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M.A. Economics - Ii Year MANONMANIAM SUNDARANAR UNIVERSITY DIRECTORATE OF DISTANCE & CONTINUING EDUCATION TIRUNELVELI 627012, TAMIL NADU M.A. ECONOMICS - II YEAR DKN22 - ECONOMICS GROWTH & DEVELOPMENT (From the academic year 2016-17) Most Student friendly University - Strive to Study and Learn to Excel For more information visit: http://www.msuniv.ac.in DKN22 - ECONOMICS GROWTH AND DEVELOPMENT UNIT — I: Growth Models Economic growth and Development — Factors affecting economic growth — Role of Capital, Labour and Technology in development — Technological progress —Embodied and Disembodied progress — Hicks Harrod & Kaldor Models — Models of Tobin, Patinkin and Johnson. Indigeneous growth model. UNIT — II: Theories of Development Classical theories of development — contribution of Adamsmith, Ricardo, Malthus, J,S.Mill and Karlmarx — Lewis theory of unlimited supply of labour — schumpeter's theory Innovation, Role of cuedit, profit and structural analysis of development. UNIT — III: Approaches to Development Partial theories of growth and development vicious circle of poverty, circular causation, Theory of big push, Balanced growth, Unbalanced growth - Critical Minimum effort thesis, Nelson's Low Income equilibrium trap — Dualism — Ranis and Fei Model — Dixit and Marglin model. UNIT — IV: Sectoral Aspects of Development Role of agriculture in economic development — Efficiency and productivity in agriculture — New Technology and Sustainable agriculture — Globalization and agriculture growth — Rationale and pattern of industrialization in developing countries — the choice of Techniques and approximate Technology and employment, small scale Vs Large scale production — Infrastructure and its importance — Information Technology. UNIT — V: Development Planning Need for Investment criteria in developing countries — Linear Programming —Investment Criteria — Cost benefit analysis, Shadow prices, Project Evaluation and UNIDO guidelines. Units Particulars I Growth Models 1.1 Economic Growth Vs Economic Development 1.2 Factors Affecting Economic Growth in Developing Countries 1.3 Capital Formation 1.4 Technical Progress and Economic Development 1.5 Embodied and Disembodied progress Technical Change 1.6 Growth Models 1.7. Kaldor’s model in neo-classical theory of economic growth. 1.7 (A) Tobins Model 1.7.(B) Patinkin Model 1.7.(C) Johnson’s Views on Money Demand 1.8 Endogenous Growth Model II Theories of Development 2.1 Classical theory of economic growth 2.2 Adam smith theory of development in economics (main features) 2.2.A Ricardian theory of development 2.2.B Essentials of economic development given by Malthus 2.2.C Mill’s theory of development 2.2.D Karl Marx theory of economic development 2.3 Unlimited supply of labor theory by Lewis 2.4 Schumpeter’s innovation theory of profit 2.4.A Outline of the model 2.4. B Structural analysis and development III Partial Theories of Growth and Development 3.1 Introduction 3.1.A Vicious Circle Of Poverty 3.1.B Circular Causation 3.1.C The “Big Push” Theory 3.1.D Balanced And Unbalanced Growth 3.1.1 Balanced growth 3.1.2 Unbalanced Growth 3.2 Critical Minimum Effort Theses 3.2.A Nelson's Low Income Equilibrium Trap 3.3 Dualism Theories 3.4 Stages of Fei-Ranis Model: 3.5 Dixit And Marglin Model IV Sectoral aspects of Development 4.1 Role of Agriculture In Economic Development 4.2 Efficiency And Productivity In Agriculture 4.3 The Role of Technology In Sustainable Agriculture 4.4 Globalization and Agriculture Growth 4.5 Rational and Pattern of Industrialization in Developing Countries 4.6 The Choice of Techniques And Approximate Technology And Employment 4.6.A Small Scale Vs Large Scale Production 4.7 Infrastructure And Its Importance 4.8 Information Technology V Development Planning 5.1 Meaning of Economic Planning 5.2 Meaning of Investment Criteria 5.3 Linear Programming 5.4 Investment Criteria 5.5 Cost Benefit Analysis 5.6 Shadow Prices 5.7 Project Evaluation and UNIDO Guidelines UNIT – I Growth Models Economic Growth A country's general economic health can be measured by looking at that country's economic growth and development. Let's take a separate look at what indicators comprise economic growth versus economic development. Let's first examine economic growth. A country's economic growth is usually indicated by an increase in that country's gross domestic product, or GDP. Generally speaking, gross domestic product is an economic model that reflects the value of a country's output. In other words, a country's GDP is the total monetary value of the goods and services produced by that country over a specific period of time. Definition of Economic Growth Economic Growth is defined as the rise in the money value of goods and services produced by all the sectors of the economy per head during a particular period. It is a quantitative measure that shows the increase in the number of commercial transactions in an economy. Determinants of Economic Growth Economic growth can be expressed in terms of gross domestic product (GDP) and gross national product (GNP) that helps in measuring the size of the economy. It lets us compare in absolute and percentage change, i.e. how much an economy has progressed since last year. It is an outcome of the increase in the quality and quantity of resources and advancement of technology. Definition of Economic Development Economic Development is defined as the process of increase volume of production along with the improvement in technology, a rise in the level of living, institutional changes, etc. In short, it is the progress in the socio-economic structure of the economy. Human Development Index (HDI) is the appropriate tool to gauge the development in the economy. Based on the development, the HDI statistics rank countries. It considers the overall development in an economy regarding the standard of living, GDP, living conditions, technological advancement, improvement in self-esteem needs, the creation of opportunities, per capita income, infrastructural and industrial development and much more. A country's economic health can usually be measured by looking at that country's economic growth and development. This lesson defines and explains economic growth and economic development, including the role of U.S. foreign aid. Economic Development Now let's take a look at economic development. A country's economic development is usually indicated by an increase in citizens' quality of life. 'Quality of life' is often measured using the Human Development Index, which is an economic model that considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy and poverty rates. While economic growth often leads to economic development, it's important to note that a country's GDP doesn't include intrinsic development factors, such as leisure time, environmental quality or freedom from oppression. Using the Human Development Index, factors like literacy rates and life expectancy generally imply a higher per capita income and therefore indicate economic development. 1.1 Economic Growth Vs Economic Development Economic Growth is a narrower concept than economic development. It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's GDP (gross domestic product). Economic development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affects productivity and could lead to Economic Growth. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment. It implies an increase in the per capita income of every citizen. Economic Growth does not take into account the size of the informal economy. The informal economy is also known as the black economy which is unrecorded economic activity. Development alleviates people from low standards of living into proper employment with suitable shelter. Economic Growth does not take into account the depletion of natural resources which might lead to pollution, congestion & disease. Development however is concerned with sustainability which means meeting the needs of the present without compromising future needs. These environmental effects are becoming more of a problem for Governments now that the pressure has increased on them due to Global warming. Economic growth is a necessary but not sufficient condition of economic development. Comparison of Growth and Development Economic Development Economic Growth Implicarions Economic development implies an Economic growth refers upward movement of the entire social to an increase over time system in terms of income, savings in a country`s real and investment along with output of goods and progressive changes in services (GNP) or real socioeconomic structure of country output per capita (institutional and technological income. changes) Factors Development relates to growth of Growth
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