Why are some countries rich and others poor? We do not know it yet, but we do have a number of theories and a great deal of accumulated empirical evidence to help us search for answers. This course introduces the essentials concepts of economic growth and growth accounting, and presents major theories of growth. The course takes an international perspective. We search for the causes of the Western Great Enrichment since the 19th century and the more recent drivers of economic development in the rest of the world. We discuss the institutional background of economic growth and the growing concerns with equity and income distribution related to modern and future economic growth. At the end of the course, students will be very familiar with the indicators of economic performance, income and welfare, understand interrelationships between capital, labor, technology, and other factors of economic growth, will be able to critically analyze alternative economic development policies, and will be comfortable with the debates revolving around economic growth and development both historically and in the present.
(Lecturer: Slavisa Tasic)
