Part A: Statistics for Economics
- Data Collection: Economists collect data from various sources, including government agencies, surveys, and research studies. Primary data is collected through surveys and experiments, while secondary data is obtained from existing sources.
- Descriptive Statistics: Descriptive statistics summarize and present data in a meaningful way. Common measures include:a. Measures of Central Tendency: Mean (average), Median (middle value), and Mode (most frequent value). b. Measures of Dispersion: Range, Variance, Standard Deviation, Quartile Deviation, and Mean Deviation, which indicate the spread or variability of data.
- Inferential Statistics: Inferential statistics help economists draw conclusions about a population based on a sample. It involves hypothesis testing and estimating population parameters.
- Correlation and Regression: These statistical techniques study the relationship between two or more variables. Correlation measures the strength and direction of the relationship, while regression helps predict one variable based on the others.
- Index Numbers: Index numbers are used to represent the relative change in a set of related variables over time. For example, consumer price index (CPI) and wholesale price index (WPI) are used to measure inflation.
- Time Series Analysis: Economists analyze time series data to understand the behavior of variables over time. It involves identifying trends, seasonal patterns, and cyclical fluctuations.
- Sampling Techniques: Economists often work with samples rather than the entire population. Sampling techniques help ensure that samples are representative and yield reliable results.
- Economic Forecasting: Using statistical models, economists make predictions about future economic trends, such as GDP growth, inflation rates, and unemployment rates.
- Econometrics: Econometrics is the application of statistical methods to economic data. It helps economists build and test economic models, estimate parameters, and analyze economic relationships.
Part B: Indian Economic Development
- Development Experience (1947-1990) and Economic Reforms since 1991:
- A Brief Review of India’s Economic Development after Independence: This section provides an overview of the economic development policies and strategies adopted in India from 1947 to 1990.
- Economic Reforms since 1991: Features and Assessments: This section discusses the major economic reforms and liberalization policies initiated in India in 1991 and their impact on the economy.
- Current Challenges Facing the Indian Economy:
- Poverty: Absolute and Relative Poverty, Main Programs for Poverty Alleviation: This section addresses the issue of poverty in India, its measurement, and the government’s poverty alleviation programs.
- Rural Development: Programs and Institutions: It covers the various rural development initiatives and institutions aimed at improving the standard of living in rural areas.
- Human Capital Formation: How Investment in People Contributes to Economic Development: This section focuses on the significance of education, healthcare, and skill development in economic growth.
- Employment: Growth, Informalization, and Other Issues: The challenges related to employment, particularly the growth of informal sector jobs, are discussed in this section.
- Infrastructure: Meaning and Types: Infrastructure development and its importance for economic growth are covered here.
- Development Policies and Experience (1947-1990):
- Agriculture: Green Revolution and Its Impact, Importance of Agriculture in India’s Economic Development: This section explores the Green Revolution and its contribution to agricultural growth and food security.
- Industry: Industrial Policy and Its Impact: It discusses the industrial policies adopted in India and their impact on the growth of the industrial sector.
- Foreign Trade: Trends and Composition: This section analyzes the trends in India’s foreign trade and the composition of its exports and imports.
- Economic Development and Planning:
- Meaning and Indicators of Economic Development: The concept of economic development and the indicators used to measure it are explained.
- Planning in India: Objectives, Targets, and Achievements: The planning process in India, its objectives, targets, and achievements are discussed.
What you'll learn
Definition and Importance of Statistics
Sources of Data
Measures of Central Tendency
Correlation and Introduction
Review of India's Economic Development Post-Independence
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This course includes
- 124 hours Class
- 40 articles
- 19 downloadable resources
- 15 D.P.P
- Full lifetime access
- offline class
- Certificate of Completion