Objectives and competences
Students:
Gain insight into the source and models of economic growth and get acquainted with policies which promote economic growth.Gain knowledge of specific mathematical tools and mathematical models of ecnomic growth which provide a better understanding of economic growth.
Content (Syllabus outline)
1. Old and new theories of economic growth: sources of the economy's output, possible determinants of growth rate
2. Costs-Benefits of growth, sustainable growth
3. From static concepts to dynamic (evolutionary) analysis of growth
4. An introduction to difference equations
5. Models provide the best framework with which to start styding economic growth: Harrod-Domar growth model, Samuelson's m., Hicks' m., neoclassical m. (Solow – Swan)
6. Advanced models (endogenous growth)
7. Overlapping-generations models
Learning and teaching methods
Lectures, solving exercises, writting course papers, presentation of course papers
Intended learning outcomes - knowledge and understanding
Intended learning outcomes:
In this course students:
1. Explain a wide range of determinants of economic growth and compare different models of economic growth. (PILO 2a, PILO 2b)
2. Identify and describe methods and techniques for analyzing economic growth. (PILO 2c)
3. Apply specific mathematical tools and models in the analysis of economic growth. (PILO 2a, 3a)
4. Solve linear difference equations and ordinary differential equations in the context of economic growth models. (PILO 2a)
5. Compare and critically evaluate classical and modern theories of economic growth and their mathematical models, and justify alternative methodological approaches to understanding the concept of economic growth. (PILO 2c)
6. Synthesize information on the determinants of economic growth and select and apply appropriate models in practice. (PILO 2a)
7. Analyze contemporary limitations of economic growth and explain the concept of sustainable and inclusive growth. (PILO 4b, PILO 4c)
8. Recognize ethical dilemmas related to economic growth and uneven development, and critically assess them. (PILO 4a)
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme
Intended learning outcomes - transferable/key skills and other attributes
Intended learning outcomes:
In this course students:
1. Explain a wide range of determinants of economic growth and compare different models of economic growth. (PILO 2a, PILO 2b)
2. Identify and describe methods and techniques for analyzing economic growth. (PILO 2c)
3. Apply specific mathematical tools and models in the analysis of economic growth. (PILO 2a, 3a)
4. Solve linear difference equations and ordinary differential equations in the context of economic growth models. (PILO 2a)
5. Compare and critically evaluate classical and modern theories of economic growth and their mathematical models, and justify alternative methodological approaches to understanding the concept of economic growth. (PILO 2c)
6. Synthesize information on the determinants of economic growth and select and apply appropriate models in practice. (PILO 2a)
7. Analyze contemporary limitations of economic growth and explain the concept of sustainable and inclusive growth. (PILO 4b, PILO 4c)
8. Recognize ethical dilemmas related to economic growth and uneven development, and critically assess them. (PILO 4a)
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme
Readings
1. C. I. Jones in D. Vollrath, Introduction to Economic Growth, Norton, 2024 ali starejše izdaje (izbrana poglavja)
2. N.G. Mankiw, Macroeconomics, Worth Publishers 2019 ali 2022 (izbrana poglavja)
3. N. Weil, Economic Growth, 2016 ali starejše izdaje (izbrana poglavja)
4. S. Elaydi, An introduction to difference equations, Springer, 2005
5. S. Indihar, Matematika II za ekonomiste, EPF, 2000
6. J. Marovt, Gradivo pri predmetu Ekonomika gosp. rasti: Linearne diferenčne enačbe , naloge z rešitvami, 2010
Prerequisits
Individually written seminar paper with oral defence is a precondition to take the written exam.
Additional information on implementation and assessment Course paper - Individually written course paper with oral defence
Written exam covering the theoretical part (sources and models of economic growth)
