ECO 333K • Development Economics
There is one central problem in the study of development economics: why are some economies more developed than others? The question is deceptively simple. To answer it one must first agree on a definition of "development". Once we are done with semantics, we will be ready to tackle the issue empirically, measuring income, growth, and human development. From here we will jump on to theories of economic growth, focusing mainly on the work of Robert Solow and the neoclassical growth model. Informed by such theories we will devote some time to the problem of convergence: will less developed countries ever catch up to developed ones? Answering this question will lead us to study such issues as human capital and growth, as well as the link between inequality, structural characteristics and development.