Money... money... money

Dr Amrita Dass profiles three top Indian universities that offer degrees in economics

As the old song goes: ‘money makes the world go ‘round'. However, without proper knowledge, it is difficult to figure out exactly how. Economics majors learn to decode the systems behind what often appears impossible to understand.

They study economic models and theories to analyse how the seemingly simple act of buying and selling can be complicated by factors such as taxes, interest rates, inflation, labour disagreements and even the weather.

Economics deals with the theory and practice of meeting human needs through the organised provision of materials.

The economic structure of a society involves agricultural costs and output, trade, banking, business, economic planning in terms of resources and expenditures, growth potential and industrialization.

All this contributes to the development of a society or nation. Economics is the study of production as well as distribution processes.

Economics has an interdisciplinary value; its study and interpretations are of value to statisticians, geographers, demographers, sociologists, psychologists, anthropologists planners and analysts.

The subject has many branches - agricultural economics, financial economics, labour economics, industrial economics, international economics, business economics, development economics, rural economics and econometrics.

Over the last few years, new techniques and tools of economic analysis and forecasting, and new computerised systems of economics modeling have developed the subject as an applied discipline.

Econometrics focuses on "applying statistical and mathematical methods in the field of economics to test and quantify economic theories and solutions to economic problems".

Macro-economic models consisting of several and even hundred equations are specified, estimated and used for policy evaluation and forecasting.

The empirical analysis of financial markets has required and stimulated many theoretical developments in econometrics.

St. Stephen's College
Address: University Enclave, New Delhi 110-007, India
Website: www.ststephens.edu

About the college: St. Stephen's is, undoubtedly, the finest institution of its kind in India. It combines liberal education, intellectual freedom and exposure to numerous clubs, societies and activities - all in the right proportion.

Founded in 1881, it is the oldest college in Delhi. It was first affiliated to Calcutta University, and later to Punjab University. Finally with the establishment of Delhi University in 1922, it became one of its three original constituent colleges.

The college has students and teachers from all parts of India and even abroad. There is provision for nearly 300 men and 54 women to reside in college. It has a fine library with more than 90,000 books.

Student societies and clubs play a vital role in a student's life. For each subject there is a society that sponsors extracurricular lectures and discussions and, in general, tries to stimulate interest in the subject.

There are many other academic and cultural societies and clubs covering a wide range of activities, such as debating, dramatics, mountaineering, film and music appreciation, social service, photography, electronics and astronomy.

Courses: The Department of Economics offers programmes of study leading to a three-year BA (Hons.) Economics degree and a two-year MA Economics degree.

The other subjects taught are chemistry, physics, mathematics, computer science, English, history and political science, philosophy, Sanskrit and Hindi, Urdu and Persian and music.

Eligibility for BA: For BA Honours Economics, you should have passed your Plus Two examination and must have done mathematics at school till Class 12.

Fees: Approximate fees for the entire academic year (subject to fluctuation of food costs) - resident: Rs41,000 (Dh3,459): non-resident: Rs12,500 (Dh1,054).

Entrance exam: Admission is granted on the basis of academic records and an interview.

Only those candidates are called for an interview whose percentage of marks at the qualifying examination (plus 2 of CBSE or ISC or equivalent) is above a certain standard. The cut-off varies from year to year.

The interview for admission to first year of economics is held towards the end of June. The list of applicants selected for the interview will be put up on the college notice board.

For the interview, there is a 10 per cent component for class 10 marks, 75 per cent component for class 12 and 15 per cent for the interview.

Pattern of interview: Academic - the interview seeks to determine your academic compatibility. Quite often it is found that academic attainment (in terms of class 10 and 12 marks) is not the same as academic compatibility.

Co-curricular - the interview also seeks to examine your record in co-curricular activities and to determine your potential to participate in the various co-curricular activities of the college.

General awareness and sense of values - this is to determine your awareness of happenings around you and your capacity to comment on the same with sensitivity and concern.

The idea is to gauge your potential towards basic problem solving, peer compatibility, the sensitivity quotient, the faculty of discernment and discrimination, and related qualities.

St Xavier's College
Address: 5, Mahapalika Marg, Mumbai 400-001, India
Website: www.xaviers.edu

About the college: St. Xavier's College was affiliated to the University of Bombay in 1869. The university has entrusted it with the task of preparing students for degrees in arts, science and commerce.

The college aims for the all-round character development of its students, inculcating both human and spiritual values.

Programmes: In the arts stream, the subjects offered are political science, psychology, sociology, English, ancient Indian culture, commerce, history, statistics, anthropology, French, Hindi/Marathi.

In the science stream the subjects are chemistry, geology, life science, mathematics, physics and statistics, botany, biochemistry, microbiology and zoology.

Eligibility: Students passing the HSC or any other examinations conducted by boards/universities outside the Indian state of Maharashtra should first obtain and submit a provisional eligibility certificate from the registrar, University of Mumbai, Eligibility Section, Vidyanagari, Santa Cruz (E), Mumbai – 400-098.

This should be done before they seek admission to senior college. For confirmation of eligibility, before the close of the first term students should submit the statement of marks, the passing certificate and the migration certificate to the College Office.

Fees: First year: Rs3,580 (Dh302) approximately; second year Rs3,360 (Dh283); third year Rs3,395 (Dh286).

Entrance criteria: The applicant must have a minimum essential percentage determined by the number of seats available and the marks actually obtained by the students who apply.

Consideration is given to Catholics under the minority rights enshrined in the Constitution of India (and for whose education the college was founded).

Special consideration is also given to the economically and socially disadvantaged with preference for students from scheduled castes and tribes.

A student must have consistently good school record.

Presiden