ECONOMICS OF GROWTH AND DEVELOPMENT I

Paper Code: 
ECO 322
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
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
  • Meaning and measurement of growth and development
  • The Inverted U Hypothesis
  • Growth – Distribution Trade offs
  • Factors affecting economic growth : capital, labour and technology
  • Human development : Essential components
  • Human development index, Gender related development index, Human poverty index, Gender empowerment
  • 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
  • Neo classical growth models
    • R.M Solow’s growth model
    • J E Meade’s growth model
    • A Critical Appraisal of neo-classical theory
  •  Mrs Joan Robinson
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
  • Hicks approach, Harrods approach, learning by doing
  • Growth model of Kaldor
Essential Readings: 
  1. Meier, Gerald M. and James E. Raunch (2006) : Leading Issues in Economic Development, Eighth Edition, Oxford University Press, New York.
  2. Ray, Debraj (2004) : Development Economics, Seventh Impression, Oxford University Press, New Delhi.
  3. Thirlwall, A. P. (2006) : Growth and Development, Eighth Edition, Palgrave Macmillan, New York.
  4. Todaro, Michael P. and Stephen Smith, C. (2007): Economic Development, Eighth Edition, Second Impression, Pearson Education, (Singapore) Pvt. Ltd., Indian Branch, Delhi.
  5. Yotopoulos, Pan A. and Nugent Jeffery B. (1976 ) : Economics of Development : Empirical Investigations, Harper and Row Publishers, New York.
  6. Ghatak, S. (1986), An Introduction to Development  Economics, Allen and Unwin, London.
  7. Bhatia, H.L . (2008), Public Finance, Vikas Publishing House Pvt. Ltd., Noida .
Academic Session: 
2017-18
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