Masters Program in Economics

i)Eligibility

The candidates for the Master degree programme must have at least second division at the BA level, preferably with Economics as one of the subjects, from a recognized educational institution, and must pass admission test and interview.

ii) Courses

In accordance with the approved curriculum by University Grants Commission (now Higher Education Commission), Islamabad, Masters program at FUUAST is a two years program. Following courses are included in the core courses:

• EC-300: Microeconomic Theory (credit 3)
• EC-310: Macroeconomic Theory (credit 3)
• EC-320: Mathematical Economics (credit 3)
• EC-330: Statistics for Economists (credit 3)
• EC-331: Econometrics (credit 3)
• EC-340: Development Economics (credit 3)
• EC-350: International Economics (credit 3)
• EC-360: Public Finance (credit 3)
• EC-370: Monetary Economics (credit 3)

The list of optional courses includes:

• EC-321: Advanced Mathematical Economics
• EC-332: Applied Econometrics
• EC-333: Advanced Econometrics-Time series techniques
• EC-400: Industrial Economics
• EC-405: Economics of Growth and Distribution
• EC-410: Trade Policy
• EC-415: Labour Economics
• EC-420: Islamic Economics
• EC-425: Environmental Economics
• EC-430: Human Resource Development
• EC-435: History of Economic Thought
• EC-440: Urban Economics
• EC-445: Institutional Economics
• EC-450: Health Economics
• EC-455: Agricultural Economics

Each optional course earns 3-credits. The students are expected to complete successfully 39 credit hours course work and write a term paper of 21 credits in any area of interest. The term paper must include a critical review of existing literature and its relevance for Pakistan.

Brief outline for each core course is given below:

• E-300: Microeconomic Theory (3-credits): consumer theory (choices, indifference curves, utility maximization, derivation of Marshallian and Hicksian demand curves), production theory (production, cost, revenue), duality, market structures, general equilibrium, welfare economics.

• E-310: Macroeconomic Theory (3-credits): national income accounting, Aggregate consumption, savings and investment; theory of employment; Philips curve; role of government; business cycles; growth theory.

• E-320: Mathematical Economics (3-credits): set theory; matrix algebra; relations and functions; derivatives; integration; differentiation; optimization; linear programming; economic applications.

• E-330: Statistics for Economists (3-credits): probability; types of data; sampling techniques; measures of central tendency and dispersion; distributions (normal, student-t, chi-square and others); hypothesis testing; confidence intervals; analysis of variance; index numbers; non parametric tests; regression model.

• E-331: Econometrics (3-credits): correlation and causation; ordinary least squares; hypothesis testing; tests of significance; multiple variables regression; forecasting; multi-collinearity; autocorrelation; heteroscedasticity; dummy variables; panel data techniquies; simultaneous equation models; time series techniques.

• E-340: Development Economics (3-credits): measurement of economic development; economic growth and economic development; sources of economic growth; growth accounting; theories of economic growth; structural changes and economic growth; resource mobilization; human resource development; growth and development issues in Pakistan.

• E-350: International Economics (3-credits): theories of international trade; trade and economic growth; trade deficit; balance of payment; foreign debt; exchange rate determination; international monetary system; regionalism; WTO and its impact on Pakistan.

• E-360: Public Finance (3-credits): externalities; public goods; government revenue and expenditure; fiscal deficit and economic growth; public debt; taxation structure; tax elasticity and tax-buoyancy.