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
In this course students:
1. Gain an in-depth and systematic understanding of the wide range of sources and models of economic growth. (PILO 2a, PILO 2b)
2. Have a comprehensive knowledge and understanding of a wide range of methods and techniques for analysing and understanding the concept of economic growth. (PILO 2c)
3. Are able to apply specific mathematical tools and mathematical models in the field of economic growth. (PILO 2a, 3a)
4. Are able to apply and solve linear difference equations and ordinary differential equations in economic growth models. (PILO 2a)
5. Have advanced knowledge of old and new economic growth theories and mathematical models of economic growth, enabling them to critically assess methodological approaches and to justify different alternative approaches to understanding the concept of economic growth. (PILO 2c)
6. Are able to critically synthesise information on the sources of economic growth and apply alternative models of economic growth in practice. (PILO 2a)
7. Are aware of the modern constraints to economic growth and have an in-depth knowledge of the concept of sustainable and inclusive economic growth.(PILO 4b, PILO 4c)
8. Are aware of the ethical dilemmas of economic growth and the inequality of economic development (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
In this course students:
1. Gain an in-depth and systematic understanding of the wide range of sources and models of economic growth. (PILO 2a, PILO 2b)
2. Have a comprehensive knowledge and understanding of a wide range of methods and techniques for analysing and understanding the concept of economic growth. (PILO 2c)
3. Are able to apply specific mathematical tools and mathematical models in the field of economic growth. (PILO 2a, 3a)
4. Are able to apply and solve linear difference equations and ordinary differential equations in economic growth models. (PILO 2a)
5. Have advanced knowledge of old and new economic growth theories and mathematical models of economic growth, enabling them to critically assess methodological approaches and to justify different alternative approaches to understanding the concept of economic growth. (PILO 2c)
6. Are able to critically synthesise information on the sources of economic growth and apply alternative models of economic growth in practice. (PILO 2a)
7. Are aware of the modern constraints to economic growth and have an in-depth knowledge of the concept of sustainable and inclusive economic growth.(PILO 4b, PILO 4c)
8. Are aware of the ethical dilemmas of economic growth and the inequality of economic development (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
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
No requirements
Additional information on implementation and assessment Course paper
Final exam
Course paper - Individually written course paper with oral defence
Written exam covering the theoretical part (sources and models of economic growth)
