IIT JAM Economics Syllabus 2026: Download PDF here!

IIT JAM Economics Syllabus PDF 2026

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Exam Name

Indian Institute of Technology Joint Admission Test for MSc (IIT JAM)

Conducting Authority

IIT Bombay

Mode of Exam

Online

Subject 

Economics

Subject code

EN

Eligibility

UG degree in Economics or relevant discipline

Duration

3 hours

Sections

• Microeconomics
• Macroeconomics
• Indian Economy
• Mathematics

Syllabus PDF

Consumer theory

Preference, utility, and representation theorem, Slutsky equations, budget constraint, and choice

Market structure

Monopoly and pricing with market power, pierce discrimination(first, second, and third degree), and theorems of welfare economics

Production costs

Technology and isoquants, production with one or more variable inputs, cost curves in the short run, and perfect competition in markets

General equilibrium and welfare

Equilibrium and efficiency under pure exchange and production and theorem of welfare economics

Game theory

Strategic form games, Nash equilibrium, mixed extension, mixed starry Nash equilibrium, cooperative gaming theory, and Nash bargaining

Public goods and market failure

Externalities, public goods and markets with asymmetric information, VCG, and transfer rules

National Income

Accounting: understanding the structure, key concepts, and circular flow of income for both closed and open economies.

Business Cycles and Economic Models

Keynesian model of the business cycle, Business cycles-facts, and features, the classical model of the business cycle, role of monetary and fiscal policies.

Growth Models

Harrod-domar, Solow, and Neo-classical growth models.

Behavioural and Technological Functions

Consumption functions, Keynesian investment functions, and understanding money demand and supply functions & production function

Inflation and Unemployment

Inflation theories, measurements, causes, and effects. 

Probability Theory

Sample space and events, axioms of probability and their properties, variance and higher order moments, density, and distribution.

Indian Economy before 1950

Transfer of tribute and deindustrialisation of India

Planning and Development

Relation between Agricultural and Industrial Growth and Challenges Faced by Indian Planning

Inequalities in Social Development

India’s achievement in health, education, and other social sectors

Indian Economy after 1991

Balance of payment crisis in 1991, reforms in trade and foreign investment

Banking, finance, and macroeconomic policies

Aspects of banking in India, CRR & SLR, fiscal deficit, savings and investment rates in India

India’s labour market

Unemployment and labour force participation rates

Poverty

Issues in poverty estimation in India and methodology of poverty estimation

Preliminaries and functions of one real variable

Differential functions, continuous functions, set theory, and number theory

Linear algebra

Vector spaces algebraic and geometric properties, linear transformations, determinants, and systems of linear equations

Singel variable optimisation

Geometric properties of functions, local and global optima

Functions of several real variables

Geometric representations graphs and level curves, second order derivatives, homogeneous and homothetic functions

Linear programming

Graphical solution, matrix formulation, duality, and economic interpretation

Integration, differential equations, and difference equations

Phase diagrams and stability, equilibrium, and stability, first order differential equations

Random variables and probability distributions, expected values and functions of random variables

Hypothesis testing, distributions of test statistics, testing hypotheses related to population parameters, type I and type II errors

Random sampling, density, coefficients, covariance, and correlation

Point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood of procedures and confidence intervals

Introduction to Microeconomics

Sandeepan Gupta, DD Singh

Statistical Methods in Microeconomics

Dr. Manash Pratim Barman, Prof. Jatin Hazarika, Dr. Toralima Bora

Mathematical Methods in Microeconomics

Dr. Dipjyoti Sarma, Romen Kalita

Economic History of India

R.C.Dutt

Macroeconomics

NCERT

Economy, State, and Society

Max Weber