Development Economics

Paper Code: 
ECO 514
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 
  1. To comprehend the concept economic development.
  2. To understand the role of land, labour and capital in development.
  3. To examine the various theories of development like Big Push Theory and Critical Minimum Effort Theory.

 

Course Outcomes (COs):

Course

 Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 514

Development Economics

CO69: Students will interpret various concepts of development

CO70: Students will comprehend the role of different factors of production in development.

CO71: Students will analyse various theories of development.

 

Approach in teaching: Interactive Lectures, Discussion,  Case studies.

 

Learning activities for the students:

Presentations, Assignments and Group discussions.

Class activity, Assignments and  Semester end examinations.

 

12.00
Unit I: 
Introduction
  • Development: Nature , Meaning and Values
  • Capabilities approach
  • Objectives of development
  • Measurement of development: purchasing power parity and per capita income as an index of development, human development index
  • Difference between growth and development
  • Meaning and Characteristics of developing economies

 

12.00
Unit II: 
Land, Labour and Capital
  • Land: ownership and tenancy system-fixed  rent contract and share cropping

Role of agriculture in development and barriers to agricultural development

  • Labour: population and labour force growth, casual and long term labour, permanent labour market
  • Capital: role of capital accumulation in economic development, significance of capital output ratio, role of technology and technological progress, learning by doing, human capital

 

12.00
Unit III: 
Inequality and Poverty
  • Inequality: meaning, measures- Lorenz curve, range, coefficient of variation, Gini coefficient, Kuznet’s inverted U hypothesis
  • Poverty : relative and absolute, poverty line, poverty measures-head count ratio, poverty gap ratio, income gap ratio human poverty index

Social dimensions of poverty : rural poverty, women  and ethnic minorities and indigenous populations

12.00
Unit IV: 
Theories of Development I
  • Disguised unemployment as a saving potential.
  • Unlimited supply of labour;
  • Balanced growth theory;
  • Hirschman’s Strategy

 

12.00
Unit V: 
Theories of Development II
  • Big Push Theory;
  • Critical minimum effort thesis;
  • Low level equilibrium trap;
  • Social and technical dualism

 

 

 

 

 

Essential Readings: 
  • Jhingan M.L., The Economics of Development of Planning, Vrinda Publications (P) Ltd., New Delhi.
  • Mishra, S.K. and Puri V.K., Economics of Development and Planning: Theory and Practice, Himalaya Publishing House, New Delhi.
  • Thirlwal, A. P., Growth and Development, McMillan, New York.
  • Todaro, M. P and S C Smith, Economic Development, Pearson Education.
  • Kindelberger, C. P., Economic Development, McGraw Hill, New York.
  • Meier; G. M. and James E, Rauch, Leading Issues in Economic Development, Oxford University Press.
Academic Session: 
2021-22
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