Development Economics: Macroeconomic Approach

Understand key policy issues in macro development from both theoretical and empirical perspectives. First, students are expected to build theoretical foundations through neo-classical growth theory and the new growth theory. Second, students are expected to build empirical foundations through key data analyses of the catch-up process in developing countries. Third, students are expected to recognize various barriers to economic development, the effects of removing these barriers in the development process of now-advanced countries, and policy implications from related studies. In addition, students are expected to find that key barriers lie in the financial system and labor markets as well as in social institutions (e.g., family issues). Implications of robots and AI are also discussed.

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1.Introduction and overview a.Kaldore’s stylized facts 2.Neo-classical growth theory I a.Solow-Swan model 3.Neo-classical growth theory II a.Ramsey-Cass-Koopmans model 4.Endogenous growth theory I: linear technology a.AK model b.Romer model 5.Endogenous growth theory II: human capital a.MRW (AKH) model b.Uzawa-Lucas model 6.Endogenous growth theory III: differentiated work a.Division of labor b.Robot and AI 7.Endogenous growth theory IV: differentiated goods a.Variety b.Quality and R&D 8.Catch-up process in data a.Factor accumulation b.TFP difference 9.Institutions and development a.Barriers to development b.Institutions 10.Finance, institutions, and development a.Finance and growth regressions b.Theory-based approach to finance and growth c.Productivity dispersion d.Lucas paradox 11.Structural transformation a.Harris-Todaro model / migration and occupation b.Agriculture to industrialization c.Service sector growth and household production d.Modern service sector 12.Population growth: Family and fertility a.Altruism b.Fertility 13.Life, death, and growth a.Health b.Value of life 14.Final exam (likely take-home exam)