The IIT JAM (Joint Admission Test for Masters) in Economics is a national-level entrance exam conducted by the Indian Institutes of Technology (IITs) for students seeking admission to postgraduate programs in economics across premier institutes in India. Designed to test a candidate's knowledge in microeconomics, macroeconomics, statistics, and mathematics, the exam opens pathways to top-tier master's programs in economics at IITs and other participating institutes.

With a focus on both theoretical concepts and quantitative skills, IIT JAM Economics offers an excellent opportunity for students aspiring to build strong academic and research careers in economics. The rigorous nature of the exam ensures that successful candidates are well-prepared to tackle advanced economic theories and empirical analysis in their further studies.

IIT JAM Economics 2025 will be conducted by **Indian Institute of Technology Delhi (IIT-D).**

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## IIT JAM Economics Syllabus

Here are the important dates or timeline for GATE Economics 2025 Entrance Exam:

**Microeconomics**

Consumer theory

Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equation, revealed preference axioms

Theory of production and cost

Production technology, isoquants, production function with one and more inputs, returns to scale, short run and long run costs, cost curves in the short run and long run

General equilibrium and welfare

Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics

Market structure

Perfect competition, monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition and oligopoly

Game theory

Strategic form games, iterated elimination of dominated strategies, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, examples: Cournot, Bertrand duopolies, Prisoner's dilemma

Public goods and market failure

Externalities, public goods and markets with asymmetric information (adverse selection and moral hazard)

**Macroeconomics**

National income accounting

Structure, key concepts, measurements, and circular flow of income - for closed and open economy, money, fiscal and foreign sector variables - concepts and measurements

Behavioural and technological functions

Consumption functions - absolute income hypothesis, life-cycle and permanent income hypothesis, random walk model of consumption, investment functions - Keynesian, money demand and supply functions, production function

Business cycles and economic models (closed economy)

Business cycles-facts and features, the Classical model of the business cycle, the Keynesian model of the business cycle, simple Keynesian cross model of income and employment determination and the multiplier (in a closed economy), IS-LM Model, Hicks' IS-LM synthesis, role of monetary and fiscal policies

Business cycles and economic models (open economy)

Open economy, MundellFleming model, Keynesian flexible price (aggregate demand and aggregate supply) model, role of monetary and fiscal policies

Inflation and unemployment

Inflation - theories, measurement, causes, and effects, unemployment - types, measurement, causes, and effects

Growth models

Harrod-Domar, Solow and Neo-classical growth models (AK model, Romer model and Schumpeterian growth model)

**Statistics For Economics**

Probability theory

Sample space and events, axioms of probability and their properties, conditional probability and Bayesâ€™ rule, independent events, random variables and probability distributions, expectation, variance and higher order moments, functions of random variables, properties of commonly used discrete and continuous distributions, density and distribution functions for jointly distributed random variables, mean and variance of jointly distributed random variables, covariance and correlation coefficients.

Mathematical statistics

Random sampling, types of sampling, point and interval estimation, estimation of population parameters using methods of moments and maximum likelihood procedures, properties of estimators, sampling distribution, confidence intervals, central limit theorem, law of large number

Hypothesis testing

Distributions of test statistics, testing hypotheses related to population parameters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples

Correlation and regression

Correlation and types of correlation, the nature of regression analysis, method of Ordinary Least Squares (OLS), CLRM assumptions, properties of OLS, goodness of fit, variance and covariance of OLS estimator

**Indian Economy**

Indian economy before 1950

Transfer of tribute, deindustrialization of India

Planning and Indian development: Planning models, relation between agricultural and industrial growth, challenges faced by Indian planning

Indian economy after 1991

Balance of payments crisis in 1991, major aspects of economic reforms in India after 1991, reforms in trade and foreign investment

Banking, finance and macroeconomic policies

Aspects of banking in India, CRR and SLR, financial sector reforms in India, fiscal and monetary policy, savings and investment rates in India

Inequalities in social development

Indiaâ€™s achievements in health, education and other social sectors, disparities between Indian States in human development

Poverty

Methodology of poverty estimation, Issues in poverty estimation in India

Indiaâ€™s labour market

Unemployment, labour force participation rates

**Mathematics for Economics**

Preliminaries and functions:

Set theory and number theory, elementary functions: quadratic, polynomial, power, exponential, logarithmic, functions of several variables, graphs and level curves, convex set, concavity and quasiconcavity of function, convexity and quasi-convexity of functions, sequences and series: convergence, algebraic properties and applications, complex numbers and its geometrical representation, De Moivreâ€™s theorem and its application.

Differential calculus

Limits, continuity and differentiability, mean value theorems, Taylorâ€™s theorem, partial differentiation, gradient, chain rule, second and higher order derivatives: properties and applications, implicit function theorem, and application to comparative statics problems, homogeneous and homothetic functions: characterisations and applications

Integral calculus

Definite integrals, fundamental theorems, indefinite integrals and applications

Differential equations, and difference equations

First order difference equations, first order differential equations and applications

Linear algebra

Matrix representations and elementary operations, systems of linear equations: properties of their solution, linear independence and dependence, rank, determinants, eigenvectors and eigenvalues of square matrices, symmetric matrices and quadratic forms, definiteness and semidefiniteness of quadratic forms

Optimization

Local and global optima: geometric and calculus-based characterisations, and applications, multivariate optimization, constrained optimization and method of Lagrange multiplier, second order condition of optima, definiteness and optimality, properties of value function: envelope theorem and applications, linear programming: graphical solution, matrix formulation, duality, economic interpretation.

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