COURSE CODE: ECO 611

ENVIRONMENTAL ECONOMICS

1. Environment and Welfare Economics: The efficiency allocation of resources; social welfare function and optimality; achieving an efficient allocation in a market economy.
2. Principles of Non-Renewable Resource Exploitation: Basic model of optimal exploitation; competitive ownership and resource exploitation; varying resource grades and sequential depletion; effect of set-up costs and the depletion path.
3. Economics of Renewable Resource: Meaning of forest resources; optimal timber cutting decision; optimality under different alternative situations.
4. Economics of Pollution Control; Static and dynamic requirements for efficient levels of flow and stock pollution; property rights and bargaining- the Coase theorem.
5. The Economics of Sustainable Development: Discounting the future; meaning of sustainability; possible sustainability rules; indicators of sustainability; the Common Perring’s model of sustainable development.
6. Valuation of Environmental Resources: Introduction; dimensions of value; economic valuation of environmental resource stock and floes; compensating and equivalent variations and surpluses; willingness to pay and willingness to accept; hedonic pricing.
7. Sustainable development: Achievements of MDGs in Bangladesh; sustainable development goals (SDG)

Recommended Books:

• Field, B. C.: Environmental Economics:- An Introduction, 2^nd Ed. McGra- Hill, 2000.

• Perman, R., Mcgilvry, J. and Common, M.: Natural Resource and environmental Economics, 2^nd Edition, 1999.

• Titenberg, T.: Environment and Natural Resource Economics, 5^th Edition, Addision-Wesley, 2000.

COURSE CODE: ECO 612

ECONOMIC THOUGHT

1. Classical Economic Thoughts: The classical economic ideas of Adam Smith, David Ricardo, Robert Malthus, and J. S. Mill.
2. Critiques of the Classical Views: Early socialism--Sismondi; Saint Simon; Robert Owen; Louis Bane; Rodbertas; Karl Marx and his views.
3. Economic Ideas of Alfred Marshall: His contribution to value theory, consumer’s and producer’s surplus, theory of welfare.
4. New Economics of J. M. Keynes: Keynes’s view on wages and spending, fiscal policy, multiplier effect and redistribution.
5. Twentieth Century Economic Thoughts: J R Hicks; post Keynesian ideas; Chamberlin and J Robbinson’s analyses; Milton Friedman and Chicago school.
6. Islamic Economic Ideas: Islamic ideas of Ibn Khaldun, Ibn Taimiayah, Ibn Al-Quayyim, Al-Ghazzagali, Al- Mqrizi and others.

Recommended Books:

• Gray, Alexander: The Development of Economic Doctrine. Hutchison, Terrence: A Review of Economic Doctrine.

• Schumpeter, Joseph: A History of Economic Analysis. Siddiqui, M. N.: Muslim Economic Thinking.

COURSE CODE: ECO 613 

LABOUR ECONOMICS

1. Labour Economics: Introduction; importance of labour economics; the ‘old’ and ‘new’ concept; labour economics as a subsystem of the economic system; payoffs.
2. Demand for Labour: Short-run demand for labour; perfectively competitive seller; imperfectly competitive seller; imperfectly competitive seller; long-run demand for labour; market demand for labour; elasticity of labour demand.
3. Supply of Labour: Supply of labour in the short run; work-leisure decision- basic model; income and substitution effect; rational for back- ward bending supply curve; empirical evidence; elasticity versus changes in labour supply.
4. Equilibrium in Labour Market: Equilibrium in a perfectly competitive labour market; wage and employment determination- monopoly in the product market; monophony in the labour market; union techniques to raise wages.
5. Trade Unionism: Introduction; collective bargaining- a special transaction; a model of the bargaining process; the union wage advantage; measuring the wage advantage; spillover effects; threat effect; other effects.
6. Government Intervention in the Labour Market: The reasons of government regulation; wage and hour legislation; income security measures; occupational licensing; occupational safety and health.

Recommended Books:

• Eellante, D. and Jackson, M.: Labour Economics. Fleisher: Labour Economics.

• McConnell and Brue: Contemporary Labour Economics. McCormick, B. J. and Smith, E.: The Labour Market.

COURSE CODE: ECO 614

INDUSTRIAL ECONOMICS

1. Perspective of Industrial Economics: The scope of the industrial economics; a framework of industrial economics; the early theory of firm; monopolistic competition; passive and active behavior of firms.
2. Concentration of Industrial Power and Diversification: Definitions; measurement of market concentration and monopoly power; extent of market concentration; concentration and market performance of a firm; motives for diversification; diversification and merger; measurement approaches; implication of public policies.
3. Location of Industry: Determinants of industrial location approaches to industrial location analysis; operational approaches to industrial location; industrial location trends in Bangladesh.
4. Industrial Investment Decision: Investment decisions; nature and type of investment decisions; a framework for analyzing investment behavior; the theory of investment; empirical studies of investment; government policy impact; the investment decision process.
5. Market Structure, Entry and Exit: Measurement of seller concentration; entry conditions and market structure; product differentiation as a barrier to entry; financial markets; empirical studies of market structure; entry; exit; empirical studies of entry and exist.
6. Government Regulation of Industry: Need for government regulation in industry; ways and means of government regulation in industries; legal framework of industrial regulation in developing countries with reference to Bangladesh.

Recommended Books:

• Barthwal, R. R.: Industrial Economics- An Introductory Textbook, New Age International Publisher, 2004.

• Hay, D. A. and Morris, D. J.: Industrial Economics and Organization: Theory and Practices, International Student Edition, 1991.

• Martin, S.: Industrial Economics: Economic Analysis and Public Policy, Macmillan Publishing Co. 1989.

• Martin, S.: Advanced Industrial Economics, Oxford, Blackwell, 1993.