Development Economics

Paper Code:

24CECO 511

Credits:

Contact Hours:

90.00

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

Course Outcomes:

Course

Code

Course Title

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

24CECO 511

Development Economics

(Theory)

Students will:

CO49:analyze various concepts related with growth and development

CO50: comprehend the role of different factors of productionand the role of agriculture in development.

CO51: analyze the different aspects of inequality and poverty

CO52: analyze various theories of development and growth

CO53: analyze some more theories of development

CO54: contribute effectively in course-specific interaction.

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.

18.00

Unit I:

Introduction

Development: Nature , Meaning and Values
Capabilities approach
Objectives and 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
Factors of development, obstacles in development
Characteristics of modern growth

18.00

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,
Human capital, learning by doing

18.00

Unit III:

Inequality and Poverty

Inequality - meaning and Causes
Measures of inequality- 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.

18.00

Unit IV:

Theories of Development I

Disguised unemployment as a saving potential – Nurkse’s theory
Lewis’ theory of Unlimited Supply of Labour
Fei-Ranis theory
Balanced growth theory
Hirschman’s Strategy
Marx’s theory

18.00

Unit V:

Theories of Development II

Big Push Theory
Critical minimum effort thesis
Low level equilibrium trap
Social and technical dualism
Circular causation
Schumpeterian theory
Ricardian theory

Essential Readings:

JhinganM.L.andJhingan, B. K., TheEconomics of Development of Planning (Vrinda Publications (P) Ltd., 42nd Edition, 2022
Mishra, S.K. and Puri V.K., Economics of Development and Planning: Theory and Practice, Himalaya Publishing House, 16^th Edition, 2017

Todaro, M. P and Smith, S. C. Economic Development Pearson Education. 12^th Edition,2015

References:

Suggested Readings:

Thirlwall, A. P. and Lopez, P.P., Growth and Development, Bloomsbury Academic, 10^th Edition, 2017
Kindelberger, C. P., Economic Development. McGraw Hill, 1977
Meier; G. M. and Rauch, J. E., Leading Issues in Economic Development, Oxford University Press, 8^th Edition, 2005

E-Resources:

Journals: