Aditi Sinha
August 17, 2023 03:45
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Prepare effectively for Economics Optional in UPSC Mains with our detailed article.
The subject of Economics is slowly gaining prominence as an optional subject in recent years. Students preparing for Economics Optional for the first time need to go through the following article to get an idea about all the important aspects that will help in preparation. This article is all about a comprehensive guide covering strategy, syllabus, and planning to ace the exam effectively.
The science of production, distribution, and consumption of goods and services across the world is termed as Economics. The subject is widely considered as an important component of administration and policy-making. Hence, IAS aspirants are inclined towards choosing Economics Optional for their preparation.
Economic subject consists of two Papers: Paper 1 focuses on core concepts of the subject, such as macro-economics, micro-economics, fiscal policy, monetary policy, growth, development etc. Paper 2 focuses on the Indian economy, both pre-independence and post-independence era.
Paper 1 and Paper 2 both carry 250 marks each. Each paper is divided equally into two parts, each consisting of four questions. Out of these total eight questions, five have to be attempted. Question number 1 and 5 are compulsory while the candidates can choose any three from the remaining, with at least one from each section.
The rationale behind choosing Economics Optional is not just interest in the subject, but rather other benefits. These benefits make economics optional a suitable choice for aspirants:
Economics syllabus consists of two Papers: Paper 1 focuses on economic concepts and basics, while Paper 2 focuses on Indian Economy. The detailed syllabus for Economics Optional can be found below:
| Advanced Microeconomics |
|
| Advance Macro Economics | Approaches to Employment Income Rate Determination: Classical, Keynes (IS)-LM) curve, Neo & New- Classical Synthesis, Theories of Interest, Rate Determination & Interest Rate Structures. |
| Money- Banking & Finance | Demand for & Supply of Money:
Public Finance & its Role in Market Economy:
|
| International Economics | Old & New Theories International Trade:
Forms of Protection: Tariff & Quota. Balance of Payment Adjustments: Alternative Approaches:
|
| Growth & Development | Theories of Growth:
Process of Economic Development of Less Developed Countries:
Economic Development & International Trade & Investment, Role of Multinationals. Planning & Economic Development: Changing Role of Markets & Planning, Private- Public Partnership. Welfare Indicators & Measures of Growth– Human Development Indices. The Basic Needs Approach. Development & Environment Sustainability– Renewable & Non-renewable Resources, Environment Degradation, Intergenerational Equity Development. |
| Indian Economy in Pre-Independence Era |
|
| Indian Economy after Independence | The Pre-liberalisation Era:
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The Post-liberalization Era:
|
Economics optional can be covered comprehensively by referring to books that address core concepts of Paper 1 and Paper 2. Following is a list of books that can be referred for Economics Optional:
| Paper 1 | Paper 2 |
|
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For qualifying any subject of optional, a candidate has to have a clear strategy. This strategy will help them not only to familiarise with the core concepts, it also helps them address the demand of the question more appropriately. Following are some steps that may help a candidate prepare for Economics Optional:
Economics Optional PYQ analysis gives the candidate enough ideas to start preparing for the exam. Following is a table containing the links for previous year question paper of Economics Optional:
| UPSC CSE Public Administration Optional PYQ 2023 | Paper 1: Public Administration Optional |
| Paper 2: Public Administrative Optional | |
| UPSC CSE Public Administration Optional PYQ 2022 | Paper 1: Public Administration Optional |
| Paper 2: Public Administration Optional | |
| UPSC CSE Public Administration Optional PYQ 2021 | Paper 1: Public Administration Optional |
| Paper 2: Public Administration Optional | |
| UPSC CSE Public Administration Optional PYQ 2020 | Paper 1: Public Administration Optional |
| Paper 2: Public Administration Optional |
Economics Optional provides a candidate a better chance of excelling in UPSC IAS exam. They need to refer to the above information and develop their own strategies that will help them clear the exam with flying colours.
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