Research Specializations in the Department

The research activity of the Department covers an extremely wide variety of fields, with diverse interests ranging from quantitative economic history to chaos theory, and from the political economy of structural reforms to financial econometrics. Much of the research activity of the department is channeled through its various research sections and units with overlapping interests. The Department has 15 such research units, and a brief idea regarding these is provided below:

1. General Economics:

This is the longest established section in the Department. For long this section has basically concentrated upon research in economic theory, economic history, welfare economics, planning and development, and public finance. Of late, it has started focusing upon macroeconomics (including real business cycle theory) and monetary economics with special emphasis on optimization techniques, including optimal control and filtering theory.

2 .Agricultural Economics:

This section, which is the second oldest one in the department, was started with the help of a donation from the Bai Vijibai Jivalal Panalal Trust. This section has conducted research in practically all aspects of agriculture, with specific emphasis in land reforms, rural surveys, agricultural production and pricing relationships, urban-rural disparities, supply responses in agriculture, amongst others.

3 .Centre of Advanced Study (CAS) in Public Economics, Economics of Infrastructure and     Industrial Economics:

This Centre is the financial backbone of the Department. It has researched extensively issues involving industrial/labour economics including small scale industry, growth and structural change in the industrial sector, capacity utilization, ownership and control in the corporate sector, wage policy and determination, efficacy of industrial estates, amongst other topics of current relevance.

4 .Monetary Economics:

This section is financed by the Reserve Bank of India (RBI). The section has been conducting research exclusively in the areas of monetary economics, and its faculty has been actively associated with the RBI in the analysis and design of monetary policy issues.

5 .Transport Economics:

The section has, since inception, been supported by an initial donation made by the Seth Walchand Hirachand Trust. The section has been engaged in research of the highest caliber in the fields of public utilities and transportation systems, with special emphasis on transport networks, coastal shipping, optimum port capacity, pricing and financing of alternative modes, optimal modal-mix, appraisal and evaluation of alternative infrastructural projects, amongst others.

6 .Economics of Education:

This section was initially set up with the assistance of the UGC. It has researched different facets of the economics of education and human capital theory, both at the micro- as well as at the macroeconomic levels, with extensive focus on educational finance, efficiency of resource allocation, optimal utilization of educational resources, manpower planning, amongst others.

7.Econometrics:

This section was initially set up by the UGC. For long this section has provided a focus with regard to mathematical economics as well as econometric theory and practice, and has made lasting contributions in the areas of input-output analysis, optimal economic growth (including turnpike theory), environmental planning models, quantitative trade policy, inter-sectoral linkages and production functions, time series analysis, systems theory, to name but a few.

8.UGC. Development Scheme (Fifth Plan) Section:

This section was established by the UGC and has a focus on (i) International Economics, (ii) Development Economics and (iii) Quantitative Economics. The research interests of the incumbents of this section have evolved around a wide spectrum of topics broadly defined by the above areas, with spillovers into highly specialized topics such as hierarchical control and topics in advanced econometrics, including frequency domain, spectral and bispectrum analysis.

9.UGC. Development Scheme (Sixth Plan) Section:

This section was established by the UGC with a focus on (i) Monetary and fiscal economics (ii) Energy and urban economics. The work of this section has evolved around the above areas, with additional emphasis on the research interests of its incumbents which have included money and banking, public finance and taxation, international economics, amongst others.

10.Political Economy:

In 1996, the RBI instituted a chair and a section in political economy named after the late Dr. Babasaheb Ambedkar. This unit has extensively researched several highly relevant and topical aspects of the political economy of structural reforms, with special emphasis on the economic performance of Indian states from an institutional/political perspective, state finances, and criteria for the devolution of resources to local governments.

11.Planning and Development:

In 1998, the Planning Commission instituted a chair in planning and development named after the late Dr. D.T. Lakdawala. This section has carried out extensive research in financial sector reforms, environmental issues, spatial infrastructure, informal labour markets, and occupational/employment patterns with special reference to Mumbai and Maharashtra.

12.Urban Economics and Regional Development:

In 1999, Dr.  (Mrs.) Tara Shukla instituted a chair in urban economics and regional development, named after her late daughter Dr. Vibhooti Shukla. This section is carrying out research specifically on setting user rates for public utilities, like water supply, and development of products for infrastructure finance.

Centre for Women’s Studies:

The Centre was set up in 2002 by the UGC under the IX Plan Development. The Centre does research on gender economics and budgeting with a gender perspective.