Aims: To provide an account of the modern economic analysis of economic growth; though the unit draws appropriately on techniques of dynamic optimisation, the emphasis is on economic intuition and empirical relevance.
Learning Outcomes:
Students should:
* be able to critically appraise the analytical models and empirical evidence relevant to understanding the causes of differences in long-term growth performance across countries and regions;
* have sufficient skills to formulate growth models in empirically testable form and to begin to carry out such tests.
Skills:
Ability to develop rigorous arguments through precise use of concepts and mathematical models (Taught/Assessed/Facilitated).
Ability to select, summarise and synthesis written information from multiple sources (T/F/A).
Ability to select and use appropriate ideas to produce a coherent response to a pre-set question (T/F/A).
Comprehensive and scholarly written communication (T/F/A).
Concise and effective written communication (e.g. briefings / written exams) (T/F/A).
Effective oral communication (e.g. lecture question and answer) (F).
Content:
The basic neo-classical model. The golden rule of economic growth. Technical progress: definitions and implications for the model. Growth accounting. One-sector models of endogenous growth: the AK model. Human capital and learning by doing. Ramsey models and optimal growth. Multi-sector models. Neo-Schumpeterian models. Using growth accounting to analyse TFP growth. Where appropriate case studies will be introduced.
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