Meets the following requirements: WF HS HY   

This intermediate/advanced course introduces the student to theoretical models of economic development. We will examine past and present influential neoclassical development theory, including those current microeconomic models that seek to address the past failings of neoclassical modeling and resulting policy. Specific topics are likely to include productivity theory (labor/capital substition), labor markets, household allocation models, imperfect credit markets,  balanced and unbalanced growth models, political economy and corruption, import-substitution versus export-led growth, the role of free trade and neoliberal macroeconomic reform, sustainability, and the writings of Amartya Sen. Demographic models will be covered briefly. Case studies will be used where appropriate to illustrate the success or failure of theory to account for reality. While the focus of the course is familiarity with theory, we will take some time to contextualize the theory and models by 1) briefly surveying economic development processes, successes, and failures in Latin America, Asia, and Africa since World War II, and  2) by addressing some of the critiques of neoclassical theory, especially how economic development is distinguished from and fits into larger goals of human development.  Evaluation will be based primarily on weekly homework assignments (both modeling exercises and "thought" questions based on readings), along with classroom participation and a final paper in which the student integrates theory with current policy or historical analysis.

Level:  Intermediate/Advanced. Prerequisites: One economics course, Signature of Instructor.