Economic of Growth and Development I

Paper Code: 
ECO 322
Credits: 
4
Contact Hours: 
60.00
Objective: 

To develop an understanding as to how the developing countries can uplift their economic conditions by restructuring their economies to acquire greater diversity, efficiency and equity.  

12.00
Unit I: 
Economic Growth and Development
  • Economic development and growth. Measurement and indicators of development: PQLI, HDI, GDI and GEM. Entitlement and capability approach. Sustainable Development.
  • Growth-Distribution Trade-offs.
  • Factors affecting economic growth : labour, capital and technology
  • Obstacles to growth and development
12.00
Unit II: 
The Theories of Development

•    Classical Theories of Development

  1. Adam Smith
  2. David Ricardo
  3. Malthus

•    Karl Marx’s Theory of Economic development
•    Schumpeter’s Theory of Development
 

12.00
Unit III: 
Growth Models
  • Harrod and Domar
  • Solow’s growth model
  • Meade’s growth model
  • Kaldor’s growth model
  • Golden Rule of Capital Accumulation
  • Cambridge criticism of Neo-classical Analysis of Growth
12.00
Unit IV: 
Population and Human Capital Formation

•    Growth pattern of population
•    Theory of demographic transition
•    Population as limits to growth and as ultimate source
•    Human capital formation : Indicators, importance, contribution and problems
 

12.00
Unit V: 
Technological Progress
  • Choice of techniques
  • Capital output ratio
  • Appropriate technology
  • Embodied and disembodied technical progress
  • Technical progress- Hicks and Harrod     
  • Endogenous growth theory and Learning by doing                                          
Essential Readings: 
1. Jhingan M.L., The Economics of Development of Planning, Vrinda Publications (P)          Ltd., New Delhi.
2. Mishra, S.K. and Puri V.K., Economics of Development and Planning: Theory and            Practice, Himalaya Publishing House, New Delhi.
3. Thirlwal, A. P., Growth and Development, McMillan, New York.
4. Todaro, M. P and S C Smith, Economic Development, Pearson Education.
5. Kindelberger, C. P., Economic Development, McGraw Hill, New York.
6. Meier; G. M. and James E, Rauch, Leading Issues in Economic Development, Oxford      University Press.
7. Ray, Debraj (2004) : Development Economics, Seventh Impression, Oxford University      Press, New Delhi.
8. Amartya Sen (ed), Growth Economics, Penguin Modern Economic Readings, 1970.
Academic Session: 
2018-19
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