ECONOMICS OF GROWTH AND DEVELOPMENT II

Paper Code: 
ECO 422
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: 
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: 
  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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