DESCRIPTION OF COURSES
AG ECON 650 ECONOMIC DEVELOPMENT (3L + 0P) III
The course is designed to show how economic systems work and teach various models that explain the nature of economic development and growth and the welfare implications of development.
Concept of economic growth, development, welfare, etc. Traditional and modern measurement of economic growth and development. Measurement of income (GNP), poverty, inequality and unemployment. Recent measurement of economic development NEW (New Economic Welfare), MRW (Measurement of Economic Welfare), PQLI (Physical Quality Living Index), HDI (Human Development Index), Green GNP Index.
Evolution of economic thought: Mercantilism and Physiocracy; the Classical School; Marxian economic ideas; the Neo-Classical School; the globalization era.
Theories of economic growth: Classical, Marxian, Neoclassical; Theories of underdevelopment – Low level equilibrium trap, critical minimum effort, big-push, growth stages, social-technological dualism. Recent development experiences of developing countries in their transition. Models of economic growth – Keynesian, Harrod–Domar, Mahalanobis, Lewis, Fei-Ranis, input-out and multi- sectoral models.
Introduction to development planning: Strategy of economic development – Balanced – unbalanced growth, choice of techniques, investment criteria; Education, health and gender in development, Trade and development.