COURSE DESCRIPTION COURSE OBJECTIVES To introduce students to the basic theory of development economics and to the different economic concerns of developing countries. To understand and analyze key development economic theories affecting a number of contemporary development issues. Reflect on and critically examine the links between alternatives development economic theories and approaches. Review the policy implications of these key development economic theories. REQUIRED TEXTBOOK Todaro, M. P. and S. C. Smith. Economic Development, latest edition (2011). Debraj Ray (1998).Development Economics, Princeton University Press. COURSE CONTAINS Introducing Economic Development How the Other Half Live Economics and Development Studies What Do We Mean by Development? Comparative Economic Development Defining the Developing World Basic Indicators of Development: Real Income, Health, and Education Holistic Measures of Living Levels and Capabilities Characteristics of the Developing World: Diversity within Commonality How Low-Income Countries Today Differ from Developed Countries in Their Earlier Stages Are Living Standards of Developing and Developed Nations Converging? Long-Run Causes of Comparative Develop the human development index COURSE CONTAINS Classic Theories of Economic Growth and Development Classic Theories of Economic Development: Four Approaches Development as Growth and the Linear Stages Theories Structural-Change Models The International-Dependence Revolution The Neoclassical Counterrevolution: Market Fundamentalism Classic Theories of Development: Reconciling the Differences Solow model Brief on Endogenous growth models Contemporary Models of Development and Underdevelopment Poverty, Inequality, and Development Population Growth and Economics Development: causes, Consequences and Controversies. Human Capital: Education and Health in Economic Development. The Environment and Development. WHY STUDY DEVELOPMENT ECONOMICS? Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. It can help our understanding of some of the major challenges the world is facing: o is it necessary for economies to go through a process of structural transformation – and how does this take place? o how can less-developed countries achieve sustainable development? o what is the role of education and health care provision in contributing to the process of development? o how important is it for countries to engage in international trade in the context of a globalizing economy? o how can less-developed countries achieve sustainable development? o to what extent does rapid population growth help or hinder development? Begin to understand why some countries have been able to go through a process of economic and human development whilst others have languished. INTRODUCING ECONOMIC DEVELOPMENT (CHAPTER 1) HOW THE OTHER HALF LIVE As people trough the world awake each morning to face a new day they do so under very different circumstances More then enough to eat well clothed and healthy with reasonable degree of financial security. Others more than world’s 7 billion people are much less fortunate there health is poor, they can’t read or write, unemployed, there life is bleak and uncertain. One could easily be disturbed by the contrast of two life. It arise several question. 1. Why does such obvious affluence coexist with such dire poverty not only across different continents but also within the same country or even the same city? 2. How can traditional low productivity subsistence society be transformed into modern high productivity high income nations? HOW THE OTHER HALF LIVE (CONT.) 3. To what extent are the development aspirations of poor nations helped or hindered by the economic activities of rich nations? 4. By what process and under what conditions do rural subsistence farmers in the remote regions of Nigeria Brazil and Philippines evolve into successful commercial farmers?