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Economics of Growth and Develpoment EconomicsofGrowthandDevelpoment DECO501 Edited by: Dr.Pavitar Parkash Singh ECONOMICS OF GROWTH AND DEVELOPMENT Edited By Dr. Pavitar Parkash Singh Printed by USI PUBLICATIONS 2/31, Nehru Enclave, Kalkaji Ext., New Delhi-110019 for Lovely Professional University Phagwara SYLLABUS Economics of Growth and Development Objectives : The purpose of this course is to introduce students to issues and problems related to economic development. Specifically, we will discuss the characteristics of developing nations as well as alternative theories of economic growth. Student will examine some of the dominant domestic problems faced by developing countries, such as, low levels of human capital, urbanization, rural transformation as well as different policies to resolve them. Sr. No. Description 1 Economics of Growth and Development: Meaning, Measurement, Difference and Comparisons. Sources of Economic Growth. Human Development Index and PQLI 2 Economic Growth Models-I: Harrod-Domar Growth Model, Neo-Classical Growth Models 3 Economic Growth Models-II: Growth and Distribution, Total Factor Productivity and Growth Accounting, Technological Change and Progress 4 Economic Growth Models – III : Model of Optimal Economic Growth, Multi-Sector Models of Growth, 5 Endogenous Growth Models, Stochastic Growth Models- Business Cycle Theory 6 Social and Institutional Aspects of Development: Difference between Development and Underdevelopment, Measurement and Indicators of Development, Population and Development, Economic Development and Institutions 7 Approaches to Development : Vicious Circle of Poverty and Unlimited Supply of Labor, Lewis Model, Ranis and Fei Model, Big Push Theory of Growth 8 Balanced Growth and Unbalanced Growth, Critical Minimum Efforts Thesis, Low - Level Equilibrium Trap 9 Dualism and Dependency Theory, Theories of Development: Classical Theories of Development, Schumpeter Model of Growth 10 Theories of Underdevelopment, Development Strategies: Allocation of Resources, Cost-Benefit Analysis, Role of planning CONTENTS Unit 1: Economics of Growth and Development: Meaning, Measurement, Difference and Comparisons 1 Pavitar Parkash Singh, Lovely Professional University Unit 2: Sources of Economic Growth 15 Hitesh Jhanji, Lovely Professional University Unit 3: Human Development Index and PQLI 19 Hitesh Jhanji, Lovely Professional University Unit 4: Economic Growth Models-I: Harrod-Domar Growth Model 26 Pavitar Parkash Singh, Lovely Professional University Unit 5: Neo-Classical Growth Models 35 Hitesh Jhanji, Lovely Professional University Unit 6: Economic Growth Models-II: Growth and Distribution 58 Pavitar Parkash Singh, Lovely Professional University Unit 7: Total Factor Productivity and Growth Accounting 69 Hitesh Jhanji, Lovely Professional University Unit 8: Technological Change and Progress 84 Pavitar Parkash Singh, Lovely Professional University Unit 9: Economic Growth Model – III : Models of Optimal Economic Growth 91 Hitesh Jhanji, Lovely Professional University Unit 10: Multi-Sector Models of Growth 99 Pavitar Parkash Singh, Lovely Professional University Unit 11: Endogenous Growth Models 108 Hitesh Jhanji, Lovely Professional University Unit 12: Stochastic Growth Models-Business Cycle Theory 115 Pavitar Parkash Singh, Lovely Professional University Unit 13: Social and Institutional Aspects of Development: 122 Difference between Development and Underdevelopment Pavitar Parkash Singh, Lovely Professional University Unit 14: Measurement and Indicators of Development 136 Pavitar Parkash Singh, Lovely Professional University Unit 15: Population and Development 146 Pavitar Parkash Singh, Lovely Professional University Unit 16: Economic Development and Institutions 154 Pavitar Parkash Singh, Lovely Professional University Unit 17: Approaches to Development : Vicious Circle of Poverty and Unlimited Supply of Labor 161 Hitesh Jhanji, Lovely Professional University Unit 18: Lewis Model 168 Hitesh Jhanji, Lovely Professional University Unit 19: Ranis and Fei Model 177 Tanima Dutta, Lovely Professional University Unit 20: Big Push Theory of Growth 190 Tanima Dutta, Lovely Professional University Unit 21: Balanced Growth and Unbalanced Growth 198 Dilfraz Singh, Lovely Professional University Unit 22: Critical Minimum Efforts Thesis 213 Dilfraz Singh, Lovely Professional University Unit 23: Low - Level Equilibrium Trap 226 Hitesh Jhanji, Lovely Professional University Unit 24: Dualism and Dependency Theory 232 Hitesh Jhanji, Lovely Professional University Unit 25: Theories of Development: Classical Theories of Development 241 Dilfraz Singh, Lovely Professional University Unit 26: Schumpeter Model of Growth 251 Pavitar Parkash Singh, Lovely Professional University Unit 27: Theories of Underdevelopment 256 Pavitar Parkash Singh, Lovely Professional University Unit 28: Development Strategies: Allocation of Resources 267 Dilfraz Singh, Lovely Professional University Unit 29: Cost-Benefit Analysis 276 Pavitar Parkash Singh, Lovely Professional University Unit 30: Role of Planning 281 Dilfraz Singh, LovelyProfessional University Pavitar Parkash Singh, LPU Unit 1: Economics of Growth and Development: Meaning, Measurement, Difference and Comparisions Unit 1 : Economics of Growth and Development: Notes Meaning, Measurement, Difference and Comparisons CONTENTS Objectives Introduction 1.1 Meaning of Economic Development 1.2 Definition of Economic Development 1.3 Characteristics of an Developed Economy 1.3 Economic Growth and Development: A Contrast 1.4 Distinction Between Developed and Underdeveloped Economies 1.5 Difference between Economic Growth and Economic Development 1.6 Comparison of Economic Growth and Economic Development 1.7 Economic Development and Economic Growth 1.8 Measuring of Growth and Production Possibilities 1.9 Factors Affecting Economic Growth 1.10 Summary 1.11 Key-words 1.12 Review Questions 1.13 Further Readings Objectives After reading this unit students will be able to: • Describe the economic development and economic growth. • Explain the economic growth and development : A contrast. • Understand the growth performance of the world economy. • Know about the study the process of economic growth. • Learn the measurement of growth. Introduction In recent years, there has come into existence a new branch of economics known as the “Economics of Development”. It refers to the problems of the economic development of underdeveloped or backward countries. In addition to the illuminating reports of the U.N.O. on the subject, some top ranking economists like Nurkse, Dobb, Staley, Buchanan, Rostow and Ellis have made some original contributions to the Economics of Development. The main reason for the growing popularity of “Economics of Development” as a separate branch of economic theory is the increasing tendency on the part of the newly independent countries of Asia and Africa to resort to developmental planning as a means to eliminate their age-old poverty and raise living standards. LOVELY PROFESSIONAL UNIVERSITY 1 Economics of Growth and Development Notes 1.1 Meaning of Economic Development Economic development is a process whereby an economy’s real national income as well as per capita income increases over a long period of time. Here, the process implies the impact of certain forces which operate over a long period and embody changes in dynamic elements. It contains changes in resource supplies, in the rate of capital formation, in demographic composition, in technology, skills and efficiency, in institutional and organisational set-up. It also implies respective changes in the structure of demand for goods, in the level and pattern of income distribution, in size and composition of population, in consumption habits and living standards, and in the pattern of social relationships and religious dogmas, ideas and institutions. In short, economic development is a process consisting of a long chain of inter-related changes in fundamental factors of supply and in the structure of demand, leading to a rise in the net national product of a country in the long run. 1.2 Definitions of Economic Development The term ‘economic development’ is generally used in many other synonymous terms such as economic growth, economic welfare, secular change, social justice and economic progress. As such, it is not easy to give any precise and clear definition of economic development. But in view of its scientific study and its popularity, a working definition of the term seems to be quite essential. Economic development, as it is now generally understood, includes the development of agriculture, industry, trade, transport, means of irrigation, power resources, etc. It, thus, indicates a process of development. The sectoral improvement is the part of the process of development which refers to the economic development. Broadly speaking, economic development has been defined in different ways and as such it is difficult to locate any single definition which may be regarded entirely satisfactory. 1.3 Characteristics of an Developed Economy A developed economy is the characterised by increase in capital resources, improvement in efficiency of labour, better organisation of production in all spheres, development of means of transport and communication, growth of banks and other financial institutions, urbanisation and a rise in the level of living, improvement in the standards of education and expectation of life, greater leisure and more recreation facilities and the widening of the mental horizon of the people, and so on. In short, economic development
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