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Undergraduate and Graduate Programs 2023-2024

ECON 457 Alternative Theories of Growth and Distribution

The classical, neoclassical and the new theories of growth and their implications for development macroeconomics with a direct focus on issues of distribution. The determinants of the wealth of nations and also the appropriate national policies to achieve sustained and stable growth. The economic machine regarded as being in motion towards its long run (steady state) equilibrium, in all its giant complexity with many interrelated markets and different agents, classes and institutions. Examination of the recent evidence on the stylized facts and empirical regularities of economic growth across nations. Study of traditional models of growth that were designed to explain these facts through various hypotheses, and focus on the interlinkages between growth and distribution as envisaged through alternative paradigms. Study of the necessary ingredients of endogenous sources of growth and look at the seminal endogenous growth models; focusing, in particular, on the role of technological change and the market structure. Study of alternatives to the neoclassical vision of the economy and contrast the structure and implications of models based on Marxian and (Neo)-Ricardian growth. Credit units: 3 ECTS Credit units: 5, Prerequisite: ECON 203 and ECON 205.

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