Developmet Economics

The question of economic development is an age old issue which has always intrigued and preoccupied economics. Today, the world is divided between great wealth and crippling poverty along with unprecedented environmental challenges. Before the industrial revolution, the world was fairly equal in poverty. Today however, we have countries with per capita income of over $50,000 and also countries with less than $500. The story of today’s inequality is a story of modern economic development or the era of modern economic growth. The study of economic growth was high on the agenda of economists since the inception of systematic economic analysis with classical political economists. Conforming to subsequent development in capitalist society, growth theories have compensated for the changes with new concepts and tools of analysis. Understanding what makes an economy rich or poor is an essential prerequisite for improving their performance. Research and analysis of the diverse performance of economies over time have led to the emergence of different views on what determines growth and development and there is no universal magic formula. Consequently, the scope of the concept of ‘development’ itself has evolved and still continues to evolve. Fortunately, it can be safely argued that ‘development’ will encompass a sustained increase in income accompanied by a general rise in the well-being and economic capabilities of people, given geography (climate, disease conditions, topography etc.) and the institutions (social norms, structure of law, property rights, etc.)The main objectives of the course are to enable learners :1. To discuss the concept of economic growth and economic development and their different measures;2. To discuss the growth and development trajectories of nations;3. To analyse different growth theories and their context namely: Harrod-Domar Model, the neoclassical model and the endogenous growth models;4. To describe the concepts and different measures of poverty and inequality, how it affects economic development and the policy options for poverty alleviation;5. To analyse the role of institutions in economic development; and6. To discuss market failures and the role of the state and also to critically analyse the impact of corruption on economic development.This course is divided into four units comprising 40 modules. Each module will include descriptive videos, case studies, text materials, glossary, FAQs, Reading references, quizzes and assignments.