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:
Partial Theories of Growth and Development
Theory of big push
Critical minimum effort thesis
Low level equilibrium trap
Balanced growth
Unbalanced growth(Hirschman’s strategy)
12.00
Unit II:
Partial Theories of Growth and Development II
Nurkses theory of disguised unemployment
Theory of circular causation
Unlimited supply of labour
Ranis Fei model
Dualism : Social and Technical
12.00
Unit III:
Sectoral Aspects of Development
Role of agriculture in economic development
Role of industrialization in economic development
Complimentarily of agriculture and industry
Efficiency of small scale vs large scale production
Infrastructure and its importance
12.00
Unit IV:
Planning and Development
State : Role of State in economic development
Economic planning : meaning and rationale
Planning by direction and planning through the market
Democratic, decentralized and indicative planning
12.00
Unit V:
Allocation of Resource
Investment criteria
Project evaluation
Cost benefit analysis
Shadow prices
Essential Readings:
Meier, Gerald M. and James E. Raunch (2006) : Leading Issues in Economic Development, Eighth Edition, Oxford University Press, New York.
Ray, Debraj (2004) : Development Economics, Seventh Impression, Oxford University Press, New Delhi.
Thirlwall, A. P. (2006) : Growth and Development, Eighth Edition, Palgrave Macmillan, New York.
Todaro, Michael P. and Stephen Smith, C. (2007) : Economic Development, Eighth Edition, Second Impression, Pearson Education, (Singapore) Pvt. Ltd., Indian Branch, Delhi.
Yotopoulos, Pan A. and Nugent Jeffery B. (1976 ) : Economics of Development : Empirical Investigations, Harper and Row Publishers, New York.
Ghatak, S. (1986), An Introduction to Development Economics, Allen and Unwin, London.
Bhatia, H.L . (2008), Public Finance, Vikas Publishing House Pvt. Ltd., Noida .