DEVELOPMENT ECONOMICS (2022)

Development Economics is a branch of economics which deals with the economic aspects of the development process in low-income countries. It focuses on the economic transformation of developing countries from low-income to high-income status and the associated theories and explanations. It goes beyond economic growth and structural changes to look at the improvement of people’s well-being through such aspects as health, education, self-esteem, rights and freedoms, etcetera. Accordingly, in the current course, students will explore issues relating to the process of economic development in developing countries. They will also delve into the economic development challenges confronting developing nations in modern times of globalisation and look at plausible solutions to such challenges. This course will expose them to the various theories of economic growth and development, the causes of underdevelopment and the contemporary debates in development economics. The students will also examine the argument that neo-classical economics has not only brought about the current development crises in developing countries but also led to their further marginalisation.