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| Module Availability |
| Spring semester |
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| Assessment Pattern |
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Components of Assessment
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Percentage Weighting
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Coursework
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25%
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Exam
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75%
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| Module Overview |
| Why are some countries richer than others? The objective of this course is to answer this question. We aim to survey the main models that are currently used to describe the determinants of economic growth, namely capital accumulation, population growth and technical progress. The study of these three sources of economic growth is central to macroeconomics and is presently a very active area of research. We then turn to testing the main implications of these models. Particularly, one wants to test whether poor countries have a tendency to catch up with the richer countries, and whether the variance of per capita national income tends to fall over time. We also look at the endogenous growth theories. We finish off with a debate in the last lecture. |
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| Prerequisites/Co-requisites |
| This course uses algebra, calculus, optimisation and differential equations based on material covered in EC201A and EC206. The first lecture reviews the tools required for the course. |
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| Module Aims |
| The aim of the module is to present macroeconomics models that explain economic growth. |
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| Learning Outcomes |
Upon completing the module students will:
- Be able to explain various sources of economic growth
- Be able discuss why some countries are richer than others
- Be able to discuss the issue of convergence
- Be able discuss intuitively and technically the main models of economic growth
- Be aware of current issues in economic growth.
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| Module Content |
The following is an indication of the likely topics to be covered:
- The Solow model and important variations
- Empirical applications of the neoclassical growth models
- The Romer model
- The Durability Model
- The Social Infrastructure Model
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| Methods of Teaching/Learning |
| Lecture (20) |
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| Selected Texts/Journals |
Jones, Charles, I. (1998), Introduction to Economic Growth, W.W.Norton & Company, Inc. (Main Text)
Gylfason, Thorvaldur (1999) Principles of Economic Growth, Oxford.
Barro, Robert, J. and Xavier Sala-I-Martin (1995), Economic Growth, McGraw-Hill
Barro, Robert J. (1991), 'Economic Growth in a Cross Section of Countries', Quarterly Journal of Economics 106 (May): 407-43.
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| Last Updated |
24 June 2008 |
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