DESCRIPTION OF COURSES

Close

AG ECON 650 ECONOMIC DEVELOPMENT                                                                            (3L + 0P) III

Objective
  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.

Theory

UNIT I
  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.

UNIT II
  Evolution of economic thought: Mercantilism and Physiocracy; the Classical School; Marxian economic ideas; the Neo-Classical School; the globalization era.

UNIT III
  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.

UNIT IV
  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.

Suggested Readings