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Economics of Growth (HS30087)

Autumn 2017
In this course we will learn addressing these following questions,
i. Why some countries are poor and some are rich?
ii. Why rate of growth differs across countries?
The course is mostly theoretical and covers major paradigm of growth theory.
The course will use difference equation, differential equation and technique of dynamic optimization under continuous
and discrete time extensively. The course will not teach the basics of these techniques. Students can use the two books
on mathematical economics referred below to prepare themselves.
1. Economic Growth, Robert J. Barro and Xavier Sala-i-Martin, 2nd edition, PHI, New Delhi, 2004.
2. Introduction to Economic Growth, Charles I Jones, 2nd edition, W. W. Norton & Company Inc, India, 2009.
3. Introduction to Modern Economic Growth, Daron Acemoglu, Princeton University Press, USA, 2009.
4. Growth Theory: An Exposition, 2nd edition, by Robert M. Solow, Oxford University Press, India, 2000.
5. Lecture Notes Provided in the class
6. Macroeconomics, 7th edition by Andrew B. Abel, Ben S. Bernanke and Dean Croushore, Pearson, India, 2011.
7. Macroeconomics, 7th edition by N. Gregory Mankiw, Worth Publisher, USA, 2011.

Text on Mathematical Economics:

1. Fundamental Methods in Mathematical Economics by Alpha C. Chiang and Keving Weinwright, 4th
edition, McGraw-Hill Higher Education, 2005, India.
2. Mathematics for Economists by Carl P. Simon and Lawrence Blume, W. W. Norton and Company,
India, 1994.
Evaluation Pattern:
We have one midterm examination and one final examination. Weight of midterm exam is 30%. Weight of final exam
is 50% . There will be four internal examinations. Weight of each internal examination is 2%. Weight on attendance is
10%. Weight on class participation is 2%. Internal assessment consists of marks of internal examinations, attendance
and class participation. Internal assessment has weight 20%. Moreover, there will practice tests to prepare students for
internal examinations, midterm examination and final examination. Students have to work in groups while giving
internal examinations and practice tests. I will circulate the groups during the semester.
1. Stylized Facts of Economic Growth
2. The Solow Growth Model with and without technological progress
3. Empirical Application of Solow Model
4. Neoclassical Growth Model with endogenous savings
5. Diamonds Overlapping Generation Model
6. Introduction to Endogenous Growth Theory, model
7. Barrows endogenous growth through investment on infrastructure
8. Romers endogenous growth by knowledge accumulation
9. Lucass endogenous growth through human capital accumulation

Siddhartha Chattopadhyay, mail: