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Best Books for IIT JAM Economics 2023
01. Microeconomics Analysis By Hal R. Varian
Microeconomic analysis has been a fixture of graduate programs in Economics for fifteen years. It has held this position because it has the authority, the clarity and the breadth necessary for a classic text.
02. Microeconomic Theory Basic Principles and Extensions By by Christopher Snyder, Walter Nicholson
This proven market leader is now even better. MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS, delivers the most cutting-edge treatment of microeconomics in its new 11th edition. The text offers an ideal level of mathematical rigor for upper level undergraduate students and beginning graduate students. Students work directly with theoretical tools, real-world applications and cutting edge developments in the study of microeconomics. It provides clear and accurate coverage of advanced microeconomic concepts and illustrates how the theory applies to practical situations. In addition, the text’s aggressive effort helps build student intuition by including a new two-tier end-of-chapter problem that begins with simple numerical/mathematical exercises followed by more analytical, theoretical and complex problems.
01. Macroeconomics By Rudiger Dornbusch, Stanley Fischer, Richard Startz
This is a very basic & fundamental work for everyone who are interested in macroeconomics. Narration is more object oriented than subjective. Certainly not a text book type work so everyone can go through irrespective of their background.
Statistics For Economics
01. Mathematical Statistics with Applications By Miller
John E. Freund’s Mathematical Statistics with Applications, Eighth Edition, provides a calculus-based introduction to the theory and application of statistics, based on comprehensive coverage that reflects the latest in statistical thinking, the teaching of statistics and current practices. This text is appropriate for a two-semester or three-quarter calculus-based course in Introduction to Mathematical Statistics. It can also be used for a single-semester course emphasizing probability, probability distributions and densities, sampling and classical statistical inference.
02. Programmed Statistics by B L Agarwal
This is the one of the best way to study for statistics basically.
01. Indian Economy: Performance and Policies By
The book provides a comprehensive coverage of Indian economy under five sections: I. basic issues in economic development: institutional framework and policy regimes; II. growth and distributional issues: poverty, inequality and employment; III. current perspectives in Indian agriculture: growth, productivity, constraints and pricing; IV. industry and services sector; V. financial sector and the external sector.
The author Dr. Uma Kapila has specially designed this book based on the latest original readings recommended for the undergraduate courses, some of these being available in her edited books: Indian Economy Since Independence , 27th Edition (2016-17), Indian Economic Development Since 1947 (2016-17 Edition) and Indian Economy: Economic Development and Policy (2016 Edition).
In the present volume, author has made an effort to keep the language simple without compromising the effectiveness of the argument or diluting the analyses. The book also carries a comprehensive Glossary. Apart from undergraduate students, the book is widely used by students preparing for the IAS and other competitive examinations.
02. Indian Economy By V.K. Puri, S.K. Misra, Bharat Garg
- PART I – ECONOMIC DEVELOPMENT: A THEORETICAL BACKGROUND,
- PART II – STRUCTURE OF THE INDIAN ECONOMY,
- PART III – BASIC ISSUES IN AGRICULTURE,
- PART IV – THE INDUSTRIAL SECTOR AND SERVICES IN INDIAN ECONOMY,
- PART V – FOREIGN TRADE AND FOREIGN CAPITAL,
- PART VI – MONEY, BANKING AND FINANCE,
- PART VII – PUBLIC FINANCE,
- PART VIII – ECONOMIC PLANNING AND POLICY
Mathematics For Economics
01. Mathematics For Economics By Sydseater
This Book is very good for understanding the more difficult parts of the course content. Very useful indeed, especially for revision exercises and examples.
IIT JAM Economics (EN) SYLLABUS 2023
The Economics paper of IIT JAM consists of topics such as Microeconomics, Macroeconomics, Statistics for Economics, Indian Economy and Mathematics for Economics. The detailed PDF of the syllabus can be downloaded by clicking on the link below.
- 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
- National Income Accounting : Structure, key concepts, measurements, and circular flow of income – for closed and open economy, money, fiscal and foreign sector variables – concepts and measurements
- Behavioural and Technological Functions : Consumption functions – absolute income hypothesis, life-cycle and permanent income hypothesis, investment functions- Keynesian, money demand and supply functions, and 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
》STATISTICS FOR ECONOMICS
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 parameters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples
- 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
》MATHEMATICS FOR ECONOMICS
- 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 optimisation 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
Step-wise IIT JAM 2022 Preparation Plan
Aspirants should check the following steps to start with the preparation process of IIT JAM 2022.
- Step 1: Know the IIT JAM syllabus thoroughly.
- Step 2: Understand the IIT JAM exam pattern and marking scheme.
- Step 3: Get the best books to study for IIT JAM and other study material.
- Step 4: Make a monthly time-table, a weekly time-table, and a daily time-table.
- Step 5: Solve past years’ question papers, sample papers, and mock tests.
Know the Syllabus for IIT JAM
In order to perform well in IIT JAM 2022, aspirants need to be thorough with the exam syllabus. Candidates can prepare better for the exam by knowing which topics to study in-depth and which require only superficial knowledge. Thus, to score well in the exam, aspirants need to go through IIT JAM syllabus and then formulate a strategy as per the below-mentioned pointers:
- Make a list of topics, subject-wise.
- Segregate the topics into easy and difficult as per personal experience
- List the topics that carry maximum weightage (as per previous years’ question papers)
Go Through Good Prep Books
Next, aspirants need to make a list of books that they should read in order to perform well in JAM 2022. There are a lot of books available in the market that contain IIT JAM preparation tips. Candidates are advised to buy two to three preparation books for the IIT JAM exam. Books for IIT JAM prep help aspirants determine what topics to study along with what to expect in the entrance exam.
Prepare a Time-Table
A very important part of the IIT JAM prep plan is to make a timetable. Aspirants are advised to create a monthly, weekly as well as daily prep plan for JAM 2021. While preparing a timetable, special attention should be paid to completing the syllabus and studying all the important topics thoroughly. Apart from this, candidates should also make a timetable for IIT JAM 2022 preparation for the last month. Here, the focus of candidates should be on revising their syllabus and attempting as many past years’ questions papers, sample papers, and mock tests, as they can.
Refer Past Years’ Question Papers
Aspirants should solve the last 10 years IIT JAM question papers. This helps aspirants understand the exam pattern and format of questions asked in the entrance exam. Also, solving past years’ question papers helps candidates identify important topics that would help aspirants score better in the exam.
Solve Sample Papers and Mock Tests
Once candidates complete a particular topic then the best way to determine knowledge of the topic at hand is to solve as many sample papers and mock tests as possible. By solving sample papers candidates can also figure out the best approach to be followed when they head out to attempt the actual IIT JAM 2022 question paper. Sample papers also help candidates in finding their strengths and weaknesses.
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