Micro Economics

Nature, scope and importance of economics. Concepts of scarcity, choice, production possibility, consumer behavior, theory of demand and supply, theory of production, cost and revenue functions, market structures, types, monopoly, oligopoly, income distribution and price, marginal productivity. Effects of psychology on economic behavior. Maximizing productivity through empowering people.

Basic Mathematics and Statistics

Importance of basic mathematical tools in Economics and Social Sciences. Interrelationship between economics, statistics and mathematics, including variables, sets, functions, equations, derivatives, central tendencies, dispersion and index numbers.

Macro Economics

National income and its measurement, variables and their mutual relationships. CDP, GNP, NNP, Disposable Income. Determinants of National Income and Employment, national income fluctuations multiplier and accelerator principles, monetary phenomenon and national income, fiscal policy, foreign trade, balance of payments, deficits, role of IMF and World Bank.

Economic Development of Pakistan

Concept and measurement of economic development. Factors of development: infrastructure, health, education and training in generating accelerated economic development. Impact of feudal culture in creating obstacles to development. Economic planning and practice, strategic sectors, banking sector, and external trade as engine of growth. Fiscal system of Pakistan : public revenues, budget formulation and fiscal policy analysis. Practical project linking studies to real world. Discussion of current economic issues at both national and international level. Improving lives of women and children to achieve development goals.

Micro Economic Theory

Introduction to microeconomics. Theory of

consumer behavior, labor supply, uncertainty and risk. Theory of production and cost. theory of Firm and Market Organization: pure and perfectly competitive markets and imperfect markets: monopoly, oligopoly. General equilibrium. Welfare Economics: utilitarian and Walrasian social welfare functions. Theory of Distribution. Discussion of theory related to developing nations. Psychology and expectations as factors. Human achievement and aspirations as engines for growth.

Macroeconomic Theory

Introduction to basic concepts of macro-economic variables, comparative static and dynamic analysis, and macro-economic issues. National income accounting, measurements, price indices, real vs. nominal GNP. Aggregate demand and income determination; consumption function, theories of investment; demand for money; income, prices and employment classical theory, Keynesian theory and Keynesian-classical debate. Inflation, output and unemployment. Growth models and business cycle theory. Open economy macro-economics and the concept of foreign trade multipliers. Discussion of theory applied to developing nations.

Mathematical Economics

Introduction to mathematical models, classification of numbers, real number system, set, ordered pairs, Cartesian product, functions, graphs. Equilibrium analysis. Linear Algebra with

vectors and matrices. Comparative statics and derivatives. Optimization values and extreme values. Integral calculus. Differential equations. Linear Programming. Applications of techniques in economics and business.

Basic Statistics and Research Methods

Descriptive Statistics, data collection, frequency distribution, graphs, measures of central tendency, percentiles, measures of dispersion, deviations. Index numbers and time series, correlation and regression, elements of probability with random variables and expectation, sampling techniques, inferential

statistics, hypothesis testing using Z and t statistics, chi square distribution, analysis of variance and experimental design, interpolation, non-parametric tests. Forms and purpose of social research, process, design, research plan, purpose of study.

Econometrics

Definition and scope, econometric models, deterministic and stochastic, methodology of research. General linear regression model, matrix approach, econometric problems, dummy variables, simultaneous equation models, simple linear model with varying coefficients, time series analysis and forecasting.

Development Economics

Concepts and measurement of economic development. Theories of development and growth. Factors of production. Agriculture and rural development. Industrialization. Resource mobilization. Human resource development, role of education, women, population growth. Human rights and labor issues. Discussion on contemporary development issues including local problems, unemployment, poverty, income distribution, corruption, good governance, and globalization. Development planning, targets, projections and strategies. Development planning and experience in Pakistan , including five year plans and actual results.

International Economics

Introduction to the scope and significance of

international economics, features of international trade, foreign trade and national interest. Role of multinational firms in globalization. Pure theory of international trade. Commercial policy, international trade and economic growth, economic integration, customs unions, European Union and developing countries. Balance of payments, theory of exchange rates, income adjustment mechanisms. International monetary systems. International Economic policies and the International Economic Order, including WTO and its implications to Pakistan and developing nations.

Islamic Economics

Nature of Islamic Economics. Quran and example of Prophet Muhammad (PBUH. Difference between Islamic and western economic systems and jurisprudence. Muslim Economic Thinking. Islamic economic system, ownership patterns, property rights, equity. Women's property, earnings and business rights. Islamic economic system vs. capitalism and socialism. Macroeconomic and Microeconomic theory in Islamic perspective. Money, banking and financial markets. Public sector. Economic development and planning. Islamization of Banking and Financial Institutions in Pakistan . Zakat and Ushr. Evaluation of process on the economy in Pakistan . Relationship of Islamic economic systems and principles to the WTO and globalization.

Operations Research

Linear Programming, duality and sensitivity, transportation model, integer programming, dynamic programming, decision theory and games, project scheduling (PERT-CPM), inventory models, non-linear programming, classical optimization theory and algorithms.

Applied Economics

Special research, with computer applications.

International Finance

Scope and significance of international finance and policy coordination in the international capital markets. Structure, financial arrangements including Breton Woods and European Monetary System, Euro currency and Eurobonds market, foreign exchange market, exchange rate determination, balance of payments. Debt crisis and its management, with particular attention to the “Asian Crisis” and its aftermath. Analysis of IMF structural adjustment programmes and their effects.

Financial Institutions/Intermediaries

Overview of financial system, markets, intermediaries, assets, and instruments. Process of money creation in a modern economy. Depository intermediaries including commercial

banks, savings and loan associations, cooperative banks and credit unions. Contractual saving intermediaries and investment intermediaries. Development/Government Intermediaries including small business finance corporations and loan marketing associations. Economic analysis of financial intermediation, and regulation.

Financial Markets

Overview of financial markets. Financial assets, valuation and rate of return, Interest rates, risk and term structure. Structure of financial markets, primary markets, secondary markets, money market, capital markets, derivative products and markets, and efficiency of capital markets.

Monetary Theory

Functions and forms of money, evolution of money, demand and supply, bank money, money

and macro economy. Keynesian monetary Theory, classical, monetarist and new-classical monetary theories. Money and economic activity the empirical evidence. Money and inflation.

Monetary Policy

Formulation and implementation of monetary policy. Transmission mechanism, inflation, hyperinflation and stagflation, optimal quantity of money, theory and policy in open economy, theoretical problems, empirical studies and policy issues, monetary policy in imperfect capital markets and for economic development goals. Monetary policy in Islamic economy: objectives, instruments, strategy and effectiveness.