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Course Information
Program: M. Phil. Economics
Course: Development Economics
Semester: Fall 2019
Credit Hrs: 03
Assessment: Quiz: 10%, Assignment: 10%,
Attendance: 5%
Mid Term Exam: 25%, Final Exam: 50%
Course Instructor: Dr. Ghulam Rasool Madni
grmadni1@gmail.com
Course Description
Economic development can be described as a process of structural change that facilitates a
sustained rise in the living standards of the population as a whole. This course will use all the
skills you have developed as an economist to try and answer important economic questions to
improve the lives of humanity. Providing an answer is hard because solving the problem of
world poverty is not as simple as reallocating income. It would take $511 billion a year to
increase the incomes of the poorest to just $2 a day, but calculated in 2003 the G7 countries
aspire to give (but do not quite) just $142 billion a year in aid. The goal of this course is to better
understand the lives of the world’s poor. What are their lives like? Why do they remain poor?
Specifically, what price distortions and market failures hinder their quest to improve their well-
being? Is there scope for policy to help the world’s poor?
1. Demonstrate familiarity with some central themes and issues of economic development.
2. Demonstrate the understanding of the difference between growth and development, major
growth theories, the measurement of inequality, significance of agriculture in developing
countries, poverty and population issues facing the world, and importance of foreign aid.
3. Explain the economic characteristics of developing countries and compare a range of
perspectives on the causes and potential achievement of sustained economic growth and
poverty reduction.
4. Analyze empirical evidence on the patterns of economic development.
5. Read critically the journal literature in the area of economic development.
Proposed Texts
Thirlwall, A. P. (2006), Growth and Development (Ninth Edition) Palgrave-Macmillan.
Debraj Ray (1998), Development Economics (Latest Edition) Princeton University Press.
Sen A.K. (1999) Development as Freedom, Oxford University Press.
Douglass C. North (1990) Institutions, Institutional Change and Economic
Performance, Cambridge University Press, UK.
Douglass C. North (2005) Understanding the Process of Economic Change, Princeton
University Press, New Jersey.
Douglass C. North (2009) Violence and Social Orders, Cambridge University Press, UK.
The World Bank (2005) World Development Report 2006: Equity and Development,
Oxford University Press.
Note: Numerous articles from different sources will also be used and posted during the course.