Economics of Growth and Development - I

Paper Code: 
25ECO 322
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

1. To help the students understand the basic concepts of development economics

2. To analyze the theories of economic growth and growth models.

3. To acquaint the students with the role of human capital formation and technological progress in economic growth.

 

Course Outcomes: 

Course Outcomes (COs):

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Course Code

Course Title

25ECO 322

Economics of Growth and Development-I

(Theory)

Students will-

CO79: differentiate between growth and development and comprehend different measures of development and other aspects

CO80: examine the classical and other theories of development

CO81: critically analyze different growth models like Harrod and Domar; Solow; Meade and Kaldor.

CO82:examine various aspects of population and human capital formation and its impact on growth

CO83: examine the different aspects of technological progress and its impact on growth

CO84: contribute effectively in course-specific interaction.

Approach in teaching: Interactive Lectures, Discussion, Case studies.

 

Learning activities for the students:

Presentations, Assignments and Group discussions.

Class activity, Assignments, Quiz and Semester end examinations.

 

12.00
Unit I: 
Economic Growth and Development
  • Economic development and growth.
  • Measurement and indicators of development: PQLI, HDI, GDI, GII, MPI.
  • Entitlement and capability approach.
  •  Sustainable Development; Growth-Distribution Trade-offs
  • Factors affecting economic growth: labour, capital and technology
  • Obstacles to growth and development

 

12.00
Unit II: 
The Theories of Development
  • Classical Theories of Development - Adam Smith, David Ricardo

             and Malthus;

  • Karl Marx’s Theory of Economic development
  • Schumpeter’s Theory of Development

 

12.00
Unit III: 
Growth Models
  • Growth Models of Harrod and Domar
  • Solow; Meade and Kaldor
  • Golden Rule of Capital Accumulation
  • Cambridge criticism of Neo-classical Analysis of Growth

 

12.00
Unit IV: 
Population and Human Capital Formation
  • Growth pattern of population
  • Theory of demographic transition
  •  Population as limits to growth and as ultimate source
  • Human capital formation: Indicators, importance, contribution and problems

 

12.00
Unit V: 
Technological Progress
  • Choice of techniques; Capital output ratio; Appropriate technology;
  • Embodied and disembodied technical progress
  • Technical progress- Hicks and Harrod; Endogenous growth theory and Learning by doing

 

 

Essential Readings: 
  1. Jhingan M.L., The Economics of Development Planning, Vrinda Publications (P) Ltd., New Delhi, 41st ed., 2016.
  2. PuriV.KandMisra, S.K., Economics of Development and Planning: Theory and Practice, Himalaya Publishing House, New Delhi, 16th ed., 2017.
  3. Thirlwal, A. P., Growth and Development, McMillan, New York, 3rd ed., 1983.

 

 

References: 

Suggested Readings:

  1. Todaro, M. P and S C Smith, Economic Development, Pearson Education, 12th ed., 2015.
  2. Kindelberger, C. P., Economic Development, McGraw Hill, New York.
  3. Meier; G. M. and James E, Rauch, Leading Issues in Economic Development, Oxford University Press, 2005.
  4. Amartya Sen (ed), Growth Economics, Penguin Modern Economic Readings, 1970.
  5. Myint, H., The Economics of Developing Countries, 5th ed., 1980.
  6. Sen, A. K., Choice of Techniques, 3rd ed., Oxford, 1968.
  7. Myrdal, G., Economic Theory and Underdeveloped Regions, London, Duckworth, 1957.
  8. Hicks, J.,  Capital and Growth, Oxford University Press, 1965.
  9. Leibenstein, H.,  Economic Backwardness and Economic Growth, Wiley, New York, 1957.

 

E-Resources:

  • Harrod, R. (1939), ‘An Essay in Dynamic Theory’, Economic Journal, (March).
  • Chenery, H. (1960), ‘Pattern of Industrial Growth’, American Economic Review, September.
  • Solow, R. (1957), ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, August.
  • Miller, W. (1967), ‘Education as a Source of Economic growth’, Journal of Economic Issues, December.
  • Vanek, J. and Studenmund, A. (1968), ‘Towards a Better Understanding of the Incremental Capital-Output Ratio’, Quarterly Journal of Economics, August.
  • Kuznets, S. (1967), ‘Pouation and Economic Growth,’ American Philosophical Society Proceedings, Vol. III, June.

 

 

Journals:

  • Quarterly Journal of Economic Growth and Development Research.
  • Review of Development Economics.

 

Academic Session: 
2025-26
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