ECONOMICS OF GROWTH AND DEVELOPMENT-I

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

1. To help the students understand the basic concepts of development economics

2. To analyze 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.

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 and Malthus; Karl Marx’s Theory of Economic development; Schumpeter’s Theory of Development

12.00
Unit III: 
Growth Models

Growth Models of Harrod and Domar;Solow; Meade and Kaldor;

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 andLearning by doing

Essential Readings: 

1.      Jhingan M.L., The Economics of Development Planning, Vrinda Publications (P) Ltd., New Delhi, 41st ed., 2016.

2.      PuriV.K  andMisra, S.K., Economics of Development and Planning: Theory and Practice, Himalaya Publishing House, New Delhi, 16th ed., 2017.

3.       Thirlwal, A. P., Growth and Development, McMillan, New York, 3rd ed., 1983.

References: 

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

2.      Kindelberger, C. P., Economic Development, McGraw Hill, New York.

3.      Meier; G. M. and James E, Rauch, Leading Issues in Economic Development, Oxford University Press, 2005.

4.      Amartya Sen (ed), Growth Economics, Penguin Modern Economic Readings, 1970.

5.      Myint, H., The Economics of Developing Countries, 5th ed., 1980.

6.      Sen, A. K., Choice of Techniques, 3rd ed., Oxford, 1968.

7.      Myrdal, G., Economic Theory and Underdeveloped Regions, London, Duckworth, 1957.

8.      Hicks, J.,  Capital and Growth, Oxford University Press, 1965.

9.      Leibenstein, H.,  Economic Backwardness and Economic Growth, Wiley, New York, 1957.

Academic Session: 
2023-24
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