Undergraduate Course: Capital and Growth Theory (ECNM10006)
|School||School of Economics
||College||College of Humanities and Social Science
|Credit level (Normal year taken)||SCQF Level 10 (Year 4 Undergraduate)
||Availability||Available to all students
|Summary||How does the economy grow over time? What determines the rate of growth and the functional distribution of income (the division of GNP between wages and profits)? What is the optimal rate of growth? Can and should the government intervene to influence the growth process? The aim of this course is to acquaint students with recent developments in economic growth theory and its answers to these important questions, building on the coverage of economic analysis in years 1 and 2.
Topics covered include: general equilibrium and growth theory; the neoclassical one-sector (Solow-Swan) and two-sector (Uzawa) models; functional distribution of income; optimal growth, the golden rule; Ramsey utility and dynamic optimisation; exogenous technical progress; endogenous growth theory, AK model; human capital and two sector endogenous growth models; endogenous technical progress; Schumpeterian growth theory; economic growth and the environment. .
The course is taught through a programme of lectures. Learning-by-doing, through groupwork and presentations, is an important ingredient of the course.
Entry Requirements (not applicable to Visiting Students)
|| Students MUST have passed:
Economics 2 (ECNM08006)
||Other requirements|| Economics Honours entry or permission of the course organiser.
|Additional Costs|| None
Information for Visiting Students
|High Demand Course?
Course Delivery Information
|Not being delivered|
On completion of this course, the student will be able to:
- A knowledge and understanding of key issues in the analysis of economic growth, including principles, models and associated mathematical techniques, along with applications and policy implications of those models and a deeper understanding of recent research activity in some more specialised areas.
- Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
- Communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
- Personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
- Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
|There is no single textbook for the course, but extensive use will be made of:|
Barro, R J and X Sala-i-Martin (2004) Economic Growth (2nd ed.), MIT Press
Aghion, P and P. Howitt, (2009) The Economics of Growth, MIT Press
George, D A R, L T Oxley and K I Carlaw (eds) (2004) Surveys in Economic Growth: Theory and Empirics, Blackwell.
Further readings will be provided for each topic.
|Graduate Attributes and Skills
||See Learning Outcomes
|Course organiser||Mr Donald George
Tel: (0131 6)50 3849
|Course secretary||Ms Dawn Everett
Tel: (0131 6)51 5958