Developmet Economics

By Dr. Shreeda Chungkham | Assistant Professor, Department of Economics, Dhanamanjuri University, Imphal

Learners enrolled: 393

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; and

6. 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.

Summary

Course Status :	Upcoming
Course Type :	Core
Language for course content :	English
Duration :	15 weeks
Category :	Economics
Credit Points :	5
Level :	Undergraduate
Start Date :	13 Jan 2025
End Date :	30 Apr 2025
Enrollment Ends :	28 Feb 2025
Exam Date :	17 May 2025 IST
NCrF Level	5.0
Industry Details :	Teaching, Development Industry, Economy
EXAM SHIFT :	I

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits

Course layout

WEEK 1

Development Economics: An Introduction

Inequality and Poverty

Economic Growth

Alternative Measures of Economic Development

WEEK 2

Income and Basic need approach

Capability approach and core values of development

Health and Wealth

Construction and Interpretation of HDI, GDI and PQLI

WEEK 3

Green GDP, Happiness Index, Inclusive Wealth Index

Development trajectories across nations

Underdeveloped economies: Characteristics and challenges

Regional disparity

WEEK 4

Looking to the future: Through the lens of political economy

Economic Growth -Theories Models And Reality

Classical growth theory

Rostow’s stages of economic growth

WEEK 5

Harrod’s Questions and Harrod Domar Model

Solow Swan Model

Diagrammatic analysis of the Solow-Swan Model

Effect of Technological progress and change in saving rate in Solow model

WEEK 6

Golden rule of capital accumulation

Neutral technological change and their representation in growth model

Endogenous Growth theory

WEEK 7

Conditional convergence

Externalities, technical progress and growth

Total factor productivity

WEEK 8

Kenneth Arrow: Learning by Doing

Measures of poverty

Economic Inequality

WEEK 9

Inequality axioms and Lorenz curve

Complete measures of inequality

Inequality and development

WEEK 10

Inequality in the long run

Functional impact of poverty

Economic characteristics of poverty groups

WEEK 11

Poverty traps

Policy options

New Institutional Economics

WEEK 12

The rise of substantivism and the formalist response

State versus Market

Institutions and economic growth: Need for developing effective institutions and evidence from natural experiments

WEEK 13

Institutions and economic growth: Democracy, the quality of governance, rent seeking, trust, corruption and growth.

Other determinants of growth: trade and geography.

Different measures of institutions

WEEK 14

Democracy and economic development

Role of market and market failure

Role of state

WEEK 15

Regulations and regulatory authority

Why some nations are rich and others poor

Developmnet of Northeast India

Books and references

● Bhaduri, Amit (2007). Development with Dignity: A Case for full Employment. NBT, New Delhi, 3rd Reprint.

● Gupta, P.D. (2007). Economics: A Very short Introduction. Oxford University Press.

● Kurz, H. D. and Salvadori, N. (2003). Theories of Economic Growth: Old and New. In Neri Salvadori (ed.), The Theory of Economic Growth: a Classical Perspective. Cheltenham, UK: Edward Elgar. pp. 1-22.

● Mrydal, G. (1974), What id Development?, Journal of Economic Issues, Vol. 8, No. 4, pp 729-736.

● Ray, Debraj (2009). Development Economics. Oxford University Press.

● Snowdon, B. and Vane, H. R. (2005). Modern Macroeconomics - Its Origins, Development and Current State. Cheltenham, UK, Northampton, MA: Edward Elgar Publishing Limited.

● http://data.worldbank.org/data-catalog/world-development-indicators

● https://pandem-ic.com/trackers-of-covid-19-vaccination-by-income-group/

Instructor bio

Dr. Shreeda Chungkham

Assistant Professor, Department of Economics, Dhanamanjuri University, Imphal

Dr. Shreeda Chungkham is currently serving as an Assistant Professor in the Department of Economics, Dhanamanjuri University, Imphal, Manipur, India. He has teaching experience of about 5 years. He has received his Ph. D from Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi, India on the topic ‘Ethnic Diversity and Economic Performance in North East India since 1972’. His research interest lies in development economics, development challenges of North East India, bilateral relations between India and South Korea and behavioural economics. To his credit, he has research work published in various journals and regularly presented papers in national and international conferences and seminars.

He is an executive member of Manipur Research Forum, Assistant coordinator of IQAC and member of various academic and administrative committees of the college.