DIPL 6170 Advanced Topics in Economic Development

This course deals with selected topics in economic development covering both macro and micro aspects. There are eight major topics of (1) The Standard Growth Theory (Solow Model) (2) Macro Stabilization Program - Balance of Payment Crisis and Need for Exceptional Financing (3) Population Growth and Economic Development (4) Institutional Economics (5) Producer’s Behavior- Perfect and Monopolistic Competition (6) Tenant/Landowner relations (7) Local Credit Markets (8) History, Expectation, and Development (Economies of Scale and Scope). This list is also notable for what are left on. Absent, for instance, is the implication of international trade, a topic to be covered in detailed in DIPL6155 (Advanced Economic Aspects of International Relations) by Prof. Omer Gokcekus. Moreover, while I am planning to touch up on stabilization program briefly in this course, currency crisis is discussed more comprehensively in DIPL6156 (Advanced Financial Aspects of International Relations). Given the importance of those topics for understanding development, I encourage you to take all of those courses, if you are interested in international economics and development. Course materials are designed to develop analytical skills and you should be equipped with economic mind after the semester. The emphasis of this course is on analytical thinking and the goal is that you get a hands-on taste of how economists approach problems of development. Rather than just being informed of factual knowledge, I expect that you acquire ability and skill to understand backgrounds of certain phenomena and analyze how we might bring about improvements. To this end, the bulk of the course will be devoted to in-depth analysis of fundamental economic questions and I will introduce theoretical models in each topic. A model is a simplified and abstract representation of reality, in the sense that it isolates and focuses on the most important elements of a situation and neglects the others. If and when you confront real world problems, you will find it necessary to adapt these principles to all the details and nuances of reality. Unfortunately we will stick to most basic models in this course due to time and technical constraints, however, they will enable you to pursue their refinements in future