Development Economics: Macroeconomic Approach
Instructors
Credits / Language / Semester
2Credits / English / Winter
Objectives/Overview
Why are there rich and poor countries? Why do some countries grow fast while others are seemingly stuck in poverty? Economists have tried to understand the mechanism behind economic growth (or lack of it) for decades. In this course, we will try to understand advanced theories of economic growth. We will naturally emphasize analytical (mathematical) aspects of various growth theories. However, we will also try to understand deep economic intuitions behind the intimidating mathematical equations.
Keywords
Economic growth, Macroeconomics, Technological progress, Efficient allocation of resources, Mathematics for economics
Schedule
0. Data on economic growth
1. Basics: review of the Solow-Swan model of economic growth
2. More on the accumulation of factors of production
(physical capital, population growth, human capital)
3. Technology
(technology creation, technology transfers,, etc.)
4. Structural changes
5. Efficiency
6. Inequality
7. Government
8. Institution and culture
Teaching Methods
In-class teaching. I will be mainly using black- (or white??) boards.
Grading
Based mainly on final examination. I will also give three to four problem sets during the semester (subject to change depending on the number of students).
Required Text
David N. Weil, Economic Growth (Pearson)
Reference Books
Philippe Aghion and Peter Howitt, The Economics of Growth (MIT Press)
Robert Barro and Xavier Sala-i-Martin, Economic Growth (MIT Press)
Notes on Taking the Course
It is strongly recommended that the students would take "Macroeconomics for Public Policy" prior to taking this course. I will assume that the students have understood the contents of that course (more than superficially).
Students are expected to be NOT afraid of mathematics (actually, you can be afraid, but you should be courageous enough to accept the hardship).
There will be no office hours; I work at another university.