexcused absences will affect your grade as follows: Number of Unexcused Absences 1 2 3 4 5 CP Grade Reduction None -1% -3% -6% -10%

All absences, whether excused or unexcused will be recorded officially on university record. Exceeding four absences (less than 80% attendance) will result in the student being barred from the final exam as per university policy. Students are advised to use absences with caution. Any student walking into class after their name has been called will be marked late. Two late arrivals will be considered equivalent to an unexcused absence (with grade reduction as shown above). Class Sessions will be a combination of lecture and discussion. Assigned readings form the basis of my lectures, our class discussions and your assessment. Keeping up with the readings is thus crucial for satisfactory performance in the course and everyone is expected to come to class having digested the readings, ready to explain and analyze them, and to participate in discussions. The lowest quiz will be dropped. Missed quizzes due to absence (excused or unexcused) cannot be made up. In case a student is removed by the instructor for any reason, it will be counted as an unexcused absence (with grade reduction as shown above). Plagarism/cheating will be dealt with seriously.