ECONOMICS OF GROWTH AND DEVELOPMENT-I

Paper Code: 
ECO 322
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

The objectives of this course are-

1. To help the students know about the basic concepts of development economics

2. To have knowledge about the theories of economic growth and growth models.

3. To acquaint the students with the role of human capital formation and technological progress in economic growth.

 

Course Outcomes (COs):

Course

Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 322

Economics of Growth and Development-I

CO35: Understand the basics of development economics.

CO36: Acquire an in-depth understanding of the human capital formation and technological progress. 

CO37:

Comprehend the classical theories of development.

CO38: Gain knowledge of different  growth models.

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

 

Learning activities for the students:

Presentations, Assignments and Group discussions.

Class activity, Assignments, Quiz and  Semester end examinations.

       

12.00
Unit I: 
Economic Growth and Development
  • Economic development and growth. Measurement and indicators of development: PQLI, HDI, GDI, GII, MPI. 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
    • Adam Smith
    • David Ricardo
    • 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 Planning, Vrinda Publications (P) Ltd., New Delhi.
  2. Puri V.K  and Misra, S.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: 
2019-20
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