Lecture 5: Economic Growth and Development

Business & Economics - Lecture 5: Economic Growth and Development - 13 slides

Explore Lecture 5: Economic Growth and Development, covering This lecture delves into the various theories and models of economic growth, highlighting key factors such as capital.

Topics Covered

  • Introduction: Economic Growth and Development
  • Adam Smith and the Classical Growth Model
  • Ricardo’s Model: Comparative Advantage and Growth
  • The Harrod-Domar Model: Savings and Investment
  • Solow-Swan Growth Model: Foundations of Neoclassical Growth Theory
  • Endogenous Growth Theory: Innovation and Human Capital
  • Case Study: East Asian Tigers and Economic Growth
  • Factor Accumulation: Capital and Labor Dynamics
  • Technological Innovation: A Catalyst for Growth
  • Role of Institutional and Policy Frameworks
  • Sustainable Economic Growth: Balancing Expansion with Constraints
  • Growth and Income Inequality: The Kuznets Hypothesis
  • Summary and Final Reflections on Growth Theory

References

  • Todaro, M.P. and Smith, S.C. (2020) Economic Development. 13th edn. Harlow: Pearson.
  • Romer, P.M. (1986) 'Increasing Returns and Long-Run Growth', Journal of Political Economy, 94(5), pp. 1002-1037.
  • Smith, A. (1776) An Inquiry into the Nature and Causes of the Wealth of Nations. London: W. Strahan and T. Cadell.
  • Landes, D.S. (1998) The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor. London: W.W. Norton & Company.
  • Ricardo, D. (1817) On the Principles of Political Economy and Taxation. London: John Murray.
  • Krugman, P. and Obstfeld, M. (2022) International Economics: Theory and Policy. 12th edn. Hoboken: Pearson.
  • Harrod, R.F. (1939) 'An Essay in Dynamic Theory', The Economic Journal, 49(193), pp. 14-33.
  • Domar, E.D. (1946) 'Capital Expansion, Rate of Growth, and Employment', Econometrica, 14(2), pp. 137-147.
  • Solow, R.M. (1956) 'A Contribution to the Theory of Economic Growth', Quarterly Journal of Economics, 70(1), pp. 65-94.
  • Swan, T.W. (1956) 'Economic Growth and Capital Accumulation', Economic Record, 32(2), pp. 334-361.
  • Romer, P.M. (1986) 'Increasing Returns and Long-Run Growth', Journal of Political Economy, 94(5), pp. 1002–1037.
  • Lucas, R.E. (1988) 'On the Mechanics of Economic Development', Journal of Monetary Economics, 22(1), pp. 3–42.
  • World Bank (1993) The East Asian Miracle: Economic Growth and Public Policy. Oxford: Oxford University Press.
  • Amsden, A.H. (1989) Asia's Next Giant: South Korea and Late Industrialization. Oxford: Oxford University Press.
  • Solow, R.M. (1956) 'A Contribution to the Theory of Economic Growth', Quarterly Journal of Economics, 70(1), pp.65-94.
  • Bloom, D.E., Canning, D. and Sevilla, J. (2003) The Demographic Dividend: A New Perspective on the Economic Consequences of Population Change. Santa Monica: RAND Corporation.
  • Romer, P.M. (1990) 'Endogenous Technological Change', Journal of Political Economy, 98(5), pp.S71-S102.
  • Mokyr, J. (1990) The Lever of Riches: Technological Creativity and Economic Progress. New York: Oxford University Press.
  • North, D.C. (1991) 'Institutions', Journal of Economic Perspectives, 5(1), pp. 97-112.
  • Rodrik, D. (2007) One Economics, Many Recipes: Globalization, Institutions, and Economic Growth. Princeton, NJ: Princeton University Press.
  • Acemoglu, D. and Robinson, J.A. (2012) Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown Business.
  • Grossman, G.M. and Krueger, A.B. (1995) 'Economic growth and the environment', Quarterly Journal of Economics, 110(2), pp. 353-377.
  • United Nations (2015) The Paris Agreement. Available at: https://unfccc.int/paris-agreement
  • Kuznets, S. (1955) 'Economic Growth and Income Inequality', The American Economic Review, 45(1), pp. 1–28.
  • Piketty, T. (2013) Capital in the Twenty-First Century. Cambridge: Harvard University Press.
Browse all lectures